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For settlement of a creditor by transfer of fixed assets to him, realisation account is ___

Trade receivables turnover ratio is expressed in terms of ___

From the following trial balance of Varshney and Sons, prepare trading account and profit and loss account for the year ending 31st December, 2016 and a balance sheet as on that date.

$\begin{array}{cccc}\text{Particulars}& \text{Amt. (Rs.)}& \text{Particulars}& \text{Amt. (Rs.)}\\ \text{Opening Stock}& 10,400& \text{Capital}& 32,000\\ \text{Purchases}& 31,000& \text{Creditors}& 4,000\\ \text{Sales Return}& 600& \text{Sales}& 40,000\\ \text{Debtors}& 8,000& \text{Commission}& 5,480\\ \text{Building}& 10,000& \text{Rent}& 4,000\\ \text{Machinery}& 7,200& & \\ \text{Furniture}& 3,200& & \\ \text{Bills Receivable}& 4,000& & \\ \text{Salaries}& 3,200& & \\ \text{Tax}& 400& & \\ \text{Insurance}& 600& & \\ \text{Carriage on Purchases}& 1,800& & \\ \text{Trade Expenses}& 600& & \\ \text{Travelling Expenses}& 880& & \\ \text{Wages}& 2,000& & \\ \text{Cash}& 1,600& & \\ & \overline{\underset{–}{85,480}}& & \overline{\underset{–}{85,480}}\end{array}$

Adjustments:

(i) Closing stock Rs. 24,000

(ii) Rent due but not received Rs. 200.

(iii) Commission to the extent of Rs. 280 received in advance.

Do we share accumulated surpluses and reserves?

Which of the following capital accounts are affected due to adjustment after retirement in the total capital of the firm?

Salary paid to partner should be:

Turnover ratios are also known as___

What is meant by a 'Irredeemable Debenture'?

At the time of dissolution, all the assets of the firm are transferred to Realisation Account at ___________ values.

Inventory turnover ratio = ___

The balance sheet shows …

Translate each of the following statements into an equation: [4 MARKS]
a) The perimeter (p) of an equilateral triangle is three times of its side (a).
b) The diameter (d) of the circle is twice its radius (r).
c) The selling price (s) of an item is equal to the sum of the cost price (c) of an item and the profit (p) earned.
d) Amount (a) is equal to the sum of principal (p) and interest (i).

If the beach loses 3 cm of sand each year, how many cm will it lose in 15 years?

Q5) Which of the following statement is incorrect about the Strategic debt restructuring scheme?

The share of A in a partnership is Rs.1200 more than that of B, but capital of A is invested for 8 months while capital of B for 12 months. If the share of A of the yearly profits is the same as that of B, then what is the capital of A?

Why is repayment of debt capital expenditure?

Which of the following is not shown under the heading "Share Capital" in a balance sheet?

Under Super Profit Method, Goodwill =

If debentures are redeemed at premium, the premium on redemption of debentures account shall be credited while ___shall be debited.

Discount on issue of debentures is a/an ________.

A, B and C decided to dissolve the partnership firm. The position as at 31st March, 2012, the date of dissolution, was as follows:

$\begin{array}{cccc}\text{Capital and Liabilities}& \text{Amount (Rs.)}& \text{Assets}& \text{Amount (Rs.)}\\ \text{Creditors}& 2,75,000& \text{Furniture}& 5,000\\ \text{A's Loan Account}& 30,000& \text{Stock}& 1,75,000\\ \text{Capital Accounts:}& & \text{Debtors}& 2,40,000\\ A1,00,000& & \text{Bills Receivables}& 30,000\\ B50,000& & \text{Cash}& 10.000\\ C\underset{–}{5,000}& 1,55,000& & \\ & \underset{–}{\overline{4,60,000}}& & \underset{–}{\overline{4,60,000}}\end{array}$

They share profit and losses in the ratio of $A:\frac{1}{2};B:\frac{3}{10}\text{and}C:\frac{1}{5}.$
Rs. 20,000 of the debtors proved bad; the bills receivables were realised in full; the stock realised Rs. 1,70,000; Furniture was taken over by B at Book value and the expenses of Realisation amounted to Rs. 20,000.

Prepare realisation account.

B Ltd. issued debentures at 94% for Rs.4,00,000 on April 1, 2000 repayable by five equal drawings of Rs. 80,000 each. The company prepares its final accounts on December 31 every year

Indicate the amount of discount to be written-off every accounting year assuming that the company decides to write off the debentures discount during the life of debentures. (Amount to be written-off ; 2000- Rs. 6,000; 2001- Rs. 6,800; 2002 - Rs.5,200; 2003- Rs.3,600; 2004- Rs. 2,000, 2005- Rs. 400)

Calculate the amount of bills receivable during the year

$\begin{array}{cc}& (Rs.)\\ \text{Opening balances of bills receivable}& 75,000\\ \text{Bills dishonoured}& 25,000\\ \text{Bills collected (honoured)}& 1,30,000\\ \text{Bills receivable to creditors}& 15,000\\ \text{Closing balance of bills receivables}& 65,000\end{array}$

Receipt of dividend can be classified as ___________.

From the following calculate

(a) Net Profit Ratio

(b) Operating Profit Ratio

$\begin{array}{ccc}\text{S.No.}& Items& AmountRs.\\ 1.& \text{Revenue from Operations (Sales)}:& 2,00,000\\ 2.& \text{Gross Profit}& 75,000\\ 3.& \text{Office Expenses}& 15,000\\ 4.& \text{Selling Expenses}& 26,000\\ 5.& \text{Interest on Debentures}& 5,000\\ 6.& \text{Accidental losses}& 12,000\\ 7.& \text{Income from Rent}& 2,500\\ 8.& \text{Commission received}& 2,000\end{array}$

In case of default in payment by shareholders, then _________ account needs to be debited for the default amount?

Debentures of a company can be issued :

Find the difference between a single discount of 40% and two successive discounts of 36% and 4% on Rs 5,000.

Securities premium cannnot be applied for ?

A and B are partners in a firm, sharing Profits and Losses in the ratio of 3 : 2. Their capitals are Rs 1,80,000 and Rs 1,40,000 respectively. They admit X in partnership on the conditions that he will bring Rs 67,500 as goodwill and Rs 1,50,000 as capital and will get $\frac{1}{4}$ share in the profits of the firm. Assuming that the capital and goodwill have been brought in cash by the new partner, pass the necessary journal entries and find out new profit sharing ratio of partners when (A) Goodwill is retained in the firm and (B) Goodwill is withdrawn by old partners.

The ideal level of liquid ratio is ______

$$\begin{array}{ccc}\text{Items}& 2004& 2005\\ \text{Books Debts on April 1}& 4,00,000& 5,00,000\\ \text{Books Debts on March 30}& & 5,60,000\\ \text{Stock in trade on March 31}& 6,00,000& 9,00,000\\ \text{Sale}\left(\text{at gross profit of}25\%\right)& 3,00,000& 24,00,000\end{array}$$

Calculate stock turnover Rratio and debtor turnover ratio if in the year 2004 stock in trade increased by Rs. 2,00,000.

When two people together start a business, it is called as __________.

Loss by fire, loss by theft etc are ___

It is that part of the subscribed capital which has been called up on the shares. It is known as ___

This ratio expresses the relationship between profits available for payment of interest and the amount of interest payable. This ratio is___

Simmi and Sonu are partners in a firm, sharing profits and losses in the ratio of 3:1. The profit and loss account of the firm for the year ending March 31,2006 shows a net profit of Rs 1,50,000. Prepare the profit and loss appropriation account by taking into consideration the following information

(i) Partners capital on April 1, 2005; Simmi, Rs 30,000; Sonu, Rs 60,000;

(ii) Current accounts balances on April 1, 2005; Simmi, Rs 30,000 (Cr); Sonu, Rs 15,000 (Cr);

(iii) Partners drawings during the year amounted to Simmi, Rs 20,000; Sonu, Rs 15,000;

(iv) Interest on capital was allowed at 5% pa.

(v) Interest on drawing was to be charged at 6% pa at an average of six months;

(vi) Partners' Salaries; Simmi Rs 12,000 and Sonu Rs 9,000. Also show the partners' current accounts.

Rishi is a partner in a firm. He withdrew the following amounts during the year ended March 31, 2007

(Rs)

May 01, 2006 12,000

July 31, 2006 6,000

September 30, 2006 9,000

November 30, 2006 12,000

January 01, 2007 8,000

March 01, 2007 7,000

Interest on Drawings is charged 9% pa.

Calculate interest on drawings.

The journal entry for payment to debentureholders

A shopkeeper sold some articles at Rs 35 per piece and gained 40%. What would be the selling price of each article to earn 60% profit?

What are the two specified securities for debenture redemption investment?

Prepare the bills payable account from the following and find out missing figure if any

$\begin{array}{cc}& (Rs.)\\ \text{Bills accepted}& 1,05,000\\ \text{Discount received}& 17,000\\ \text{Purchases returns}& 9,000\\ \text{Return inwards}& 12,000\\ \text{Cash paid to accounts payable}& 50,000\\ \text{Bills receivable endorsed to creditor}& 45,000\\ \text{Bills dishonoured}& 17,000\\ \text{Bad debts}& 14,000\\ \text{Balance of accounts payable(closing)}& 85,000\\ \text{Credit purchases}& 2,15,000\end{array}$

From the following Balance Sheets of XY Ltd. as at 31-03-2018 and 31-03-2017 prepare a Cash Flow statement:
$$\begin{array}{cccc}\text{Particulars}& \text{Note}& 31-03-2018& 31-03-2017\\ & \text{No.}& & \\ \text{I. Equity And Liabilities:}& & \text{Rs.}& \text{Rs.}\\ \text{(1) Share holder's Funds:}& & & \\ \text{(a) Share Capital}& 1& 8,50,000& 4,60,000\\ \text{(b) Reserve and Surplus}& 2& 1,70,000& 2,40,000\\ \text{(2) Non - Current liabilities:}& & & \\ \text{Long term Borrowings}& 3& \underset{–}{1,80,000}& \underset{–}{2,00,000}\\ \text{Total}& & \underset{–}{12,00,000}& \underset{–}{9,00,000}\\ \text{II. Assets:}& & & \\ \text{(1) Non Current Assets:}& & & \\ \text{Fixed Assets}& & 7,00,000& 5,00,000\\ \text{(2) Current Assets:}& & & \\ \text{(a) Inventory}& & 2,50,000& 2,10,000\\ \text{(b) Trade Receivables}& & 1,90,000& 1,40,000\\ \text{(c) Cash and Cash Equivalents}& & \underset{–}{60,000}& \underset{–}{50,000}\\ \text{Total}& & \underset{–}{12,00,000}& \underset{–}{9,00,000}\end{array}$$
Notes :
(1)
$$\begin{array}{ccc}\text{Share Capital:}& 31-03-2018& 31-03-2017\\ \text{Equity Share Capital}& 7,50,000& 4,00,000\\ 8\%\text{Preference share Capital}& \underset{–}{1,00,000}& \underset{–}{60,000}\\ & \underset{–}{8,50,000}& \underset{–}{4,60,000}\\ \left(2\right)\text{Reserve and Surplus:}& & \\ \text{General reserve}& 50,000& 70,000\\ \text{Profit and Loss Balance}& \underset{–}{1,20,000}& \underset{–}{1,70,000}\\ & \underset{–}{1,70,000}& \underset{–}{2,40,000}\\ \left(3\right)\text{Long term Borrowings:}& & \\ 10\%\text{Debentures}& \underset{–}{1,80,000}& \underset{–}{2,00,000}\end{array}$$
Additional Information
(i) During the year machine costing Rs. 80,000 was sold for Rs. 50,000.
(ii) Interim Dividend paid on equity share capital Rs. 80,000

When debentures are issued at premium & redeemed at premium, the premium on redemption of debentures account is ___

Capital Employed =