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Priyanshu Ltd invited applications for issuing 80,000 equity shares of ₹ 100 each at a premium of ₹ 10. The amount was payable as follows: On Application – ₹ 30 ; On allotment – ₹ 30 (including a premium of ₹ 10) ; On first call –balance Applications of 2,30,000 shares were received. Allotment was made on pro rata basis to applicants of 1,80,000 shares and remaining were sent letters of regret. Excess money on application was to be utilised towards allotment and subsequent calls. David, who was allotted 1,600 shares, paid nothing after application. These shares were forfeited after the first call. 1,000 of these shares were re-issued to Sundar for ₹ 95 per share as fully paid. Pass necessary journal entries in books of Priyanshu Ltd.

Posted by Kaushiki Dwivedi 9 months, 1 week ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

A,BandC are partners with profit sharing ratio 432 be retire and Goodwill was valued rs 108000 if a and c sharing profit in 5 ratio 3 find out the good will share by a and c in favour of b

Posted by Anshu Pandey 9 months, 1 week ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

E,F AND G were partners in a firm sharing profits in the ratio of 3:3:4

Posted by Himanshu Bhati 9 months, 1 week ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Vikash Ltd. issued 50,000 shares of 10 each at a premium of 1 per share payable as follows: 3 on Application 4 on Allotment (including premium) 2 on 1 ^ (st) Call Balance when required Applications were received for 46,000 shares and all of these were accepted. Directors did not make the final call. A shareholder holding 800 shares did not pay

Posted by Rishika Ray 9 months, 1 week ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Q.4. A, B and C who were sharing profits and losses in the ratio of 4:3:2 decided to share the future profits and losses in the ratio to 2:3:4 with effect from 1st April 2023. An extract of their Balance Sheet as at 31st March, 2023 is: Assets Amount (*) 65,000 Liabilities Workmen Compensation Reserve At the time of reconstitution, a certain amount of Claim on workmen compensation was determined for which B's share of loss amounted to ₹ 5,000. The Claim for workmen compensation would be: (i) 15,000 (ii) 70,000 (iv) 180,000 (iii) ₹50,000

Posted by Sridha Patel 9 months, 1 week ago

CBSE > Class 12 > Accountancy

1 answers

Chiranjiv Singhi 9 months, 1 week ago

70000

ANSWER

Sunaina and Tamanna are partners uniform sharing profit and losses in the ratio of 3:2 the balance sheet of 31 March 2020 stored as follows

Posted by Vansh Bansal 9 months, 1 week ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

23 Priyah Lmshtd invited applications for issuing 80,000 equity shares of 100 each at a premium of 10. The amount was payable as follows: On Application-30, On allotment-30 (including a premium of 10); On first call-balance Applications of 2,30,000 shares were received. Allotment was made on pro rata basis to applicants of 1,80,000 shares and remaining were sent letters of regret. Excess money on application was to be utilised towards allotment and subsequent calls. David, who was allotted 1,600 shares, paid nothing after application. These shares were forfeited after the first call. 1,000 of these shares were re-issued to Sundar for ₹95 per share as fully paid. Pass necessary journal entries in books of Priyanshu Ltd

Posted by Pragati Vyas 9 months, 1 week ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

No products in the cart. Homework Help CBSE Class 12 Accountancy 23 Priyanshu Ltd invited applications for … CBSE, JEE, NEET, CUET Question Bank, Mock Tests, Exam Papers NCERT Solutions, Sample Papers, Notes, Videos 23 Priyanshu Ltd invited applications for issuing 80,000 equity shares of 100 each at a premium of 10. The amount was payable as follows: On Application-30, On allotment-30 (including a premium of 10); On first call-balance Applications of 2,30,000 shares were received. Allotment was made on pro rata basis to applicants of 1,80,000 shares and remaining were sent letters of regret. Excess money on application was to be utilised towards allotment and subsequent calls. David, who was allotted 1,600 shares, paid nothing after application. These shares were forfeited after the first call. 1,000 of these shares were re-issued to Sundar for ₹95 per share as fully paid. Pass necessary journal entries in books of Priyanshu Ltd

Posted by Pragati Vyas 9 months, 1 week ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

What treatment should be given to employees provident fund appearing in the liabilities side of the balance sheet in case of admission of a partner

Posted by Somya Saini 9 months, 1 week ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Following was the balance sheet of shreshtha ltd

Posted by Diya Joshi 9 months, 1 week ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

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Posted by Aiswarya K V 9 months, 1 week ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

From the following balance sheet of winter world Ltd

Posted by Account Deleted 9 months, 1 week ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

73. Rao and Reddy were partners in a firm sharing profits in the ratio of 3: 1. They admitted Kutty as a new partner for 3/8th share in the profits. The new profit sharing ratio will be 3 : 2 : 3. Kutty brought 2,00,000 for his capital and 50,000 for his share of premium for goodwill. On 31-3-2022, the date of Kutty's admission, the Balance Sheet of Rao and Reddy was as follows: (₹) 90,000 80,000 1,50,000 50,000 2,10,000 5,80,000 Assets Cash Debtors Furniture Machinery Stock 5,80,000 Balance Sheet of Rao and Reddy as on 31-3-2022 (₹) 60,000 20,000 1,00,000 It was agreed that: (ii) Machinery will be depreciated by 12%. (iii) Furniture will be depreciated by 2,000. (iv) A provision of 5% for bad and doubtful debts will be made on debtors. (v) The capitals accounts of all the partners were adjusted in the new profit sharing ratio after admission. For surplus or deficiency, the current accounts were to be opened. Prepare Revaluation Account, Partners' Capital Accounts and the 5,00,000 Liabilities Creditors B/P Capital: Rao Reddy (i) Stock is valued at 2,00,000.

Posted by Purvansh Khandelwal 9 months, 1 week ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Shiv and Mohan are partners in a firm sharing profits and losses in the They admitted Ram as a partner for 2/7 share for which ₹8,000 and ₹4,000 as a premium for goodwill to Shiv and Mohan respectively. New profits of Shiv, Mohan and Ram will be (a) 3:2:2. (b) 8:4:2. (c) 10:56. (d) 4:1:2.

Posted by Arti Sharma 9 months, 2 weeks ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Diwakar and harman are equal partners in the firm . Diwaker has given a guarantee to harman

Posted by Raj Bhattacharyya 9 months, 2 weeks ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Yash and Manan are partners sharing profits in the ratio of2:1. They admit Kushagra into partnership for 25% share of profit. Kushagra acquired the share from old partners in the ratio of 3:2. The new profit-sharing ratio will be: a) 14:31:15 b) 3:2:1 c) 31:14:15 d) 2:3:1

Posted by Harsh _118 9 months, 2 weeks ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

VK Ltd. invited applications for 60,000 Equity Shares of Rs.10 each at a premium of 20% payable as: Application 5 Per Share Allotmant : 3 including premium On First and Final Call :4 Applications were received for 1,20,000 shares out of which application for 20,000 were rejected and pro- rata allotment made to the remaining applicants. Excess if any to be adjusted towards allotment. Madhav, who applied for 1,000 shares and to whom pro-rata allotment was made did not pay allotment money and his shares were forfeited immediately after the allotment

Posted by Harleen Kaur 9 months, 2 weeks ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

4.E, F and G were partners in a firm sharing profits in the ratio of 3: 3:4. Their respective fixed capitals were E 7 3,00,000; F F 4,00,000 and G ₽ 5,00,000. The partnership deed provided for allowing interest on capital @ 2% p.a. even if it results into a loss to the firm. The net profit of the firm for the year ended 31st March, 2018 was ₴ 2,10,000. Pass necessary journal entries for allowing interest on capital and distribution of profit/loss in the books of the firm

Posted by Vinay Sharma 9 months, 2 weeks ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

. A, B and C were partners in a firm sharing profits and losses in the ratio of 3:21. C died on 30th June, 2016. After all the necessary adjustments, his capital account showed a credit balance of 70,600. C's executor was paid 10,600 on 1st July, 2016 and the balance in three equal yearly instalments starting from 30th June, 2017 with interest @10% p.a. on the unpaid amount. The firm closes its books on 31st March every year. (C.B.S.E. 2019, Comptt.) Prepare C's Executor's Account till the amount is finally paid.

Posted by Vishnu Prajapati 9 months, 2 weeks ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

In this year written off and raised Goodwill is in syllabus or not??

Posted by Anu Ji 9 months, 2 weeks ago

CBSE > Class 12 > Accountancy

1 answers

Khushi Jindal 9 months, 1 week ago

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ANSWER

Entire Ltd invited applications for 18000 shares of ₹ 10 each payable ₹5 on application, ₹2 on allotment and balance on call. Application money received from public. Which of the following application money will allow to proceed allotment of shares as per SEBI guidelines?

Posted by Bulbul Ch. 8 months ago

CBSE > Class 12 > Accountancy

1 answers

Sneha Kashiwal 7 months, 2 weeks ago

85000

ANSWER

4. Jatin and Lalit are partners sharing profits and losses in the ratio of 3: 2. Their Balance Sheet as at 31st March, 2023 was as follows: Liabilities Amount Assets Amount () 8,000 Outstanding Expenses 20,000 Cash Bills Payable 76,000 Debtors 1,20,000 Creditors 70,000. Less: Provision for Workmen Compensation Fund 70,000 doubtful debts (20,000) Investment Fluctuation Fund 20,000 Stock General Reserve 40,000 Investments Furniture 80,000 Capital Accounts: 2,00,000 Machinery 60,000 Jitin 1,60,000 3,08,000 Lalit 6,56,000 6,56,000 On 1st April, 2023 they admitted Kishore as a partner for 1/10th share in profits which he acquired equally from Jitin and Lalit on the following terms: (i) Kishore is to bring 50,000 as Capital and it was decided that the capital of all partners shall be in proportion to their profit sharing ratio on the basis of Kishor's Capital. Any deficiency or excess of capital will be adjusted through opening Current Accounts. (ii) The Goodwill of the firm is valued at 60,000 and Kishore will contribute his share of goodwill in cash. (iii) Provision on debtors was found to be in excess by 4,000. (iv) Outstanding expenses will be reduced to 6,000. (v) Depreciate stock by 5%. (vi) Market value of investments was 70,000. Prepare Revaluation A/c and Partners' Capital Accounts of the newly constituted firm.

Posted by Account Deleted 9 months, 2 weeks ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

The Capital Accounts of Alka and Archana showed credit balances of 4,00,000 and 3,00,000 respectively, after taking into account drawings and a net profit of 2,00,000. The drawings of the partners during the year 2018-19 were: (i) Alka withdrew 10,000 at the end of each quarter. (ii) Archana's drawings were: Rs 31st May, 2018 8,000 1st November, 2018 7,000 1st February, 2019 5,000 Calculate interest on partners' capitals@ 10% p.a. and interest on partners' drawings @ 6% p.a. for the year ended 31st March, 2019

Posted by Nandani Kumari 9 months, 2 weeks ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Following the balance sheet of ram shyam and Sohan on 31march 2022 profit share3:2:1 they decide to dissolve firm

Posted by Its.Me_🤠 ✨ 9 months, 2 weeks ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

On 1 Jan 2023 Saraswati ltd issued 50000 equity sh

Posted by Vanshika Gupta 9 months, 3 weeks ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Vikram and abhishek are partners sharing profits and losses in the ratio of 8:5 they admitted avishi and decode that the profit sharing ratio between abhishek and avishi shall be the same as existing between vikram and abishek calculate new profit sharing ratio ?

Posted by Mukan Singh 9 months, 3 weeks ago

CBSE > Class 12 > Accountancy

1 answers

Anshika Sarda 9 months, 3 weeks ago

8: 5 : 3.125 Further simplify it and get the answer that is 64: 40: 25

ANSWER

Harsh and keshav are partners sharing profit and losses in the ratio 3:1

Posted by Ramyasasikumar Ramya 9 months, 3 weeks ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

definition of bonds? and whts the diff b/w bonds and debentures?

Posted by Nysa Gupta 9 months, 3 weeks ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

P and q are partners sharing profit and losses in the ratio 3:2 Liabilities amount asset. Amount Creditors 12000. Furniture 18000 Bills payable 6000 Creditors are to be taken over (paid) by q And furniture is to be realised at 10% more than their book value . realisation gain/loss will be : A) realisation gain 1800 B) realisation loss 1800 C) realisation gain 7800 D) realisation loss 7800

Posted by Swastika Jain 9 months, 3 weeks ago

CBSE > Class 12 > Accountancy

3 answers

Siva Kalai 9 months, 3 weeks ago

According in very like subject

Preha Khanna 9 months, 3 weeks ago

realisation loss 1800

Radical Gamers 9 months, 3 weeks ago

Realisation gain 7800

ANSWER

This content has been hidden. One or more users have flagged this content as inappropriate. Once content is flagged, it is hidden from users and is reviewed by myCBSEguide team against our Community Guidelines. If content is found in violation, the user posting this content will be banned for 30 days from using Homework help section. Suspended users will receive error while adding question or answer. Question comments have also been disabled. Read community guidelines at https://mycbseguide.com/community-guidelines.html

Few rules to keep homework help section safe, clean and informative.

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Posted by Gunjan Jain 9 months, 3 weeks ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

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