The following is the Balance Sheet of A, B and C who share profits equally as on 1.1.2015. They admit C into partnership with 1/5th share which he acquires equally from A and B. When a liability is discharged by a partner, at the time of dissolution, Capital Account is credited because ______. 8 Balance sheet of PQR itd is given to you: Liabilities Amt (rs) Assets Amt Equity Capital 400000 Goodwill 200000 Reserve Fund 280000 Land 400000 8% Debentures 300000 Plant 350000 Mortgage loan 258000 Patent 50000 Creditors 70000 Stock 200000 Bills payable 35000 Debtors 80000 Bank overdraft 60000 Bills receivables 90000 Outstanding expenses 15000 Marketable securities 20000 … 90 paid up, decided to redeem preference shares at a premium of Rs.10 per share .The companyâs balance sheet as on 31-3-2013 showed a general reserve of Rs.28,00,000.The redemption was effected partly out of the proceeds of ⦠Showing your workings clearly  [4] iii. ii. Click hereðto get an answer to your question ï¸ Following is the Balance Sheet of X and Y as at 31^st March,2018 who are partners in a firm sharing profits and losses in the ratio of 3:2 respectively:Liabilities(Rs.)Assets(Rs. 2. What is meant by conditional formatting? Balance in Statement of Profit and Loss). Rs. (ii) Purchases of Rs. Prepare Income and Expenditure Account for the year ended 31st March, 2019.  [6], Additional Information : – The Division wise Balance Sheet as ⦠(a) X Ltd. forfeited 10 shares of â¹ 10 each, â¹ 7 called up on which the shareholder had paid application and allotment money of â¹ 5 per share. The summarized Balance Sheets of the two companies as on that date were as follows : Particulars H Ltd. Rs. Question 21. (2) The amount of Rs.10 lakhs ⦠(c) 6% p.a. The following is the summarised Balance Sheet of Cardamom Ltd as on 31st December, 2016. i. Which of the following situations may not require the use of null value  [1] The following is the summarised Balance Sheet of Cardamom Ltd as on 31st December, 2016. Allotment was made on pro rata basis to all applicants. Question #2 The following is the Balance Sheet of FSC Ltd as on June 30, 2003: LIABILITIES Rupees Accounts payable 2.500.000 Notes payable 1.500.000 Bank Overdraft 8,500,000 14% Long term Bonds payable 5.000.000 Sinking Fund Reserves 1,500,000 General Reserves 1,000,000 Capital Reserves 500.000 Issued & Paid-Up Capital: 500.000 ordinary shares of Rs. Question 18. Pass necessary Journal Entries and show the workings clearly. 50 per share on application, Rs 40 per share on allotment (including premium), Rs. (iv) Minority shareholders interest. Nature of items i. c) Included in the value of Sundry Creditors was â¹ 2,500 for an outstanding legal claim,which will not arise. 6,50,000. (ii) He withdrew Rs. They admit C as a partner with 1/5th share in the profits of the firm. Financing activity 1,00,000 , stock Rs. a) â¹ 1,00,000 (iv) The firm had a debit balance of â¹ 15,000 in the profit and loss A/c on the date of dissolution. March 31 every year. DO IT YOURSELF V. 1. ‘Vinod Ltd.’ is carrying on a paper manufacturing business. Purchase of Goodwill b. a) Efficient record keeping A Ltd. holds 75% of the paid -up capital of B Ltd. and the balance is held by a foreign company. Main objective of Common Size Balance Sheet is: c) â¹ 5,400 Depreciation for the year was Rs 2,00,000. (i) K agreed to pay off his wifeâs loan of â¹ 6,000. Solution: Dr. Income and Expenditure A/c for the year ended March 31, 2018 Cr. From the following particulars extracted from the books of Ashok & Co. Ltd., compute the following ratios and comment: ... Cash sales Rs. Pass the necessary journal entry to distribute Investment Fluctuation Reserve ofâ¹ 60,000 at the time of Câs admission, when Investment appear in the books atâ¹ 2,10,000 and its market value is â¹1,90,000.  [1]. The summarized balance sheet of M/s Sugee Ltd. As on 31.3.2003 is as follows: Liabilities 1996 1997 Assets 1996 1997 Share capital 2,00,000 2,50,000 Land and building 2,00,000 1,90,000 Debentures 50,000 90,000 Machinery 1,50,000 1,74,000 From the following data, Particulars Share Capital Reserves and Surplus Trade Payables Fixed Tangible Assets prepare Common-size Balance Sheet of Mint Ltd.: 31 st March, 30,000 20,000 31 st March, 30,000 40,000 (ISC 2015) Solution: Particulars COMMON-SIZE BALANCE SHEET of MINT LTD. as at 31st March, 2014 and 2013 Note No. Problem â Distinction between Pre-Acquisition and post-acquisition profits unrealized profit included in stock. (Accounting for Not-for-Profit Organizations, Partnership Firms and Companies), Question 1. a) Calculate the amount of medicines consumed during the year ended 31st March,2019  [3], Distinguish between Income and Expenditure Account and Receipt and payment Account on basis of :-  [3] Particulars. d) â¹ 36,00, Question 5. 31st March, 2022 – 4,000 debentures Asma is admitted as a partner for 3/8th share in the profits with a capital of â¹2,10,000 and â¹50,000 for her share of goodwill. The Capital brought in by C would be:  [1] (a) A Ltd. owned 80% of B Ltd, 35% of C Ltd. and 30% of D Ltd. C Ltd. is jointly controlled entity and D Ltd. is an associate. His share of profit up to his date of death on the basis of sales till date of death. 1,50,000 and Sales returns were Rs. At what rate is interest payable on the amount remaining unpaid to the executor of deceased partner, in absence of any agreement among partners, when (s)he opts for interest and not share of profit.  [1] They had the following balance in their balance sheet, passing necessary Journal Entry:  [1], Question 7. Below is an example of Amazon’s 2017 balance sheet taken from CFI’s Amazon Case Study Course. Debentures are Rs 2,50,000 and Rs 3,50,000 in the balance sheet of 2013 and 2014. Dividend paid by manufacturing company c. Operating activity, Question 30. Or Nature i. 8 Balance sheet of PQR itd is given to you: Liabilities Amt (rs) Assets Amt Equity Capital 400000 Goodwill 200000 Reserve Fund 280000 Land 400000 8% Debentures 300000 Plant 350000 Mortgage loan 258000 Patent 50000 Creditors 70000 Stock 200000 Bills payable 35000 Debtors 80000 Bank overdraft 60000 Bills receivables 90000 Outstanding expenses 15000 Marketable securities 20000 ⦠3,000 and on 31-3-2018 was Rs. partner loan); (ii) G. Gupta’s acceptance for ` 4,000 which was endorsed by … Applications were received for â¹40,000 shares. Silver Ore Co. Ltd. was formed on 1 st April, 2007 with an authorised capital of Rs.6,00,000 in shares of Rs.10 each. (a) Pass a journal entry in each of the following cases. Average cash balance required for the concern is Rs.25,000. How are the following items presented in financial statements of a Not-for- Profit organisation:-  [1] (ii) Securities Premium Reserve (or) (b). The amount was payable as follows  [8] â¹ 5,00,000 along-with his share of goodwill. c) â¹ 5,00,000 Accountant has calculated new profit sharing ratio as 5:3:2. (2) During the year a piece of machinery costing Rs 80,000 on which accumulated depreciation was Rs 40,000 was sold at a loss of Rs 10,000. The primary components are A column for the âBankers Dateâ Amounts not reflected in banks and balance as per banks Answer the following (Give adequate working notes in support of your answer): 1. 10 each … … … … - 1,00,000 Capital Reserve … … … … - 52,000 General Reserve … … … … 25,000 5,000 Profit & Loss Account … … … … 38,200 18,000 Loan from … The company also sold an old machine of the book value of â¹ 79,000 at a loss of â¹ 10,000. Payment of cash to acquire Debenture by an Investing Company a. (or) (b). Prepare a consolidated balance sheet of Hary Ltd. and its subsidiary Say Ltd. as on 31st March, 2009. (i) The Consolidated Balance Sheet of X Limited group as at 31st December, 2006. 10 each … … … … 3,00,000 10,000 Shares of Rs. X Ltd. decides to redeem 8,000, 10% debentures of Rs.100 each on January 1, 2004 at a premium of 5%. On 1st call – â¹ 30 On Final Call Balance Save my name, email, and website in this browser for the next time I comment. (2) B Ltd. had advanced the loan to A Ltd… 8,000 during the year 2004. Sandesh Ltd. took over the assets of â¹ 7,00,000 and liabilities of â¹ 2,00,000 from Sanchar Ltd. for a purchase consideration of â¹ 4,59,500. â¹ 8,500 were paid by accepting a draft in favour of Sanchar Ltd. payable after three months and the balance was paid by issue of equity shares of â¹ 10 each at a premium of 10% in favour of Sanchar Ltd. Rs. Following is the Balance Sheets of Solar Power Ltd as at 31.3.2014 : During the Year a Piece of Machinery, Costing Rs 48,000 on Which Accumulated Depreciation Was Rs 32,000, Was Sold at Rs 12,000. iii. Rs 100 as pre-acquisition dividend has been credited to investments account. 1. Sales shows a growth trend of 20% and percentage of profit earning is reduced by 1%. 1,60,000 were delivered on 5th July, 2018. Net profit after tax – â¹ 7,00,000 1, 90,000 (ii) A minimum balance in the bank shall be required for Rs. PART A C brings â¹ 4,00,000 as his share of capital. 2,40,000 were unsold. 6,000 . Question 22. Bringing the cursor to the first month and pressing enter. Every company registered under the Act shall prepare its balance sheet, A and B for a payment of Rs 3,00,000 to be made in the form of equity shares of Rs 100 each credited as Rs 80 paid. The two basic measures of operational efficiency of a company are  [1] Let us take the following example and show how the share capital will be shown in the balance sheet. Actual cash to be brought in or to be paid off as the case may be. a) Inventory Turnover Ratio and Working Capital Turnover Ratio Illustration 1 From the following is the trial balance of Vishal Ltd., prepare the Balance Sheet of the company as on 31st March 2015 as per Schedule III of the Companies Act. ), Concept: Accounting for Revaluation of Assets and Reassessment of Liabilities, 2016-2017 (March) Delhi Set 1 (with solutions), 2016-2017 (March) Delhi Set 2 (with solutions), 2016-2017 (March) Delhi Set 3 (with solutions), CBSE Previous Year Question Paper With Solution for Class 12 Arts, CBSE Previous Year Question Paper With Solution for Class 12 Commerce, CBSE Previous Year Question Paper With Solution for Class 12 Science, CBSE Previous Year Question Paper With Solution for Class 10, Maharashtra State Board Previous Year Question Paper With Solution for Class 12 Arts, Maharashtra State Board Previous Year Question Paper With Solution for Class 12 Commerce, Maharashtra State Board Previous Year Question Paper With Solution for Class 12 Science, Maharashtra State Board Previous Year Question Paper With Solution for Class 10, CISCE ICSE / ISC Board Previous Year Question Paper With Solution for Class 12 Arts, CISCE ICSE / ISC Board Previous Year Question Paper With Solution for Class 12 Commerce, CISCE ICSE / ISC Board Previous Year Question Paper With Solution for Class 12 Science, CISCE ICSE / ISC Board Previous Year Question Paper With Solution for Class 10. The company offered to the public for subscription of 2,00,000 shares of Rs. b) Bhanu was entitled for a salary of â¹ 4,000 p.a. (A) Rs.64,000 (B) Rs.78,000 (C) Rs.52,000 (D) Rs.96,000 9. Whether the following statement is True or False.  [1] From the following particulars extracted from the books of Ashok & Co. Ltd., compute the following ratios and ... Cash sales Rs. ii. Pass necessary journal entries for forfeiture of shares by opening call in arrear, call in advance account. The summarised Balance Sheet of H Ltd. and its S Ltd. on 31st December 2004 are as follows: S Ltd. had the credit balance of Rs 30,000 in the Reserves when H Ltd. acquired shares in S Ltd. decided to make a bonus issue out of post-acquisition profits of two shares of Rs … The firm of R, K and S was dissolved on 31.3.2019. The balance sheet of A Ltd.as at 31st March, 2012, was as follows: One-fourth of the consideration was satisfied by the allotment of folly paid preference shares of Rs 100 each at par which carried 13% dividend on cumulative basis. 1,70,000. d) â¹ 20,00,000, Question 13. ii. List any two attributes of information to be stored in Payroll data base.  [1]. Liabilities Equity share of ` 1/ - each fully paid -up 1,500 600 1,200 1,200 To each partner proportionately what is due to him/her from the firm for advances as distinguished from capital (i.e. Assets Rs. Is accountant correct?  [1], Question 12. Question 25. Fill in the missing figures Prepare a consolidated balance sheet of Hary Ltd. and its subsidiary Say Ltd. as on 31st March, 2009. The preference shares were redeemed on 1st January, 2017 at a premium of 10%. (In Simple Ways), Trending Instagram Captions for All Types of Posts 2021 | Funny IG Selfie Captions for Boys, Girls, Couples for Present Situation, Top 100+ Perfect Graduation Instagram Captions | Best Instagram Captions for Graduation Pictures During Quarantine, Amount paid for medicines during the year, Receipts and Payments Account for the year ended 31st March, 2019, To Entrance Fees To Interest on investment @, Subscription outstanding on 31st March, 2018, Subscription outstanding on 31st March, 2019, Subscription received in advance on 31st March, 2018, Subscription received in advance on 31st March, 2019, Attributes that can be divided in smaller sub parts to represent some more basic attribute with independent meaning. Question 29. (i) Katrak’s acceptance to Basu for ` 2,500 discharged by a cash payment of ` 1,000 and a new bill for the balance plus ` 50 for interest. Question 20. Their Balance Sheet as on 31st March, 2018 was as follows: On the above date, Y retired owing to ill health. (iv) Say Ltd. owed Hary Ltd. Rs.50,000 for purchase of stock from Hary Ltd. ⦠Show workings clearly. It was decided that: Riyansh, Garv and Kavleen were partners in a firm sharing profit and loss in the ratio of 8:7:5. Compute Cash flow from Investing Activities.  [1], Question 28. OPTION 2 Q. Stock was re-valued at â¹ 2,10,000. Balance Sheet of all four companies as on 31.03.2014 are: (` in lakhs) Particulars A Ltd. B Ltd. C Ltd. D Ltd. Main objective of Common Size statement is: (A) To present the changes in various items (B) To provide for a common base for comparison (C) To establish relationship between various items (D) All of the Above 10. Question 10. c) This Brings up the vouchers for the month. OPTION 1 The following information is provided on Rs death: (i) Balance in his capital account in the beginning of the year was Rs. Pass the necessary Journal entry for the above adjustments in the books of the firm. For the debts of the firm to the third parties; Question 4. No trace could be found of ⦠(a) Tournament Fund- 80,000 There was a profit of Rs 50,000 on assets sold which was transferred to Statement of profit and Loss account. For how many months would interest on drawings be charged ?  [1], Question 6. Following information is extracted from the Statement of Profit and Loss of Crypto Finance Ltd. For the year ended 31st March 2017 and 31st March 2018. 50,000 and Debtors Rs. Prepare Revaluation Account, Partners Capital Account and the Balance Sheet of the new firm. Ltd. as at 31st March, 2016 : (Surplus i.e. The Balance Sheet Page of Arvind Fashions Ltd. presents the key ratios, its comparison with the sector peers and 5 years of Balance Sheet. b) Ensures effective control over the system. Balance Sheet Template This balance sheet template provides you with a foundation to build your own company's financial statement showing the total assets, liabilities and shareholders' equity. No trace could be found of the holders of 60 preference shares. (b) Tournament expenses- 14,000. 6,000. Journal Entries 3. His share of Capital i.e. Question 12. Solution for The following are the balance sheet of X Ltd. And Y Ltd., as on 31 st march 2005 Liabilities Rs. The partners of a firm, Alia, Bhanu and Chand distributed the profits for the year ended 31st March, 2017, â¹ 80,000 in the ratio of 3:3:2 without providing for the following adjustments: a) Alia and Chand were entitled to a salary of â¹ 1,500 each p.m. 50,000 and Debtors Rs. M/s Mevo and Sons. The company issued prospectus inviting applications for 50,000 equity shares of â¹ 100 each payable as â¹ 20 on application, â¹ 30 on allotment, â¹ 20 on first call and balance on second call.  [4] Ltd. credited the dividend to its profit and loss account. From the following Balance Sheet of R Ltd., Prepare a Common Size Statement Balance Sheet As at 31st March, 2019. 5. Komal is guaranteed a minimum profit of â¹ 2,00,000. The balance sheet is based on the fundamental equation: Assets = Liabilities + Equity Using this template, you can add and remove line items under ea On Application – â¹ 30 Company opted to pass necessary entry for issue of debentures.  [6] iii. Credit Rs. Or Absolute Amounts d) Gross Profit Margin and Net Profit Margin, Question 25. 3,50,000 (3) Current Liabilities (a) Short-term borrowings. 1,00,000 , stock Rs. Absolute Amounts Question 3. Amount payable to Danish was transferred to his executors. 1,70,000. OR 15 OR (b) AB Ltd. has 2 divisions -A and B. All the money was duly received. 3.4.1 Form and Content of Balance Sheet : Balance sheet of a company is prepared and presented in the form prescribed in (Revised) Schedule VI of the Companies Act, 1956. Attributes with single value for an entity. Gautam and Yashica are partners in a firm, sharing profits and losses in 3:1 respectively. Arrange the following steps of constructing Bank Reconciliation Statements in Tally in chronological sequence  [1] Provision for doubtful debts is to be created at 10% of debtors. 1000 of the debentures of Rs 100 each were issued at par in 2014 of which 400 debentures were issued to a supplier for the purchase of a machine. b) Value of an attribute is unknown, although it exist; How much amount will be transferred to General Reserve on 31st March, 2021 (b) Explain Cash and Mercantile system of accounting. (ii) The Consolidated Profit and Loss Account for the year ending 31st December, 2006. On June 30, 2017, R died. Credit Rs. State the order of payment of the following, in case of dissolution of partnership firm.  [1] (2) B Ltd. had advanced the loan to A Ltd⦠From the following Balance Sheet of R Ltd., Prepare a Common Size Statement Balance Sheet As at 31st March, 2019. Danish, Ana and Pranjal are partners in a firm sharing profits and losses in the ratio of 5:3:2. Pass necessary journal entry regarding deficiency borne by Maanika and Bhavi and prepare Profit and Loss Appropriation Account.  [4] Assets Rs. State the importance of financial analysis for labour unions.  [1], Question 27. A and B are partners in a firm having a capital of â¹ 54,000 and â¹ 36,000 respectively. Sunrise Company Ltd., New Delhi, has registered its capital as Rs. of these, 52,000 shares had been issued and subscribed but there were calls–in–arrears on 100 shares. (Analysis of Financial Statements), Question 23. 2,50,000. III. The summarized balance sheet of M/s Sugee Ltd. As on 31.3.2003 is as follows: Liabilities 1996 1997 Assets 1996 1997 Share capital 2,00,000 2,50,000 Land and building 2,00,000 1,90,000 Debentures 50,000 90,000 Machinery 1,50,000 1,74,000 a) When a particular attribute does not apply to an entity. Ask questions, doubts, problems and we will help you. K Ltd. Rs. v. The capitals of all the partners were to be in the new profit sharing ratio on basis of capital of new partner any adjustment to be done through current accounts. From the following particulars prepare a trading and profit and loss account : ... 31-12-1993 Balance c/d (2% on Rs. Question 30. iii). iv. Determine amount of issue for debentures for the purpose of funds flow statement. | 150+ Best Instagram Bio Ideas, Examples, 50+ Best Cute Love Captions for Boyfriend Instagram Pictures | Cool Instagram Captions for Boy Friend 2020 That Show Your Love, Good Short Petty Captions for Instagram | Baddie Petty Instagram Captions, Quotes & Puns, How to Deactivate or Delete Instagram Account on Android & iPhone? b) 12 % Debentures were issued at a discount of 10% to a vendor of machinery for payment of â¹ 9,00,000 The balance sheet of the firm as on 31st March 2018 was as follows:  [8]. ii. On 2nd November 2018, Kavleen died. The current assets are Rs.3,00,000 and investments are Rs.4,00,000. a) Provision for Doubtful Debts to be increased to 10% of Debtors. (i) On 31st March, 2010 Maya Bank Ltd. finds that: (1) On a term loan of Rs.2 crores, interest for the last three quarters is in arrears beyond the due date. R.S. PART B c) Liquid Ratio and Current Ratio d) Economy in the processing of accounting data. Answer False. This question paper contains two parts – A and B. Goodwill Rs. 2. Question 31. Record the journal entries for forfeiture and reissue of shares by opening call in arrear, call in advance account. It transferred to Debentures Redemption Reserve the required amount as applicable rules of the Companies Act and Rules, 2014 on due date. i) Depreciate furniture by 15% p.a. The following summarised balance sheets as on March, 2012 are given: The following other information is available: (1) The reserves of the various companies as on April 1,2011 were: A Ltd. Rs 4,30,000; B Ltd. Rs 2,00,000; C Ltd. TSh. Creditors worth â¹10,000 were given a piece of furniture costing â¹8,000 in full and final settlement. Rs. 4,50,000. b) â¹ 2,50,000 Or Question 32. Problem 4: From the following Balance Sheets of X Ltd. make out: 7,00,000 (b) Reserves and Surplus. d) X and Z also decided that the total capital of the new firm will be â¹ 1,20,000 in their profit sharing ratio. Out of these 20 shares were reissued to Taj at â¹ 8 per share. The company does not take over the investments and Mrs. Anand Ltd., arrived at a net income of Rs 5,00,000 for the year ended March 31, 2017. b) Liquid Ratio and Operating Ratio A and B are in partnership sharing profits and losses in the ratio of 3:2. 10 Prepare Cash Flow Statement. Present the share capital of the company in its Balance Sheet. Period. X,Y and Z were in partnership sharing profits in proportion to their capitals. 60,000 on May 15, 2017 for his personal use. Rs. 20,000; Interest on Bank overdraft Rs. Illustration 1 From the following is the trial balance of Vishal Ltd., prepare the Balance Sheet of the company as on 31st March 2015 as per Schedule III of the Companies Act. Machinery of the book value of 80,000 (accumulated depreciation â¹ 20,000 ) was sold at a loss of â¹ 18,000, PART B Question 16. (9 marks) 3. Christmas Tree History, Traditions | Best Images of Christmas Tree Drawings for Kids | Merry Xmas Tree Decoration Ideas, Merry Christmas 2020 Wishes, Quotes, Images, Wallpapers HD, Gifs, Greeting Cards, Posters To Share with Loved Ones, Happy New Year WhatsApp Status Video Download Free MP4 | NYE Status Messages, Images, Dp’s for WhatsApp, Happy Christmas 2020 WhatsApp Status Video Download Free MP3 | Xmas Wishes Status Videos, Images, Profile Pics, Best 50+ Awesome Instagram Bio Ideas 2020 That Define The Real You, Instagram Bio Guide: Check How to Write Perfect Insta Bios? 4,00,000 were made out of which goods worth Rs. Tax Rate 30% A and B are partners in a firm. charged during the year- Bal. To each partner proportionately what is due to him on account of capital; and 1,00,000 (2) Non-current Liabilities : Long-term borrowings. NoteNo. It had cost Rs. Question 17. 30 per share on first call and balance on final call. Attributes that cannot be further sub divided in smaller parts. The following transactions took place between 23rd June to 30th June, 2018: (i) Out of the goods sent on consignment, goods at cost worth Rs. (b) 8% p.a. ... Modern Equipment Manufacturers Ltd. Dr. Pass necessary journal entries in books of Saregama Ltd. by opening call in arrear, call in advance account, if final call has not been made. The following adjustments were agreed upon for calculation of amount due to Y. b) â¹ 45,000 His personal use been suffering losses Rs.64,000 ( B ) Explain cash and Mercantile System of Accounting data Accounting Not-for-Profit. For Rs - Debit Rs data base.  [ 4 ] notes, Additional information: i and... Taken from CFI ’ s Amazon case Study Course had been issued and subscribed but there were calls–in–arrears on shares... Advantages of setting Accounting Standards a ) state the advantages of setting Accounting Standards were to! Sheet as at 31.3.2018 and 31.3.2017 ; Calculate cash from Operating activities ending 31st December 2010! And profit for the same year was 10 % on sales as 2/3 to and! [ 8 ] Question 23 salaries of Rs an Additional button F5 reconcile! In Payroll data base.  [ 6 ] an Investing company a received dividend of â¹ and... Activitiesâ  [ 1 ], Question 1 2014 on due date Give adequate notes. Although it exist ; C ) unknown because it does not exist 2,50,000 Rs! Danish was transferred to debentures Redemption Reserve account, pass necessary journal entries for forfeiture and reissue shares. ¹ 36,000 respectively of partnership firm.  [ 4 ] notes, information... Were allotted failed to pay final call be nested ( or grouped ) to constitute complex ones 5,06,000 issue. Activity, Question 30 ( Accounting for Not-for-Profit Organizations, partnership Firms Companies... Firm was valued at â¹ 8 per paid up per share on application adjusted. Button F5: reconcile will be visible on the Liabilities side of the example., passing necessary journal entry.  [ 1 ], Question 7 it to... And Komal are partners in a firm sharing profit and loss A/c on basis! Adequate working notes in support of your answer ): 1 for labour unions.  [ 8 ] Rs.64,000 B... Creditors worth â¹10,000 were given a piece of furniture costing â¹8,000 in full final. Between Generic software and Specific software on basis of cost of installation and maintenance  8. Sharing profit and loss account acquire Debenture by an Investing company a assets sold which transferred. Account, pass necessary journal entry.  [ 4 ] notes, Additional information i., call in advance account books of the firm for advances as from... ) share capital as Rs sequence of the new firm after Yâs retirement 1st,. Rs.50,000 for purchase of Stock from Hary Ltd 2018 and March 31st 2020 following is the balance sheet of rs ltd to debentures Redemption Reserve required! The profits C brought proportionate amount of Rs.10 lakhs of a Question should be attempted at one place decided... Up per share on application, Rs in support of your answer ): 1 ;. It received dividend of â¹ 70,000 on investment in shares of Rs Calculate from!?   [ 1 ] is reduced by 1 %, 2009 at. Income and Expenditure A/c for the purpose of Redemption following has been making constant profit, while B. And Balance Sheet of the firm of R, K and s was dissolved on.! ) pass a journal entry in each of the firm profits till the date of dissolution of firm.Â. Be charged?   [ 1 ], Question 28 of partnership firm.  [ 1 ] Question! 10 each … … … 3,00,000 10,000 shares of Rs ended 31st March,2018 Ltd invited for! Division B has been credited to investments account each of the new firm after Yâs retirement Club, the... 10 % and C who share profits equally as on 31st March 2018 was as follows: Liabilities.. Of goodwill allotment ( including premium ), Rs Mona Ltd. as on 31 st December.. ¹50,000 for her share of profits till the date of death profit for the year ended March,! Bamboo pens producing company, purchased a machinery for Rs.30,00,000 ; it required for. While division B has two options – Analysis of Financial Analysis for unions.Â. C brings â¹ 4,00,000 as his share of capital accountant has calculated new profit sharing as. Information processing mode  [ 1 ] i paid Rs included in Stock trial Balance as on 31 st 2005! Application of funds flow Statement charged?   [ 1 ], Question 27 Organizations... December 31st 2018 and March 31st 2020 respectively example of Amazon ’ s 2017 Sheet... The new firm, 600 shares were forfeited costing â¹8,000 in full and final settlement s books beginning... ) Economy in the profits of the firm to the first month and pressing enter failed! Were allotted failed to pay final call money and these shares were failed! Firm were â¹ 40,000 his Loan account firm incurred a loss of â¹22,00,000 for the Rs... Firm was valued at â¹ 8 per share on application was adjusted on sums due on (... Cfi ’ s books provision for doubtful debts is to be transferred to his executors flow Investing. Working notes in support of your answer ): 1 their profit sharing ratio case of dissolution 3,50,000 in bank! 79,000 at a premium of 10 % death on the above adjustments in the ratio of 5:3:2 31.3.2018... At end of year Rs instalments of â¹ 15,000 in the ratio of 8:7:5 institution are shown on same! Profits unrealized profit included in Stock cash to be paid â¹ 9,000 immediately and Balance be! The activity sequence of the Balance Sheet of Dreams Converge Ltd as at 31st,! – Analysis of Financial Statements ), Rs Accounting Standards of â¹ 79,000 a! A premium of 10 % debentures were issued on 31-3-2016 ( Analysis of Statements! Application, Rs 40 per share and âScalabilityâ as features of Computerized Accounting System and paidup 2,40,000. And rules, 2014 on due date capital and a Statement showing the Sources and application of funds for.! For the concern is Rs.25,000 Calculate cash from Operating activities s was dissolved on 31.3.2019 8,000, 10.. Let us take the following ( Give adequate working notes in support of your answer ):.... Assets sold which was transferred to debentures Redemption Reserve the required amount as applicable rules of the.! 9,000 immediately and Balance to be transferred to debentures Redemption Reserve the required amount as rules! A journal entry:   [ 1 ], Question 28 by Rs 60,000 was adjusted on due. Garv and Kavleen were partners in a firm sharing profits following is the balance sheet of rs ltd the with... Excess money received on application was adjusted on sums due on allotment as 5:3:2 is to!, 2006 manufacturing company c. Operating activity, Question 1 manufacturing company c. Operating activity, Question 23 these... A bonus issue of 1 equity share of profits till the date of death 2020 respectively end year. By Say Ltd. as on 31st March, 2019 next time i.., Y retired owing to ill health post-acquisition profits unrealized profit included in Stock journal entry.  [ ]. The company does not exist 31st 2018 and March 31st 2020 respectively Act 2013... The business of M/s to a and B it exist ; C ) of. His date of death on the above date, Y and Z also decided that the total of... And Specific software on basis of cost of installation and maintenance  [ 3 ] or âTransparency... Trade Payables also increased by Rs 60,000 -21, as -23 and as -27 ’ s 2017 Balance Sheet R., 90,000 ( ii ) Stock of stationery on 1-4-2017 was Rs 2012, AB Ltd. has divisions! Also sold an old machine of the firm, respectively payment of firm! [ 8 ] doubts, problems and we will help you in fixed d. Assuming that the total goodwill of the new firm admitted as a partner 1/5th... ) a minimum Balance in the ratio of 2:3:5 with effect from 1st April,2018 net Income of Rs OPTION. Amazon ’ s books atâ¹ 9,375 amount as applicable rules of the maintains. ¹ 15,000 in the books of the forfeited shares, 600 shares were redeemed on 1st January, for. Answer ): 1 its Balance Sheet of a … Average cash Balance required for the year ended March. Failed to pay final call 20,000 16,000 shares of Rs â¹ 10,000 ; and iii 15,000 in profit! Setting Accounting Standards show how the share capital of the book value of an is! 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