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Following is the Balance Sheet of Aruna, Karuna and Varuna as at 31st March, 2009, who have agreed to share profits and losses in proportion of their capitals.

Balance Sheet of Aruna, Karuna and Varuna
as at 31st March, 2009
$\begin{array}{cccc}\text{Capital and Liabilities}& \text{Rs}& \text{Assets}& \text{Rs}\\ \text{Capitals:}& & \text{Land and Building}& 2,00,000\\ \text{Aruna}2,00,000& & \text{Machinery}& 3,00,000\\ \text{Karuna}3,00,000& & \text{Closing Stock}& 1,00,000\\ \text{Varuna}\underset{–}{2,00,000}& 7,00,000& \text{Sundry Debtors}1,10,000& \\ \text{General Reserve}& 35,000& \text{Less:Provision for}& \\ \text{Workmen Compensation Reserve}& 15,000& \text{Doubtful debts}\underset{–}{(10,000)}& 1,00,000\\ \text{Sundry Creditors}& \underset{–}{50,000}& \text{Cash at Bank}& \underset{–}{1,00,000}\\ & \underset{–}{8,00,000}& & \underset{–}{8,00,000}\end{array}$

On 31st March, 2009 Aruna desired to retire from the firm and the remaining partners decided to carry on the business. It was agreed to ravalue the assets and re-assess the liabilities on the following basis :

(i) Land and building to be appreciated by 30%

(ii) Machinery be depreciated by 20%.

(iii) There were bad debts of Rs 17,000.

(iv) The claim on account of workmen's compensation was estimated at Rs 8,000.

(v) Goodwill of the firm was valued at Rs 1,40,000 and Aruna's share of Goodwill be adjusted against the Capital Accounts of the continuing partners Karuna and Varuna who have decided to share future profits in the ratio of 4 : 3 respectively.

(vi) Capital of the new firm in total will be the same as before the retirement of Aruna and will be in the new profit sharing ratio of the continuing partners.

(vii) Amount due to Aruna be settled by paying Rs 50,000 in cash and the balance by transferring to her loan account which will be paid later on.

Prepare Revaluation Account, Capital Accounts of partners and Balance Sheet of time firm after Aruna's retirement.

What is the financial year in case of company?

Prepare Income and Expenditure Account and Balance Sheet for the year ended December 31, 2016 from the following Receipt and Payment Account and Balance Sheet of culture club:

The cheapest source of finance is

(a) debenture

(b) equity share capital

(c) preference share

(d) retained earning

Abhay, Siddharth and Kusum are partners in a firm, sharing profits in the ratio of 5:3:2. Kusum is guaranteed a minimum amount of Rs 10,000 as per share in the profits. Any deficiency arising on that account shall be met by Siddharth. Profits for the years ending March 31, 2016 and 2017 are Rs 40,000 and 60,000 respectively. Prepare Profit and Loss Appropriation Account.

Amount of calls in arrears is shown as __________ from subscribed capital in the financial statement.

From the following receipts and payments and information given below, Prepare Income and Expenditure Account and opening Balance Sheet of Adult Literacy Organisation as on December 31, 2017.

Information:

(i) Subscription outstanding as on 31.12.2016 Rs 2,000 and on December 31, 2017 Rs 1,500.

(ii) On December 31, 2017 Salary outstanding Rs 600, and one month Rent paid in advance.

(iii) On Jan. 01, 2016 organisation owned Furniture Rs 12,000, Books Rs 5,000.

Balance Sheet of X, Y and Z who shared profits in the ratio of 5 : 3 : 2, as on 31st March, 2019 was as follows:

Y retired on 1st April, 2019 and it was agreed that:

(i) Goodwill of the firm is valued at ₹ 1,12,500 and Y' s share of it be adjusted into the accounts of X and Z who are going to share future profits in the ratio of 3 : 2.

(ii) Fixed Assets be appreciated by 20%.

(iii) Stock be reduced to ₹ 75,000.

(iv) Y be paid amount brought in by X and Z so as to make their capitals proportionate to their new profit-sharing ratio.

Prepare Revaluation Account, Capital Accounts of all partners and the Balance Sheet of the New Firm.

They admitted Leander as a new partner on this date . New profit-sharing ratio is agreed as 3 : 2 ; 3 . Leander brings in proportionate capital after the following adjustments:

(a) Leander brings ₹ 16,000 as his share fo goodwill.

(b) Provisions for Doubtful Debts is to be reduced by ₹ 2,000.

(c) There is an old Typewriter valued at ₹ 2,400. It does not appear in the books of the firm . It is now to be recorded.

(d) Patents are valueless.

Prepare Revaluation Account , Capital Accounts and opening Balance Sheet of Pradeep , Dhanraj and Leander.

Profit for the year ended 31st March, 2018 was ₹ 5,000 which was divided in the agreed ratio, but interest 5% p.a. on capital and 6% p.a. on drawings was inadvertently enquired. Adjust interest on drawings on an average basis for 6 months. Give the adjustment entry.

What is x + 1/x

Purchase of investment is ___ while calculating cash flow from investing activities.

What does John say
about himself since his last meeting with the author?

If there is a reserve for any specific purpose, it will be shared only to the extent of that part for which there is _________ liability.

A company has to disclose depreciation provided on fixed assets and amortization of intangible assets under ___

Why is entrepreneurship regarded as a creative activity?

Software solution India Ltd inviting application for 20,000 equity share of Rs 100 each, payable Rs 40 on application, Rs 30 on allotment and Rs 30 on call. The company received applications for 32,000 shares. Application for 2,000 shares were rejected and money returned to Applicants. Applications for 10,000 shares were accepted in full and applicants for 20,000 share allotted half of the number of share applied and excess application money adjusted into allotment. All money received due on allotment and call. Prepare journal and cash book.

On Jan 01, 2012 Siya sold goods worth Rs 18,000 to Sadhna and drew upon the latter a bill of exchange for the same amount payable after two months. Sadhna accepted Siya’s draft and returned the same to Siya after acceptance. Siya endorsed the bill immediately in favour of her creditor Seeta. Five days before the maturity of the bill Sadhna requested Siya to cancel the bill since she was short of funds. She further requested to draw a new bill upon her including interest of Rs 200. Siya accepted Sadhna’s request. Siya took the bill from Seeta by making the payment to her in cash and cancelled the same. Then she drew a new bill upon Sadhna as agreed. The new bill was payable after one month. The new bill was duly met by Sadhna on maturity. Record the necessary journal entries in the books of Siya.

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 absolute change in Employee Benefit Expenses.

A and B were partners in a firm sharing profits in the ratio of 3 : 2. On 31.3.2011 the balance sheet of the firm was as follows:

BALANCE SHEET OF A & B
as at 31.3.2011
$\begin{array}{cccc}\text{Capital and Liabilities}& \text{Amount (Rs.)}& \text{Assets}& \text{Amount (Rs.)}\\ \text{Capital:}& & \text{Building}& 2,40,000\\ A3,00,000& & \text{Furniture}& 1,75,000\\ B\underset{–}{2,00,000}& 5,00,000& \text{Debtors}& 80,000\\ \text{Sundry Creditors}& 97,000& \text{Stock}& 75,000\\ \text{A's Loan}& 20,000& \text{Cash}& 47,000\\ & \underset{–}{\overline{6,17,000}}& & \underset{–}{\overline{6,17,000}}\end{array}$

The firm was dissolved on 1.4.2011 and the assets and liabilities were settled as following:

(i) Building was taken over by the creditors as their full and final payment;

(ii) A accepted an unrecorded asset of Rs. 25,000 in full settlement of his loan.

(iii) Furniture was taken over by B for cash payment at 5% less than the book value;

(iv) Debtors were collected by a debt collection agency at a cost of Rs 5,000;

(v) Stock realised Rs. 70,500.

(vi) B agreed to bear all realisation expenses. For this service B is to be allowed Rs. 500. Actual expenses on realisation amounted to Rs. 1,000.

Prepare realisation account an partner's capital account