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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 1 year, 10 months ago

ICSE & ISC > Class 12 > Accountancy

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Posted by Adesh Partap 1 year, 1 month ago

ICSE & ISC > Class 12 > Accountancy

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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, 2 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 9 months, 3 weeks ago

ICSE & ISC > Class 12 > Accountancy

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Active blunt end circle started a business on 1st April 2017 with capital of 450000 6 lakh and 350000 according to partnership agreement: (1) profit earned in any year will be distributed as under: Up to 270000-equally Excess over 270000-one-half to active,one sixth to blunt and one third to circle (2)provide interest on capital and drawing @6%p.a. (3)circle is entitled to get a monthly salary of 4000 and Bullet is entitled to get a monthly salary of 6000 in addition to above circle and blunt are entitled to get a commission of 5% each on net of profit after taking into consideration the interest and all commissions Drawing of partners during the year were: Active withdrew regularly 5000 at the beginning of every month Blunt withdrew regularly 7000 at end of every month Circle withdrew 80000 during the year Profit for the year 593120 prepare partners current account

Posted by N A 1 year, 9 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 3 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, 4 months ago

ICSE & ISC > Class 12 > Accountancy

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Hhjk

Posted by Diksha Arora 11 months, 1 week ago

ICSE & ISC > Class 12 > Accountancy

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animesh ltd.issued 1000, 12%debenture of 100 each in the following manner: for cash at par at rs 50000nominal value .for creditor of rs 45000against purchase of machiinery at nominal value of rs 35000. to SBI bank against a loan of rs 10000 as collateral security at nominal value of rs 15000.pass journal entries

Posted by Ariba Ali 3 months, 1 week 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 7 months, 4 weeks ago

ICSE & ISC > Class 12 > Accountancy

1 answers

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, 3 months ago

ICSE & ISC > Class 12 > Accountancy

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