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Why is books purchased by npo and government bonds not shown as an expense in income and expenditure account

Posted by Goshmi Abrol 5 years, 8 months ago

CBSE > Class 12 > Accountancy

1 answers

Ankit Singh 5 years, 8 months ago

Because it is asset for a non for profit organization and organisations working for social work

ANSWER

X.ltd forfeited 10 shares of 10 each rs. 7 called up pn which the share holder had paid application and alloted money of rs. 5 per share .out pf these ,8per shAres were re-issued to y for rs.8per share as rs.8 paid up per share. Record the journal entries for forfeiture and re-issue of shares by opening call in arears account

Posted by Satwant Singh 5 years, 8 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

current liabilities of a company where 170000 and its current ratio was 2 ratio 1 it paid rupees 30,000 to creditors calculate current ratio after payment

Posted by Gaggu Sharan 5 years, 8 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

M and N are partners in a firm M has given a loan of RS 8000 TO the firm on 1 april 2016 the partnership deed is silent upon the question on loan advanced by M to the firm assuming books are clossed 31 december each year

Posted by Ananya Rajput 5 years, 8 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Radha and Rukmani are partners in a firm with fixed capitals of 200000 and 300000 respectively. They share profits in ratio 1:2 . Both partners are entitled to interest on capital 8% p.a. . In addition, Rukmani is entitled to a salary of 20000 per month. Business is carried from property owned by Radha on a yearly rent of 120000. Net profit for the year before providing for rent was 550000. You are required to draw profit and loss account

Posted by Payal Khatter 5 years, 8 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

A and B are partners in a firm sharing profits and losses in the ratio 3:1, C is admitted with 1/4th share which he acquires from A only. Calculate the new profit sharing ratio.

Posted by Saumya Khanna 5 years, 8 months ago

CBSE > Class 12 > Accountancy

1 answers

Nikhil Dwivedi 5 years, 8 months ago

2:1:1

ANSWER

Why we prepared profit and loss appropriation account?

Posted by Divi Jain 5 years, 8 months ago

CBSE > Class 12 > Accountancy

1 answers

Anshul Gupta 5 years, 8 months ago

For showing distribution of profits among partners

ANSWER

What is not for profit organisation?

Posted by Chhavi Choudhary 5 years, 8 months ago

CBSE > Class 12 > Accountancy

2 answers

Nikhil Dwivedi 5 years, 8 months ago

Not for profit organisation is a charitable institition which can not be owned by individual.i t can be owned by group of member often called trustees.Its main motive is social welfare not profit earning.

Shashank Mishra 5 years, 8 months ago

Not for profit organisation is the organisation which have the objective to not earn profit

ANSWER

A 4 month promissory note with the face value of $900 dated August 31 bears interest at 6% A What is the due date of the note ? B calculate the number of days that this note will accumulate interest? C what is the maturity value of the note on the due date?

Posted by Pardeep Kaur 5 years, 8 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

An investor purchased $50000 in 168 days t bills for 49912.70 $ to yield 0.38% and they ending up selling the t bills 75 days after purchasing it that price would the investor receive if the interest rate had increased to 0.4% by the date that the investor sold the t biils?

Posted by Pardeep Kaur 5 years, 8 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Which of the following is not restricted fund

Posted by Neeraj Gupta 5 years, 8 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Harshad and Dhiman are partners in firm since 1st april 2019. No partnership agreement was made. They contributed 400000and 100000respectively as capital in addition Harshad

Posted by Ekramubbin Khan 5 years, 8 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

The treasurer of royal tennis club presented following receipts and payments acc

Posted by Visalakshi C 5 years, 8 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

chapters questions and answers

Posted by Anuj Mishra 5 years, 8 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Contribution made by the members of NPO is know as

Posted by Soniya Singh 5 years, 8 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

vbn

Posted by Raju Pandey 5 years, 8 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

X limited offered 1,00,000 equal shares of Rs 10 each at a premium of Rs 3 per share on application Rs 2 on allotment Rs 5 on first call Rs 4 on final cal Rs 2\13 Application were rwcieved for 1,20,000 share applucatiom money to be refunded. Mr. R who failed to pay first call of 200 shares and. Mr p who failed to oay second and final call money for 300 shares. All shares

Posted by Rahel Rai 5 years, 8 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

A company registered with a capital of rs. 70,00,000 divided in to 70,000 shares @100 each. Out of these, the company issued 50,000 shares for subscription to the public. The public applied for 47000 shares and all the money was duly received, except the final call of rs. 30 per share on 4000 shares. Calculate the following from this question Authorised capital Issued capital subscribed capital Called up capital uncalled capital paid up capital Calls in arrears

Posted by Akash Sharma 5 years, 8 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

two newly qualified Dr setup Organisation in which they charge fees from those who can give money but free consultations of those who cannot pay fees is this example of not-for-profit organisations are not

Posted by Parneet Kaur 5 years, 8 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Sale of investment is an income ?

Posted by Priyanshu Bisht 5 years, 8 months ago

CBSE > Class 12 > Accountancy

1 answers

Rajendr Singh Kanyal 5 years, 8 months ago

Are you from dmga

ANSWER

Start how will be the prizes awarded of5000 shown while preparing the final accounts of a club for the year ending on 31st march,2020?

Posted by Samira Sawant 5 years, 8 months ago

CBSE > Class 12 > Accountancy

1 answers

Neeraj Gupta 5 years, 8 months ago

May be prepared under the direct or indirect method

ANSWER

From the following, what is important for a partnership?

Posted by Harsh Vimal 4 years, 7 months ago

CBSE > Class 12 > Accountancy

1 answers

Sia ? 4 years, 7 months ago

Sharing of profits is must for a partnership business. Profits earned by a partnership firm should be divided amongst partners in the agreed profit sharing ratio.

ANSWER

Partnership features

Posted by Divyanshi Tomar 5 years, 8 months ago

CBSE > Class 12 > Accountancy

1 answers

Yogita Ingle 5 years, 8 months ago

According to the Indian Partnership Act 1932, “Partnership between two or more persons who have agreed to share the profits of the business carried on by all or any of them acting for all”.

Features of partnership are

Minimum two members are required to form a partnership firm and maximum 20 members are allowed. However, only 10 members are allowed in a banking business. According to section 464 of the Companies Act 2013, the number of persons in any association or partnership shall not exceed one hundred subject to the limit prescribed in the rules. In Rule 10 of the Companies Miscellaneous Rules 2014, no association or partnership shall be formed, consisting of more than 50 persons. Hence, the limit is now 50 partners to prescribe maximum number of partners in a firm but the prescribed number cannot be more than 100.
Formation: The partnership form of business organisation is regulated by the Indian Partnership Act 1932.
Agreement: The partners come to a mutual agreement to form a verbal or written partnership in. This document is known as partnership deed.
Lawful business: A partnership may commence any lawful business activity. The partnership shall be formed only to perform legal business activity. Any robbery or smuggling between any two partners shall not be considered as partnership.
Profit sharing: As per the agreement share ratio of the profit, the partners of the partnership firm share the profit of the firm. If the agreement does not specify the share ratio of the profit, the profit is divided equally among all the members.

ANSWER

PQ and Rs started of partnership business on 1-7-2016 contribution rupees 500000 rupees 600000 rupees 7 lakh respectively as their capital interest on capital is to be provided 12% per annum the permian profit of 175000 for the year ended 31st March 2017 the profit sharing ratio of PQ and Rs 1 1 ratio 2 ratio to prepare profit appropriation account for the year ended 31st March 2017

Posted by Shashi Jaiswal 5 years, 8 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

3. Angad, Fateh and Kothari were partners in a firm sharing profits in the ratio of 3 : 4 : 5. The fixed capitals were Angad Rs.2,00,000, Fateh Rs.2,50,000 and Kothari Rs.3,00,000 respectively. The partnership deed provided for the following: (i) Interest on capital @6% p.a. (ii) Salary of Rs.15,000 p.a. to Kothari. (iii) Interest on partner’s drawings will be charged @12% p.a. (iv) During the year ended 31.3.2009 the firm earned a profit of Rs.1,35,000. (v) Angad withdrew Rs.5,000, Fateh withdrew Rs.6,000 and Kothari withdrew Rs.7,500 on 31.12.2008. Pass journal entries.

Posted by Tanishq Kumar 5 years, 6 months ago

CBSE > Class 12 > Accountancy

1 answers

Thakur Saurabh Singh Workout 5 years, 2 months ago

answer

ANSWER

A and B started business in partnership on 1st january 2019 with capital of =50000 and =40000. Accordingly to partnership deed A is entitled to a salary of =500 per month and interest to be allowed on partners capitals @10% per annum. Profit of =70000 before allowing A's salary and interest on capitals. Prepare only profit and loss appropriation?

Posted by Harman Walia 5 years, 8 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

I attempted all the questions of my paper but I left 1 question. All the questions I attempted is andaagi can I pass

Posted by Deepansh Mishra 5 years, 8 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Xyz ltd was formed with a authorized capital of 2500000 divided into equity shares of 10 each.(1) company issued 10,000 shares at par. (2) company also issued shares at 10% premium to mltd for purchase of assets of 550000 Pass all necessary entries

Posted by Inderjeet Dhillon 5 years, 8 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Ram and mohan started a business on 1 april 16 with a capital 400000 and 250000 respectively sharing profits in the ratio 3:2. on 1st October 2016 they decided that capital of the firm should be ₹650000 and it should be shared by the partners in their profit sharing ratio.. Accordingly they decided Introduce or withdraw their capital Interest on capital is 10%pa

Posted by Disha Bhatia 5 years, 8 months ago

CBSE > Class 12 > Accountancy

1 answers

Vansh 123 5 years, 8 months ago

Int on ram's cap. = 52,500 Int on mohan's cap. = 45000

ANSWER

X Y and Z are partners sharing profit and loss in the ratio of 5:3:2 with effect from 1april 15 following appears in the balnce sheet as 31 march 15 General reserve rs 75000. Advertisement suspense a/c dr rs 50000. Contingencies reserve. Rs 12500 profit and loss. Rs 37500

Posted by Subhey Kumar 5 years, 8 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

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