Answer to Question 20. Journal
|
|
|
- Madison Robbins
- 5 years ago
- Views:
Transcription
1 Computation of Sacrificing Ratio : Hari = 3/6 2/7 = 9/42 Ravi = 2/6 2/7 = 2/42 Kavi = 1/6 2/7 = -5/42 Answer to Question 20 ) Kavi has gained his share on Guru s admission, hence he must also bring share in goodwill. Guru s share of goodwill = 45,000 Firm s goodwill = 45,000 7 = 3,15,000 Kavi s share = 3,15,000 5/42 = 37,500 Particulars Dr. ) Cr. ) Bank a/c 3,45,000 To Guru s capital a/c 3,45,000 Guru s capital a/c 45,000 Kavi s Capital a/c 37,500 To A s capital a/c 67,500 To B s capital a/c 15,000
2 Answer to Question 21 Computation of Sacrificing Ratio : X = 4/7-7/15 = 11/105 Y = 3/7-5/15 = 10/105 ) Sacrificing Ratio = X : Y :: 11/105 : 10/105 = 11 : 10 Z s share of goodwill = 3/15 84,000 = 16,800 Particulars Dr. ) Cr. ) Z s capital a/c 16,800 To X s capital a/c 8,800 To Y s capital a/c 8,000
3 Answer to Question 22 Computation of Sacrificing Ratio : Gargi = 5/8-3/6 = 6/48 Khana = 3/8-2/6 = 2/48 ) Sacrificing Ratio = Gargi : Khana :: 6/48 : 2/48 = 3 : 1 Particulars Dr. ) Cr. ) Gargi s capital a/c 33,750 Khana s capital a/c 20,250 To Goodwill a/c 54,000 Lilabati s capital a/c 9,000 To Gargi s capital a/c 6,750 To Khana s capital a/c 2,250
4 Answer to Question 23 ) Particulars Dr. ) Cr. ) P s capital a/c 12,000 Q s capital a/c 8,000 To Goodwill a/c 20,000 Since R will pay the proportionate amount of goodwill to P & Q privately, no entry shall be made in the books of firm. Answer to Question 24 ) Computation of Sacrificing and gaining share : P = 2/5-3/6 = -3/30 Q = 2/5-2/6 = 2/30 R = 1/5 1/6 = 1/30 Particulars Dr. ) Cr. ) Q s capital a/c 800 R s capital a/c 400 To P s capital a/c 1,200
5 Answer to Question 25 Computation of Sacrificing Ratio : Arun = 13/24-1/3 = 5/24 Varun = 11/24-1/3 = 3/24 ) Sacrificing Ratio = Arun : Varun :: 5/24 : 3/24 = 5 : 3 Particulars Dr. ) Cr. ) Bank a/c 88,000 To Tarun s capital 88,000 Tarun s capital a/c 36,000 To Arun s capital a/c 22,500 To Varun s capital a/c 13,500
6 Answer to Question 26 ) Goodwill = 42, , ,000)/3 2 = 84,000 Any sacrificed share = 3/4-5/8 = 1/8 Many gained share = 1/4-3/8 = 1/8 Firm s capital = 1,20,000 Required closing capital : Any : 75,000 and Many : 45,000 Particulars Dr. ) Cr. ) Many s capital 10,500 To Any s capital 10,500 Any s capital 25,500 To Bank 25,500 Bank 25,500 To Many s capital 25,500
7 Computation of Goodwill Year Answer to Question , ,600)/2 71, , ,000)/2 73, , ,400)/2 67,200 Average 70,800 Less : 12,480 Less : Fair Remuneration 45,000 Super profit 13,320 ) Goodwill = 13,320 3 = 39,960 Wise share in goodwill = 39,960 4/10 = 15,984 Particulars Dr. ) Cr. ) Clever s capital a/c 7,992 Dull s capital a/c 7,992 To Wise capital a/c 15,984
8 Computation of Capital Employed Answer to Question 28 Closing Capital = 85, ,15, ,25,000 = 6,25,000 Opening Capital = closing capital + Drawings profit = 6,25, ,50,000 2,00,000 = 5,75,000 ) Average capital = opening capital + Closing capital) / 2 = 5,75, ,25,000)/2 = 6,00,000 Computation of Goodwill Profit earned = 2,00,000 Less Normal rate of return = 30%6,00,000 = 1,80,000 Super profit = 20,000 Goodwill = 5 20,000 = 1,00,000
9 Answer to Question 29 Computation of Gaining Ratio : P : 3/5-1/3 = 4/15 Q = 2/5-1/3 = 1/15 ) Gaining Ratio = P : Q :: 4/15 : 1/15 = 4 : 1 Particulars Dr. ) Cr. ) P s Capital a/c 96,000 Q s Capital a/c 24,000 To R s Capital a/c 1,20,000
10 Answer to Question 30 ) Computation of New Profit Sharing Ratio : B = 3/8 + 4/8 1/2) = 5/8 C = 1/8 + 4/8 1/2) = 3/8 Profit Sharing Ratio = B : C :: 5/8 : 3/8 = 5 : 3 Computation of Gaining Ratio : B = 4/8 1/2 = 1/4 C = 4/8 1/2 = 1/4 Gaining Ratio = B : C :: 1/4 : 1/4 = 1 : 1 Particulars Dr. ) Cr. ) B s Capital a/c 40,000 C s Capital a/c 40,000 To A s Capital a/c 80,000
11 Answer to Question 33 Ram s Capital Account Dec.31 To Balance c/d 50,000 Jan. 1 By Cash 50,000 50,000 50,000 Rahim s Capital Account Dec 31 To Balance c/d 30,000 Jan. 1 By Cash 30,000 30,000 30,000 Ram s Current Account To Cash Drawings) 8,000 Dec31 By Profit and Loss A/c Interest Dec31 To Profit and Loss A/c 240 By Profit and Loss A/c Interest on Drawings 1/2 Profit To Balance c/d 5,230 3,000 10,470 13,470 13,470 Rahim s Current Account To Cash Drawings) 10,000 Dec31 By Profit and Loss A/c Dec31 To Profit and Loss A/c Salary 4,800 Interest on drawings 300 Interest 1,800 To Balance c/d 6,770 By Profit and Loss A/c 1/2 Profit 10,470 17,070 17,070
12 Profit and loss appropriation Account To Rahim s capital a/c By net profit 30,000 Salary 400x12 4,800 Interest 30,000x6% 1,800 6,600 To Ram s capital a/c Interest 50,000x6% 3,000 3,000 By Rahim s Capital a/c Interest 10,000x6%x1/2 300 To Profit transferred to capital a/c By Ram s Capital a/c Interest 8,000x6%x1/2 240 Ram a/c 10,470 20,940 Rahim a/c 10,470 30,540 30,540
13 Answer to Question 34 Profit & Loss Appropriation Account for the year ended Particulars Amount Particulars Amount To Salary By Profit & Loss Net Profit) 1,00,000 A [250 x 12] 3,000 B [150 x 12] 1,800 4,800 By Interest on 6% p.a. on an average of 6 months To Interest on Loan A 750 A 10,000x6%x1/2 300 To Commission C [2% of 3,46,000] To Interest on Capital: 6,920 B 8,000x6%x1/2 240 C 6,000x6%x1/ A 1,00,000x5% 5,000 B 80,000x5% 4,000 C 60,0000x5% 3,000 12,000 To share of profits: A [2/5] 30,500 B [2/5] 30,500 C [1/5] 12,250 76,250 1,00,720 1,00,720 Capital Accounts Date Particulars A B C Date Particulars A B C Drawings 10,000 8,000 6, Bal b/d 1,00,000 80,000 60,000 Interest Salary 3,000 1,800 - Bal c/d 1,28,200 1,08,060 78,990 Commission - - 6,920 Interest 5,000 4,000 3,000 By Profit 30,500 30,500 15,250 1,38,500 1,16,300 85,170 1,38,500 1,16,300 85,170
14 Answer to Question 35 Profit & Loss Appropriation Account for the year ended Particulars Amount Particulars Amount To Interest on Capital: By Profit & Loss Net Profit) 1,56,000 A 60,000x5% 3,000 B 60,000x5% 3,000 C 80,0000x5% 4,000 10,000 To Salary C) 6,000 To share of profits: A 51,000 B 45,000 C 44,000 1,40,000 1,56,000 1,56,000 Working Note : Distribution of net profit A B C Total Profit a) 6,000 6,000 8,000 20,000 b) 15,000 9,000 6,000 30,000 c) 30,000 30,000 30,000 90,000 Total 51,000 45,000 44,000 1,40,000
15 Answer to Question 36 Profit & Loss Appropriation Account for the year ended Particulars Amount Amount Particulars Amount Amount To Interest on Capital: By Net Profit 19,280 - Amethyst 1,200 Interest on Drawings: - Emerald 1,800 3,000 - Amethyst 360 To Share of Profit - Emerald Amethyst [2/5] 6,800 - Emerald [3/5] 10,200 17,000 20,000 20,000 Dr. Capital Accounts Cr. Date Particulars Amount Amount Date Particulars Amount Amount To Drawings 12,000 12, By Bank 20,000 30,000 To Interest By Interest 1,200 1,800 To Balance c/d 15,640 29,640 By Profit 6,800 10,200 28,000 42,000 28,000 42,000 Interest on drawings : 3,000x9/12x8% + 3,000x6/12x8% + 3,000x3/12x8% = 360
16 Answer to Question 37 Profit & Loss Appropriation Account for the year ended Particulars Amount Particulars Amount To Salary B 3,000 By Profit & Loss 73,000 To Interest on Capitals: A 2,500 B 2,000 4,500 To Reserve [10% of 65,500] 6,550 To Share of Profit A [1/2] 29,475 B [1/2] 29,475 58,950 73,000 73,000 Capital Accounts Date Particulars A ) B ) Date Particulars A ) B ) To Balance c/d 50,000 40, By Balance b/d 50,000 40,000 50,000 40,000 50,000 40,000 Current Accounts Date Particulars A ) B ) Date Particulars A ) B ) To Balance b/d - 3, By Balance b/d 10, To Drawings 1,000 2, By Interest 2,500 2,000 To Balance c/d 40,975 29,475 To Salary - 3,000 To Profit 29,475 29,475 41,975 34,475 41,975 34,475
17 Answer to Question 38 Ravi Mohan Total Profit distributed 2,52,000 2,52,000 5,04,000 Profit ought to be distributed Interest 1,20,000 84,000 2,04,000 Salary 72,000 60,000 1,32,000 Remaining profit 98,000 70,000 1,68,000 Total 2,90,000 2,14,000 5,04,000 Difference 38,000 38,000) Particulars Dr. ) Cr. ) Mohan s capital a/c 38,000 Ravi s Capital a/c 38,000
18 Answer to Question 39 A B C Total Profit distributed 15,000 10,000 5,000 30,000 Profit ought to be distributed Interest 1,500 1, ,000 Salary 6,000 6,000 Commission 1,350 1,350 Remaining profit 7,860 7,860 3,930 19,650 Total 9,360 14,860 5,780 Difference 5,640) 4, Particulars Dr. ) Cr. ) A s capital a/c 5,640 B s Capital a/c 4,860 C s Capital a/c 780
19 Partners Answer to Question 40 Statement showing Rectification of Profits Interest on Amount Excess) / 6% p.a. Wrongly Deficit not provided distributed in PSR ) Adjust A ) Debit B C Credit D Credit 1,080 1,080 - Particulars Date A s Capital A/c Dr. To C s Current A/c To D s Current A/c [Interest on Capital not 6% p.a. now rectified] L.F Amount ) 180 Amount ) 90 90
20 Answer to Question 41 A B C Total Profit distributed 45,000 30,000 15,000 90,000 Profit ought to be distributed Salary 1,500 1,500 3,000 Commission 4,500 4,500 Remaining profit 30, , ,625 82,500 Guaranteed amount 4, , ,354) Total 36,500 34,229 19,271 Difference 8,500) 4,229 4,271 Particulars Dr. ) Cr. ) A s capital a/c 8,500 B s Capital a/c 4,229 C s Capital a/c 4,271
21 Answer to Question 42 i) General Application of Profit Z s Share as clerk : Salary ,000 Commission 5/105 of [1,32,000 6,000] 6,000 12,000 Balance of profit 1,20,000 Shared as : X = 5/8 1,20,000 = 75,000; Y = 3/8 1,20,000 = 45,000 ii) Minimum guaranteed share of Z = 1/10th of 1,32,000 = 13,200 Shortfall = 13,200 12,000 = 1,200 to be deducted from X s share and added with Z s share. Final appropriation should be X : 75, ,800 Y : 45,000 Z : 12, ,200 1,32,000 Answer to Question 43 X Y Z Total Profit distributed 2,10,000 1,40,000 70,000 4,20,000 Guaranteed amount 8,400) 5,600) 14,000 Total 2,01,600 1,34,400 84,000
22 Answer to Question 44 A B C Total Extra Interest given 12%-10%) 30,000 60,000 1,20,000 2,10,000 Profit ought to be distributed 42,000 63,000 1,05,000 12,000 3,000 15,000) Particulars Dr. ) Cr. ) C s capital a/c 15,000 A s Capital a/c 12,000 B s Capital a/c 3,000
23 Answer to Question 45 A B C Total Profit 19,500 13,000 6,500 39,000 Guaranteed profit 3,300) 2,200) 5,500 Final Profit distribution 16,200 10,800 12,000 39, Profit 40,500 27,000 13,500 81,000 Right to recoup ,500) Final Profit distribution 41,400 27,600 12,000 81,000
24 Answer to Question 46 Profit and Loss Appropriation Account Jan Sep) Oct Dec) Jan Sep) Oct Dec) To Commission By Net Profit 5,25,000 1,75,000 To Interest Y 39,375 Z 39,375 X 30,000 15,000 Y 30,000 15,000 Z 30,000 15,000 To Rent-X 18,000 6,000 To Current A/cs X 1,12,750 24,800 Y 1,12,750 49,600 Z 1,12,750 49,600 5,25,000 1,75,000 5,25,000 1,75,000
25 Answer to Question 47 Particulars Azu ) Biju ) Total Interest on 10% p.a. 2,500 2,000 4,500 The Profit are 3,600. Unless specifically agreed upon, interest on capitals should be allowed only up to 3,600 and should be shared in Capital Ratio [25,000 : 20,000 or 5 : 4] Azu s share = 5/9 3,600 = 2,000; Biju s share = 4/9 3,600 = 1,600 If the partners have agreed upon provision for interest on capital irrespective of profits, the distribution should be : Particulars Azu ) Biju ) Total Interest on 10% p.a. 2,500 2,000 4,500 Loss 4,500 3,600) ) Balance 1,960 1,640 3,600
26 Answer to Question 48 a) Calculation of effective capital contribution : Product ) Sachin : 10,000 for 6 months 1.1.to 1.7) 60,000 15,000 for 6 months 1.7.to 31.12) 90,000 1,50,000 Sanat : 20,000 for 7 months 1.1.to 31.7) 140,000 20,000 8,000) for 5 months 1.8.to 31.12) 60,000 2,00,000 Sohali : 12,000 for 5 months 1.1.to 1.6) 60,000 12, ,000) for 5 months 1.6.to 1.11) 80,000 10,000 for 2 months 1.11.to 31.12) 20,000 Profit Sharing Ratio = Effective Capital Ratio = 15 : 20 : 16 1,60,000 b) Interest on Capitals = Product Interest on Capital 1/12 Sachin = 1,50,000 12/100 1/12 = 1,500; Sanat = 2,00,000 12/100 1/12 = 2,000; Sohali = 1,60,000 12/100 1/12 = 1,600
27 Profit & Loss Appropriation Account for the year ended Particulars Amount Particulars Amount To Interest on Capital: By Profit & Loss 56,100 - Sachin 1,500 - Sanat 2,000 - Sahali 1,600 5,100 To Share of Profit: - Sachin [15/51] 15,000 - Sanat [20/51] 20,000 - Sahali [16/51] 16,000 51,000 56,100 56,100
28 Answer to Question 49 Profit and Loss Appropriation Account for the year ended on 31st March, 2012 Particulars Particulars To General reserve 22,240 By Net Profit See W.N.1) To Salaries to partners By Interest on drawings W.N.3) Good 28,800 Good 1,040 Better 19,200 Better 770 2,25,000 Best 21,600 69,600 Best 600 2,410 To Interest on Capital Good 10,200 Better 6,600 Best 7,320 24,120 Commission to partners Good 18,000 Better 10,281 W.N.4) Best 22,500 50,781 To Partners Capital A/cs profit) Good 20,223 Better 13,482 Best 26,964 60,669 2,27,410 2,27,410
29 Working Notes: 1. Profit and Loss Account Particulars Particulars To Salary Firm s Accountant) 24,000 By Profit 2,76,000 To Commission Firm s Accountant) W.N.2) To Net Profit transferred to P & L Appropriation A/c 27,000 2,25,000 2,76,000 2,76, Commission of Firm s Accountant Profit after salary of firm's accountant = 12% )% 2,76,000 24,000) = 12% )% = 27, Interest on Drawings Good at the beginning of every month) 2,000 x 6.5 x 8%) 1,040 Better at the end of every month) 1,750 x 5.5 x 8%) 770 Best at the middle of every month) 1,250 x 6 x 8%) 600 2, Commission of Better Commission of Better = [Net profit for appropriation excluding interest on drawings) - General reserve Interest on capital - Salaries to partners Commission to Good and Best] x 15% Commission to Better = [2,25,000 22,240 24,120 69,600 18,000 22,500] x 15% = 68,540 x 15% = 10,281. For Full fledged question, please do the question of Study material issued by ICAI only.
14 Issues in Partnership Accounts
14 Issues in Partnership Accounts Question 1 Ram, Rahim and Robert are partners, sharing Profits and Losses in the ratio of 5 : 3 : 2. It was decided that Robert would retire on 31.3.2005 and in his place
Issues in Partnership Accounts
14 Issues in Partnership Accounts BASIC CONCEPTS Partnership is defined as the relationship between persons who have agreed to share the profit or loss of a business carried on by all or any of them acting
12. PARTNERSHIP ACCOUNTS-1
(i) No.1 for CA/CWA & MEC/CEC SOLUTIONS TO ASSIGNMENT PROBLEMS PROBLEM NO.1 1. PARTNERSHIP ACCOUNTS1 Statement of Affairs of A,B & C As on 0 th June, 008 Liabilities Assets,8 0,000 Capital (Bal. Fig.)
Notes of 10+2 Accountancy (Crash Course)
Notes of 10+2 Accountancy (Crash Course) Chapter: - Fundamentals of Partnership Topic No. 1 Basic Discussion of Partnership 1) Partnership: According to Section 4, of The Indian Partnership Act, 1932,
CHAPTER - II. Accounting for partnership firms - Fundamentals
CHAPTER - II Accounting for partnership firms - Fundamentals Q.1 What is the status of partnership from an accounting view point? Q.2 List the items that may appear on the debit side and credit side of
SUGGESTED ANSWERS/HINTS
Test Series: August, 2018 FOUNDATION COURSE MOCK TEST PAPER - 1 PAPER 1: PRINCIPLES AND PRACTICE OF ACCOUNTING SUGGESTED ANSWERS/HINTS 1. (a) (i) False - Inventory Turnover Ratio measures the efficiency
CHAPTER - II Accounting for partnership firms - Fundamentals Q.1 What is the status of partnership from an accounting viewpoint? Q.2 List the items that may appear on the debit side and credit side of
Liabilities Rs. Assets Rs.
MARKING SCHEME SAMPLE QUESTION PAPER -I ACCOUNTANCY Class - XII Set - I Part A Accounting for Not for Profit Organizations, Partnership Firms and Companies 1. Such organisations are formed for providing
PARTNERSHIP CHANGE IN PROFIT SHARING RATIO
PARTNERSHIP CHANGE IN PROFIT SHARING RATIO A firm earned Net Profit during last five years as follows: Rs. 7, Rs. 6, Rs. 8, Rs. 7, Rs. 6, The Capital investment of the firm is Rs. 4,. A fair return on
Partnership deed : It is a written agreement among partners of partnership firm containing terms and condition of partnership
Chapter - 1 ACCOUNTING FOR PARTNERSHIP FIRM FUNDAMENTAL Meaning When two or more person join together to carry on a business under Indian partnership Act 1932 & agree to share profit & loses is partnership.
PANCHAKSHARI S PROFESSIONAL ACADEMY PVT LTD Your Lifelong Knowledge Partner
52 Questions 52 Marks 6 Minutes Partnership: Admission of a Partner Select the best choice to answer the following question. 1. When a new partner is admitted, he is entitled to a share of a) Past profits
ACCOUNTING FOR PARTNERSHIP FIRMS: BASIC CONCEPTS
ARMY PUBLIC SCHOOL JAMMU CANTT HOLIDAY HOMEWROK ( SESSION 2018 2019 ) SUBJECT : ACCOUNTANCY CLASS : XII ACCOUNTING FOR PARTNERSHIP FIRMS: BASIC CONCEPTS Q1: State the conditions under which capital balances
PARTNERSHIP ACCOUNTS
PARTNERSHIP ACCOUNTS 1. Following is the Balance Sheet of A and B who share profits und losses equally : Liabilities Amount Assets Amount Capital Machinery 18,000 A 20,000 Plant 20,000 B 14,000 Debtors
FINAL CA May 2018 Financial Reporting
FINAL CA May 2018 Financial Reporting Test Code F5 Branch: Andheri Date: 10.12.2017 (50 Marks) Note: All questions are compulsory. Question 1 (9 marks) Value Added Statement of Pradeep Ltd. for the period
Q.1 State the conditions under which capital balances may change under the system of a Fixed Capital Account.
Q.1 State the conditions under which capital balances may change under the system of a Fixed Capital Account. Q.2 A is partner in a firm. His capital as on Jan 01, 2007 was Rs. 60,000. He introduced additional
All BATCHES DATE: MAXIMUM MARKS: 100 TIMING: 3¼Hours
All BATCHES DATE: 09.07.2018 MAXIMUM MARKS: 100 TIMING: 3¼Hours PAPER 1: ACCOUNTS Q. No. 1 is compulsory. Candidates are required to answer any four questions from the remaining five questions. Wherever
Partnership: Fundamentals Guarantee of profits An assurance is given to a partner that a minimum amount is given to him irrespective of profits The firm or the partner who has given the guarantee is DEBITED
Model Test Paper - 1 IPCC Gr. I Paper - 1 Accounting Question No. 1 is Compulsory. Attempt any five question from the remaining six question. 1.
Model Test Paper - 1 IPCC Gr. I Paper - 1 Accounting Question No. 1 is Compulsory. Attempt any five question from the remaining six question. 1. (a) M/s Progressive Company Limited has not charged depreciation
PAPER 1: PRINCIPLES AND PRACTICE OF ACCOUNTING QUESTIONS. Explain Cash and Mercantile system of accounting.
True and false PAPER 1: PRINCIPLES AND PRACTICE OF ACCOUNTING QUESTIONS 1. State with reasons, whether the following statements are true or false: (i) (ii) Net income in case of persons practicing vocation
ITL Public School Answer Key (Set A)
ITL Public School Answer Key (Set A) Date of Exam: 23.09.206 Class: XII Time:3 hrs M. M:80 Subject: Accountancy General Instructions:. All questions are compulsory 2. Marks for each question are indicated
ACCOUNTANCY. Part A. Q1. Name the financial statement prepared by a Not-For-Profit Organisation on accrual
ACCOUNTANCY [Time allowed: 3 hours] [Maximum marks:80] General Instructions: (i) This question paper contains three parts A, B and C. (ii) Part A is compulsory for all candidates. (iii) Candidates can
9. SELF BALANCING LEDGERS
9. SELF BALANCING LEDGERS SOLUTIONS TO ASSIGNMENT PROBLEMS PROBLEM NO.1 In the Debtors Ledger General Ledger Adjustment Account Cr. Particulars 2011 Particulars Debtors Ledger Adjustment Account Returns
Accountancy. Class XII: Sample Paper. Source: mycbseguide.com
Accountancy Class XII: Sample Paper Source: mycbseguide.com SAMPLE PAPER- 1 (solved) ACCOUNTANCY Class XII Time allowed: 3 hours Maximum Marks: 80 General Instructions: 1. This question paper contains
13. BRANCH ACCOUNTS SOLUTIONS TO ASSIGNMENT PROBLEMS
13. BRANCH ACCOUNTS SOLUTIONS TO ASSIGNMENT PROBLEMS PROBLEM No. 1 (A) Debtors Method: Delhi Branch Account 2010 Particulars Rs. Rs. 2010 Particulars Rs. Rs. Jan. 1 Dec.31 By Bank Stock 7,000 Cash Sales
8 Self-Balancing Ledgers
8 Self-Balancing Ledgers BASIC CONCEPTS System Ledger keeping of Self Balancing Ledger System implies a system of ledger keeping which classifies ledgers as per nature of transactions. In this system,
4. PROFIT OR LOSS PRIOR TO INCORPORATION
4. PROFIT OR LOSS PRIOR TO INCORPORATION SOLUTIONS TO ASSIGNMENT PROBLEMS Problem No. 1 Trading A/c and Profit and loss a/c for the year ending 31.3.2002 post post To cost of goods sold (WN 2) 2,10,000
ITL PUBLIC SCHOOL HOLIDAY HOME WORK CLASS XII- ACCOUNTANCY
ITL PUBLIC SCHOOL HOLIDAY HOME WORK CLASS XII- ACCOUNTANCY I. Prepare a comprehensive project on any sole proprietorship or partnership firm for its entire year s financial transactions. The following
chapter - 8 PARTNERSHIP ACCOUNTS Unit 3 Admission of a New Partner The Institute of Chartered Accountants of India
chapter - 8 PARTNERSHIP ACCOUNTS Unit 3 Admission of a New Partner Learning Objectives : After studying this unit, you will be able to : Understand the reasons for which revaluation of assets and recomputation
THE INDIAN COMMUNITY SCHOOL, KUWAIT
THE INDIAN COMMUNITY SCHOOL, KUWAIT SERIES : II TERM /FN/ 2018-2019 CODE : 055 TIME ALLOWED : 2 HOURS NAME OF STUDENT : MAX. MARKS : 50 ROLL NO. :.. CLASS/SEC :.. NO. OF PAGES :4 ACCOUNTANCY ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
X and Y are partners in a firm sharing profits in the ratio of 3:2. They admit Z into partnership for 20 Paise
Admission of a new Partner 1 State any two Financial rights acquired by a new partner. State any two adjustments required on admission of partner. Why does a new partner bring in goodwill into the firm?
SOLUTIONS TO ASSIGNMENT PROBLEMS. PROBLEM No. 1. Dec.31 By Bank Stock. 17,500 Debtors. Cash from Petty cash 26,000 8,200 9,400 63,400 16,400
SOLUTIONS TO ASSIGNMENT PROBLEMS PROBLEM No. 1 12. BRANCH ACCOUNTS (A) Debtors Method: Dr. Delhi Branch Account Cr. 2010 Particulars Rs. Rs. 2010 Particulars Rs. Rs. Jan. 1 Dec.31 By Bank Stock Cash Sales
UNIT 4 : RETIREMENT OF A PARTNER
8.81 UNIT 4 : RETIREMENT OF A PARTNER LEARNING OUTCOMES After studying this unit, you will be able to: Learn how to compute the gaining ratio and observe the use of such gaining ratio. Be familiar with
TRIAL BALANCE. Samir K Mahajan
TRIAL BALANCE Samir K Mahajan TRIAL BALANCE: MEANING AND METHOD Trial balance is a statement which shows debit balances and credit balances of all accounts in the ledger. Since, every debit should have
CBSE Examination PAPER 2017
CBSE Examination PAPER 2017 Accountancy (All India) General Instructions 1. This question paper contains two parts A and B. 2. Part A is compulsory for all. 3. Part B has two options Analysis of Financial
Hire Purchase and Instalment Sale Transactions Part 2
Recording Date: September 16, 2015 CA Intermediate (IPC) Course Paper 1 Accounting Chapter 11 Hire Purchase and Instalment Sale Transactions Part 2 CA. Mayur Toshniwal The Institute of Chartered Accountants
Chapter-1 ADMISSION OF NEW PARTNER
Chapter-1 ADMISSION OF NEW PARTNER Meaning: When a new partner is admitted in a running business due to the requirement of more capital or may be to take advantage of the experience and competence of the
PARTNERSHIP ACCOUNTS
CHAPTER 8 PARTNERSHIP ACCOUNTS UNIT 1 : INTRODUCTION TO PARTNERSHIP ACCOUNTS LEARNING OUTCOMES After studying this unit, you will be able to: Understand the provisions of the Indian Partnership Act, 1932
Sree Lalitha Academy s Key for CA IPC Accounting - Nov 2013
Question No.1 is compulsory Answer any 5 questions from the remaining 6 questions 1. (a) Solution : Cost of Fixed Asset is calculated as follows: - Purchase Price 5,278,000 Add: Sales Tax - 4% on 52,78,000
Paper-5 : FINANCIAL ACCOUNTING
Paper-5 : FINANCIAL ACCOUNTING Study Note 1: Accounting Process 1. (a) The following errors were discovered in the books of a trader for the year ended December 31, 2014: (i) The total of the Purchase
PAPER 1: ACCOUNTING PART I: ANNOUNCEMENTS STATING APPLICABILITY & NON-APPLICABILITY FOR NOVEMBER, 2015 EXAMINATION
PAPER 1: ACCOUNTING PART I: ANNOUNCEMENTS STATING APPLICABILITY & NON-APPLICABILITY FOR NOVEMBER, 2015 EXAMINATION A. Applicable for November, 2015 examination (i) Companies Act, 2013 (ii) The relevant
Reconstitution of a Partnership Firm Admission of a Partner
Reconstitution of a Partnership Firm Admission of a Partner Singh, Gupta and Khan are partners in a firm sharing profits in 3:2:3 ratio. They admitted Jain as a new partner. Singh surrendered 1/3 of his
Downloaded from
CHAPTER -3 ADMISSION OF A PARTNER ONE MARK QUESTIONS. 1. Why is it necessary to revalue assets and reassess liabilities of a firm in case of admission of a new partner? Ans. The assets are revalued and
All BATCHES DATE: MAXIMUM MARKS: 100 TIMING: 3 Hours
All BATCHES DATE: 29.04.2018 MAXIMUM MARKS: 100 TIMING: 3 Hours PAPER 1: PRINCIPLES & PRACTICE OF ACCOUNTING All Questions is compulsory. 1. (i) Ans. Errors Of Principle Errors Of Omission When a transition
STUDY MATERIAL DAKSHINA C L A S S E S. Session:
STUDY MATERIAL DAKSHINA C L A S S E S Class Subject : XII : Accountancy(Study Material,Supplementary Material HOTS and VBQ) Session: 2015-16 Head Office : 305, Green Plaza, L.P Savani Circle, Adajan, Surat.
Time allowed : 3 hours Maximum Marks : 80
Time allowed : 3 hours Maximum Marks : 80 General Instructions: (i) This question paper contains three parts A, B, and C. (ii) Part A is compulsory for all candidates. (iii) Candidates can attempt only
ACCOUNTANCY CLASS XII DESIGN OF THE QUESTION PAPER. Times : 3Hours Maximum Marks 80 S. NO. OBJECTIVES MARKS % OF MARKS. 1.
78 ACCOUNTANCY CLASS XII DESIGN OF THE QUESTION PAPER Times : 3Hours Maximum Marks 80 1. Weightage of Objectives S. NO. OBJECTIVES MARKS % OF MARKS 1. Knowledge 16 20% 2. Understanding 56 70% 3. Application
On 2nd Call (1) (for seven months) Rs.1080
Marking Scheme Sample Question Paper Accountancy Class XII Set - II 1. Receipts and Payments Account. (1) 2. (i) Opening Capital. (ii) Additional Capital Introduced. (½x2=1) 3. (i) Admission of a partner.
Solved Answer Acc._Paper_5 CA Ipcc May
Solved Answer Acc._Paper_5 CA Ipcc May. 2010 1 Qn. 1. Answer the following questions : [ 10 x 2 = 20 marks ] (i) A Company had issued 20,000, 13% Convertible debentures of Rs.100 each on 1st April, 2007.
KENDRIYA VIDYALAYA SANGATHAN, CHENNAI REGION COMMON PRE-BOARD EXAMINATION ACCOUNTANCY
KENDRIYA VIDYALAYA SANGATHAN, CHENNAI REGION COMMON PRE-BOARD EXAMINATION 2008-09 ACCOUNTANCY SET-V Time allowed : 3 hours Maximum marks: 80 General Instructions i. This paper contains two parts part A
CASH FLOW MANAGEMENT
CASH FLOW MANAGEMENT AS 3 Accounting Standard 3 (AS 3), Cash Flow Statements issued by the Institute of Chartered Accounts of India (ICAI) deals with various aspects of cash flows. ICAI has recommended
Downloaded from
QUESTION PAPER (055) CLASS-XII Time allowed 3 hours Maximum Marks 80 General Instructions: 1) This question paper contains two parts A and B. 2) Part A is compulsory for all. 3) Part B has two options-financial
B Swift Dr Trading and Profit and Loss Account for the year ended the X6 Cr Opening Stock 300 Sales 6,700 4,260 Closing Stock 550 4,560 Gross Pr
Recording depreciation Depreciation within the double-entry system Fixed assets accounts are always kept for showing assets at cost price. This adheres to the Historic Cost accounting concept. As a result,
List of Team Members for development of support material in the subject of accountancy for class XII
List of Team Members for development of support material in the subject of accountancy for class XII S.No Name and Designation 1. Mrs. Rajni Rawal Team Leader Principal School Name GGSSS No. 1 Tagore Garden
INTER CA MAY Note: All questions are compulsory. Question 1 (6 marks)
Note: All questions are compulsory. INTER CA MAY 2018 Sub: Accountancy & FM Topics: Hire purchase & Instalment selling, Branch Accounts, Estimation of Working Capital, Cash Budget, Cash Flow Statement.
Accountancy Class-XII Assignment
Chapter 1 Accounting For fundamentals Accountancy Class-XII Assignment 2017-18 Q1. Lata and Mamta are partners with capital of Rs. 3,00,000 and Rs. 2,00,000 respectively sharing profits as Lata 70% and
SAMPLE PAPER-III ACCOUNTANCY CLASS XII
SAMPLE PAPER-III ACCOUNTANCY CLASS XII PART-A : Accounting for Not for profit Organisation, Partnership and Company Q.1. How do you treat amount received from individual as per will in the final Accounts
CHAPTER FUNDAMENTALS OF PARTNERSHIP I. PROFIT AND LOSS APPROPRIATION ACCOUNT. Question 1
CHAPTER 02 FUNDAMENTALS OF PARTNERSHIP I. PROFIT AND LOSS APPROPRIATION ACCOUNT Question 1 A, B and C are partners sharing profits in the ratio 2:1:1. Their balances on 1 st April 2015 were as follows:
UNIT 4 : AMALGAMATION AND RECONSTRUCTION
Company Accounts 3.1 UNIT 4 : AMALGAMATION AND RECONSTRUCTION (A) Write short notes on : Question 1 Amalgamation and Absorption of companies a comparison.(3 marks)(intermediate Nov. 1994) Answer In accounting
PANCHAKSHARI S PROFESSIONAL ACADEMY PVT LTD (Your Lifelong Knowledge Partner )
50 Questions 50 Marks 60 Minutes Rectification of Error Select the best choice to answer the following questions: 1. Which of the following statement is/are correct? (i) A separate suspense account should
MODEL TEST PAPER 12 (Solution)
MODEL TEST PAPER 12 (Solution) SECTION A PART I 1. (i) (a) Share of Existing Goodwill written off. (b) Share of Loss up to the date of retirement. (c) Share of Accumulated Losses up to the date of retirement.
ACCOUNTING FOR PARTNERSHIP
ACCOUNTING FOR PARTNERSHIP BASIC CONCEPTS LEARNING OBJECTIVES After studying this chapter you will be able to : l Define partnership and list its essential features; l Explain the meaning and list the
Accountancy. Blue Print. Part A
Accountancy Blue Print Part A S.No Lesson Name V.Short Short Long Total 1. Introduction - 3(1) 4(1) - 7 2. Theory Base Accounting 1(1) 3(2) - 7 3. Recording of business transactions - 4(1) 6(2) 16 4. Trail
INTERNATIONAL COMMERCE OLYMPIAD CLASS XII ACCOUNTANCY ASSIGNMENT. Non profit organisations
INTERNATIONAL COMMERCE OLYMPIAD -2018 CLASS XII ACCOUNTANCY ASSIGNMENT Non profit organisations 1. If there is match fund then, match expenses and match receipts are transferred to a]income and expenditure
COMPILED BY : CA RAJESH R DALAL-J.M.PATEL COLLEGE OF COMMERCE-FOR CLASS WORK
PARTNERSHIP FINAL ACCOUNT 1) A and B were in partnership sharing profit in the ration 3: 2. From 1 st January, 2018 they admitted C into partnership giving him 1/6 th share in Profit. He brought Rs cash,
DISCLAIMER. Question No. 1
No.1 for CA/CWA & MEC/CEC MASTER MINDS Dear students, These suggested answers are meant for easy and quick assessment of possible outcome of IPCC aspirants for their inadvance preparation and future course
SUGGESTED SOLUTION INTERMEDIATE N 2018 EXAM. Test Code CIN 5010
SUGGESTED SOLUTION INTERMEDIATE N 2018 EXAM SUBJECT- ADVANCED ACCOUNTS Test Code CIN 5010 Date: 25.08.2018 Head Office : Shraddha, 3 rd Floor, Near Chinai College, Andheri (E), Mumbai 69. Tel : (022) 26836666
STUDENT SUPPORT MATERIAL Table of Contents
INDIAN SCHOOL MUSCAT Senior Section Department of Commerce and Humanities Class : 12 Date of issue -------------- 2017 SOLVED SUPPORT MATERIAL ALL CHAPTERS ACCOUNTANCY (055) Reference: KVS Question Bank,
ITL Public School Annual Examination ( )
ITL Public School Annual Examination (2015-1) Date: 29.02.1 Class: XI Accountancy (055) (Set -B) Time: hrs M. M: 90 General Instructions: 1. All questions are compulsory 2. Marks for each question are
oo ks. co m w w w.s ur ab For Order : orders@surabooks.com Ph: 9600175757 / 8124201001 Model Question Papers Based on Scheme of Examination as per G.O. (2D). No. 50 dated : 09-08-2017 Type of Questions
REVIEW TEAM:
REVIEW TEAM: 2016-17 ACCOUNTANCY: CLASS XII Sl. No. Name Designation Mrs. Rajni Rawal 1. (Principal) [Team Leader] 2. Mr. Anil Kumar (DESWAL) (Lecturer) 3. Mr. Rajesh Kumar (lecturer) 4. Sunil Kumar Arora
Teacher: Mr. Jones ACCOUNTS WORKBOOK GRADE 11 PRINCE WILLIAMS HIGH SCHOOL TERM 1
Name: Class: Option: 1 Teacher: Mr. Jones ACCOUNTS WORKBOOK GRADE 11 PRINCE WILLIAMS HIGH SCHOOL TERM 1 INSTRUCTIONS TO CANDIDATES REVIEW NOTES AND ANSWER QUESTIONS PROVIDED ALL YOUR ANSWERS MUST BE WRITTEN
Paper-5: FINANCIAL ACCOUNTING
Paper-5: FINANCIAL ACCOUNTING Time Allowed : 3 Hours Full Marks : 100 Section A is compulsory and answer any 5 questions from Section B Section A 1. Answer the following questions (give workings): [2 10]
Necessity for valuation of goodwill
PARTNERSHIP ACCOUNTS 8.27 UNIT2 : TREATMENT OF GOODWILL IN PARTNERSHIP ACCOUNTS LEARNING OUTCOMES After studying this unit, you will be able to: Understand when does the need for valuation of goodwill
REVISIONARY TEST PAPER
REVISIONARY TEST PAPER DECEMBER 2010 GROUP I DIRECTORATE OF STUDIES THE INSTITUTE OF COST AND WORKS ACCOUNTANTS OF INDIA 12, SUDDER STREET, KOLKATA-700 016 2 Revisionary Test Paper (Revised Syllabus-2008)
TOPPER SAMPLE PAPER 4
TOPPER Sample Papers 237 TOPPER SAMPLE PAPER 4 ACCOUNTANCY XII Time Allowed - 3 Hrs. Max. Marks - 80 General Instructions:- 1. This question paper contains two parts A & B only. 2. All parts of questions
MOCK TEST PAPER INTERMEDIATE (IPC) : GROUP I PAPER 1: ACCOUNTING
MOCK TEST PAPER INTERMEDIATE (IPC) : GROUP I PAPER 1: ACCOUNTING 1 Test Series: March, 2018 SUGGESTED ANSWERS/HINTS 1. (a) Constructing or acquiring a new asset may result in incremental costs that would
INTERMEDIATE EXAMINATION
INTERMEDIATE EXAMINATION GROUP I (SYLLABUS 2008) SUGGESTED ANSWERS TO QUESTIONS JUNE 2013 Paper-5 : FINANCIAL ACCOUNTING Time Allowed : 3 Hours Full Marks : 100 The figures in the margin on the right side
Guideline Answers for Accounting Group I
Guideline Answers for Accounting Group I Question 1(a): 5 Marks Heramba Ltd gives you the following information for the year ended 31 st March 20X2: ` Sales for the year ` 48,00,000 (The Company sold goods
DISCLAIMER.
DISCLAIMER The Suggested Answers hosted in the website do not constitute the basis for evaluation of the students answers in the examination. The answers are prepared by the Faculty of the Board of Studies
Answer to PTP_Intermediate_Syllabus 2012_Dec2014_Set 1. Paper 5- Financial Accounting
Paper 5- Financial Accounting Full Marks:100 Time allowed: 3 hours [This paper contains 7 questions. All questions are compulsory, subject to instruction provided against each question. All workings must
DELHI PUBLIC SCHOOL SAIL TOWNSHIP, RANCHI PRE- BOARD-II EXAMINATION
Class:-XII Time- 3 Hrs. DELHI PUBLIC SCHOOL SAIL TOWNSHIP, RANCHI PRE- BOARD-II EXAMINATION (2017-18) Subject:-Accountancy M.M.-80 General Instructions: 1. All questions are compulsory. 2. Attempt all
COMMON PRE-BOARD EXAMINATION ACCOUNTANCY MARKING SCHEME
SET-II Subject Code:055 COMMON PRE-BOARD EXAMINATION 2017-18 ACCOUNTANCY MARKING SCHEME CLASS XII 1) 4:3:2 2) 2560 3) Unrecorded Asset 4) 35,000 5) 4 6) 18,000 7) Dr. Profit & Loss Appropriation A/c Cr.
SHRI VIDHYABHARATHI MATRIC HR. SEC. SCHOOL
SHRI VIDHYABHARATHI MATRIC HR. SEC. SCHOOL SAKKARAMPALAYAM, AGARAM (POST), ELACHIPALAYAM TIRUCHENGODE (TK), NAMAKKAL(DT) 67 0 CELL: 996-77, 944-77 XII - STANDARD ACCOUNTANCY COMMON HALF YEARLY EXAMINATION
ACCOUNTS. Total Number of students who took the examination 28,548 Highest Marks Obtained 100 Lowest Marks Obtained 1 Mean Marks Obtained 61.
ACCOUNTS STATISTICS AT A GLANCE Total Number of students who took the examination 28,548 Highest Marks Obtained 100 Lowest Marks Obtained 1 Mean Marks Obtained 61.73 Percentage of Candidates according
SUGGESTED ANSWERS BY ICAI FOR CA IPCC MAY 2011 EXAMS (GROUP-I)
SUGGESTED ANSWERS BY ICAI FOR CA IPCC MAY 2011 EXAMS (GROUP-I) Compiled by: CAsmsindia Group Source: www.icai.org ATTENTION Now you can Receive the Latest Updates to Download more such E-Books, Articles,
ACCOUNTANCY. Time allowed : 3 hours Maximum Marks : 80
ACCOUNTANCY Time allowed : 3 hours Maximum Marks : 80 General Instructions : (i) This question paper contains three parts A, B and C. (ii) Part-A is compulsory for all candidates. (iii) Candidates can
Problems based on Investment in Debentures Problem 1.
Problems based on Investment in Debentures Problem 1. On 1 st April, 1983 XY and Co. held 9% debentures in Bombay Ltd., of the face value of ` 10,000 of cost of ` 8,000. Market value on that date was `
Grade XI Accountancy. (Mock Test) #GrowWithGreen
Grade XI Accountancy (Mock Test) #GrowWithGreen Q.1 What is GST? [1 mark] Q.2 Write any one limitation of Single Entry System. [1 mark] Q.3 Which of the following alternatives is an example of profit for
Downloaded from
ACCOUNTING FOR PARTNERSHIP FIRMS-FUNDAMENTALS Accounting Process in Partnership Journal/Subsidiary Books Ledger Trial Balance Trading and P&L A/c To G.P. To N.P. By G.P. P & L Appropriation A/c Liabilities
PAPER 5 : ADVANCED ACCOUNTING
PAPER 5 : ADVANCED ACCOUNTING Question No.1 is compulsory. Candidates are also required to answer any five questions from the remaining six questions. Working notes should form part of the respective answers.
3 Advanced Issues in Partnership Accounts
3 Advanced Issues in Partnership Accounts Unit 1: Dissolution of firms Question 1 X and Y carrying on business in partnership sharing Profit and Losses equally, wished to dissolve the firm and sell the
TOPPER SAMPLE PAPER 2
TOPPER Sample Papers 209 TOPPER SAMPLE PAPER 2 ACCOUNTANCY XII Time Allowed - 3 Hrs. Max. Marks - 80 General Instructions:- 1. This question paper contains two parts A & B only. 2. All parts of questions
Class-XI CBSE. Time : 3 hrs. Financial Accounting MM-90
Class-XI CBSE Time : 3 hrs. Financial Accounting MM-90 General Instructions (i) This question paper contains two parts A and B (ii) All question in both the parts are compulsory (iii) All parts of the
RTP_FAC_Inter_Syl08_Dec13. Group I Paper 5 Financial Accounting
Group I Paper 5 Financial Accounting 1. Answer the following questions (give workings): (i) Mukta Ltd. purchased a machine for 40 lakhs including excise duty of 8 lakhs. The excise duty is Cenvatable under
DESIGN OF QUESTION PAPER ACCOUNTANCY Class - XII. Time Allowed - 3 Hrs. Max. Marks - 80
DESIGN OF QUESTION PAPER ACCOUNTANCY Class - XII Time Allowed - 3 Hrs. Max. Marks - 80 The weightage to marks over different dimensions of the question paper shall be as under : A. Weightage to Content/
Answer to MTP_Foundation_Syllabus 2012_Jun2017_Set 1 Paper 2- Fundamentals of Accounting
Paper 2- Fundamentals of Accounting Academics Department, The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 1 Paper 2- Fundamentals of Accounting Full Marks :
MTP_ Intermediate _Syllabus 2012_Dec2016_Set 2 Paper 5- Financial Accounting
Paper 5- Financial Accounting Academics Department, The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 1 Paper 5- Financial Accounting Full Marks: 100 Time Allowed:
SUGGESTED SOLUTION. Head Office : Shraddha, 3 rd Floor, Near Chinai College, Andheri (E), Mumbai 69. Tel : (022)
SUGGESTED SOLUTION Head Office : Shraddha, 3 rd Floor, Near Chinai College, Andheri (E), Mumbai 69. Tel : (022) 26836666 1 P a g e Ans. 1 (a) Computation of Weighted Average Number of Shares Outstanding
10. CASH FLOW STATEMENTS
PROBLEM NO: 1 X Ltd. Cash Flow Statement for the year ended 31st March, 2015 (Using direct method) 10. CASH FLOW STATEMENTS ( In 000) Rs Cash flows from operating activities Cash receipts from customers
BOOK KEEPING & ACCOUNTANCY ( )
ADVANTAGE PRELIM SERIES A DIVISION OF SHAH EDUCATIONAL ACADEMY B.COM, BAF, BMS, BBI, BFM, MCOM, CS, CPT, IPCC, Final CA. H.O. 5; 6 & 7, Hill Crest Society, 16 th Road, Bandra (W), Mum: 50. Ph: 26051635