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The assets of the firm, including any sum contributed by the partners to make up deficiencies of capital, shall be applied first in ___

Tanushree Ltd. is in the business of manufacturing cosmetics. Encouraged by the spurt in profits, the Company decided to spend 20$\%$ of its profits to organise clealiness drive in a nearby village. Following particulars are obtained from the Company's books :

$\begin{array}{cccc}& \text{Note}& \mathrm{31.03.2017}& 31\text{st}\\ & \text{No}& \text{March}& \text{March}\\ & & 2018& 2017\\ & & \text{Rs}& \text{Rs}\\ \text{Revenue from Operations}& & 40,00,000& 25,00,000\\ \text{Purchase of Stock in Trade}& & 33,60,000& 18,50,000\\ \text{Changes in Inventories}& & (2,00,000)& 1,50,000\\ \text{Other Expenses}& & 1,20,000& 1,00,000\\ \text{Other Income}& & 1,60,000& 50,000\end{array}$

You are required to : (a) Prepare a Common Size Statement of Profit & Loss, and

(b) Identify the value highlighted.

Past adjustments should be carried out directly through the

The main objective of NPO`s is

What will be the gross profit ratio if, total sales is Rs 2,60,000, cost of net goods sold is Rs 2,00,000 and Sales return is Rs 10,000?

Capitalised Value of Super Profits =

What is a 'Convertible Debenture'?

Give any one distinction between sacrificing ratio and gaining ratio.

Ram and Shyam are partners with a capital of Rs 1,00,000 and Rs 1,60,000 on January 1, 2016 respectively. Ram introduced additional capital of Rs 30,000 on July 1, 2016 and another Rs 20,000 on October 31, 2016. Calculate interest on capital for Ram for Financial Year ending December 2016. The rate of interest is 9% p.a.

The Orient Company Limited offered for public subscription 20,000 equity shares of Rs 10 each at a premium of 10% payable at Rs 2 on application; Rs 4 on allotment including premium; Rs 3 on First Call and Rs 2 on Second and Final call. Applications for 26,000 shares were received. Applications for 4,000 shares were rejected. Pro-rata allotment was made to the remaining applicants. Both the calls were made and all the money were received except the final call on 500 shares which were forfeited. 300 of the forfeited shares were later on issued as fully paid at Rs 9 per share. Give journal entries and prepare the balance sheet.

Show how you would deal with the following items while preparing the Income & Expenditure Account for the year ending on 31st March 2017 and a Balance Sheet as at that date in each of the following alternative cases:

Case (i) Prizes awarded Rs 5,000.

Case (ii) Prizes awarded Rs 5,000; Prize Fund as on 31st March 2016 Rs 40,000; Donations for prizes received during the year 2016-17 Rs 7,200.

Case (iii) Prizes awarded Rs 5,000; Prize Fund as on 31st March 2016 Rs 40,000; Donations for prizes received during the year 2016-17 Rs 7,200; 9% Prize Fund Investments as on 31st March 2016 Rs 40,000; Interest received on Prize Fund Investments Rs 2,700.

On what basis the receipts and payments account is prepared?

When creditor accepts an asset whose value is more than the amount due to him, he will pay the excess amount which will be __________ to the realisation account.

A ___displays all items as percentages of a common base figure rather than as absolute numerical figures

Unrecorded liabilities when paid are shown in ___

From the following
particulars, prepare Income and Expenditure account:

Calculate Trade Payables Turnover Ratio from the following information :

$\begin{array}{cc}& \text{Rs.}\\ \text{Credit Purchases during the year}& 6,20,000\\ \text{Purchase Returns (Out of credit purchase)}& 20,000\\ \text{Opening Creditors}& 1,00,000\\ \text{Closing Creditors}& \text{1,40,000}\\ \text{Opening Bills Payable}& \text{25,000}\\ \text{Closing Bills Payable}& \text{35,000}\end{array}$

Shine Limited has a current ratio 4.5:1 and quick ratio 3:1; if the inventory is 36,000, calculate current liabilities and current assets.

Assuming that the Debt-Equity Ratio is 2 : I, state, giving reasons, which of the following transactions would (I) Increase; (ii) Decrease; (ii.) Not alter the Debt-Equity Ratio :

(i) Issue of new shares (Preference/Equity) for Cash.

(ii) Issue of new shares (Preference/Equity) against purchase of fixed asset.

(iii) Buy-back of its own shares by a Company.

(iv) Issue of Debentures for Cash.

(v) Issue of Debentures against purchase of fixed asset.

(vi) Repayment of Long-term Borrowings.

(vii) Conversion of Debentures into Equity Shares/Preference Shares.

(viii) Sale of a fixed asset at par.

(ix) Sale of a fixed asset at profit.

(x) Sale of a fixed asset at loss.

(xi) Purchase of a fixed asset on a credit of 2 months.

(xii) Purchase of a fixed asset on long-term deferred payment basis.

(xiii) Issue of Bonus Shares.

Interest is payable on debentures at which rate ?

Prepare a Common Size Statement of Profit & Loss from the following and interpret the same :

STATEMENT OF PROFIT & LOSS

$\begin{array}{cccc}& \text{Note}& 31\text{st}& 31\text{st}\\ & \text{No}& \text{March}& \text{March}\\ & & 2018& 2017\\ & & \text{Rs}& \text{Rs}\\ \text{Revenue from Operations}& & 25,00,000& 20,00,000\\ \text{Other Income}& & 1,00,000& 1,00,000\\ \text{Cost of Materials Consumed}& & 17,00,000& 14,00,000\\ \text{Finance Costs}& & 2,00,000& 1,60,000\\ \text{Other Expenses}& & 1,00,000& 1,40,000\end{array}$

The subscribed capital of a company is Rs. 80,00,000 and the nominal value of the share is Rs. 100 each There were no calls in Arrear till the final call was made, the final call made was paid on 77,500 shares only. The balance in the calls in Arrear amounted to 62,500. Calculate the final call on share.

Which account is to be credited while setting aside profits as a reserve?