InterviewSolution
Saved Bookmarks
InterviewSolution
This section includes InterviewSolutions, each offering curated multiple-choice questions to sharpen your knowledge and support exam preparation. Choose a topic below to get started.
| 1151. |
P,Q and R entered intopartnershipon 1stApril 2015to share profitand losses in theratio of 12:8:8 itwas providedthatin no caseR'ssharein profitbe lessthanless Rs, 30,000 p,atheparofitsand lossesfor theperiodeanded31stMarchwere:2015-16 Rs. 1,20,000, 2016-17profitRs. 1,80,000 : 2017 -18Loss Rs, 1,20,000passthe necessaryjournaljournalentriesin the books ofthefirm . |
|
Answer» fordificiency- 2017 -18Dr. P.s capital A/c -Rs. 32,400 ;Q'sCapital A/C -Rs. 21,600; Cr R's capital A/C-rs. 54,000 |
|
| 1152. |
P,Q and Rarepartnersin firmtheircapital Accountstod at Rs. 30,000 ,15,000and Rs. 15,000 respectielyon 1stApril ,2018 . As perparnershipdeed:(i)R wasto beallowedremuneratuion of Rs. 3,000perannum ,(ii)interest@5%p.awasto beallowedoncaptaland (iii)Pfofitswereto bedistributed in theratio of 2:2:1:1 ignoringth abovetermsnetprofitfo Rs. 18,000for theended31s march 2019 wasdistributedamongthreepartnersequally. Passanadjustmententryto Rectify theerror . shwtheWorking clealy . |
Answer» SOLUTION :
|
|
| 1153. |
P,Q and R areaprtnersin a firmtheircapitalAccounts stoodat Rs. ,3,00,000, Rs. 1,50,000andRs. 1,50,000respectively on 1stspril, 2018 Aspertheprovisions of theDeed,(I)R wasto be alloweda remunerationof Rs. 36,000per annum(ii)inereset @ 5%p.awasto beprovidedon capitaland (iii)profits wereto bedistributed in theratio of 2:2:1:1 ignorring theabovetermsnet profit of Rs. 1,80,000 for theyear ended31 st MArch ,2019 wasdistributed amongthethreepartnersequally . Passthejournal entriestorectify the aboveerrors. |
Answer» SOLUTION : 
|
|
| 1154. |
Poonam Ltd. Had a balance of Rs.55,00,000 in its Statement of Profit and Loss. Instead of declaring a dividend it decided to redeem its Rs.50,00,000, 8% debentures at a premium of 10% out of profits on 31st March, 2018. The Company invested the required amount in fixed deposit in a bank on 30th April, 2017 earning interest @8% p.a. Tax was deducted on interest earned @10% by the bank. Pass the necessary Journal entrires in the books of the company for the redemption of debentures. |
Answer» SOLUTION :  Note (1) : Since the debentures are redeemable fully out of profits, an AMOUNT equal to the total amount of debentures redeemed i.e., Rs.50,00,000 (and not 25% of Rs.50,00,000) has been transferred to DEBENTURE REDEMPTION RESERVE. |
|
| 1155. |
Pooja Ltd. Issued 80,000, 8% debentures of Rs.100 each on June 30, 2011 redeemable at a premium of 6% on July 1, 2015. The Board of Director have decided to transfer out of profits Rs.12,00,000 to Debenture Redemption Reserve on March 31, 2013, Rs.4,00,000 on March 31, 2014 and Rs.4,00,000 on March 31, 2015. Record necessary journal entries regarding issue and redemption of debentures. Ignore entries relating to writing off loss on issue of debenture and interest paid thereon. |
| Answer» Solution :Debenture Redemption INVESTMENT made for Rs.12,00,000 on 30th APRIL, 2015. Debenture Redemption Reserve TRANSFERRED to General Reserve Rs.20,00,000 on July, 1, 2015. | |
| 1156. |
Piyush Ltd. invited applications for issuing 1,00,000 shares of Rs. 10 each payable as follows : Rs. 4 - per share on application Rs. 2 per share on allotment Balance on first and final call. Applications were received for 1,60,000 shares. Full allotment was made to the applicants of 10,000 shares. The remaining applicants were allotted 90,000 shares on pro-rata basis. Excess money received with application was adjusted toward sums due on allotment and call. Kanika, holding shares, who belonged to the category of applicants to whom full allotment was amde, paid the call money at the time of allotment. Ruchi, who belonged to the category of applicants to whom shares were allotted pro-rata basis did not pay anything after application on her 600 shares. Ruchi's shares were forfeitedafter the first and final call. These shares were later reissued at Rs. 9 per share fully paid up. Pass the necessary journal entries for the above transactions by opening calls in arrears and calls in advance account wherever necessary. |
|
Answer» Solution :Amount received on FIRST & final call Rs. 3,14,000, CALLS in Arrer Rs. 2,000, Capital RESERVE Rs. 3,400. Hint : (i) Excess applications money transferred to Cells in Advance A/c : Rs. 60,000. (ii) `{:(,,"Rs."),("Amount due from Ruchi on First and Final Call" = 600xx Rs. 4,=,"2,400"),("LESS : Calls in Advance from Ruchi",,UL(" 400")),("Amount not paid by Ruchi on First & Final Call",,ul(ul("2,000))):}` |
|
| 1157. |
piyaand bina partners ina firmsharingprofitand losses in theratio of 3:2following wasthebalance sheetof thefirmon 31st March,2016 . the profitRs. 30,000of the yearended 31st March, 2016were dividedbetweenthepartners withoutallowing intereston capital@12%p,.a and salary to piya@Rs. 1,000per monthDuringthe yearpiya allowing Rs. 8,000 and binawithdrew Rs. 4,000showingh yourworkingnotes clearly .passthe necessary rectifying entry . |
|
Answer» |
|
| 1158. |
Perm and manojarepartners in a firmsharingprofitin theratioof 3:2thepartnership Deedprovided thatpermwasto bepaidsalaryfo Rs. 2,500 permonth andmanojwas geta acommissionos Rs.10,000per year , interest on capitalwasto beallowed@5%p.aand interestodrawing wasto becharged@6%p.aintereston prem's drawingwas Rs. 7,5000 respecively thefirm'snetprofitfor theyearended31 st March 2019was .Rs,90.575. Prepane profit and lossappropriation account of thefirm . |
|
Answer» |
|
| 1159. |
Payment of Income Tax is classified as: |
|
Answer» OPERATING ACTIVITIES |
|
| 1160. |
Payment of Income Tax is shown as |
|
Answer» OPERATING ACTIVITIES |
|
| 1161. |
Payment of Income Tax is considered as |
|
Answer» 1 - DIRECT Expenses |
|
| 1162. |
Patents and Trademarks are examples of |
|
Answer» INTANGIBLE FIXED ASSETS |
|
| 1163. |
Patents and Copyrights fall under the category of : |
|
Answer» CURRENT ASSETS |
|
| 1164. |
Pass the Journal entries in the following cases ? (a) Expenses of realisation ₹ 1,500 . (ii) Expenses of realisation ₹ 600 but paid by Mohan , a partner . (c) Mohan , one of the partners of the firm , was asked to look into the dissolution of the firm for which he was allowed a commission of ₹ 2,000 . (d) Motor car of book value ₹ 50,000 taken over by creditors of the book value of ₹ 40,000 in full settlement . |
| Answer» SOLUTION :No entry for RECORDED ASSET taken over by CREDITORS. | |
| 1165. |
Pass necessary Journal entries on the dissolution of a partnership firm in the following cases: (i) Dissolution expenses were Rs 800. (ii) Dissolution expenses Rs 800 were paid by Prabhu a partner. (iii) Geeta, a partner, was appointed to look after the dissolution work, for which she was allowd a remuneration of Rs 10,000. Geeta agreed to bear the dissolution expenses. Actual dissolution expenses Rs 9.500 were paid by Geeta. (iv) Janki, a partner, agreed to look after the disolution expenses. Actual dissolution expenses Rs 5,500 were paid by Mohan, another partner, on behalf of Janki. (v) A partner, Kavita, agreed to look after the dissolution process for a commission of Rs 9,000. She also agreed to bear the dissolution expenses. Kavita took over furniture of Rs 9,000 for her commission. Furniture had already been transferred to Realisation Account. (vi) A debtor, Ravinder, for Rs 19,000 agreed to pay the dissolution expenses which were Rs 18,000 in full settlement of his debt. |
|
Answer» Solution :(i) Dr. Realisation A/c and Cr. Bank A/c by RS 800. (ii) Dr. Realisation A/c and Cr. Prabhu's Capital A/c by Rs 800. (iii) Dr. Realisation A/c and Cr. Geeta's Capital A/c by Rs 10,000. (iv) (a) Dr. Realisation A/c and Cr. Janki's Capital A/c by Rs 5,000. (b) Dr. Janki's Capital A/c and Cr. Mohan's Capital A/c by Rs 5,500. (v) (a) Dr. Realisation A/c adn Cr. Kavita's Capital A/c by Rs 9,000. (b) Dr. Kavita's Capital A/c and Cr. Realisation A/c by Rs 9,000. (vi) No ENTRY. |
|
| 1166. |
Pass necessary Journal entries for the issue and redemption of Debentures in the following cases : (i) 15,000, 10% Debentures of Rs.100 each issued at 10% premium, repayable at par. (ii) 6,00,000, 12% Debentures of Rs.500 each issued at 5%premium, repayable at 10% premium. |
Answer» SOLUTION : 
|
|
| 1167. |
Pass necessary Journal entries for the following transactions in the books of X , Y and Z sharing profits in the ratio of 3 : 2 : 1 at the time of dissolution of the firm . (i) Realisation expenses of ₹ 2,000 were to be borne by and also paid by X , partner . (ii) Y, a partner to bear realisation expenses agreed at ₹ 1,900 . Actual expenses paid by Y were ₹ 1,500 . There was a balance of ₹ 18,000 in the General Reserve on the date of dissolution . (iv) Y was given loan of ₹ 50,000 by the firm . (v) Y , a partner , took a machine for ₹ 20, 000 . (vi) Z , a partner , agreed to pay creditor of ₹ 30 , 000 for ₹ 20,000 . (vii) A , a partner , had given loan to the firm of ₹ 10 , 000 . It was repaid to him . (viii) There was a contingent liability of ₹ 37,000 in respect of bills discounted but not matured . All the discounted bills were honoured but an acceptor of a bill of ₹ 5,000 became insolvent and fifty paise in a rupee was received . The liability of the firm account of this bill discounted and dishonoured has not so far been recorded . |
Answer» SOLUTION : Note : When it is AGREED that a partner will bear the realisation EXPENSES and for this he is PAID an agreed amount Realisation ACCOUNT is debited by the amount payable to the partner. |
|
| 1168. |
Pass necessary Journal entries for the following transactions in the books of Rajan Ltd: Rajan Ltd. Purchased a running business from Vikas Ltd. for a sum of Rs. 2,50,000 payable as Rs. 2,20,000 in fully paid equity shares of Rs. 10 each and balance by a bank draft. The assets and liabilities consisted of the following: Plant and Machinery Rs. 90,000, Building Rs. 90,000, Sundry Debtors Rs. 30,000, Stock Rs. 50,000, Cash Rs. 20,000, Sunday Creditors Rs. 20,000. |
Answer» Solution : Note: Number of Equity SHARES to be Issued= (PurchasePrice - Cash PAYMENT) ` div` Issue PRICE = RS. 2,20,000 `div` Rs. 10 = 22,000 shares. |
|
| 1169. |
Pass necessary Journal entries for the issue and redemption of Debentures in the following cases: (i) 10,000, 10% Debentures of Rs. 120 each issued at 5% premium, repayable at per. (ii) 20, 000, 9% Debentures of Rs. 200 each issued at 20% premium, repayable at 30% premium. |
Answer» SOLUTION : 
|
|
| 1170. |
Pass necessary Journal entries for issue of 1,000, 7% Debentures of Rs. 100 each in thefollowing cases: (a) Issued at 5% premium, redeemable at a premium of 10%. (b) Issued at a discount of 5%, redeemable at par. |
|
Answer» Solution :(a) (i) Dr. Bank A/c and Cr. DEBENTURES Application and Allotment A//c by Rs. 1,05,000. (II) Dr. Debentures Application and Allotment A/c - Rs. 1,05,000 and Loss on ISSUE of Debentures A/c - Rs. 10,000, Cr. 7% Debentures A/c - Rs. 1,00,000, SECURITIES Premium Reserve A/c - Rs. 5,000 and Premium on Redemption on Debentures A/c - Rs. 10,000. (b) (i) Dr. Bank A/c and Cr. Debentures Application and Allotment A/c by Rs. 95,000. (ii) Dr. Debentures Application and Allotment A/c - Rs. 95,000 and Discount on Issue of Debentures A/c - Rs. 5,000, Cr. 7% Debentures A/c - Rs. 1,00,000. |
|
| 1171. |
Pass entries in firm's Journal for the following on the admission of a partner: (i) Unrecorded Investments worth RS. 5,000. (ii) Unrecorded Iiabilitice towards suppliers for RS. 1,500. (iii) A creditor of RS. 600 is not likelyl to be claimed, hence is to be written back. |
Answer» Solution : GAIN (PROFIT) on Revaluation RS. 100 (i.e., RS. 5,000-RS. 1,500+RS. 600) shall be distributed among the OLD partners in their old porfit-sharing RATIO. |
|
| 1172. |
Partner’s loan is—— (recorded/not recorded) in the (Realisation Account). |
|
Answer» |
|
| 1173. |
Partner’s current accounts are transferred to respective —— Partners’ (Loan/Capital) Accounts. |
|
Answer» |
|
| 1174. |
Partner's Capital Account is debited |
|
Answer» to RECORD the General Reserve |
|
| 1175. |
Partners' currentAcciuntsare openedwhentheircapitalAccountsare |
|
Answer» FIXED |
|
| 1176. |
Parth, Raman and Zaisha are partners in a firm manufacturing furmiture. They have bem sharing profits and losses in the ratio of 5:3:2 From 1st April, 2017 they decided to share future profits and losses in the ratio of 2:5:3. Their Balance Sheet showed a debit balance of ₹4,000 in Profit and Loss Account, balance of₹36,000 in General Reserve and a balance of ₹12,000 in Workmen's Compensation Reserve. It was agreed that: (i)The goodwill of the firm be valued at ₹76,000. (ii)The Stock(bookvalue of ₹40,000) was to be depreciated by 8%. (iii)Creditors amounting to 900 were not likely to be claimed. (iv)Claim on account of Workmen's Compensation amounted to ₹20,000. (v) Investments(bookvalue₹ 38,000) were revalued at ₹ 40,000. PassnecessaryJournal entries for theabove. |
Answer» Solution :  3. Adjustemetof Goodwill. Parth alone sacrificewhereas RAMAN and ZAISHA gain. Hence,RAMANAND Zaisha will compensate Parth for hissacrificed shareof Goodwill₹ 22,800 (ie., `₹ 76,000 XX 3//10`) in their gainig ratio, i.e., 2/10: 1/10 or 2:1 Thus, Compensationpayable by Raman to Path = `₹ 22,800 xx 2//3 = ₹ 15,200` Compensationpayable by Zaisha to Path = `₹ 22,800 xx 1//3 = ₹ 7,600` |
|
| 1177. |
Parties interested in financial analysis are : |
|
Answer» INVESTORS |
|
| 1178. |
Partner 's Capital Account is debited |
|
Answer» to RECORD the General Reserve. |
|
| 1179. |
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 form 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. |
|
Answer» (Total AMOUNT at Credit in NARESH’s Capital = Rs. 54,000, Balance SHEET Total = Rs. 1,54,800). |
|
| 1180. |
Pankaj and Naresh were partners in a firm sharing profits in the ratio of 3:2. Their fixed capitals were Rs 5,00,000 and Rs 3,00,000 respectively. On 1st January, 2017 Saurabh was admitted as a new partner for 1/5th share in the profits. Saurabh acquired his share of profit from Pankaj. Saurabh brought Rs 3,00,000 as his capital which was to be kept fixed like the capitals of Pankaj and Naresh. Calculate the goodwill of the firm on Saurabh's admission and the new profit-sharing ratio of Pankaj, Naresh and Saurabh. Also, pass necessary Journal entry for the treatment of goodwill. |
|
Answer» Solution :Value of Goodwill = `(Rs3,00,000xx5//1)-(Rs5,00,000+Rs3,00,000)=Rs4,00,000.` NEW Profit-sharing Ratio of Pankaj, Naresh and Saurabh `=2:2:1.` JOURNAL Entry for Treatment of Goodwill: DR. Saurabh's CURRENT A/c and Cr. Pankaj's Current A/c by RS 80,000. |
|
| 1181. |
P, Q and R were partners sharing profits in the ratio of their Capital contribution which were Rs. 6,00,000, Rs. 4,00,000 and Rs. 5,00,000 respectively. Their books are closed on 31st March every year. P dies on 24th August, 2018. Under the partnership deed, deceased partner is entitled to his share of profit/loss to the date of death based on the average profits of preceding three years. Profits were 2015 Rs. 50,000, 2016 Rs. 1,20,000 (Loss), 2017 Rs. 30,000 and 2018 Rs. 60,000. P's share of profit/loss will be : |
|
Answer» RS. 3,200 |
|
| 1182. |
P, Qand R were partners in a firm sharing proffits in the ratio of 7:2:1. On 1st April, 2013, their Balance Sheet was as follows: On the above date Q retired. The followings were agreed: (i) Goodwill of the firm was vlaued at Rs 12,00,000. (ii) Land was to be appreciated by 30% and Building was be depreciated by Rs 3,00,000. (iii) Value of furniture was to be reduced by Rs 60,000. (iv) The liabilities for Workmen's Compensation Foun were determined at Rs 1,40,000. (v) Amount payable to Q was transferred to his Loan Account. (vi) Capital of P and R wree to be adjusted in their new profit-sharing ratio. For this purpose Current Account of the partners will be opened. Prepare Revaluation Account, Parner's Capital Account and Balance Sheet of the new fiem. |
| Answer» SOLUTION :Neither Gain (PROFIT) nor Loss on Revaluation. PARTNERS' Capital Accounts, P-Rs 18,97,000, R-Rs 2,71,000. Q's Loan-Rs 12,32,000. P's CURRENT A/c-Rs 6,75,000 (Dr.), and R's Current A/c-Rs 6,75,000 (CR.), Balance Sheet Total-Rs 45,75,000. | |
| 1183. |
P, Q and R were partners sharing profits in the ratio 5:3:2 respectively. P Goodwill is valued at Rs. 50,000. Adjustment entry for goodwill be: |
|
Answer» <P>`{:("Q's Capital A/c",,DR.,"15,000",),("R's Capital A/c",,Dr.,"10,000",),("To P's Capital A/c",,,,"25,000"):}` |
|
| 1184. |
P, Q and R were partners sharing profits in the ratio 2:2:1. Q retires and the new profit sharing ratio of P and R will be 3:1.Gaining ratio will be : |
|
Answer» `1:7` |
|
| 1185. |
P, Q and R were partners in a firm sharing profits in the ratio of5 : 4 : 3 respectively . Their capitals were Rs. 50,000, Rs. 40,000 and Rs.30,000 respectively. Status the ratio in which the goodwill of the firm, amounting to Rs.6,00,000, will be adjusted in the Capital Accounts of the remaining partners on the retirement of Q. |
| Answer» SOLUTION :GAINING RATIO, i.e., `5:3.` | |
| 1186. |
P, Q and R sharing profits and losses equally. R retires and the goodwill is appearing in the books at Rs. 30,000. Goodwill of the firm is valued at Rs. 1,50,000. Calculate the net amount to be credited to R's Capital A/c. |
|
Answer» RS. 60,000 |
|
| 1187. |
P, Q and R share profits in the ratio of 5:4:3. R retires and the new ratio is 5:3. If R is given Rs. 6,000 as goodwill, journal entry will be: |
|
Answer» `{:("P's CAPITAL A/c",,Dr.,"1,000",),("Q's Capital A/c",,Dr.,"5,000",),("To R's Capital A/c",,,,"6,000"):}` |
|
| 1188. |
P, Q and R partners sharing profits in the ratio of 4:3:2. Q retires and his share was taken up by P and R in the ratio 3:2. New profit sharing ratio will be: |
|
Answer» `16:29` |
|
| 1189. |
P, Q and R have been sharing profits in theratio of 8:5:3.P retires. Q takes 3//16th share from P and R takes 5//16th share from P. New profit sharing ratio will be : |
|
Answer» `1:1` |
|
| 1190. |
P, Q and R have been sharing profits and losses in the ratio of 5:3:2. Q retires. His share is taken by P and R in the ratio of 2:1. New profit sharing ratio will be: |
|
Answer» `6:4` |
|
| 1191. |
P and Qwerepartnresin a firm sharingprofitandlossesequallytheirfixedcapitalswere Rs. 2,00,000 and Rs, 3,00,000respectively thepartnership Deedprovidedfor theintereston capital@12%per annum forthe yearended31st MArach ,2016theprofits ofthe firm were distributedwithoutproviding intereston capital . Passnecessary adjustmententry to rectify theerror . |
|
Answer» <P> |
|
| 1192. |
P, Q andR are equal partners in a firm. R retires and the goodwill of the firm is valued at Rs. 3,60,000 . No goodwill accountappears as yet in thebooks of the firm. P and Q agree to share futureprofits in the ratio of 3 : 2. Pass necessary journal entry for goodwill. |
Answer» Solution :(a) When Goodwillis adjusted through PARTNER's Capital Account :  NOTE : Gaining Ratio = New Ratio - Old Ratio P Gains= `3/5 - 1/3 = (9-5)/15 = 4/15` Q Gains= ` 2/5 - 1/3 = (6-5)/15 = 1/15` As such, gaining ratio between P andQ = 4 : 1 ALTERNATE SOLUTION : (b) When Goodwill is raised and written off : 
|
|
| 1193. |
Pand QwerePartners partnersin afirm sharing Profits equally .Theirfixedcapitalswere Rs. 1,00,000and Rs. 50,000Respectively .Thepartnership Deedprovided forintereston Capital at therateof10%perannum . Forthe year ended31stMarch,2016 theprofitof thefirmwere distributedwith outproviding intereston capital . passnecessary adjustmententry to rectify the erroe. |
Answer» Solution : Working NOTES : 1.Calcualtionin INTERESTON CAPITAL : p=Rs. 1,00,000 `xx` 10/100 Rs. 10,000,Q Rs. 50,000 `xx` 10/100 =Rs. 5,000 totalintereston capital=Rs.10,000 +rs. 5,000=Rs. 15,000 the aboveinterestoncapiitalhas beencredited to thepartnersit ISTO becreditedto thePartner'sCurrentAccountingressultingin a lossof15.000to thefirmwhichis todebitedtothe partnersin their profit-sharing RATIO i.e.,equally . 2.statementShowing theadjustmentforon capitaland its effect : 
|
|
| 1194. |
P, Q and R are partners sharing profits in the ratio of 5:4:3. Q retires and P and R decide to share future profits equally. Gaining Ratio will be: |
|
Answer» `5:3` |
|
| 1195. |
P and Qwerepartnersinafirmsharingprofitsin theratio 5:3On 1stapril 2014theyadmitted R asa new partner for 1/8sharewitha guuarnteed profitof Rs.75,000the newprofitsharingratiobetweenP and Qwill remainthe samebuttheyagreeedto bearany deficiency on accountof guarantree to Rin theratioof theyearendedprofitand lossAppriationAccountof P.Qand Rfortheyearended31 stMarch2015was RS. 4,00,000 prepaneprofitand LossappropriationAccountof P,Q and Rfor theyearended31stMarch 2015 |
Answer» Solution : WorkingNotes : 1.calcualtionof newprofit- sharing RATIO p.W and R Lettotalsharebe 1 Shareof incomingpartnersr=1/8 Ramainingshare =1-1/8=7/8 p'snewshare=7/8`XX`5/8=35/64 Q'sNew share = 7/8`xx`3/8=21/64 R'sshare= 1/8 Or8/64 thusnewprofitratioof P Q and R35/64:21/64:8/64i.e., ,35:21:8. 2.R'sshare of profitsharring= 1/8 of Rs.4,00,000 =Rs. 50,000whereasR'sguaranteed profit=rs. 75.000Deficiencyin R'sshare(rs. 25,000)istobeborneby P and Qin theratio of 3:2 thusP and Q will meetthedeficiency FO Rs. 15,000 and RS, 10,000 respectively . |
|
| 1196. |
P, apartner , is to bearall expenses of realisationfor whichhe isto bepaidRs, 2,000 . P hadto payrealisationexpenses of Rs, 2,500.Howmuchamountwillbe debitedto RealisationAccount ? |
|
Answer» RS, 500 |
|
| 1197. |
P, a partner, is to bear realisation expenses for which he is to paid Rs 2,00. p had to pay realisation expenses of Rs 2,500. How much amount will be debited to Realisation Account ? |
|
Answer» RS 500 |
|
| 1198. |
Out of the items, identify which of the following item is not shown in the Note to Accounts on Other Expenses |
| Answer» Solution :Wages | |
| 1199. |
Out of the following , which one is a special receipt ? |
|
Answer» Subscriptions |
|
| 1200. |
Out of the following which one is a special receipt ? |
|
Answer» Subscriptions |
|