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Identify which of the following items will be shown in the Note to Accounts on Other Expenses? (i) Salaries; (ii) Postage Expenses; (iii) Telephone and Internet Expenses; (iv) Rent for warehouse; (v) Carriage Inwards; (vi) Depreciation on computers; (vii) Computer Software amortised; (viii) Computer Hiring Charges; (ix) Audit fee; (x) Bonus.

Show the accounting treatment of the following items by a Not-for-Profit organisation.

(i) Annual Subscription

(ii) Specific Donation

(iii) Sale of Fixed Assets

(iv) Sale of Old Periodicals

(v) Sale of Sports Materials

(vi) Life Membership Fee

Inventory turnover ratio is expressed in terms of ___

Compute the value of goodwill on the basis of four year's purchase of the average profits based on the last five years. The profits for the last five years were as follows.
$\begin{array}{cc}\text{Year}& \text{Amt. (Rs.)}\\ 2002& 40,000\\ 2003& 50,000\\ 2004& 60,000\\ 2005& 50,000\\ 2006& 60,000\end{array}$

Debeture is -

In case of death of a partner, interest on capital is entitled to him up to ___________

On the above date , the partners decided to admit Anshu as a partner on the following terms:

(a) The new profit-sharing ratio of Deepika , Rajshree and Anshu will be 5 : 3 : 2 respectively.

(b) Anshu shall bring in ₹ 32,000 as his capital.

(c) Anshu is unable to bring in any cash for his share of goodwill. Partners' therefore, decide to calculate the goodwill on the basis of Anshu's share in the profits and the capital contribution made by her to the firm.

(d) Plant and Machinery is to be valued at ₹ 60,000, Stock at ₹ 40,000 and the Provision for Doubtful Debts is to be maintained at ₹ 4,000. Value of Land and Building has appreciated by 20% . Furniture has been depreciated by 10%.

(e) There is and additional liability of ₹ 8,000 being outstanding salary payable to employees of the firm. This liability is not included in the outstanding liabilities , stated in the above Balance Sheet. Partners decide to show this liability in the books of account of the reconstituted firm.

Prepare Revaluation Account , Partners' Capital Accounts and Balance Sheet of Deepika , Rajshree and Anshu.

Pinky, Qumar
and Roopa partners in a firm sharing profits and losses in the ratio
of 3:2:1. S is admitted as a new partner for 1/4 share in the profits
of the firm, whichs he gets 1/8 from Pinky, and 1/16 each from Qmar
and Roopa. The total capital of the new firm after Seema’s
admission will be Rs 2,40,000. Seema is required to bring in cash
equal to 1/4 of the total capital of the new firm. The capitals of
the old partners also have to be adjusted in proportion of their
profit sharing ratio. The capitals of Pinky, Qumar and Roopa after
all adjustments in respect of goodwill and revaluation of assets and
liabilities have been made are Pinky Rs 80,000, Qumar Rs 30,000 and
Roopa Rs 20,000. Calculate the capitals of all the partners and
record the necessary journal entries for doing adjustments in respect
of capitals according to the agreement between the partners?

Raj and Neeraj are partners in a firm. Their capitals as on April 01, 2017 were Rs 2,50,000 and Rs 1,50,000, respectively. They share profits equally. On July 01, 2017, they decided that their capitals should be Rs 1,00,000 each. The necessary adjustment in the capitals were made by introducing or withdrawing cash by the partners’. Interest on capital is allowed 8% p.a. Compute interest on capital for both the partners for the year ending on March 31, 2018.

A, B and C are partners sharing profits in 3:2:2 ratio. They admitted
D as a new partner for 1/5 share which he acquired from A, B and C in
2:2:1 ratio respectively. Calculate new profit sharing ratio?

Interest is receivable on _________ and payable on ____________

From the following
Receipt and Payment Account prepare final accounts of a Unity Club
for the year ended March 31, 2007.

Additional
Information:

At the time of admission, an incoming partner can contribute his share of goodwill in the form of

Bharam is a partner in a firm. He withdraws Rs 3,000 at the starting of each month for 12 months. The books of the firm closes on March 31 every year. Calculate interest on drawings if the rate of interest is 10% p.a.

Unpaid dividends are shown under .........

Which of the following is(are) type(s) of capital account in partnership?

On January 01, 2002, X.Ltd. issued 40,000, 9% debentures of Rs.100 each at Rs.95.

The terms of issue provided that, beginning with 1999, Rs.2,00,000 debentures should be redeemed either by drawings at par or by purchase in the open market every year. The expenses of issue amounted to Rs.12,000 which were written-off in 2002. The company also wrote off Rs.40,000 every year from Discount on Debentures Account. At the end of 2004, debentures to be redeemed were repaid by drawings. During 2005, the company purchased for cancellation 2,000 debentures at the market price of Rs.98 on December 31, the expenses being Rs.400. Interest on debentures is payable at the end of every calendar year.

Pass the journal entries in the books of the company to record these transactions.

Which letters are sent to the shareholders to whom shares have been allotted ?

Pankaj, Naresh and Saurabh are partners sharing profits in the ratio of 3:2:1. Naresh retired from the firm due to his illness. On that date the Balance Sheet of the firm was as follows:

Additional Information

(i) 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 Rs 1,200 and furniture to be brought up to Rs 45,000.

(ii) Goodwill of the firm be valued at Rs 42,000.

(iii) Rs 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.

(iv) 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.

What journal entries
will be recorded for the following transactions on the dissolution of
a firm:

[a] Payment of
unrecorded liabilities of Rs 3,200.

[b] Stock worth Rs
7,500 is taken by a partner Rohit.

[c] Profit on
Realisation amounting to Rs 18,000 is to be distributed between the
partners Ashish and Tarun in the ratio of 5:7.

[d] An unrecorded asset
realised Rs 5,500.

Define the purpose of maintaining subsidiary journal.

Following is the information in respect of certain items of a Sports Club. You are required to show them in the Income and Expenditure Account and the Balance Sheet.

The price of soap is collectively decided by five factors : Research, raw materials, labour, advertisement and transportation. Assume that the financial relationship is : Price of soap = (k X Research costs X Raw materials costs X Labour costs X Advertising cost X Transportation cost)

If there are respective changes of 10%, 20%, -20%, 25%, and 50% in the 5 factors, then find the change in the price of the soap.

Securities premium account is shown on the liabilities side of the balance sheet under which head?

On dissolution of a firm, bank overdraft is transferred to ___

What entries for the redemption of debentures will be done when : (a) debentures are redeemed by annual drawings out of profits; (b) debentures are redeemed by drawing a lot out of capital; and (c) debentures are redeemed by purchasing them in the open market when sinking fund for the redemption of debentures is not maintained − (i) when out of profit, and (ii) when out of capital?