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Moon ltd. Forfeited 180 share of Rs. 10 each Rs. 8 called up issued at a premium of Rs. 2 per share for nin payment of allotment money of Rs. 5 per share (including premium). out of these 160 share were reissued to sanjay as Rs. 8 called up for Rs. 10 per share fully paid up.

Posted by Kritika Singh 6 years, 6 months ago

CBSE > Class 12 > Accountancy

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Overvaluation and overcast

Posted by Sourav Kumar 6 years, 6 months ago

CBSE > Class 12 > Accountancy

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Undervaluation and undercast

Posted by Sourav Kumar 6 years, 6 months ago

CBSE > Class 12 > Accountancy

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Following is balance sheet of A and B who share profit in the ratio of 2:1 Bank overdraft 15000 Dr. Reserve fund 12000 Dr. Sundry creditor 20000Dr. Capitals :A 40000 Capital :B 30000 Total :1,17,000 Sundry debtor 40000 Less provision 3600 =36400 Stock 20000 Building you 25000 Patents 2000 Machinery 33600 Total :1,17,000 They admitted C into partnership on this date. New profit sharing ratio is agreed as 3:2:1 C brings in proportionate capital after the following adjustment. 1. C bring in Rs. 10000 in cash as his share of goodwill. 2. Provision for doubtful debts is to be reduced by Rs. 2000. 3.There is an old typewriter valued Rs. 2600. It does not appear in the book of the firm. It is now to be recorded. 4.patents valueless. 2%discount is to be received from creditors. Prepare revaluation A/c ,Capital A/cs and balance sheet.

Posted by Niharika Parmar 6 years, 6 months ago

CBSE > Class 12 > Accountancy

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P,Q,R are partner sharing profits in the ratio of 7:5:3. P retires and it decided that profit sharing ratio between Q andR will be same as existing between P andQ . Calculate new profit sharing ratio and gaining ratio

Posted by Bhawna Saraswat 6 years, 6 months ago

CBSE > Class 12 > Accountancy

1 answers

Vivek Kanojiya 6 years, 6 months ago

Ratio between P and Q is 7:3 Then New ratio of Q and R will be 7:3 Now u ve the new ratio between Q and R u can calculate the gaining ratio. New-old I.e 7:3 - 5:3

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A limited invited application for 100000 equity shares of Rs. 10. On application Rs. 4, on allotmentRs. 3, on first callRs. 2, on final call Rs. 1. All payments due on application allotment and calls have been received with the following excemptions. X the holder of 1000 shares failed to pay allotment and callmoney. Y the holder of 500 shares failed to pay the amount due on first and final call. Z holder of 300 shares failed to pay final call. The shares of the all the above defaulters were forfeited subsequently reissued at a discount of 10% pass journal entries

Posted by Abdul Bazith 6 years, 6 months ago

CBSE > Class 12 > Accountancy

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There are two partners x and y in firm their capital was 50000&40000.creditor are 30000 asset realise 100000 how much x and y will?

Posted by Deep Sran 6 years, 6 months ago

CBSE > Class 12 > Accountancy

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A and B are partners sharing profit in ratio 2:1 , c is admitted for 1/5 th share of profit He paid 20,000 as capital and 8000 , out of his share of goodwill 15000 . New profit sharing ratio is 5:3:2. Give journal entries

Posted by Raj Singh 6 years, 6 months ago

CBSE > Class 12 > Accountancy

2 answers

Sakshi Sharma??️??️ 6 years, 6 months ago

* BANK A/c. Dr 28,000 TO C's CAPITAL A/c 20,000 TO PREMIUM FOR GOODWILL A/c 8,000 ** C's CURRENT A/c. Dr 7,000 PREMIUM FOR GOODWILL A/c Dr 8,000 TO A's CAPITAL A/c 12,500 TO B's CAPITAL A/c 2,500

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Sana Qaiyum 6 years, 6 months ago

cash ac dr. 28000 cr. c's capital ac 20000 nd premium of goodwill ac 8000. dr. premium of goodwill ac 8000 cr. A's capital 6667 nd B's capital 1333. dr C's current ac 7000 cr. A's capital 5834 B's capital 1166

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How does ' Nature of business ' affect the value of goodwill of a firm ?

Posted by Manish Agrahari 6 years, 6 months ago

CBSE > Class 12 > Accountancy

1 answers

Sia ? 6 years, 6 months ago

The firm that produces high value products and has stabilized demand, will be able to earn more profit and more goodwill because of repeated sales and sound customer base.

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A and B are partners sharing profit and losses in the ratio of 7: 5 . They admit C, their manager, into partnership who is to be get 1/6th share in the business . C bring in Rs. 10,000 for his capital and Rs. 3,600 for the 1/6th share of goodwill which he acquires 1/24th from A and 1/8 from B . Profit for the year of the new partnership was Rs. 24,000. Pass necessary journal entries for C's admission and apportion the profit between the partners.

Posted by Soni Ashu 6 years, 6 months ago

CBSE > Class 12 > Accountancy

1 answers

Alisha Wadhwa 6 years, 6 months ago

Bank a/c. Dr. 13600 To c cap a/c. ..10000 To premium for goodwill. 3600 Premium for goodwill. Dr. 3600 To a cap. 900 .... To b cap. 2700 P and l appropriation a/c. 24000 Divide it in new ratio of partners

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Closing trade receivables 1,20,000 revenue from operation 14,40,000. Provision for doubtful debts 20,000. Calculate trade receivables turnover ratio

Posted by Kunal Surana 6 years, 6 months ago

CBSE > Class 12 > Accountancy

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What do you mean by no. Of years purchase?

Posted by Alisha Wadhwa 6 years, 6 months ago

CBSE > Class 12 > Accountancy

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Is outstanding salery paid is recorded in revaluation account

Posted by Sonali Bishnoi 6 years, 6 months ago

CBSE > Class 12 > Accountancy

4 answers

Shivam Sharma 6 years, 6 months ago

Outstanding salary paid means Liabilities is increases so and shown in Dr. Side of revaluation A/C

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Tushar Mittal 6 years, 6 months ago

Outstanding salary a/c dr... To cash a/c Outstanding salary a/c dr... To revalution a/c

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Alisha Wadhwa 6 years, 6 months ago

No The entry will be O/s salary. Dr To cash

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Devañšh Ģöýăl 6 years, 6 months ago

Yes

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Synonyms of capital employed

Posted by Sarita Gupta 6 years, 6 months ago

CBSE > Class 12 > Accountancy

3 answers

Sagar Sharma 6 years, 6 months ago

Net assests also

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Sarika Gupta 6 years, 6 months ago

Capital invested

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Sia ? 6 years, 6 months ago

venture capital.
business assets.
equity capital.
fixed capital.
risk capital.
working asset.

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Difference between 'profit and loss appropriation account 'and 'profit and loss suspense account '

Posted by Sarita Gupta 4 years, 6 months ago

CBSE > Class 12 > Accountancy

1 answers

Sia ? 4 years, 6 months ago

Profit and Loss Appropriation Account is prepared to show the distribution of net Profit among the partners. Profit and Loss Suspense Account is prepared to adjust the Deceased Partner's share of Profit till the date of death of the partner when profit-sharing ratio at continuing partners does not change.

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How many maximum members in partnership firm

Posted by Supriya Thakur 6 years, 6 months ago

CBSE > Class 12 > Accountancy

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Alisha Wadhwa 6 years, 6 months ago

Acc to indian partnership act ,1932 there is no limit of max. No. Of members And acc to Indian companies act ,2013 max members in partnership firm must be 50

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Saurav Shandillya 6 years, 6 months ago

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x nd y are partners sharing profit in the ratio of 3:2 they admitted as a partner for 1/4th share. stock(book value 100000) is to be reduced by 40% and furniture (book value 60000) is to be reduced by 40%. pass the necessary journal entry from revaluation account.

Posted by Sana Qaiyum 6 years, 6 months ago

CBSE > Class 12 > Accountancy