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    • Posted by Tushika Garg 2 years, 1 month ago

    CBSE > Class 12 > Accountancy
    • 0 answers
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    • Posted by Nandini Chugh 2 years, 1 month ago

    CBSE > Class 12 > Accountancy
    • 0 answers
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    • Posted by Sweety Kumari 2 years, 1 month ago

    CBSE > Class 12 > Accountancy
    • 0 answers
    ANSWER
    There was a difference in Trial Balance of on 31st December 2012, and the difference in books was carried to a suspense account and the books were closed. 1. Rs 2,296 paid for repairs to Motor car was debited to Motor car account as Rs 7696. 2. A sale of Rs 1,400 to Jayanta Das was entered in the sales books as Rs 2,120. 3. A cash discount of Rs 800 received was entered in the cash book but not posted in the ledger. 4. Rs 400 being purchase return was posted to the debit of purchase account. 5. The purchase of a machine on 1st April 2012 for Rs 24,000 was entered in the purchase book. 6. While carrying forward total of one page in Nandan Das account, the amount of Rs 1,000 was written on the credit side instead of the debit side. 7. A cheque of Rs 6,912 received from Mrs. Sankari Das ( after allowing her a discount of Rs 92) was endorsed to Pranab ghosh in full settlement of Rs 7,700. The cheque was finally dishonored but no entries were passed in the books. Give journal entries to rectify the above errors and prepare suspense account.

    • Posted by Account Deleted 2 years, 1 month ago

    CBSE > Class 12 > Accountancy
    • 0 answers
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    • Posted by John Paul 2 years, 1 month ago

    CBSE > Class 12 > Accountancy
    • 0 answers
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    • Posted by Uday Pratap 2 years, 1 month ago

    CBSE > Class 12 > Accountancy
    • 0 answers
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    • Posted by Vidhi Agrawal 2 years, 1 month ago

    CBSE > Class 12 > Accountancy
    • 1 answers

    Uday Pratap 2 years, 1 month ago

    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

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    6Thank You

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    • Posted by Saanvi Aditya Srivastava 2 years, 1 month ago

    CBSE > Class 12 > Accountancy
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    • Posted by Vineet Mehta 2 years, 1 month ago

    CBSE > Class 12 > Accountancy
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    • Posted by Mishthi Rani 2 years, 1 month ago

    CBSE > Class 12 > Accountancy
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    U and v are partners sharing profit and losses are in the ratio of 2 ratio 3 the following is the balance sheet of u and v on 31st March 2018 liabilities bills people 10000 workman compensation reserve 15000 general reserve 30000 capital account you 20000 b25000 assets cash 10000 debtors 15000 this receivable 15000 stock 10000 fixture 20000 premises 30000 total of balance sheet is equal to 1 lakh .they admitted z for 1/5th share into partnership on first April 2018 on the following terms that brings rupees 30000 as capital good will of the form is valued on the basis of that share in profit and capital contributed by him the provision on debtors is to be created @ 5% fixture and stock are to be decreased by 10% the value of premises the appreciated by 10% prepaid the revaluation account partners capital account and also the balance sheet of the new firmm

    • Posted by Komal Satpute 2 years, 1 month ago

    CBSE > Class 12 > Accountancy
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    • Posted by Katyayni Varalica 2 years, 1 month ago

    CBSE > Class 12 > Accountancy
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    • Posted by Anand Yadav 2 years, 1 month ago

    CBSE > Class 12 > Accountancy
    • 1 answers

    Tiya Yadav 2 years, 1 month ago

    Credit side

    3Thank You

    ANSWER
    Mr. Tushar decided to start a computer business. For this purpose he built the first floor of his house at a cost of ₹2,00,000 and invested a further sum of ₹3,50,000 in this business. He wanted to start with 12 computers costing ₹40,000 each. He approached ICICI Bank and secured a loan to the extent of 75% of the cost of computers. It was agreed that the loan will be repaid in four annual instalments as follows: At the end of First Year \ 90000 +\ 36,000 for interest At the end of Second Year ₹90,000+ ₹27,000 for interest At the end of Third Year ₹90,000 ₹18,000 for interest At the end of Fourth Year ₹90,000+₹ 9,000 for interest He started business on 1st April, 2016. On the same date he deposited ₹3,30,000 in the Bank. He purchased Computers and paid 25% of the value of computers from his bank and 3,60,000 out of bank loan availed. He deposited ₹10,000 for the electric connection with the Electricity Board and also deposited ₹1,50,000 with the VSNI. for internet and telephone connection. He spent 40,000 for getting the Computer Cafe furnished and also spent 6,000 in getting the pamphlets printed and distributed. All payments were to be made by cheques and all the receipts were to be deposited in the bank on the same day. At the end of the year, the results were: ₹ Purchases of Computer stationery like floppy discs, CDs etc. Revenue from fees received from students of Computer classes 92,000 Revenue on Account of Internet Facility 2,70,000 Revenue from sale of Computer Stationery 2,20,000 1,60,000 Wages paid to Servant 12,000 Electricity Charges Telephone Charges 48,000 Entertainment Expenses 73,000 General Expenses 7,000 5,200

    • Posted by Taruna Mehra 2 years, 1 month ago

    CBSE > Class 12 > Accountancy
    • 0 answers
    ANSWER
    Parul and Aruna, school time friends, met at the school reunion. Farul had become a fashion designer and had worked for a few years with a leading fashion designer Aruna, after completing her MBA in Marketing, had worked with a leading retail store. At the meeting they had a brief discussion about setting up their own garment stores for teens and agreed to meet later and discuss the business prospects. 200.000 50% They met again to discuss the possibility of starting the business and after discussions decided to set up ready-made garments stores exclusively for teenagers with a high disposable family incomes and who follow latest fashion trends. They decided to open their first store on 15th April, 2022 They decided to produce and sell clothes which were not expensive as it will give the customer value for money and, in the process, their turnover will increase due to which the profit will also be high. They decided to open their flagship store in Select City Wallk, Saket. New Delhi. The name decided was C4T a short form of Clothes & Teens They discussed and finalised the business plan, capital requirement and sources, etc. Parul was to design the clothes and source the material besides identifying tailoring source, which was to be outsourced Aruna, besides looking after marketing, was to identify and rent a suitable place for the store, renovate it and take care of the legal aspects. It was agreed that each partner will initially contribute 10 lakhs towards capital. Aruna employed Bikram, an experienced accountant, and requested him to draw the Partnership Deed and get the firm registered under the applicable laws. She gave him the of partnership agreed between her and Parul located a shop measuring 800 square feet, finalised the rent and entered into an ment. It was agreed that rent for the shop will be ₹ 15,000 per month starting from April, 2022 and in between period will be used for furnishing the shop. A security deposit ual to six months rent was to be given A bank account was opened with the State Bank of India in the name of CIT in which they deposited cheques of 10 lakhs each. Cheques for ₹ 90,000 as security deposits for rent, 7,000 as Security Deposit for Electricity were issued. A contract was signed for 3,50,000 for renovation of the outlet which was paid. A website was got developed from a local developer to attract mail orders. Website designing and hosting expense came to 1,00,000. Rent for website space was ? 20,000 payable from 1st April 2023. A computer and printer was purchased for 50,000. The firm took a term loan of 10 lakhs from the bank repayable in 20 equal quarterly instalments. First instalment was to be paid on 30th June, 2022. The bank granted loan interest being 12% per annum. Loan repayment schedule was as follows: Date June 30, 2023 September 30, 2027 December 31, 2022 March 31 2023 Principal ( 50.000 50,000 50,000 30.000 Interest

    • Posted by M Harsh Birha 2 years, 2 months ago

    CBSE > Class 12 > Accountancy
    • 0 answers
    ANSWER

    • Posted by Priyanka Arora 2 years, 2 months ago

    CBSE > Class 12 > Accountancy
    • 1 answers

    Jyotika Sen 2 years, 1 month ago

    Accounting is often referred to as the “language of business” because it serves to communicate financial information about a company or organization. This vital function enables stakeholders, such as investors, creditors, and management, to understand a company’s financial performance and position.

    0Thank You

    ANSWER

    • Posted by John Paul 2 years, 2 months ago

    CBSE > Class 12 > Accountancy
    • 0 answers
    ANSWER
    Ganesh Ltd. Offered to public 1,00,000 Equity shares of Rs.10 each at premium of Rs 2 per share payable as follows: On application Rs 3 per share On Allotment Rs 4 per share (including premium) On First and call – Rs 3 And balance on final call Applications for 1,60,000 shares were received and allotment was made as follows: Category A To applications of 40,000 shares - In full Category B To applications of 60,000 shares - 40,000 shares Category C To applications of 30,000 shares - 20,000 shares Category D To applications of 30,000 shares - Nil Except in cases where application money were wholly rejected excess application money was not to be refunded but is to be adjusted against money due on allotment and calls. Arun an applicant under Category B who applied for 2,400 shares failed to pay the allotment money and on his failure to pay the first call, his shares were forfeited. Bimal an applicant under Category C who applied for 1,800 shares failed to pay both the calls and his shares were forfeited after the second and final call. All the forfeited shares were reissued to Charan as fully paid up for Rs 8.50. Prepare Cash book and Proper Journal. 8 Marks

    • Posted by Dravit Goyal 2 years, 2 months ago

    CBSE > Class 12 > Accountancy
    • 1 answers

    Aman Mahato 2 years ago

    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

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    10Thank You

    ANSWER
    Ok

    • Posted by Vishal Kashyap 2 years, 2 months ago

    CBSE > Class 12 > Accountancy
    • 0 answers
    ANSWER
    Calculate the interest on drawings of Mr Vishal Bhardwaj @ 10% per annum in each of the following alternative cases. (i) If he withdrew 5,000 per month in the beginning of every month. (ii) If he withdrew ₹ 5,000 per month at the end of every month. (iii) If he withdrew₹ 5,000 per month in the middle of every month. (iv) If he withdrew 5,000 in the beginning of every month for 6 months. (v) If he withdrew ₹ 5,000 at the middle of every month for 6 months. (vi) If he withdrew 5,000 at the end of every month for 6 months. (vii) If he withdrew ₹ 5,000 in the beginning of every month for 9 months. (viii) If he withdrew ₹ 5,000 at the end of every month for 9 months. (ix) If he withdrew₹ 5,000 in the middle of every month for 9 months. (x) If he withdrew₹ 5,000 in the beginning of each quarter. xi) If he withdrew 5,000 at the end of each quarter. ( (xii) If he withdrew ₹ 5,000 at the middle of each quarter.

    • Posted by Anshika Singh 2 years, 2 months ago

    CBSE > Class 12 > Accountancy
    • 0 answers
    ANSWER

    • Posted by Nitesha Agarwal 2 years, 2 months ago

    CBSE > Class 12 > Accountancy
    • 0 answers
    ANSWER

    • Posted by Vanshika Punhani 2 years, 2 months ago

    CBSE > Class 12 > Accountancy
    • 1 answers

    Yogita Thakre 2 years, 2 months ago

    Ratio will increase

    0Thank You

    ANSWER
    Shakti Ltd. invited applications for issuing 1,00,000 Equity Shares of ` 10 each. The am ount was payable as follows: On Application ` 3 On Allotment : ` 2 On First and Final Call : ` 5 Applications were received for 2,20,000 shares. Applications for 20,000 shares were rejected and their application money .52 was refunded. Shares were allotted to the remaining applicants as follows: (i) Allotted 50% shares to Raman who had applied for 40,000 shares. (ii) To allot in full to Akbar who had applied for 20,000 shares. (iii) To allot balance of the shares on pro rata basis to the other applicants. Excess application money was utilised in payment of allotment and final call. All calls were made and were duly received except the first and final call on 600 shares allotted to an applicant in category (iii). His shares were forfeited. The forfeited shares were reissued for ` 9 per share fully paid – up. Pass the necessary Journal Entries in the books of Shakti Ltd. for the above transactions.

    • Posted by Pooja Sindhal 2 years, 2 months ago

    CBSE > Class 12 > Accountancy
    • 0 answers
    ANSWER

    • Posted by Pooja Sindhal 2 years, 2 months ago

    CBSE > Class 12 > Accountancy
    • 0 answers
    ANSWER

    • Posted by Jatin J 2 years, 2 months ago

    CBSE > Class 12 > Accountancy
    • 0 answers
    ANSWER

    • Posted by Mishti ** 2 years, 2 months ago

    CBSE > Class 12 > Accountancy
    • 0 answers
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    • Posted by Khushi Pandey 2 years, 2 months ago

    CBSE > Class 12 > Accountancy
    • 0 answers
    ANSWER
    PROJECT WORK IN ACCOUNTANCY (2023-24) COMPREHENSIVE PROJECT TOPIC: Study of the Operational Efficiency of "Clean Detergent Soap" (With GST) Objectives of the Project: The main objectives of my project are that I will be able: To judge the performance of the firm. To judge the overall profitability position. To check the financial soundness. To judge the effectiveness with which the fixed assets have been used. To identify Investing and Financing activities and prepare Cash Flow Statement. TOOLS OF ANALYSIS (1) Ratios (ii) Cash Flow Statement SOURCE MATERIAL Project Statement: 'Clean Detergent Soap' On January 1, 2022 National Small Industries Corporation (NSIC) organised a Camp for those who wanted to start a small business. The NSIC displayed 1500 small business projects which could be started with an investment of 2,00,000. The NSIC also promised to buy the entire production of the first year. It promised to supply the required machinery at a very subsidised rate. It also had a scheme to give loans upto 50% of the working capital requirement. A large number of people visited the camp. There were project demonstrations by the NSIC advisers and experts. Ms. Neelam was very impressed by the demonstration of the small business project on Detergent Powder. The project was economically vlable. She was convinced that she will definitely succeed in carrying out the project. She entered into an agreement with the NSIC who agreed to supply the necessary plant for ₹ 60,000 (GST @ 18 %) on turnkey basis. She had sufficient open space at her residence in a village. She got the machine fixed, and the down payment of 20,800 was made. The balance was to be paid equally over a period of five years. She went through the literature provided by the NSIC to know the addresses of the suppliers of the raw materials. She placed necessary orders for the raw material and arranged for workers who will operate the machine and do other necessary production work. She set up a small workable office and decided to do all office work herself. All supplies were on a credit for two weeks. She formally inaugurated the production on April 1, 2022. She invited all the villagers on the very first day. Clean Detergent powder was very reasonably priced. The price was very much lower than other brands in the market. She visited ten other villages around her village. She told the people there, as to how her detergent powder is better and cheaper than others. Her product was really good and was accepted by all those who used it. Within two months she could sell whatever she produced every week. Her initial investment was 80,000 out of which she paid the first instalment (down payment) of plant on April 1, 2022. She opened a Bank Account with 49,200 on the same date. She had an old scooter worth 20,000 which she decided to use in her business. She also purchased furniture for 12,000 (GST @ 12%). Thus, her total investment was 1,00,000. The payments to suppliers were made on the 15th and the 30th of each month. The salaries and wages were paid only on the 7th of each month. The Sales were mostly for Cash. The Cash Sale was deposited in the Bank the next day. The sale to local customers was on credit for oneweek. All the customers were honest and paid the amount as and when due. The following expenses were incurred and revenue realised during the year ended March 31, 2023. (₹) 1. Raw material purchased on credit (GST @ 12%) 12,00,000 2. Cash paid to the (suppliers) creditors 11,24,000 3. Cash Sales (GST @ 18%) 16,00,000 4. Credit Sales (GST @ 18%) 15,25,000 5. Cash received from customers 2,31,000 6. Wages paid for eleven months 19,000 7. Office expenses 25,000 8. Power bills paid 10,000 9. Packing expenses (GST @ 12%) 2,52,000 10. Drawings Other balances as on March 31, 2023 were as follow: (i) Closing Stock (₹) (ii) Plant 25,000 60,000 (iii) Furniture 12,000 (iv) Debtors 75,000 (v) Scooter 20,000 Depreciation was charged @ 10% p.a. on both plant and furniture and @ 20% on Scooter. Wages are outstanding for one month. Required: 1. Ms. Neelam wants to judge her performance. ii. Calculate necessary ratios to find out her overall profitability and production efficiency. iii. Evaluate her liquidity position at the end of the year. iv. Identify her main financing and investing activities. V. Prepare Cash Flow Statement. vi. Can she get a loan from a bank?

    • Posted by Sumit Kumar 2 years, 2 months ago

    CBSE > Class 12 > Accountancy
    • 0 answers
    ANSWER

    • Posted by Rupak Deb 2 years, 2 months ago

    CBSE > Class 12 > Accountancy
    • 0 answers
    ANSWER

    • Posted by Abhay Kumar 2 years, 2 months ago

    CBSE > Class 12 > Accountancy
    • 0 answers
    ANSWER

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