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Write the importance of accounting standard?

Posted by Ashem Rohit 4 years, 8 months ago

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According to partnership act 1932 partner are not entitled to remuneration for the work done by them but I want to know why partner do not get remuneration .

Posted by Neev Garg 4 years, 8 months ago

CBSE > Class 12 > Accountancy

2 answers

Neev Garg 4 years, 8 months ago

Thankyou

0Thank You

Anamika Sharma 4 years, 8 months ago

According to IPA 1932, partnership deed describes all the agreements between them, and talking about remuneration.. practically, even if we don't provide remuneration, profit will be distributed to them via p/l appropriation a/c... Remuneration is given if partner wants.. and if he wants then it must be in the agreement they do... otherwise profit toh uske pass hi jayega chaahe remuneration ki trah ya normal cash ki trah...

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. A and B are partners in a firm. B a certain amount comes out of the account at the end of every month. The interest on drawings is 15% per year. The amount of interest on the withdrawal of B at the end of the year is 8,250. B will be withdrawn

Posted by Sahil Singhmar Arts 4 years, 8 months ago

CBSE > Class 12 > Accountancy

1 answers

Ansh Manhas 4 years, 8 months ago

55000

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How to use printed table ledger format in boards?

Posted by Anamika Sharma 4 years, 8 months ago

CBSE > Class 12 > Accountancy

2 answers

Anamika Sharma 4 years, 8 months ago

I mean... it includes date column, particulars heading.. and if i change them.. it will look messy

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Ansh Manhas 4 years, 8 months ago

As ur wish Its on u.. U can use them or just leave them

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Current assets = 720000 ; current ratio = 2.4 :1 ; afterwards company made a payment of 100000 to its creditor calculate the current ratio after the payment . I want to know will be the treatment of 100000 while calculating ....

Posted by Reema Verma 4 years, 8 months ago

CBSE > Class 12 > Accountancy

2 answers

Krishna Balani 4 years, 8 months ago

100,000 will be deducted from both current assets & liability because creditors will decrease and cash will also decrease because we have paid to creditors.

1Thank You

Reema Verma 4 years, 8 months ago

Anybody plz tell if you know the above written question ☝?

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A and B are partners they admit z for 1/3 share. in future the ratio between A and B would be 2:1 . Sacrificing ratio is

Posted by Mahi Gupta 4 years, 8 months ago

CBSE > Class 12 > Accountancy

1 answers

Prachi Mittal 4 years, 8 months ago

A=1/2 - 2/3= 1/6 B=1/2- 1/3=1/6 Therefore, the ratio between A and B is 1:1.

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ANSWER

PP, QQ and RR were parnters in a firm sharing profits in the ratio of 2:3:5. On 31.3.2014 thier Balance Sheet was as follows: Liabilities Amount Assets Amount Creditors Capitals : PP 40,000 QQ 35,000 RR 30,000 35,000 1,05,000 Bank Debtors 20,000 Less: Provision 2,500 Stock Building Profit and Loss A/c 22,500 17,500 25,000 70,000 5,000 1,40,000 1,40,000 On the above date RR retired from the firm due to his illness on the following terms: (i) Building was to be depreciated by Rs.20,000 (ii) Provision for doubtful debts was to be maintained at 20% on debtors (iii) Salary outstanding Rs.2,500 was to be recorded and creditors Rs.2,000 will not be claimed. (iv) Goodwill of the firm was valued at Rs.36,000 . (v) RR was to be paid Rs.7,500 in cash, through bank and the balance was to be transferred to his loan account. Prepare Revaluation Account, Partners capital account and Balance Sheet.

Posted by Jashn . 4 years, 8 months ago

CBSE > Class 12 > Accountancy

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ANSWER

X and Y started business with capital of Rs. 1,00,000 and Rs. 60,000 on 1st April 2018. Y is entitled to a salary of Rs. 800 per month. Interest is allowed on capitals and is charged on drawings at 6% per annum. Profits are to be distributed equally after the above noted adjustments. During the year X withdrew Rs. 16,000 and Y withdrew Rs. 20,000. The profit for the year before allowing for the terms of the partnership deed came to Rs. 60,000. Assuming the capitals to be fixed , prepare the capital and current accounts of X and Y.

Posted by Kashish Kataria 4 years, 8 months ago

CBSE > Class 12 > Accountancy

1 answers

Sia ? 4 years, 8 months ago

44Thank You

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Yash and Karan were partners in an interior designer firm. Their fixed capitals were 6lac rs. and 4lacs rs. respectively. There were cr. balances in their current acc. of 4lacs and 5 lacs respectively. The firm had a balance of one lac in general reserve. The firm didnt have any liability. They admitted Radhika into partnership for the one fourth share in the profits of the firm. The avg. Profits of the firm for the last 5 yrs were 5lacs. Calculate the value of goodwill of the firm by capitalization of avg. Profits method. The normal rate of return in the business is ten%.

Posted by Khushi Saini 4 years, 8 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

What is the formula of working capital

Posted by Sachin Yaduvanshi 4 years, 9 months ago

CBSE > Class 12 > Accountancy

5 answers

Satyam Suman 4 years, 8 months ago

Current assets - current liabilities

1Thank You

Rajbir Khehra 4 years, 8 months ago

Current asset - current liabilities

0Thank You

Janvi Verma 4 years, 8 months ago

Current assets - current liability

0Thank You

Abhishek Mishra 4 years, 8 months ago

Current assets - current liability

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Rahul Yadav 4 years, 9 months ago

Current assets- current liablity

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ANSWER

Cash flow statement is prepared for present,past or future and why?.

Posted by Bhavana Tiwari 4 years, 9 months ago

CBSE > Class 12 > Accountancy

1 answers

Ansh Manhas 4 years, 8 months ago

It is prepared to know the inflow and outflow of cash in a current financial yr

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ANSWER

From the following balance sheet of mansi ltd

Posted by Sanjeev Mahto 4 years, 9 months ago

CBSE > Class 12 > Accountancy

1 answers

Sia ? 4 years, 8 months ago

Please ask question with complete information.

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Following is the Receipts and Payment Account of Literacy club for the year ended 31st March, 2019: RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March, 2019 RECEIPTS Amount PAYMENTS Amount To balance b/d To donation To life membership fees To receipts from matches To subscriptions To lockers rent To interest on investment To sale of furniture(book value Rs 1600) To entrance fees 20,000 1,00,000 8,000 16,000 10,400 800 480 2,000 6,000 By building By match expenses By furniture By 10% investments By salaries: 2018 4,000 2019 10,000 ________ By insurance By sundry expenses By balance c/d 1,08,000 900 5,100 32,000 14,000 700 1,940 1,040 1,63,680 1,63,680 i) Subscriptions outstanding on 31st March, 2018 were Rs 200 and on 31st March, 2019 were Rs 1,380. ii) Outstanding salaries for the year ended 31 st March, 2019 were Rs 800 and outstanding sundry expenses were Rs 600. iii) Donation includes Rs 20,000 for general donations and balance for building. iv) 10% Investments were purchased on 1st July, 2018. Prepare Income and Expenditure Account of the Club for the year ended 31st March, 2019.

Posted by Palak Gupta 4 years, 9 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Sacrifices formula

Posted by Md Fardeen 4 years, 9 months ago

CBSE > Class 12 > Accountancy

2 answers

Sachin Yaduvanshi 4 years, 9 months ago

Old share - new share

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Satyam Suman 4 years, 9 months ago

Old share - New share

2Thank You

ANSWER

From the following prepare receipts and payments account of railway club

Posted by Simran Sukhani 4 years, 9 months ago

CBSE > Class 12 > Accountancy

1 answers

Sia ? 4 years, 8 months ago

Please ask question with complete information.

0Thank You

ANSWER

If he has

Posted by Priyanshu Gamer 4 years, 9 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Unlimited liability of a partner

Posted by Simra Iqbal 4 years, 9 months ago

CBSE > Class 12 > Accountancy

3 answers

Shubh Verma 4 years, 9 months ago

In partnership firm there are unlimited liabilities except LLP

0Thank You

Anubhav Mahana 4 years, 9 months ago

Unlimited risk for a partner

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Priyanshu Gamer 4 years, 9 months ago

full legal responsibility that business owners and partners assume for all business debts.

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How to prepare account in productive manner??

Posted by Mahima Mittal 4 years, 9 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Marking scheme of 3 books of accounting

Posted by Harsh Singh 4 years, 9 months ago

CBSE > Class 12 > Accountancy

1 answers

Ansh Manhas 4 years, 8 months ago

7mks mcq 3mks accounting ratio 4mks comparitive & common Size 6mks cash flow statement

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Why funds are written on the liability side of balance sheet in NPO?

Posted by Kashish Chaudhary 4 years, 9 months ago

CBSE > Class 12 > Accountancy

1 answers

Shubh Verma 4 years, 9 months ago

Becoz it is liability of NPO to use it in specific purpose or in determined purpose.

1Thank You

ANSWER

X and Y are partners in a firm Y's capital 50000(opening) whereas X's capital is 5000(opening) X has given 10000 as loan to the firm interest that X and Y get

Posted by Nisha Pal 4 years, 9 months ago

CBSE > Class 12 > Accountancy

4 answers

Shubh Verma 4 years, 9 months ago

If deed is silent then no IOL will be given if deed isn't silent then 6% p. A. interest will be given to X only i. e. 600rs

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Pratik Kumar 4 years, 9 months ago

And only to X ... Not to Y

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Pratik Kumar 4 years, 9 months ago

6%p.a.

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Diksha Khatri 4 years, 9 months ago

Is partnership deed is silent

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ANSWER

What is accountancy.

Posted by Anand Kamboj 4 years, 9 months ago

CBSE > Class 12 > Accountancy

3 answers

Devanshu Gupta 4 years, 9 months ago

Accountancy is the studied about the process of business enterprise in practically manner like journal entry, leger, trial balance. It is the knowledge of everything what is going on organisation.

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Mayank D'Cruz 4 years, 9 months ago

Accountancy is the knowledge of accounting.

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Bhavana Tiwari 4 years, 9 months ago

Accountancy is a process of managing income and expenses of a business.

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ANSWER

rahul started business with 30 lakh which he arrange by getting loan of rs 20 lakh from his father and rd. 10 lakh from Bank @12% p.a. he bought machine rs. 15 lakh. raw materials 7,80,000 and paid of rent rs 12000, what percent of total fund

Posted by Arush Kumar 4 years, 8 months ago

CBSE > Class 12 > Accountancy

1 answers

Kashish Chaudhary 4 years, 9 months ago

Is this question complete?

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ANSWER

What is the link between operating cycle and working capital?

Posted by Muskan Verma 4 years, 8 months ago

CBSE > Class 12 > Accountancy

1 answers

Sia ? 4 years, 8 months ago

A working capital requirement of a firm depends upon its operating cycle. Here, Operating Cycle is the total period considered starting from the purchase of the raw materials till the final payment has been collected from the debtors. Longer the operating cycle, larger will be the working capital requirement.

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Anita and babita were partners sharing p&l in the ratio of 3:1. They admitted savita for 1/5 share in the profits . Savita was unable to bring her share of goodwill premium in cash . The journal entry recorded for goodwill as follows . SAVITA CURRENT A/C DR. 24000 TO ANITA CAPITAL A/C 8000 TO BABITA CAPITAL A/C 16000 the new PSR of ANITA babita and savita will be A) 41:7:12 b) 13:12:10 c) 3:1:1 D)5:3:2

Posted by Bhavana Tiwari 3 years, 10 months ago

CBSE > Class 12 > Accountancy

4 answers

Vaishnavi Goyal 4 years, 4 months ago

55Thank You

Bhavana Tiwari 4 years, 4 months ago

Yes right hai

15Thank You

Shreyansh Jain 4 years, 9 months ago

Ans sahi hai ya nhi plz btana

11Thank You

Shreyansh Jain 4 years, 9 months ago

3:1:1

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Y ltd forfeited 400 shares of 10each 6calledup for non payment of first call of 2per share out of these 300 shares were immediately re issued at 5per share

Posted by Rishab Agrahari 4 years, 9 months ago

CBSE > Class 12 > Accountancy

1 answers

Srishty Suman 4 years, 9 months ago

share capital a/c 2400 To share forfeiture a/c 1600 To share first call a/c 800 (400 shares forfeited) Bank a/c 1500 Share forfeiture a/c 300 To share capital a/c 1800 (Out of 400 forfeited shares 300 are reissued) Share forfeiture a/c 900 To capital reserve a/c 900 (Being gain on shares transferred to capital reserve)

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2 question of capitalisation nethod

Posted by Sukh Preet 4 years, 9 months ago

CBSE > Class 12 > Accountancy