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Name the account which is opened to credit the share of profit of the deceased partner, till the time of his death to his capital account?

ABC Co. has current assets of Rs. 50,000 and total assets of Rs. 1,50,000. ABC has current liabilities of Rs. 30,000 and total liabilities of Rs. 80,000. What is the amount of ABC's Shareholders' Fund?

On 1-1-2008, Uday and Kaushal entered into partnership with fixed capitals of Rs 7,00,000, and Rs 3,00,000 respectively. They were doing good business and were interested in its expansion, but could not do the same because of lack of capital. Therefore to have more capitals, they admitted Govind as a new partner on 1-1-2010. Govind bought Rs 10,00,000 as capital and the new profit sharing ratio decided was 3:2:5. On 1-1-2012 another new partner Hari was admitted with a capital of Rs 8,00,000 for 1/10th share in the profits, which he acquired equally from Uday, Kaushal and Govind. On 1-4-2014 Govind died and his share was taken over by Uday and Hari equally.

Calculate :

(i) The sacrificing ratio of Uday and Kaushal on Govind's admission.

(ii) New profit sharing ratio of Uday, Kaushal, Govind and Hari on Hari's admission.

(iii) New profit sharing ratio of Uday, Kaushal and Hari on Govind's death.

Following is the Balance Sheet of A, B and C as at 31st March, 2011. They shared profits in the ratio of 2 : 2 : 1.

$\begin{array}{cccccc}\text{Capital and Liabilities}& & \text{Rs}& \text{Assets}& & \text{Rs}\\ \text{Sundry Creditors}& & 5,00,000& \text{Cash at Bank}& & 10,000\\ \text{General Reserve}& & 2,50,000& \text{Debtors}& 6,00,000& \\ \text{Partners Loan A/cs :}& & & \text{Less : Provision for}& & \\ \text{B}& 1,80,000& & \text{Doubtful Debts}& \underset{–}{(25,000)}& 5,75,000\\ \text{C}& \underset{–}{1,20,000}& 3,00,000& \text{Stock}& & 3,40,000\\ \text{Capital A/cs :}& & & \text{Land}\&\text{Buildings}& & 10,00,000\\ \text{A}& 5,00,000& & \text{Advertisement Suspense A/c}& & 60,000\\ \text{B}& 3,00,000& & \text{Profit and Loss A/c}& & 15,000\\ \text{C}& \underset{–}{1,50,000}& 9,50,000& & & \\ & & \overline{\underset{–}{\underset{–}{20,00,000}}}& & & \overline{\underset{–}{\underset{–}{20,00,000}}}\end{array}$

B retires on 1st April, 2011 on the following terms :

(i) Stock is overvalued by Rs 20,000 and land & buildings are undervalued by Rs 1,00,000.

(ii) Provision for doubtful debts is to be increased to Rs 30,000.

(iii) Old credit balances of Sundry Creditors Rs 40,000 be written off.

(iv) A computer purchased on 1st October, 2010 for Rs 50,000 debited to Office Expenses Account is to be brought into account charging depreciation 20% p.a.

(v) Goodwill of the firm is valued at Rs 1,50,000 and the amount due to B be adjusted in the capital accounts of A and C.

Prepare the Revaluation Account, Capital Accounts and the new Balance Sheet.

On April 1,2018, a Limited Company was incorporated with an authorised capital of Rs 8,00,000 divided into shares of Rs 10 each.

It offered to the public for subscription of 60,000 shares payable as follows:

$\begin{array}{ccc}\text{On Application}& & \text{Rs 3 per share}\\ \text{On Application (May 1,2018)}& & \text{Rs 2 per share}\\ \text{On First and Final Call (One month after allotment)}& & \text{Rs 5 per share}\end{array}$

Public applied for 92,000 shares and the application money was duly received on April 15, 2018.Applications for 2,000 shares were rejected and applicants for 90,000 shares were allotted 60,000 shares.

Give journal entries to record the transactions in the books of the company if:

(i) The amount due has been duly received.

(ii) The company maintains the combined account for application and allotment.

Which account is debited at the time of receipt of application money?

When there is any term related to dissolution of firm in the partnership agreement, it is known as …………

Rent is a __________

A company issued 10,000 shares to the public and the company received applications for 8,000 shares from the public. This situation is called ?

In case of death of a partner :

Calculate the interest on drawings of Mr. Arun at 10% p.a. for the year ended 31st March,2017 in each of the following alternative cases:

Case (a) If he withdrew Rs 5,000 p.m. in the beginning of every month;

Case (b) If he withdrew Rs 5,000 p.m. at the end of every month;

Case (c) If he withdrew Rs 5,000 p.m. during the year;

Case (d) If he withdrew Rs 60,000 during the year;

Case (e) If he withdrew as follows:

$\begin{array}{cc}& Rs\\ \text{1st June, 2016}& 20,000\\ \text{31st August, 2016}& 10,000\\ \text{31st Oct., 2016}& 18,000\\ \text{1st Feb., 2017}& 12,000\end{array}$

Case (f) If he withdrew Rs 15,000 in the beginning of each quarter;

Case (g) If he withdrew Rs 15,000 at the end of each quarter;

Case (h) If he withdrew Rs 15,000 during the middle of each quarter;

Anand Ltd. arrived at a net income of Rs 5,00,000 for the year ended March 31, 2017. Depreciation for the year was Rs 2,00,000. There was a gain of Rs 50,000 on assets sold which was credited to profit and loss account. Bills Receivables increased during the year Rs 40,000 and Bills Payables also increased by Rs 60,000. Compute the cash flow operating activities by the indirect approach.

Receipts and payments account shows a payment for stationery amounting to Rs. 40,000 and there is an opening and closing stationery amounting to Rs. 12,000 and Rs. 15,000. What is the amount to be considered as an expense in income and expenditure account?

Commitment charges, loan processing charges, guarantee charges, loan facilitation charges, discounts/premium on borrowings, other ancillary costs are shown under ...........

All partners wish to dissolve the firm. Yastin, a partner wants that her loan of Rs 2,00,000 must be paid off before the payment of capitals to the partners. But, Amart, another partner wants that the capitals must be paid before the payment of Yastin’s loan. You are required to settle the conflict giving reasons.

Amit and Viney are partners in a firm sharing profits and losses in 3:1 ratio. On 1.1.2017 they admitted Ranjan as a partner. On Ranjan’s admission the profit and loss account of Amit and Viney showed a debit balance of Rs 40,000. Record necessary journal entry for the treatment of the same.

G.Ltd. issued 75,00,000, 6% Debenture of Rs 50 each at par payable Rs 15 on application and Rs 35 on allotment, redeemable at par after 7 years from the date of issue of debenture. Record necessary entries in the books of Company.

Donations are received for ____________ purpose.

What is meant by 'Premium on Redemption of Debentures'?

Which of the following account will be debited when interest on capital is charged against the distribution of profit?

X and Y share profits in the proportion of 3 : 2 . The following terms of admission are agreed upon :

(a) Revaluation of assets : Building ₹ 18,000; Stock ₹ 16,000.

(b) The liability on Workmen Compensation Reserve is determined at ₹ 2,000.

(c) Z brought as his share of goodwill ₹ 10,000 in cash.

(d) Z was to bring in further cash as would make his capital equal to 20% of the combined capital of X and after above revaluation and adjustments are carried out .

(e) The further profit-sharing proportions were: X$—$2/5th, Y$—$2/5th and Z$—$1/5th.

Prepare new Balance Sheet of the firm and Capital Accounts of the Partners'

Prepare a Cash Flow Statement from the following Balance Sheet (Revised) :

$\begin{array}{cccc}\text{Particulars}& \text{Note}& 31-03-2013& 31-03-2012\\ & \text{No.}& \text{Amount(Rs)}& \text{Amount(Rs)}\\ 1.\text{Equity and Liabilities}& & & \\ \left(1\right)\text{Shareholder's Funds :}& & & \\ \left(a\right)\text{Share Capital}& & 6,30,000& 5,60,000\\ \left(b\right)\text{Reserves and Surplus}& 1& 3,08,000& 1,82,000\\ \left(2\right)\text{Current Liabilities}& & & \\ \text{Trade Payables}& & 2,80,000& 1,82,000\\ \text{Total}& & 12,18,000& 9,24,000\\ \text{II. Assets}& & & \\ \left(1\right)\text{Non-current Assets}:& & & \\ \left(a\right)\text{Fixed Assets}:& & & \\ \text{Tangible Assets - Plant}& & 3,92,000& 2,80,000\\ \left(2\right)\text{Current Assets}:& & & \\ \left(a\right)\text{Inventories}& & 98,000& 1,40,000\\ \left(b\right)\text{Trade Receivables}& & 6,30,000& 4,20,000\\ \left(c\right)\text{Cash and Cash Equivalents}& & 98,000& 84,000\\ \text{Total}& & 12,18,000& 9,24,000\end{array}$

$\begin{array}{ccc}\text{Particulars}& 31-03-2013& 31-03-2012\\ & \text{Amount(Rs)}& \text{Amount(Rs)}\\ \text{Reserves and Surplus}& & \\ \text{Surplus (Balance in statement of P and L)}& 3,08,000& 1,82,000\end{array}$

Additional Information : (i) An old machinery having book value of Rs 42,000 was sold for Rs 56,000. (ii) Depreciation provided on machinery during the year was Rs 28,000.

What is Capital Fund? How is it calculated?

Administrative and office expenses and selling and distribution expenses are ___