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Chakshu Sharma
Subject: Accountancy
, asked on 23/1/18
1. A, B and C were partners. Their capitals were A-Rs.30,000, B-Rs. 20,000 and C-Rs. 10.000 respectively. According to the partnership act, they were entitled to interest on capital at 5% p.a.. in addition, B was also entitled to draw a salary of Rs. 500 per month. C was entitled to a commission of 5% on the profits after charging the interest on capitals, but before charging the salary payable to B. The net profits for the year were Rs. 30,000 distributed in the ratio of their capital without providing for above adjustments. The profits were to be shared in the ratio of 5 : 3 : 2 pass the necessary adjustment entry showing the workings clearly.
2) On 1.4.2015 Kalka Ltd issued 500, 9% debentures of Rs. 500 each at a discount of 4% redeemable at a premium of 5% after 3 years. Pass necessary Journal entries for the issue of debentures and debenture interest for the year ended 31st march 2016 assuming that interest is payable on 30th september and 31st rnarch and the rate of tax deducted at source is 10%. The closes its on 31st march every year.
3) RK and SK are in partnership sharing profits in the ratio of 2 : 3. On March 31, 2013. they agree to dissolve the business. After dissolution they wanted to start a NGO for Orphans in the city. Pass necessary journal entries at the time of dissolution of the firm to record the following:
(a) Realisation expenses amounted to Rs.3,000
(b) Deferred revenue advertising expenditure appeared in the books at Rs.1.80,000
(c) Debtors Rs.60,OOO were taken over by RK for Rs. 54,000
(d) An unrecorded asset of Rs.9,000 was taken over by SK
(e) Liabilities amounting to Rs.72,000 already transferred to Realisation Account, were settled at Rs.66,000
Answer
1
Shelly Bothra
Subject: Accountancy
, asked on 21/1/18
Help me with ques 12.
Q12.
M, N and P are partners in a firm. They contributed Rs. 1,00,000 each as capital three years ago. At that time P agreed to look after the business as M and N were busy. The profit for the past three years were Rs. 60,000; Rs. 1,00,000; and Rs. 2,00,000 respectively. While going through the book of accounts M noticed that the profit had been distributed in the ratio of 1 : 1 : 2. When she enquired from P about this, P answered that since she looked after the business she should get more profit. M disagreed and it was decided to distributed profit equally retrospectively for the last three years.
(a) You are required to make necessary correction in the books of accounts of M. N and P by passing and adjusting entry.
(b) Identify the value which was not practiced by P while distributing profit .
Answer
1
Indu Nair
Subject: Accountancy
, asked on 21/1/18
is paying voluntary retirement compensation a recurring or non recurring expense?why is it added to compute goodwill?
qn.4 pg 2.21 T.S GREWAL - 1
Answer
1
Pragya Shree
Subject: Accountancy
, asked on 20/1/18
If A takes loan from B with sone interest and the whole amount in paid to B within the accounting year along with interest, then will the interest on B's a/c come in trial balance?
Answer
1
Pragya Shree
Subject: Accountancy
, asked on 19/1/18
I am having problem in my comprehensive project as answer is not coming. But in ask ans answer forum we are only supposed to attach 2 photos. Now how am i supposed to get my doubt clear? Shpuld i mail you or what???
Answer
1
Pragya Shree
Subject: Accountancy
, asked on 18/1/18
What are the best colleges to get into(govt. Or private) after 12th if u dont have math as my additional subject?
Answer
1
Fayad Mehamood.mk
Subject: Accountancy
, asked on 13/1/18
should we learn the buy back method and sources is it important
Answer
1
Arnapurna Paikaray
Subject: Accountancy
, asked on 9/1/18
Solve this:
Q180. Ajay, Binay & Chetan were partners sharing profits in the ratio 3:3:2. The Partnership Deed provided for the following:
(i) Salary of Rs. 2000 per quarter to Ajay & Binay.
(ii) Chetan was entitled to a commission of Rs. 8000.
(iii) Binay was guaranteed a profit of Rs. 50,000 p.a.
The profit of the firm for the year ended 31st March, 2015 was Rs. 1,50,000 which was distributed among Ajay, Binay & Chetan in the ratio 2:2:1, without taking into consideration the provisions of Partnership Deed. Pass Necessary rectifying entry for the above adjustments in the books of the firm. Show your workings clearly.
[Ans. Dr. Ajay's Capital A/c- Rs. 6400; Binay's Capital A/c. Rs. 2000; Cr. Chetan's Capital A/c. 8400].
Answer
1
Rabiya Afreen
Subject: Accountancy
, asked on 31/12/17
AD Ltd. issued 50,000; 8% debentures of Rs. 100 each at a premium of Rs. 20 each on 31 March, 2012 redeemable on 31 March, 2015. The issue was fully subscribed. The company decided to create DRR on 31st March, 2014 and also decided to invest in specified securities on April 15, 2014 to meet the legal requirements.
Pass journal entries for issue and redemption of debentures
Answer
1
Rabiya Afreen
Subject: Accountancy
, asked on 30/12/17
The maximum amount of capital up to which a company can issue shares is better known as?
Answer
2
Rabiya Afreen
Subject: Accountancy
, asked on 30/12/17
X Ltd. issued 40,000 shares of Rs. 10 each at a premium of 25% per share. The amount was payable as follows:
On application Rs. 2 per share
On allotment Rs. 4.50 per share (including premium)
On call Rs. 6 per share
Owing to heavy subscription, the allotment was made as follows:
i. Applicants for 16000 shares were allotted 8000 shares
ii. Applicants for 72000 shares were allotted 18000 shares
iii. Applicants for 42000 shares were allotted 14000 shares
Excess application money was to be utilised on allotment and the surplus would be refunded.
Sagar who applied for 2100 shares and belonged to category (iii), failed to pay allotment money. His shares were forfeited after the call.
Pass necessary journal entries for the above transactions.
can u pls show me how to cal calls in arrears along with the journal entries plsss and the whole summ just messed up with everything
Answer
1
Indu Nair
Subject: Accountancy
, asked on 30/12/17
the partnership deed does not provide for charging interest on drawings.Therefore the provisions of the Indian Partnership Act,1932 apply whereby interest cannot be charged.The partners desire to charge interest thereon.can you suggest what steps should they take so that the firm can charge interest on drawings
Answer
2
Rabiya Afreen
Subject: Accountancy
, asked on 29/12/17
On 1st April 2015, Preeti Limited was formed with an authorised capital of Rs. 1,00,00,000 divided into 1,00,000 equity shares of Rs. 100 each. The company invited applications for issue of 60,000 shares.
The amount was payable as follows:
On application Rs. 40
On allotment Rs. 25
On 1st and final call balance amount
Applications for 75,000 shares were received. Applications for 15,000shares were rejected. All calls were made. A shareholder holding 2,000 shares failed to pay the final call.
Show the above transactions in journal and prepare balance sheet of the company alongwith „Notes to Accounts‟. 4
8. X Ltd. issued 40,000 shares of Rs. 10 each at a premium of 25% per share. The amount
Answer
3
Ipsita Chakravarty
Subject: Accountancy
, asked on 28/12/17
6. What share of profit would a "sleeping partner" who has contributed 75% of the total capital, get in the absence of a deed?
7. A and B are partners in a firm without a partnership deed. A is an active partner and claims a salary of Rs. 18,000 per month. State with reasons whether the claim is valid or not.
8. State the provisions of Partnership Act, 1932 in th absence of a partnership deed regarding (i) interest on partners’ drawings and (ii) interest on advances other than capital.
9. A, B and C decided that interest on capitals will be provided to each partner @5% p.a. But after one year C wants that no interest on capital is to be provided to any partner. State how ‘C’ can do this?
Answer
2
Ipsita Chakravarty
Subject: Accountancy
, asked on 28/12/17
Answer quick recall questions
Quick Recall - 1
1. What can be the maximum number of partners in the partnership business?
2. What is the name under which the partnership business is carried on?
3. Give a suitable word for every person who has entered into partnership with one another.
4. Can a partner be exempted from sharing the losses in a firm? If yes, under what circumstances?
(Delhi 2009)
5. Do all firms need a deed and registration?
(Foreign 2009)
Answer
2
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2) On 1.4.2015 Kalka Ltd issued 500, 9% debentures of Rs. 500 each at a discount of 4% redeemable at a premium of 5% after 3 years. Pass necessary Journal entries for the issue of debentures and debenture interest for the year ended 31st march 2016 assuming that interest is payable on 30th september and 31st rnarch and the rate of tax deducted at source is 10%. The closes its on 31st march every year.
3) RK and SK are in partnership sharing profits in the ratio of 2 : 3. On March 31, 2013. they agree to dissolve the business. After dissolution they wanted to start a NGO for Orphans in the city. Pass necessary journal entries at the time of dissolution of the firm to record the following:
(a) Realisation expenses amounted to Rs.3,000
(b) Deferred revenue advertising expenditure appeared in the books at Rs.1.80,000
(c) Debtors Rs.60,OOO were taken over by RK for Rs. 54,000
(d) An unrecorded asset of Rs.9,000 was taken over by SK
(e) Liabilities amounting to Rs.72,000 already transferred to Realisation Account, were settled at Rs.66,000
(a) You are required to make necessary correction in the books of accounts of M. N and P by passing and adjusting entry.
(b) Identify the value which was not practiced by P while distributing profit .
qn.4 pg 2.21 T.S GREWAL - 1
Q180. Ajay, Binay & Chetan were partners sharing profits in the ratio 3:3:2. The Partnership Deed provided for the following:
(i) Salary of Rs. 2000 per quarter to Ajay & Binay.
(ii) Chetan was entitled to a commission of Rs. 8000.
(iii) Binay was guaranteed a profit of Rs. 50,000 p.a.
The profit of the firm for the year ended 31st March, 2015 was Rs. 1,50,000 which was distributed among Ajay, Binay & Chetan in the ratio 2:2:1, without taking into consideration the provisions of Partnership Deed. Pass Necessary rectifying entry for the above adjustments in the books of the firm. Show your workings clearly.
[Ans. Dr. Ajay's Capital A/c- Rs. 6400; Binay's Capital A/c. Rs. 2000; Cr. Chetan's Capital A/c. 8400].
Pass journal entries for issue and redemption of debentures
On application Rs. 2 per share
On allotment Rs. 4.50 per share (including premium)
On call Rs. 6 per share
Owing to heavy subscription, the allotment was made as follows:
i. Applicants for 16000 shares were allotted 8000 shares
ii. Applicants for 72000 shares were allotted 18000 shares
iii. Applicants for 42000 shares were allotted 14000 shares
Excess application money was to be utilised on allotment and the surplus would be refunded.
Sagar who applied for 2100 shares and belonged to category (iii), failed to pay allotment money. His shares were forfeited after the call.
Pass necessary journal entries for the above transactions.
can u pls show me how to cal calls in arrears along with the journal entries plsss and the whole summ just messed up with everything
The amount was payable as follows:
On application Rs. 40
On allotment Rs. 25
On 1st and final call balance amount
Applications for 75,000 shares were received. Applications for 15,000shares were rejected. All calls were made. A shareholder holding 2,000 shares failed to pay the final call.
Show the above transactions in journal and prepare balance sheet of the company alongwith „Notes to Accounts‟. 4
8. X Ltd. issued 40,000 shares of Rs. 10 each at a premium of 25% per share. The amount
6. What share of profit would a "sleeping partner" who has contributed 75% of the total capital, get in the absence of a deed?
7. A and B are partners in a firm without a partnership deed. A is an active partner and claims a salary of Rs. 18,000 per month. State with reasons whether the claim is valid or not.
8. State the provisions of Partnership Act, 1932 in th absence of a partnership deed regarding (i) interest on partners’ drawings and (ii) interest on advances other than capital.
9. A, B and C decided that interest on capitals will be provided to each partner @5% p.a. But after one year C wants that no interest on capital is to be provided to any partner. State how ‘C’ can do this?
Quick Recall - 1
1. What can be the maximum number of partners in the partnership business?
2. What is the name under which the partnership business is carried on?
3. Give a suitable word for every person who has entered into partnership with one another.
4. Can a partner be exempted from sharing the losses in a firm? If yes, under what circumstances?
(Delhi 2009)