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What are the attributes features of …

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What are the attributes features of accounting

    • Posted by Diksha Yadav 5 years, 3 months ago

    CBSE > Class 11 > Accountancy
    • 1 answers

    Gaurav Seth 5 years, 3 months ago

    Attributes

    1. Accounting is art

    as well as a Science:

    2. Records only those events and transactions

    which are of financial character:

    3. Accounting records

    transactions by

    expressing them in term of money:

    4. Functions of accounting:

    5. Service activity:

    1Thank You

    ANSWER
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    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.​

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