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7.Jatin and Lalit are partners sharing profits and losses in the ratio of 3:2. Their Balance Sheet as on 31st March 2018 was as follows. Rs 8,000 1,20,000 20,000 Liabilities Rs Assets Outstanding Expenses 20,000 Cash Bills payable 76,000 Sundry Debtors Creditors 70,000 Less Pro. For D/D Workmen Compensation Fund 70,000 Stock Investment Fluctuation Fund 20,000 Investments General Reserve 40,000 Furniture Capital Account: Machinery Jitin Rs 2,00,000 Lalit Rs 1,60,000 3,60,000 1,00,000 80,000 1,00,000 60,000 3,08,000 6,56,000 6,56,000 On 1st April 2018 they admitted Kishore as a partner for 1/10th share in profits which he acquired equally from Jitin and Lalit on the following terms. (1). Kishore is to bring Rs 50,000 as capital, (l1). The Goodwill of the firm is valued at Rs 60,000 and Kishore will contribute his share of goodwill in cash. (ili). Provision on Debtors was found to be excess by Rs 4,000. (iv). Outstanding Expenses will be reduced to Rs 6,000. (v). Depreciate stock by 5%. (vi). Market value of Investment was Rs 70,000.

Posted by Simran S 1 year, 9 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Vinod Vijay venkat are partners

Posted by Ritika Rawat 1 year, 9 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Determine operating ratio, if operating expense is 120000, cost of revenue from operations 1320000& gross profit 180000

Posted by Fathima Kareem 1 year, 9 months ago

CBSE > Class 12 > Accountancy

2 answers

Anshika Jain 1 year, 9 months ago

Operating ratio is operating cost divide by revenue firm operation And Operating cost is COGS plus OPERATING EXPENSES So answer is 1440000/1500000*100 =96%

Pushkar Roll No 30 1 year, 9 months ago

126% Answer - 126.315789

ANSWER

Y ltd . Reported a net profit after tax of RS.310000 for the year ended 31st march 2016 .the relevant items of balance sheet appeared as follows: Inventory -:Py- 450000 ,cy- 390000 Trade receivables-:py-150000,cy-220000 Trade payables-:py-60000,cy-80000 Prepaid expenses-:py-4000,cy-10000 Goodwill-:py-40000,cy-30000 Provision for taxation-:py-30000,cy-22000 Following item appeared on the profit and loss statement for the year ended 31st march 2016: 1)bad debts written off during the year -10000 2)depreciation on fixed assets charged during the year -34000 Calculate the net cash flow from operating activities.

Posted by Muhammad Aadil Adil 1 year, 10 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

E, F and G were partners in a firm sharing profits in the ratio of 3 : 3:4. Their respective fixed capitals were E 3,00,000; F 4,00,000 and G 5,00,000. The partnership deed provided for allowing interest on capital @ 12% p.a. even if it results into a loss to the firm. The net profit of the firm for the year ended 31st March, 2020 was 2,10,000. Pass necessary journal entries for allowing interest on capital and division of profit/loss in the books of the firm

Posted by Cristiano Ronaldo 1 year, 10 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Raman Ltd paid rs 60000 as installment for machinery purchase on credit which included interest rs 10000 how will this payment be presented while preparing cash flow statement

Posted by Yash Satwal 1 year, 10 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Usha and asha are partners in a firm sharing profit in the ratio of 2:1. Their balance sheet as on 31 St March , 2022 was as follow

Posted by Muskan Shaw 1 year, 10 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

What is this Goodwiil

Posted by Annu Sen 1 year, 10 months ago

CBSE > Class 12 > Accountancy

5 answers

Anshika Jain 1 year, 9 months ago

Goodwill is the name and fame of the company in the market.

Bhoomika Maheshwari 1 year, 9 months ago

Goodwill is that intangible asset of a business that help the business to earn more than normal profits without putting extra efforts

Mohit Kumar 😒 1 year, 10 months ago

Goodwill is an intangible asset it is self generated and it is not record in accounting book.

Sneha . 1 year, 10 months ago

Goodwill is an intangible asset

Prateek Dwivedi 1 year, 10 months ago

Goodwill is like reputation like if company has a Goodwill in market they will get loan easily

ANSWER

Debt to equity ratio

Posted by Rohit Jaiswal 1 year, 10 months ago

CBSE > Class 12 > Accountancy

2 answers

Ritu Kumari 1 year, 10 months ago

Total Asset / Debt

Khushi Sharma 1 year, 10 months ago

Debt to equity ratio =Debt/Equity Debt = long term borrowing + long term provision Equity=share capital + reserve and surplus

ANSWER

30 journal entries with gst

Posted by Amrutha S 1 year, 10 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Accounts project with gst

Posted by Amrutha S 1 year, 10 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

16. Neena and Sara were partners in a firm with fixed capitals of Rs. 5,00,000 and Rs. 4,00,000 respectively. It was discovered that interest on capital @ 6% pa was credited to the partners for the two years ending 31st March, 2018 and 31st March, 2019 where as there was no such provision in the partnership deed. Their profit sharing ratio during the last two years was: 2017-18 4:5 Showing your workings clearly, pass the necessary adjustment entry to rectify the error.

Posted by Surabhi Jain 1 year, 10 months ago

CBSE > Class 12 > Accountancy

1 answers

Preeti Dabral 1 year, 10 months ago

JOURNAL

Date	Particulars	L.F.	Dr. (₹)	Cr. (₹)
	Sara’s Current A/c ... Dr.		9,000
	To Neena’s Current A/c			9,000
	(Interest on Capital wrongly credited, now rectified)

Working Note:
Table showing adjustments

Partners	Interest on capital Dr. (₹) 2017-18	Profits 4:5 Cr. 2017-18(₹)	Interest on capital Dr. (₹)2018-19	Profits 5:1 2018-19Cr. (₹)	Net Effect
Dr. (₹)	Cr. (₹)
Neena	30,000	24,000	30,000	45,000	-	9,000
Sara	24,000	30,000	24,000	9,000	9,000	-
	54,000	54,000	54,000	54,000	9,000	9,000

Interest on capital:
Neena = 5,00,000 {tex}\times{/tex} 6% = 30,000 for one year
Sara = 4,00,000 {tex}\times{/tex} 6% = 24,000 for one year

ANSWER

Astha and gomti are partners in a firm sharing profit and losses i the ratio of 2:1 their capital a/c as on 1 april 2011 stand at rs 70000 and rs 30000 respectively the partesrs are allowed interest on capital @10% p.a the drawings of the partners during the year ended 31st march 2012 amounted to rs 4800 and rs 3600 respectively interest charged on drawings at the rate of 10 % p.a. astha has given a loan to firm as on november 2011 of rs 20000 the profit of the firm before above adjustment was rs 80000 10 % of this profit is to be kept in reserve account Current a/c balances ob 1st april 2011 were astha rs 5000 cr gomti rs 23000 dr prepare p/l appropriate a/c

Posted by Cbse Guide 1 year, 10 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Xy and Z hover sharing profit in the ratio of 3:2:1 decided to dissolve the firmxy and Z hover sharing profit in the ratio of 3:2:1 decided to dissolve the firm 31 March 2020 one when the valency divorce is follows

Posted by Vansh Bhatt 1 year, 10 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Tripathi Chauhan

Posted by Neha Soni 1 year, 10 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Fill in the blanks:-- Cr.(*) 10,000 ii) 23,000 Dr.(*) L.F Share capital A/c. Dr. A/c. Dr. To Share Forfeited A/c (Forfeiture of Share of 100 each, 60 called up issued at a premium of Rs.10,on which only application money of Rs.25 per share is paid) Dr Dr Bank A/c. Date i) Particulars

Posted by Komalroop Kaur 1 year, 10 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Suppose cash withdrawal by Rohit from his partnership firm for personal use Rs.7000.the rate of interest is 12% p.a calculate interst on drawings on an average basis

Posted by Mr Manu 1 year, 10 months ago

CBSE > Class 12 > Accountancy

3 answers

Preeti Dabral 1 year, 10 months ago

Rs.420

Bhoomika Maheshwari 1 year, 9 months ago

420

Vipasha Batham 1 year, 9 months ago

Interest on Capital = 7,000*12/100= 840

ANSWER

Astha and gomati are partners

Posted by Devanshi Jain 1 year, 10 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Interest earned on bank deposits by a company engaged in manufacturing electronic appliances is shown in the statements of profit and loss as

Posted by Divyani Kolhe 1 year, 10 months ago

CBSE > Class 12 > Accountancy

1 answers

Vipasha Batham 1 year, 9 months ago

To Interest Received (Cr. Side of statement of p&l account )

ANSWER

X, Y and Z are partners, their capitals being ₹3,00,000, 2,50,000 and ₹2,00,000 respectively. In arriving at these figures, the profits for the year ended, 31st March, 2022 2,40,000 has already been credited to the partners in the proportion in which they share profits. Their drawings were X 50,000; Y 40,000 and Z 30,000 for the year ending 31st March, 2022. Subsequently the following omissions were noticed and it was decided to bring them into Account. (i) Interest on Capital at 10% p.a. (ii) Interest on Drawings X 2,500, Y 2,000 and Z ₹1,500.

Posted by Rudra Goel 1 year, 10 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

What do you mean by accounts

Posted by Akash Nandy 1 year, 10 months ago

CBSE > Class 12 > Accountancy

1 answers

Varsha Yadav 1 year, 10 months ago

a record of debit and credit entries to cover transactions involving a particular item (as cash or notes receivable) or a particular person or concern. : a statement of transactions during a fiscal period showing the resulting balance

ANSWER

Mr manjot a commerce sundent apted computer vocanalistation subject

Posted by Lucky Satija 1 year, 10 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Xyz Ltd purchase a machine from bestech machine for 500000 as per purchase agreement rs 20000

Posted by Dikshant Agarwal 1 year, 10 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Total funds 30 lakhs Intrest rate 10% Tax rate 30% EBIT lakhs (debt) Situation 1 - nil

Posted by Anushka Sharma 1 year, 10 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Sample paper solutions

Posted by Mahek Agarwal 1 year, 10 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

How to transfer amount in capital reserve when there is double forfeiture

Posted by Reshampal Singh 1 year, 10 months ago

CBSE > Class 12 > Accountancy

1 answers

Preeti Dabral 1 year, 10 months ago

When a company re-issues only a part of the forfeited shares, then it will transfer only the profit relating to this part to the capital reserve. When a company re-issues shares at a price more than their face value, it needs to transfer the excess amount to the Securities Premium A/c.

ANSWER

Give necessary Journal entries: The Directors of Devendra Ltd resolved on 1st January, 2010 that 100 Equity Shares of 10 each, ts paid up be forfeited for non-payment of final call of 2.On 1st February, 60 of these shares were reissued 7 per share as fully paid-up Virender Limited forfeited 20 shares of 100 wach ( 60 called up issued at par to Mukesh on which he had paid 20 per share. Out of these 15 shares were reissued to Sanjeev as 60 paid-up for 745 per share

Posted by Yash Batreja 1 year, 9 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Comprehensive Project A Project taking any Business and must state the following : Journal Entries with GST Ledgers Trial Balance Final Accounts – Trading Account , Profit and Loss Account , Balance Sheet Use of Pie Chart or Bar Diagram to show Incomes , Profit or Loss and Assets and Liabilities.

Posted by Shoib Akhtar 1 year, 10 months ago

CBSE > Class 12 > Accountancy

2 answers

Purnima Nagpal 1 year, 10 months ago

See in cash flow book

Divyanshu Gupta 1 year, 10 months ago

.

ANSWER

Physical education

Posted by Raj Kumar 1 year, 10 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Stock is undervalued 25% ( book value 18000

Posted by Sahil Bansari 1 year, 10 months ago

CBSE > Class 12 > Accountancy

3 answers

Varsha Yadav 1 year, 10 months ago

4500

Piyush Goyal 1 year, 10 months ago

6000

Raj Gupta 1 year, 10 months ago

4500

ANSWER

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