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no above answer is wrong net profit=540000 asha commission=net profit-asha salary (because asha commission is calculated after salary but before any commission) = 540000-200000 = 340000 asha commission= 340000×8/100 = 27200 then let's talk about lata's commission according to question lata commission is calculated after charging such commission lata commission= net profit-asha salary - asha commission = (540000-200000- 27200)× 8/108 =312800×8/108 =23170 finally, asha commission=27200 and lata's commission=23170

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Vishu Rana 6 years, 6 months ago

commission of asha - 5,40,000×8/100 =43200 of lata - 5,40,000× 8/108= 40,000 Asha salary - 2,00,000 subtract these transactions from net profit then you will find profit which will distribute between partners in thier PSR Asha share of profit = 85600 Lata share of profit = 171200 these are the working notes ...by help of this you can easily make p/l appropriation A/C

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A,B and C were partners in the ratio of 5:4:1. On 31/2/2006 their balance sheet showed a reserve fund of 65000and P and L of 45000.On 1/1/2007,the partners decide to change their profit sharing ratio 9:6:5 for this purpose goodwill was valued at 150000.the partners do not want to disturtuet reserves and losses and also do not want to record goodwill

Posted by Joban Sangha 6 years, 6 months ago

CBSE > Class 12 > Accountancy

0 answers

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What is promissory note

Posted by Syed Adnan 6 years, 6 months ago

CBSE > Class 12 > Accountancy

2 answers

Sagar Sharma 6 years, 6 months ago

Simply , it is bill of exchange

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Shubham Raj 6 years, 6 months ago

A promissory note is written and unconditional promise made by a debtor to pay a certain sum of money to a creditor or his (i.e creditor's ) order .

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Comprehensive projects for 2019-20 accountancy

Posted by Navjot Sidhu 6 years, 6 months ago

CBSE > Class 12 > Accountancy

1 answers

Navjot Sidhu 6 years, 6 months ago

Give me comprehensive project statement please

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P and q were partners ina firm sharing profits equally.thier fixed capitals were 100000,50000 respectively the partnership deed provided for int on capital at the rate of 10% per annum.for the year ended 31st march the profits of the firm were disturbed without providing int on capital

Posted by Priyanshi Mishra 6 years, 6 months ago

CBSE > Class 12 > Accountancy

1 answers

Alisha Wadhwa 6 years, 6 months ago

P. Q. Total Int. On cap. (Cr.) 10,000. 5,000. 15000 Division of loss(dr.). 7500. 7500. 15000 Adj. Entry. 2,500(cr.). 2500(dr.) Q's cap a/c. Dr. 2500 To P's cap a/c. 2500

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how to make comprehensive project 2019-2020

Posted by Nishant Hero 6 years, 6 months ago

CBSE > Class 12 > Accountancy

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Revaluation of assets and reassesment of liabilities

Posted by Sandipan Bhattacharjee 6 years, 6 months ago

CBSE > Class 12 > Accountancy

1 answers

Yogita Ingle 6 years, 6 months ago

During the admission of a new associate partner, it is always better to determine whether the assets of the enterprise are mentioned in the books at their current values. If the assets are overstated or understated, these are to be revalued. Few points that explain why revaluation of assets and reassessment of liabilities are important.

Reassessment of liabilities is done so that the liabilities are recorded in the books at their appropriate values
Now and then, there may also be some assets and liabilities of the enterprise that stay unnoticed and unrecorded. These also have to be added into the books of the enterprise. For this cause the enterprise has to outline the Revaluation Account
The profit or loss on revaluation of each asset and liability is moved to this a/c and its balance is transferred to the capital a/c of the old partners in their old profit sharing ratio
To put it in other words, the revaluation a/c is credited with the rise in the value of each asset and decrease in its liabilities; it is a profit and is debited with a decrease in the merit of assets and increase in its liabilities is debited to revaluation a/c, it is a loss. Correspondingly, unrecorded liabilities are debited and unrecorded assets are credited to the revaluation account
If the revaluation a/c finally displays a cr. balance then, it stipulates net profit and if there is a debit balance then it stipulates net loss. Which will be later transferred to the capital a/c of the old partners in the old ratio

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Chapter 1 Non profit organisation question n9. 41

Posted by Vaibhav Sharma 6 years, 6 months ago

CBSE > Class 12 > Accountancy

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ANSWER

On April 1 2015 ,an existing firm had asset of 500000 including cash of 20000.the firm had a general reserves of 90000,partners capital account showed a balance of 3,80,000 and creditors amounted to 30000. If the normal rate of return is 20% and the goodwill of the firm is 64000 at 4 years purchase of super profit, find the average profit of the firm

Posted by Mihir Ketan 6 years, 6 months ago

CBSE > Class 12 > Accountancy

1 answers

Alisha Wadhwa 6 years, 6 months ago

G/w= 4× super profit 64000/4 = SP 16000=super profit Capital employed = General reserve+ capital =90,000+380,000=470,000 Normal profit = capital employed× NRR/100 =4,70,000×20/100=54,000 SP=AP-NP 16,000+54,000 =AP 70,000=AP

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Chapter four accountancy numerical questions solution part 1

Posted by Sameer Shik 6 years, 6 months ago

CBSE > Class 12 > Accountancy

1 answers

Guru Kumar 6 years, 6 months ago

Dty

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In account chapter 4 Q 23 why c capital recoprical

Posted by Nitin Sahlot 6 years, 6 months ago

CBSE > Class 12 > Accountancy

1 answers

Mohammad Anas 6 years, 6 months ago

Because to find total goodwill of the firm

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ANSWER

The club has 250 members each paying an annual subscription of ₹100. ₹500 is still in advance subscription for 2015-16 wearing the year 2015-16, 10 members had paid their subscription for the year 2016-17 as well. Salaries paid included ₹1000 for the year ending 31st March 2016 and₹1500 for the year ending 31st March 2018 outstanding salaries for the year ending on 31st March 2017 amounted to ₹2000 . Interest for three months at 10% p.a has accrued on general investment On 1st April 2016 the club owned land and building valued at ₹200000 and furniture valued at ₹11000,on that date it has sports fund ₹100000 sports fund investments ₹100000 Prepare income and expenditure account for the year ended 31st 2017 and balance sheet at as that date

Posted by Afbhu Sangma 6 years, 6 months ago

CBSE > Class 12 > Accountancy

1 answers

Sumit Kumar 4 years, 5 months ago

give the answer

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Shankar and manu are partners in a firm.On 1 st april,2014, their fixed capital a/c showed a balan e of 200000 and 400000 respectively. On this date,their current a/c balaces were Rs 50000 and 100000 respectively.

Posted by Manoj Meenakshi 6 years, 6 months ago

CBSE > Class 12 > Accountancy

1 answers

Aradhya Agarwal 6 years, 6 months ago

What u want to ask just elaborate full question

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ANSWER

Interest received by a finance company is classified under which kind of activity while.preparing the cash flow statement?

Posted by Piyush Patel 6 years, 6 months ago

CBSE > Class 12 > Accountancy

1 answers

Sia ? 6 years, 6 months ago

Activities which produce principal revenue of enterprise are known as operating activities.For a financial company all financial activities are considered as operating activities as those were principal revenue producing items. Interest received by a finance company is operating activity.

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Under which type of activity will you classify 'cash receipts from Debtors' while preparing cash flow statement?

Posted by Piyush Patel 6 years, 6 months ago

CBSE > Class 12 > Accountancy

1 answers

Mini Sharma 6 years, 6 months ago

Operating

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Under which type of activity will you classify 'cash Receipts from Debtors ' while preparing cash flow statement?

Posted by Piyush Patel 6 years, 6 months ago

CBSE > Class 12 > Accountancy

1 answers

Piyush Patel 6 years, 6 months ago

Cash Receipts from debtors will be classsfied under " operating activities"

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What do you understand by gaining ratio?

Posted by Diya Patel 6 years, 6 months ago

CBSE > Class 12 > Accountancy

1 answers

Sia ? 6 years, 6 months ago

Gaining Ratio is the ratio by which the share of remaining or continuing partners increases, when one or more partners retire from the firm. It is computed by deducting old ratio from the new ratio.

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Ques no.50 of dk goel page no 4.129 of chapter death of the partner please tell solution of this ques

Posted by Bhawana Joshi 6 years, 6 months ago

CBSE > Class 12 > Accountancy