Given:

Current ratio = 2.8 : 1

Quick ratio = ?

Working capital = 5,40,000  

Inventory = 330,000

Current assets = ?  

Current liabilities = ?  

Computation:

Working capital = Current assets - Current Liabilities

5,40,000 = Current assets - Current Liabilities

Current assets = 5,40,000 + Current liabilities .............................. 1)

Current ratio = Current assets / Current liabilities
Substitute value from 1)
2.8 = (5,40,000 + Current liabilities) / Current liabilities

2.8 * Current liabilities = 5,40,000 + Current liabilities

1.8 * Current liabilities = 5,40,000

Current liabilities = 3,00,000

Current assets = 5,40,000 + Current liabilities

Current assets = 5,40,000 + 3,00,000

Current assets = 8,40,000

Quick ratio  = (Current assets - Stock) / Current liabilities

Quick ratio  = (8,40,000 - 3,30,000) / 3,00,000

Quick ratio  = 5,10,000 / 3,00,000

Quick ratio  = 1.7

Answer -
Current liabilities = 3,00,000
Current assets = 8,40,000
Quick ratio  = 1.7
 

P&L account is used to determine Net Profit or Net Loss of an organization for a given accounting period. P&L appropriation account is used for allocation and distribution of Net Profit among partners, reserves and dividends. P&L account is prepared by all types of businesses.

A general reserve is a reserve, which is created by appropriation of profits. It is created without any specific or particular purpose. When any amount is kept separate by a company out of its profit for future purpose then that is called as general reserves. In other words the general reserves are the retained earnings of a company which are kept aside out of company's profits to meet future (known or unknown) obligations. Reserve is the profit achieved by a company where a certain amount of it is put back into the business which can help the business in their rainy days. The preceding sentence may give the unwary reader the sense that this item is an asset, a debit balance. This is false. A reserve is always a credit balance.

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.

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

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.