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Realization profit of a firm is Rs.6000, partner share profit and loss in the ratio of 3:2:1. Calculate amount of realization profit to be credited to partners capital a/c.

Posted by Vishal Thakur 5 years, 4 months ago

CBSE > Class 12 > Accountancy

2 answers

Aswathy Jasmi 5 years, 4 months ago

We should divide 6000 in 3:2:1. The first partners share on realisation profit =6000×3/6=3000 Second partners share on realisation profit =6000×2/6=2000 Third partners share on realisation profit =6000×1/6=1000

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Aaiman Farhin 5 years, 4 months ago

Rs3000:Rs2000:Rs 1000 What is realization profit??

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ANSWER

Term deposit with bank comes on which account

Posted by Divyanshi Sharma 5 years, 4 months ago

CBSE > Class 12 > Accountancy

4 answers

Sunil Kumar 5 years, 4 months ago

It is payment side.

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Aaiman Farhin 5 years, 4 months ago

Payment side as we will make payment for it After that asset side of balance sheet

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Divyanshi Sharma 5 years, 4 months ago

It is receipt side

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Divyanshi Sharma 5 years, 4 months ago

It is payment side or not

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ANSWER

workman's compensation reserve is 50000 case 1 in adjustment it's given the liability compensation reseve is determined at 50000

Posted by Soni Kumari Mahato 5 years, 4 months ago

CBSE > Class 12 > Accountancy

1 answers

Aaiman Farhin 5 years, 4 months ago

Workmen compensation reseeve 50000 To provision for claim of WCR 50000

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ANSWER

How to make all partners capital

Posted by Vikas Sharma 5 years, 4 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

How to make revaluation account

Posted by Vikas Sharma 5 years, 4 months ago

CBSE > Class 12 > Accountancy

1 answers

Gaurav Seth 5 years, 4 months ago

Revaluation Account

Revaluation account or profit and loss adjustment account are the same.

We need to bring the value of assets and liabilities to their current values otherwise the incoming partner may have an advantage because of the change in values.

Credit the increase in the value of assets or decrease in the number of liabilities to revaluation account, being profit.
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.

If the credit side is more than debit side there is profit and if the debit side is more than the credit side there is a loss. Transfer the Profit or loss of revaluation account to the partners capital accounts (old partners account) in their old profit sharing ratio.

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ANSWER

What is surplus

Posted by Harsh Agrawal 5 years, 4 months ago

CBSE > Class 12 > Accountancy

3 answers

Kritika Dogra 5 years, 4 months ago

When selling product are high but for buying them there are not limited people

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Jam 04 5 years, 4 months ago

Surplus is something which is excess and can be used or invested later

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Gaurav Seth 5 years, 4 months ago

Surplus is defined as an excess of something, or an amount remaining once the demand for the item has been met.

A surplus describes the amount of an asset or resource that exceeds the portion that's actively utilized. A surplus can refer to a host of different items, including income, profits, capital, and goods.

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From the following particular relating to the Ramakrishna mission charitable hospital, prepare income and expenditure account for the year ended 31st March,2020 and balance sheet as at that date.

Posted by Gorang Chauhan 5 years, 4 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

How can a new partner be admitted?

Posted by Sachin Dadwal 5 years, 4 months ago

CBSE > Class 12 > Accountancy

2 answers

Apeksha Gurjar 5 years, 4 months ago

By the mutual consent of all the partners

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Kritika Dogra 5 years, 4 months ago

When all partner agreed to admit a new person in firm

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ANSWER

Difference between capital expenditure and revenue expenditure

Posted by Darshana Maurya 5 years, 4 months ago

CBSE > Class 12 > Accountancy

1 answers

Yogita Ingle 5 years, 4 months ago

Capital Expenditure	Revenue Expenditure
Definition
Expenditure incurred for acquiring assets, to enhance the capacity of an existing asset that results in increasing its lifespan	The expense incurred for maintaining the day to day activities of a business
Tenure
Long Term	Short term
Value addition
Enhances the value of an existing asset	Does not enhance the value of an existing asset
Physical existence
Have a physical presence except for intangible assets	Do not have a physical presence
Occurrence
Non-recurring in nature	Recurring in nature
Availability of Capitalisation
Yes	No
Impact on Revenue
Do not reduce business revenue	Reduces business revenue
Potential Benefits
Long-term benefits for business	Short-term benefits for business
Appearance
It appears as assets in the balance sheet and some portion in the income statement	It always appears in the Income statement

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ANSWER

meaning of C partner will retain his original share in admission chapter

Posted by Ayush Mittal 5 years, 4 months ago

CBSE > Class 12 > Accountancy

2 answers

Kritika Dogra 5 years, 4 months ago

He would not gain any share or loss in future

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Saloni Jain 5 years, 4 months ago

He would neither sacrifice nor gain in case of admission of a new partner

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ANSWER

prepare comparative statement of the profit and loss account given below . comparative statement to be prepared of the year 2015 .

Posted by Naman Agrawal 5 years, 4 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Average profit of the firm during the last few years 2 00000 and the normal rate of return is a similar business is 10%. If the Goodwill of the firm is 250000 at 4 years purchase of super profit, find the capital employed by the firm.

Posted by Aanchal Bamrara 5 years, 4 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Will prepaid expenses distribute among partner at the time of admission?

Posted by Deepu Deepu 5 years, 4 months ago

CBSE > Class 12 > Accountancy

1 answers

Aaiman Farhin 5 years, 4 months ago

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On 1st April 2020 an exciting firm had assets of Rs 75000 including cach of rupees 5000. its creditors amounted to rupees 5000 on that date. the firm had a reserve of rupees 10000 while partners capital account showed a balance of rupees 60000.if normal rate of return is 20% and Goodwill of the firm is valued at 24000 at four years purchase of super profit find average profit per year of the exciting firm.

Posted by Aanchal Bamrara 5 years, 4 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

State how will be the prizes awarded of ₹5000 shown while preparing the final account of a club for the year ending on 31 March ,2020.p

Posted by Priyanshu Purohit 5 years, 4 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

prepare income and expenditure account for the year ended 31st March 2019 salary 50 lakh electricity expenses 50,000 painting in stationary including 5000 previous year is 35000subscription received included 20000 advance and 50000 previous year is 400000 net proceeds of the freshmen to folder 50000 miscellaneous expenses 160000 interest paid on loan for half your 12000 rent and rate including 75000 locker rent received 45000additional informations subscription in order on 31st March 2019 was rupees 80000 half yearly interest was also outstanding

Posted by Aanchal Negi 5 years, 4 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Capital of the firm of Sharma and Verma is rupees 200000 and the market rate of interest is 15%. annual salary of partners is rupees 12000 each. the profit for the last three years 60000; rupees 72000; 84000. Goodwill is to be valued at to be valued at 2 years purchase of last 3 years average super profit. calculate Goodwill of the firm.

Posted by Aanchal Bamrara 5 years, 4 months ago

CBSE > Class 12 > Accountancy

2 answers

Aanchal Bamrara 5 years, 4 months ago

Yr samaj ni aara ye q

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Gaurav Seth 5 years, 4 months ago

Calculation of goodwill under super profit basis:

Net profit of last three years:

1st year = Rs. 60000 - Rs. 24000 (24000 being annual salary of rs. 12000 to each partner) = Rs. 36000

2nd year = Rs. 72000 - Rs. 24000 = Rs. 48000

3rd year = Rs. 84000 - Rs. 24000 = Rs. 60000

Average profit = Total net profit/ No. of years

Average profit = Rs. (36000 + 48000 + 60000)/3 years

Average profit = Rs. 144000/ 3 = Rs. 48000

Normal profit = Capital employed * rate of interest

Normal profit = Rs. 200000 * 15% = Rs. 30000

Super profit = Average profit - Normal profit

Super profit = Rs. (48000 - 30000) = Rs. 18000

Goodwill = Super profit * No. of year's purchase

Goodwill = Rs. 18000 * 2 years

Goodwil = Rs. 36000

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ANSWER

Rao & Reddy were partners in a firm sharing profits in 3:1 ratio. Kitty was admitted as a new partner for 3/8th share. New profit ratio was decided to be 3:2:3. Kitty brought capital of Rs 2 lakhs and Rs 50,000 for share of goodwill. On 31.3.2017, the balance sheet was as follows: Creditors Bills Payable Capital A/c’s Rao 4,00,000 Reddy 1,00,000 60,000 20,000 5,00,000 Cash Debtors Stock Furniture Machinery 90,000 80,000 1,50,000 50,000 2,10,000 Total 5,80,000 Total 5,80,000 a. Stock was valued at Rs 2,00,000; Machinery to be depreciated by 12% & furniture by Rs 2,000. b. A provision of 5% doubtful debts was to be made on debtors. c. Rao was to withdraw Rs 2,64,100 from his capital while Reddy was to introduce Rs 28,633 more to his capital account. Prepare Revaluation a/c & Partner’s capital accounts. (2

Posted by Dhruv Mahajan 5 years, 1 month ago

CBSE > Class 12 > Accountancy

2 answers

Hari Krishnan 2 years, 5 months ago

answer?

53Thank You

agar****@***** 2 years, 4 months ago

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ANSWER

Gaurav new question accountan

Posted by Manav Sharma 5 years, 4 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Gaurav aap commerce ke ho toh agar accountancy question send karoon toh solve karoge pls

Posted by Manav Sharma 5 years, 4 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Arun and balu are partners in a firm sharing profits in the ratio of 2:1

Posted by Vidhi Mittal 5 years, 4 months ago

CBSE > Class 12 > Accountancy

2 answers

Pawan Kumar 5 years, 4 months ago

2:1 when we add this ratio then we 3 So the profit amount ÷ 3 After that the amount we get multiple by 2 and 1

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Aanchal Bamrara 5 years, 4 months ago

What is the amt? Amount given×2\3= Amount given ×1/3=

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ANSWER

X , Y and Z are partners sharing profits in the ratio of 4:3:2 . They decided to share future profits equally . There was a balance in general reserve of ₹20,000 . Pass an adjusting journal entry .

Posted by Leena Jaidev 5 years, 4 months ago

CBSE > Class 12 > Accountancy

1 answers

Piyush Sharma 5 years, 4 months ago

General reserve will be divided in old ratio in old partner General reserve a/c. Dr.20 ,000 To x capital a/c. 8888.9 To y capital a/ c6666.7 To z capital a/ c 4444.4

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ANSWER

1. Following is the Receipt and Payment A/c. of a club for the year ended 31-03-2014. Receipt ₹ Payment ₹ To Balance b/d 75,000 By Salaries 22,000 To Subscription By office expenses 8,000 2012-13 35,000 By Sports equipment 2013-14 9,50,000 (Purchased on 1-10-2013) 6,00,000 2014-15 55,000 10,40,000 By Telephone charges 12,000 To Donation 90,000 By Electricity charges 18,000 To Entrance Fees 60,000 By Travelling Expenses 6,000 To Locker rent 20,000 By 10% Fixed Deposit To Donation for Building 1,50,000 (made on 1-07-2013) 7,00,000 By balance c/d. 69,000 14,35,000 14,35,000 Additional information: a) Outstanding subscription for 2013-14 ₹80,000. Outstanding salaries as on 1-04-2013 were ₹2,000 and as on 31-03-2014 were ₹4,000. b) One third of Entrance fee to be treated as General income. c) Locker rent rate is ₹2,000 per month. d) Depreciation on sports equipment 10% p.a. Prepare Income and Expenditure A/c. for the year ending 31-03-2014.

Posted by Snake Bruv 5 years, 4 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Jain ltd invited applicatipn for 112000

Posted by Preeti Srinath 5 years, 4 months ago

CBSE > Class 12 > Accountancy

1 answers

Pawan Kumar 5 years, 4 months ago

????

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ANSWER

Rajan & Rajani are partner in a firm. Their capital were rajan 3,00,000 ; rajani 2,00,000 . During the year 2015 the firm barmer a profit of 1,50,000 . Calculate the value of good will of the firm assuming that the normal rate of return is 20% ?

Posted by Rishii Joshii 5 years, 4 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Not for profit organisation chapter questions no.19

Posted by Kanak Kumari 5 years, 4 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Capital employed in a business is 200,000.the normal rate of return on capital employed is 15%. During the year 2015 the firm earned a profit of 48,000. Calculate goodwill on the basis of 3 year purchase of super profit ?

Posted by Rishi Joshi 5 years, 4 months ago

CBSE > Class 12 > Accountancy

1 answers

Gaurav Seth 5 years, 4 months ago

Capital employed in a business = Rs. 2,00,000 (Given)

Rate of return on capital employed = 15% (Given)

Super Profit = Actual Profit - Estimated profit

Goodwill = Super profit × Number of purchase years

Normal profit = 200000 × 15 /100

= 30,000

Super profit = profit earned - normal profit

= 48,000 - 30,000

= 18,000

Goodwill = 18,000 × 3

= 54,000

Thus, goodwill on the basis of 3 years purchase of super profit will be Rs. 54,000.

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ANSWER

. A, B, and C were partners sharing profit and loss in the ratio of 2:2:1. Books are closed on 31st March every year. C dies on the 5th of November 2018. Under the partnership deed, the executors of the deceased partner are entitled to his profit to the date of death, calculated on the basis of last year’s profit. Profit for the year ended 31st March 2018 was ₹2,40,000. C’s share of profit will be

Posted by Simran Morya 5 years, 4 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Ram and mohan were partners sharing profits and losses in the ratio of 2:1 they admitted shyam as a partners for 1/5th share of profits. For this purpose the goodwillof the firm was to valued on the basis of three years' purchase of last five years acerage profit. The profits for the last five years ended 31st march, wear : Year 2016. 2017. 2018. Profit 125000. 100000. 187500. 2019. 2020 (62500) 125000 Calculate goodwill of the firm after adjusting the following: The profit of 2016-17 was calculate after charging 25000 for abnormal loss of good by fire.

Posted by Aanchal Bamrara 5 years, 4 months ago

CBSE > Class 12 > Accountancy

2 answers

Avani Maheshwari 4 years, 7 months ago

Average profit = [125000+100000+187500-62500(loss) +125000+25000(abnormal loss)]/5 =500000/5 = ₹ 100000 now, Goodwill=100000*3 = ₹300000

2Thank You

Jagriti Vishwakarma 5 years, 4 months ago

125000+25000(abnormal loss)+100000+187500+62500+125000= 625000. Average profit=625000/5=125000. Goodwill= 125000×3=375000 ans.

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ANSWER

what is a diffrence b/w revluvation a/c and profir and loss a/c

Posted by Sohit Gola 5 years, 4 months ago

CBSE > Class 12 > Accountancy

2 answers

Jagriti Vishwakarma 5 years, 4 months ago

P&l a/c is prepared to find net profit and loss and revaluation a/c is prepared to find profit or loss on revaluation a/c

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Gaurav Seth 5 years, 4 months ago

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. ... Matching principle is not followed while preparing a P&L appropriation account.

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