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Comparative financial statements present financial data for several years side by side. Data may be presented in the form of ___

From the
following data, calculate Personal Income and Personal Disposable
Income.

The liability of a shareholder in a company is limited to the extent of the _________ of shares

_____ balance of statement of profit and loss shall be shown as a negative figure under ‘Surplus’ head.

In the case of the retail shop of medicines, the Profit on Sale of Building is to be shown under :

Mr Axe, one of the directors of XYZ Ltd, knew that bonus shares were to be announced in the next meeting and he expected the price to rise. He bought 10000 shares from the stock market. By the end of few months, price rose by Rs 9. He sold his shares and made huge profit.

(i) Name the act of Mr Axe.

(ii) Is it permitted ?

What is the treatment of goodwill in case of retirement of a partner ?

A ______ working capital turnover ratio indicates that a business is investing in too many accounts receivable and inventory assets to support its sales.

How will you compute the amount payable to a deceased partner ?

Give the meaning of Share Capital.

Amisha Ltd inviting application for 40,000 shares of Rs 100 each at a premium of Rs 20 per share payable; on application Rs 40 ; on allotment Rs 40 (Including premium): on first call Rs 25 and Second and final call Rs 15.

Application were received for 50,000 shares and allotment was made on pro-rata basis. Excess money on application was adjusted on sums due on allotment.

Rohit to whom 600 shares were allotted failed to pay the allotment money and his shares were forfeited after allotment. Ashmita, who applied for 1,000 shares failed to pay the

Two calls and his shares were forfeited after the second call. Of the shares forfeited, 1,200 shares were sold to Kapil for Rs 85 per share as fully paid, the whole of Rohit’s shares being included.

Record necessary journal entries.

The total capital of the firm after the retirement of a partner may be ____ the total of their capital at the time of retirement.

Does the procedure for the issue of debentures is very much similar to that of the issue of shares?

Sunflower and Pink Rose started partnership business on April 01, 2016 with capitals of Rs 2,50,000 and Rs 1,50,000, respectively. On October 01, 2016, they decided that their capitals should be Rs 2,00,000 each. The necessary adjustments in the capitals are made by introducing or withdrawing cash. Interest on capital is to be allowed 10% p.a. Calculate interest on capital as on March 31, 2017.

Under which major heading and sub-heading will the following items be presented in the Balance Sheet of a company as per the Schedule III of the Companies Act, 2013.

(i) Copyrights

(ii) Cheques

(iii) Capital Redemption Reserve

(iv) Stock of Finished Goods

A and B were partners in a firm sharing profits in 3:2 ratio. They
admitted C for 3/7 share which he took 2/7 from A and 1/7 from B.
Calculate new profit sharing ratio?

A and B are partners sharing profits and losses in the ratio of 3:1. On Ist Jan. 2017 they admitted C as a new partner for 1/4 share in the profits of the firm. C brings Rs 20,000 as for his 1/4 share in the profits of the firm. The capitals of A and B after all adjustments in respect of goodwill, revaluation of assets and liabilities, etc. has been worked out at Rs 50,000 for A and Rs 12,000 for B. It is agreed that partner’s capitals will be according to new profit sharing ratio. Calculate the new capitals of A and B and pass the necessary journal entries assuming that A and B brought in or withdrew the necessary cash as the case may be for making their capitals in proportion to their profit sharing ratio?

For closure of assets accounts, Realisation account is __________.

S Ltd issued 5,000 shares of Rs 100 each at a premium of Rs 10 each payable as follows:

$\begin{array}{cc}\text{On Application}& \text{Rs 50}\\ \text{On Allotment}& \text{Rs 40 (including premium)}\\ \text{On First and Final Call}& \text{Rs 40}\end{array}$

All the shares were applied for and instalments received on due dates with the exception of the Allotment and First & Final call on 100 shares; these shares were forfeited and re-issued as fully paid at Rs 105 per share.

Pass necessary Journal Entries in the books of the Company.

Prepare a comparative statement of profit and loss for the year ended 31st March, 2015 from the following information :

$\begin{array}{ccc}\text{Particulars}& \text{31st March, 2015 (Rs)}& \text{31st March, 2014 (Rs)}\\ \text{Revenue from Operations}& 10,00,000& 5,00,000\\ \text{Purchase of stock-in-trade}& 6,50,000& 2,00,000\\ \text{Change in Inventories of Stock}& 60,000& 50,000\\ \text{Other Expenses}& \text{10\% of cost of revenue from}& \text{20\% of cost of revenue from}\\ & \text{operations}& \text{operations}\\ \text{Tax Rate}& 40\%& 30\%\end{array}$

Prepare trading account and profit and loss account from the following particulars for the year ended 31st December, 2015.

$\begin{array}{ccc}\text{Particulars}& \text{Amt. (Dr.)}& \text{Amt (Cr.)}\\ \text{Cash in Hand}& 7,600& \\ \text{Cash at Bank}& 16,218& \\ \text{Purchases and Sales}& 3,16,000& 6,50,000\\ \text{Return Inwards}& 5,000& \\ \text{Return Outwards}& & 3,600\\ \text{Carriage on Purchases}& 2,000& \\ \text{Carriage on Sales}& 600& \\ \text{Fuel and Power}& 7,800& \\ \text{Stock 1.1.2015}& 56,420& \\ \text{Building}& 1,64,000& \\ \text{Machinery}& 2,25,000& \\ \text{Debtors and Creditors}& 1,44,000& 44,000\\ \text{Investments}& 1,00,000& \\ \text{Interest on Investments}& & 2,000\\ \text{Loan from Narayan on 1.7.2015}10\%\text{per annum}& & 40,000\\ \text{Repairs}& 8,562& \\ \text{General Expenses}& 40,800& \\ \text{Provision for Bad Debts}& & 4,200\\ \text{Wages and Salaries}& 39,440& \\ \text{Miscellaneous Receipts}& & 9,040\\ \text{Interest on Mr. Narayan's Loan}& 1,400& \\ \text{Capital}& & 4,00,000\\ \text{Drawings}& 18,000& \\ & \overline{11,52,840}& \overline{11,52,840}\end{array}$

Adjustments:

(i) Bad Debts Rs. 2,000.

(ii) Provision for doubtful debts is to be maintained at 5% on sundry debtors.

(iii) Provision for 2% discount on debtors and creditors.

(iv) Manager is entitled to get the commission at 10% on net profit after changing such commission.

(v) Closing stock was valued at Rs. 60,000.

(vi) Allow interest on capital 10%.

(vii) Charge Rs. 1,000 as interest on drawings.

Salaries, wages and staff welfare expenses etc are shown under ___

From the following trial balance, prepare trading account, profit and loss account for the year ended 31st December, 2016.

$\begin{array}{cccc}\text{Particulars}& \text{Amt. (Rs.)}& \text{Particulars}& \text{Amt. (Rs.)}\\ \text{Opening Stock}& 10,000& \text{Sales}& 5,20,000\\ \text{Purchases}& 3,00,000& \text{Purchases Returns}& 10,000\\ \text{Debtors}& 1,40,000& \text{Creditors}& 1,00,000\\ \text{Drawings}& 20,000& \text{Provision for Bad Debts}& 4,000\\ \text{Sales Returns}& 16,000& \text{Bills Payable}& 30,000\\ \text{Wages}& 24,000& \text{Bank Overdraft}& 20,000\\ \text{Salaries}& 40,000& \text{Capital}& 7,20,000\\ \text{Repairs}& 12,000& & \\ \text{Bad Debts}& 8,000& & \\ \text{Carriage}& 4,000& & \\ \text{Discount}& 6,000& & \\ \text{Land and Building}& 4,00,000& & \\ \text{Plant and Machinery}& 3,00,000& & \\ \text{Furniture and Fixtures}& 80,000& & \\ \text{Cash}& 4,000& & \\ \text{Goodwill}& 40,000& & \\ & \overline{\underset{–}{14,04,000}}& & \overline{\underset{–}{14,04,000}}\end{array}$

Adjustments:

(i) Closing stock Rs. 40,000

(ii) Further bad debts Rs. 6,000.

(iii) Create a provision for doubtful debts 5%.

(iv) Create a provision for discount on debtors and creditors 2%.

(v) Change depreciation on plant and machinery and furniture and fixtures 10% per annum.

Y.Ltd. issued 2,000, 6% Debentures of Rs 100 each payable as follows: Rs 25 on application; Rs 50 on allotment and Rs 25 on First and Final call.

Companies can borrow loans directly from the public by issuing debt instruments called ___________

Handa Ltd.has inventory of Rs 20,000. Total liquid assets are Rs 1,00,000 and quick ratio is 2:1. Calculate current ratio.

Which of the following are debited to profit or loss approproiation account?

Find the principal
value of

Current liabilities of a company are Rs 75,000. If current ratio is 4:1 and liquid ratio is 1:1, calculate value of current assets, liquid assets and inventory.

On 31st March, 2018, Kusum retired from the firm and the remaining partners decided to carry on the business . It was agreed to revalue the assets and reassess the liabilities on that date , on the following basis:

(a) Land and Building be appreciated by 30%.

(b) Machinery be depreciated by 30%.

(c) There were Bad Debts of ₹ 35,000.

(d) The claim against Workmen Compensation Reserve was estimated at ₹ 15,000.

(e) Goodwill of the firm was valued at ₹ 2,80,000 and Kusum's share of goodwill was adjusted against the Capital Accounts of the continuing partners Sneh and Usha who have decided to share future profits in the ratio of 3 : 4 respectively.

(f) Capital of the new firm in total will be the same as before the retirement of Kusum and will be in the new profit-sharing ratio of the continuing partners .

(g) Amount due to Kusum be settled by paying ₹ 1,00,000 in cash and balance by transferring to her Loan Account which will be paid later on.

Prepare Revaluation Account , Capital Accounts of Partners and Balance Sheet of the new firm after Kusum's retirement.