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Profit or loss on Realisation should be divided among partners in the __________

Who enjoys the voting rights?

Prepare a bank reconciliation statement from the following particulars and show the balance as per cash book.

(i) Balance as per pass book on December 31, 2010, overdrawn Rs. 20,000.

(ii) Interest on bank overdraft not entered in the cash book Rs. 2,000.

(iii) Rs. 200 insurance premium paid by the bank has not been entered in the cash book.

(iv) Cheques drawn in the last week of December 2010 were not cleared till date for Rs. 3,000 and Rs. 3,500.

(v) Cheques deposited into the bank on November 2010, but yet to be credited on dated December 31, 2010, Rs. 6,000.

(vi) Wrongly debited by the bank, Rs. 500.

Unrecorded Liability, when paid on the dissolution of a firm, is debited to -

It is that part of the issued capital which has been actually subscribed by the public. It is known as ___

In case of profit on realisation, we pass an entry for transfer-

Kotak Ltd. has the following balance on 1st April, 2016:

Rs.

Statement of Profit & Loss (2,00,000)

Debenture Redemption Reserve 6,00,000

Capital Reserve 5,00,000

It earned a profit of Rs. 10,00,000 for the year ended 31st March, 2017. It decided to transfer Rs. 2,00,000 to Debenture Redemption Reserve and Rs. 3,00,000 to General Reserve. Directors proposed a final dividend of Rs. 1,20,000.

Show how these items will appear in the Balance Sheet and notes to accounts.

Harish is a partner in a firm. He withdrew the following amount during the year 2006

(Rs)

February 1 4,000

May 1 10,000

June 30 4,000

October 31 12,000

December 31 4,000

Interest on drawings is to be charged $7\frac{1}{2}\%pa.$

Calculate the amount of interest to be charged on Harish's drawings for the year ending December 31, 2006.

Give two circumstances under which the fixed capitals of partners may change.

Debt Equity Ratio = ___/ Shareholder`s funds

When debentures will be redeemed at their face value/nominal value, they are said to be redeemed at ___

Gain to the company on forfeited shares are credited to which account?

What is the amount of Interest on drawings for Ram at 10% p.a. for the Year ended 31st March 2018, if he withdrew Rs 2,000 p.m. in the beginning of every month.

What do we do with prepaid expenses while preparing Receipts and Payments Account?

Sum of Weighted profits / Sum of weights =

Interest accrued and due on borrowings shall be shown under _____

In performing vertical analysis, the base for prepaid expense is ___

What is the treatment to be made for assets taken over by a partner at the time of the dissolution of a firm?

______________ are like a gift in cash or kind received from some person or organisation who wants to help the cause of the NPO.

Fena Ltd. issued 7,000, 12$\%$ debentures of Rs 100 each at a premium of 5$\%$ redeemable at a premium of 20$\%$. Pass necessary Journal entries at the time of issue of debentures.

Prepare a bank reconciliation statement from the following particulars on 31st March, 2016.
$\begin{array}{ccc}& & \text{Amt. (Rs.)}\\ \left(i\right)& \text{Debit balance as per bank column of the cash book}& 3,72,000\\ \left(ii\right)& \text{Cheques issued to creditors but not yet presented to the bank for payment}& 72,000\\ \left(iii\right)& \text{Dividend received by the bank but not entered in the cash book}& 5,000\\ \left(iv\right)& \text{Interest allowed by the bank}& 1,250\\ \left(v\right)& \text{Cheques deposited into bank for collection but not collected by bank upto this date}& 15,400\\ \left(vi\right)& \text{Bank charges}& 200\\ \left(vii\right)& \text{A cheque deposited into bank was dishonoured but no intimation was received}& 320\\ \left(viii\right)& \text{Bank paid house tax on our behalf but no information received from bank in this connection}& 350\end{array}$

If two quantities a and b are in direct variation, then the ratio $\frac{a}{b}$ is always:

The present price of a scooter is $Rs.7,290.$ If its value decreases every year by $10\%,$ then its value $3$ years ago was

This analysis helps to understand the impact of each item in the financial statement and its contribution to the resulting figure.

__________ expenditure is shown on the expense side of income and expenditure account.

Investments expected to realise within twelve months are considered as current investments under ................

The term _______ implies additional security given for a loan.

Q20. Consider the following statements:

1. Public Sector Asset Rehabilitation Agency (PARA) is being setup to deal with India’s twin balance sheet problem.

2. Twin Balance Sheet Problem (TBS) deals with two balance sheet problems. One with Indian companies and the other with Indian Banks.

Which of the statements are correct?

At the time of retirement, if there are accumulated profits or losses, they should be transferred to the capital accounts of all partners in their ___

A firm is compulsorily dissolved when all partners or when all except one partner become insolvent. True or False.

Current accounts of the partners should be opened when the capitals are:

Rita, Geeta and Ashish were partners in a firm sharing profits/ losses in the ratio 3 : 2 : 1. On March 31, 2012 their balance sheet was as follows.

$$\begin{array}{cccccc}\text{Capital and Liabilities}& & \text{Amt.}& \text{Assets}& & \text{Amt.}\\ \text{Capitals:}& & & \text{Cash}& & 22,500\\ \text{Rita}& 80,000& & \text{Debtors}& & 52,300\\ \text{Geeta}& 50,000& & \text{Stock}& & 36,000\\ \text{Ashish}& \underset{–}{30,000}& 1,60,000& \text{Investments}& & 69,000\\ \text{Creditors}& & 65,000& \text{Plant}& & 91,200\\ \text{Bills Payable}& & 26,000& & & \\ \text{General Reserve}& & 20,000& & & \\ & & \underset{–}{}& & & \underset{–}{}\\ & & \underset{–}{2,71,000}& & & \underset{–}{2,71,000}\end{array}$$

On the above mentioned date the firm was dissolved.

1. Rita was appointed to realise the assets. Rita was to receive 5% commission on the rate of assets (except cash) and was to bear all expenses of realisation.

2. Assets were realised as follows:
Debtors Rs. 30,000
Stock Rs. 26,000
Plant Rs. 42,750

3. Investments were realised at 85% of the book value.

4. Expenses of realisation amounted to Rs. 4,100 .

5. Firm had to pay Rs. 7,200 for outstanding salary not provided for earlier.

6. Contingent liability in respect of bills discounted with the bank was also materialised and paid off Rs. 9,800.

Prepare realisation account, capital accounts of partners and cash account.

Which of the following is not applicable to responsibility accounting?

Which account needs to debited for writing off discount on issue of debentures over the span of debentures?

State any three advantages and three limitations of analysis of financial statements.

Oversubscription usually happens in ___

On 1-4-2010 Sahil and Charu entered into partnership for sharing profits in the ratio of 4:3. They admitted Tanu as a new partner on 1-4-2012 for 1/5th share which she acquired equally from Sahil and Charu. Sahil, Charu and Tanue earned profits at a higher rate than the normal rate of return for the year ended 31-3-2013. Therefore, they decided to expand their business. To meet the requirement of additional capital they admitted Puneet as a new partner on 1-4-2013 for 1/7th share of profits which he acquired from Sahil and Charu in 7 : 3 ratio.

Calculate :

(a) New profit sharing ratio of Sahil, Charu and Tanu for the year 2012 - 13.

(b) New profit sharing ratio of Sahil, Charu, Tanu and Puneet on Puneet's admission.

Distinguish between sacrificing ratio and gaining ratio.

Examples of NPO`s is/are -

If selling price is fixed 25% above the cost, the Gross Profit ratio is ___

If drawings for the year has been given without any break up of the same, the interest on drawings shall be calculated for:

_____________ is/are not transferred to Realisation A/c.

Give the major heading and sub-heading of the following items which is to be presented in the Balance Sheet of a company.

(i) Sundry Creditors

(ii) Calls-in-Advance

(iii) Copyrights

(iv) Investment (Trade)

Income for the year is Rs 20,000 and expense for the year is Rs 10,000. What will be the balance of income and expenditure account?

Are NPOs liable for government taxes?

Amit, Sumit, and Punit share profit and losses in the ratio of 3:2:1, respectively. Amit retires and the remaining partners decide to take Amit’s share in the existing ratio i.e. 2:1. Calculate the new ratio.

Sandeep and Navdeep are partners in a firm sharing profits in 5 : 3 ratio. They admit C into the firm and the new profit sharing ratio was agreed at 4 : 2 : 1. Calculate the sacrificing ratio.