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प्रश्न
State whether the following statement is True or False.
Receipts and payments account is a real account.
पर्याय
True
False
उत्तर
True
APPEARS IN
संबंधित प्रश्न
Naveen, Seerat and Hina were partners in a firm manufacturing blanket. They were sharing profits in the ratio of 5:3:2. Their capitals on 1st April, 2012 were Rs.2,00,000; Rs.3,00,000 and Rs.6,00,000 respectively. After the floods in Uttaranchal, all partners decided to help the flood victims personally. For this Naveen withdrew Rs.10,000 from the firm on 1st September; 2012. Seerat, instead of withdrawing cash from the firm took blankets amounting to Rs.12,000 from the firm and distributed to the flood victims. On the other hand, Hina withdrew Rs.2,00,000 from her capital on 1st January, 2013 and set up a centre to provide medical facilities in the flood affected area.
The partnership deed provides for charging interest on drawings @ 6% p.a. After the Final Accounts were prepared, it was discovered that interest on drawings had not been charged. Give the necessary adjusting journal entry and show the working notes clearly. Also state any two values that the partners wanted to communicate to the society.
In the absence of Partnership Deed, interest on a loan of a partner is allowed :
(1) at 8% per annum
(2) at 6% per annum
(3) no interest is allowed
(4) at 12% per annum
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
In the absence of partnership agreement, interest on drawings of partners is charged :
(1) at 6% per annum
(2) at 9% per annum
(3) at 12% per annum
(4) no interest is charged
what is trial balance ?
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 a partnership deed?
Co-venturers’ liability is_________.
Physical devices of computer system are known as ____________.
Unsold stock of Joint Venture taken over by co-venturer is credited to ____.
What is a Computer?
An account opened in the bank in a joint name of the co-venturers.
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 |
|
|
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.
How many persons are required to form partnership business?
State whether the following statement are True or False.
Partnership agreement must be in written form.
A partnership firm is a trading concern.
Samiksha, Arshiya and Divya were partners in firm sharing profits and losses in the ratio of 5 : 3 : 2. With effect from 1st April 2022, they agreed to share future profits and losses in the ratio of 2 : 5 : 3. Their Balance Sheet showed a debit balance of ₹ 50,000 in the Profit and Loss Account and a balance of ₹ 40,000 in the Investment Fluctuation Fund. The market value of an investment is ₹ 30,000 against the book value of ₹ 50,000. Partners have decided, not to show revised value in the balance sheet and to pass an adjusting entry for it. Which of the following is the correct treatment of the above?
Assertion (A): Partnership is the relation between persons who have agreed to share the profits of the business carried on by all or any of them acting for all.
Reason (R): If a partner carries on any business of the same nature and competing with that of the firm, he/she shall account for and pay to the firm all profit made by him/her in that business.
In the absence of an agreement, partners are entitled to:
- Profit share in capital ratio.
- Commission for making additional sale.
- Interest on Loan & Advances by them to the firm.
- Salary for working extra hours.
- Interest on Capital.
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.
