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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.
| 2901. |
A and B are partners in a firm sharing profits in the ratio of 3:2 . Mrs . A has given a loan of ₹ 20 , 000 to the firm and the firm had also taken a loan of ₹ 10 , 000 from B . The firm was dissolved and its assets were realised for ₹ 25, 000 . State the order of payment of Mrs. A's loan and B's loan with reason , if there were no other creditors of the firm . |
| Answer» Solution :According to the SECTION 48 of the Indian Partnership Act , 1932 . Mrs. A's loan of ₹ 20,000 , being outside party's debt will be PAID before PAYMENT of B's loan . B will be paid up to the available cash , i.e., ₹ 5 , 000. | |
| 2902. |
A Limited company invites applications for 50,000 equity shares of Rs. 10 each payable as follows : {:("On Application","Rs. 3"),("On Allotment","Rs. 4"),("On First Call","Rs. 2"),("On Final Call","Balance"):} Applications were rerceived for 70,000 shares. Allotments were made on the following bais : (i) To applications for 10,000 shares - in full. (ii) To applicants for 60,000 shares - 40,000 shares Excess money paid on application was utlised towards allotment money. A shareholder who was allotted 1,000 shares out of the group applying for 60,000 shares failed to pay allotted money and money due on calls. These shares were forfeited. 600 forfeited shares were re-issued as fully paid on receipt of Rs. 8 per share. Prepare Cash Book and journal entries in the books of company. |
| Answer» SOLUTION :BANK Balance RS. 4,99,300, Amount RECEIVED on allotment Rs. 1,37,500, On First Call Rs. 98,000 and on Final Call Rs. 49,000, Amount transferred to Capital Reserve Rs. 1,500. | |
| 2903. |
A firm earns Rs. 1,10,000. The normal rate of return is 10% . Assets of the firm were Rs.11,00,000 and liabilities Rs.1,00,000 . Value of goodwill by capitalisation of average profit will be |
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Answer» RS. 2,00,000. |
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| 2904. |
........... Appear in a Company's Balance Sheet under the Sub-head Short-term Provision |
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Answer» INTEREST ACCRUED but not DUE on Borrowings |
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| 2905. |
A firm is dissolved, Pawan, a partner is to carry out dissolution. Rs 50,000 is fixed as his remuneration. Realisation Expenses were Rs 25,000, which were paid by Pawan. Capital Account will be credited by |
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Answer» RS 50,000 |
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| 2906. |
A companyhas issued 5,000 8% Debentures of Rs 100 each at a premium of Rs 10. The prefix '8%' is |
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Answer» the rate of INTEREST PAYABLE on the DEBENTURES |
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| 2907. |
A and B are partners in a firm sharing profits in the ratio of 3:2. They decide to admit C as a partner w.e.f. 1st April, 2019 for equal share. One of the terms agreed among partners was to help maintain the plants and keep the area clean. What values are converyed by them? |
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| 2908. |
A and B were partners in a firm sharing profits and losses in the ratio of 3:2. They admit C into the partnership with 1/6 share in the profits. Calculate the new profit sharing ratio? |
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| 2909. |
A and B are partners in a firm sharing profits in the ratio of 2:1. They decided with effect from 1st April, 2018, that they would share profits in the ratio of 3:2. But, this decision was taken after the profit for the year ended 31st March, 2019 of ₹90,000 was distributed in the old ratio. Firm's goodwill was valued on the basis of aggregate of two years' profits preceding the date decision became effective.The profits for the years ended 31st March, 2017 and 2018 were ₹60,000 and ₹75,000 respectively. It wadecided that Goodwill Account will not be opened in the books of the firm ard necessary adjustment b made through Capital Accounts which on 31st March, 2019 stood at ₹1,50,000 for A and ₹90,000 for B Pass necessary Journal entries and prepaie Capital Accounts. |
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| 2910. |
A company forfeited200 shares of Rs. 20each, Rs. 15 per share called-up on which Rs. 10 per share had been paid. Directors reissued all the forfeited shares to B as Rs. 15 share paid-up for a payment of Rs. 10 each. Give Journal entries in the books of the company for forfeiture and reissue of shares. |
Answer» SOLUTION :
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| 2911. |
A, B and C are partners in the firm, sharing profits in the ratio of 2 : 2 : 1. Their Capital Accounts stand as Rs 50,000 Rs 50,000 and Rs 25,000, respectively. B retired from the firm and balance in the reserve on that date was Rs 15,000. If goodwill of the firm is Rs 30,000 and profit on revaluation is Rs 7,050, what amount will be transferred to B's Loan Accounts ? |
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Answer» RS 50,820 |
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| 2912. |
A Company has issued 2,00,000 Equity Shares of Rs. 10 each and it has called the entirenominal value of the share. It has received the entire amount except final call of Rs. 3 per share on 5,000 shares. Subscribed Capital will be shown as follows : |
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Answer» `{:("SUBSCRIBED and FULLY paid",,),("2,00,000 Equity Shares of Rs. 10 each","20,00,000",),("Less : Call in ARREARS",UL("15,000"),ul ul("19,85,000")):}` |
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| 2913. |
A company has earned Rs 500000as profit before interest and tax .Its return on investment is 20% state the capital exployed in the company. |
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| 2914. |
A company's working capital is Rs 10 lakh (Negative balance) in the year 2018. It became Rs. 15 lakh (Positive balance ) in the year 2019 . What is the percentage of change ? |
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Answer» `150%` |
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| 2915. |
A and B are partners in a firm sharing profits in the ratio of 3 : 2 . Mrs. A has given a loan of ₹ 20 ,000 to the firm and the firm also obtained a loan of ₹ 10,000 from B . The firm was dissolved and its assets wererealised for ₹ 25,000 . State the order of payments of Mrs.A's loan and B's Loan with reason , if there were no creditors of the firm . |
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| 2916. |
A company issuing debentures with a maturity period of not more than 18 months, in that case the creation of Debentures Redemption Reserve will be : |
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Answer» 50% of the AMOUNT of DEBENTURES issuesd |
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| 2917. |
_________ ratios are a measure of the speed with which various accounts are converted into revenue from operations or cash: |
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Answer» activity |
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| 2918. |
A and B are partnerssharingprofit and lossesin theratioof 3:2 Atthe endof theyeari.e,.,on 31st Mach ,2018(after divisionof theyear'sprofit ) theydecidedto a takeC intoparnershipwitheffectfrom1stApril,2015AsC wasgettingannual salaryof Rs.45,000 he had also advancedRs, 3,00,000to thefirm'sapril,205As Cwasgettinga interest@10%p.aDuringthethreefinacilalyearsfirm's profits afteradjustmentsalarytoCintereston loanand interestonth capitalof thepartners were: {:("YearEnded",,),(31st "march 2016","profit ",Rs. 4.00.000),(31st"March".2017,"Loss",Rs. 2.00.000),(31st"March .2018","profit",Rs. 6.00.000):} Accordingto thenewagrreement,Cis tobe givenannualsalaryof Rs. 35,000 and1/5thshare in the profits afteradjustingsalary to Cintereston loanandinterestonthe capitalwill carry interest@6% p.aRecord partners ,hiscapital to giveeffectto theabovearrangement. |
Answer» Solution : working Notes :1  `{:("C's total share (as a partner ):",Rs. ),("C's sharein profit(ADJUSTED)as partner "(1//5xxEs. 9.19.000),1.93.800),("interest on capital payable to Cpartner ",36.000),("Salary",70.000),("paidto c(as Manager ): ",1.35.000),("salary (for 3year)",90.000 ""2.25.000),("CREDIT to be givento C to beborne by A and B ",),("in theirprofitratio of 3:2(i-II)",underline overline(64.800)):}` 2. in theyearended31stMArch,2017 thefirrmincurred loss .HENCE,C as partnerwill notgetintereston capital and alsosalaryforthe yearended31stMarch,2017. |
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| 2919. |
6% Debentures appear in a Company's Balance Sheet under the Sub-head .............. |
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Answer» Long-TERM Provisions |
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| 2920. |
A and B arepartnerssharingprofitin theratioof 3:2 withcapitals of Rs. 50,000 and Rs. 30.000respectivelyintereston capitalis agreed @6%p.a.B isto beallowedan annualsalaryof2,500 Duringtheprofitperiorto intereston capitalonintereston capitaloncapital butafter chargingB'ssalaryamounted to Rs.12,500A provisonof 5%of theprofitis tomadein respectof manager'scommission . Prepareanaccountshowingtheallocationof profits and theparther'sCapital Acoounts . |
Answer» SOLUTION :
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| 2921. |
A, B and C are sharing profits and losses in the ratio of 2:2:1. They decided to share profit w.e.f. 1st April, 2019 in the ratio of 5:3:2. They also decided not to change the values of assets and liabilities in the books of account. The book values and revised values of asset and liabilities as on the date of change were as follows : |
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| 2922. |
A Company's Current Ratio is 2.5:1 and Liquid Ratio is 1.6:1. If its Current Assets are Rs. 7,50,000, what will be the value of inventory? |
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Answer» RS. 4,50,000 |
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| 2923. |
A business has earned average profits of Rs. 1,00,000 during the last few years. Find out the value of goodwill by capitalisation method, given that the assets of the business are Rs. 10,00,000 and its external liabilities are Rs. 1,80,000. The normal rate of return is 10%? |
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| 2924. |
A and B are partners sharing profits in the ratio of 2 : 1. They admit C for 1/4th share in profits. C brings in RS.30,000 for his capital and RS.80,000 out of his share of RS.10,000 for goodwill. Before admission, goodwill appeared in books at RS.18,000, Give Journal entries to give effect to the above arrangement. |
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Answer» SOLUTION :(i) Dr. A's CAPITAL A/C-RS.12,000 and B's Capital A/c-RS.6,000, Cr. Goodwill A/c-RS.18,000. (ii) Dr.Bank A/c-RS.38,000, Cr C's Capital A/c- RS.30,000 and Premium for Goodwill A/c-RS.8,000. Dr.Premium for Goodwill A/c-RS.8,000 and C's Capital /Current A/c-RS.2,000p, Cr. A's Capital A/c-RS.6,667 and B's Capital A/c-RS.3,333. |
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| 2925. |
A and Bare in partnership profits and Lossesin theratioof 3:2they admitC theirmanager as a partnerswith effectfrom1st April , 2018For, 2018 for1/4 thshareof profit . c' whilea Managerwasinreceiptof a salaryof Rs. 27,000p.aanda Commissionof 10%of netprofitafterchargingsuchsalaryandcommission . ,in termsof thepartnership Deed anyexcess amount whichC will be entitledtoreceiveas a partner overthe amount whichwouldwould have been dueto himif hecontined to bethe manager , wouldhaveto be personallyborne by A outof hisshare fo progit, profitfor theyear ended 31stMarch 2019amountedto Rs. 2,50,000you arerequired to showprofit and Loss appropriationaccount for theyearended 31st March,2019 |
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| 2926. |
A and B share profits in the proportions of 3/4 and 1/4. Their Balance Sheet on Dec. 31, 2016 was as follows: On Jan. 1, 2017, C was admitted into partnership on the following terms: (a) That C pays Rs. 10,000 as his capital. (b) That C pays Rs. 5,000 for goodwill. Half of this sum is to be withdrawn by A and B. (c) That stock and fixtures be reduced by 10% and a 5%, provision for doubtful debts be created on Sundry Debtors and Bills Receivable. (d) That the value of land and buildings be appreciated by 20%. (e) There being a claim against the firm for damages, a liability to the extent of Rs. 1,000 should be created. (f) An item of Rs. 650 included in sundry creditors is not likely to be claimed and hence should be written back. Record the above transactions (journal entries) in the books of the firm assuming that the profit sharing ratio between A and B has not changed. Prepare the new Balance Sheet on the admission of C. |
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| 2927. |
(a) K,L and Z are partners sharing profits in the ratio of 4:3:2. respectively. L retired and surrended 1/9th of his share f profit to K and remaining in favour of Z. Calculate the new profit-sharing ratio of K and Z. (b) Arun, Varun and Charan were partners sharing profits in the ratio of 1/2,3/10 and 1/5 respectively. Varun retired from the firm and Arun and Charan decided to share future profits in 3:2 ratio. Calculate gaining ratio Arun and Charan. |
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Answer» SOLUTION :(a) New RATIO of K and Z = `13:14.` (B) Gaining Ratio of Arun and Charan `=1:2.` |
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| 2928. |
A and B share profits and lossess in the ratio of 3:1:,C is admitted into partnership for 1//4 share. The sacrificing ratio of A and B is: |
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Answer» EQUAL |
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| 2929. |
A and B are partners in a firm sharing profits and losses in the ratio 3:1. They admit C for 1/4th share on 31st March, 2014 when their Balance Sheet was as follows: The following adjustments were agreed upon: (a) C braings in Rs 16,00 as goodwill and proportionate capital. (b) Bad debts amounted to Rs 3,000. (c ) Market value of investment is Rs 4,500. (d) Liability on account of Workmen Compensation Reserve amounted to Rs 2,000. Preapar Revalution A/c and Partners' Capital Accounts. |
| Answer» SOLUTION :REVALUTION Loss- RS 1,000, partners' Capital A/cs: A-Rs 39,450: B-Rs 30,150, C-Rs 23,200. | |
| 2930. |
A, B and Care partners sharing profits in the ratio of 5:3:2.They decided to share future profits ratio of 2:3:5with effect from 1st April, 2019.They also decided to adjust the following accumulatedprofits, losses and reserves without affecting their book values, by passing an adjustment entry. {:(,,"Book Values" (₹)),("Profit and Loss Account",,15000),("General Reserve",,60000),("Advertising Suspense Account",,3000):} Thenecesary adjustment entry will be: |
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Answer» DR. C and CR. A with ₹13,500. |
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| 2931. |
A B and C who are presently sharing profits and losses in the ratio of 5:3:2 decide to share future profits and losses in the ratio of 2:3:5. Give the Journal entry to distribute 'Investments Fluctuation Reserve' of₹20,000 at the time of change in profit-sharing ratio, when investment (market value ₹95,000) appears in the books at ₹1,00,000. |
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| 2932. |
A, B and C sharingprofitand losses in the ratioof 5:3:2 decide to share profits andlosses equallywith effects form 1st April, 2019. Godwill of thefirm is valued at ₹90,000. Pass Journal entries under eachof the following alternative cases: Case 1. Whengoodwill does not appaer in the books. Case 2. Whengoodwillappears in thebooks ₹60,000and they agree on the following: (a)Exisitinggoodwillis written off. (b)Existinggoodwill is not writtenoff i.e.,is carried in thebooksof thefirm. |
Answer» Solution : Working NOTE :Calculation of Sacrificing/(Gaining) Share of each Partner(S): Scarifing/(Gaining) Share = Old Share - NEW share `{:(,,("A"),("B"),("C")),(("i"),"Old share", 5//10,3//10,2//10),(("II"), "New Share",1//3,1//3,1//3),(("iii"),"Sacrifice/(Gain)(iii)",overlineunderlineunderline(5//30),overlineunderlineunderline(-1//30),overlineunderlineunderline(-4//30)):}` Negative result in the case of B and C meanstheyare gainingpartners and AIS thesacrificing partners. B gaing by `1//30th` share, C gains by `4//30th` share and A sacrifices by`5//30th` share. |
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| 2933. |
A company's Current Ratio is 2:1 . After cash payment to some of its creditors, Current Ratio will: |
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Answer» DECREASE |
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| 2934. |
A company invitedapplications for 30,000 Equity Shares of Rs. 10 each at a premium of Rs. 2 each. The total application money received @ Rs. 2 per share was Rs. 72,000 . Name the kind of subscription . List the three alternativesfor allottingthese shares. |
| Answer» SOLUTION :The PUBLIC ISSUE has been OVERSUBSCRIBED. | |
| 2935. |
(a) Compute Trade Receivables (Debtors) Turnover Ratio from the following information: Total Sales Rs. 5,20,000, Cash Sales 60% of the Credit Sales, Closing Debtors Rs. 80,000,(b)Current Liabilities of a company are Rs. 1,60,000. Its Liquid Ratio is 1.5 : 1 and Current Ratio is 2.5 : 1. Calculate Quick Assets and Current Assets. |
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Answer» Solution :(a) Trade Receivables (Debtors) Turnover Ratio `("Credit Revenue from Operations (Credit Sales)")/("AVERAGE Trade Receivables")` `=("Rs. 3,25,000")/("Rs. 70,000")=4.64` Times. Credit Revenue from Operations = Rs. 3,25,000 (WN). Average Trade Receivables = `=(Rs. 80,000+Rs. 80,000xx3//4)/(2) = (Rs. 1,40,000)/(2) = Rs. 70,000` WORKING Note: CALCULATION of Credit Sales: Let Credit Sales be x. `therefore` CASH Sales is 60% of x = 0.6x `therefore` Credit Sales + Cash Sales = Total Sales x + 0.6x = Rs. 5,20,000 1.6x = Rs. 5,20,000 x = `(Rs. 5,20,000)/(1.6)` = Rs. 3,25,000 (Credit Sales). (b) Current Liabilities = Rs. 1,60,000 Liquid Ratio = `("Liquid Assets")/("Current Liabilities")` 1.5 = `("Liquid Assets")/("Rs. 1,60,000")` `therefore` Liquid Assets = Rs. 1,60,000 `xx` 1.5 = Rs. 2,40,000. Current Assets = Current Ratio `xx` Current Liabilities `= 2.5 xx` Rs. 1,60,000 = Rs. 4,00,000. |
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| 2936. |
A Company's Quick Ratio is 1.5:1, Current Liabilities are Rs. 2,00,000 and Inventory is Rs. 1,80,000. Current Ratio will be : |
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Answer» `0.9:1` |
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| 2937. |
A Mutual Fund Company receives a dividend of Rs 20 Lakhs on its investments in another company's shares. Where will it appear in a Cash Flow Statement? |
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Answer» CASH Flow from Operating ACTIVITIES |
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| 2938. |
A firm is dissolved, Param, a partner is to carry out dissolution for which he will get Rs 5,000, including expenses. Realisation Expenses were rs 2,500. Realisation Account will be debited by |
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Answer» RS 5,000 |
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| 2939. |
A firm's current assets areRs. 3,60,000, current ratio is 3:1. Revenue from operations is Rs. 12,00,000. Itsworking capital turnover ratio will be : |
| Answer» Answer :B | |
| 2940. |
A Company's Quick Ratio is 1.8:1, Liquid Assets are Rs. 5,40, 000 and Inventory is Rs. 1,50,000. Its Current Ratio will be : |
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Answer» `2:1` |
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| 2941. |
A ,B and Carepartners in firmsharingprofitsand lossesin theratioof 2:2:1 theircapitals(fixed )are Rs. 1,00,000,Rs. 80,000 andRs. 70,000 respectivelyfor theyear 2018-19intereston capitalwascredited to them@ 9% p.ainstead of 12%GIvetheAdjustmentjournalentry . |
| Answer» SOLUTION :` (##TSG_ACC_XII_V01_C02_S01_042_S01.png" WIDTH="80%"> | |
| 2942. |
A and B are partners sharing profits in the ratio of 4:3. Their Balance Sheet as at 31st March, 2019 stood as: They decided that with effect from 1st April, 2019, they will share profits and losses in the ratio of 2:1. For this purpose they decided that : (i) Fixed Assets are to be reduced by 10 %. (ii) A Provision for Doubtful Debts of 6% be made on Sundry Debtors. (iv) An amount of ₹ 3,700 included in Creditors is not likely to be claimed. Partners decided to record the revised values in the books. However, they do not want to disturb the Reserve. You are required to pass Journal entries, prepare Capital Accounts of Partners and the revised Balance Sheet. |
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| 2943. |
A ,B and Care partnersin a firmtheirprofits -sharingratio is 2:2:1C isguranteed a mainimum of Rs, 10,000As shareofprofitevery yearAny Deficiency arisingon thatamount shallbemetbyBtheprofits for thetwo years ended31st Marach208And 2019 were Rs. 40,000And 60,000respectivelyprepare profitand LossappropriationAccountfor the two years . |
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| 2944. |
A, B and C are sharing profits in the ratio of 3:2:1. B retires and on the day of B's retirement Goodwill is valued at Rs. 60,000. A and C decided to share future profits in the ratio of 3:2. Journal entry will be: |
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Answer» `{:("A's CAPITAL A/C",,DR.,"18,000",),("C's Capital A/c",,Dr.,"42,000",),("To B's Capital A/c",,,,"60,000"):}` |
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| 2945. |
A firm's current ratio is 3.5:2. Its current liabilities are Rs. 80,000 Its working capital will be: |
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Answer» RS. 1,20,000 |
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| 2946. |
(a) Net profit after interest and tax Rs. 1,00,000, Current assets Rs. 4,00,000, Current liabilities Rs. 2,00,000, Tax rate 20%, Fixed assets Rs. 6,00,000, 10% Long-term debt Rs4,00,000. Calculate Return on Investment.(b) Rate of Gross profit on cost of a company is 25%. Its Gross Profit is Rs. 5,00,000. Its Shareholders' Funds are Rs. 12,00,000, Current liabilities are Rs. 3,00,000 and Current Assets are Rs. 10,00,000.Calculate its Working Capital Turnover Ratio. |
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Answer» Solution :(a)Calculation of Return on Investment (ROI): Net Profit after Interest and Tax = Rs. 1,00,000 Tax Rate = 20% Let Net Profit before Tax = Rs 100 Net Profit before Tax = Rs. 1,00,000 `xx` Rs. 100/Rs.80 = Rs. 1,25,000 Add: Interest `@ 10%` on Long-term debt, i.e., Rs. 4,00,000 `xx` 10/100 = Rs. 40,000 Profit before Interest and Tax = Rs. 1,25,000 + Rs. 40,000 = Rs. 1,65,000. Capital Employed = Current Assets + Fixed Assets - Current Liabilities = Rs. 4,00,000 + Rs. 6,00,000 - Rs. 2,00,000 = Rs. 8,00,000 Return on Investment (ROI) = `("Net Profit before Interest and Tax")/("Capital Employed")xx100` `=("Rs. 1,65,000")/("Rs. 8,00,000")xx100 = 20.63%`. (b)Working Capital Turnover RATIO = `("Revenue from operations")/("Working Capital")` `=("Rs. 25,00,000")/("Rs. 7,00,000")=3.57` Times. Working Notes: 1.Revenue from Operations = COST of Revenue from Operations* + Gross Profit = Rs. 20,00,000 + Rs. 5,00,000 = Rs. 25,00,000 *Cost of Revenue from Operations = Rs. 5,00,000 `xx` 100/25 = Rs. 20,00,000. 2. Working Capital = Current Assets - Current Liabilities = Rs. 10,00,000 - Rs. 3,00,000 = Rs. 7,00,000. |
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| 2947. |
A debenture holder in entitled to : |
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Answer» FIXED DIVIDEND |
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| 2948. |
A, B and C share profits and losses of the firm equally. B retires from business and his share is purchased by A anc C in the ratio of 2:3. New profit sharing ratio between A and C in the ratio of 2:3. New profit sharing ratio between A and C respectively would be: |
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Answer» `1:1` |
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| 2949. |
A B and C Are Partnersin aa firmtheydo nothavea partnershipDeedAtof thefirstyearof thecommencementof thefirmtheythefollowingproblems : (a)A wantthatintereston a capitalshouldbe allowedto thepartnersbutB and Cdo notagree (b)B wantsthat thepartnersshouldbeallowedto drew salarybutA and CSo not agree ( c )C want that theloangivenby him to thefirmshould bearinterest@10% p.abutA and Bdo notagree, (d)A and Bhavingcontributed largeramountsof capitaldesirethattheprofitshouldbedividedin theratiothiercapialcontributationbut C doesnotagree . Statehowyouwill settle thesedisputesif thepartnersapproachyoufor thepurpose . |
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Answer» Solution :(a) A's claimisnotaccepted (b) 8'sclaims is not accepted ( C) c's CLAIM is notacceptedonly 6% p.a should be should be allowed by WAY of intereston theloanand ( D) PROFIT or lossesshouldbe distributed AMONG thepartners equallytheclaim madebyA andBis notaccepted . |
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| 2950. |
A B and C are partners sharing profits in the ratio of 5:3:2. They decide to share the future in the ratio of 2 3:5. What will be the accounting treatment of Workmen Compensation Reserveappearing in the Balance Sheet on that date when no information is available for the same? |
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Answer» Distributed among the partners in their CAPITAL ratio |
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