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Importance of financial statements

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Importance of financial statements

    • Posted by Yash Jain 8 years, 3 months ago

    CBSE > Class 12 > Accountancy
    • 2 answers

    Simarn Chhabra 8 years, 3 months ago

    Important for investors ,management, creditors,government,financial institution , employees, taxation authorities etc.

    2Thank You

    Pari Jain 8 years, 3 months ago

    Help in evaluating financial condition of the company,, Provides information to outsiders

    1Thank You

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    Related Questions

    Rao and Majumdar are partners sharing profits and losses in the ratio of 3: 2. Rao died on 31st December, 2020. The following was the Balance Sheet on that date: Payment to Executors in Instalments Liabilities Amount Assets Amount ed on 281 Creditors Reserve Rao's Capital Majumdar's Capital 24,000 Cash at Bank 15,000 Stock 18,000 40,000 Amount 18,000 25,000 Debtors Furniture 20,000 35,000 The share of Rao in firm's goodwill was agreed at 36,000. Assets and liabilities were valued reasonably. Assuming that 10,000 was paid immediately on January 1, 2021 and the balance was payable in three equal instalments on 31st December every year and interest was payable @ 12% per annum on unpaid balance. Prepare Rao's Executor's Account.

    • Posted by Palak Kumari 7 months ago

    CBSE > Class 12 > Accountancy
    • 0 answers
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    • Posted by Shashank Shukla 1 year, 8 months ago

    CBSE > Class 12 > Accountancy
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    • Posted by Palak Sharma 1 year, 8 months ago

    CBSE > Class 12 > Accountancy
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    • Posted by Annu Sahani 1 year, 8 months ago

    CBSE > Class 12 > Accountancy
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    • Posted by Mahi . 1 year, 8 months ago

    CBSE > Class 12 > Accountancy
    • 0 answers
    Ativ, Meha and Nupur were partners in a firm sharing profits and losses in the ratio of 5 : 3:2. On 31-03-2016 their Balance sheet was as under: Liabilities Amount (T) Assets Amount (R) | Trade Creditors 26,500 Bank 23.500 Debtors 1,00,000 Stock 50,000 Fixed Assets 40,000 Advertisement Expenditure 25,000 Employees Provident Fund Ativ's Capital Meha's Capital 30,000 55,000 1,20,000 Nupur's Capital 10,000 2,40,000 2,40,000 Ativ retired on 1-4-2016. For this purpose, the following adjustments were agreed upon: (i) Goodwill of the firm was to be valued at 2 years purchase of the average profits of 3 completed years preceding the date of retirement. The profit for previous years were: 2013-14 55,000; 2014-15 7 65,000; 2015-16 7 60,000.

    • Posted by Munni Lal 1 year, 8 months ago

    CBSE > Class 12 > Accountancy
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    • Posted by Tanishk Kabra 1 year, 8 months ago

    CBSE > Class 12 > Accountancy
    • 0 answers
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    • Posted by Riya Chandan 1 year, 8 months ago

    CBSE > Class 12 > Accountancy
    • 0 answers
    Q. 120. Risha and Nisha were partners. The partnership deed provides: (1) That the accounts be balanced on 31st December each year. (ii) The profits be divided as follows: Risha one-half, Nisha one-third and carried to Reserve account one-sixth. (ii) That in the event of death of a partner, her executor will be entitled to the following: (a) The capital to her credit at the date of death. (b) Her proportion of profit to date of death based on the average profits of the last three completed years. (c) Her share of goodwill based on three year's purchase of the average profits for the three preceding completed years. On 31st December, 2020 the Trial Balance was as under: Particulars Risha's Capital Nisha's Capital Reserves Bills Receivables Investments Cash Creditors Dr. (3) Cr. (3) 90,000 60,000 30,000 50,000 40,000 1,10,000 20,000 2,00,000 2,00,000 The profits for the three years were: 2018 ₹4,200; 2019 ₹3,900 and 2020 ₹4,500. Nisha died on 31st May, 2021. Draw up the deceased Partner's Capital A/c and Executor's A/c. Ans. Balance due to Nisha's Executor's ₹77,740.]

    • Posted by Srishti Arya 1 year, 5 months ago

    CBSE > Class 12 > Accountancy
    • 0 answers
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    • Posted by Mohd Aman Mansoori 1 year, 8 months ago

    CBSE > Class 12 > Accountancy
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