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Parul and Aruna comperanshiv problem

Posted by Priyesh Arora 1 year, 11 months ago

CBSE > Class 12 > Accountancy

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Project on HUL company

Posted by Manpreet Kaur 1 year, 11 months ago

CBSE > Class 12 > Accountancy

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ANSWER

Pass the necessary journal entries

Posted by Rhythm Batra 1 year, 11 months ago

CBSE > Class 12 > Accountancy

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Karur Ltd. invited applications for issuing 2,40,000 equity shares of < 10 each at a premium of < 4 per share. The amount was payable as under : On application – < 4 per share (including premium < 2) On allotment – < 4 per share On first and final call – < 6 per share (including premium < 2) Applications for 3,00,000 shares were received and pro-rata allotment was made to all the applicants. Excess application money received on application was adjusted towards sums due on allotment. All calls were made and were duly received except from Rohini, who failed to pay allotment and first and final call on 7,500 shares applied by her. These shares were forfeited. Afterwards, 40% of the forfeited shares were re-issued at < 11 per share as fully paid-up. Pass the necessary journal entries in the books of Karur Ltd. Open call-in-arrears and call-in-advance accounts wherever necessary

Posted by Rajpal Singh Padiyar 1 year, 11 months ago

CBSE > Class 12 > Accountancy

2 answers

Harsh Dwivedi Dwivedi 1 year, 1 month ago

sir isme calls in advance 240000 kaise hogya ....

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Basant Pandey 1 year, 11 months ago

Journal
Karur Ltd.

Date	Particulars	L.F.	Dr. (₹)	Cr. (₹)
	Bank A/c (WN1)	Dr.		12,00,000
	To Share Application A/c				12,00,000
	(Being application money received on 3,00,000 shares)
	Share Application A/c	Dr.		12,00,000
	To Share Capital A/c (WN1)				4,80,000
	To Securities Premium Reserve A/c				4,80,000
	To Calls-in-Advance A/c				2,40,000
	(Being amount transferred to share capital and excess adjusted)
	Share Allotment A/c	Dr.		9,60,000
	To Share Capital A/c				9,60,000
	(Being allotment due)

	Bank A/c (Bal. Fig.)	Dr.		7,02,000
	Call-in-Arrears A/c (WN2)	Dr.		18,000
	Calls-in-Advance A/c	Dr.		2,40,000
	To Share Allotment A/c				9,60,000
	(Being allotment money received except for 6,000 shares)
	Share First & Final Call A/c	Dr.		14,40,000
	To Share Capital A/c				9,60,000
	To Securities Premium A/c				4,80,000
	(Being call money due)
	Bank A/c	Dr.		14,04,000
	Calls-in-Arrears A/c	Dr.		36,000
	To Share First & Final Call A/c				14,40,000
	(Being call money received except on 6,000 shares)
	Share Capital A/c (6,000 × 10)	Dr.		60,000
	Securities Premium Reserve A/c (6,000 × 2)	Dr.		12,000
	To Share Forfeiture A/c (12,000 + 6,000)				18,000
	To Calls-in-Arrears A/c (18,000 + 36,000)				54,000
	(Being 6,000 shares forfeited for non-payment of allotment & call)
	Bank A/c (2,400 {tex}\times{/tex} 11)	Dr.		26,400
	To Share Capital A/c (2,400 {tex}\times{/tex} 10)				24,000
	To Securities Premium Reserve A/c (2,400 {tex}\times{/tex} 1)				2,400
	(Being 2,400 shares reissued at ₹11 fully paid-up)
	Share Forfeiture A/c (WN3)	Dr.		7,200
	To Capital Reserve A/c				7,200
	(Being gain on reissued shares transferred)

Working Notes:

Computation Table

Categories	Share Applied	Shares Allotted	Money received on Application @ ₹4 (including premium ₹2)	Money Transferred to Share Capital @ ₹2	Money Transferred to Securities Premium @ ₹2	Allotment due @ ₹4	Excess on Application	Refund
I	3,00,000	2,40,000	12,00,000	4,80,000	4,80,000	9,60,000	2,40,000	-
	3,00,000	2,40,000	12,00,000	4,80,000	4,80,000	9,60,000	2,40,000	-

Calculation of Shares allotted to Rohini:
Shares allotted to Rohini = (7,500 {tex}\times{/tex} 2,40,000/3,00,000) = 6,000 shares

Amount unpaid by Rohini	₹
Amount received on application (7,500 {tex}\times{/tex} 4)	30,000
Less: actual transfer to share capital (6,000 {tex}\times{/tex} 2)	12,000
Less: actual transfer to securities premium reserve (6,000 {tex}\times{/tex} 2)	12,000
Excess	6,000
Amount due on first call (6,000 {tex}\times{/tex} 4 )	24,000
Less: excess adjusted	(6,000)
Calls-in-arrears	18,000

Amount in Share Forfeiture w.r.t. 2,400 shares is ₹7,200 (i.e. 18,000 {tex}\times{/tex} 2400/6000).

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ANSWER

Navya and Radhey were partners sharing profits and losses in the ratio of 3: 1. Shreya was admitted for 1/5th share in the profits. Shreya was unable to bring her share of goodwill premium in cash. The journal entry recorded for goodwill premium is given below: Date Particular LF Debit (₹) Credit (₹) Shreya’s Current A/c. Dr. To Navya’s Capital A/c. To Radhey’s Capital A/c (Being entry for goodwill treatment passed) 24,000 8,000 16,000 The new profit-sharing ratio of Navya, Radhey and Shreya will be: a) 41: 7: 12 b) 13:12: 10 c) 3:1: 1 d) 5:3: 2

Posted by Krishna Popandiya 1 year, 11 months ago

CBSE > Class 12 > Accountancy

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NvNavya and Radhey were partners sharing profits and losses in the ratio of 3: 1. Shreya was admitted for 1/5th share in the profits. Shreya was unable to bring her share of goodwill premium in cash. The journal entry recorded for goodwill premium is given below: Date Particular LF Debit (₹) Credit (₹) Shreya’s Current A/c. Dr. To Navya’s Capital A/c. To Radhey’s Capital A/c (Being entry for goodwill treatment passed) 24,000 8,000 16,000 The new profit-sharing ratio of Navya, Radhey and Shreya will be: a) 41: 7: 12 b) 13:12: 10 c) 3:1: 1 d) 5:3: 2 Posted by Vishakha Das 2 months, 2 weeks ago

Posted by Krishna Popandiya 1 year, 11 months ago

CBSE > Class 12 > Accountancy

1 answers

Preeti Dabral 1 year, 11 months ago

sacrificing ratio calculated from(8000,16000)

8:16

1:2

Navya sacrifice 1/5x1/3=1/15

Radhey sacrifice=1/5x2/3=2/15

now the new ratio of Navya=3/4-1/15=41/60

Radhey new ratio=1/4-2/15=7/60

Shreya new ratio=1/5x12/12=12/60

now new ratio=41:7:12

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Calculate the interest on drawings of ram@ 10% per annum for the year ended 31st March 2012 from withdraws drawing rupees 2000 p.m at the beginning of every month

Posted by Rajvi Jogani 1 year, 11 months ago

CBSE > Class 12 > Accountancy

2 answers

Samrath Singh 1 year, 11 months ago

1300

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Tansab Sumra 1 year, 11 months ago

26400

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X Ltd issued 5,000 12% Debenture of Rupees 100 each at a premium of Rupees 5 payable as follows: On application 30 (including premium) On Allotment 40 On 1st and final call The balance amount Application were received for 6000 debentures and allotment was made pro-rata to all applicant. All the moneys were duly received. Pass necessary journal entries.

Posted by Abhishek Pal 1 year, 11 months ago

CBSE > Class 12 > Accountancy

1 answers

Preeti Dabral 1 year, 11 months ago

JOURNAL OF X LTD.

Date	Particulars		L.F.	Dr. (₹)	Cr. (₹)
	Bank A/c	Dr.		1,80,000
	To 12% Debenture Application A/c (Application money received on 6,000 debentures @ ₹30 each)				1,80,000
	12% Debenture Application A/c	Dr.		1,80,000
	To 12% Debentures A/c				1,25,000
	To Securities Premium Reserve A/c				25,000
	To 12% Debenture Allotment A/c (Transfer of application money to 12% Debentures A/c and the excess money to allotment A/c)				30,000
	12% Debenture Allotment A/c	Dr.		2,00,000
	To 12% Debentures A/c (Allotment due to 5,000 debentures @ ₹40 each)				2,00,000
	Bank A/c	Dr.		1,70,000
	To 12% Debenture Allotment A/c (Allotment money received)				1,70,000
	12% Debenture First & Final Call A/c	Dr.		1,75,000
	To 12% Debenture A/c (First and final call due on 5,000 debentures @ ₹35 each)				1,75,000
	Bank A/c	Dr.		1,75,000
	To 12% Debenture First & Final Call A/c (First and final call money received)				1,75,000

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Gainig ratio

Posted by Rudresh Raval 1 year, 11 months ago

CBSE > Class 12 > Accountancy

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Preeti Dabral 1 year, 11 months ago

Here is the gaining ratio formula: Gaining ratio = New profit-sharing ratio – Old profit-sharing ratio.

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Saini.Satwinder Saini Satwinder 1 year, 10 months ago

Gainig ratio= it refers to that amount in which existing or remaining partner take sahre of retiring partner it is called gainig ratio..

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ANSWER

A and B are partners in a firm sharing profit in ratio 2:1 during year A withdrew Rs.20000. Interest on drawing amounted to Rs.400. Pass journal entries for charging interest on drawing

Posted by Diya Dangi 1 year, 11 months ago

CBSE > Class 12 > Accountancy

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Alka and Archana are two partners should credit balance of Rs 4 lakh and 3 lakh respectively after taking into drawings and their profit of rupees 2 lakh the joints of the partners during the year 2018-19 were Alka with you 10000 at the end of East quarter and Archana drawings were 31st May 2018 8000 1st November 2018 7000 1st February 2019 5000 calculate interest on partners capital @ 10% per annum and interest on partners join @ 6% per annum for the year 31st March 2019

Posted by Mehak Sharma 1 year, 11 months ago

CBSE > Class 12 > Accountancy

1 answers

Preeti Dabral 1 year, 11 months ago

interest on drawings

alka : 10,000×4=40000

40000×4.5/12×6/100 = 900

archana:31may 8000×6/100×10/12=400

1Nov. 7000×6/100×5/12=175

1feb. 5000×6/100×2/12=50

625

interest on capital

alka : 400000×10/100=40000 archana: 300000×10/100= 30000

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ANSWER

1. Navya and Radhey were partners sharing profits and losses in the ratio of 3: 1. Shreya was admitted for 1/5th share in the profits. Shreya was unable to bring her share of goodwill premium in cash. The journal entry recorded for goodwill premium is given below: Date Particular LF Debit (₹) Credit (₹) Shreya’s Current A/c. Dr. To Navya’s Capital A/c. To Radhey’s Capital A/c (Being entry for goodwill treatment passed) 24,000 8,000 16,00

Posted by Ratan Sethia 1 year, 11 months ago

CBSE > Class 12 > Accountancy

0 answers

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hlohlo

Posted by Annu Yadav 1 year, 11 months ago

CBSE > Class 12 > Accountancy

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Parul and Aruna school time friend

Posted by Kanak Chechi 1 year, 11 months ago

CBSE > Class 12 > Accountancy

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INTRODUCTION To Comprehensive Project •Deepali and Manju, school-time. friends, mie at the school reunion. Deepali had • become a fashion designer and had worked for few a years with a leading fashion •designer. Manju after completing her MBA in Marketing, had worked with a leading. Jactail store. At the meeting they had a brief discussion about setting up their own stones • of clothing for teens and agreed I agreed to meet later and discuss the business prospects. •They met sometime in January, 2012 and after" Ja discussions decided to set up ready made garments stores catering to the teens since [very large population was teens having of incomes and willing to spend They disposable incomes and their first decided to open 15th April first stone on 15th A They decided to produce and sell clothes which were not expensive as it will give the customer value for money and in the process, their

Posted by Kanak Chechi 1 year, 11 months ago

CBSE > Class 12 > Accountancy

1 answers

Vikas Gautam 1 year, 11 months ago

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Harish ltd forfeited 509 shares of ₹100 each

Posted by Aditi Verma 1 year, 11 months ago

CBSE > Class 12 > Accountancy

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Jayant, Rajesh and Manish were partners sharing profit and loss in the ratio 5:3:2. With effect from 1 April 2022 they decided to share profit and loss in the ratio 1:2:1. Goodwill of the form was valued at rupees 2,00,000. For the adjustment in entry Rajesh will be _____ (debit/Credit) by rs ______.

Posted by Ishika Bhatia 1 year, 11 months ago

CBSE > Class 12 > Accountancy

2 answers

Ria Ajil 1 year, 11 months ago

Debit 40,000

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Ria Ajil 1 year, 11 months ago

200000*8/40=40, 000 Debit by 40,000

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Aarav and Binay are partners sharing profit and loss in the ratio 3:2. Their capital balances on March 31, 2022 were Rs4,50,000 and Rs6,30,000 respectively. During the year 2021-22 their drawings were Rs40,000 and Rs60,000 respectively. Aarav introduced introduced additional capital of Rs. 1,00,000 during the year whereas Binay Withdrew Rs. 1,10,000 from his capital apart from drawings made by him. Firm made profit of Rs 5,00,000 during the year 2021 – 22. what was capital balance of Aarav on 1 April 2021.

Posted by Ishika Bhatia 1 year, 11 months ago

CBSE > Class 12 > Accountancy

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Parul and Aruna comprehensive project

Posted by Gourang Agrawal 2 years ago

CBSE > Class 12 > Accountancy

0 answers

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Priya and anuradha school time friends

Posted by Ɩɗʀi̴S Ɓơӈʀa X 2 years ago

CBSE > Class 12 > Accountancy

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Rima and shima are partners sharing profits in the ratio 2:3. On first April 2022 they admit kirtan to partnership for 1/4th share. Kirtan brought₹1,00,000 for his capital and ₹36000 as premium for Goodwill for his 1/4th share in the profits. New profit sharing ratio will be 3:3:2. Rima and shima withdrew the premium money from business. Pass journal entries in the books of the firm

Posted by Prakriti Bose 2 years ago

CBSE > Class 12 > Accountancy

2 answers

Saini.Satwinder Saini Satwinder 2 years ago

Cash A/C dr 1,36,000 To kiran A/C 1,00,000 To premium on goodeill A/C. 36,000

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Jass Singh 2 years ago

New ratio=3:3:2

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ANSWER

Vishal Ltd forfeited 2000 equity share

Posted by Srija Gayen 2 years ago

CBSE > Class 12 > Accountancy

2 answers

Saini.Satwinder Saini Satwinder 2 years ago

Plzz give full statement 🙏

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Preeti Dabral 2 years ago

Incomplete question

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ANSWER

Ml limited issued a share of 80000 from @ rs 50 each as on 20 rupees on application 20 on allotment and rupees 10 on 1st and final covalam they company has received the appliations of 10 years from which 35000 shares shares share holder share applicants the shaped 10 30000 shares and no not is given to 5000 shares the amount should be adjusted in first and final call and allotment

Posted by Sandhu Sandhu 2 years ago

CBSE > Class 12 > Accountancy

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Sugan limited issues 60000 shares of rupees 10 each hadappa premium of rs 2 per share payable as rupees 3 on application rupees 5 including premium on allotment and the balance on the first and final call applications were received for 92000 shares the director resolved to allowed as applicants 40000 shares 30000 shares second applicants of 50000 shares 30000 share applicants of 2000 share nail Mohan who has played for 800 shares in category and Sohan move was a Lotus 600 shares in category field to pay the allotment money calculate amount received on allotment

Posted by Sandhu Sandhu 2 years ago

CBSE > Class 12 > Accountancy

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Trading on equity

Posted by Aditya Mourya 2 years ago

CBSE > Class 12 > Accountancy

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durga ltd invited applications for issuing 100000

Posted by Iyra Jain 2 years ago

CBSE > Class 12 > Accountancy

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What will we do if the appropriations are greater than the profits ??? Chapter 1 : Partnership fundamentals

Posted by Madhav Rathore 2 years ago

CBSE > Class 12 > Accountancy

1 answers

Preeti Dabral 2 years ago

If appropriations are more than profits, divide the individual appropriation with total of all appropriations and multiply it by the available profits. In this way you've to calculate for all the amounts, the account will be balanced.

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ANSWER

Karur Ltd. invited applications for issuing 2,40,000 equity shares of 10 each at a premium of 4 per share. The amount was payable as under: On application-4 per share (including premium * 2), On allotment-4 per share, On first and final call- 6 per share (including premium * 2). Applications for 3,00,000 shares were received and pro-rata allotment was made to all the applicants. Excess application money received on application was adjusted towards sums due on allotment. All calls were made and were duly received except from Rohini, who failed to pay allotment and first and final call on 7,500 shares applied by her. These shares were forfeited. Afterwards, 40% of the forfeited shares were re-issued at 11 per share as fully paid-up. Pass the necessary Journal entries in the books of Karur Ltd. Open Calls-in-Arrears and Calls-in-Advance Accounts, wherever necessary.

Posted by Riya Kumari 2 years ago

CBSE > Class 12 > Accountancy