Jaya Ltd issued 60,000 shares of …

Jaya Ltd issued 60,000 shares of Rs 10 each at a premium of Rs 2 per share payable as Rs 3 on application, Rs 5 (including premium) on allotment and balance on the first and final call. Applications were received for 82,000 shares. The directors resolved to allot as follows (i)Applicants of 30,000 shares — allotted 20,000 shares (ii)Applicants of 50,000 shares — allotted 40,000 shares (iii)Applicants of 2,000 shares — Nil Ramesh who had applied for 900 shares in category (i) and Suresh who was allotted 600 shares in category (ii) failed to pay the allotment money. These shares were forfeited after non payment of 1st call. 800 shares were reissued @ Rs. 8 per shares including all shares of Suresh. Pass necessary journal entries.

Chapter 1 solution

Tom and Josh are partners in a firm sharing profits and losses in the ratio of 3 1. They admed Max as a new partner 1/10th share in the profits and losses. Max contributes the following assets to his capital and his share for goodwill: Sma a0,000 Land and Building 3,00,000, Plant and Machinery 2,60,000, Capital 74,00,000. Record the journal entries in the books of the firm on Max's admission. necesey

Dev with true rupees 10 10000 on 15th day of every month interest on drawing was be changed a 12% per annum calculate interest on their string

A and B are partners sharing profits in a ratio

ABC aur partners having profit equally b is guaranteeng minimum profit of the 2 lakhs per annum salary is payable to be of 10000 per month net profit for the year ending 31st March 2024 is 660000

Dev withdrew rs.10000 of 15th day of every month.

Radha and rukmani are partners in a firm with fixed capitals of rs 200000 and 300000 respectively

Sita and Geeta are partners in a firm sharing profits in the ratio of 3:2 They had given a loan to a firm for 30000 in their profit sharing ratio 1st October 2021The partnership deed is silent on interest on loan from partner compute interest payable by the firm to the partner assuming the firm closer it's book every year on 31 March

Madhuri and Arsh were partners in a firm sharing profits and Their Balance Sheet as at 31 ^ (st) * M * a * r * c * h 2019, was as follows: losses in the ratio of 3: 1. Balance Sheet of Madhuri and Arsh As on 31 ^ (st) March, 2019 4 Assets Amount (3) Liabilities Amount () 4,70,000 1,10,000 Capital Madhuri Arsh 1,20,000 2,00.000 Machinery Investments 5,00,000 Debtors Less: Provision for doubtful 60,000 debts Workmen's Compensation Fund (10,000) 1,10,000 Creditors Employees' Provident Fund 1,90,000 Stock 1,10,000 8,60,000 Cash 1,40,000 30,000 8,60,000 On 1 ^ (st) April, 2019, they admitted Jyoti into partnership for 1 / (4 ^ (th)) share in the profits of the firm. Jyoti brought proportionate capital and 40,000 as her share of goodwill premium. The following terms were agreed upon; (i) Provision for doubtful debts was to be maintained at 10% on debtors. (ii) Stock was undervalued by 10,000. (iii) An old customer whose account was written off as bad, paid 15,000.. (iv) 20% of the investments were taken over by Arsh at book value. (v) Claim on account of workmen's compensation amounted to 70,000. (vi) Creditors included a sum of 27,000 which was not likely to be claimed. Prepare Revaluation Account, Partners' Capital Accounts and the Balance Sheet of the reconstituted firm

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