Following are the balances extracted from …

Following are the balances extracted from the books of Mohit of Kanpur as on 31st March 2018 PARTICULARS AMOUNT Stock April Ist, 2017 22000 Purchases 110000 Bad debts written off 800 Provision for bad and doubtful debt 500 Carriage on Purchases 1800 Commission paid 2200 Salaries 9000 General Expenses 4000 Taxes and Insurance 2000 Rent 1000 Debtors 18000 Premises 20000 Creditors 13300 Bank overdraft 4200 Discount allowed 1600 Discount received 2000 Sales 148000 Furniture 2600 Mohit’s Capital 30000 Mohit’s Drawings 5000 Prepare Trading and Profit & Loss account for the year ended 31st March 2018 and Balance sheet as on that date after taking following into consideration: (1) Stock on hand on 31st March, 2017 Rs. 20000. (2) Write off depreciation: Premises Rs. 3000, Furniture Rs. 260 (3) Make Provision of 5% on debtors for bad and doubtful debts. (4) Allow interest on capital at 5% p.a

Accounting equation practical problem so Accounts

Goods of the selling price of 3000 are further withdrawn by Sonia for personal use 20% of cost is added to fix up the selling price

Show the Accounting equation for the following transaction (i)Gopinath started business with cash

What is bad depts and how we can show in journal and ledger

Paid cash to kamlesh rs 15000

Started business with cash RS 90000 stock 30,000 Purchase परचेज फर्नीचर परचेज फर्नीचर फॉर कैश फॉर कैश 15000 में चेक पैड कैरिंग चार्ज रुपीस 1000 इन कैश सोल 1 की 2 का अबोव स्टॉक तो राम ऑन क्रेडिट रिसीव फ्रॉम राम आफ्टर ए डिस्काउंट का 200 रेंट पैड रुपीस 7000 आउट ऑफ़ व्हिच 2000 इस प्रिपेयर्ड

Illustration 62. Given below is the Balance Sheet of Krishna & Suresh who are partners in a firm sharing profits in the ratio of 3 : 2: Liabilities Amount Creditors Bank Overdraft Investment Fluctuation Fund Contingency Reserve Capital A/c : Krishna Suresh 30,000 20,000 21,000 2,000 6,000 5,000 50,000 84,000 Assets Plant Patents Furniture Investments (Market value Stock Debtors Cash 14,000) Amount (₹) 30,000 5,000 3,000 15,000 13,000 17,000 1,000 84,000 Mohan is admitted as a partner for 1/5th share on the following terms: (a) He is to contribute 14,000 as his share of capital which includes his share of premium for goodwill. (b) Goodwill is valued at 2 years' purchase of the average profits of the last 4 years, which were 10,000; 9,000; 8,000 and 13,000 respectively. (c) Plant to be written down to 25,000 and patents written up by * 8,000. Prepare the Revaluation Account, Partners' Capital Account and the Balance Sheet of the new firm.​

Features of accounting ?

Mohan is admitted as a partner for 1/5th share on the following terms: (a) He is to contribute 14,000 as his share of capital which includes his share of premium for goodwill. (b) Goodwill is valued at 2 years' purchase of the average profits of the last 4 years, which were 10,000; 9,000; 8,000 and 13,000 respectively. (c) Plant to be written down to 25,000 and patents written up by * 8,000. Prepare the Revaluation Account, Partners' Capital Account and the Balance Sheet of the new firm.

Chapter 3 question number 21