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X and Y share profits in …

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X and Y share profits in the ratio of 3:2. They admit Z as a partner who pays 72000 as premium for goodwill for 1/4 th share in the future profits of the firm . Pass journal entries in each of the following cases :

Posted by Arya Ojha 2 years, 5 months ago

ICSE & ISC > Class 12 > Accountancy

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Basu,harish,jadhav are partners in a firm with the capital 50,000,40000 amd 30000 . •int.on cap.to be allowed 10%p.a •int.on drawing to be charged 10 %p.a • harish and jadhav are each to be paid salaries @500 per month. •basu is to be paid a commission of 5% of the net profit. •The remaining profits are to be divided as follows : 40% to Basu , 30% to harish 20% to jadhav and 10% carried to reserve account . The net profit for the year ended 31.03.2018 was 50000,Basu withdraw 1000 per month at the beginning of eaxh month.harish withdraw 1000per month in the middle of each month and Jadhav withdrew 1000per month at the end of the each month .You are required to prepare the profit and loss appropriation account for the year ended 31.03.2018 only.

Posted by Anuj Dwivedi 6 months, 2 weeks ago

ICSE & ISC > Class 12 > Accountancy

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Maira retail chain Ltd.,an unlisted company ,had 6000,8% debenture of 1000 each outstanding for redemption to be redeemed as follows : On 31march ,2020. 3000 debenture On 31 March 2021. 2000 debenture On 31 March 2022 .. balance debenture It complied with the requirements of companies act,2013 by transferring amount to DRR on 31 March, 2020 and invested in fixed deposit with SBI on 1 April ,2019 , which proportionate amount of investment was to be redeemed Pass necessary journal entries .

Posted by Piyush Singh 1 year, 11 months ago

ICSE & ISC > Class 12 > Accountancy

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 A comprehensive project taking any sole proprietorship business and this Accounts project for Class 12 must state the following: 1. Journal Entries 2. Ledgers 3. Preparation of Trial Balance 4. Balance Sheet 5. Trading Account 6. Profit and Loss Account 7. Use Pie Chart or Bar Diagram to show Incomes, Profit or Loss and Assets and Liabilities Note: It is mandatory to write the narration for every journal entry project

Posted by Nikhil 02 1 year, 4 months ago

ICSE & ISC > Class 12 > Accountancy

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Ram and shyam are partners in a firm sharing profits in the ratio 3:5 . Their fixed capitals were Ram : 500000 and Shyam : 900000 . The partnership deed provided IOC @10% p.a. but it was found that IOC has been omitted. Pass necessary rectify entry

Posted by Satyam Sharma 6 months ago

ICSE & ISC > Class 12 > Accountancy

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Durga ltd invited applications for issuing 100000 shares of ₹10each at par. On application ₹2per share on allotment ₹ 3 per share on final call ₹5 per share. Applications were received for 280000 shares. Applications for 30000 shares were rejected and the money refinded.

Posted by Saanvi Tuli 10 months, 2 weeks ago

ICSE & ISC > Class 12 > Accountancy

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Joy and Bijoy started a partnership business on 1st April 2019 bringing a capital of 60,000 and 40.000respectively. On 1st December , 2019, Bijoy gave a loan of ? 20.000 to the firm at an interest of 9% per annum. During the year they made a profit of 30,000. The other terms and conditions of the partnership were as follows The profits and losses would be shared in the ratio of initial capital. (1) Bijoy would be entitled to a salary @ 600 per month (i) Drawings of the partners were : Joy * 6,000 : Bijoy 9.000 Show Profit and Loss Appropriation

Posted by Kunal Agarwal 1 year, 10 months ago

ICSE & ISC > Class 12 > Accountancy

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X and Y were partners sharing profit and loss in the ratio of 2:1 respectively the following was their balance sheet as at 31 march 2020

Posted by Hiba Siddiqui 1 year, 3 months ago

ICSE & ISC > Class 12 > Accountancy

1 answers

On March 31st ,2020 the balances in the capital accounts of Alka, Hardik and Ramneek after making adjustment for profits and drawings were rupees 9,00,000;rupees 5,00,000 and rupees 3,00,000 respectively.Subsequently it was discovered that the interest on capital and drawings has been omitted .The profit for the year ended 31st March 2020 was rupees 1,80,000.During the year Alka and Ramneek each withdrew a sum of rupees 40000.Hardik withdrew a total of rupees 60,000 in equal installments in the middle of each quarter. Interest on drawing was to be charged @ 5% p.a. and interest on capital was to be allowed @10% per annum. The profit sharing ratio was 3:1:1. Showing your working clearly ,pass the necessary rectifying entry.

Posted by Hitanshi Parmar 1 year, 9 months ago

ICSE & ISC > Class 12 > Accountancy

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Hhjk

Posted by Diksha Arora 1 year, 6 months ago

ICSE & ISC > Class 12 > Accountancy

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Mr tushar decided

Posted by Adesh Partap 1 year, 8 months ago

ICSE & ISC > Class 12 > Accountancy

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