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

Average period= period for which last drawing was made+ period for which first drawing was made/2 = 12+1/2 = 6.5 So, interest on drawing= 2000×12×6.5/100×10/100 =1300

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Aanchal Gupta 5 years, 6 months ago

Assuming that the drawings were made evenly throughout the year, the interest on drawings has been calculated for an average period of 6 months. Interest on drawings = total drawings × rate 100×5.5/12 Interest on drawings =rs.2000×12×10/100×5.5/12 Interest on drawings =rs.1,100

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A,B,Cand D are partners in a firm sharing profits in the ratio of 3:3:2:2respectively D retires A,BandC decide to share the future profits in the ratio of 3:2:1.Goodwill of the firm is valued at Rs600000.goodwill already appears in the books at Rs 450000.the profits for the first year after D retirement amounted to Rs 1200000.give the necessary journal entries.

Posted by Kammu Gaming 5 years, 6 months ago

CBSE > Class 12 > Accountancy

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Subscription received during the year included 10000 from a life members and a donation of 50,000 received for building fund

Posted by Ishika Aggarwal 5 years, 6 months ago

CBSE > Class 12 > Accountancy

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ANSWER

Practical Question number 38 dk goel

Posted by Ishika Aggarwal 5 years, 6 months ago

CBSE > Class 12 > Accountancy

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ANSWER

Following is the Receipts and Payment Account of Literacy club for the year ended 31st March, 2019: RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March, 2019 RECEIPTS Amount PAYMENTS Amount To balance b/d To donation To life membership fees To receipts from matches To subscriptions To lockers rent To interest on investment To sale of furniture(book value Rs 1600) To entrance fees 20,000 1,00,000 8,000 16,000 10,400 800 480 2,000 6,000 By building By match expenses By furniture By 10% investments By salaries: 2018 4,000 2019 10,000 ________ By insurance By sundry expenses By balance c/d 1,08,000 900 5,100 32,000 14,000 700 1,940 1,040 1,63,680 1,63,680 i) Subscriptions outstanding on 31st March, 2018 were Rs 200 and on 31st March, 2019 were Rs 1,380. ii) Outstanding salaries for the year ended 31 st March, 2019 were Rs 800 and outstanding sundry expenses were Rs 600. iii) Donation includes Rs 20,000 for general donations and balance for building. iv) 10% Investments were purchased on 1st July, 2018. Prepare Income and Expenditure Account of the Club for the year ended 31st March, 2019.

Posted by Himanshi Chaudhary 5 years, 6 months ago

CBSE > Class 12 > Accountancy

1 answers

Poonam Kumari 4 years, 7 months ago

answer plzz

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X&y started business on 1stapril2015 with a capital of 2lac & 10 lac respectively. They agreed to share profits & losses in the ratio of their capitals. You are required to distribute the profit for the year which was rs42200

Posted by Abhay Bhagat 5 years, 6 months ago

CBSE > Class 12 > Accountancy

1 answers

Saloni Jain 5 years, 6 months ago

The capital contributed by X is ₹200000 And Y is ₹1000000.. Therefore, capital ratio is : 1:5 Profit for the year is ₹ 42200 Share if X =1/6* 42200=7033 Share of Y=5/6*42200=35167

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A and B are partners in a firm sharing profits and losses in the ratio of 5:3. They admit C and D as new partners . A sacrifices 1/2 of his share in favour of C and B sacrifices 1/4 from his share in favour of D. Calculate their new profit sharing ratio.

Posted by Manav Sharma 5 years, 6 months ago

CBSE > Class 12 > Accountancy

2 answers

Khushi Varshney 5 years, 6 months ago

new profit sharing ratio=5:2:5:4

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Manav Sharma 5 years, 6 months ago

Not posted answer

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ANSWER

A and B are partners in a firm sharing profits in the ratio of 3:1. They admit C and decide that the profit sharing ratio between B and C shall be same as existing between A and B . Calculate new profit sharing ratio and the sacrificing ratio.

Posted by Manav Sharma 5 years, 6 months ago

CBSE > Class 12 > Accountancy

1 answers

Khushi Varshney 5 years, 6 months ago

New profit sharing ratio=9:3:1 Sacrificing ratio=3:1

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P Q and R are partners sharing profits and losses in the ratio 5:3:2 S is admitted as a new partner for 1/5 shares P sacrifices 1/10 shares from his share in favor of S and remaining sacrifice was made by Q ans R in the ratio 2:1 Calculate sacrificing ratio and new profit sharing ratio

Posted by Manav Sharma 5 years, 6 months ago

CBSE > Class 12 > Accountancy

1 answers

Khushi Varshney 5 years, 6 months ago

sacrificing=3:2:1 New=12:7:5:6

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ANSWER

If the ratio of distribution of profit is not given in the partnership deed/agreement then the profit /loss will be distribute in which ratio???

Posted by Pranav Kumar 5 years, 6 months ago

CBSE > Class 12 > Accountancy

2 answers

Khushi Varshney 5 years, 6 months ago

equally

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Ayush Goyal 5 years, 6 months ago

Equal ratio

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Rule of account

Posted by Mandakini Singh Lucky Thakur 5 years, 6 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Features of a partnership firm are

Posted by Kirti Garg 5 years, 6 months ago

CBSE > Class 12 > Accountancy

1 answers

Yogita Ingle 5 years, 6 months ago

Following is the features of Partnership firm
1. Joint ownership
2. Agreement
3. Lawful business
4. Unlimited liability
5. Business secrecy
6. Sharing of profit and losses
7. Number of partners

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Harshad and dhiman are in partnership since april 1 2013

Posted by Narendra Singh 5 years, 6 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Entry for transferring a part of profit to reserve

Posted by Ashok Sharma 5 years, 6 months ago

CBSE > Class 12 > Accountancy

1 answers

Ashok Sharma 5 years, 6 months ago

Profit and loss appropriation A/c. Dr. To Reserve A/C

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Jain Ltd. issues 112000 equity share 10 at par pay as follows

Posted by Atul Upadhyay 5 years, 6 months ago

CBSE > Class 12 > Accountancy

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Retire of a partnership

Posted by Poornima Chhetri 5 years, 6 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Pass journal entries

Posted by Nitin Kumar 5 years, 6 months ago

CBSE > Class 12 > Accountancy

1 answers

Bhavika Shekhawat 5 years, 6 months ago

Of what..??

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What is govt grant and how is it treated

Posted by Kirtika Achary 5 years, 6 months ago

CBSE > Class 12 > Accountancy

1 answers

Khushi Varshney 5 years, 6 months ago

Govt grant means the fund recd. by NPO from the govt. for general or some special cause. *If it is recd. without any special cause or no specific reason is given,then it is trated as income in I&E a/c. *If it is for some special cause then it is treated as a liability on liabilities side of B/s.

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All chapter

Posted by Tenzin Tsering 5 years, 6 months ago

CBSE > Class 12 > Accountancy