CBSE > Class 12 > Accountancy | CBSE Board | Homework Help

The new Companies Act 2013 has prescribed the maximum number of members in case of a partnership firm should not be more than 100 in case of partnerships. As per the previous Companies Act 1956, the maximum limit in case of partnerships was 10 and 20 for banking business and other businesses respectively.

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0.33. Kavita and Leela are partners with capitals of 36,00,000 and 34,00,000 and sharing profits & losses in the ratio of 2 : 1. Their partnership deed provides that interest on capitals shall be provided @8% p.a., and it is to be treated as a charge against profits. Prepare relevant account to allocate the profit in the following alternative cases : (1) If profit for the year is 31,10,000 (i) If profit for the year is 35,000 (ui) Ifloss for the year is 10,000

Posted by Vikram Pandey 5 years, 2 months ago

CBSE > Class 12 > Accountancy

1 answers

Myra Singh 4 years, 8 months ago

I don't know

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Ak andBk are partners in a firm sharing profit in a ratio of 5:3. They admit CK into the partnership for 3/10 th share in profits, which he takes1/10 from AK and 1/10 from Bk

Posted by Romanpreet Kaur 5 years, 2 months ago

CBSE > Class 12 > Accountancy

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Posted by Varlina Das 5 years, 2 months ago

CBSE > Class 12 > Accountancy

1 answers

Varlina Das 5 years, 2 months ago

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11. X Ltd. forfeited 400 shares of Rs.100 each, Rs.70 called up, on which the shareholders had paid application and allotment money of Rs.50 per share. Out of these, 300 shares were re-issued to Naresh as Rs.70 paid up for Rs.80 per share. Give entries.

Posted by Pankaj Singh 5 years, 2 months ago

CBSE > Class 12 > Accountancy

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Gaurav Seth 5 years, 2 months ago

share capital a/c ___dr 28000
to share forfeiture a/c 20000
to share first call a/c 8000

bank a/c ___dr 24000
to share capital a/c 21000
to security premium reserve a/c 3000

share forfeiture a/c ____dr 21000
to share capital a/c 21000

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Gopal ltd. Was registered with an authorized capital of 5000000 divided into equity share of rs.100 each

Posted by Ishmeet Kaur 5 years, 2 months ago

CBSE > Class 12 > Accountancy

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Megha Rani 5 years, 2 months ago

No of shares issues is 5000000÷100=50000

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allotment and Rs 3 on first and final call. Application for 37,000 shares were received on which the allotment was made as under: A. Application of 5,000 shares : 5,000 shares B. Application for 25,000 shares : 15000 shares C. Application for 7,000 shares : Nil Calculate the excess application money to be adjusted towards allotment and pass the necessary journal entries assuming that the amount due were received

Posted by Aadi Jain 5 years, 2 months ago

CBSE > Class 12 > Accountancy

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Janta Ltd was formed with an authorised capital of Rs 30,00,000 divided into 30,000 shares of Rs 100 each. The company invited applications for issuing 10,000 equity shares. The amount was payable as follow A. On application. :Rs30 B. On allotment. :Rs 50 C. On first & final call. :Rs 20 The issue was fully subscribed. All money was received except the first and final call on 1000 shares. Show the "Share Capital" in the balance sheet of the company.

Posted by Aadi Jain 4 years, 6 months ago

CBSE > Class 12 > Accountancy

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S.Ltd with a nominal capital of Rs 50,00,000 in equity shares of Rs 10 each, issued 2,00,000 shares payable as A. On application. :Rs 2 B. On allotment. : Rs 3 C. On first&final call. : Rs 5 All money's payable on allotment were duly received but one shareholder failed to pay amount due on allotment on his 2500 shares, while another shareholder who held 2000 shares paid for the first and final call also. Give journal entries related to call in arrears and call in advance to record the above transaction upto allotment.

Posted by Aadi Jain 5 years, 2 months ago

CBSE > Class 12 > Accountancy

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NVR the partners in a firm sharing profit and losses in the ratio of 2 is to 1 they admit their manager see into partnership for from fun 1 2017 who was getting a salary of rupees 300 per month she is Cat 1 by 12 share in the profit he has been given a guarantee that he will get at least an amount of profit equal to his salary the fern earned a profit of rupees 27000 during the year ended 31st December 2017 show the distribution of profit among A B and C

Posted by Chandr Kant Singh Dodiya 5 years, 2 months ago

CBSE > Class 12 > Accountancy

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7. Jain Ltd. invited applications for issuing 1,12,000 equity shares of 3 10 each at par. The amount per share was payable as follows: On Application 71 On Allotment *2 On First call *3 On Second and Final call 14 Applications for 1,00,000 shares were received. Shares were fully allotted to all the applicants, Ramesh failed to pay his allotment money which was * 2,000. His shares were forfeited immediately. Suresh did not pay the first call on 500 shares applied by him. His shares were forfeited after the first call. The forfeited shares of Ramesh and Suresh were reissued at 9 per share fully paid-up. Afterwards the second and final call was made and was duly received. Ans.) 1000 (CBSE 2019) Pass necessary Journal entries for the above transactions in the books of Jain Ltd. 1 per share on application. ed pan er

Posted by Keshav Mathur 1 year, 10 months ago

CBSE > Class 12 > Accountancy

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Keshav Mathur 5 years, 2 months ago

Answer

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Jain LTD invest

Posted by Keshav Mathur 5 years, 2 months ago

CBSE > Class 12 > Accountancy

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What will be the effect on quick ratio if trade receivable during the year

Posted by Anand Raj 5 years, 2 months ago

CBSE > Class 12 > Accountancy

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name any two funanical statement of a company

Posted by Yuvi Kumar 5 years, 2 months ago

CBSE > Class 12 > Accountancy

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Yogita Ingle 5 years, 2 months ago

Financial Statements The statements which are prepared to ascertain the profit earned or loss suffered and position of assets and liabilities at a particular date are known as financial statements. These are the final product of accounting process.
A set of financial statements as per Section 2(40) of the Companies Act, 2013 include (0 Balance sheet i.e. position statement
(ii) Statement of profit and loss i.e. income statement
(iii) Notes to accounts
(iv) Cash flow statement
Section 129 of the Companies Act, 2013 requires the company to prepare its financial statements every year in prescribed form i.e. Schedule III of the Companies Act, 2013.

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A. B and C were partners sharing profits in the ratio of 5:3: 1. They decided to dissolve the partnership on March 31, 2018 and the balance sheet was as follows: Liabilities Sundry Creditors Bills Payable Mortgage Loan General Reserve Workmen compensation reserve Capitals: A B С 11,000 9.000 5,000 * Amt. ) 8,300 1,700 7.500 2,250 4,000 Assets Land and Building Stock Debtors Less: Provision Cash at Bank Amt. ) 20.000 5,000 10.000 13.750 12.500 2,500 25,000 48,750 48,750 There was a computer written off which realised 250. Goodwill was valued and sold for 2.500. Other Assets realised: Stock 3,350, Debtors 50%, Land and Building 10% less than the book value. Creditors were paid 8,000. An outstanding bill of 200 for repairs was to be paid off. Expenses on Realisation were amounted to 310. Claim against workmen compensation reserve was 5,000. Prepare necessary ledger accounts.

Posted by Haris 5 years, 2 months ago

CBSE > Class 12 > Accountancy

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P and Q are partner in the ratio 3:2 they admit R for 1/4th share in the firm . he takes 3/20th share from P and 2/20th share from Q.find new profit sharing ratio of partners.

Posted by Khurrana Hasim 5 years, 2 months ago

CBSE > Class 12 > Accountancy

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X Y and Z are partners in firm with respective capitals of rs 50000,30000 and 20000. According to the a partnership deed each partner in enititled to interest on capital @5% p.a. and sulary of rs 1000 p.a of the net divisible profit,the profit and loss A/C for the year ended disclosed and profit of rs 25000. Prepare profit and loss appropriation account.

Posted by Sayma Bano 5 years, 2 months ago

CBSE > Class 12 > Accountancy

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"Investment sold" effect of this adjustment on balance sheet. Plz tell.

Posted by Omkar Kulkarni 5 years, 2 months ago

CBSE > Class 12 > Accountancy

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Padne ka time table bto please ki Kon sa subject kab pade please

Posted by Prerika Lamba 5 years, 2 months ago

CBSE > Class 12 > Accountancy

3 answers

Megha Rani 5 years, 2 months ago

Eco or b.std ko morning mai 5 am or 6 am pado 1 hour Fir 9 to 11 accountancy padao

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Varlina Das 5 years, 2 months ago

Tumhari marjhi jo parho ... Parho ya....☺️

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? ? 5 years, 2 months ago

Account pahle padho hard subject pehle apne se subject wise divide karlo phir raat ko sone se pehle revise kar lena

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X and y are partners, sharing profits in the ratio of 2:1 . Their capital were 300000 and 200000

Posted by Faiz Bhurani 5 years, 2 months ago

CBSE > Class 12 > Accountancy

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Ajay Pawar 5 years, 2 months ago

Question is not complete

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साझेदारी संलेख का उद्देश्य समझाइए।

Posted by Sayma Bano 5 years, 2 months ago

CBSE > Class 12 > Accountancy

1 answers

Gaurav Seth 5 years, 2 months ago

साझेदारी एक प्रकार का व्यवसाय है जहां दो या दो से अधिक लोगों के बीच एक औपचारिक समझौता किया जाता है और सह-मालिक बनने के लिए सहमत होता है, एक संगठन चलाने के लिए जिम्मेदारियों को वितरित करता है और उस आय या हानि को साझा करता है जो व्यवसाय उत्पन्न करता है। साझेदारी की यह विशेषताएं एक दस्तावेज में दर्ज की जाती हैं, जिसे साझेदारी कर्म के रूप में जाना जाता है

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A and B are partners sharing profit and loss ratio in 5 :4, C is admitted for 1/5th share. A and B decide to share equally in future. What is the sacrificing ratio?

Posted by Prachi Maithil 5 years, 2 months ago

CBSE > Class 12 > Accountancy

2 answers

Jaibir Singh 5 years, 2 months ago

1:1

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Gaurav Seth 5 years, 2 months ago

To Calculation of new profit sharing ratio:

A's new ratio= old ratio-sacrifice

= 5/10-1/5

= 3/10

B's ratio= 4/10

C's new ratio= 1/10+1/5

= 3/10

New ratio= 3:4:3

Sacrificing ratio:

A's sacrifice= 1/5

C's gain= 1/5

The new profit sharing ratio= 1:1:1

Calculation of sacrificing ratio:

A's sacrifice = 5/10-1/3

= 5/30

B's sacrifice= 4/10-1/3

= 2/30

Sacrificing ratio= 5:2

C's gain= 7/30

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eastern company limited, having an authorized capital of 10,00,000 divided into shares of z 10 each, issued 50,000 shares at a premium of 3 per share payable as follows: on application on allotment (including premium) on first call (due three months after allotment) a when required. applications were received for 60,000 shares and the directors allotted the shares as follows: (1) applicants for 40,000 shares received in full. (ii) applicants for 15,000 shares received an allotment of 8,000 shares. (iii) applicants for 5,000 shares received 2,000 shares on allotment, excess money being returned. all amounts due on allotment were received. the first call was made and the money was received except on 100 shares. give journal and cash book entries to recoral these transactions of the company. als the balance sheet of the company.

Posted by Project Hiker 5 years, 2 months ago

CBSE > Class 12 > Accountancy

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What is need of partnership firms

Posted by Himanshu Sehgal 5 years, 2 months ago

CBSE > Class 12 > Accountancy

1 answers

Nishita Singh 5 years, 2 months ago

When a person wants to operate a business but due to insufficient capital he /she use to form a partnership firm in which he -she gets the reqried capital or more of it.

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Book kept of cash system

Posted by Bhupendra Patel Patel 5 years, 2 months ago

CBSE > Class 12 > Accountancy

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What is admission of partner

Posted by ? ? 5 years, 2 months ago

CBSE > Class 12 > Accountancy

1 answers

Dev Kumar Singh 5 years, 2 months ago

Its means a another person will join the partnership

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ABC ltd. is facing a lot of problem these days. The company’s profit margin is declining day-by-day. The production manager is blaming marketing management whereas marketing is blaming production department for not maintaining the quality. Finance department is blaming both. What quality of management do you think is lacking. Explain it briefly.

Posted by Pandit Shivam 5 years, 2 months ago

CBSE > Class 12 > Accountancy

1 answers

Gaurav Seth 5 years, 2 months ago

The quality which is lacking in coordination. The manager is able to execute all the functions but he is unable to coordinate these functions and coordination is not a mere function of manager but it is the essence of management.
Explain the topic: coordination an essence of management
To bring coordination
(1) Top level management must ensure integration in various departments and activities of the organisation
(2) Middle level management must develop balance in all the department by maintaining the timing for example whenever sales department gets order production department must be ready with production, purchase must have stock of raw materials etc
(3) Periodic meetings must be conducted to listen to the grievances and problems of employees and also to welcome their suggestions

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A and b are partners sharing profit in the ratio of 5:4 they admitted c for 1\9th share which he acquires from a find the new profit sharing ratio and sacrificing ratio of a and b

Posted by Neelam Gautam 5 years, 2 months ago

CBSE > Class 12 > Accountancy

3 answers

Pratham Dawer 5 years, 2 months ago

Calculating new profit sharing ratio A's =5/9-5/81=40/81 B's=4/9 C's=5/81 The new profit sharing ratio will be 40/81:4/9×9/9:5/81 Which is equal to 40:36:5

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Pratham Dawer 5 years, 2 months ago

Calculating sacrificing ratio A's = 5/9×1/9=5/81 B's = I doesn't sacrifice

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Aarti Sharma 5 years, 2 months ago

5:4 qnswer

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