Creative Ltd issued equity shares Rs.10,00,000 …

Creative Ltd issued equity shares Rs.10,00,000 divided into Rs.10 shares were allotted in full to the remaining applicants. All the money due was 6at a premium @ 20% per share, payable as under:On Application Rs.3 per shareOn Allotment Rs.5 per share (including premium)On First and Final Call BalanceOver payments on application were to be applied towards sums due on allotment. Where no allotment was made, money was to be refunded in full. The issue was oversubscribed to the extent of 1,20,000 shares. Applicants for 10,000shares were sent letters of regret. Shares duly received except a shareholder who applied for 110 shares failed to pay allotment and first call his share were forfeited and re-issue at Rs.950 fully paid up.

pari and neha are partners in a firm sharing profit and losses equally on 1st april 2018 to decided to share future profit in the ratio 2 is to 1 on the day of implementation of the decision the profit and loss account show the debit balance of 30000 and a general reserve 18000 record the necessary journal entries for the distribution of balance in the profit and loss account and general reserve for the change in the profit sharing ratio

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

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

On 1st April, 2015 X, y and X started a business in partnership. X contribute rupees 90,000 at first but withdraws rupees 30,000at the end of six months. Y introduces rupees 75,000 at first and increases it to rupees 90,000 at the end of four months, but withdraws it by rupee 60,000 at end of seven months. During the year ended 31st March 2016, they make a net profit of rupees 42,000. Show how the partners should divided this amount on the basis of effective capital employed by each partner.

Pooja and Archna are parmas in a finn sharing profits and losses 1. Their capital accounts as en 1st April, 2017 stand at 70,000 ratio of 2 respectively. The partners the partners during s are allowed muret in capital @ 10% the year ended 31st March, 2018 amounted to p.a. The respectively. Interest is charged on drawings at the tale of 10% p.a. and t 1st December 1st February Interest on drawings is charged @ of A for the year ended 31st March, 20 [Ans. Interest on Drawings ₹221. Q. 22 (A). Gopal is a partner in a dras first day of every month during th If interest on drawings is c drawings of Gopal. 4,800 and Pooja has given a loan to firm as on 1st November, 2017 of ₹20,000. The profit of the firm for the year ended ist March, 2018 before adjustments was 280,000. 10% of this pult is beligt in a Reserve Account Current A/c balances on 1st April, 2017 wet Pooja ₹5,000 (Cr.); As 23,000 (Dr

Chapter 1 solution

Calculate the interest on drawings of X @ 10% p.a. for the year ended 31st March, 2018 in each of the following cases:- 1. If his drawings during the year were Rs. 12,000 2. If he withdrew Rs. 1,000 p.m. at the beginning of every month. 3. If he withdrew Rs. 1,000 p.m. at the end of every month. 4. If he withdrew Rs. 1,000 p.m. In the middle of each month. 5. In he withdrew the following amounts; April 30th Rs. 3,000, June 30th Rs. 2,000, October 1st Rs. 4,000, December 31st Rs. 1,500, February 1st 2,500 6. If he withdrew Rs. 3,000 at the beginning of each quarter 7. If he withdrew Rs. 3,000 at the end of each quarter. 8. If he withdrew Rs. 3,000 during the middle of each quarter.

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

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

(Interest on capital when closing capital is given) A and B are partners sharing profits and losses in the ratio 4: 3. Their capital on 31st December, 2022 were 3,00,000 and 2,00,000 respectively. During the year, their drawings were 50,000 each. The firm earned profit amounting to 70,000 for the year ending 31st December, 2021. Later on they decided that interest on their capital be charged at 10% p.a. Compute interest on Capital.