CBSE > Class 12 > Accountancy | CBSE Board | Homework Help

i	Bank A/c (1,20,000 {tex}\times{/tex} 20) Dr.	.	24,00,000	.
.	To Equity Share Application A/c	.	.	24,00,000
.	(Being application money received.)	.	.	.
ii	Equity Share Application A/c (1,20,000 {tex}\times{/tex} 20) Dr.		24,00,000	.
.	To Equity Share Capital A/c (80,000 {tex}\times{/tex} 20)	.	.	16,00,000
	To Equity Share Allotment A/c (40,000 {tex}\times{/tex} 20)		.	8,00,000
.	(Being application money transferred.)	.	.	.
iii	Equity Share Allotment A/c (80,000 {tex}\times{/tex} 60) Dr.		48,00,000	.
.	To Equity Share Capital A/c (80,000 {tex}\times{/tex} 40)	.	.	32,00,000
.	To Securities Premium Reserve A/c (80,000 {tex}\times{/tex} 20)	.	.	16,00,000
.	(Being allotment money due.)	.	.	.
iv	Bank A/c (48,00,000 - 8,00,000 - 2,00,000) Dr.		38,00,000	.
.	To Equity Share Allotment A/c	.	.	38,00,000
.	(Being allotment money received.)	.	.	.
v	Equity Share First and Final Call A/c Dr.		32,00,000	.
.	To Equity Share Capital A/c (80,000 {tex}\times{/tex} 40)	.	.	32,00,000
.	(Being first and final call money due.)	.	.	.
vi	Bank A/c [80,000-4,000-800) {tex}\times{/tex} 40] Dr.		30,08,000	.
.	To Equity Share First and Final Call A/c	.	.	30,08,000
.	(Being first and final call money received.)	.	.	.
vii	Equity Share Capital A/c (4,800 {tex}\times{/tex} 100) Dr.	.	4,80,000	.
.	Securities Premium Reserve A/c (4,000 {tex}\times{/tex} 20) Dr.	.	80,000	.
.	To Share Forfeiture A/c (6,000 {tex}\times{/tex} 20) + (800 {tex}\times{/tex} 60)	.	.	1,68,000
.	To Equity Share Allotment A/c	.	.	2.00.000
.	To Equity Share First and Final Call A/c (4,800 {tex}\times{/tex} 40)	.	.	1.92.000
.	(Being shares forfeited for non-payment.)	.	.	.
viii	Bank A/c (4,200 {tex}\times{/tex} 100) Dr.	.	4,20,000	.
.	To Equity Share Capital A/c	.	.	4,20,000
	(Being shares reissued @ Rs. 100 per shares.)	.	.	.
ix	Share Forfeiture A/c	.	1,50,000	.
.	To Capital Reserve A/c	.	.	1,50,000
.	(Being share forfeiture to capital reserve account.)		.	.

Working Note

Calculation of allotment money not paid by Sitaram

Number of shares allotted to Sitaram {tex}= \frac { 80,000 } { 1,20,000 } \times 6,000 = 4,000{/tex} shares

Money not paid on allotment	Amt (Rs.)
Money paid on application (6,000 {tex}\times{/tex} 20)	1,20,000
(-) Amount adjusted on allotment (4,000 {tex}\times{/tex} 20)	(80,000)
Excess application money adjusted on allotment	40,000
Money due on allotment (4,000 {tex}\times{/tex} 60)	2,40,000
(-) Excess application money adjusted	(40,000)
Money not paid on allotment by Sitaram	2,00,000

Money received on allotment

Total amount due on allotment (80,000 {tex}\times{/tex} 60)	48,00,000
(-) Excess application money adjusted	(8,00,000)
.	40,00,000
(-) Money not received from Sitaram on allotment	(2,00,000)
.	38,00,000
Amount forfeited on Sitaram 3,400 shares {tex}= 1,20,000 \times \frac { 3,400 } { 4,000 }{/tex}	1,02,000
Amount forfeited on Hamam’s 800 shares	48,000
.	1,50,000

2Thank You

Omkar Dalvi 4 years, 11 months ago

Orion Ltd acquires a five years lease for an amount of Rs 400000/- as on 1st Jan 2008. It decided to provide for the renewal of the lease immediately after five years by setting up a depreciation fund. It is expected that investments will fetch interest @ 5% p.a. Sinking fund table shows that Re.0.180975 invested each year will produce Re.1 at the end of five years at 5% p.a. At the expiry of the lease, the depreciation fund investments are sold for Rs312000. From the above information prepare Sinking fund A/c and Sinking fund investment A/c for a period of five years.

1Thank You

Omkar Dalvi 4 years, 11 months ago

Big basket Ltd invited applications for 20,000 equity shares of Rs100 each at a discount of 6%. The share amount was payable as follows: Rs.25 on application, Rs.34 on allotment and Rs.35 on first and final call. Applications were received for 18,000 shares and all these shares were accepted. All money due were received, except the first and final call on 400 shares, which were forfeited after doing all necessary formalities. You are required to pass necessary journal entries in the books of Big Basket Ltd

0Thank You

Omkar Dalvi 4 years, 11 months ago

2Thank You

Ajay Prakash 5 years, 1 month ago

nyc

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ANSWER

Purchased goods from Rita,Delhi on credit for

Posted by Abhinav Singh Rana 6 years, 4 months ago

CBSE > Class 12 > Accountancy

4 answers

Aryan Raj 6 years, 4 months ago

Purchase a/c dr To Rita's a/c

0Thank You

Aryan Raj 6 years, 4 months ago

General nahi journal entry hota hai

0Thank You

Miss Mor 6 years, 4 months ago

Purchases ac dr. To Rita

0Thank You

Abhinav Singh Rana 6 years, 4 months ago

General entry bta do

2Thank You

ANSWER

Limitation of accounting principles

Posted by Ankita Ankita 6 years, 4 months ago

CBSE > Class 12 > Accountancy

1 answers

Miss Mor 6 years, 4 months ago

Based on the judgement of accountant Affected by window dressing

1Thank You

ANSWER

I want the solution for ques. No 6 chapter 4 dissolution of dk gole according to new addition

Posted by Anmol Agarwal 6 years, 4 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Goodwill is not valued by the firm at the time of .......... .

Posted by Aaditya Sharma 6 years, 4 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Written by 920

Posted by Mukesh Kumar 6 years, 4 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

A company forfeited 100 shares of rs 10 each issued at 20 present premium (to be paid at the time of allotment) on which first call money of 3 was not received,the final call money of 2 is yet called. These shares were subsequently re-issued at 7 share as 8 paid -up

Posted by Ranvir Kumar 6 years, 4 months ago

CBSE > Class 12 > Accountancy

1 answers

Harshu Chouhan 6 years, 4 months ago

Share cap a\c ••• dr. 800 To forfeited a\c 500 To l call a\c. 300 Bank a\c••••dr. 700 For.a\c•••• dr 100 To sh. Cap. A\c. 800 For. A\c•••• dr. 400 To capital reserve a\c. 400

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ANSWER

What is the journal entry for receiving a draft from debtor and deposit it into the bank on same day

Posted by Ritu Agarwal 6 years, 4 months ago

CBSE > Class 12 > Accountancy

3 answers

Priya Singla 6 years, 4 months ago

Ur wlcm.....

0Thank You

Ritu Agarwal 6 years, 4 months ago

Okk thankuu

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Priya Singla 6 years, 4 months ago

Bank A/C Dr. To Debtor's A/c

2Thank You

ANSWER

What adjustment will be there in partner's capital account when retiring partner 's payment will be given by cheque

Posted by Ritu Agarwal 6 years, 4 months ago

CBSE > Class 12 > Accountancy

1 answers

Priya Singla 6 years, 4 months ago

Bank a/c will be shown on the dr. Side of the Partner's capital a/c

0Thank You

ANSWER

Limited issued 60000 share of 10 Each Other premium of rupees 2 per share payable as rupees 3 on application rupees 5 included premium on allotment acceptor

Posted by Abhishek Gurung 6 years, 4 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

K , Land Z are partners sharing profit in the ratio of 4 : 3 : 2 L retires and surrendered 1/9th of his share of profit to K and remaining in favour of Z. Calculate the new profit-sharing ratio of K and Z.

Posted by Nandini Verma 6 years, 4 months ago

CBSE > Class 12 > Accountancy

1 answers

Vishu Jha 6 years, 4 months ago

Change in psr :- K = 4/9 + 1/9 = 5/9 L = 3/9 - 1/9 = 2/9 Z = 2/9 + 2/9 = 4/9 New psr is :- K = 5/9 Z = 4/9

1Thank You

ANSWER

What is LLP

Posted by Shubham Purwal 6 years, 4 months ago

CBSE > Class 12 > Accountancy

1 answers

Gaurav Seth 6 years, 4 months ago

A Limited Liability Partnership or LLP is an alternative corporate business form which offers the benefits of limited liability to the partners at low compliance costs. It also allows the partners to organize their internal structure like a traditional partnership. A limited liability partnership is a legal entity, liable for the full extent of its assets. The liability of the partners, however, is limited. Hence, LLP is a hybrid between a company and a partnership.

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ANSWER

A holds 100 shares of rupees 10 each on which he has paid rupee 1 per share on application. b holds 200 shares of rupees 10 each on which he has paid rupee 1 and rupee 2 per share on application and allotment respectively. she holds 300 shares of rupees 10 each and has paid rupees 1 on application rupees 2 on allotment and rupees 3 on first call. The all fail to pay their areas and II call of rupees 2 per share.shares are forfeited and subsequently issued at rupees 11 Persia as fully paid up journalise the above.

Posted by Tanisha Pichholiya 6 years, 4 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Plz answer my question

Posted by Agrawal Agrawal 6 years, 4 months ago

CBSE > Class 12 > Accountancy

2 answers

Sakshi Sharma 6 years, 4 months ago

What's your question ??

0Thank You

Ajay Sharma 6 years, 4 months ago

What is ur question❓

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ANSWER

How are the following items ahown in the accounts of a not for profit organization? Tournament fund ₹50000 Tournament expenses. ₹15000 Receipts from tournament ₹20000

Posted by Raghav Singh 6 years, 4 months ago

CBSE > Class 12 > Accountancy

3 answers

Vaibhav Kamboj 6 years, 4 months ago

Liabilities tournament fund 50000 - 15000 +20000 =55000

0Thank You

Komal Poddar? 6 years, 4 months ago

Liabilities amount Tournament fund 50000 Add : receipts From tournaments 20000 70000 Less:Tournament Expenses 15000 55000

1Thank You

Miss Mor 6 years, 4 months ago

Tournament fund ke head ko liability side show krna h amount hoga 50000+15000-20000=45000

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ANSWER

X,y,z are tha partner of firm with profit and loss rtio 1/2,3/10,1/5. x retired .find tha ganing ratio of remaing ratio.

Posted by Sneha Pal 6 years, 4 months ago

CBSE > Class 12 > Accountancy

1 answers

Priya Singla 6 years, 4 months ago

Old profit sharing ratio of X,y,z=1/2:3/10:1/5 =5:3:2 New ratio of Y & Z=3:2

4Thank You

ANSWER

A and B are partners in a firm sharing profit in the ratio of 2 : 1 . on ist january , 2015 they decided to share profits equally. Calculate sacrifices ratio and gaining ratio

Posted by Baby Jha 6 years, 4 months ago

CBSE > Class 12 > Accountancy

2 answers

Miss Mor 6 years, 4 months ago

New ratio=1:1 old ratio= 2:1 Sacrifice by A=2/3 - 1/2=1/6 Gain by B=1/2-1/3=1/6

1Thank You

Khan Amaan 6 years, 4 months ago

However

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ANSWER

In admission what to do when fixed capital of the firm is given ?

Posted by Donna Chandolia 6 years, 4 months ago

CBSE > Class 12 > Accountancy

3 answers

Ajay Sharma 6 years, 4 months ago

Then find out the capital of the admited partner by multiplying his share with the firms capital

0Thank You

Agrawal Agrawal 6 years, 4 months ago

No adjustment

0Thank You

Vansh Vidhyani 6 years, 4 months ago

Just put it into blancesheet as current account of partner

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ANSWER

T s grewal question no 38 page no 8.118

Posted by Nakul Saxena 6 years, 4 months ago

CBSE > Class 12 > Accountancy

1 answers

Vansh Vidhyani 6 years, 4 months ago

Refer ncert books app

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ANSWER

Ts grewal scanner que no.14 of admission of partners

Posted by Sneha Patil 6 years, 4 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

What is the difference between capital reserve & reserve capital ?

Posted by Sanskar Chhabra 6 years, 4 months ago

CBSE > Class 12 > Accountancy

3 answers

Ajay Sharma 6 years, 4 months ago

Prefer sandeep garg

0Thank You

Miss Mor 6 years, 4 months ago

In short reseve capital is the capital which have not been called up while capital reserve is the gain which is not from day to day activities.

0Thank You

Yogita Ingle 6 years, 4 months ago

The profit earned by the company through special transaction, that is not available for distributing dividend to shareholders is known as Capital Reserve. Whereas, The part of uncalled capital, that is called up only on the event of company's liquidation is known as Reserve Capital.
Capital Reserve is created out of Capital Profits like profit on sale of Fixed Assets. Whereas, Reserve Capital is created out of the Authorised Capital.
Capital Reserve is shown in the Equity & Liabilities sideof the Balance Sheet under the head "Reserves and Surplus". Whereas, Reserve Capital is not disclosed in the Balance Sheet.
The amount of Capital Reserve is used for writing off fictitious assets, capital losses, etc. Whereas, Reserve Capital is used only at the time of liquidation of the company.
It is compulsory for every company to create a Capital Reserve, but it is not compulsory to create a Reserve Capital.

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ANSWER

i want the answer to the comprehensive project Q.1 given in analysis of financial statements part B (arya publication) OF SEVENTEENTH EDITION :2019.

Posted by Pratyush Bose 6 years, 4 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

The gains for the 5 years on March 31st are mentioned below: 2014 – ₹. 5,00,000/- 2015 – ₹. 4,00,000/- 2016 – ₹. 6,00,000/- 2017 – ₹. 4,50,000/- 2018 – ₹. 6,00,000/- Now, compute the goodwill of the enterprise on the basis of 4 years purchase of 5 years profit.

Posted by Nandini Verma 6 years, 4 months ago

CBSE > Class 12 > Accountancy

1 answers

Himanshu Jha 6 years, 4 months ago

5,00,000+4,00,000+6,00,000+4,50,000+6,00,000 × 5/4 = 31,87,500

4Thank You

ANSWER

dk goel question no.61 solution

Posted by Jiya Singh 6 years, 4 months ago

CBSE > Class 12 > Accountancy

1 answers

Sakshi Sharma 6 years, 4 months ago

Chapter ✏️✏️

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ANSWER

P R and S are in partnership sharing

Posted by Aman Chauhan 6 years, 4 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Inventrory mean ky hota h

Posted by Divyanshi Malviya 6 years, 4 months ago

CBSE > Class 12 > Accountancy

5 answers

Sakshi Sharma 6 years, 4 months ago

Stock

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Gaurav Asija 6 years, 4 months ago

there is a differnce between inventory and stock inventory is a broader concept as compared to stock , as stock includes only that items which are purchased for resale bt inventory includes raw material , finished goods as well as work in progress.

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Saniya Mehra 6 years, 4 months ago

Stock

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Samyak Jain 6 years, 4 months ago

stock

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Ayush Tapperwal 6 years, 4 months ago

Stock

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ANSWER

Why premium is brought in by new partner and is distributed among sacrificing partner

Posted by Komal Garg 6 years, 4 months ago

CBSE > Class 12 > Accountancy

4 answers

Gaurav Asija 6 years, 4 months ago

to compensate the sacrificing partner

0Thank You

Himanshu Jha 6 years, 4 months ago

Premium for goodwill is brought in by new partner because , when new partner comes than existing partners sacrifice or gain , those partners who sacrifice some share in favour of incoming partner . he will get compensated through incoming partner as the premium for goodwill .

0Thank You

Avneesh Singh 6 years, 4 months ago

Premium brought by new partner were distributed among sacrificing partner because the new partner is coming and bringing premium as capital or godwill there fore existing partners distibute them .

0Thank You

Aatyant Jaiswal 6 years, 4 months ago

By giving the premium of goodwill new partner is compensated the old partners profit reduction

3Thank You

ANSWER