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Expenses of Joint Venture business are debited to ______.
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The main objective of not for profit organizations is to earn profit.
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Explain the role of Computer in accounting.
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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 |
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Ashok and Tanaji are Partners sharing Profits and Losses in the ratio 2 : 3 respectively. Their Trial Balance as on 21st March, 2007 is given below. You are required to prepare Trading and Profit and Loss Account for the year ended 31st March, 2007 and Balance Sheet as on that date after taking into account the given adjustments.
|
Receipts |
Debit |
Particulars |
Credit |
||
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Purchases Patents Right Building Stock (1.04.2006) Printing and Stationery Sundry Debtors Wages and Salaries Audit fees Sundry Expenses Furniture 10% Investment (Purchased on 30.09.2006) Cash Provident Fund Contribution Carriage Inwards Travelling Expenses |
98,000 4,000 1,00,000 15,000 1,750 35,000 11,000 700 3,500 8,000
10,000 4,000
800 1,300 2,700
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Capitals : Ashok Tanaji Provident Fund Creditors Bank Loan Sales Reserve for Doubtful Debts Purchase Returns |
30,000 40,000 7,000 45,000 12,000 1,58,000
250 3,500 |
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2,95,750 |
2,95,750 |
||||
Adjustments:
1. Closing stock is valued at the cost of Rs. 15,000 while its market price is Rs. 18,000
2. On 31st March, 2007 the stock of stationery was Rs. 500.
3. Provided reserve for bad and doubtful debts at 5% on debtors.
4. Depreciate building at 5% and patent rights at 10%.
5. Interest on capitals is to be provided at 5% p. a.
6. Goods worth Rs. 10,000 were destroyed by fire.
The Insurance company admitted a claim for Rs. 8,000.
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Answer in one sentence only.
What is Partnership?
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Answer in one sentence only.
How many persons are required to form partnership business?
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Answer in one sentence only.
Who is called a nominal partner?
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Answer in one sentence only.
Why is a partnership deed prepared?
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State whether following statement are true or false :
Financial statements include only balance sheet.
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State whether following statement are true or false :
Financial statements include only balance sheet.
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State whether following statement is true or false :
Analysis of financial statement is a tool but not a remedy.
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State whether following statement is true or false :
Analysis of financial statement is a tool but not a remedy.
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State whether following statement is true or false :
Government is not interested in analysis of financial statement.
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State whether following statement is true or false :
Government is not interested in analysis of financial statement.
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Select the appropriate answer from the alternatives given below & rewrite the completed statement:
The methodical classification of financial statement is called _____________.
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Select the appropriate answer from the alternatives given below & rewrite the completed statement:
The methodical classification of financial statement is called _____________.
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Select the appropriate answer from the alternatives given below & rewrite the completed statement
Cash proceeds from issue of debentures is _______________.
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Select the appropriate answer from the alternatives given below & rewrite the completed statement
Cash proceeds from issue of debentures is _______________.
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