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In case of redemption in installments, the discount is spread _____________________.

Failure to pay call money results in ____________.

How is short-term provisions for tax treated while computing cash from operations?

A lower value of debt to equity ratio represents:

The relationship between two financial variables can be expressed as:

Pranav, Karan and Rahim were partners in a firm sharing profits and losses in the ratio of 2:2:1. On 31st March, 2017, their Balance Sheet was as follows :

BALANCE SHEET OF PRANAV, KARAN AND RAHIM
as on 31st March, 2017
$\begin{array}{cccc}\text{Liabilities}& \text{Amount}& \text{Assets}& \text{Amount}\\ & \text{(Rs)}& & \text{(Rs)}\\ \text{Creditors}& 3,00,000& \text{Fixed Assets}& 4,50,000\\ \text{General Reserve}& 1,50,000& \text{Sotck}& 1,50,000\\ \text{Capitals :}& & \text{Debtors}& 2,00,000\\ \text{Pranav}& 2,00,000& \text{Bank}& 1,50,000\\ \text{Karan}& 2,00,000& & \\ \text{Rahim}& 1,00,000& & \\ \text{Total}& 9,50,000& \text{Total}& 9,50,000\end{array}$

Karan died on 12-6-2017. Accoring to the partnership deed, the legal representatives of the deceased partner were entitled to the following:

(i) Balance in his Capital Account.

(ii) Interest on his Capital 12% p.a.

(iii) Share of goodwill. Goodwill of the firm on Karan's death was valued at Rs 60,000.

(iv) Share in the profits of the firm till the date of his death, calculated on the basis of last year's profit. The profit of the firm for the year ended 31-3-2017 was Rs 5,00,000.

Prepare Karan's Capital Account to be presented to his representatives.

There is only one acceptable group of four that can be selected to attend the retirement dinner if which one of the following pairs of people is selected?

Q26. The capital account includes:

1. FDI 2. Portfolios

3. Remittance

Which of the above statement(s) is/are correct?

The average Net Profits expected in the furture by ABC Firm are Rs 36,000 per year. The average capital employed in the business by the firm is Rs 2,00,000. The rate of Return from capital invested in this class of business is 10%. The remuneration of the partners is estimated to be Rs 6,000 per annum. Find out the value of goodwill on the basis of two years' purchase of Super Profits.

Current assets are those assets which get converted into cash:

(a) Within six months

(b) Within one year

(c) Between one and three years

(d) Between three and five years

While calculating goodwill by weighted average profits methods, total profits multiplied by weights are divided by___

By maintaining the reserves, actual position of the profit and loss of any accounting year .................

The ___ is the summary of cash and bank transactions.

The part of the gain on forfeiture which pertains to re-issued shares is transferred to which account?

Shares issued for consideration other than cash means ___

Outstanding salary is shown as:

Purchases + Ending Inventory − Beginning Inventory + Beginning Accounts Payable − Ending Accounts Payable is equal to ___

In case of forfeiture of shares, not received part of the share capital is linked with ____________________

Interest on capital is usually provided only when the partners expressly agree upon for it.

Differentiate between redemption of debentures out capital and out of profits.

When the partner has become of unsound mind. In this case, the said partner is unable to fulfill the duties towards the business, this results in ______________

Refer the data in the table below:

$\begin{array}{ccc}\text{Particulars}& 2005-06& 2004-05\\ \text{Revenue from Operations}& 4,00,000& 500,000\\ \text{Other Income}& 2,75,000& 3,50,000\\ & 6,75,000& 8,50,000\\ \text{Purchase of stock in trade}& 95,000& 100,000\\ \text{Employee Benefit Expenses}& 2,75,000& 2,50,000\\ \text{Depreciation and Amortization}& 65,000& 50,000\\ \text{Profit Before Tax}& 2,40,000& 4,50,000\end{array}$

Calculate the % change in Profit before tax.

Why is depreciation added back to net profit to find out operating profit?

Name the asset that is not transferred to the debit side of Realisation Account, but bring certain amount of cash against it disposal at the time of dissolution of the firm.

On dissolution of partnership, the realisation account is debited with :

How can you estimate the error in the sum?

Out of the following, identify the items to be shown in the Notes to Accounts on 'Other Expenses' :

(i) Rent for factory

(ii) Internet Expenses

(iii) Carriage Inwards

(iv) Salaries

(v) Leave Encashment Exp

(vi) Commission Allowed;

(vii) Bad Debts written off

(viii) Audit fee

(ix) Depreciation on Computers

(x) Computer Software amortized

On March 31, 2014 the capital accounts of Elvin, Monu and Ahmed after making adjustments for profits, drawings, etc. were as, Elvin - Rs 80,000; Monu - Rs 60,000; and Ahmed - Rs 40,000. Subsequently, it was discovered that interest on capital and interest on drawings had been omitted. The partners were entitled to interest on capital at 5% p.a. The drawings during the year were : Elvin - Rs 20,000; Monu - Rs 15,000; and Ahmed - Rs 9,000. Interest on drawings chargeable to the partners was Elvin - Rs 500; Monu - Rs 360 and Ahmed - Rs 200. The net profit for the year ended 31st March, 2014 amounted to Rs 1,20,000. The profit sharing ratio of the partners was 3:2:1.

Record the necessary adjustment entry for rectifying the above errors of omission. Show your workings.

Incomes greater than expenditures of a non-profit organisation gives rise to -

The following is the account of cash transactions of the Nari Kalayan Samittee for the year ended December 31, 2006:


You are required to prepare an Income and Expenditure Account after the following adjustments:

(a) Subscriptions still to be received are Rs 750, but subscriptions include Rs 500 for the year 2007.

(b) In the beginning of the year the Sangh owned building Rs 20,000 and furniture Rs 3,000 and Books Rs 2,000.

(c) Provide depreciation on furniture 5% (including purchase), books 10% and building 5%.

(a) SEBI has given an ‘informal guidance’ to Insilco on the buyback of Non-convertible Debentures.
(b) This move could serve as a useful guide for other companies who may have similar plans.
(c) The debentures are due for redemption in three annual installments.
(d) Insilco may go ahead with early redemption since SEBI has clarified the process.

Rent expense of a non-profit organisation paid in advance is classified as a/an ____

Subscription income for the year is Rs 5,000. Amount received in advance for the next year is Rs 300. Amount outstanding for current year was Rs 400. The amount received during the year is ___

A receipt of subscription outstanding from a member of the non-profit organisation is considered as a/an __________.

Leela and Meeta were partners in a firm sharing profits and losses in the ratio of 5 : 3. On 1st January, 2007, they admitted Om as a new partner. On the date of Om's admission, the balance sheet of Leela and Meeta showed a balance of Rs.16,000 in general reserve and Rs. 24,000 (Cr) in profit and loss account. Record necessary journal entries for the treatment of these items on Om's admission. The new profit sharing ratio between Leela, Meeta and Om was 5 : 3 : 2.

Patent is a/an:

All inventories are treated as _____

Loss on issue of debentures is written off :

Himanshu withdrews Rs 2,500 at the end month of each month. The partnership deed provides for charging the interest on drawings 12% pa. Calculate interest on Himanshu's drawings for they year ending 31 December, 2006.

Weighted Average Profit =

The primary objectives of any NPOs is :

Current maturities to long-term loan include amount repayable within _______

The value of the machinery in the balance sheet is Rs. 50,000 and after revaluation it came to Rs. 35,000. So what is the journal entry we pass -

Discuss in brief the concept of investment decision and why capital budgeting decisions are crucial in nature.

On July 1, 2010, Ashwani purchased a machine for Rs 2,00,000 on credit. Installation expenses Rs 25,000 are paid by cheque. The estimated life is 5 years and its scrap value after 5 years will be Rs 20,000. Depreciation is to be charged on the straight-line basis. Show the journal entry for the year 2010 and prepare necessary ledger accounts for the first three years.

Liability of shareholder is limited to _____________ of the shares allotted to him.

A company purchased machinery worth Rs 1 crore on hire purchases basis. The accountant seeks your advice in accounting for the :

(i) Payment of instalment and

(ii) Interest under operating, investing and financing activity in the preparation of the Cash Flow Statement.

Trade receivables realised beyond twelve months from reporting date/operating cycle are classified under ___