Topics
Introduction to Partnership and Partnership Final Accounts
- Partnership
- Partnership Deed
- Provision of the Indian Partnership Act 1932
- Methods of Capital Accounts - Fixed and Fluctuating Capital Method
- Partnership Final Accounts
Introduction to Partnership
Accounts of ‘Not for Profit’ Concerns
- Accounts of “Not for Profit” Concerns
- Receipts and Payments Account
- Income and Expenditure Account
Partnership Final Accounts
- Introduction of Final Accounts
- Preparation of Final Accounts
- Effects of Adjustments-Closing Stock
- Effects of Adjustments-Outstanding Expenses
- Effects of Adjustments-Prepaid Expenses
- Effects of Adjustments-Income Received in Advance
- Adjustments - Income Receivable
- Effects of Adjustments-Bad and Doubtful Debts
- Effects of Adjustments-Provision for Discount on Debtors and Creditors
- Effects of Adjustments-Depreciation
- Adjustments - Interest on Capital, Drawings and Loans
- Adjustments - Interest on Investment and Loans
- Adjustments - Goods Destroyed by Fire Or Accident (Insured Or Uninsured)
- Adjustments - Goods Stolen
- Adjustments of Financial Statements - Goods Distributed as Free Samples and Manager's Commission
- Adjustments - Goods Withdrawn by Partners
- Adjustments - Unrecorded Purchases and Sales
- Adjustments - Capital Expenditure Included in Revenue Expenses and Vice-versa
- Adjustments - Bills Receivable Dishonoured
- Adjustments - Bills Payable Dishonoured
- Adjustments - Deferred Expenses
- Adjustments - Capital Receipts Included in Revenue Receipts and Vice-versa
- Adjustments - Commission to Working Partner Managers on the Basis of Gross Profit Net Profit, Sales, Etc
- Partnership Final Accounts
Reconstitution of Partnership
- Meaning of Reconstitution
- Different Ways of Reconstitution
- Admission of a Partner
- Need of Admission of a Partner
- Capital Brought by New Partner
- Admission of a Partner - Sacrifice Ratio and New Ratio
- Concept of Goodwill
- Admission of a Partner - Adjustment of Accumulated Profits and Losses
- Admission of a Partner - Revaluation of Assets and Liabilities
- Admission of a Partner - Adjustment of Capitals
- Admission of a Partner - Treatment of Goodwill
- Meaning of Retirement or Death of a Partner
- Needs of Retirement Or Death of a Partner
- Retirement Or Death of a Partner - Treatment of Goodwill
- Retirement or Death of a Partner - Adjustment of Accumulated Profits and Losses
- Retirement or Death of a Partner - Revaluation of Assets and Liabilities
- Retirement Or Death of a Partner - Adjustment of Capitals
- Retirement Or Death of a Partner - New Ratio
- Retirement Or Death of a Partner - Gain Ratio
- Retirement Or Death of a Partner - Amount Due to Retiring Parter
- Reconstitution of Partnership
Reconstitution of Partnership (Admission of Partner)
- Reconstitution of Partnership
- Admission of a Partner
- Concept of Goodwill
- Admission of a Partner - Revaluation of Assets and Liabilities
Reconstitution of Partnership (Retirement of Partner)
- Reconstitution of Partnership (Retirement of Partner)
- Treatment of Goodwill
- Transfer of Reserve Fund Or General Reserve/Accumulated Profit Or Loss
- Accounting for Revaluation of Assets and Reassessment of Liabilities
- Retirement Or Death of a Partner - Adjustment of Capitals
- Total Payable Amount to Retiring Partner
Dissolution of Partnership Firm
Accounts of “Not for Profit” concerns
- Not for Profit Concerns
- Features of "Not for Profit" Concerns.
- Receipts and Payments Account
- Feature of Receipts and Payments Account
- Effects of Adjustments-Outstanding Expenses
- Additional Information - Prepaid Expenses of the Current and Previous Year
- Effects of Adjustments-Accrued Income
- Effects of Adjustments-Income Received in Advance
- Additional Information - Subscription Received in Advance
- Additional Information - Subscription Outstanding of the Current and Previous Year
- Effects of Adjustments-Depreciation
- Additional Information - Capitalisation of Entrance Fees
- Additional Information - Creation of Special Funds Out of Donations
- Additional Information - Stock of Stationery
- Additional Information - Opening Balances of Assets and Liabilities
- Preparation of Income and Expenditure Account and Closing Balance Sheet
- Accounts of “Not for Profit” Concerns
Reconstitution of Partnership (Death of Partner)
- Reconstitution of Partnership (Death of Partner)
Single Entry System
- Meaning of Single Entry
- Difference Between Single Entry System and Double Entry System
- Preparation of Statements for Single Entry System
- Additional Information - Additional Capital
- Effects of Adjustments-Drawings
- Additional Information - Depreciation on Fixed Asset
- Effects of Adjustments-Bad and Doubtful Debts
- Additional Information - Undervaluation of Assets and Liabilities
- Additional Information - Overvaluation of Assets and Liabilities
- Adjustments - Interest on Capital, Drawings and Loans
- Additional Information - Partners Salary
- Effects of Adjustments-Outstanding Expenses
- Effects of Adjustments-Prepaid Expenses
- Illustrations of Single Entry System
- Single Entry System Examples and Solutions
Dissolution of Partnership Firm
- Dissolution of Partnership Firm
- Accounting Procedure of Dissolution of Partnership Firm
Bill of Exchange (Only Trade Bill)
- Introduction of Bill of Exchange (Only Trade Bill)
- Necessity of Bill of Exchange (Only Trade Bill)
- Draft Or Format of Bills
- Parties to the Bill of Exchange
- Acceptance of Bill
- Important Terms of Bills of Exchange - Term of Bill
- Important Terms of Bills of Exchange - Days of Grace
- Important Terms of Bills of Exchange - Date of Maturity
- Important Terms of Bills of Exchange - Due Date
- Honouring of Bill
- Dishonour of Bill
- Important Terms of Bills of Exchange - Noting of Bill
- Protesting of Bill
- Basic Term of Bills of Exchange - Notary Public
- Basic Term of Bills of Exchange - Noting Charges
- Accounting Treatment of Bill by the Drawer Or Holder and Drawee
- Accounting Treatment - Retaining the Bill Till Due Date. Honour Or Dishonour, Insolvency of the Drawee Or Acceptor
- Accounting Treatment - Endorsement of the Bill, Honour/ Dishonour and Also Insolvency of Acceptor
- Accounting Treatment - Discounting the Bill with the Bank Honour/Dishonour and Insolvency
- Accounting Treatment of Bill - Sending the Bill to the Bank for Collection, Honour Or Dishonour and Insolvency
- Accounting Treatment of Bill - Making Part Payment of Basic Amount, Interest and Noting Charges and Drawing of New Bill
- Accounting Treatment of Bill - Honour Or Dishonour of New Bill
- Accounting Treatment of Bill - Insolvency of the Acceptor and Settlement of His Account
- Accounting Treatment of Bill - Retirement of Bill
- Accounting Treatment of Bill - Journal Entries and Ledger
- Bill of Exchange Examples and Solutions
Bills of Exchange
- Bills of Exchange
- Parties to a Bill Exchange
- Parties to a Promissory Note
- Contents of Format of Bill of Exchange
- Honour and Dishonour of Bill of Exchange
Company Accounts
- Share and Share Capital
- Nature and Types of Share and Share Capital
- Accounting for Share Capital
- Share Capital - Issue and Allotment of Equity Shares
- Private Placement of Shares
- Public Subscription of Shares
- Over Subscription of Shares
- Under Subscription of Shares
- Issue at Par and Premium and at Discount
- Calls in Advance and Arrears
- Issue of Shares for Consideration Other than Cash
- Accounting Treatment of Forfeiture and Re-issue of Share
- Disclosure of Share Capital in Company’s Balance Sheet (Horizontal Form)
- Meaning and Concept of Debentures
- Issue of Debentures at Par at Premium and at Discount
- Issue of Debentures for Consideration Other than Cash
- Interest on Debentures
Company Accounts - Issue of Shares
- Share and Share Capital
- Accounting for Share Capital
- Forfeiture of Shares
Analysis of Financial Statements
- Concept of Financial Statement Analysis
- Comparative Statements
- Common Size Statements
- Cash Flow Analysis
- Ratio Analysis and its Types
- Concept of Accounting Ratios
- Classification of Ratios
- Introductions to Current Ratio
- Introductions to Liquid Ratio
- Introductions to Gross Profit Ratio
- Operating Profit Ratio
- Return on Investment (ROI)
- ROCE
Analysis of Financial Statements
- Concept of Financial Statement Analysis
- Tools for Financial Statement Analysis
- Concept of Accounting Ratios
Computer in Accounting
- Computerized Accounting System (Cas)
- Sourcing of Accounting Software
- Legal Vs. Pirated Accounting Software
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Related QuestionsVIEW ALL [4]
JJK Ltd invited application or issuing 50,000 equity shares of 10 each at par. The amount was payable as follows:
On Application: Rs 2 per share
On Allotment: Rs 4 per share
On first and Final Call: Balance Amount
The issue was oversubscribed three times. Applications for 30% shares were rejected and money refunded.
The allotment was made to the remaining applicants as follows:
| Category | No. of Shares Applied | No. of shares Allotted |
| I | 80,000 | 40,000 |
| II | 25,000 | 10,000 |
Excess money paid by the applicants who were allotted shares was adjusted towards the sums due on allotment.
Deepak, a shareholder belonging the Category I, who had applied for 1,000 shares, failed to pay the
allotment money. Raju, a shareholder holding 100 shares, also failed to pay the allotment money. Raju belonged to category II. Shares of both Deepak and Raju were forfeited immediately after allotment. Afterwards, first and final call was made and was duly received. The forfeited shares of Deepak and Raju were reissued at 11 per share fully paid up
Pass necessary journal entries for the above transactions in the books of the company
Stem Ltd. came up with an IPO inviting the public to subscribe to its Equity shares of ₹ 10 each. The issue was over-subscribed. The company allotted 80,000 shares to all the applicants making a pro-rata allotment in the ratio of 3 : 2. The face value of the share was payable in three instalments.
Based on the information given above and the following extract of ledger accounts and Cash Book (Bank Column), answer the questions that follow:
| Cash Book (Bank Column) (extract) | |||
| Particulars | Amount (₹) | Particulars | Amount (₹) |
| To Share Application A/c | 4,80,000 | By Balance c/d | ______ |
| To Share Allotment A/c | ______ | ||
| Share Capital A/c (extract) | |||
| Particulars | Amount (₹) | Particulars | Amount (₹) |
| To Share Forfeiture A/c | ______ | By Share Application A/c | ______ |
| To Call-in arrears A/c | ______ | By Share Allotment A/c | 4,00,000 |
| By Share Final Call A/c | ______ | ||
| Calls-in-Arrears A/c (extract) | |||
| Particulars | Amount (₹) | Particulars | Amount (₹) |
| To Share Allotment A/c | 6,000 | ||
- What are the number of shares applied for by the public?
- What is the amount payable per share with application?
- What is the amount payable per share with first and final call?
- Stem Ltd. did not receive the allotment money and call money due from the shareholder Rehan, who had applied for 3,000 shares. What is the amount received by Stem Ltd. with allotment?
- Stem Ltd. forfeited Rehan’s shares after the final call. It reissued 1,500 forfeited shares fully called up @ ₹ 13 per share
Give the journal entries passed by the company for:- Forfeiture of these shares
- Reissue of the forfeited shares
(Over subscription- Some over application refunded and rest used for allotment)
ONGC Ltd. invited applications for 25,000 shares of Rs 100 each payable as under-
| On Application | Rs 20 | On Allotment | Rs 40 |
| On First Call | Rs 25, | On Final Call | Rs 15 |
Public applied for 40,000 shares, out of which 10,000 shares were rejected and money on 5,000 shares was diverted to share allotment. All the allotment and calls money was received.
Pass journal entries in the journal of ONGC Ltd.
(Over Subscription and retain for allotment):
Geeta Ltd. invited applications for Rs 50,000 Equity shares of 10 each payable as under-
| Rs 3 | On Application | Rs 2 | On Allotment |
| Rs 3 | On First Call | Rs 2 | On Final Call |
Public applied for Rs 60,000 shares. All the applications were accepted by the company. Money on excess application was used for allotment purpose. Assuming that all the allotment, first call and final call duly received.
Pass journal entries in the books of the company.
Rise in the books of the company.
