Ask questions which are clear, concise and easy to understand.
Ask QuestionPosted by Purnima Nagpal 1 year, 10 months ago
- 1 answers
Posted by Aadarsh Mukherjee 1 year, 10 months ago
- 0 answers
Posted by Shlok Dadhich 1 year, 10 months ago
- 0 answers
Posted by Ajaz Ahmed 1 year, 10 months ago
- 0 answers
Posted by Ajaz Ahmed 1 year, 10 months ago
- 0 answers
Posted by Ashutosh Yaduvanshi 1 year, 10 months ago
- 1 answers
Navneet Kaur 1 year, 10 months ago
Posted by Cbse V 1 year, 10 months ago
- 0 answers
Posted by Anurag Tigga 1 year, 11 months ago
- 1 answers
Tamanna Lohia 1 year, 11 months ago
Posted by Noura Asl 1 year, 11 months ago
- 0 answers
Posted by Jatin Lodhi 1 year, 11 months ago
- 2 answers
Saini.Satwinder Saini Satwinder 1 year, 10 months ago
Posted by Akshit Pahwa 1 year, 11 months ago
- 2 answers
Posted by Laxmikant Pandey 1 year, 11 months ago
- 1 answers
Posted by Aryan Verma 1 year, 11 months ago
- 4 answers
Suraj Sah 1 year, 10 months ago
Tamanna Lohia 1 year, 11 months ago
Posted by Neel Sevak 1 year, 11 months ago
- 0 answers
Posted by Licha Yeri 1 year, 11 months ago
- 1 answers
Posted by Tanya Jain 1 year, 11 months ago
- 1 answers
Preeti Dabral 1 year, 11 months ago
Revenue from operations = 3,20,000 x {tex}\frac { 100 } { 80 }{/tex} = 4,00,000
Let Credit Revenue from operations be = 3x
Cash Revenue = x
Therefore, total revenue = x + 3x = 4x
4,00,000 = 4x
x = 1,00,000
So,Credit Revenue from operations = 3x = 3,00,000
Let Opening Trade Receivables be = y
Closing Trade Receivables = y + 15,000
Trade receivable turnover ratio = {tex}\frac { \text { Net Credit Revenue from operation } } { \text { Average Trade Receivables } }{/tex}
{tex}4 = \frac { 3,00,000 \times 2 } { y + y + 15,000 }{/tex}
8y = 6,00,000 - 60,000
{tex}y = \frac { 5,40,000 } { 8 } = 67,500{/tex}
Opening trade receivable = y = 67500
Closing trade receivable = y + 15,000 = 67500 + 15000 = 85200
Posted by Tushar Kapoor 1 year, 11 months ago
- 0 answers
Posted by Nandan Singh 1 year, 11 months ago
- 1 answers
Posted by Sahil Nayak 1 year, 11 months ago
- 0 answers
Posted by Darshita Sharma 1 year, 11 months ago
- 0 answers
Posted by Aman Katiyar 1 year, 11 months ago
- 1 answers
Preeti Dabral 1 year, 11 months ago
JOURNAL
<th scope="col">Date</th> <th scope="col">Particulars</th> <th scope="col">L.F.</th> <th scope="col">Dr.(₹)</th> <th scope="col">Cr.(₹)</th>| Share Capital A/c dr. | 350 | ... | ||
| Securities Premium A/c dr. | 250 | ... | ||
| To share forfeiture A/c | ... | 150 | ||
| To share allotment A/c | ... | 450 | ||
| (Being 50 shares forfeited for non payment of allotment money as per board’s resolution dated..) | ||||
| Bank A/c dr. | 600 | ... | ||
| To Share capital A/c | ... | 500 | ||
| To securities Premium A/c | ... | 100 | ||
| (Being 50 shares reissued @ Rs. 12 per share, fully paid) | ||||
| Shares Forfeiture A/c Dr. | 150 | ... | ||
| To capital reserve A/c | ... | 150 | ||
| (Being the balance of Forfeited shares transferred to capital reserve.) |
Note: Since forfeited shares are reissued at Premium, full amount of share forfeiture account has been transferred to Capital Reserve account.
Posted by Palak Verma 1 year, 11 months ago
- 1 answers
Saini.Satwinder Saini Satwinder 1 year, 11 months ago
Posted by Archana Archana 1 year, 11 months ago
- 0 answers
Posted by Avni Pareek 1 year, 11 months ago
- 1 answers
Preeti Dabral 1 year, 11 months ago
PROFIT AND LOSS APPROPRIATION ACCOUNT
(for the year ended 31st March, 2015)
| Dr. | Cr. | ||||
| Particulars | ₹ | Particulars | ₹ | ||
| To General Reserve A/c (10% of 4,97,750) | 49,775 | By Profit & Loss A/c | 5,00,000 | ||
| To Interest on Capital: | Less: Interest on Loan | 2,250(5) | 4,97,750 | ||
| Shankar's Current A/c | 25,000(1) | By Interest on Drawings(3) | |||
| Manu's Current A/c (10% of 4,00,000) | 40,000 | 65,000 | Shankar's Current A/c | 1,800 | |
| To Profit transferred to: | Manu's Current A/c | 1,800 | 3,600 | ||
| Shankar's Current A/c | 2,31,945 | ||||
| Manu's Current A/c | 1,54,630 | 3,86,575 | |||
| 5,01,350 | 5,01,350 |
PARTNER'S FIXED CAPITAL ACCOUNTS
| Dr. | Cr. | ||||||
| Date | Particulars | Shankar ₹ |
Monu ₹ |
Date | Particulars | Shankar ₹ |
Manu ₹ |
| 2015 Mar. 31 | To Bal. c/d | 4,00,000 | 4,00,000 | 2014 Apr 1 | By bal. b/d | 2,00,000 | 4,00,000 |
| Jan. 1 | By Bank A/c | 2,00,000 | |||||
| 4,00,000 | 4,00,000 | 4,00,000 | 4,00,000 |
PARTNER'S CURRENT ACCOUNTS
| Dr. | Cr. | ||||
| Particulars | Shankar ₹ |
Manu ₹ |
Particulars | Shankar ₹ |
Manu ₹ |
| To Drawings(2) | 24,000 | 24,000 | By Balance b/d | 50,000 | 1,00,000 |
| To Interest on Drawings | 1,800 | 1,800 | By Interest on Capital | 25,000 | 40,000 |
| To Bal c/d | 2,81,145 | 2,68,830 | By Profit & Loss Appropriation A/c | 2,31,945 | 1,54,630 |
| 3,06,945 | 2,94,630 | 3,06,945 | 2,94,630 |
MANU'S LOAN ACCOUNT
| Dr. | Cr. | ||||
| Date | Particulars | ₹ | Date | Particulars | ₹ |
| 2015 Mar. 31 | To Balance c/d | 1,52,250 | 2015 Jan. 1 | By Bank A/c | 1,50,000 |
| Mar. 31 | By Interest on Loan A/c(5) | 2,250 | |||
| 1,52,250 | 1,52,250 |
Working Note:
- interest on Shankar's Capital ={tex}2,00,000\times\frac{10}{100}\times\frac{9}{12}+4,00,000\times\frac{10}{100}\times\frac{3}{12}{/tex} = 25,000
- Total Drawings = 6,000 {tex}\times{/tex} 4 = 24,000
- Interest on Drawings:
Since drawings are made at the beginning of each quarter, interest will be charged for 7.5 months: {tex}24,000 \times \frac{12}{100} \times \frac{7.5}{12}{/tex} = ₹1,800 - If Partnership deed is silent about Interest on Loan then Interest on Loan will be allowed @6% p.a.
- Interest on Loan = {tex}1,50,000 \times \frac{6}{100} \times \frac{3}{12}{/tex} = 2,250
myCBSEguide
Trusted by 1 Crore+ Students
Test Generator
Create papers online. It's FREE.
CUET Mock Tests
75,000+ questions to practice only on myCBSEguide app
Aseem Mahajan 1 year, 10 months ago
6Thank You