Related InterviewSolutions

• ancial Statements llsfrom the following balances extracted from the heMistead profit anon March 31, 2014. YouInss account and a balance sheet as on this dateed from the book of M/s Manju Chawlasted to prepare the trading and profit andAmountAccount TitleAmountRs.AmountRs.2.10.0005.5002.00.00050,00010,00040.0002006.0004.00050080,000600Opening stockPurchases and SalesReturnsWages4.000Dock and cleaning chargesLightingMisc. IncomeRen!CapitalDrawingsDebtors and CreditorsCashiinvestmentPatent6.0002.00040,0007.0002,0006,0003,0006.0004,00043,000600Land and MachineryDonations and CharitySiles tax collected70.500 Furniture1.00011.3001.36,6001.36.6006% Closing stock was Rs.2.000.aterest on drawings 7% and interest on capital 5%.b) Land and Machinery is depreciated at 5%.Id Interest on investment 6%.Id) Unexpired rent Rs.100.le Charge 5% depreciation on furniture.Lans. : Gross profit Rs.30,900 : Net prontRs.71.185).400 : Net profit Rs.26,185 : Total balance sheet
• reciated by * 4,0003,600 during the9. The cost of a machine depreciated byduring the first year and by * 3,600 durinsecond year. Calculate :(i) the rate of depreciation.(ii) the orginal cost of the machine.(iii) its cost at the end of the third year.
• 5.How will you deal with the following items while preparing for the BombayWomen Cricket Club its31.3.2013 and its Balance Sheet as on 31.3.2013:income and expenditure account for the year endingRs.(a) Donation received during the year for the12,25,000construction of a permanent PavilionExpenditure incurred up to 31.3.2013 on its construction 10,80,000The total estimated expenditure on constructionof Pavilion being25,00,000(b) Tournament Fund:Balance as on 1.4.201210,70065,80072,400Expenditure incurred during the year on conductingtournaments(c)Life Membership fee received during the year28,000
• 17. Prepare proper subsidiary books and post themto the ledger from the following transactions forthe month of February 2014:2014 February01 Goods sold to Sachin04 Purchase from Kushal Traders06 Sold goods to Manish Traders07 Sachin returned goods08 Returns to Kushal Traders10 Sold to Mukesh14 Purchased from Kunal Traders15 Furniture purchased from Tarun17 Bought of Naresh20 Return to Kunal Traders22 Return inwards from Mukesh24 Purchased goods from Kirit & Co. for5,0002,4802,1006002803,3005,2003,2004,060200250list price of less 10% trade discountSold to Shri Chand goodsless 5% trade discountSold to Ramesh BrothersReturn outwards to Kirit and Co.less 10% trade discountRamesh Brothers returned goods5,700660025262894,0001,00028500.
• u capitais. 2 40.000 0.0.. On March 31, 2016 after the close of accountch 31, 2016 after the close of accounts, the capitals of Mountain, HIand Rock stood in the books of the firm at 4,00,000; 3,00,000 and 2,00,000espectively. Subsequently, it was discovered that the interest on capital 10% pahad been omitted. The profit for the year amounted toated to 1,50,000 and the partner's1,30,00 amdrawings had been Mountain : 20.000; Hill * 15,000 and Rock 10.000.Calculate interest on capital.[Ans. Interest on Capital : Mountain 37,000; Hill *26,500 and Rock 16,000.
• Anju And Manus and Mamta are partners wholesFixed Capital were 10,000, I 2000 and 6000respectesly as per the partnership agreement theiris a provision per allowing interest on CapitalSto per annum. But entry for the samehave not been made for the last 3 yearThe profits sharing ratio during 3 yearsXemaind and foules 2016 - 9:3:5, 2017 - 3:2:12018 - 16:1. Make necessary adjustment entryof the beginning of the 4th year inJanuary 2013
• 33057(a) What is Single Entry System? Distinguish between Balance Sheet and Statemeof Affairs.Or
• NEW- II.Q.8 (C). X and Y are partners in a firm sharing profits and losses in the ratio of9:6. A new partner Z is admitted. X surrenders 3/15th share of his profit in favour ofZ and Y6/15th of his share in favour of Z. Calculate new profit sharing ratio.[Ans. New Ratio 12:6:7.]
• What are the different types of risks ? What do you3+2mean by Risk-Benefit-Analysis ?
• Harshad and Dhiman are in partnership since 1st April, 2018. No partnership agreement was made. Theycontributed 4,00,000 and 1,00,000 respectively as capital. In addition, Harshad advanced an amount of1.00,000 to the firm on 1st October, 2018. Due to long illness. Harshad could not participate in businessactivities from 1st August, 2018 to 30th September 2018. Profit for the year ended 31st March, 2019 was1,80,000. Dispute has arisen between Harshad and Dhiman.Harshad Claims:He should be given interest 10% per annum on capital and loan;() Profit should be distributed in the ratio of capitalDhiman Claims:Profits should be distributed equally;() He should be allowed 2,000 p.m. as remuneration for the period he managed the business in theabsence of Harshad;(ii) Interest on Capital and loan should be allowed 6% p.a.You are required to settle the dispute between Harshad and Dhiman. Also prepare Profit and Loss(NCERT, Modified)Appropriation AccountAne. Harshad and Dhiman each gets 88,500 as profit and Harshad