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Rohit, Raman and Raina are partners in a firm. Their capital accounts on 1st April, 2019, stood at Rs.2,00,000, Rs.1,20,000 and Rs.1,60,000 respectively. Each partner withdrew Rs.15,000 during the financial year 2019-20. As per the provisions of their partnership deed: (a) Interest on capital was to be allowed @ 5% per annum. (b) Interest on drawings was to be charged @ 4% per annum. (c) Profits and losses were to be shared in the ratio 5:4:1. The net profit of Rs.72,000 for the year ended 31st March 2020, was divided equally amongst the partners without providing for the terms of the deed. You are required to pass a single adjustment entry to rectify the error (Show workings clearly).

Posted by Itz_ Tannu 3 years ago

CBSE > Class 12 > Accountancy

1 answers

Kirti Agarwal 3 years ago

Raina cap. a/c dr 11410 To Rohit cap. a/c 10150 To Raman cap. a/c 1260

ANSWER

Mansi, Simran and Namita started business on 1st April 2019 with capital of Rs.56,000, Rs.44,800 and Rs.33,600 respectively. After distributing the profit of Rs.67,200 for the year ended 31st March, 2020 in their agreed ratio of 3:1:1, it was found that following items were not taken into consideration in the books of accounts: i) Interest on capital @ 10% p.a. ii) Commission to Mansi was Rs.6,720. iii) Salary to Mansi and Simran Rs.11,200 and Rs.16,800 respectively. iv) Interest on drawings: Mansi Rs.784, Simran Rs.560 and Namita Rs.336. You are required to pass a single adjustment entry to rectify the errors. Show your workings clearly

Posted by Itz_ Tannu 1 year, 4 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Shere

Posted by Shivam Kumar 2 years, 11 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Neena and sara are partners

Posted by Shashank Goel 2 years, 11 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Shakti limited application for issuing 1,00,000 share at rupee 10

Posted by Trisha Ahirwar 2 years, 11 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

राम श्याम साझेदार है जो क्रमश 3/ व 2/3 के अनुपात मे विभाजन करते हैं उनका स्थिति विवरण निम्नलिखित है

Posted by Karan Chouhan 3 years ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Ftghhk

Posted by Hajara K 2 years, 11 months ago

CBSE > Class 12 > Accountancy

1 answers

Pankaj Pahadi 3 years ago

Formula for chapter 3

ANSWER

Abhy and beena are partners in a firm they admit chetan as a partner with

Posted by Anjali Saini 3 years ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Rao and Reddy in firm share profit 3:1. The admitted kutty as a new partner for 3/8th share in the profit

Posted by Dhruv Jain 3 years ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Ram and. Reddy in the firm sharing profit 3:1

Posted by Dhruv Jain 2 years, 11 months ago

CBSE > Class 12 > Accountancy

0 answers

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

Posted by Akash Gupta 3 years ago

CBSE > Class 12 > Accountancy

2 answers

Bhoomika Maheshwari 3 years ago

The amt of shreyas share of gw will be transferred in sacrifice ratio of Navy and radhey

Bhoomika Maheshwari 3 years ago

Shreya's current AC Dr To navya To radhey

ANSWER

. Pass the necessary journal entries for the following transactions on the dissolution of the partnership firm of Tony and Rony after the various assets (other than cash) and external liabilities have been transferred to Realization Account: (i) An unrecorded asset of 2,000 and cash 3,000 was paid for liability of 6,000 in full settlement. (ii) 100 shares of 10 each have been taken over by partners at market value of 20 per share in their profit sharing ratio, which is 3: 2. (iii) Stock of 30,000 was taken over by a creditor of 40,000 at a discount of 30% in full settlement. (iv) Expenses of realization 4,000 were to be borne by Rony. Rony used the firm's cash for paying these expenses.

Posted by Bhavesh Khatri 3 years ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

X and y are partners in FM sharing profit and losses in the ratio of 5 ratio 3 z is admitted who acquires 13 of 22 year the new ratio among partners

Posted by Akanksha Bhadauria 3 years ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Astha and gomti are partners ina firm sharing...

Posted by Aditi Agarwal 3 years ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Anurag Ltd. invited applications for issuing 1,00,0001,00,000 equity shares of ₹10₹10 each at a premium of 10%10%. The amount was payable as follows : On application - ₹3 per share । On allotment - ₹ 3 per share (including premium) On first call - ₹2 per share On second and final call - Balance 3 All the shares were subscribed and allotted. Gopal, holding 600 shares, failed to pay the first call and the second and final call. Pass the necessary journal entries for the above transactions in the books of Anurag Ltd. Open Calls-in-Arrears Account, wherever necessary. (C.B.S.E. 2021 C, Modified

Posted by Vinol Almeida 9 months, 2 weeks ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Ram started business in capital rs 1lakh in the sentence find out the debit and credit

Posted by Sohail Ahammad 3 years ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Madhuri arsh prepare capital acc revaluation

Posted by Savithaaa Savi 3 years ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Sohan and Mohan are partners sharing profits and losses in the ratio of 2:3 with the capitals of ₹ 5,00,000 and ₹ 6,00,000 respectively. On 1st January 2022, Sohan and Mohan granted loans of ₹ 20,000 and ₹

Posted by Simran Preet 3 years ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

A, B and c are partner sharing profits and losses in the ratio 3:2:1agreed to dissolve their partnership firm on 31st march 2018. A was asked to realise the Assets and Pay off Liabilities . he had to bear all realisation expenses for which he was promised a lump sum amount of 3000₹ . their financial position on date was as follows.. accounts payable 40000₹

Posted by Dragon Driller 3 years ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Ajay and vijay were partners in the firm for 3:2.they admitted neeraj as a new partner .Goodwill of the firm was valued at ₹200000.Neeraj brings his share of goodwill premium of ₹20000 in cash .which is entirely credited to ajay's capital account . what is new profit sharing ratio(

Posted by Gungun Sain 3 years ago

CBSE > Class 12 > Accountancy

0 answers

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 Vishakha Das 3 years ago

CBSE > Class 12 > Accountancy

2 answers

Manas Jha 3 years ago

(a.) 41:7:12

Sarbjeet Kaur Sarbjeet 3 years ago

[A] 41:7:12

ANSWER

dev gautam and kamal were three partners

Posted by Rai Saha 3 years ago

CBSE > Class 12 > Accountancy

1 answers

Manas Jha 3 years ago

Dev A/c Dr... Gautam A/c Dr... Kamal A/c Dr... To Goodwill A/c

ANSWER

Q-24. B Accounting for parternership firms . Interest on drawings

Posted by Navdeep Jangra 3 years, 1 month ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Land and building book value 160000sold for 300000through a broker who charged 2%commision

Posted by Khushi Verma 3 years, 1 month ago

CBSE > Class 12 > Accountancy

1 answers

Bhoomika Maheshwari 3 years ago

Bank To realisation ( 3,00,000,) Realisation To bank (6000)

ANSWER

Majestic auto parts limited issued aur public subscription 60000 equity share of Rs 10

Posted by Navjot Kaur 3 years, 1 month ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

What is executor account

Posted by Somashekar Somashekar 3 years, 1 month ago

CBSE > Class 12 > Accountancy

1 answers

Kushal Sethi 3 years ago

It is an account that is prepared after a death of any partner in which we transfer amount from deceased partner's capital account. and in this account we record the payment settlement.

ANSWER

A company forfeited 4000 shares of ₹10 each

Posted by Anshuman Gond 3 years, 1 month ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Anshika Ltd. issued applications for 2,00,000 equity shares of ₹10 each, at a premium of ₹4 per share. The amount was payable as follows: On application ₹ 6 (including ₹2 premium) On allotment ₹ 7 (including ₹2 premium) Balance on first and final call Applications for 3,00,000 shares were received. Allotment was made to all the applicants on pro-rata basis. Mehak to whom 400 shares were allotted, failed to pay allotment and call money. Khushboo who had applied for 300 shares failed to pay call money. These shares were forfeited after Final call. 400 of the forfeited shared (including all shares of Khushboo) were reissued @ ₹8 per share as fully paid up. Pass necessary journal entries in the books of Anshika Ltd. for the above transactions by opening calls in arrears and calls in advance account wherever necessary.

Posted by Mr. Rishabh 3 years, 1 month ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

neha and preeti two partner

Posted by Gaurav Hh 3 years, 1 month ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

X

Posted by Vikas Parashar 3 years, 1 month ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

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