There was a difference in Trial …

There was a difference in Trial Balance of on 31st December 2012, and the difference in books was carried to a suspense account and the books were closed. 1. Rs 2,296 paid for repairs to Motor car was debited to Motor car account as Rs 7696. 2. A sale of Rs 1,400 to Jayanta Das was entered in the sales books as Rs 2,120. 3. A cash discount of Rs 800 received was entered in the cash book but not posted in the ledger. 4. Rs 400 being purchase return was posted to the debit of purchase account. 5. The purchase of a machine on 1st April 2012 for Rs 24,000 was entered in the purchase book. 6. While carrying forward total of one page in Nandan Das account, the amount of Rs 1,000 was written on the credit side instead of the debit side. 7. A cheque of Rs 6,912 received from Mrs. Sankari Das ( after allowing her a discount of Rs 92) was endorsed to Pranab ghosh in full settlement of Rs 7,700. The cheque was finally dishonored but no entries were passed in the books. Give journal entries to rectify the above errors and prepare suspense account.

Illustration 27 cash flow

Assertion (A): A firm is reconstituted in the event of change in the profit sharing ratio among existing partners, admission of a partner, retirement of a partner and death of a partner. Reason (R): Reconstitution of the firm leads to change in profit-sharing ratio among the partners.

Sharma and varma were partners in a firm sharing profits in the ratio of 4:1. Their capitals on 1.04.2006 were sharma ₹500000 and verma ₹ 100000. The partnership deed provided that sharma will get a commission of 10% on the profit after allowing a salary ₹5000 to verma. The profit of the firm for the year ended 31st March 2007 was ₹280000.

Is depreciation charged from machinery an abnormal loss?

Dr vinod Kumar book solutions

On the basis of new partner capital

Illustration 27 of cash flow investing activiates

This content has been hidden. One or more users have flagged this content as inappropriate. Once content is flagged, it is hidden from users and is reviewed by myCBSEguide team against our Community Guidelines. If content is found in violation, the user posting this content will be banned for 30 days from using Homework help section. Suspended users will receive error while adding question or answer. Question comments have also been disabled. Read community guidelines at https://mycbseguide.com/community-guidelines.html

Few rules to keep homework help section safe, clean and informative.

• Don't post personal information, mobile numbers and other details.
• Don't use this platform for chatting, social networking and making friends. This platform is meant only for asking subject specific and study related questions.
• Be nice and polite and avoid rude and abusive language. Avoid inappropriate language and attention, vulgar terms and anything sexually suggestive. Avoid harassment and bullying.
• Ask specific question which are clear and concise.

Remember the goal of this website is to share knowledge and learn from each other. Ask questions and help others by answering questions.

On 1st April 2023 A and b comments to business with capital of ₹600000 and ₹200000 respectively on 31st March 2024 the net profit (before taking into account the provisions of deed) was ₹240000 interest on capital is to be allowed at 6% per annum b was entitled to a salary of ₹60000 per annum the drawings of the partners A and b were ₹60000 and ₹40000 respectively the interest on drawings for a being ₹2000 and b ₹1000 assuming that A and b are equal partners prepare the profit and loss appropriation account and partners capital account as at 31st March 2024

This content has been hidden. One or more users have flagged this content as inappropriate. Once content is flagged, it is hidden from users and is reviewed by myCBSEguide team against our Community Guidelines. If content is found in violation, the user posting this content will be banned for 30 days from using Homework help section. Suspended users will receive error while adding question or answer. Question comments have also been disabled. Read community guidelines at https://mycbseguide.com/community-guidelines.html

Few rules to keep homework help section safe, clean and informative.

• Don't post personal information, mobile numbers and other details.
• Don't use this platform for chatting, social networking and making friends. This platform is meant only for asking subject specific and study related questions.
• Be nice and polite and avoid rude and abusive language. Avoid inappropriate language and attention, vulgar terms and anything sexually suggestive. Avoid harassment and bullying.
• Ask specific question which are clear and concise.

Remember the goal of this website is to share knowledge and learn from each other. Ask questions and help others by answering questions.