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Suresh and Mahesh are partners sharing profits and losses in the ratio 3:1. On January 1st,2015,they admitted Naresh as a new partner for 1/4th share in the share in the profits of the firm. Naresh brings ₹20,000 for his 1/4th share in the profits of the firm. The capitals of Suresh and Mahesh after all adjustments in respect of goodwill,revaluation of assets and liabilities,etc have been worked out at ₹50,000 for Suresh and ₹12,000 for Mahesh . It is agreed that partner's capitals will be according to new profit sharing ratio. Calculate the new capitals of Suresh and Mahesh and pass the necessary journal entries assuming that Suresh and Mahesh brought in or withdrew the necessary cash as the case may be for making their capitals in proportion to their profit sharing ratio.

Posted by Shreya Maloo 8 years, 1 month ago

CBSE > Class 12 > Accountancy

1 answers

Arushi Gupta 8 years, 1 month ago

Cash A/c Dr. 3000 To Mahesh cap A/c 3000 ( bring 3000 as his cap acc. to new PSR is 15000) Suresh cap A/c Dr.5000 To cash A/c 5000 ( he will withdraw 5000 as his cap acc.to new PSR is 45000)

5Thank You

ANSWER

R,I and M are partners in a firm. On 1st April,2014,their capital accounts stood at ₹8,00,000 ; ₹6,00,000 and ₹4,00,000 respectively. They shared profits and losses in the proportion of 5:3:2. Partners are entitled to interest on Capital @ 10% per annum and salary to I and M @ ₹4,000 per month and ₹6,000 per quarter respectively as per the provisions of the partnership deed. I's share of profit (excluding interest on Capital but including salary) is guaranteed at a minimum of ₹1,00,000 per annum. Any deficiency arising on that account shall be met by M. The profits of the firm for the year ended 31st March,2015 amount to ₹4,00,000. Prepare profit and loss appropriation account for the year ended on 31st March ,2015.

Posted by Shreya Maloo 8 years, 1 month ago

CBSE > Class 12 > Accountancy

2 answers

Dhanuj Raj 8 years, 1 month ago

deficency of Rs 7600 will met by M

1Thank You

Arushi Gupta 8 years, 1 month ago

Deficiency of Rs 30000 will be met by M

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ANSWER

Agar pro rata allotment ke question me ek admi ne 20000 shares mange aur use utna share de diya gya lekin vo fail ho gya allotment money pay karne me Jo 3 rs. Per share tha.. Ab ek aadmi ko 3000 share allot kiya gya Jo ki category C ka tha jisme applied tha 40000 Aur allot 30000 , usne 1st call ka amount bhi allotment ke sath de diya Jo 2rs each tha.. To bataiye ki kitna amount allotment me receive hua hoga.? (Share issued 50000 by company)

Posted by Sameer Majumdar 8 years, 1 month ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Chapterwise questions bhi upload kro plz..???

Posted by Simranjeet Kaur 8 years, 1 month ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Account m theory kinne ki aati h??

Posted by Tanya Goyal 8 years, 1 month ago

CBSE > Class 12 > Accountancy

4 answers

Innocent Girl 8 years, 1 month ago

sare concepts clear kar lo

0Thank You

Tanya Goyal 8 years, 1 month ago

Uski theory m aa kya kya skta h.....i mean theory main konse chapter m se aati h??

0Thank You

Innocent Girl 8 years, 1 month ago

may be jeada aa sake 1-2 no. ki

3Thank You

Innocent Girl 8 years, 1 month ago

8-10 marks ki

3Thank You

ANSWER

Chinta brought proportionate capital and the capital of the other partners were adjusted on the basis of the Chinta capital. For this necessary cash was to be brought in or paid of to the partners as the case may be

Posted by Nishi Updhyay 8 years, 1 month ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Explain loss on issue of debenture a/c?

Posted by Rohan Chaudhary 8 years, 1 month ago

CBSE > Class 12 > Accountancy

1 answers

Ria Arora 8 years, 1 month ago

Same as discnt on issye of debentures a/c

1Thank You

ANSWER

A class room were20 boys and 25 girls in which boys and girls were in next class

Posted by Yash Nagwani 8 years, 1 month ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

How we treat this? C brings in 16000 as goodwill and proportionate capital??

Posted by Shazil Imam 8 years, 1 month ago

CBSE > Class 12 > Accountancy

1 answers

Dhanuj Raj 8 years, 1 month ago

cash A/C ...dr 16000 to c'capital A/C 16000

0Thank You

ANSWER

What is shares .?

Posted by Tanya Sharma 8 years, 1 month ago

CBSE > Class 12 > Accountancy

2 answers

Dhairya Gupta 8 years, 1 month ago

Sorry it will be company's capital

0Thank You

Dhairya Gupta 8 years, 1 month ago

Shares are basically the small parts in which the company is divided.

0Thank You

ANSWER

Posted by Sgwas Dgfu 8 years, 1 month ago

CBSE > Class 12 > Accountancy

2 answers

Innocent Girl 8 years, 1 month ago

1Thank You

Pranjal Srivastava 8 years, 1 month ago

0Thank You

ANSWER

Togetherwith sample paper

Posted by Ravinder Chauhan 8 years, 1 month ago

CBSE > Class 12 > Accountancy

1 answers

Pranjal Srivastava 8 years, 1 month ago

Jao khareed lo dukan se

0Thank You

ANSWER

How to revise accounts

Posted by Sunita Sharma As Sharma 8 years, 1 month ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

A company issued 14% debentures of Rs.100 each for Rs.60000 at a discount of 4% redeemable after 3 years at a premium of 10%. Pass necessary journal entries for the issue of debentures.

Posted by Sanskar Kandoi 8 years, 1 month ago

CBSE > Class 12 > Accountancy

1 answers

Kamlesh Sharma 8 years, 1 month ago

Debentures application and allotment A/C Dr. ₹60000 Loss on issue of debenture A/C Dr. ₹8750 To 14% debentures A/c ₹62500 To premium on redemption of debenture A/c ₹6250

1Thank You

ANSWER

Any important questions for final exams

Posted by Yash Vir 8 years, 1 month ago

CBSE > Class 12 > Accountancy