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What is gross profit

Posted by Anchal Rajput 6 years, 8 months ago

CBSE > Class 12 > Accountancy

1 answers

Kamlesh Thakur 6 years, 8 months ago

Profit which comes from trading a/c that is known as gross profit??

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N were partners in a firm sharing profits in the ratio of 3: 1. Their Balance Sheet as on 31.3.2004 was as follows: Liabilities Amount Rs. Assets Amount Rs. Creditors Bill Payable Outstanding Salary Capital Accounts M 2,00,000 N 1,30,000 28,000 40,000 2,000 3,30,000 4,40,000 Cash Debtors Stock Plant Land and Building 50,000 60,000 40,000 1,00,000 1,50,000 4,00,000 On the above date ‘O’ was admitted as a partner for 1/4th share in profits on the following terms: a) ‘O’ will bring Rs. 1, 50,000 as his capital and Rs. 90,000 as his share of premium for goodwill for his share of profits. b) Plant is to be appreciated to Rs. 1, 30,000 and the value of land and building is to be appreciated by 5%. c) Stock is overvalued by Rs. 6,000. d) A provision for bad and doubtful debts is to be created at 5% on debtors. e) There were unrecorded creditors Is. 4,500. Prepare Revaluation Account, Partners Capital Accounts and the Balance Sheet Of the new firm. (8)

Posted by Pranjal Singh 6 years, 8 months ago

CBSE > Class 12 > Accountancy

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ANSWER

What is mean provision for grantuity.

Posted by Pooja Chaudhary 6 years, 8 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

A B and C are partner in a firm.Their capitals on 1st Jan. 2015 were ₹20000,₹30000 and ₹40000 respectively. after closing the account of 31st Dec.,2015 it was found that according to partnership deed interest @ 10% p.a. on a partners capital a salary of ₹500 p.m. to B and a salary of ₹4000 p.a. to C was not provided before distribution of profit. It was agreed among the partners to make adjustment entry at the beginning of next year rather than to alter the balance sheet pass the necessary journal entry assuming that capital are fixed?

Posted by Avinash Kumar 6 years, 8 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Chapter 2 partnership exercise solutions

Posted by Kamal Jeet 6 years, 8 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Bharat and sanu are partners sharing profit & losses in the ratio of 3:2. They decided to admit manu as a partner from 1st april,2019 on the following terms: (I) manu will be given 2/5th share of the profit. (II)goodwill of the firm will be valued at two yrs purchase of three yrs normal average profit of the firm. Profits of the following ended on 31st march,were 2019 - profit ₹30000(after debiting loss of stock by fire ₹40000) 2018 - loss ₹80000(includes voluntary retirement compensation paid ₹1,10,000) 2017 - profit ₹1,10,000( including gain of ₹30000 on sale of fixed assets) Calculate the value of goodwill .

Posted by Gurpartap Singh 6 years, 8 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

What is reconsitition of partnership

Posted by Yash Mehra 6 years, 8 months ago

CBSE > Class 12 > Accountancy

1 answers

Yogita Ingle 6 years, 8 months ago

Any change in agreement of partnership or profit sharing ratio is called reconstitution of partnership firm.
In following circumstances a partnership firm may be reconstituted:

1. Change in Profit Sharing Ratio

2. Admission of a partner

3. Retirement/Death of a partner.

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Hindustan ltd issued

Posted by Shubh Gupta 6 years, 8 months ago

CBSE > Class 12 > Accountancy

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ANSWER

A, B and C were partners. Their capitals were A_Rs.30000; B_Rs.20000 and C_Rs.10000 respectively. According to the Partnership Deed, they were entitled to an interest on capital @ 5% p.a. ln addition, B was also entitled to draw a salary of Rs.500 per month. C was entitled to a commission of 5% on the profits after charging the interest on capital, but before charging the salary payable to B. The net profit for the year were Rs.30000 distributed in the ratio of capitals without providing for any of the above adjustments. The profits were to be shared in the ratio of 5:3:2. Paas necessary adjustment entry showing the workings clearly.

Posted by Samar Khan 6 years, 8 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

What is difference between accrued and due

Posted by Pooja Chaudhary 6 years, 8 months ago

CBSE > Class 12 > Accountancy

2 answers

Kamlesh Thakur 6 years, 8 months ago

Accrued means which we had earned and person will pay to us Due means we need to pay that it can be electricity bill or anything

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Sachin Upreti 6 years, 8 months ago

Accrued means earn but not received and due means which is still in unpaid

1Thank You

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Jornal question

Posted by Pritam Kumar 6 years, 8 months ago

CBSE > Class 12 > Accountancy

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ANSWER

State the basis of accounting in which receipt and payment account is prepared in NPO

Posted by Saroj Sharma 6 years, 8 months ago

CBSE > Class 12 > Accountancy

1 answers

Rashida Khan 6 years, 8 months ago

Reciept and payment account is prepared on the basis of cash basis of accounting

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ANSWER

Accounting concept followed for the provision of accrual and outstanding while transport of received and payment account into income and expenditure account

Posted by Saroj Sharma 6 years, 8 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

company writes off depreciation @ 10% per annum on the diminishing balance. On April 1, 2017, theMachinery Account showed a balance of 2,98,000. It was discovered in the year 2017-18 that:(a) Heavy repairs effected to Plant and Machinery (completed on September 30, 2015) were debited tothe Machinery Account. The amount was 30,000; and(b) A machine costing 12,000 was entered in the Purchases Book on 1st January, 2016. The expenseson installation, 800, were debited to General Expenses Account.Necessary corrections were made in the year 2017-18. On September 30, 2017 a machine which had cost40,000 on April 1, 2015 was disposed of forxx 29,000 and a new machine costing58,000 was installed onthe same date, the expenses on installing the machine being 3,000.Show the Machinery Account for the year ended March 31,2018..

Posted by Divyanshu Maheshwari 6 years, 8 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Can i get solution of que 49 of accountancy dk goel

Posted by Komal Saini 6 years, 8 months ago

CBSE > Class 12 > Accountancy

0 answers

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Can i get the ans and wori g notes of ques 77 of dk goel

Posted by Anjali Vashisth 6 years, 8 months ago

CBSE > Class 12 > Accountancy

1 answers

D J 6 years, 8 months ago

Of which chapter?

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Intrest on capotal

Posted by Sana Rizwan 6 years, 8 months ago

CBSE > Class 12 > Accountancy

1 answers

D J 6 years, 8 months ago

First it's not capotal it's capital ?

0Thank You

ANSWER

Kamal and kapil are partners having fixed capital of 5,00,000 each as on 31st march 2018. Kamal introduced further capital of 1,00,000 on 1st October 2018 whereas kapil withdraw 1,00,000 on 1st October 2018 out of capital. Interest on capital is to be allowed@10%p.a. the firm earned net profit of 6,00,000 for year ended 31march 2019. Pass journal entries for interest on capital and prepare profit and loss appropriation account.

Posted by Prabh Jawanda 6 years, 8 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

14. From the following Receipts and Payments Account and additional information, prepare Income and Expenditure Account and Balance Sheet of Sears Club, Noida as on March 31, 2018. (6) Receipts and Payments Account of Sears Club for the year ended 31-3-2018 Receipts Amount (Rs.) Payments Amount (Rs.) To Balance b/d20,000By Stationery23,400 To Subscriptions By 12% Investments 8,000 2016-17 40,000 By Electricity expenses10,600 2017-18 94,000 By Expenses on lectures 30,000 2018-19 7,2001,41,200By Sports equipment59,000 To Donations for building40,000By Books40,000 To Interest on Investments800By Balance c/d50,000 To Government Grant 17,400 To Sale of Old furniture (Book value Rs.4,000)1,600 2,21,000 2,21,000 Additional Information : Material downloaded from myCBSEguide.com. 4 /

Posted by Rajan Maheshwari 6 years, 8 months ago

CBSE > Class 12 > Accountancy

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ANSWER

Mita and ushar partners in a firm sharing profit in the ratio 2:3 their capital acc. as on 1st April 2015 showed balance of rs 140000 nd 120000. The drawings of mita&usha during the year 2015 16 were rs 32000 nd 24000. Both the account were withdrawn on 1st January 2016. It was subsequently found that the following items had been omitted while preparing the final account forthe year ended 31st march 2016 interest on capital @6% p.a. Interest on drawing @6%p.a. Mita was entitled to a comission of 8000 for the whole year

Posted by Shalini Bartwal 6 years, 8 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

W,x,y and z are partners sharing profits and losses in the ratio of 1/3 ,1/6 ,1/3 and 1/6 respectively . y retires and W,x and z decide to share the profits and losses equally in future .calculate gaining ratio

Posted by Manish Singh 6 years, 8 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Should I join accounts tuition?

Posted by Priya Aggarwal 6 years, 8 months ago

CBSE > Class 12 > Accountancy

3 answers

Bharat Karwa 6 years, 8 months ago

Yes

0Thank You

Deepak Pal Real Music 6 years, 8 months ago

Priya if u r satisfy with ur accountancy teacher then no...if uh dont understand a single work he/she said then yes

2Thank You

Prakhar Tiwari 6 years, 8 months ago

Yes, you should join becoz it is main subject.

1Thank You

ANSWER

Financial statement and analysis illustration 1

Posted by Rajesh Shrivastava 6 years, 8 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Goforcbse

Posted by Rajesh Shrivastava 6 years, 8 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Go4cbse

Posted by Rajesh Shrivastava 6 years, 8 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Accountancy me working note pehle banau ya baad me

Posted by Abhijeet Jadon 6 years, 8 months ago

CBSE > Class 12 > Accountancy

1 answers

Vaibhav Prajapati 6 years, 8 months ago

Always baadme banana.

1Thank You

ANSWER

Practical Question 5 lesson 2

Posted by Taniya Singhal 6 years, 8 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Practical question with answer

Posted by Kirti Garg 6 years, 8 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Illustration 30

Posted by Nanu Sekhon 6 years, 8 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Comprehensive problem with GST for accountancy project

Posted by நவநீத கிருஷ்ணன் ஈபுநா 3 years ago

CBSE > Class 12 > Accountancy

1 answers

Dharaneesh Dharanidharsan 2 years, 11 months ago

answer

21Thank You

ANSWER

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