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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.
| 2601. |
Arun and Balu ar partners in a firm sharing profits in the ratio of 2:1. They admitted Chetan as a new partner for 1/4th share in profits. Chetan will bring Rs 3,00,000 for his capital and the cpitals of Arun and Balu will be adjusted in their profit-sharing ratio. For this Current Accounts will be opened. The Balance Sheet of the firm on 31st March, 2012 before Chetan's admission was as follows: Other terma of the agreement were as follows, (i) Chetan willbring Rs 1,20,000 for his share of goodwill. (ii) Building was revalued at Rs 4,50,000 and machinery at Rs 2,30,000. (iii) A provision of 6% was to be made on debtors for bed debts. Prepare Revaluation Account, Partners' Capital Accounts and the Balance Sheet of the new firm. |
| Answer» SOLUTION :GAIN (Profit) on Revaluation: Rs 25,000, Partners' Capital Accounts: Arun -Rs6,00,000, Balu-Rs 3,00,000 and Chetan-Rs 3,00,000. Partners' Current Accounts: Arun-Rs 36,800 (CR.), Balu-Rs 88,400 (Cr.).BALANCE sheet Total: Rs 14,45,200. | |
| 2602. |
Arrange the following steps of constructing Bank Reconciliation Statements in Tally in chronological sequence a) Bringing up the monthly summary of Bank Book. Bringing the cursor to the first month and pressing enter. b) The display becomes Edit Screen in Reconciliation mode. The primary components are A column for the ‘Bankers Date’ Amounts not reflected in banks and balance as per banks c) This Brings up the vouchers for the month. Since this is a bank account, an additional button F5: reconcile will be visible on the right Press F5 |
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| 2603. |
ARti Limited invited applications for issuing 80,000 shares of Rs. 10 each at a premium of Rs. 4 per share. The amount was payable as follows : On Application - Rs. 5 per share On Allotment - Rs. 9 per share (Including Premium) Applications were received for 1,40,000 shares. Allotment was made on the following basis: (i) To applicants for 80,000 shares - 60,000 shares (ii) To applicants for 60,000 shares - 20,000 shares Money overpaid on applications was utilized towards sum due on allotment. Rajiv, who had applied for 1,200 Shares failed to pay his dues and his shares were forfeited. Pass journal entries in the books of Arti Limited to record the above transactions. |
Answer» SOLUTION : 
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| 2604. |
Arun andArora were partners in afirmsharingprofits in theratio of 5: 3theirfixedcapitalson 1stapril2010were : Arun Rs. 60.000andAroraRs. 80.000 theyagreed toallowinterest oncapital@ 12%p. a and tochargeondrawings@ 15 %p.aProfitof thefirm for thetheyearended31stMArch , 2011beforeall aboveadjustmentswas Rs. 12.600 DrawingsmadebyArun wereRs. 2.000Andby AroraRs. 4000Duringthe yearprepareprofitand lossappropriation acoountofArunand AroraYourCalculationsclearly ,theinterestin capitalwill bealllowedevenif thefirm incrcurrs A loss. |
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Answer»
 totalinterest on capital =- Rs. 16..800. interest on CAPITALIS achargeagainstHencewillbe profitandlossaccount . |
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| 2605. |
Arpit Ltd. Is to redeem its debentures of nominal (face) value Rs.2,20,000 each on 30th june, 2018, 30th September , 2018 ,31st December , 2018 and 31 st March , 2019. The amount to be innnvested in Debenture Redemption investment on before 30th April ,2019 should be |
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Answer» Rs.37,500. |
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| 2606. |
Arnab, Ragini and Dhrupad are partners sharing profits in the ratio of 3:1:1. On 31st March, 2015, they decided to dissolve their firm. On that date their Balance Sheet was as under: The assets were realised and the liabilities were paid as under: (i) Arnab agreed to pay his brother's loan. (ii) Investments realised 20% less. (iii) Creditors were paid at 10% less. (iv) Building was auctioned for Rs 3,55,000. Commission on auction was Rs 5,000. (v) 50% of the stock was taken over by Ragini at market proce which was 20% less than the book value and the remaining was sold at market price. (vi) Dissolutionexpenses were Rs 8,000. Rs 3,000 were to be borne by the firm and the balance by Dhrupad. The expenses were paid by him. Prepare Resolution Account, Bank Account and Partners' Capital Account |
| Answer» Solution :Loss on REALISATION: Rs 1,27,000. FINAL Payment: Arnab-Rs 2,63,800, Ragini-Rs 1,04,600, and DHRUPAD- Rs 1,37,600. TOTAL of Bank Account-Rs 6,65,000. | |
| 2607. |
Arpit Ltd. is to redeem its debentures of nominal (face) value Rs 2,50,000 each on 30th June, 2018. 30th September, 2018, 31st Deceber, 2018 and 31st March 2019. The amount to be invested in Debenture Redemption Investment on or before 30th April, 2019 should be |
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Answer» RS 37,500 |
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| 2608. |
ArmanandBomanarepartners sharingprofitsequallyBusiness is being carriedfromthepropertyownedby Amanon aYearly rentfo Rs. 24,000 Amanis tosalary of Rs. 1,20,000 p.aandBomonisto getcommission@ 5%of netsales , whichduringtheyearwasRs. 30.00.000profitforthe yearended 31 stmarch2019beforeproviding for rent wasRs.5,00,000 . Prepareprofitand LossAppropriationAccount for theyear ended31 stMarch , 2019 |
Answer» SOLUTION : *24.000 is therentwhichis to theprovidedas a CHARGE against THEPROFIT . |
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| 2609. |
Are opening and closing inventories considered in the amount shown against Purchases of Stock-in-Trade? Give reasons. |
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| 2610. |
Are Bank charges shown as Finance Costs? Give reasons in brief. |
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| 2611. |
Aparna, Manisha and Sonia are partners sharing profits in the ratio of 3 : 2 : 1. Manisha retires and goodwill of the firm is valued at Rs. 1,80,000. Aparna and Sonia decided to share future in the ratio of 3 : 2. Pass necessary journal entries |
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| 2612. |
(appropriationofpriofit ),completethe following accounts : |
Answer» SOLUTION :
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| 2613. |
Apple Computers Ltd. Issued 10,000, 7% Debentures of Rs.100 each at a discount of Rs.6 on 1st October, 2018. Interest forthe year ended 31st March , 2019 will be |
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Answer» Rs.65,800. |
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| 2614. |
Apple Computers Ltd. Issued 10,000, 7% Debentures of Rs 100 each at a discount of Rs 6 on 1st October, 2018. Interest for the year ended 31st March, 2019 will be |
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Answer» RS 65,800 |
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| 2615. |
Any change in the relationship of existing partners which result in an end of the existing agreement and enforces making of a new agreement is called |
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Answer» REVALUATION of PARTNERSHIP. |
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| 2616. |
Any change in the relationship of existin g partners which results in an end of the existing agreement and endorces making of a new agreement is called |
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Answer» Revaluation of partenership. |
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| 2617. |
Anurag Ltd. is to redeem its debentures of nominal (face) value Rs 2,50,000 each on 30th September, 2018, 31st December, 2018, 31st March, 2019 and 30th June, 2019. The amount to be invested in Debenture Redemption Investment on or before 30th April, 2018 should be |
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Answer» RS 37,500 |
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| 2618. |
Anurag Ltd. Is to redeem its debentures of nominal (face) value Rs.2,50,000 each on 30th September , 2018, 31st December , 2018 ,31st March , 2019 and 30th june, 2019. the amount to be invested in Debenture Redemption Investment on or before 30th April , 2018 should be |
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Answer» Rs.37,500. |
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| 2619. |
Anupama Ltd. Had issued 20,000, 9% Debentures of Rs.100 each which is due for redemption on 31st March 2018. The company has in its Debenture Redemption Reserve Account a balance of Rs.4,00,000. Record the necessary journal entries for the Redemption of Debentures. |
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Answer» <P> SOLUTION :Rs.1,00,000 will be transferred from Surplus in Statement of P & L to Debenture Redemption Reserve A/c on 31ST March, 2017. Debenture Redemption Investment made for Rs.3,00,000 on 30th April, 2017. |
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| 2620. |
Anubha and Kajal are partners of a firm sharing profits and losses in the ratio of 2:1. Their capital, were Rs.90,000 and Rs.60,000. The profit during the year were Rs. 45,000.According to partnership deed, both partners are allowed salary, Rs. 700 per month to Anubha and Rs. 500 per month to Kajal. Interest allowed on capital@ 5% p.a. The drawings at the end of the period were Rs. 8,500 for Anubha and Rs. 6,500 for Kajal. Interest is to be charged@ 5%p.a. on drawings. Prepare partners capital accounts, assuming that the capital account are fluctuating. |
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| 2621. |
Anu,Binaand charan arepartners , thefirmhadgivena loanof Rs, 20,000 toBina.On theevent of dissoulution, the loanwillbe settled By : |
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Answer» Transferringit tosideof REALISATIONACCOUNT . |
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| 2622. |
Anupam and Abhishek are partners sharing profits and losses in the ratio of 3 : 2. Their capital accounts showed balances of Rs. 1,50,000 and Rs. 2,00,000 respectively on Jan 01, 2017. Show the treatment of interest on capital for the year endingDecember 31, 2017 in each of the following alternatives: (a) If the partnership deed is silent as to the payment of interest on capital and the profit for the year is Rs. 50,000, (b) If partnership deed provides for interest on capital @ 8% p.a. and the firm incurred a loss of Rs. 10,000 during the year, (c) If partnership deed provides for interest on capital @ 8% p.a. and the firm earned a profit of Rs. 50,000 during the year, (d) If the partnership deed provides for interest on capital @ 8% p.a. and the firm earned a profit of Rs. 14,000 during the year. |
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Answer» Solution :(a) In the absence of a specific provision in the Deed, no interest will be PAID on the capital to the partners. The whole AMOUNT of profit will HOWEVER be distributed among the partners in their profit sharing ratio. (b) As the firm has incurred losses during the accounting year, no interest on capital will be allowed to any partner. The firm’s loss will however be shared by the partners in their profit sharing ratio. `{:(,""Rs.),("Interest to Anupam @ 8% on Rs." 150","000,=12","000),("Interest to Abhishek @ 8% on Rs." 2","00","000,= 16","000),(,ulbar(ul(" "28","000))):}` As the profit is sufficient to pay interest at agreed rate, the whole amount of interest on capital shall be allowed and the remaining profit amounting to Rs. 22,000 (Rs. 50,000 – Rs. 28,000) shall be shared by the partners in their profit sharing ratio. (d) As the profit for the year is Rs. 14,000, which is less than the amount of interest on capital due to partners, i.e. Rs. 28,000 (Rs. 12,000 for Anupam and Rs. 16,000 for Abhishek), interest will be paid to the extent of available profit i.e., Rs. 14,000. Anupam and Abhishek will be credited with Rs. 6,000 and Rs. 8,000, respectively. Effectively this amounts to sharing the firm’s profit in the ratio of interest on capital. |
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| 2623. |
Anu and Bala shared porfitsand loss in theratio of 3: 2 With effect form 1st April,2019,theyagree toshare profits equally. Goodwill of thefirmwas valuedat ₹50,000. Pass necessary Journalentries for theaccounting of goodwill: (a) whengoodwill is adjustedthrough Partner's Capital Accounts, (b) WhenGoodwill is raisedand wirttenoff. |
Answer» Solution :(a) When Goodwill is ADJUSTED throug Partner,s Capital Accounts:  Working NOTE : Calculation of share of profitsacrificed/gained : Sacrificing /(Gaining) Share = OldShare - New share ANU `= (3)/(5) - (1)/(2) = (6-5)/(10) = (1)/(10)` i.e., sacrific made Bala`= (2)/(5) - (1)/(2) = (4-5)/(10) = - (1)/(10)` (being negative, it is a gain). (b) WHENGOODWILL is Raised andWritten off. 
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| 2624. |
Anthony Ltd , issued 40,000 equity of Rs.20 each payable as Rs. 5 on application, Rs.7 on allotment and Rs.8 on final call. Company received the due amount but one shareholder holding 250 shares did notpay the alloment money and another shareholder holding 150 shares failed to pay the amount bue on final call. Total amount of Calls - in Arrears is |
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Answer» Rs.1,750. |
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| 2625. |
Answar, Biswas and Divya are partnersinafirm. TheircapitalAccountsstoodat Rs. 8,00,000Rs. 6,00,000and RS. 4,00,000respectivelyon 1stApril, 2013theysharedprofits and Lossesin theratioof 3:2:1 respectivelypartnersareentitledto intereston capital@ 6%perannumandsalarytoBiswasand Divya@Rs. 4,000Permonth and Rs, 6,000perrespectivelyas pertheprovisionsof partnershipDeed . Biswas 'sshareof profitincludingintereston capitalbutsalaryisguaranteedata minimumof Rs.82,000P.aAnyDeficiencyarficiency arsingon thataccountshallbe metby DivyaprofitForthe yearended31st March, 2014Amountedto Rs.3,12,000Preopareprofitand lossappropriationAccountfor theyearended31st MArch 2014. |
Answer» Solution : Note : `{:(A.,"BISWAS 's share of PROFIT ",Rs.44.000),(,Add."interest on CAPITAL ",Rs. 36.000),(,,underline overline (Rs. 80.000)),( B., "GUARANTEEDPROFIT =Rs. 82,000",):}` C.Deficiency to bebornebydivya (B-A) =Rs. 82,000-Rs. 80.000=Rs. 2,000 |
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| 2626. |
Anothony Ltd. Issued 40,000 equity shares of Rs 20 each payable as Rs 5 on application, Rs 7 on allotment and Rs 8 on final call. Company received the due amount but one shareholder holding 250 shares did not pay the allotment money and another shareholder holding 150 shares failed to pay the amount due on final call. Total amount of Calls-in-Arrears is |
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Answer» RS 1,750 |
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| 2627. |
Anna and Bobby were partners sharing profits and losses in the ratio of 5:3. On 1st April, 2014, their Capital Account showed balance of Rs3,00,000 and Rs2,00,000 respectively. Calculate the amount of Interest on Capital @10% p.a. and the firm earned a profit of Rs45,000 for the year ended 31st March, 2015. |
| Answer» Solution :Profit Rs 45,000 is not ADEQUATE to pay Interest on Capital which is Rs 50,000-Anna Rs 30,000 and BOBBY Rs 20,000 Profit of Rs 45,000 will be credited to their respective Capital Accounts in the ratio of approprations to be made of Anna and Bobby, i.e., Rs 30,000: Rs 20,000 or `3:2.` THUS, Anna will get Rs 27,000 and Bobby will get Rs 18,000. | |
| 2628. |
Anmol Rattan Ltd. Is to redeem 10,000,8% Debentures of Rs.100 each at a premium of Rs.10 out of profit. Amount tht should be invested in Debenture Redemption Investment is |
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Answer» Rs.1,50,000. |
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| 2629. |
Anmol Rattan Ltd. Is to redeem 10,000, 8% Debentures of Rs 100 each at a premium of Rs 10 out of profit. Amount that should be invested in Debenture Redemption Investment is |
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Answer» RS 1,50,000 |
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| 2630. |
Anmol Ltd. Is to redeem 10,000 8% Debentures of Rs.100 each at a premium of Rs.10 Amount that should be set aside to Debenture Redemption Reserve (DRR) is |
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Answer» Rs.2,50, 000. |
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| 2631. |
ankur , bhavnaanddisha arepartnersin a firmOn 1st April , 2017the balancein theircapitalAccountsstood aat Rs. 14,00,000 Rs. 6,00,000andRs. 4,00,000respectivelytheyshared profits in theproportionof7:3:2respectivelypartnersare entiledto intereston capital @ 6%perannum and salaryto bhavna@50,000 %p.aand commission of RS. 3,000permonthto dishaas per theprovisionsof thepartnrershipDeed.,bhavana 's shareof profit(excludingintereston capital ) isguranteedat notlessthanRs,1,70,000p.adisha'sshareof profit(including intereston capitalbutexcludingcommission) isguaranteedat notless than Rs. 1,50,000p.a Anydeficiencyarisingon thataccount shallbe metby ankurtheprofit of thefirmfor theyearended31st March ,2018Amountedto Rs. 9,50,000prepareprofitand LossappropriationAccount for theyearended31st March 2018 |
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| 2632. |
AnkurandBobby wereintothebusinessof providingsoftwaresolutions in indiatheyweresharingprofitsand losses in theratio3:2theyaditted Rohit fora 1/5sharein thefirm Rohitan alumni of IITchennaiwould help themto expandtheirbusinesstovarioussouthAfricancaountries where he hadbeenworkingearlie rohitisguaranteeda minimumprofitfo Rs. 2,00,000 for theyearany deficiency in rohit's shareis to be borneby ankurandbobby in theratio4:1 Lossfor theyearwasRs. 10,00,000passthe necessaryjournalentries . |
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Answer» for meetingthe deficiencyDr. ankurcapital's capital A/C by rs. 3,20,000 and bobby 's capitalA/C By Rs. 80,000and CR , rohit's capitalA/C by Rs. 4,00,000. |
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| 2633. |
Anmol Ltd. Is to redeem 10,000, 8% Debentures of Rs 100 each at a premium of Rs 10. Amount that should be set aside to Debenture Redemption Reserve (DRR) is |
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Answer» RS 2,50,000 |
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| 2634. |
Ankur and Bobby were into the business of providing software solutions in India. They were sharing profits and losses in the ratio 3:2, They admitted Ratio for a 1/5 share in the firm. Rohit, an alumni of IIT, Chennai would help them to expand their business to various South African coun tries where he has been working earlier. Rohit is guaranteed a minimum profit of Rs 2,00,000 for the year. Any deficiency in Rohit's share is to be borne by Ankur and Bobby in the ratio of 4:1. Losses for the year were Rs 10,00,000. Pass necessary journal entries. |
| Answer» Solution :For Distribution of Loss: DR. Ankur's CAPITAL A/c by Rs 4,80,00, BOBBY's Capital A/c by Rs 3,20,000, and Rohit's Capital A/c by Rs 2,00,000. Cr.Profit and Loss A/c by Rs 10,00,000. For MEETING the DEFICIENCY, Dr. Ankur's Capital A/c by Rs 3,20,000, and Bobby's Capital A/c by Rs 80,000. Cr. Rohit's Capital A/c by Rs 4,00,000. | |
| 2635. |
anita andashastartedbusinesson 1stApril, 2018frompropertyOwnnedby Anita, itwasagreedthatAnitawillbe paidrent@ Rs. 10,000permarch, 2019AnitaDemanded that rent becreditedto herfor theyearwhichashadidnotagree, whois correctandwhy ? |
| Answer» Solution :ashais correctbecausethere is anagreementbetweenthe TWO partners to payrent from 1ST APRIL , 2019. | |
| 2636. |
Anil, Manvi and Payal are Partners sharing sharingprofits and losses in theratio 5: 3: 2. Their Balance sheetas at 31st March, 2019 stood as follows: Theydecided to shar profits and losses in the ratioof 2:2:1 w.e.f . 1st April , 2019. Theyagreed that: (i) Landand Builudingbe apopreciated by 10%. (ii)Machinerybe apprciated by 15%. (iii)Stockbe increased to ₹1,00,000. (iv)A Provisionfor Doubtful be created @ 5% on Sundry Debtors. (iv) A Creditor of ₹5,000 is not to claim the dues. (vi)A claimon accountof Workemen Compensation is estimated at ₹10,000. (vii) An expense of ₹2,000 was paidby thefirmforgettingthe value of Landand Bulidingcertified forma Chartered Engineer. Pass the Journalentries and preapre Revalution Account. |
Answer» SOLUTION : 
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| 2637. |
Anil and Beena were partners in a firm sharing profits in the ratio of 4:3. On 1st April, 2015 they admitted Chahat as a new partner for 1/4th share in the profits of the firm. On the date of Chahat's admission, the Balance Sheet of Anil and Beena showed a General Reserve of Rs 70,000, a debit balance of Rs 7,000 in the Profit and Loss Account and an Investment Fluctuation Found of Rs 10,000. The following was agreed upon, on Chahat's admission: (a) Chahat will bring Rs 80,000 as her capital and her share of goodwill premium of Rs 21,000 in cash. (b) The market value of investments was Rs 17,000 less than the book value. (c ) New profit-sharing ratio was agreed at 2:1:1. Pass the necessary Journal entries for the above on Chahat's admission. |
Answer» SOLUTION : WORKING Note: Calculation of SACRIFICING ratio: Anill's sacrifice `=4/7-2/4=(16-14)/(28)=2/28,"""BEENA's sacrifice"=3/7-1/4=(12-7)/(28)=5/28,` Sacrificing Ratio `=2/28:5/28=2:5.` |
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| 2638. |
Anil, Bhanu and Chandu were partners in a firm sharing profits in the ratio of 5:3:2. On March 31, 2017, their Balance Sheet was as under: Anil died on October 1, 2017. It was agreed between his executors and the remaining partners that :(a)Goodwill to be valued at 1 2 2year’s purchase of the average profits of the previous four years which were : Year 2013-14 – Rs.13,000, Year 2014-15 – Rs. 12,000,Year 2015-16 – Rs.20,000, Year 2016-17 – Rs.15,000 (b) Patents be valued at Rs.8,000, Machinery at Rs.28,000, and Building at Rs.25,000.(c) Profit for the year 2017-18 be taken as having accrued at the same rate as that of the previous year.(d) Interest on capital be provided at 10% p.a.(e) Half of the amount due to Anil be paid immediately. Prepare Anil’s Capital Account and Anil’s Executor’s Account as on October 1, 2017. |
Answer» Solution : 2. Goodwill = `2½` years’ purchase `×` Average Profit Average Profit `(Rs. 13,000+Rs.12,000+Rs.20,000+Rs.15,000)/(4)` `=(5)/(2)xxRs. 15,000` `=Rs. 37,500` Anil's Share of Goodwill `=(5)/(10)xxRs. 37,500` Rs. 18,750 3. Profit from the DATE of last balance sheet to date of death (April 1, 2017 to October 1, 2017) = 6 months Profit for 6 months = Rs.`=Rs. 15,000 XX(6)/(12)=Rs. 7,500` Anil's share of profit = Rs. 7,500 `xx(5)/(10)`= Rs. 3,750 4. Interest on Capital (April 1, 2017 to October 1, 2017) = Rs. 30,000 `xx (10)/(100) xx (6)/(12)` = Rs. 1,500 |
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| 2639. |
Angad, Baloo and Chitra were partners in a firm sharing profits and losses in the ratio of 6:5:3. Their Balance Sheet as at 31st M arch, 2015 was as follow: They agreed to admit Dinesh into partnership and give him 1/8th share in the profits on the following terms: (i) Dinesh will bring Rs 1,47,000 as his capital and Rs 1,40,700 as his share of goodwill premium. (ii) The after making adjustments, the Capital Accounts of the old partners will be in proportion of Dinesh's capital to his share in the business, i.e., actual cash to be paid off or brought in by the old partners by cheque as the case may be. Prepare Partners' Capital Accounts and Account considering that gain on revaluation was Rs 95,200. |
Answer» SOLUTION : 1. Calculation of new Profit-shoring RATIO: Let the total SHARE of the firm = 1 Dinesh's share = 1/8 Distribute the remaining share of 7/8 in the ratio of `6:5:3` AMONG Angad, Baloo and Chitra: Angad's new share = `=7//8xx6//14=6//16` Baloo's new share `=7//8xx5//14=5//16` Chitra's new share `=7//8xx3//14=3//16` Dinesh's share = 1/8 or 2/16 Thus, New Profit-sharing Ratio of Angad, Baloo, Chitra and Dinesh `=6//16:5//16:2//16or6:53:2.` 2. Calculation of capital of Angad, Baloo, and Chitra on the basis of Dinesh's capital: Dinesh's capital = Rs 1,47,000, Dinesh's share= 2/16 Based on Dinesh's capital, total capital of the firm `=Rs1,47,000xx16//2=Rs11,76,000` Angad's capital in the new firm `=Rs11,76,000xx6//16=Rs4,41,000` Baloo's capital in the new firm `=11,76,000xx5//16=Rs3,67,500` Chitra's capital in the new firm `=Rs11,76,000xx3//16=Rs 2,20,500.` |
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| 2640. |
Angel Ltd. , a stock broker , purchased 5,000 shares ofTata Housing Ltd. It is |
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Answer» OPERATING ACTIVITY. |
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| 2641. |
Anant, Gulab and Khushbu were partnes in a firm sharing profits in the ratio of 5:3:2. From 1st April, 2014, they decided to share the profits equally. For this purpose the goodwill of the firm was valued at Rs 2,40,000. Pass necessary Journal entry for the treatment of goodwill on change in the profit-sharing ratio of Anant, Gulab and Khushbu. |
Answer» Solution : Working Note: Calculation of Sacrifice/(Gain) of PARTNERS, `{:(,"Particulars","ANANT", "Gu lab","Khushbu"),("Old SHARE",,5//10,3//10,2//10),("New Share",,1//3,1//3,1//3),("Differnce(Old share-New Share)",,5//10-1//3=5//30,"3/10-1/3=-1/30","2/10-1/3=-4/30"),(,,"(Sacrifice)","(Gain)","(Gain)"):}` Since, Anant has SACRIFICED, he will be credited by 5/30 of RS 2,40,000 = Rs 40,000, Gulab has gained, he will be dubited by 1/30 of Rs 2,40,000= Rs 8,000, Khushbu has hained, she will be debited by 4/30 of Rs 2,40,000= Rs 32,000. |
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| 2642. |
Angel Ltd. a stock broker, purchased 5,000 shares of Tata Housing Ltd. It is |
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Answer» OPERATING ACTIVITIES |
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| 2643. |
Anand, Bahadur and Chander are partners. Sharing Profit equally On Chander’s retirement, his share is acquired by Anand and Bahadur in the ratio of 3:2. The New Profit Sharing Ratio between Anand and Bahadur will be– |
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Answer» `8:7` |
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| 2644. |
Anand and Vikas were partners in a firm sharing profits and losses in the ratio of 2 : 1. With effect form 1st April, 2019, they agreed to share the profits equally. On that date, the Balance Sheet of the firm showed Rs. 75,000 as Workmen Compensation Reserve against which there was no liability. Vikas expressed his opinion that it should be credited to the Capital accounts equally. However, Anand was of the opinion that it should be credited to the Capital accounts in the ratio of 2 : 1. Anand was able to convince Vikas. Explain what argument must have been put forward by Anand to which Vikas agreed? |
| Answer» Solution :Anand would have GIVEN the ARGUMENT that Workmen CompensationReserch was created out of profits when their PROFIT sharing ratio was 2 : 1. HENCE, should be CREDITED in the old profit sharing ratio. | |
| 2645. |
Analysis of Financial Statements is significant : |
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Answer» For Creditors |
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| 2646. |
An Unrecrded asset wasvaluedat Rs, 1,00,000 Onfirm 'sDissolution,It wassoldfor52%.Realisationaccount willbecreditedwith : |
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Answer» RS, 52,000 |
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| 2647. |
An example of Cash Flows from Investing Activity is : |
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Answer» CASH Revenue from OPERATIONS |
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| 2648. |
An example of Cash Flows from Financing Activity is : |
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Answer» Credit Revenue from Operations |
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| 2649. |
An example of cash flow from investing activity is : |
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Answer» Issue of DEBENTURE |
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| 2650. |
An example of cash flow from operating activity is : |
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Answer» purchase of own debenture |
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