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This section includes InterviewSolutions, each offering curated multiple-choice questions to sharpen your knowledge and support exam preparation. Choose a topic below to get started.
| 1701. |
From the following information, calculate Change in Inventory of Stock-in-Trade: Opening and Closing Stock-in-Trade ₹5,00,000 and ₹4,00,000 respectively. |
| Answer» From the following information, calculate Change in Inventory of Stock-in-Trade: Opening and Closing Stock-in-Trade ₹5,00,000 and ₹4,00,000 respectively. | |
| 1702. |
Pankaj , Naresh and Saurabh are partners sharing profits in the ratio of 3 : 2 : 1 . On 31st March, 2018, Naresh retired from the firm due to his illness . On that date , Balance Sheet of the firm was as follows: Liabilities Amount (₹) Assets Amount (₹) General Reserve 12,000 Bank 7,600 Sundry Creditors 15,000 Debtors 6,000 Bills Payable 12,000 Less: Provision for D. Debts 400 5,600 Outstanding Salary 2,200 Stock 9,000 Provision for Legal Damages 6,000 Furniture 41,000 Capital A/cs: Premises 80,000 Pankaj 46,000 Naresh 30,000 Saurabh 20,000 96,000 1,43,200 1,43,200 Additional Information:(a) Premises have appreciated by 20% , stock depreciated by 10% and provision for doubtful debts was to be made 5% on debtors . Further provision for legal damages is to be made for ₹ 1,200 and furniture to be brought up to ₹ 45,000. (b) Goodwill of the firm be valued at ₹ 42,000.(c) ₹ 26,000 from Naresh's Capital Account be transferred to his Loan Account and balance be paid through bank: if required , necessary loan may be obtained from bank.(d) New profit-sharing ratio of Pankaj and Saurabh is decided to be 5 : 1 .Give the necessary Ledger Accounts and Balance Sheet of the firm after Naresh's retirement |
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Answer» Pankaj , Naresh and Saurabh are partners sharing profits in the ratio of 3 : 2 : 1 . On 31st March, 2018, Naresh retired from the firm due to his illness . On that date , Balance Sheet of the firm was as follows:
Additional Information: (a) Premises have appreciated by 20% , stock depreciated by 10% and provision for doubtful debts was to be made 5% on debtors . Further provision for legal damages is to be made for ₹ 1,200 and furniture to be brought up to ₹ 45,000. (b) Goodwill of the firm be valued at ₹ 42,000. (c) ₹ 26,000 from Naresh's Capital Account be transferred to his Loan Account and balance be paid through bank: if required , necessary loan may be obtained from bank. (d) New profit-sharing ratio of Pankaj and Saurabh is decided to be 5 : 1 . Give the necessary Ledger Accounts and Balance Sheet of the firm after Naresh's retirement |
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| 1703. |
Calculate Trade Payables Turnover Ratio for the year 2018-19 in each of the alternative cases:Case 1 : Closing Trade Payables ₹ 45,000; Net Purchases ₹ 3,60,000; Purchases Return ₹ 60,000; Cash Purchases ₹ 90,000.Case 2 : Opening Trade Payables ₹ 15,000; Closing Trade Payables ₹ 45,000; Net Purchases ₹ 3,60,000. Case 3 : Closing Trade Payables ₹ 45,000; Net Purchases ₹ 3,60,000.Case 4 : Closing Trade Payables (including ₹ 25,000 due to a supplier of machinery) ₹ 55,000; Net Credit Purchases ₹ 3,60,000. |
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Answer» Calculate Trade Payables Turnover Ratio for the year 2018-19 in each of the alternative cases: |
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| 1704. |
Operating Ratio 92%; Operating Expenses ₹94,000; Revenue from Operations ₹6,00,000; Sales Return ₹40,000. Calculate Cost of Revenue from Operations (Cost of Goods Sold). |
| Answer» Operating Ratio 92%; Operating Expenses ₹94,000; Revenue from Operations ₹6,00,000; Sales Return ₹40,000. Calculate Cost of Revenue from Operations (Cost of Goods Sold). | |
| 1705. |
A , B and C are partners in a firm sharing profits in the proportion of 3 : 2 : 1 . Their Balance Sheet as at 31st March, 2018 stood as follows : Liabilities ₹ Assets ₹ Sundry Creditors 2,60,000 Cash in Hand 42,500 General Reserve 1,20,000 Cash at Bank 2,14,500 Capital A/cs: Debtors 1,63,000 A 2,00,000 Stock 17,500 B 1,20,000 Investments 1,32,500 C 80,000 4,00,000 Building 2,10,000 7,80,000 7,80,000 B died on 30th June , 2018 and according to the deed of the said partnership his executors are entitled to be paid as under:(a) The capital to his credit at the time of his death and interest thereon 10% per annum.(b) His proportionate share of General Reserve.(c) His share of profits fro the intervening period will be based on the sales during that period. Sales from 1st April, 2018 to 30th June , 2018 were as ₹ 12,00,000. The rate of profit during past three years had been 10% on sales.(d) Goodwill according to his share of profit to be calculated by taking twice the amount of profits of the last three years less 20% . The profit of the previous three years were: 1st Year: ₹ 82,000; 2nd year: ₹ 90,000; 3rd year ₹ 98,000.(e) The investments were sold at par and his executors were paid out in full.Prepare B's Capital Account and his Executors' Account. |
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Answer» A , B and C are partners in a firm sharing profits in the proportion of 3 : 2 : 1 . Their Balance Sheet as at 31st March, 2018 stood as follows :
B died on 30th June , 2018 and according to the deed of the said partnership his executors are entitled to be paid as under: (a) The capital to his credit at the time of his death and interest thereon 10% per annum. (b) His proportionate share of General Reserve. (c) His share of profits fro the intervening period will be based on the sales during that period. Sales from 1st April, 2018 to 30th June , 2018 were as ₹ 12,00,000. The rate of profit during past three years had been 10% on sales. (d) Goodwill according to his share of profit to be calculated by taking twice the amount of profits of the last three years less 20% . The profit of the previous three years were: 1st Year: ₹ 82,000; 2nd year: ₹ 90,000; 3rd year ₹ 98,000. (e) The investments were sold at par and his executors were paid out in full. Prepare B's Capital Account and his Executors' Account. |
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| 1706. |
The following are the balances extracted from the books of Mr. A. Mukhopadhyay. Prepare a Trial Balance as on 31st March, 2019: ₹ ₹ Cash 2,000 Sundry Creditors 40,000 Capital 80,000 Investment 8,000 Purchases 85,000 Plant and Machinery 15,000 Sales 1,08,400 Building 20,000 Purchases Return 6,000 Furniture 6,000 Sales Return 4,000 Electricity 700 Transportation 1,800 Postage 400 Discount Allowed 500 Drawings 8,000 Printing 5,000 Salaries 6,000 Sundry Debtors 70,000 Travelling Expenses 2,000 Input CGST A/c 2,500 Output CGST A/c 1,500 Input SGST A/c 2,500 Output SGST A/c 1,500 Input IGST A/c 4,000 Output IGST A/c 6,000 |
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Answer» The following are the balances extracted from the books of Mr. A. Mukhopadhyay. Prepare a Trial Balance as on 31st March, 2019:
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| 1707. |
A and B are partners sharing profits and losses in the ratio of 3 : 2. They admit C as partner in the firm for 1/4th share in profits which he takes 1/6th from A and 1/12th from B. C brings in only 60% of his share of firm's goodwill. Goodwill of the firm has been valued at ₹ 1,00,000. Pass necessary journal entries to record this arrangement. |
| Answer» A and B are partners sharing profits and losses in the ratio of 3 : 2. They admit C as partner in the firm for 1/4th share in profits which he takes 1/6th from A and 1/12th from B. C brings in only 60% of his share of firm's goodwill. Goodwill of the firm has been valued at ₹ 1,00,000. Pass necessary journal entries to record this arrangement. | |
| 1708. |
The ___ adds up all the various types of cash payments and receipts, including cash paid to suppliers, cash receipts from customers and cash paid out in salaries. |
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Answer» The |
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| 1709. |
A firmearns a revenue of Rs 50 when the market price of a good is Rs 10.The market price increase to Rs 15 and the firm now earns a revenueof Rs 150. What is the price elasticity of the firm’s supplycurve? |
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Answer» A firm |
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| 1710. |
Receipt and PaymentAccount of Shankar Sports club is given below, for the year endedDecember 31, 2006 Receipt and Payment Account for the year ending December 31, 2006 Receipts Amount Rs Payments Amount Rs Opening Cash in hand 2,600 Rent 18,000 Entrance fees 3,200 Wages 7,000 Donation for building 23,000 Billiard table 14,000 Locker rent 1,200 Furniture 10,000 Life membership fee 7,000 Interest 2,000 Profit from entertainment 3,000 Postage 1,000 Subscription 40,000 Salary 24,000 Cash in hand 4,000 80,000 80,000 Prepare Income andExpenditure Account and Balance Sheet with help of followingInformation:Subscriptionoutstanding on 31st December 2005 is Rs 1, 200 and Rs 2,300 on31.12.2006, opening stock of postage stamps is Rs 300 and closingstock is Rs 200, Rent Rs 1,500 related to 2005 and Rs 1,500 is stillunpaid.On January 1, 2006 theclub owned furniture Rs 15,000, Furniture valued at Rs 22,500On 31.12.2006. The clubtook a loan of Rs 20,000 ( 10% p.a.) in 2005. |
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Answer» Receipt and Payment
Prepare Income and Subscription On January 1, 2006 the On 31.12.2006. The club |
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| 1711. |
Lotus Ltd. took over assets of ₹ 2,50,000 and liabilities of ₹ 30,000 of Goneby Company for the purchase consideration of ₹ 3,30,000. Lotus Ltd. paid the purchase consideration by issuing debentures of ₹ 100 each at 10% premium.Give journal entries in the books of Lotus Ltd. |
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Answer» Lotus Ltd. took over assets of ₹ 2,50,000 and liabilities of ₹ 30,000 of Goneby Company for the purchase consideration of ₹ 3,30,000. Lotus Ltd. paid the purchase consideration by issuing debentures of ₹ 100 each at 10% premium. Give journal entries in the books of Lotus Ltd. |
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| 1712. |
Explain the different terms for the issue of debentures with reference to their redemption. |
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Answer» Explain the different terms for the issue of debentures with reference to their redemption. |
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| 1713. |
Pass necessary Journal entries for the issue and redemption of Debentures in the followings cases : (i) 15,000; 10% Debentures of Rs 100 each issued at 10% premium, repayable at par. (ii) 6,00,000; 12% Debenture of Rs 500 each issued at 5% premium , repayable at 10% pemium. |
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Answer» Pass necessary Journal entries for the issue and redemption of Debentures in the followings cases : (i) 15,000; 10% Debentures of Rs 100 each issued at 10% premium, repayable at par. (ii) 6,00,000; 12% Debenture of Rs 500 each issued at 5% premium , repayable at 10% pemium. |
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| 1714. |
Quick ratio is 1.8 : 1, current ratio is 2.7 : 1 and current liabilities are Rs 60,000. Determine value of stock. |
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Answer» Quick ratio is 1.8 : 1, current ratio is 2.7 : 1 and current liabilities are Rs 60,000. Determine value of stock. |
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| 1715. |
Capital employed in a business is Rs. 2,00,000. The normal rate of return on capital employed is 15%. During the year 2015 the firm earned a profit of Rs. 48,000. Calculate goodwill on the basis of 3 years purchase of super profit? |
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Answer» Capital employed in a business is Rs. 2,00,000. The normal rate of return on capital employed is 15%. During the year 2015 the firm earned a profit of Rs. 48,000. Calculate goodwill on the basis of 3 years purchase of super profit? |
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| 1716. |
A.Ltd. purchased its own debentures of the face value of Rs.2,00,000 from the open market for immediate cancellation at Rs.92. Record the journal entries. |
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Answer» A.Ltd. purchased its own debentures of the face value of Rs.2,00,000 from the open market for immediate cancellation at Rs.92. Record the journal entries. |
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| 1717. |
P, Q and R were partners in a firm sharing profits in 2 : 2 : 1 ratio. The Partnership Deed provided that on the death of a partner his executors will be entitled to the following:(a) Interest on Capital 12% p.a.(b) Interest on Drawings 18% p.a.(c) Salary of ₹ 12,000 p.a.(d) Share in the profit of the firm (up to the date of death) on the basis of previous year's profit.P died on 31st May, 2018. His capital was ₹ 80,000. He had withdrawn ₹ 15,000 and interest on his drawings was calculated as ₹ 1,200. Profit of the firm for the previous year ended 31st March, 2018 was ₹ 30,000.Prepare P's Capital Account to be rendered to his executors. |
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Answer» P, Q and R were partners in a firm sharing profits in 2 : 2 : 1 ratio. The Partnership Deed provided that on the death of a partner his executors will be entitled to the following: (a) Interest on Capital 12% p.a. (b) Interest on Drawings 18% p.a. (c) Salary of ₹ 12,000 p.a. (d) Share in the profit of the firm (up to the date of death) on the basis of previous year's profit. P died on 31st May, 2018. His capital was ₹ 80,000. He had withdrawn ₹ 15,000 and interest on his drawings was calculated as ₹ 1,200. Profit of the firm for the previous year ended 31st March, 2018 was ₹ 30,000. Prepare P's Capital Account to be rendered to his executors. |
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| 1718. |
Under indirect method of preparing statement of cash flows, depreciation expense affects: |
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Answer» Under indirect method of preparing statement of cash flows, depreciation expense affects: |
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| 1719. |
Calculate Debt to Equity Ratio from the following information: ₹ ₹ Fixed Assets (Gross) 8,40,000 Current Assets 3,50,000 Accumulated Depreciation 1,40,000 Current Liabilities 2,80,000 Non-current Investments 14,000 10% Long-term Borrowings 4,20,000 Long-term Loans and Advances 56,000 Long-term Provisions 1,40,000 |
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Answer» Calculate Debt to Equity Ratio from the following information:
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| 1720. |
Record necessaryjournal entries to record the following unrecorded assets andliabilities in the books of Paras and Priya:1. There was an oldfurniture in the firm which had been written-off completely in thebooks. This was sold for Rs 3,000,2. Ashish, an oldcustomer whose Account for Rs 1,000 was written-off as bad in theprevious year, paid 60%, of the amount,3. Paras agreed to takeover the firm’s goodwill (not recorded in the books of thefirm), at a valuation of Rs 30,000,4. There was an oldtypewriter which had been written-off completely from the books. Itwas estimated to realize Rs 400. It was taken away by Priya at anestimated price less 25%,5. There were 100shares of Rs 10 each in Star Limited acquired at a cost of Rs 2,000which had been written-off completely from the books. These sharesare valued Rs 6 each and divided among the partners in their profitsharing ratio. |
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Answer» Record necessary 1. There was an old 2. Ashish, an old 3. Paras agreed to take 4. There was an old 5. There were 100 |
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| 1721. |
Amit and Beena were partners in a firm sharing profits and losses in the ratio of 3:1. Chaman was admitted as a new partner for 16 th share in the profits. Chaman acquired 25th of his share from Amit. How much share did Chaman acquire from Beena? |
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Answer» Amit and Beena were partners in a firm sharing profits and losses in the ratio of 3:1. Chaman was admitted as a new partner for 16 th share in the profits. Chaman acquired 25th of his share from Amit. How much share did Chaman acquire from Beena? |
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| 1722. |
Debt to Equity Ratio of a company is 0.5:1. Which of the following suggestions would increase, decrease or not change it: (i) Issue of Equity Shares: (ii) Cash received from debtors: (iii) Redemption of debentures; (iv) Purchased goods on Credit? |
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Answer» Debt to Equity Ratio of a company is 0.5:1. Which of the following suggestions would increase, decrease or not change it:
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| 1723. |
From the following balances extracted from the Ledger of Sri Narugopal, prepare Trial Balance as on 31st March, 2018: ₹ ₹ Capital 75,00,000 Building 7,50,000 Plant 15,00,000 Stock on 1st April, 2017 12,50,000 Cash in Hand 2,500 Cash at Bank 5,75,000 Commission Received 1,75,000 Rates, Taxes and Insurance 30,000 Discount (Dr.) 55,000 Discount (Cr.) 45,000 Purchases Return 50,000 Sundry Creditors 2,50,000 Interest Received 30,000 Sales 62,50,000 Repairing Charges 1,25,000 Book Debts 15,00,000 General Expenses 3,00,000 Rent 62,500 Wages 5,00,000 Purchases 48,00,000 Furnitures 1,20,000 Carriage and Freight 75,000 Sales Return 90,000 Delivery Van 5,00,000 Loan Advanced 6,00,000 Travelling Expenses 50,000 Office Salaries 6,25,000 Drawings 6,00,000 |
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Answer» From the following balances extracted from the Ledger of Sri Narugopal, prepare Trial Balance as on 31st March, 2018:
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| 1724. |
Prepare the trading and profit and loss account and balance sheet of M/s Control Device India on March 31, 2017 from the following balance as on that date. Account Title Debit Amount Rs Credit Amount Rs Drawings and Capital 19,530 67,500 Purchase and Sales 45,000 1,12,500 Salary and Commission 25,470 1,575 Carriage 2,700 Plant and Machinery 27,000 Furniture 6,750 Opening stock 42,300 Insurance premium 2,700 Interest 7,425 Bank overdraft 24,660 Rent and Taxes 2,160 Wages 11,215 Returns 2,385 1,440 Carriage outwards 1,485 Debtors and Creditors 36,000 58,500 General expenses 6,975 Octroi 530 Investment 41,400 2,73,600 2,73,600 Closing stock was valued Rs 20,000.(a) Interest on capital 10%.(b) Interest on drawings 5%.(c) Wages outstanding Rs 50.(d) Outstanding salary Rs 20.(e) Provide a depreciation 5% on plant and machinery.(f) Make a 5% provision on debtors. |
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Answer» Prepare the trading and profit and loss account and balance sheet of M/s Control Device India on March 31, 2017 from the following balance as on that date.
Closing stock was valued Rs 20,000. (a) Interest on capital 10%. (b) Interest on drawings 5%. (c) Wages outstanding Rs 50. (d) Outstanding salary Rs 20. (e) Provide a depreciation 5% on plant and machinery. (f) Make a 5% provision on debtors. |
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| 1725. |
Pass Journal entries of M/s. Bhanu Traders, Delhi from the following transactions. Post them to the Ledger: 2018 ₹ April 1 Commenced business with cash* 1,50,000 April 2 Opened a bank account with PNB* 50,000 April 3 Purchased furniture 20,000 April 7 Bought goods for cash from M/s. Rupa Traders, Delhi 30,000 April 8 Purchased goods from M/s. Hema Traders, Chandigarh 42,000 April 10 Cash sales 30,000 April 14 Sold goods on credit to M/s. Gupta Traders, Kolkata 12,000 April 16 Rent paid 4,000 April 18 Paid Electricity expenses* 1,000 April 20 Received cash from Gupta Traders* 12,000 April 22 Goods returned to Hema Traders 2000 April 23 Cash paid to Hema Traders* 40,000 April 25 Bought postage stamps* 100 April 30 Paid salary to Mohan* 4,000 Intra-state transactions are subject to levy of CGST and SGST 6% each whereas inter-state transactions are subject to levy of IGST 12%. Out of the above transactions marked (*) are not subject to levy of GST. |
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Answer» Pass Journal entries of M/s. Bhanu Traders, Delhi from the following transactions. Post them to the Ledger:
Intra-state transactions are subject to levy of CGST and SGST 6% each whereas inter-state transactions are subject to levy of IGST 12%. Out of the above transactions marked (*) are not subject to levy of GST. |
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| 1726. |
Write up Cash Book of Bhanu Partap with Cash and Bank Columns from the following transactions:− 2017 (₹) March 1 Cash-in-hand 2,710 Cash at Bank 27,500 3 Received from Subhash 3,500 4 Sold goods for cash 10,000 7 Paid Rent by Cheque 800 8 Paid Sohan by cheque 3,000 10 Bought goods for cash 15,000 12 Paid cash for stationery 200 Drew from Bank for office use 8,000 15 Received cheque from Surendra and sent it to Bank 6,600 16 Paid for advertisement 750 18 Issued cheque in favour of Nath Brothers 4,300 19 Cash Sales 13,000 Paid into Bank 16,000 20 Received cheque from Vinod and sent it to Bank 2,400 22 Bought Scooter and paid for the same by cheque 18,000 25 Bank returned Surendra's cheque dishonoured 28 Paid salary by cheque 7,200 Paid Trade expenses 2,000 29 Cash sales 9,500 30 Paid into Bank 10,000 |
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Answer» Write up Cash Book of Bhanu Partap with Cash and Bank Columns from the following transactions:−
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| 1727. |
Gaurav applied for 5,000 shares of ₹ 10 each at a premium of 2.50 per share. But he was allotted only 2,500 shares on pro rata basis . After having paid ₹ 3 per share on application, he did not pay allotment money of ₹ 4.50 per share (including premium) and on his subsequent failure to pay the first call of ₹ 2 per share, his shares were forfeited. These shares were reissued at the rate of ₹ 8 per share credited as fully paid .Pass journal entries to record the forfeiture and reissue of shares. |
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Answer» Gaurav applied for 5,000 shares of ₹ 10 each at a premium of 2.50 per share. But he was allotted only 2,500 shares on pro rata basis . After having paid ₹ 3 per share on application, he did not pay allotment money of ₹ 4.50 per share (including premium) and on his subsequent failure to pay the first call of ₹ 2 per share, his shares were forfeited. These shares were reissued at the rate of ₹ 8 per share credited as fully paid . Pass journal entries to record the forfeiture and reissue of shares. |
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| 1728. |
From the following particulars extracted from P&L A/c of Prashanth Ltd., you are required to calculate trend percentages Year Sales Rs Wages Rs Bad Debts Rs Profit after tax Rs 2003 3,50,000 50,000 14,000 16,000 2004 4,15,000 60,000 26,000 24,500 2005 4,25,000 72,200 29,000 45,000 2006 4,60,000 85,000 33,000 60,000 |
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Answer»
From the following particulars extracted from P&L A/c of Prashanth Ltd., you are required to calculate trend percentages
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| 1729. |
State the accounting treatment for (i) Unrecorded assets (ii) Unrecorded liabilities. |
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Answer» State the accounting treatment for (i) Unrecorded assets (ii) Unrecorded liabilities. |
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| 1730. |
Identify the adjective form of the word. Apply |
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Answer» Identify the adjective form of the word. Apply |
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| 1731. |
If the interest on 1700 rupees is 340 rupees for 2 years the rate of interest must be ......... . (i) 12 %(ii) 15 %(iii) 4 %(iv) 10 % |
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Answer» If the interest on 1700 rupees is 340 rupees for 2 years the rate of interest must be ......... . (i) 12 % (ii) 15 % (iii) 4 % (iv) 10 % |
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| 1732. |
Young India Ltd. had issued following debentures:(a) 1,00,000, 10% fully convertible debentures of ₹ 100 each on 1st April, 2016 redeemable by conversion after 5 years.(b) 20,000, 10% Debentures of ₹ 100 each redeemable after 4 years , 25% Debentures in Cash and 75% by conversion.State the amount of DRR required to be created as per the Companies Act,2013. |
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Answer» Young India Ltd. had issued following debentures: (a) 1,00,000, 10% fully convertible debentures of ₹ 100 each on 1st April, 2016 redeemable by conversion after 5 years. (b) 20,000, 10% Debentures of ₹ 100 each redeemable after 4 years , 25% Debentures in Cash and 75% by conversion. State the amount of DRR required to be created as per the Companies Act,2013. |
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| 1733. |
Explain the different types of debentures? |
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Answer» Explain the different types of debentures? |
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| 1734. |
Ashish and Dutta were partners in a firm sharing profits in 3:2 ratio. On Jan. 01, 2015 they admitted Vimal for 1/5 share in the profits. The Balance Sheet of Ashish and Dutta as on Jan. 01, 2016 was as follows: Balance Sheet of A and B as on 1.1.2016 Liabilites Amount Rs Assets Amount Rs Creditors 15,000 Land & Building 35,000 Bills Payable 10,000 Plant 45,000 Ashish Capital 80,000 Debtors 22,000 Dutta’s Capital 35,000 Less : Provision 2,000 20,000 Stock 35,000 Cash 5,000 1,40,000 1,40,000 It was agreed that:i) The value of Land and Building be increased by Rs 15,000.ii) The value of plant be increased by 10,000.iii) Goodwill of the firm be valued at Rs 20,000.iv) Vimal to bring in capital to the extent of 1/5th of the total capital of the new firm. Record the necessary journal entries and prepare the Balance Sheet of the firm after Vimal’s admission. |
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Answer» Ashish and Dutta were partners in a firm sharing profits in 3:2 ratio. On Jan. 01, 2015 they admitted Vimal for 1/5 share in the profits. The Balance Sheet of Ashish and Dutta as on Jan. 01, 2016 was as follows:
It was agreed that: i) The value of Land and Building be increased by Rs 15,000. ii) The value of plant be increased by 10,000. iii) Goodwill of the firm be valued at Rs 20,000. iv) Vimal to bring in capital to the extent of 1/5th of the total capital of the new firm.
Record the necessary journal entries and prepare the Balance Sheet of the firm after Vimal’s admission.
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| 1735. |
As at March 31,2008 thefollowing balances have been extrated from the books of the IndianChartered Accountants Recreation Club and you are asked to prepare(1) Trading Account for ascertaining gross profit derived fromrunning restaurant and dining room and (2) Income and ExpenditureAccount for the year ended March 31, 2008 (3) and a Balance Sheet asat that date. Debit Balances Rs Credit Balances Rs Stock-in-hand 1170 Receipts Dining Room 87,660 Purchases 24,660 Subscriptions 9,450 Dining Room 32,370 Billiard's Receipts 7,300 Rent 10,470 Sunday Receipts 410 Wages 18,690 Interest on Fixed Deposit 270 Repairs and Renewals 5,400 Sundry Creditors 5310 Fuel and Light 5,280 Grant from Institute (permanent) 42,000 Misc. Expenses 4,050 Income and Exp. A/c (1.4.07) 1,380 Cash in hand 560 Suspense A/c (See note) 60 Cash at bank 2,760 Fixed Deposit 8,500 Sundry Debtors 2,250 China glass, cutlery and linen 600 Billiard Table 2,070 Fixtures and Fittings 870 Furniture 4,140 Club Premises 30,000 1,53,840 1,53,840 On March 31,2008 stockof restaurant consisted of Rs 900 and Rs 60 respectively. Providedepreciations Rs 60 on fixtures and fittings, Rs 390 on billiardtable and Rs 560 on furniture. |
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Answer» As at March 31,2008 the
On March 31,2008 stock |
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| 1736. |
A holds 100 shares of ₹ 10 each on which he has paid ₹ 1 per share on application.B holds 200 shares of ₹ 10 each on which he has paid ₹ 1 and ₹ 2 per share on application and allotment respectively.C holds 300 shares of ₹ 10 each and has paid ₹ 1 on application, ₹ 2 on allotment and ₹ 3 on first call. They all fail to pay their arrears and the second call of ₹ 2 per share . Shares are forfeited and subsequently reissued ₹ 11 per share as fully paid-up.journalise the above. |
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Answer» A holds 100 shares of ₹ 10 each on which he has paid ₹ 1 per share on application. B holds 200 shares of ₹ 10 each on which he has paid ₹ 1 and ₹ 2 per share on application and allotment respectively. C holds 300 shares of ₹ 10 each and has paid ₹ 1 on application, ₹ 2 on allotment and ₹ 3 on first call. They all fail to pay their arrears and the second call of ₹ 2 per share . Shares are forfeited and subsequently reissued ₹ 11 per share as fully paid-up. journalise the above. |
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| 1737. |
A partnership firm earned net profits during the past three years as follows: Year ended 31st March, 2019 31st March, 2018 31st March, 2017 Net Profit (₹) 2,30,000 2,00,000 1,70,000 Capital investment in the firm throughout the above-mentioned period has been ₹ 4,00,000. Having regard to the risk involved, 15% is considered to be a fair return on the capital. The remuneration of the partners during this period is estimated to be ₹ 1,00,000 p.a.Calculate value of goodwill on the basis of two years' purchase of average super profit earned during the above-mentioned three years. |
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Answer» A partnership firm earned net profits during the past three years as follows:
Capital investment in the firm throughout the above-mentioned period has been ₹ 4,00,000. Having regard to the risk involved, 15% is considered to be a fair return on the capital. The remuneration of the partners during this period is estimated to be ₹ 1,00,000 p.a. Calculate value of goodwill on the basis of two years' purchase of average super profit earned during the above-mentioned three years. |
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| 1738. |
Aditya and Balan are partners sharing profits and losses in 3:2ratio. They admitted Christopher for 1/4 share in the profits. Thenew profit sharing ratio agreed was 2:1:1. Christopher brought Rs.50,000 for his capital. His share of goodwill was agreed to at Rs.15,000. Christopher could bring only Rs. 10,000 out of his share ofgoodwill. Record necessary journal entries in the books of the firm? |
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Answer»
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| 1739. |
Total Assets ₹12,50,000; Total Debts ₹10,00,000; Current Liabilities ₹5,00,000.Calculate Debt to Equity Ratio. |
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Answer» Total Assets ₹12,50,000; Total Debts ₹10,00,000; Current Liabilities ₹5,00,000. Calculate Debt to Equity Ratio. |
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| 1740. |
From the following Balance Sheet of Yogeta Ltd., prepare cash flow statement: Particulars Note No. 31st March 2017 (Rs) 31st March 2016 (Rs) I) Equity and Liabilities 1. Shareholders’ Funds a) Share capital 1 4,00,000 2,00,000 b) Reserves and surplus-Surplus 2,00,000 1,00,000 2. Non-current Liabilities a) Long-term borrowings 2 1,50,000 2,20,000 3. Current Liabilities a) Short-term borrowings 1,00,000 - (Bank overdraft) b) Trade payables 70,000 50,000 c) Short-term provision 50,000 30,000 (Provision for taxation) Total 9,70,000 6,00,000 II) Assets 1. Non-current assets a) Fixed assets i) Tangible 7,00,000 4,00,000 2. Current assets a) Inventories 1,70,000 1,00,000 b) Trade Receivables 1,00,000 50,000 c) Cash and cash equivalents - 50,000 Total 9,70,000 6,00,000 Notes to Accounts Particulars 31st March 2017 (Rs) 31st March 2016 (Rs) 1. Share capital a) Equity share capital 3,00,000 2,00,000 b) Preference share capital 1,00,000 - 4,00,000 2,00,000 2. Long term borrowings Long-term loan - 2,00,000 Long-term Rahul 1,50,000 20,000 1,50,000 2,20,000 Additional Information:Net Profit for the year after charging Rs. 50,000 as Depreciation was Rs. 1,50,000. Dividend paid on Share was Rs. 50,000, Tax Provision created during the year amounted to Rs. 60,000. |
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Answer» From the following Balance Sheet of Yogeta Ltd., prepare cash flow statement:
Notes to Accounts
Additional Information: Net Profit for the year after charging Rs. 50,000 as Depreciation was Rs. 1,50,000. Dividend paid on Share was Rs. 50,000, Tax Provision created during the year amounted to Rs. 60,000. |
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| 1741. |
Prepare a Comparative Income Statement from the following information : Particulars31st March,201731st March,2018Revenue from Operations10,00,00012,50,000Cost of Materials Consumed5,00,0006,50,000Other Expenses50,00060,000Interest on investments Rs 30,000 and tax payable 50% |
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Answer» Prepare a Comparative Income Statement from the following information : Particulars31st March,201731st March,2018Revenue from Operations10,00,00012,50,000Cost of Materials Consumed5,00,0006,50,000Other Expenses50,00060,000Interest on investments Rs 30,000 and tax payable 50% |
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| 1742. |
The difference between opening and closing inventories of finished goods, work-in-progress and stock-in-trade shall be classified as ___ |
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Answer» The difference between opening and closing inventories of finished goods, work-in-progress and stock-in-trade shall be classified as |
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| 1743. |
Future Value after 5 year = 8,00,000. The rate is 20 %. What is Present value today? |
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Answer» Future Value after 5 year = 8,00,000. The rate is 20 %. What is Present value today? |
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| 1744. |
Receipt and Payment Account of Maitrey Sports Club showed that Rs 68,500 were received by way of subscriptions for the year ended on March 31, 2017.The additional information was as under:1. Subscription Outstanding as on March 31, 2016 were Rs 6,500,2. Subscription received in advance as on March 31, 2016 were Rs 4,100,3. Subscription Outstanding as on March 31, 2017 were Rs 5,400,4. Subscription received in advance as on March 31, 2017 were Rs 2,500.Show how that above information would appear in the final accounts for the year ended on March 31, 2017 of Maitrey Sports Club. |
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Answer» Receipt and Payment Account of Maitrey Sports Club showed that Rs 68,500 were received by way of subscriptions for the year ended on March 31, 2017. The additional information was as under: 1. Subscription Outstanding as on March 31, 2016 were Rs 6,500, 2. Subscription received in advance as on March 31, 2016 were Rs 4,100, 3. Subscription Outstanding as on March 31, 2017 were Rs 5,400, 4. Subscription received in advance as on March 31, 2017 were Rs 2,500. Show how that above information would appear in the final accounts for the year ended on March 31, 2017 of Maitrey Sports Club. |
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| 1745. |
Vikas and Vivek were partners in a firm sharing profits in the ratio of 3 : 2. On 1st April, 2017, they admitted Vandana as a new partner for 1/8th share in the profits with a guaranteed profit of ₹ 1,50,000. The new profit-sharing ratio between Vikas and Vivek will remain same but they decided to bear any deficiency on account of guarantee to Vandana in the ratio 3 : 2. The profit of the firm for the year ended 31st March, 2018 was ₹ 9,00,000. Prepare Profit and Loss Appropriation Account of Vikas, Vivek and Vandana for the year ended 31st March, 2018. |
| Answer» Vikas and Vivek were partners in a firm sharing profits in the ratio of 3 : 2. On 1st April, 2017, they admitted Vandana as a new partner for 1/8th share in the profits with a guaranteed profit of ₹ 1,50,000. The new profit-sharing ratio between Vikas and Vivek will remain same but they decided to bear any deficiency on account of guarantee to Vandana in the ratio 3 : 2. The profit of the firm for the year ended 31st March, 2018 was ₹ 9,00,000. Prepare Profit and Loss Appropriation Account of Vikas, Vivek and Vandana for the year ended 31st March, 2018. | |
| 1746. |
The Trial Balance shows the following balances as at 31st March, 2017:- Dr. Balances (₹) Cr. Balances (₹) Purchases 60,000 Capital 1,13,075 Sales Returns 1,500 Sales 1,27,000 Plant and Machinery 90,000 Purchases Returns 1,275 Opening Stock 40,000 Discount Received 800 Discount Allowed 350 Sundry Creditors 20,000 Bank Charges 100 Bills Payable 5,000 Sundry Debtors 45,000 Salaries 7,000 Wages 10,000 Freight : In 1,000 Freight : Out 1,200 Rent, Rates and Taxes 2,000 Advertisements 2,000 Cash at Bank 7,000 2,67,150 2,67,150 Closing Stock was valued at ₹ 35,000. Prepare Trading and Profit and Loss Account for the year ended 31st March, 2017 and Balance Sheet as at that date. |
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Answer» The Trial Balance shows the following balances as at 31st March, 2017:-
Closing Stock was valued at ₹ 35,000. Prepare Trading and Profit and Loss Account for the year ended 31st March, 2017 and Balance Sheet as at that date. |
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| 1747. |
Find out the Credit Purchases from the details given below: ₹ Balance of Creditors on 1st April 2018 32,000 Balance of Creditors on 31st March, 2019 46,000 Cash paid to Creditors 2,20,000 Cheques issued to Creditors 60,000 Purchases Returns 10,000 Discount received from Creditors 6,600 Cash Purchases 1,15,000 B/P accepted 16,000 B/P dishonoured 2,000 B/R endorsed to Creditors 7,000 Endorsed B/R dishonoured 3,000 |
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Answer» Find out the Credit Purchases from the details given below:
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| 1748. |
A person distributed his total property among his three son . The ratio of the total property ,share of the first son and share of the second son is 15:3:7 . Find the central angle which represents the share of the third son . |
| Answer» A person distributed his total property among his three son . The ratio of the total property ,share of the first son and share of the second son is 15:3:7 . Find the central angle which represents the share of the third son . | |
| 1749. |
From the following information, calculate Inventory Turnover Ratio; Operating Ratio and Working Capital Turnover Ratio:Opening Inventory ₹ 28,000; Closing Inventory ₹ 22,000; Purchases ₹ 46,000; Revenue from Operations, i.e., Net Sales ₹ 80,000; Return ₹10,000; Carriage Inwards ₹ 4,000; Office Expenses ₹ 4,000; Selling and Distribution Expenses ₹ 2,000; Working Capital ₹ 40,000. |
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Answer» From the following information, calculate Inventory Turnover Ratio; Operating Ratio and Working Capital Turnover Ratio: Opening Inventory ₹ 28,000; Closing Inventory ₹ 22,000; Purchases ₹ 46,000; Revenue from Operations, i.e., Net Sales ₹ 80,000; Return ₹10,000; Carriage Inwards ₹ 4,000; Office Expenses ₹ 4,000; Selling and Distribution Expenses ₹ 2,000; Working Capital ₹ 40,000. |
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| 1750. |
Bharat Ltd made the first call of ₹ 2 per share on its 1,00,000 Equity Shares on 1st March , 2006. Ashok, a shareholder, holding 800 shares paid the second and final call amount along with the first call money. The second and final call amount was ₹ 3 per share. Pass necessary journal entries for recording the above using the Calls-in Advance Account. |
| Answer» Bharat Ltd made the first call of ₹ 2 per share on its 1,00,000 Equity Shares on 1st March , 2006. Ashok, a shareholder, holding 800 shares paid the second and final call amount along with the first call money. The second and final call amount was ₹ 3 per share. Pass necessary journal entries for recording the above using the Calls-in Advance Account. | |