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Karma and Dharam were partners in a firm sharing profit in the ratio 3:2.During the year ended 31-3-2015,Karama had withdrawn ₹15,000.Interest on her drawing amounted to ₹300.Pass necessary journal entry for carrying interest on drawing assuming that the capitals of the partners were Fixed

Posted by Shubham Kumar Yadav 6 years, 7 months ago

CBSE > Class 12 > Accountancy

1 answers

Renu Bhullar 6 years, 7 months ago

Int on drawings a/c. Dr. 300 To p/l app a/c. 300 Being intrest charged...... Drawings a/c........Dr. 300 To interst on drawings.......300 Being interest charged

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Question number 17 of NCERT page no. 61(according to new edition)

Posted by Hitesh Mangwani 6 years, 7 months ago

CBSE > Class 12 > Accountancy

0 answers

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In the adjustment for outstanding and prepaid expenses not recorded in the receipts and payment account?

Posted by Pooja Shah 6 years, 7 months ago

CBSE > Class 12 > Accountancy

0 answers

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Amarand ,bhanu and charu are patnars in a firm amar and bhanu are to get annual salary of 120000 pa each are they are fully involved in the business .Net profit for the year is 480000 .Determine the share of profit to be credited to each partner

Posted by Daksh Sharma 6 years, 7 months ago

CBSE > Class 12 > Accountancy

1 answers

Nikhil Sharma 6 years, 7 months ago

As given in question that both amar and bhanu will get salary of RS 120000 pa each. So profit of firm is RS 480000 which is equal to salary of both partners 120000+120000=480000. Their remains no surplus, so no amount is credited to partners in form of profit.

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What is mean by revalution account

Posted by Tinku Narwariya 6 years, 7 months ago

CBSE > Class 12 > Accountancy

1 answers

Nikhil Sharma 6 years, 7 months ago

Revaluation account is a type of nominal account which shows profit or loss at the end. It is prepared at the time of admission of a new partner, retirement of a partner, death of a partner and change in profit sharing ratio of partners.This account is prepared to calculate profit or loss incurred during period from the date of last prepared final accounts and date of any above given situation like admission of partner. Any increase in value of assets, decrease in value of liabilities and unrecorded assets is to be recorded on credit side of revaluation account and decrease in value of assets, increase in value of liabilities and unrecorded liabilities are to be recorded on debit side of revaluation account. In last this account is to be balanced if debit side exceeds credit side this shows loss on revaluation and if credit side exceeds debit side this shows profit on revaluation, profit or loss on revaluation is to distributed amongst the partner in their old profit sharing ratio. Important this account is prepared when book value of assets and liabilities are to be changed.

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A second hand machine was purchased for 500,000 on 1st July 2017 and 100,000 were spent to make it operational

Posted by Ajay Saini 6 years, 7 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Under what heading and subheading is provision for doubtful debts shown in balance sheet

Posted by Vinita Sood 6 years, 7 months ago

CBSE > Class 12 > Accountancy

3 answers

Gaurav Seth 6 years, 7 months ago

SHORT TERM PROVISION

Current Liabilities

Provision for doubtful debts XXXXX

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Satyam Sahu 6 years, 7 months ago

It is deducted from debtors

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Harsh Thakur 6 years, 7 months ago

Badept

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The net profit of X,Y and Z for the year ended March 31,2016 was Rs.60000 and the same was distributed among them in their agreed ratio of 3:1:1. It was subsequently discovered that the under mentioned transaction were not recorded in the books : (1) Interest on Capital @ 5% p.a. (2) Interest on drawing amounted to X Rs.700,Y Rs.500 Rs.300. (3) Partners salary : X Rs.1000,Y Rs.1500 p.a. The capital accounts of partners were fixed as : X Rs.100000, Y Rs. 80000 and Z Rs. 60000. Record the adjustment entry.

Posted by Azeem Ansari 6 years, 7 months ago

CBSE > Class 12 > Accountancy

0 answers

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Roshan , mahesh , gopi and jai are partners sharing profit and losses in the ratio of 3:3:2:2

Posted by Muditjaib Jain 6 years, 7 months ago

CBSE > Class 12 > Accountancy

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ANSWER

a and b are in partnership sharing profit and losses in the ratio of 3 : 2 .on 1 april 2018, they admitted C into partnership. he paid 50000 as his capital but nothing for goodwill which was valued at 40000 for the time.he acquired 1/5th share in the profits,equally from both partners. it was also decided that: i.land and building be written off by 20000 ii. stock be written down by 3200. iii. a provision of 1000 be created for doubtful debts, and iv. an amount of 1200 ,included in sundry creaditors,be written off as it is no longer payable balance sheet capital 150000 a 86000 b 64000 general reserve 20000 sundry creditors 31200

Posted by Aditya Sinha 6 years, 7 months ago

CBSE > Class 12 > Accountancy

0 answers

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Partnership book ch accounting for partnership firm _ fundamental

Posted by Nisha Thakur 6 years, 7 months ago

CBSE > Class 12 > Accountancy

0 answers

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Mudit sudhir and uday are partners in a firm sharing propit in the ratio of 3:1:1.their fixed capital balance are 400000 160000 120000 respectively. Net propit for the yr ended 31st March 2018 distribution amongst the partners was 100000 without taking into account the following adjustment (A) interest on capital @2.5%p.a; (b) salary to Mudit 18000 p.a and commission to uday 12000 (c) Mudit was allowed a commission of 6% of divisible profit after charging such commission. Pass a rectifying journal entry in the book of the firm. Show working clearly

Posted by Nisha Thakur 6 years, 7 months ago

CBSE > Class 12 > Accountancy

1 answers

Cheshta Sharma Xii-C-09 5 years, 3 months ago

answer

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Sk sing book of account page .346 Q .no -18

Posted by Ishu Khan 6 years, 7 months ago

CBSE > Class 12 > Accountancy

0 answers

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I got fail in accounts in cbse 2019 12th class wt should I do now

Posted by Lucky Ghunsar 6 years, 7 months ago

CBSE > Class 12 > Accountancy

2 answers

Cbse Student 6 years, 7 months ago

Compartment exam dena hoga ab a/c k

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Aryan Raj 6 years, 7 months ago

Compart exam dey

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I got fail in 2019 cbse 12th class so now how much Mark's i should have to take in reappear and when the reappear is therefore

Posted by Lucky Ghunsar 6 years, 7 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Q 72 Ch- issue of share (new book)

Posted by Madhur Khandelwal 6 years, 7 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

David and John were partners in a firm sharing profits in the ratio of 4 : 1. Their capitals on 1.4.2006 were : David Rs.2,50,000 and John Rs.50,000. The partnership deed provided that David will get a commission of 10% on the net profit after allowing a salary of Rs.2,500 per month to John. The profit of the firm for the year ended 31.3.2007 was Rs.1,40,000. Prepare Profit and Loss Appropriation Account for the year ended

Posted by Harsh Tyagi 6 years, 7 months ago

CBSE > Class 12 > Accountancy

2 answers

Sakshi Sharma??️??️ 6 years, 7 months ago

Shreya Gupta if the question is easy then answer the question

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Shreya Gupta 1 year, 6 months ago

v easy ques

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Why does s not for frofit organization prepair a income and expenditur account in state of frofit and loss

Posted by Mohd Aalim Tyagi 6 years, 7 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

A and B are partner they admit C for 1/4th share in profit for this purpose goodwill is to be valued at three years purchase of super profit.

Posted by Rishav Silelan 6 years, 7 months ago

CBSE > Class 12 > Accountancy

1 answers

Dolly ?️ 6 years, 7 months ago

Complete the question

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What is function of management

Posted by Rajan Kumar 6 years, 7 months ago

CBSE > Class 12 > Accountancy

1 answers

Yogita Ingle 6 years, 7 months ago

Functions of Management
Planning: Planning is the very first functions of management. Management helps in deciding the way ahead for any organisation. It involves deeply analysing the market trends and accordingly making moves and plans. Basically, it means setting goals and developing a method to achieve them efficiently.

Organising: Once a plan is laid out, it’s proper implementation lies somewhat in the next functions of management. This function helps in establishing authorities, dividing workloads, assigning responsibilities, grouping tasks and allocating resources.

Staffing: This simply means finding and building the appropriate staff. Until and unless the right people aren’t employed the correct completion of tasks will remain a distant dream. Hence this management function ensures that suitable staff is available when needed by the organisation for completion of tasks. Also known as human resource function, it involves recruitment, placement, selection and training.

Directing:This functions of management involve guiding the team towards the right direction by leading. motivating and encouraging them. Working in a positive environment of motivation and encouragement brings out the best in people. Hence a good manager makes sure to encourage or criticise his/her subordinates at suitable times to maintain an atmosphere of willingness to work.

Controlling:Finally, a manager needs to ensure that standards are being met by the company. The controlling function involves setting up performance standards, measuring performances and comparing them to the established standards. Every good organisation sets a benchmark for performance which is required to be fulfilled. It is a managerial function to keep this in check.

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Song capital contribution for comments 60000 prospective started on 1st April 2016 according to partnership interest

Posted by Praveen Mishra 6 years, 7 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Rent paid to a partner is credited to which a\c and why?

Posted by Rohit Verma 6 years, 7 months ago

CBSE > Class 12 > Accountancy

5 answers

Satyam Sahu 6 years, 7 months ago

P/l account because it's a charge against profit ; it does not comes under appropriation of profit.

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Satyam Sahu 6 years, 7 months ago

P/l account

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Dolly ?️ 6 years, 7 months ago

It not shown in p/l app. A/c & partners capital A/c because it is charge against profit.

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Prabhakar Rai 6 years, 7 months ago

Profit and loss a/c because it is expense for the firm and partner is not rendering any service to the firm to get the rent thats why it is not debited to P & L APPROPRIATION A/C

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Gaurav Asija 6 years, 7 months ago

partners capital ac because any amount to be paid to any partner is not in cash its just became the liabilty

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NPO question no. 11 ncert

Posted by Rao Neha 6 years, 7 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

X and Y share profits and losses in the ratio of 3:2 . They admit Z as a partner who pays rs. 72000 as premium for goodwill for 1/4th share in the future profits of the firm . Pass journal entries appropriating the premium money and show the new profit sharing ratio in each of the following cases:- (i) if he acquires his share of profit in the original ratio of existing partners. (ii) if he acquires his share of profit in equal proportions form the existing partners. (iii) if he acquires his share in the ratio of 2:3 from the existing partners. (iv) if he acquire les his share of profits as 7/32th from X and 1/32th from Y .

Posted by Komal Chauhan 6 years, 7 months ago

CBSE > Class 12 > Accountancy

4 answers

Ayush Kumar 1 year, 6 months ago

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Anupama Dhruw 4 years, 6 months ago

(I)

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Avnee Jain 4 years, 7 months ago

answer??

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Monika Kataria 3 years, 6 months ago

answer

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Ch 1 question 29

Posted by Laxmi Yadav 6 years, 7 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Give two circumstances in which the fixed capital of partners may change.

Posted by Sharan Kaur 6 years, 7 months ago

CBSE > Class 12 > Accountancy

1 answers

Tripti Rawat 6 years, 7 months ago

i) When additional capital is introduced by the Partners. ii) When a part of the capital is permanently withdrawn by the Partners.

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What is status of partnership from an accounting viewpoint?

Posted by Sharan Kaur 6 years, 7 months ago

CBSE > Class 12 > Accountancy

1 answers

Tripti Rawat 6 years, 7 months ago

From an accounting viewpoint, partnership is a separate business entity. From legal viewpoints, however, a Partnership, like a sole proprietorship, is not separate from the owners.

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A business earned average profit 800000 during the last few years the normal rate of profit similar type of 10% the total value of Assets and liability were 2200000 560000 calculate the value of goodwill of the formed by 2 and half year purchase of super profit

Posted by Manish Patidar 5 years, 8 months ago

CBSE > Class 12 > Accountancy