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Ram and shyam are partners in a firm sharing profits in the ratio 3:5 . Their fixed capitals were Ram : 500000 and Shyam : 900000 . The partnership deed provided IOC @10% p.a. but it was found that IOC has been omitted. Pass necessary rectify entry

Posted by Satyam Sharma 7 months ago

ICSE & ISC > Class 12 > Accountancy

0 answers

ANSWER

Basu,harish,jadhav are partners in a firm with the capital 50,000,40000 amd 30000 . •int.on cap.to be allowed 10%p.a •int.on drawing to be charged 10 %p.a • harish and jadhav are each to be paid salaries @500 per month. •basu is to be paid a commission of 5% of the net profit. •The remaining profits are to be divided as follows : 40% to Basu , 30% to harish 20% to jadhav and 10% carried to reserve account . The net profit for the year ended 31.03.2018 was 50000,Basu withdraw 1000 per month at the beginning of eaxh month.harish withdraw 1000per month in the middle of each month and Jadhav withdrew 1000per month at the end of the each month .You are required to prepare the profit and loss appropriation account for the year ended 31.03.2018 only.

Posted by Anuj Dwivedi 7 months, 2 weeks ago

ICSE & ISC > Class 12 > Accountancy

0 answers

ANSWER

Durga ltd invited applications for issuing 100000 shares of ₹10each at par. On application ₹2per share on allotment ₹ 3 per share on final call ₹5 per share. Applications were received for 280000 shares. Applications for 30000 shares were rejected and the money refinded.

Posted by Saanvi Tuli 11 months, 2 weeks ago

ICSE & ISC > Class 12 > Accountancy

0 answers

ANSWER

X and Y were partners sharing profit and loss in the ratio of 2:1 respectively the following was their balance sheet as at 31 march 2020

Posted by Hiba Siddiqui 1 year, 4 months ago

ICSE & ISC > Class 12 > Accountancy

1 answers

Babu Thodam 1 year, 1 month ago

Watch is managemnt

ANSWER

 A comprehensive project taking any sole proprietorship business and this Accounts project for Class 12 must state the following: 1. Journal Entries 2. Ledgers 3. Preparation of Trial Balance 4. Balance Sheet 5. Trading Account 6. Profit and Loss Account 7. Use Pie Chart or Bar Diagram to show Incomes, Profit or Loss and Assets and Liabilities Note: It is mandatory to write the narration for every journal entry project

Posted by Nikhil 02 1 year, 5 months ago

ICSE & ISC > Class 12 > Accountancy

0 answers

ANSWER

Hhjk

Posted by Diksha Arora 1 year, 7 months ago

ICSE & ISC > Class 12 > Accountancy

0 answers

ANSWER

Mr tushar decided

Posted by Adesh Partap 1 year, 9 months ago

ICSE & ISC > Class 12 > Accountancy

0 answers

ANSWER

On March 31st ,2020 the balances in the capital accounts of Alka, Hardik and Ramneek after making adjustment for profits and drawings were rupees 9,00,000;rupees 5,00,000 and rupees 3,00,000 respectively.Subsequently it was discovered that the interest on capital and drawings has been omitted .The profit for the year ended 31st March 2020 was rupees 1,80,000.During the year Alka and Ramneek each withdrew a sum of rupees 40000.Hardik withdrew a total of rupees 60,000 in equal installments in the middle of each quarter. Interest on drawing was to be charged @ 5% p.a. and interest on capital was to be allowed @10% per annum. The profit sharing ratio was 3:1:1. Showing your working clearly ,pass the necessary rectifying entry.

Posted by Hitanshi Parmar 1 year, 10 months ago

ICSE & ISC > Class 12 > Accountancy

0 answers

ANSWER

Joy and Bijoy started a partnership business on 1st April 2019 bringing a capital of 60,000 and 40.000respectively. On 1st December , 2019, Bijoy gave a loan of ? 20.000 to the firm at an interest of 9% per annum. During the year they made a profit of 30,000. The other terms and conditions of the partnership were as follows The profits and losses would be shared in the ratio of initial capital. (1) Bijoy would be entitled to a salary @ 600 per month (i) Drawings of the partners were : Joy * 6,000 : Bijoy 9.000 Show Profit and Loss Appropriation

Posted by Kunal Agarwal 1 year, 11 months ago

ICSE & ISC > Class 12 > Accountancy

0 answers

ANSWER

Maira retail chain Ltd.,an unlisted company ,had 6000,8% debenture of 1000 each outstanding for redemption to be redeemed as follows : On 31march ,2020. 3000 debenture On 31 March 2021. 2000 debenture On 31 March 2022 .. balance debenture It complied with the requirements of companies act,2013 by transferring amount to DRR on 31 March, 2020 and invested in fixed deposit with SBI on 1 April ,2019 , which proportionate amount of investment was to be redeemed Pass necessary journal entries .

Posted by Piyush Singh 2 years ago

ICSE & ISC > Class 12 > Accountancy

0 answers

ANSWER

animesh ltd.issued 1000, 12%debenture of 100 each in the following manner: for cash at par at rs 50000nominal value .for creditor of rs 45000against purchase of machiinery at nominal value of rs 35000. to SBI bank against a loan of rs 10000 as collateral security at nominal value of rs 15000.pass journal entries

Posted by Ariba Ali 11 months, 1 week ago

ICSE & ISC > Class 12 > Accountancy

0 answers

ANSWER

Active blunt end circle started a business on 1st April 2017 with capital of 450000 6 lakh and 350000 according to partnership agreement: (1) profit earned in any year will be distributed as under: Up to 270000-equally Excess over 270000-one-half to active,one sixth to blunt and one third to circle (2)provide interest on capital and drawing @6%p.a. (3)circle is entitled to get a monthly salary of 4000 and Bullet is entitled to get a monthly salary of 6000 in addition to above circle and blunt are entitled to get a commission of 5% each on net of profit after taking into consideration the interest and all commissions Drawing of partners during the year were: Active withdrew regularly 5000 at the beginning of every month Blunt withdrew regularly 7000 at end of every month Circle withdrew 80000 during the year Profit for the year 593120 prepare partners current account

Posted by N A 2 years, 5 months ago

ICSE & ISC > Class 12 > Accountancy

0 answers

ANSWER

A,B and C are partners in afirm sharing the profit and losses in the ratio of 3:2:1

Posted by Bhawer Sing 2 years, 5 months ago

ICSE & ISC > Class 12 > Accountancy

0 answers

ANSWER

X and Y share profit and losses in the ratio of 3:2

Posted by Bhawer Sing 2 years, 5 months ago

ICSE & ISC > Class 12 > Accountancy

0 answers

ANSWER

X and Y share profits in the ratio of 3:2. They admit Z as a partner who pays 72000 as premium for goodwill for 1/4 th share in the future profits of the firm . Pass journal entries in each of the following cases :

Posted by Arya Ojha 2 years, 6 months ago

ICSE & ISC > Class 12 > Accountancy

0 answers

ANSWER

Manoj,Naresh and om were commerce students. THEY had posted computers as a vocational subject while doing their b.com .they decided to star a computer business after doing their b.com.they prepared a partnership deed containing following clauses: Name of the firm will be 'First computers ' Capitals:Manoj Will contribute 4,00,000 and Naresh and om 3,00,000 each. Profit sharing ratio:profits will be shared in the ratio of capital contributions Interest on capital:Interest on capital will be allowed 7 percent p.a.It will be allowed only when there is profit. Interest on drawings:Interest on drawings is to be charged 12 percent per.a. Salary to a partner :No partner is entitled to any salary or commission for taking part in the conduct of business.

Posted by Shambhavi Pandey 2 years, 7 months ago

ICSE & ISC > Class 12 > Accountancy

0 answers

ANSWER

Manoj , Naresh and Om were commerce students. They had opted computers as a vocational subject while doing their B.Com. They prepared a partnership deed containing the following clauses

Posted by Ekta Tigga 2 years, 7 months ago

ICSE & ISC > Class 12 > Accountancy

0 answers

ANSWER

Psr

Posted by Mahimaa Panjwani 2 years, 10 months ago

ICSE & ISC > Class 12 > Accountancy

0 answers

ANSWER

manoj ,naresh and om were commerce student ,they had opted computeres as a vocassional subject while doing there bcom they decided to start a computer business

Posted by Hasan Rizvi 2 years, 11 months ago

ICSE & ISC > Class 12 > Accountancy

0 answers

ANSWER

X Y and Z are partners sharing profit and losses in the ratio of 3 is to its one sheet as on 31st March 2018 was follow repair near lization account partners capital account and bank account

Posted by Meghana Ele 3 years, 1 month ago

ICSE & ISC > Class 12 > Accountancy

0 answers

ANSWER

X Y and Z Audi partners

Posted by Meghana Ele 3 years, 1 month ago

ICSE & ISC > Class 12 > Accountancy

0 answers

ANSWER

Manoj naresh and Om where commerce students they had obtained computer as a vocational subject while doing their BCom they decided to start a computer business after doing their become they prepared a partnership deed containing the following process name of the frame will be first computers capitals Manoj will contribute 400000 and narration Om 300000 his profit sharing ratio profit will be shared in the ratio of capital contribution interest on capital interest on capital will be allowed at 10:00 % per annum it will be ordered one leave when there is profit interest on drawing interest on drawings is to be charged that while % per annum salary to a partner no partners entitled to any salary aur commission for taking part in the conduct of business they started business on 1st April 2019 and each partner deposited the shares of capital in the bank account opened in a friend's name on the same date they purchased in computers at 60000 each and made the payment from the bank they deposited 20000 from the electric connection in the electricity board and take a deposit of 120000 with me as a null for Internet and telephone connection they got the computer Cafe furnished by play paint 30,000 they also spent 5000 on advertisement all payments were to be made by checks and all the rest were to be deposited in the bank on the same day at the end of the year the results were purchases on computer stationery 80000 revenue from fees received from students 240000 revenue on account of internet facility 210000 revenue from sales of computer stationery 150000 wages paid to rent 9600 telephone charge 62000 electricity 36000 entertainment expenses 5500 maintenance expenses 6030 expenses 4000 they withdrew from the bank for their personal use as follows Manoj 50000 rs 20,000 and Om 10000 you are required to join analyse the about transaction post them into ledger accounts and prepare a trial balance prepare trading and profit and loss account and balance sheet taking into consideration that the telephone bill bill 15000 City bill of 3008 to be played charge depreciation at the rate of 25 % on computers and 50% on furniture shop comment on the efficiency of the business if the gross profit ratio and net profit ratio similar type of the business concern or 45 % and 20 % respectively their approach to the bank for a loan of 400000 compute the ration ratios that the banker will require from the granting the loan.

Posted by Anu Sharma 3 years, 2 months ago

ICSE & ISC > Class 12 > Accountancy

0 answers

ANSWER

Mano generation Om where commerce students they had opted computer as a vocational subject while doing that BCom

Posted by Anu Sharma 3 years, 2 months ago

ICSE & ISC > Class 12 > Accountancy

0 answers

ANSWER

Veer limited invited applications of rs 100000

Posted by Kartik Raisinghani 3 years, 3 months ago

ICSE & ISC > Class 12 > Accountancy

0 answers

ANSWER

Veer Ltd invited applications

Posted by Kartik Raisinghani 3 years, 3 months ago

ICSE & ISC > Class 12 > Accountancy

0 answers

ANSWER

myCBSEguide person 3. Angad, Fateh and Kothari were … Homework Help CBSE Class 12 Accountancy CBSE, JEE, NEET, NDA Question Bank, Mock Tests, Exam Papers NCERT Solutions, Sample Papers, Notes, Videos Install Now 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. Prepare profit and loss appropriation account

Posted by Ahmer Siddiqui 3 years, 4 months ago

ICSE & ISC > Class 12 > Accountancy

0 answers

ANSWER

Classify the following into capital and revenue items

Posted by Sania Dsouza 3 years, 4 months ago

ICSE & ISC > Class 12 > Accountancy

0 answers

ANSWER

Bill fill and gill are partners in a firm sharing profits and losses in the ratio of their capitals which stood at 120000,100000 and 80000as at 31 narch 2020. The partnership allows interest on capital @7% and interest on drawings@8%p a. Bill and gill are entitled to a salary of rs 8000 and 7500 whereas fill is entitled to a commission bof 2%on sales of rs 500000 and resulting in the net profit of rs16000.also fill is entitled to receive a commission of 4% after charging such commission and after all the above appropriation but before transfer to reserves.the partners also decide to transfer rs 10000 of divisible profitsto be transfered to general reserve the partners with drew bill rs 50000 during the year,gill 25000 on july 1 ,2020and fill rs 400 at the end of each month.there was also an amount of rs9000 due for rent to gill the adjustment for which has not been considered.prepare profit and loss appropriation

Posted by Jasleen Tarhen 3 years, 4 months ago

ICSE & ISC > Class 12 > Accountancy

0 answers

ANSWER

3. X and Y share profits and losses in the ratio of 3:2. They admit Z as a partner who pays Rs.72,000 as premium for goodwill for 1/4th share in the future profits of the firm. (4) Pass journal entries appropriating the premium money and show the new profit sharing ratio in each of the following cases: i. If he acquires his share of profits in the original ratio of existing partners. ii. If he acquires his share of profits in equal proportions from the existing partners. iii. If he acquires his share in the ratio of 2:3 from the existing partners. iv. If he acquires his share of profits as 7/32th from X and 1/32th from Y.

Posted by Simar Kaur 3 years, 4 months ago

ICSE & ISC > Class 12 > Accountancy

0 answers

ANSWER

X and y share profit and losses in the ratio 3:2

Posted by Mandeep Sandhu 3 years, 4 months ago

ICSE & ISC > Class 12 > Accountancy

0 answers

ANSWER

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