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What do you mean by fixed and flactuating capital

Posted by Ranbir Sharma Ranbir Sharma 5 years, 8 months ago

1 answers

Yogita Ingle 5 years, 8 months ago

(a) Fixed Capital Account
A firm prepares Fixed Account with very basic capital related transactions. Unlike the Capital account, under these repetitive capital related transactions does not affect the Capital balance. Like, Salary of employees, commission for employees, interest on capital, interest on drawings, etc.

The firm opens the account in the name of “Fixed Capital Account”. Initial Investment will appear on the credit side as the starting entry. Only 2 kinds of Capital related transactions can affect its balance :

(1) Addition of Capital

(2) Permanent Withdrawal of Capital

(b) Current Account

It includes all the capital related transactions other than the initial investment of capital, addition of capital and withdrawal of capital. Hence, It mainly includes items such as :

1. Interest on Capital

2. Interest on Drawings

3. Salaries and other remuneration to employees

4. Commission to employees and even more.

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What do you mean by fixed and flactuating capital

Posted by Ranbir Sharma Ranbir Sharma 5 years, 8 months ago

CBSE > Class 12 > Accountancy

1 answers

Meghna Thapar 5 years, 8 months ago

Fixed capital account and fluctuating capital account are the terms used in the context of partnership, a partnership is a way of doing business and in case of partnership two or more person come together to start a business and shares its profit and losses in an agreed ratio. Fixed Capital Account – Under this system, the capital which is introduced by partners will remain fixed throughout the life of the partnership. ... Fluctuating capital account method is usually preferred by partners; however they can also use fixed capital account according to their business and preference.

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credit

Posted by Harish Kumar 5 years, 8 months ago

CBSE > Class 12 > Accountancy

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P and S word partners in a firm sharing profits in the ratio of 3 ratio to their balance sheet on 31 March 2012 was as follows 1180 capital of P A clerk and Rs 180000 bank overdraft 2000 creditors 20000 provision for doubtful debts 1000 general reserve 15020 loan 20000 asset side cash 8000 debtors 30000 building 90000 land 148000 on 1 April 2012 admitted as a new partner on the following condition we week will gets 18 share in the profit of the form second wheels loan will be converted into his capital third the Goodwill of the form was valued at 80,000 and we brought his share of goodwill premium in cash fourth provision for doubtful that was to made equal to 5% on data stock was to be depreciated by past present and land was be appreciated by the percent prepare revaluation partners capital account and balance sheet

Posted by Babita Malik 5 years, 8 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

What is the meaning of appropriation ?

Posted by Ranbir Sharma Ranbir Sharma 5 years, 8 months ago

CBSE > Class 12 > Accountancy

2 answers

Srishti ? 5 years, 8 months ago

Distribution

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Yogita Ingle 5 years, 8 months ago

Appropriation Bill gives power to the government to withdraw funds from the Consolidated Fund of India for meeting the expenditure during the financial year.

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Ram, shyam and sita are partners in a firm they distribute profit equally. Profit for the year ending 31st March 2018. 1,10,000 show by the profit and loss account

Posted by Vinayak Kumar Rastogi Rastogi 5 years, 8 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

Y ltd .issued 40,000 shares of 10 each issued at a premium of Rs. 2 payable as .follows .on application -3 on allotment -5 (including premium )and balance on first and final call. All money were duly received except final call on 500 shares.pass the necessary journal entries.

Posted by Nandakumar P 5 years, 8 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

What do u mean by subscription

Posted by Jagriti Pandey 5 years, 8 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

How to record accounting for partnership

Posted by Amrutha Ammu 5 years, 8 months ago

CBSE > Class 12 > Accountancy

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X and Y are partners sharing profit and loss in the ratio 3:2 their capital on1 April 2013 were rs 100000 and 80000 on 1 july 2013 X introduce rs 2000 only find out interest on capital for both the partners @ 10%p.a. on 31 march 2014

Posted by Aaryan Dhamija 5 years, 8 months ago

CBSE > Class 12 > Accountancy

1 answers

Namrata Rathi 5 years, 8 months ago

Interest on capital x was 10000 and y was 8000

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Vinod and Kumar were partners in a firm sharing profits in the ratio of 3:2. Their fixed capitals on 1-4- 2010 were Vinod Rs.2,00,000 and Kumar Rs.4,00,000. They agreed to allow interest on capital @12% p.a. and charge on drawings @ 15% p.a. The firm earned a profit, before all above adjustments, of Rs.60,000 for the year ended 31-3-2011. The drawings of Vinod and Kumar during the year were Rs.3,000 and Rs.5,000 respectively. Showing your calculation prepare, profit and loss appropriation account of Vinod and Kumar. The interest on capital will be allowed even if the firm incurs a loss.

Posted by Varunesh Renganathan 2 years, 3 months ago

CBSE > Class 12 > Accountancy

1 answers

Namrata Rathi 5 years, 8 months ago

Interest on capital of vinod is 19734 and kumar was 45210

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ANSWER

A and B were patner in a firm sharing profit 4:3. Their capital on 1st April 2018were A 80,000 and B 50,000 the partnership deed provide as follows:. 1 interest on capital and drawing will be allowed and changed at the rate 12.% per annumand 10%per annum

Posted by Sahab Singh 5 years, 8 months ago

CBSE > Class 12 > Accountancy

1 answers

Namrata Rathi 5 years, 8 months ago

Interest of capital of A was 10560 B was 6600 and drawing of A was 8000 and B was 5000

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What are accounting assumptions?why it is needed

Posted by Vridhi Bedarkar 5 years, 8 months ago

CBSE > Class 12 > Accountancy

0 answers

ANSWER

I could not understand of chapter not for profit organisation.

Posted by Kishan Majhi 5 years, 8 months ago

CBSE > Class 12 > Accountancy

2 answers

Srishti ? 5 years, 8 months ago

All you need is clear concept and practice

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Srishti ? 5 years, 8 months ago

Easiest chapter

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Dk goel ques.no.20

Posted by Accounts English 5 years, 8 months ago

CBSE > Class 12 > Accountancy

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ANSWER

Calculate the income from subscription for the year 2018 from the following information relating to Annapurna sports club: 1.12018 31.12.2018 Rs. Rs. subscription received in advance 5,000 2,000 Total subscription received during the year 2018 is Rs 20,000. There are 300 members in the culb, each paying Rs 100 per annum.

Posted by Rohit Kumar 5 years, 8 months ago

CBSE > Class 12 > Accountancy

2 answers

Namrata Rathi 5 years, 8 months ago

300*100= 30000

2Thank You

Keshav Aggarwal 5 years, 8 months ago

Your income is your members of the club that are paying you i.e. 300*100=30000 ...always remember that

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How is income and expenditure account is prepared from receipts and payments account explain.

Posted by Rohit Kumar 5 years, 8 months ago

CBSE > Class 12 > Accountancy

1 answers

Anubhav Saxena 5 years, 8 months ago

Just crosspost items of income and expenditure A/c in receipt and payment U will be able to prepare it And always remember if closing balance of cash is not given in R&P A/c then There will be balance c/d in the answer

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XYZ club has a bar that maintains a separate trading account for its trading activity which of the following is the treatment of profit or loss on bar trading activity

Posted by Rajesh Kumar 5 years, 8 months ago

CBSE > Class 12 > Accountancy

0 answers

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A & b are partners in a firm. A is entitled to a salary of 15000 p.m & a commission of10% of net profit before charging any commission. B is entitled to a commission of 10% of net profit after charging his commission net profit the year ended 31 march 2018 was 440000 Prepare profit & loss appropriation account

Posted by Suraj Dham 5 years, 9 months ago

CBSE > Class 12 > Accountancy

1 answers

Namrata Rathi 5 years, 8 months ago

A was 1500 and B was 44000

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Cause of depritiation

Posted by Aditya Tripathi 5 years, 9 months ago

CBSE > Class 12 > Accountancy

1 answers

Yogita Ingle 5 years, 9 months ago

Wear and Tear due to Use or Passage of Time: Wear and tear is nothing but deterioration and the following decrease in the value of an asset, resulting from its use in business operations for earning revenue.
Expiration of Legal Rights: Some categories of assets lose their value after the agreement directing their use in business comes to an end after the expiry of the predetermined period.
Obsolescence: Obsolescence is another factor driving to the depreciation of fixed assets. In common language, obsolescence means being “out-of-date”. Obsolescence refers to an actual asset becoming outdated on account of the availability of a better type of asset.
Abnormal Factors: Drop in the use of the asset may be caused by abnormal factors. Namely, accidents due to the earthquake, fire, floods, etc., Accidental loss is permanent but not continuing.

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On 1st April 2012 , Z ltd issued 10,00,000 10% debentures of 100 each at 94% redeem at par. The debentures are to be redeemed by drawing method in following manner : Year end 2nd 3rd 4th 5th Nominal value 10% 20% 30% 40% of debentures redeemed Calculate the amount of discount on issue of debentures to be written of each year.

Posted by Rana Rukshan 5 years, 9 months ago

CBSE > Class 12 > Accountancy

2 answers

Rana Rukshan 5 years, 8 months ago

Please explain me briefly

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Khushi Varshney 5 years, 9 months ago

I think the whole discount on issue of debentures(60,000) will be written in the year of issue i.e.on 31st march 2013

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ANSWER

What are the objective of receipt and payment account

Posted by Rohit Kumar 5 years, 9 months ago

CBSE > Class 12 > Accountancy

1 answers

Yogita Ingle 5 years, 9 months ago

Objective Receipts and payments account is prepared to show cash and bank receipts and payments during the period to derive closing balance of cash and bank. Income and expenditureaccount is prepared to show the net result of the operation during the period to derive surplus or deficit.

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How is consumable items dealt with in the final account of a not for profit organisation?

Posted by Rohit Kumar 5 years, 9 months ago

CBSE > Class 12 > Accountancy

1 answers

Srishti Jain 5 years, 9 months ago

By debiting in income and expenditure account(there are other cases also in thiss cncpt)

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ANSWER

How is the amount of subscription conputed for current year

Posted by Rohit Kumar 5 years, 9 months ago

CBSE > Class 12 > Accountancy

1 answers

Yogita Ingle 5 years, 9 months ago

That is related that advance of previous year must be added and outstanding of previous year must be substracted.

ours outstanding added and advance substracted.

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Goodwill entries

Posted by Umesh Mishra 5 years, 9 months ago

CBSE > Class 12 > Accountancy

1 answers

Khushi Varshney 5 years, 9 months ago

Treatment of existing Goodwill appearing in the Balance Sheet: Journal entry: Old Partners’ Capital/Current a/c………………Dr. (In Old profit sharing ratio) To Goodwill a/c (Being the existing goodwill is written off) Method1: When goodwill is adjusted through partners’ capital /current accounts Journal Entry: Gaining partners Capital/ Current a/c………Dr. (In Gaining Ratio) To Sacrificing Partners 'Capital /Current a/c (In Sacrificing Ratio) (Being the compensation of gaining partners to Sacrificing partners) Method2: When Goodwill is raised and Written off Goodwill a/c…………………………….Dr. (Full revised value of Goodwill) To Old Partners’ Capital/ Current a/c (In old Profit sharing ratio) (Being the goodwill raised and credited to Partners Capital accounts in old profit sharing ratio) All Partners Capital/ Current a/c .................. Dr. (In new profit sharing ratio) (Including Incoming or new partner) To Goodwill a/c (With value of Goodwill) (Being the goodwill debited to Partners Capital accounts in New profit sharing ratio)

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Hoq is capital fund calculated

Posted by Rohit Kumar 5 years, 9 months ago

CBSE > Class 12 > Accountancy

1 answers

Yogita Ingle 5 years, 9 months ago

Capital fund is the excess of NPOs' assets over its liabilities. In other words, the excess of assets over the liabilities for a profit earning organisation is termed as capital and the same for an NPO is termed as capital fund. Any surplus or deficit ascertained from Income and Expenditure account is added to (deducted from) the capital fund. It is also termed as Accumulated Fund.

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State the main feature of income and expenditure account

Posted by Rohit Kumar 5 years, 9 months ago

CBSE > Class 12 > Accountancy

2 answers

Khushi Varshney 5 years, 9 months ago

it is prepared on accrual basis of accounting

1Thank You

Yogita Ingle 5 years, 9 months ago

Income and Expenditure Account (I&E) is similar to the Profit and Loss Account in the sense that while the former is prepared to ascertain surplus or deficit during an accounting period, the latter is prepared to ascertain net profit or net loss incurred during an accounting period. I&E Account is a nominal account and is prepared on the accrual basis. It records all transactions of revenue nature that are related to the current accounting period (whether outstanding or prepaid) for which the books are maintained. All expenses and losses are recorded on the debit side (Expenditure side) and all income and gains are recorded on the credit side (Income side) of I&E Account. The closing balance or the balancing figure of I&E Account is termed as surplus (or deficit), if the sum total of the Income side exceeds (is lesser than) the sum total of the Expenditure side.

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When and how can i get accountancy board 2020 answer key?

Posted by Ganesh Subramani 5 years, 9 months ago

CBSE > Class 12 > Accountancy