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    • Posted by Mohit Gupta 11 months, 2 weeks ago

    CBSE > Class 12 > Accountancy
    • 0 answers
    ANSWER
     Monalichakraborty 22.12.2022 Accountancy Secondary School answered • expert verified Ajay and Vijay are in partnership sharing profits and losses in the ratio of 3:1. On 1st April, 2021, their capitals were ₹ 1,00,000 and ₹ 90,000. The terms of their partnership are as follows: (i) Interest on capital to be allowed at @ 6% per annum. (ii) Interest on drawings to be charged @ 4% per annum. (iii) Partners to get a salary of ₹1,000 each per month. (iv) Vijay to get a commission of 2% on the correct net profit. (v) Any partner taking a loan from the firm to be charged interest on it @ 8% per annum. Ajay had borrowed ₹ 10,000 from the firm on 1st October, 2021. Vijay had withdrawn ₹ 8,000 on 1st July, 2021. During the year ending 31st March, 2022, the firm earned a net profit of ₹ 60,000 before any of the provisions mentioned in the partnership deed. You are required to prepare for the year ending 31st March, 2022: (i) Profit and Loss Appropriation Account. (ii) Ajay’s Capital Account.

    • Posted by Utsav Srivastav 11 months, 2 weeks ago

    CBSE > Class 12 > Accountancy
    • 0 answers
    ANSWER

    • Posted by Manish Keut 11 months, 2 weeks ago

    CBSE > Class 12 > Accountancy
    • 0 answers
    ANSWER
    Madhuri and Arsh were partners in a firm sharing profits and losses in the ratio of 3 : 1. Their Balance Sheet as at 31st March, 2019, was as follows : Liabilities Amount Assets Amount Capitals : Machinery 4,70,000 Madhuri 3,00,000 Investments 1,10,000 Arsh 2,00,000 5,00,000 Debtors 1,20,000 Workmen compensation fund 60,000 Less : provision for d/d 10,000 1,10,000 Creditors 1,90,000 Stock 1,40,000 Employees provident fund 1,10,000 Cash 30,000 8,60,000 8,60,000 On 1st April, 2019, they admitted Jyoti into partnership for 1/4th share in the profits of the firm. Jyoti brought proportionate capital and Rs 40,000 as her share of goodwill premium. The following terms were agreed up on : (i) Provision for doubtful debts was to be maintained at 10% on debtors. (ii) Stock was undervalued by Rs 10,000. (iii) An old customer whose account was written off as bad, paid Rs 15,000. (iv) 20% of the investments were taken over by Arsh at book value. (v) Claim on account of workmen’s compensation amounted to Rs 70,000. (vi) Creditors included a sum of Rs 27,000 which was not likely to be claimed. Posted by Komal Yadav

    • Posted by Anvika Chaudhary 10 months, 3 weeks ago

    CBSE > Class 12 > Accountancy
    • 1 answers

    Sourabh Barekar 10 months, 3 weeks ago

    answer

    31Thank You

    ANSWER

    • Posted by Shiv Yadav 11 months, 3 weeks ago

    CBSE > Class 12 > Accountancy
    • 0 answers
    ANSWER

    • Posted by Raja Di Hatti 11 months, 3 weeks ago

    CBSE > Class 12 > Accountancy
    • 0 answers
    ANSWER

    • Posted by Kumari Shailja 11 months, 3 weeks ago

    CBSE > Class 12 > Accountancy
    • 0 answers
    ANSWER

    • Posted by Parth Khandelwal 11 months, 3 weeks ago

    CBSE > Class 12 > Accountancy
    • 1 answers

    Diksha Jain 11 months, 3 weeks ago

    Agro Ltd. invited application for 20,000 shares of the value of Rs.10 each. The amount is payable as Rs.3 on application and Rs.5 on allotment and balance on First and Final call. Applications were received for 30,000 shares. Find out the amount received on the application

    1Thank You

    ANSWER

    • Posted by Trisha Parsaniya 11 months, 4 weeks ago

    CBSE > Class 12 > Accountancy
    • 0 answers
    ANSWER

    • Posted by Anuradha Yadav 11 months, 4 weeks ago

    CBSE > Class 12 > Accountancy
    • 1 answers

    Aashi Garg 11 months, 4 weeks ago

    What we find in this question

    7Thank You

    ANSWER

    • Posted by Muhammed Afsal 1 year ago

    CBSE > Class 12 > Accountancy
    • 0 answers
    ANSWER

    • Posted by Muhammed Afsal 1 year ago

    CBSE > Class 12 > Accountancy
    • 1 answers

    Diksha Jain 11 months, 3 weeks ago

    Agro Ltd. invited application for 20,000 shares of the value of Rs.10 each. The amount is payable as Rs.3 on application and Rs.5 on allotment and balance on First and Final call. Applications were received for 30,000 shares. Find out the amount received on the application

    1Thank You

    ANSWER

    • Posted by Sriranjani G 1 year ago

    CBSE > Class 12 > Accountancy
    • 0 answers
    ANSWER

    • Posted by Khushi Jaiswal 1 year ago

    CBSE > Class 12 > Accountancy
    • 1 answers

    Khushi Jaiswal 1 year ago

    2.7 time

    0Thank 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 Rs. 2,00,000 and invested a further sum of Rs. 3,50,000 in this business. He wanted to start with 12 computers costing Rs. 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 : Rs. 90,000 + Rs. 36,000 for interest At the end of Second Year : Rs. 90,000 + Rs. 27,000 for interest At the end of Third Year : Rs. 90,000 + Rs. 18,000 for interest At the end of Fourth Year : Rs. 90,000 + Rs. 9,000 for interest He started business on 1st April, 2002. On the same date he deposited Rs. 3,30,000 in the Bank. He purchased Computers and paid 25% of the value of computers from his bank and Rs. 3,60,000 out of bank loan availed. He deposited Rs. 10,000 for the electric connection with the Electricity Board and also deposited Rs. 1,50,000 with the VSNL for internet and telephone connection. He spent Rs. 40,000 for getting the Computer Café furnished and also spent Rs. 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 same year, the results were: Rs. Purchases of Computer stationery like floppy discs, CDs etc. 92,000 Revenue from fees received from students of Computer classes 2,70,000 Revenue on Account of Internet Facility 2,20,000 Revenue from sale of Computer Stationery 1,60,000 Wages paid to Servant 12,000 Electricity Charges 48,000 Telephone Charges 73,000 Entertainment Expenses 7,000 General Expenses 5,200

    • Posted by Himanshi Goel 1 year ago

    CBSE > Class 12 > Accountancy
    • 1 answers

    Aseem Mahajan 1 year ago

    <font face ="Times New Roman">It sounds funny but please complete your question

    8Thank You

    ANSWER

    • Posted by Aaditya Tailor 1 year ago

    CBSE > Class 12 > Accountancy
    • 1 answers

    Sriranjani G 1 year ago

    It is assumed to be paid with allotment money

    0Thank You

    ANSWER

    • Posted by Rinku Maurya 1 year ago

    CBSE > Class 12 > Accountancy
    • 0 answers
    ANSWER

    • Posted by Riya Jain 1 year ago

    CBSE > Class 12 > Accountancy
    • 1 answers

    Beant Kaur 1 year ago

    Arun: 6000; Barun:3200

    5Thank You

    ANSWER
    and Aruna, school time friends, met at the school reunion. Parul had become a fashion and had worked for a few years with a leading fashion designer. Aruna, after ting her MBA in Marketing, had worked with a leading retail store. At the meeting had a brief discussion about setting up their own garment stores for teens and agreed eet later and discuss the business prospects. hey met again to discuss the possibility of starting the business and after discussions decided at up ready-made garments stores exclusively for teenagers with a high disposable family mes and who follow latest fashion trends. They decided to open their first store on April, 2022 they decided to produce and sell clothes which were not expensive as it will give the stomer value for money and, in the process, their turnover will increase due to which the it will also be high. They decided to open their flagship store in Select City Walk, Saket. New Delhi. The name decided was C4T, a short form of Clothes 4 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 witable place for the store, renovate it and take care of the legal aspects. It was agreed that ach 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 terms of partnership agreed between her and Parul. Aruna located a shop measuring 800 square feet, finalised the rent and entered into an agreement. It was agreed that rent for the shop will be 15,000 per month starting from 1st April, 2022 and in between period will be used for furnishing the shop. A security deposit equal to six months' rent was to be given. A bank account was opened with the State Bank of India in the name of C4T 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, 2022 September 30, 2022 December 31, 2022 March 31, 2023 Principal () 50,000 50.000 50,000 Interest () 38,000 28.500 27,000 25.500 Instalment (3) 80,000 78,500 77,000 75.500 It was decided that all payments shall be made by cheques and also cash sale shall be deposited in the bank next morning. At the end of the year, their transactions besides the above were as follows: Particulars Sale (Credit Sale 55,00,000) 1,20,000 2,25,000 Purchases (Credit Purchase ? 20,00,000) 1,20,000 Electricity Expenses 50,000 Job-work Charges Carriage Inwards 75,000 Courier and Postage: Travelling and Conveyance 1,10,000 Exhibition Expenses 35,000 Repairs and Maintenance 50,000 Insurance Expenses 2.80.000 Telephone Expenses Salary Rent The firm received 40,00,000 from the debtors during the year. 1,80,000 The firm paid part creditors during the year. At the year end, creditors were 6,60,000. Depreciation @ 10% on Furniture and Furnishing and 30% on computers was charged. Website expenses were amortised over 4 years. Drawings by the partners were 12,000 per month each. An amount of 5,00,000 was placed in Fixed Deposit as on 31st December, 2022 with the bank carrying interest @ 10% per annum. Closing stock was physically verified by the partners at the year-end. It was valued at lower of cost or net realisable value. Closing stock was valued at 25,50,000 being cloth stock of 20,00,000 and apparels stock of 5,50,000. Insurance Premium paid on 1st July, 2022 for one year. Salary outstanding was 25,000 for the last month. The Fixed Deposit is for three years and, therefore, the interest can be realised at the end of the period. You have to compute the profit earned or loss incurred by the firm and compare its performance with the industry standards which are as follows: (a) Gross Profit Ratio-40% (b) Net Profit Ratio-27.5% (c) Debt to Equity Ratio-1 (d) Proprietary Ratio-1 (e) Inventory Turnover Ratio-4.50 Times () Working Capital Turnover Ratio-2 Times (g) Operating Ratio-75% (h) Current Ratio-2 (1) Trade Receivables Turnover Ratio-5 Times (1) Trade Payables Turnover Ratio-5 Times..

    • Posted by Sunaina Punj 1 year ago

    CBSE > Class 12 > Accountancy
    • 0 answers
    ANSWER

    • Posted by Vinoy Varghese 1 year ago

    CBSE > Class 12 > Accountancy
    • 0 answers
    ANSWER

    • Posted by Vinoy Varghese 1 year ago

    CBSE > Class 12 > Accountancy
    • 0 answers
    ANSWER

    • Posted by Aadya Agrawal 1 year ago

    CBSE > Class 12 > Accountancy
    • 0 answers
    ANSWER

    • Posted by Prajna Manikandan 1 year ago

    CBSE > Class 12 > Accountancy
    • 0 answers
    ANSWER

    • Posted by Prabhleen Kaur 1 year ago

    CBSE > Class 12 > Accountancy
    • 0 answers
    ANSWER

    • Posted by Vijaylaxmi Kothari 1 year ago

    CBSE > Class 12 > Accountancy
    • 0 answers
    ANSWER

    • Posted by Vijaylaxmi Kothari 1 year ago

    CBSE > Class 12 > Accountancy
    • 0 answers
    ANSWER
    Pro-rata/Forfeiture/Re-issue) Veer Ltd. invited applications for 1,00,000 equity shares of 500 each at a premium of 100 per share. The amount was payable as: On application-200 per share On allotment-300 per share (including premium) On first and final call-100 per share Applications were received for 2,00,000 shares. Applications for 50,000 shares were rejected and the application money was refunded. Pro-rata allotment was made to the remaining applicants. Amount over paid on application was adjusted towards sum due on allotment. All calls were made and were received except the first and final call on 100 shares allotted to Vasu. These shares were forfeited. The forfeited shares were reissued to Ravi for 60,000 full paid up. Pass the necessary journal entries in the books of company for the above transactions.

    • Posted by Smeeta Paul 1 year ago

    CBSE > Class 12 > Accountancy
    • 0 answers
    ANSWER

    • Posted by Ishi Winget 1 year ago

    CBSE > Class 12 > Accountancy
    • 0 answers
    ANSWER

    • Posted by Ramanpreet Kaur 1 year ago

    CBSE > Class 12 > Accountancy
    • 0 answers
    ANSWER

    • Posted by Daksh Tilwani 1 year ago

    CBSE > Class 12 > Accountancy
    • 0 answers
    ANSWER

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