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Pass journal entries to the following transactions on the admission of a new partner: (i) Stock is undervalued by 10% (Book Value of Stock 54,000) (ii) Stock is overvalued by 10% (Book Value of Stock 66,000) (iii) Value of Land & Building is to be increased to 5,00,000 (Book Value *4,00,000) (iv) Value of Land & Building is to be increased by 5,00,000 (Book Value 4,00,000) (v) A debtor whose due of 40,000 was written off as bad debts last year, paid 30,000 in full settlement. (vi) An old customer, whose account was written off as bad debts has promised to pay ₹15,000 in full settlement of his account of 25,000. (vii) A liability for claim, included in creditors for 20,000 is settled at 16,000. (viii) A computer purchased on 1st October 2016 for 40,000 debited to Office Expenses Account is to be brought into account on 31st March 2018 charging depreciation @10% p.a. on written down value basis.

Posted by Sakshi Chhabra 3 years, 1 month ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

jain ltd invited applications

Posted by Tanisha Sharma 3 years, 1 month ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

India auto Ltd is registered

Posted by Mayank Rajput 3 years, 1 month ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

X limited offered to the public 10000 equity share of 10 each

Posted by Aakarsh Tewari 3 years, 1 month ago

CBSE > Class 12 > Accountancy

1 answers

Mohit Baghel 3 years, 1 month ago

As question say nothing about how they will ask for money we will assume that the company has called lumpsum of money from shareholders

0Thank You

ANSWER

The document that contain the team of partnership is called

Posted by Sneha Kushwaha 3 years, 1 month ago

CBSE > Class 12 > Accountancy

2 answers

Naveen Kumar 3 years, 1 month ago

Partnership deed

1Thank You

Purnima Nagpal 3 years, 1 month ago

Partnership deed

2Thank You

ANSWER

A,BandC were in partnership sharing profits in the ratio of 2:1:1 there balance sheet showed the following position on the date of dissolution

Posted by Amisha Babber 3 years, 1 month ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Angad, Baloo and Chitra were partners in a firm sharing profits and losses in the ratio of 6:5:3.6:5:3. Their Balance Sheet as at 31st M arch, 2015 was as follow: They agreed to admit Dinesh into partnership and give him 1/8th share in the profits on the following terms: (i) Dinesh will bring Rs 1,47,000 as his capital and Rs 1,40,700 as his share of goodwill premium. (ii) The after making adjustments, the Capital Accounts of the old partners will be in proportion of Dinesh's capital to his share in the business, i.e., actual cash to be paid off or brought in by the old partners by cheque as the case may be. Prepare Partners' Capital Accounts and Account considering that gain on revaluation was Rs 95,200.

Posted by Mohit Agrawal 3 years, 1 month ago

CBSE > Class 12 > Accountancy

2 answers

Mohit Baghel 3 years, 1 month ago

Pls gave the capitals of old partners

19Thank You

Anshika Dwivedi 3 years, 1 month ago

Bhai Inna bada question 😥

9Thank You

ANSWER

Chater 6 rutiuirement

Posted by Varsha Jadon Varsha Jadon 3 years, 1 month ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Pass general entry to record the following transaction stock is underwear by 10% book value of stock is 54000

Posted by Ranjana Singh 3 years, 1 month ago

CBSE > Class 12 > Accountancy

1 answers

Naveen Kumar 3 years, 1 month ago

Stock A/c. Dr.5400 To Revaluation a/c 5400

0Thank You

ANSWER

Class 12 accounts file

Posted by Pinky Jain 3 years, 1 month ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

OTUA Ltd. was registered with an authorised capital of 2,00,000 equity shares of ₹ 100 each. The company offered 60,000 shares for public subscription at 25% premium. The share was payable as ₹ 40 on application and balance on allotment, with premium. Public had applied for 85,000 shares. Pro-rata allotment was made in the ratio of 5:4 and remaining applications were sent letters of regret. Mr. Anand holding 4,000 shares failed to pay allotment money and his shares were forfeited. Out of these 3,000 shares were re-issued at a discount of ₹ 20 per share. Pass necessary entries in the books of the OTUA Ltd.

Posted by Sejal Mishra 3 years, 1 month ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

kiran, kedar, and khadar sharing profits and losses in the ratio of 3: 2 decide to share future profits and losses in equal ratio with effect from 1st april 2021. an extract of balance sheet as at 31st march 2021

Posted by Fathima Kareem 3 years, 1 month ago

CBSE > Class 12 > Accountancy

2 answers

Fathima Kareem 2 years, 10 months ago

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

1Thank You

Himanshi Gupta 3 years, 1 month ago

It's not proper question

4Thank You

ANSWER

Jain and Gupta were partners sharing profits in the ratio of 3: 2. Their Balance Sheet on 31.3.21 was as follows: Liabilities Sundry Creditors Bills Payable Bank Overdraft General Reserve Capitals: Jain Gupta They agree to admit Mishra for 1/4th share from 1.4.21 subject to the following terms: (a) Mishra to bring in capital equal to 1/4th of the combined capital of Jain and Gupta after adjustments including premium for goodwill. 3000 1500ad 3 Debtors (b) Buildings to be appreciated by 714,000 and stock to be depreciated by 76,000. (c) Provision for doubtful debts (on debtors) to be raised to ₹1,000. (d) A provision be made for 1,800 for outstanding legal charges. (e) Mishra's share of goodwill/premium was calculated at 10,000, Prepare Revaluation A/c, Partners Capital A/c and Balance Sheet of new firm. [Hint: Rev. Profit 5,500; Jain's Capital 88,300; Gupta's Capital 72,200; Mishra's Capital 740.125; B/s 2,42,425] 2. The balance sheet of Madan and Mohan who share profits and losses in the ratio of 3:2 on 31.3.2021 was as

Posted by Rachit Kumar 3 years, 1 month ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Quick ratio 1.6 ratio 1 liquid assets rupees 480000 inventory 150000 calculate current ratio

Posted by Ankur Yadav 3 years, 1 month ago

CBSE > Class 12 > Accountancy

2 answers

Saurabh Yadav 3 years, 1 month ago

0.5

0Thank You

Tarun Dobhal 3 years, 1 month ago

Currnt lia 480000/1.6=300000 C.R. (480000+150000)/300000=

2Thank You

ANSWER

Ram and Shyam were partners in a firm sharing profits in the ratio of 3:5.Their Fixed Capital were:Ram 5,00,000 and shyam 9,00,000

Posted by Ruatfeli Chhakchhuak 3 years, 1 month ago

CBSE > Class 12 > Accountancy

1 answers

Tanmaya Padhi 3 years, 1 month ago

What's the question?

0Thank You

ANSWER

Amara ,madhura ,prema are partners sharing profits and losses in ratio of 2:1:1 the balance sheet as on 31-03-2018 was as follows

Posted by Varshitha M 3 years, 1 month ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Mohan,a partner withdraws ₹20000 on 1st April 2020 and ₹40000 on 1st October 2020 interest on drawings@ 6% per annum on 31st March 2021,calculate the amount of interest on drawings.

Posted by Kritika Chaurasia 3 years, 2 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Madhuri and arsh were partners in a firm sharing profits and losses in 3:1

Posted by Riya Yadav 3 years, 2 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Harish ltd

Posted by Jyoti Kainth 3 years, 2 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Account ko kaise study kre Samajh me kam aata h Question solve krte time confidence nhi rhta h

Posted by Ab Devils 3 years, 2 months ago

CBSE > Class 12 > Accountancy

2 answers

Himanshu Kumar 3 years, 2 months ago

Practice karte raho practical problems ki or krne se pehle examples solve karo

0Thank You

Ankush Mishra 3 years, 2 months ago

Same problem

0Thank You

ANSWER

What are things lies on current liabilities

Posted by Ritu Verma 3 years, 2 months ago

CBSE > Class 12 > Accountancy

1 answers

Akshara Soni 3 years, 2 months ago

Those liabilities which is necessary to pay in short time period.

1Thank You

ANSWER

How we make cash flow statement

Posted by Mukul Gaur 3 years, 2 months ago

CBSE > Class 12 > Accountancy

1 answers

Akshara Soni 3 years, 2 months ago

Flow measure at a particular period of time. For ex. No.Births during 2021.

0Thank You

ANSWER

Jaya Ltd issued 60,000 shares of Rs 10 each at a premium of Rs 2 per share payable as Rs 3 on application, Rs 5 (including premium) on allotment and balance on the first and final call. Applications were received for 82,000 shares. The directors resolved to allot as follows (i)Applicants of 30,000 shares — allotted 20,000 shares (ii)Applicants of 50,000 shares — allotted 40,000 shares (iii)Applicants of 2,000 shares — Nil Ramesh who had applied for 900 shares in category (i) and Suresh who was allotted 600 shares in category (ii) failed to pay the allotment money. These shares were forfeited after non payment of 1st call. 800 shares were reissued @ Rs. 8 per shares including all shares of Suresh. Pass necessary journal entries.

Posted by Kunal P 3 years, 2 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

x ltd. has rs 1200000 11 percent debentures outstanding on 1st april 2016 . during the year ,it took a loan of rs 4 lakh from axis bank for which company deposited debentures of rs 5 lakh as collateral security. pass journal entries and show how the debentures and bank loan will appear in the company's balance sheet?

Posted by Shorts Cut Man 3 years, 2 months ago

CBSE > Class 12 > Accountancy

1 answers

Shorts Cut Man 3 years, 2 months ago

Please help me

0Thank You

ANSWER

A, B and Care Parlthers in a business and divide profit and losses in the ratio of 15:9:8 respectively.c retires, A and B divide to share Profits in equal Proportions calculate the gaining ratio.

Posted by Manish Kumar Kumar 3 years, 2 months ago

CBSE > Class 12 > Accountancy

1 answers

Tanmaya Padhi 3 years, 1 month ago

The gaining ratio of both the partners are 1:7. Thank me later😅

0Thank You

ANSWER

4. Expenses on dissolution of form is called in-Realiantion expenses (c) Capital expenses 100 Legal per (d) Nuno diese 5. On dissolution of a firm, credit balance of partners capital and p LaPartners the Firm (e) Wifi (d) None of these 6. Legal expetions are recorded on which side of Kenlinatim Acunt (a) Liabilities (b) Debit fc) Asseta (d) Credit 7. At the time of dissolution of firm book value of assets is recorded in which side of the Realisation Account? (a) Debit mide (b) Credit side (e) Liabilities side (d) Assets side 8. Insolvency of a partner is which type of disanlution? (a) Compulsory dissolution (c) Dissolution by court (b) Dissolution by incidence (d) None of these 9. Which of the following is not transferred to Realisation We? (a) Balance of Cash Account (b) Balance of Reserves (c) Balance of Profit and Loss Account All of these 10. Excess of the credit side over the debit side of Revaluation Account is (b) Loss TC Jay Profit (c) Receipt (d) Expenses 11. When a new partner brings his share of goodwill in cash, the amount is debited to: (0) Goodwill A/c th) Capital A/c of the new partner (di Capital A/es of the old partners Cash Ale 12. In the Balance sheet prepared after admission of a new partner, assets and habilities are recorded at: (a) Original price (b) Current cost price (c) Realisable price (d) Revalued price 13. A life insurance policy taken on joint lives of all partners is: (a) Joint life policy (b) Single life policy (e) Firm's life policy (d) None of these 11 and C dies. New ratio of A and B will 14. A, B and C share profits in the ratio of be: (a) 3:2 (b) 2:3 (e) 2:1 (d) None of these 15. Which of the following is transferred to Realisation Account? (a) Balance of Cash Account (e) Amount realised on sale of assets (d) Reserves (b) Balance of Profit & Loss Account

Posted by Aprajit Abhi 3 years, 2 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

A and b started businesses on 1st Jan with a capital of

Posted by Pragya Kushwah 3 years, 2 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Blue Ltd. issued Rs. 8,00,000; 9% debenture of Rs. 100 each at a discount of 5%, redeemable at 10% premium, payable as: 4771 Rs. 50 on application, Rs. 25 on allotment and balance on first and final call. All the debenture were subscribed and due amount was received. Discount allowed at the time of allotment. Pass the journal entries for issue of debenture and writing off discount or loss on issue of debenture. Balance in securities premium and capital reserve are Rs. 20,000 and Rs. 8000 respectively.

Posted by Bharat Gupta 3 years, 2 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Rearrange the following in the form of a Comparative Statement of Profit and Loss: Particulars Revenue from Operations (Net Sales) Purchases of Stock-in-Trade Change in Inventories of Stock-in-Trade Other Expenses 31 March. 2021 (Rs.) 31 March 2020 (Rs.) 9.60,000 8.00.000 5.50.000 4.50,000 30,000 50,000 2.65,000 2.40,000

Posted by Prashant Kumar 3 years, 1 month ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

On 1st April, 2013 Janta itd. was formed with an authorized capital of Rs 50.00.000 divided into 30.000 shares of Rs. 100 each. The company issued 10.000 shares at par. The issue price was payable as follows: On application - Rs 30 per share On allotment - Rs 50 per share On final call Rs 20 per share The issue was fully subscribed and the company allotted shares to all the applicants. All money was received except the final call money on 1.000 shares. Show the 'Share Capital' in the Balance Sheet of the company as per Schedule III of the Companies Act, 2013 as at 31 March, 2014 and also Show Note to Accounts.

Posted by Prashant Kumar 3 years, 2 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

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