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Following information of Malayalee Club is …

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Following information of Malayalee Club is given to you: Particulars. ₹ Subscription in arrears on 31st March, 2020 Subscription received in advance on 31/3/2020 Total subscription received during the year ending 31/3/21(including 1,80,000 for 2019-20 and 2,50,000 for 2021-22) Subscription outstanding on 31/3/2021 2,50,000 1,50,000 35,50,000 5,50,000 (a) Calculate the amount of subscription outstanding for the year 2020-21. (b) What is the amount of subscription received on 2020-21 for the year 2020-21? (c) Calculate the amount of subscription to be credited to Income & Expenditure a/c for the year ending 31/3/21.

Posted by Divya Panchal 2 years, 6 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.]

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CBSE > Class 12 > Accountancy

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CBSE > Class 12 > Accountancy

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CBSE > Class 12 > Accountancy

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CBSE > Class 12 > Accountancy

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CBSE > Class 12 > Accountancy

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CBSE > Class 12 > Accountancy

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CBSE > Class 12 > Accountancy

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CBSE > Class 12 > Accountancy

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CBSE > Class 12 > Accountancy

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CBSE > Class 12 > Accountancy

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