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

Net profit for interest and tax =₹4,00,000 .capital employed =15%long term investment +shareholders fund that is, ₹8,00,000+₹4,00,000=₹12,00,000.return on investment =net profit for interest and tax ÷capital employed ×100=₹4,00,000÷12,00,000×100=33.33%

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Income and expenditure account record which transaction

Posted by Sandeep Soren 5 years, 3 months ago

CBSE > Class 12 > Accountancy

1 answers

Arsh Bajwa 5 years, 3 months ago

Income and expenditure account record s those transaction which related to current .

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What is life membership fees

Posted by Sunil Sinha 5 years, 3 months ago

CBSE > Class 12 > Accountancy

2 answers

Yogita Ingle 5 years, 3 months ago

Life Membership Fees is a capital receipt and we add it to the Capital Fund on the liabilities side of the Balance Sheet. We do not account it as an income because a life member makes onetime payment and avails services all through his life.

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Geeta Sorout 5 years, 3 months ago

It is a capital receipt and we add it to capital fund on the liability side of the balance sheet

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alfa authorised capital

Posted by Akash Gharai 5 years, 3 months ago

CBSE > Class 12 > Accountancy

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Accountancy new profit sharing ratio notes send me

Posted by Rohit Bhavikatti 5 years, 3 months ago

CBSE > Class 12 > Accountancy

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Please anyone tell me why we need to calculate gaining ratio to compensate profit to deceased partner in death questions as this type of adjustment happens in case of goodwill

Posted by Chandni Saluja 5 years, 3 months ago

CBSE > Class 12 > Accountancy

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Q. 7 Pass necessary Journal entries for the following transactions, at the time of dissolution of the firm : A. Realization expenses rs. 4550 paid. B. An unrecorded liability amounting to rs. 20,000 was settled at rs.16,880. C. Machinery of the book vaue of rs. 75,000 taken over by creditors of the book value of rs. 65,000 in full settlement. D. Profit and loss account balance of rs. 45,000 appeared on the assets side of the balance sheet. 4

Posted by Sachin Sajwan 5 years, 3 months ago

CBSE > Class 12 > Accountancy

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Q. 8 Ram and Mohan are in the partnership sharing profit and losses in the ratio of 3:2 . On Ist April 2018, they admitted Shyam into the partnership. He paid rs. 50,000 as his capital but nothing for goodwill which was valued at rs. 40,000 for the time. He acquired 1/5th share in the profits, equally from both partners. It was also decided that : A. Land and building be written off by rs. 20,000; B. Stock be written down by rs. 3,200. C. A provision of rs. 1,000 be created for doubtful debts ; and D. An amount of 12,000 , included in sundry creditors, be written of as it is no longer payable. The balance sheet of Ram and Mohan as at 31st March,2018 was as under liabilities amount assets amount capitals Goodwill 10,000 Ram 86000 Land and building 60,000 Mohan 64000 Plant and machinery 70,000 General reserve 20,000 Stock 36,000 S.creditors 30,000 S. debtors 20,000 Cash at bank 4,000 total 2,00,000 total 2,00,000 Prepare Revaluation account and Partners' capital account.

Posted by Sachin Sajwan 5 years, 3 months ago

CBSE > Class 12 > Accountancy

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A and B are partners in a firm. New profit of the firm is divided as follows

Posted by Teesha Sharma 5 years, 3 months ago

CBSE > Class 12 > Accountancy

1 answers

Mujammil Khan 5 years, 3 months ago

Equally

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What is meant by gaining partner

Posted by Piyush Sharma 5 years, 3 months ago

CBSE > Class 12 > Accountancy

1 answers

Yogita Ingle 5 years, 3 months ago

The ratio in which the outgoing partner's profit share is gained or acquired by the remaining partners is known as Gaining ratio. This ratio is calculated by taking the difference between the new ratio and the old ratio of the partners.

Gaining Ratio = New Profit Sharing Ratio - Old Profit Sharing Ratio

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On 31st March 2019, the balances in the Capital Accounts of Raman, Naman and Chaman after making adjustments for Profits were Rs.1,60,000, Rs.1,20,000 and Rs.1,60,000 respectively. Subsequently, it was discovered that interest on capital had been omitted. i) The profit for the year ended 31st March 2019 was Rs.60,000 ii) The interest on capital is to be allowed @ 10% p.a. iii) The profit sharing ratio among the partners was 1:2:1. Show your working notes clearly, pass the necessary rectifying entry.

Posted by Itz Meh 11 months, 4 weeks ago

CBSE > Class 12 > Accountancy

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From the following information, calculate the amount of sports material that will be debited to the ‘Income and Expenditure Account’ of Bright Sports Club for the year ended 31-3-2019. Particulars 1st April, 2018 31st March, 2019 (`) (`) Stock of Sports Material 1,10,000 1,50,000 Creditors for Sports Material 25,000 60,000 Advance paid for Sports Material 25,000 70,000 Additional Information : Cash purchase of sports material during the year was ` 2,50,000. ` 1,50,000 were paid to the creditors of sports material.

Posted by Anushka Sharma 5 years, 3 months ago

CBSE > Class 12 > Accountancy

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what will be the treatment in revaluation account if in adjustments it is given that stock is overvalued or undervalued?

Posted by Diksha Sharma 5 years, 3 months ago

CBSE > Class 12 > Accountancy

1 answers

Meghna Thapar 5 years, 3 months ago

An increase in the assets and decrease in its liabilities is credited because it is gain, A decrease in the value of assets and increase in its liabilities is debited because it is a loss, Unrecorded assets are credited, and. Unrecorded liabilities are debited. Debit the decrease in value of assets or increase in the number of liabilities to revaluation account, being a loss. The difference between the two sides of the revaluation account is either profit or loss.

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kumar and raja were partner in a firm sharing profit in the ratio of 7:3.there fixed capital were:kumar 900000 and raja 400000.thepartnership deed provided for the following but the profit for the year was distru buted without providing for: (i) interest on capital @9%per annum. (ii)kumar salary 50000 per year and raja 3000 per month. the profit for ended 31.2 .2018vwas 278000. pass the adjustment entry.

Posted by Gautam Diwakar 5 years, 3 months ago

CBSE > Class 12 > Accountancy

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X y z are partner with ratio 5 3 2 z retired from firm

Posted by Disha Nema 5 years, 3 months ago

CBSE > Class 12 > Accountancy

1 answers

Kulwinder Singh 5 years, 3 months ago

Send full illustration

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Prepare income and expenditure a/c of the

Posted by Avtaar Sharma 5 years, 3 months ago

CBSE > Class 12 > Accountancy

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Today my birthday

Posted by ꧁༒ ΑɳเL ༒ ༻ : 5 years, 3 months ago

CBSE > Class 12 > Accountancy

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The director of unim ltd. Forfeited 30000shares of rupees 10 each,for non payment of final call of 3per share . Half of the forfeited shares were reissued as fully paid -up for 12 per share .the amount to be transferred to the capital reserve account will be

Posted by Luvkush Yadav 5 years, 3 months ago

CBSE > Class 12 > Accountancy

1 answers

Dhananjay Singh 4 years, 8 months ago

105000

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prepare cash flow statement from varun ltd at 31st march 2020

Posted by Amandeep Kaur Sidhu 5 years, 3 months ago

CBSE > Class 12 > Accountancy

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Narration for journal entries is compulsory in exams or not?

Posted by Vansh Setia 5 years, 3 months ago

CBSE > Class 12 > Accountancy

4 answers

Neha Agarwal 5 years, 3 months ago

Yes ,it is

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Bhumika Singhal 5 years, 3 months ago

Yes

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Anushka Rastogi 5 years, 3 months ago

yes narration is majorly important in journal entries and in xams, however u need not to write a long sentence for it. marks are deducted when narration is not written with the entries.

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Rahul Roy 5 years, 3 months ago

Yes it's compulsory

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