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How to find net profit before …

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How to find net profit before interest and extraordinary items

Posted by Jaspreet Singh 6 years, 10 months ago

CBSE > Class 12 > Accountancy

2 answers

Pratishtha Omar 6 years, 10 months ago

Net profit for the year (closing - opening) Add: provision for tax (current year) Interim dividend (note) General reserve (closing - opening) Proposed dividend (previous year) Extraordinary items such as losses (loss on fire) Extraordinary items such as profit (refund of tax). Net profit before tax and extraordinary items

Shweta Aggarwal 6 years, 10 months ago

Net profit as per tatement of profit and loss(closing surplus-opening surplus) Add:proposed dividend (current year) Prvision for tax (current year) Extraordinary losses such as loss on fire Less:extraordinary prfit such as insurance claim received Refund of tax

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Posted by Shashank Shukla 1 year, 4 months ago

CBSE > Class 12 > Accountancy

0 answers

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Posted by Annu Sahani 1 year, 5 months ago

CBSE > Class 12 > Accountancy

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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, 2 months ago

CBSE > Class 12 > Accountancy

0 answers

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Posted by Tanishk Kabra 1 year, 5 months ago

CBSE > Class 12 > Accountancy

0 answers

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Posted by Palak Sharma 1 year, 5 months ago

CBSE > Class 12 > Accountancy

0 answers

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Posted by Riya Chandan 1 year, 5 months ago

CBSE > Class 12 > Accountancy

0 answers

Gita Radha and Garv are partner sharing prophets in the ratio of 1 by 2 2 by 5 and 1 by 10 find the new profit sharing ratio of the remaining partners if girl retires

Posted by Mahi . 1 year, 4 months ago

CBSE > Class 12 > Accountancy

0 answers

Accounting for partnership Firms Fundamentals notes

Posted by Mohd Aman Mansoori 1 year, 5 months ago

CBSE > Class 12 > Accountancy

0 answers

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Posted by Munni Lal 1 year, 5 months ago

CBSE > Class 12 > Accountancy

0 answers

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 3 months, 2 weeks ago

CBSE > Class 12 > Accountancy

0 answers

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