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प्रश्न
Under which major headings and sub-headings will the following items be shown in the Balance Sheet of a company as per Schedule VI Part I of the Companies Act, 1956 :
(i) Cheques in hand.
(ii) A stock of work-in-progress.
(iii) Copyrights.
(iv) Loose tools.
(v) Provision for bad debts.
(vi) The negative balance is shown by the Statement of Profit and Loss.
(vii) Bonds.
(viii) Unpaid dividend
उत्तर
| S.No | Items | Effect | Explanation |
| 1 | Redeemed 9% debentures of Rs 1,00,000 at a premium of 10% | Decrease | Current liabilities remain unchanged but current assets are decreased because of outflow of cash. |
| 2 | Received from debtors Rs 17,000. | No Change | Both debtors and cash/bank are current assets, so increase and decrease in current assets by the same amount leaves current ratio unaffected |
| 3 | Issued Rs 2,00,000 equity shares to the vendors of machinery. | No Change | Since non-current assets and non-current liabilities are increased by the same amount and have no effect on current assets and current liabilities. Therefore, the current ratio remains the same i.e. 2.1:1.2. |
| 4 | Accepted bills of exchange drawn by the creditors It is 7,000. | No Change | Here, only one current liability is converting into another current liability (i.e. creditors into bills payable). Thus, the current ratio remains unaffected |
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संबंधित प्रश्न
Match the following pairs:
| Group ‘A’ | Group ‘B’ | ||
| (a) | Partnership Deed | (1) | Central Processing Unit |
| (b) | Excess of assets over liabilities | (2) | Purchase price plus installation charges |
| (c) | CPU | (3) | Written agreement |
| (d) | Co-venturer | (4) | Purchase price less Scrap Value |
| (e) | Cost of fixed assets | (5) | Capital |
| (6) | Partner in joint venture | ||
| (7) | Oral agreement | ||
| (8) | Liabilities | ||
What is the relationship between co-venturers?
Co-venturers’ liability is_________.
Physical devices of computer system are known as ____________.
Expenses of Joint Venture business are debited to ______.
Explain the role of Computer in accounting.
Apate, Bachute and Chapate undertook construction of the Cultural Hall of a Company at a contract price of Rs. 60,000 payable in Cash Rs. 40,000 and Rs. 20,000 in the form of Debentures of a company. They shared profits and losses in the ratio of 3 : 2 : 1 respectively. Apate Rs. 30,000, Bachute Rs. 20,000, Chapate Rs. 10,000.
The following payments are made out through Joint Bank Account.
| 1. | Purchase of materials | Rs. | 25,000 |
| 2. | Payment of wages | Rs. | 7,700 |
| 3. | Purchase of plant | Rs. | 4,500 |
| 4. | Other charges | Rs. | 1,100 |
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Apate brings a truck of | Rs. | 4,000 |
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Bachute brings materials of | Rs. | 5,500 |
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Chapate brings a mixer worth | Rs. | 1,000 |
At the close of the venture the unused materials were taken by Apate for Rs. 500.
The truck was sold in the market for Rs. 2,200.
Chapate agreed to take over the debentures at Rs. 19,000.
| Prepare : | 1. | Joint Venture Account |
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2. | Joint Bank Account |
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3. | Co-Venturer's Account |
Answer in one sentence only.
What is Partnership?
Answer in one sentence only.
Why is a partnership deed prepared?
A partnership firm is a trading concern.
Ram and Mohan were partners with fixed capitals of ₹ 3,00,000 and ₹ 2,00,000 respectively. As per their partnership deed, interest on capital was allowed @ 10% p.a. Net profit for the year ended 31st March, 2022 was ₹ 30,000. The amount of interest on capital was credited to each partner's current account for the year ended 31st March, 2022 was:
A partnership firm has four partners. How many additional partners can be admitted into the business as per the provisions of the Companies Act, 2013?
P, Q and R were partners in a firm sharing profits and losses in the ratio of 2:1:2. Their balance sheet on 31st March, 2022 was as follow:
| Balance sheet of P, Q and R as on 31.3.2022 | |||||
| Liabilities | Amount (₹) | Amount (₹) | Assets | Amount (₹) | Amount (₹) |
| Creditors | 48,000 | Bank | 25 000 | ||
| Bills Payable | 22,000 | Debtors | 75,000 | ||
| General Reserve | 80,000 | Stock | 2,00,000 | ||
| Profit for 2021-22 | 2,00,000 | Machinery | 3,00,000 | ||
| Capitals: | Land and Building | 10,00,000 | |||
| p | 5,00,000 | 12,50,000 | |||
| Q | 2,50,000 | ||||
| R | 5,00,000 | ||||
| 16,00,000 | 16,00,000 | ||||
On 30th June, 2022, Q died. The partnership deed provided that on the death of a partner his executors will be entitled for the following:
- Balance in his capital account.
- Interest on capital @ 6% p.a.
- His share in the profits of the firm till the date of his death calculated on the basis of last year's profit.
- His share in the goodwill of the firm calculated on the basis of the three years purchase of the average profits of last four years.
Profits for 2018-19 were ₹ 3,00,000, for 2019-20 were ₹ 4,00,000 and for 2020-21 were ₹ 1,00,000.
On 1.6.2022 Q withdrew ₹ 50,000 for meeting his medical expenses.
Prepare Q's Capital account on his death to be presented to his executors.
Read the following hypothetical situation and answer question on its basis:
|
Rudra, Dev and Shiv were partners in a firm sharing profits in the ratio of 5:3:2. Their fixed capitals were ₹6,00,000, ₹4,00,000 and ₹2,00,000 respectively. Besides his capital Shiv had given a loan of ₹75,000 to the firm. Their partnership deed provided for the following: (i) Interest on capital @9% p.a. (ii) Interest on partner's drawings @12% p.a. (iii) Salary to Rudra ₹30,000 per month and to Dev ₹40,000 per quarter. (iv) Interest on Shiv's loan@ 9% p.a. During the year Rudra withdrew ₹ 50,000 at the end of each quarter; Dev withdrew ₹ 50,000 in the beginning of each half year and Shiv withdrew ₹ 70,000 at the end of each half year. The profit of the firm for the year ended 31-3-2022 before allowing interest on Shiv's loan was ₹ 7,06,750. |
How much amount of net profit will be transferred to Profit and Loss Appropriation A/c?
The fixed capital accounts of Shiv, Azeem and Angad, sharing profits and losses in the ratio of 2 : 2 : 1, stood at ₹ 4,00,000, ₹ 6,00,000 and ₹ 2,00,000 respectively.
The accounts for the year ended 31st March, 2022, were drawn up and closed and the Current Account balances of the partners were determined to be:
Shiv ₹ 35,000, Azeem ₹ 40,000 and Angad ₹ 25,000.
Subsequently, the following errors were discovered on 1st April, 2022:
- Interest on capital @ 10% per annum had been allowed to the partners, although there was no provision for it in the partnership deed.
- Salary of ₹ 16,000 per annum to Shiv and ₹ 20,000 per annum to Azeem was not allowed to them, despite a provision for salary in the partnership deed.
- Commission of ₹ 24,000 was not allowed to Angad, despite a provision for commission in the partnership deed.
You are required to prepare the adjusted Current Accounts of the partners on 1st April, 2022, to rectify the lapse in accounting.
