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On the above date , the partners changed their profit-sharing ratio to 3 : 2 . For this purpose, the goodwill of the firm was valued at ₹ 3,00,000 . The partners also agreed for the following:

(a) The value of Land and Building will be ₹ 5,00,000;

(b) Reserve is to be maintained at ₹ 3,00,000.

(c) The total capital of the partners in the new firm will be ₹ 6,00,000 , which will be shared by the partners in their new profit-sharing ratio .

Prepare Revaluation Account , Partners' Capital Accounts and the Balance Sheet of the reconstituted firm.

When a firm decides to close its business, it is said to be _________.

Write a note on guarantee of profit to a partner.

Amit holds 100 shares of Rs 10 each on which he has paid Re.1 per share as application money. Bimal holds 200 shares of Rs 10 each on which he has paid Re.1 and Rs 2 per share as application and allotment money, respectively. Chetan holds 300 shares of Rs 10 each and has paid Re.1 on application, Rs 2 on allotment and Rs 3 for the first call. They all fail to pay their arrears and the second call of Rs 2 per share and the directors, therefore, forfeited their shares. The shares are reissued subsequently for Rs 11 per share as fully paid. Journalise the transactions.

Give
four examples each of revenue reserve and capital reserves.

A
solution of 8% boric acid is to be diluted by adding a 2% boric acid
solution to it. The resulting mixture is to be more than 4% but less
than 6% boric acid. If we have 640 litres
of the 8% solution, how many litres of the 2% solution will have to
be added?

Which account is to be credited while encashing investment made out of Debenture Redemption Reserves?

Voltas company bought machinery from B company for Rs. 10,00,000. It paid Rs. 1,18,000 by cheque and the balance by issuing 10% Debentures of Rs. 100 each at 2% discount. The number of debentures issued are ___

In the
above question, calculate the effect on output of a 10 per cent
increase in transfers, and a 10 per cent increase in lump-sum taxes.
Compare the effects of the two.

Payment of income tax can be classified as ___________.

Aditya and Balan are partners sharing profits and losses in 3: 2 ratio. They admitted Christopher for $\frac{1}{4}$ share in profits. The new profit sharing ratio agreed was 2 : 1: 1. Christopher brought Rs.50,000 for his capi tal. His share of goodwill was agreed to at Rs. 15,000. Christopher could bring only Rs.10,000 out of his share of goodwill. Record necessary journal entries in the books of the firm

Prepare Trading and Profit and Loss account from the following particulars of M/s Neema Traders as on March 31, 2011.
$\begin{array}{cccc}\text{Account Title}& \text{Amt. (Dr)}& \text{Account Title}& \text{Amt. (Cr)}\\ \text{Buildings}& 23,000& \text{Sales}& 1,80,000\\ \text{Plant}& 16,930& \text{Loan}& 8,000\\ \text{Carriage Inwards}& 1,000& \text{Bills Payable}& 2,520\\ \text{Wages}& 3,300& \text{Bank Overdraft}& 4,720\\ \text{Purchase}& 1,64,000& \text{Creditors}& 8,000\\ \text{Sales Return}& 1,820& \text{Capital}& 2,36,000\\ \text{Opening Stock}& 9,000& \text{Purchase Return}& 1,910\\ \text{Machinery}& 2,10,940& & \\ \text{Insurance}& 1,610& & \\ \text{Interest}& 1,100& & \\ \text{Bad Debts}& 250& & \\ \text{Postage}& 300& & \\ \text{Discount}& 1,000& & \\ \text{Salaries}& 3,000& & \\ \text{Debtors}& 3,900& & \end{array}$

Stock on March 31, 2011 Rs. 16,000

Which one of the following tangible fixed assets would not normally be depreciated?

When the unrecorded asset is taken over by any partner, which account shall be debited ?

Following is the
Receipt and Payment Account of Indian Sports Club, prepared Income
and Expenditure Account, Balance Sheet as on December 31, 2006:

Other
Information:

Subscription
outstanding was on December 31, 2005 Rs 1,200 and Rs 3,200 on
December 31, 2006. Locker rent outstanding on December 31, 2006 Rs
250. Salary outstanding on December 31, 2006 Rs 1,000.

On January 1, 2006,
club has Building Rs 36,000, furniture Rs 12,000, Sports equipments
Rs 17,500. Depreciation charged on these items 10% (including
Purchase).

When the instalment paid in respect of a fixed asset acquired on deferred payment basis includes both interest and loan, the interest element is classified under financing activities & and the loan element is classified under ___ activities.

Partner`s capital is said to be ___ if it alters with every transaction in the capital account.

Which of the following options are available to directors in case of oversubscription ?

What is goodwill ? What factors affect goodwill ?

Accounting principles and systems that are followed by business for profit organisations & that are run with an objective not to earn profits are

Z.Ltd. issued 2,000, 14% debentures of Rs.100 each on April 01, 2013 at a discount of 10%, redeemable at a premium of 10% in equal annual drawings in 4 years out of profits.

Give journal entries both at the time of issue and redemption of debentures. (Ignore the treatment of loss on issue of debentures and interest.)

If a business is making use of too much debt, the value of proprietary ratio would be ____

Accumulated profit/losses & reserves are shared by the old partners in their :

Subscription received in cash during the year amounted to Rs. 60,000; subscription received in advance for next year was Rs. 3,000 and received in advance during the previous year was Rs. 2,000. Subscription in arrear at the end of the current year was Rs. 5,400. The amount credited to Income and Expenditure Account will be: