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Admission of a partner practical question

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Admission of a partner practical question

Posted by Payal Bhardwaj Payal Bhardwaj 3 months ago

CBSE > Class 12 > Accountancy

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PROJECT WORK IN ACCOUNTANCY (2023-24) COMPREHENSIVE PROJECT TOPIC: Study of the Operational Efficiency of "Clean Detergent Soap" (With GST) Objectives of the Project: The main objectives of my project are that I will be able: To judge the performance of the firm. To judge the overall profitability position. To check the financial soundness. To judge the effectiveness with which the fixed assets have been used. To identify Investing and Financing activities and prepare Cash Flow Statement. TOOLS OF ANALYSIS (1) Ratios (ii) Cash Flow Statement SOURCE MATERIAL Project Statement: 'Clean Detergent Soap' On January 1, 2022 National Small Industries Corporation (NSIC) organised a Camp for those who wanted to start a small business. The NSIC displayed 1500 small business projects which could be started with an investment of 2,00,000. The NSIC also promised to buy the entire production of the first year. It promised to supply the required machinery at a very subsidised rate. It also had a scheme to give loans upto 50% of the working capital requirement. A large number of people visited the camp. There were project demonstrations by the NSIC advisers and experts. Ms. Neelam was very impressed by the demonstration of the small business project on Detergent Powder. The project was economically vlable. She was convinced that she will definitely succeed in carrying out the project. She entered into an agreement with the NSIC who agreed to supply the necessary plant for ₹ 60,000 (GST @ 18 %) on turnkey basis. She had sufficient open space at her residence in a village. She got the machine fixed, and the down payment of 20,800 was made. The balance was to be paid equally over a period of five years. She went through the literature provided by the NSIC to know the addresses of the suppliers of the raw materials. She placed necessary orders for the raw material and arranged for workers who will operate the machine and do other necessary production work. She set up a small workable office and decided to do all office work herself. All supplies were on a credit for two weeks. She formally inaugurated the production on April 1, 2022. She invited all the villagers on the very first day. Clean Detergent powder was very reasonably priced. The price was very much lower than other brands in the market. She visited ten other villages around her village. She told the people there, as to how her detergent powder is better and cheaper than others. Her product was really good and was accepted by all those who used it. Within two months she could sell whatever she produced every week. Her initial investment was 80,000 out of which she paid the first instalment (down payment) of plant on April 1, 2022. She opened a Bank Account with 49,200 on the same date. She had an old scooter worth 20,000 which she decided to use in her business. She also purchased furniture for 12,000 (GST @ 12%). Thus, her total investment was 1,00,000. The payments to suppliers were made on the 15th and the 30th of each month. The salaries and wages were paid only on the 7th of each month. The Sales were mostly for Cash. The Cash Sale was deposited in the Bank the next day. The sale to local customers was on credit for oneweek. All the customers were honest and paid the amount as and when due. The following expenses were incurred and revenue realised during the year ended March 31, 2023. (₹) 1. Raw material purchased on credit (GST @ 12%) 12,00,000 2. Cash paid to the (suppliers) creditors 11,24,000 3. Cash Sales (GST @ 18%) 16,00,000 4. Credit Sales (GST @ 18%) 15,25,000 5. Cash received from customers 2,31,000 6. Wages paid for eleven months 19,000 7. Office expenses 25,000 8. Power bills paid 10,000 9. Packing expenses (GST @ 12%) 2,52,000 10. Drawings Other balances as on March 31, 2023 were as follow: (i) Closing Stock (₹) (ii) Plant 25,000 60,000 (iii) Furniture 12,000 (iv) Debtors 75,000 (v) Scooter 20,000 Depreciation was charged @ 10% p.a. on both plant and furniture and @ 20% on Scooter. Wages are outstanding for one month. Required: 1. Ms. Neelam wants to judge her performance. ii. Calculate necessary ratios to find out her overall profitability and production efficiency. iii. Evaluate her liquidity position at the end of the year. iv. Identify her main financing and investing activities. V. Prepare Cash Flow Statement. vi. Can she get a loan from a bank?

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CBSE > Class 12 > Accountancy

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X and Y were partners in a firm sharing profit and losses in equal ratio

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CBSE > Class 12 > Accountancy

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myCBSEguide No products in the cart. Homework HelpCBSEClass 12Accountancy Accountancy publication ltd. issued 50000 equity … CBSE, JEE, NEET, CUET Question Bank, Mock Tests, Exam Papers NCERT Solutions, Sample Papers, Notes, Videos Install Now Accountancy publication ltd. issued 50000 equity shares of 10rup each at a premium of 10% payable as under: On application 3; on allotment 4(premium);on first call 2;and on final call 2. The whole of the issue was called for by the company and all the money were duly received except the allotment and calls money on 500 shares. These shares were, therefore, forfeited and later on re-issued at 9 per share as fully paid. Pass the necessary journal entries to record the above transaction. Plz sir solve it..

Posted by Shiv Yadav 1 week, 1 day ago

CBSE > Class 12 > Accountancy

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How to entry of debenture in cash flaw statment

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CBSE > Class 12 > Accountancy

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Monalichakraborty 22.12.2022 Accountancy Secondary School answered • expert verified Ajay and Vijay are in partnership sharing profits and losses in the ratio of 3:1. On 1st April, 2021, their capitals were ₹ 1,00,000 and ₹ 90,000. The terms of their partnership are as follows: (i) Interest on capital to be allowed at @ 6% per annum. (ii) Interest on drawings to be charged @ 4% per annum. (iii) Partners to get a salary of ₹1,000 each per month. (iv) Vijay to get a commission of 2% on the correct net profit. (v) Any partner taking a loan from the firm to be charged interest on it @ 8% per annum. Ajay had borrowed ₹ 10,000 from the firm on 1st October, 2021. Vijay had withdrawn ₹ 8,000 on 1st July, 2021. During the year ending 31st March, 2022, the firm earned a net profit of ₹ 60,000 before any of the provisions mentioned in the partnership deed. You are required to prepare for the year ending 31st March, 2022: (i) Profit and Loss Appropriation Account. (ii) Ajay’s Capital Account.

Posted by Utsav Srivastav 3 days ago

CBSE > Class 12 > Accountancy

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Madhuri and Arsh were partners in a firm sharing profits and losses in the ratio of 3 : 1. Their Balance Sheet as at 31st March, 2019, was as follows : Liabilities Amount Assets Amount Capitals : Machinery 4,70,000 Madhuri 3,00,000 Investments 1,10,000 Arsh 2,00,000 5,00,000 Debtors 1,20,000 Workmen compensation fund 60,000 Less : provision for d/d 10,000 1,10,000 Creditors 1,90,000 Stock 1,40,000 Employees provident fund 1,10,000 Cash 30,000 8,60,000 8,60,000 On 1st April, 2019, they admitted Jyoti into partnership for 1/4th share in the profits of the firm. Jyoti brought proportionate capital and Rs 40,000 as her share of goodwill premium. The following terms were agreed up on : (i) Provision for doubtful debts was to be maintained at 10% on debtors. (ii) Stock was undervalued by Rs 10,000. (iii) An old customer whose account was written off as bad, paid Rs 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 Rs 70,000. (vi) Creditors included a sum of Rs 27,000 which was not likely to be claimed. Posted by Komal Yadav

Posted by Anvika Chaudhary 4 days, 16 hours ago

CBSE > Class 12 > Accountancy

1 answers

48. Joy and Bijoy started a partnership business on 1st April, 2019 bringing a capital of 60,000 and 40,000 respectively. 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. () Drawings of the partners were: Joy 6,000; Bijoy 9,000. Show Profit and Loss Appropriation Account

Posted by Rupak Deb 1 day, 12 hours ago

CBSE > Class 12 > Accountancy

0 answers

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