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Om
Subject: Accountancy
, asked on 6/4/18
Plz answer all
Answer
1
Om
Subject: Accountancy
, asked on 5/4/18
How to solve 15th question
Answer
1
Faiza Mukaddam
Subject: Accountancy
, asked on 3/4/18
Pls.... reply fast
Q.75 The capital Accounts of A and B stood at Rs 400000 and Rs 300000 respectively after necessary
adjustments in respect of the drawings and the net profit for the year ended 31st March, 2018. It was
subsequently discovered that 5% p.a. interest on capital and also drawings were not taken into account
in arriving at the distributable profit. The drawings of the partners had been: A- Rs 12,000 drawn at the
end of each quarter and B- Rs 18,000 drawn at the end of each half year.
The profit for the year as adjusted amounted to Rs 200000. The partners share profits in the ratio of 3 : 2.
You are required to pass Journal entries and show adjusted Capital Accounts of the partners.
[Hints: (i) For Interest on Capital: Dr. Profit and Loss Adjustment A/c: 29,200;
Cr. A's Capital A,/c: 16,400 and B's Capital A/c: 12,800.
(ii) For Interest on Drawings: Dr. A's Capital A/c: 900 and B's Capital A/c 450;
Cr. Profit and Loss Adjustment A/c: 1,350.
(iii) Loss On Adjustment: Dr. A's Capital A/c: 16,710; and B's Capital A/c: 11,140;
Cr. Profit and Loss Adjustment A/c: 27,850]
Answer
1
Faiza Mukaddam
Subject: Accountancy
, asked on 3/4/18
Pls... reply fast
Q. On 31
st
March, 2014, the balances in the Capital Accounts of Saroj, Mahinder and Umar after making adjustments for profit and drawings, etc, were Rs.80,000, Rs.60,000 and Rs.40,000 respectively . Subsequently, it was discovered that the interest on capital and drawings has been omitted.
(a) The profit the year ended 31
st
March, 2014 was Rs.80,000.
(b) During the year Saroj and Mahinder each withdrew a sum of Rs. 24,000 in equal instalments in the end of each month and Umar withdrew Rs. 36,000
Answer
1
Riya Verma
Subject: Accountancy
, asked on 2/4/18
Dear experts plz answer quickly,
For an aspiring CA which subjects should i opt in bcom hons. The options are economics or business administration? Plz guide me as i am totally confused between these two as i dont know much about it. Atleast give a proper opinion for the same.
Answer
1
Riya Verma
Subject: Accountancy
, asked on 31/3/18
What is the difference between tacit and implied contract?
Answer
1
Riya Verma
Subject: Accountancy
, asked on 28/3/18
Dear meritnation experts,
I am currently preparing for cpt examination to be held soon so can i ask related doubts on this forum? As meritnation is not providing these packages now but still can get my doubts cleared here?
Answer
1
Anant Bharti Raikwar
Subject: Accountancy
, asked on 26/3/18
Best reference book for class 12th accountancy
Answer
1
Mathew Jacob
Subject: Accountancy
, asked on 17/3/18
praveen and pawan are sharing profits and losses in the ratio 2:1. on april 1 2017 their capitals were praveen rs 25000 and pawan rs20000. prepare profit and loss appropriation a/c and the partners capital accounts at the end of the year after considering the following items:
a) Interest on capital is to be allowed @5% p.a.
b)Int . on Loan advanced by Pawan for the whole year the amt. of loan being rs 15000.
c)int on partners drawing @6% p.a. Drawings:Praveen rs 5000 and pawan rs 4000.
d)10% of divisible profits is to be transferred to reserve.
e)they earned profit of rs 35510 for the year ended 31 march 2018
Answer
1
Riya
Subject: Accountancy
, asked on 16/3/18
Experts please answer my problem: what are your opinions abouts the re conduction of accountancy exam do you this it will be reconducted? Your opinion.
Answer
1
Ipsita Chakravarty
Subject: Accountancy
, asked on 15/3/18
How did we calculate maximum discount offered?
Answer
1
Arnapurna Paikaray
Subject: Accountancy
, asked on 14/3/18
Please solve it soon . Urgently required for tomorrow.
Answer
1
Ipsita Chakravarty
Subject: Accountancy
, asked on 14/3/18
Q. ILLUSTRATION 17.
A and B are partners sharing profit and losses in the ratio of 2 : 1. A is a non - working partner and has contributed Rs.12,00,000 as his capital. B is a working partner. The partnership deed provides for interest on capital @10% p.a. and salary of Rs. 7,500 per month to the working partner. The net profit for the year ended 31st March, 2016 before providing for interest on capital and salary amounted to Rs.70, 000. You are required to show the distribution of profit.
Answer
2
Ambareesh
Subject: Accountancy
, asked on 14/3/18
Is there anything to do with total capital of the firm ?
Q. The total capital of the firm of Saurabh, Mohit and Nikhil was Rs. 1,00,000. The net profits for the last 3 years were : 2013 - 14 Rs. 40,000; 2014 - 15 Rs. 46,000 and 2015 - 16 Rs. 52,000. There was an abnormal loss of Rs. 3,000 in 2014 -15. Goodwill of the film was to be valued at 2 years purchase of the average profits of last three years. Calculate the goodwill of the firm.
Answer
1
Ipsita Chakravarty
Subject: Accountancy
, asked on 13/3/18
Did we don't have to make date column in partners capital account
Answer
3
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Q.75 The capital Accounts of A and B stood at Rs 400000 and Rs 300000 respectively after necessary
adjustments in respect of the drawings and the net profit for the year ended 31st March, 2018. It was
subsequently discovered that 5% p.a. interest on capital and also drawings were not taken into account
in arriving at the distributable profit. The drawings of the partners had been: A- Rs 12,000 drawn at the
end of each quarter and B- Rs 18,000 drawn at the end of each half year.
The profit for the year as adjusted amounted to Rs 200000. The partners share profits in the ratio of 3 : 2.
You are required to pass Journal entries and show adjusted Capital Accounts of the partners.
[Hints: (i) For Interest on Capital: Dr. Profit and Loss Adjustment A/c: 29,200;
Cr. A's Capital A,/c: 16,400 and B's Capital A/c: 12,800.
(ii) For Interest on Drawings: Dr. A's Capital A/c: 900 and B's Capital A/c 450;
Cr. Profit and Loss Adjustment A/c: 1,350.
(iii) Loss On Adjustment: Dr. A's Capital A/c: 16,710; and B's Capital A/c: 11,140;
Cr. Profit and Loss Adjustment A/c: 27,850]
Q. On 31st March, 2014, the balances in the Capital Accounts of Saroj, Mahinder and Umar after making adjustments for profit and drawings, etc, were Rs.80,000, Rs.60,000 and Rs.40,000 respectively . Subsequently, it was discovered that the interest on capital and drawings has been omitted.
(a) The profit the year ended 31st March, 2014 was Rs.80,000.
(b) During the year Saroj and Mahinder each withdrew a sum of Rs. 24,000 in equal instalments in the end of each month and Umar withdrew Rs. 36,000
For an aspiring CA which subjects should i opt in bcom hons. The options are economics or business administration? Plz guide me as i am totally confused between these two as i dont know much about it. Atleast give a proper opinion for the same.
I am currently preparing for cpt examination to be held soon so can i ask related doubts on this forum? As meritnation is not providing these packages now but still can get my doubts cleared here?
a) Interest on capital is to be allowed @5% p.a.
b)Int . on Loan advanced by Pawan for the whole year the amt. of loan being rs 15000.
c)int on partners drawing @6% p.a. Drawings:Praveen rs 5000 and pawan rs 4000.
d)10% of divisible profits is to be transferred to reserve.
e)they earned profit of rs 35510 for the year ended 31 march 2018
A and B are partners sharing profit and losses in the ratio of 2 : 1. A is a non - working partner and has contributed Rs.12,00,000 as his capital. B is a working partner. The partnership deed provides for interest on capital @10% p.a. and salary of Rs. 7,500 per month to the working partner. The net profit for the year ended 31st March, 2016 before providing for interest on capital and salary amounted to Rs.70, 000. You are required to show the distribution of profit.
Q. The total capital of the firm of Saurabh, Mohit and Nikhil was Rs. 1,00,000. The net profits for the last 3 years were : 2013 - 14 Rs. 40,000; 2014 - 15 Rs. 46,000 and 2015 - 16 Rs. 52,000. There was an abnormal loss of Rs. 3,000 in 2014 -15. Goodwill of the film was to be valued at 2 years purchase of the average profits of last three years. Calculate the goodwill of the firm.