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What is bad debts?
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What is Gain Ratio?
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What do you mean by Analysis of Financial Statement?
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What do you mean by Analysis of Financial Statement?
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Expenses which are paid before due.
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Excess of expenditure over income of 'not for profit' concerns.
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An account opened to find out the profit or loss on sale of assets and settlement of liabilities.
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An account opened to find out the profit or loss on sale of assets and settlement of liabilities.
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If an asset is taken over by partner from firm his capital account will be ___________.
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If an asset is taken over by partner from firm his capital account will be ___________.
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Rani and Geeta are partners sharing profits and losses 3:2 respectively. Their position on 31st March, 2013 was as follows
Balance sheet as on 31st March, 2013.
|
Liabilities
|
Amount (Rs.)
|
Assets
|
Amount (Rs.)
|
Amount (Rs.)
|
|
Capital Accounts
|
Building
|
100000
|
||
|
Rani
|
100000
|
Furniture
|
10000
|
|
|
Geeta
|
75000
|
Stock
|
31000
|
|
|
Creditors
|
10000
|
Debtors
|
50000
|
|
|
Bills Payable
|
5000
|
Less: R.D.D.
|
-1000
|
49000
|
|
General Reserve
|
15000
|
Bank Balance
|
15000
|
|
|
205000
|
205000
|
(1) Suvarna should bring in cash Rs. 1,00,000 as capital for 1/5 th share in future profit and Rs. 25,000 as goodwill.
(2) Building should be revalued at Rs. 1,25,000.
(3) Depreciate furniture @ 12.5 % and stock @ 10% p.a.
(4) R.D.D. should be maintained as it is.
(5) The Capital Accounts of partners should be adjusted in their new profit sharing ratio through bank account.
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|
Liabilities
|
Amount
(Rs.)
|
Assets
|
Amount
(Rs.)
|
|
|
Capital Accounts
|
Plant and machinery
|
32,000
|
||
|
Sunil
|
36,000
|
Factory Building
|
40,000
|
|
|
Pankaj
|
32,000
|
Stock
|
20,400
|
|
|
Paresh
|
17,600
|
Debtors
|
16,800
|
|
|
Creditors
|
21,200
|
Less: R.D.D.
|
|
16,00
|
|
General Reserve
|
14,000
|
Cash
|
12,400
|
|
|
1,20,800
|
1,20,800
|
(2) The goodwill of the retiring partner is to be valued at Rs. 8,000 and the remaining partners decided that goodwill be written back in their new profit sharing ratio which will be 5:3.
(3) Amount due to Pankaj is to be transferred to his loan account.
Prepare :
(a) Profit and Loss adjustment account
(b) Capital account of partners.
(c) Balance sheet of new firm.
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|
Liabilities
|
Amount
(Rs. )
|
Assets
|
Amount
(Rs.)
|
Amount
(Rs.)
|
|
Capital Account
|
Machinery
|
25,000
|
||
|
A
|
30,000
|
Stock
|
10,000
|
|
|
B
|
10,000
|
Debtors
|
27,500
|
|
|
C
|
10,000
|
Less: R.D.D.
|
1,500
|
26,000
|
|
General Reserve
|
3,000
|
Investment
|
12,000
|
|
|
Creditors
|
20,000
|
Profit and Loss A/c
|
9,000
|
|
|
A’s Loan Account
|
4,000
|
Bank
|
2,000
|
|
|
Bills Payable
|
7,000
|
|||
|
84,000
|
84,000
|
On the above date, the partners decide to dissolve the firm.(1) Assets were realised as -
Machinery Rs. 22,500, Stock Rs. 9,000, Investment Rs. 10,500, Debtors Rs. 22,500
(2) Dissolution expenses were Rs. 1,500.
(3) Goodwill of the firm realised Rs. 12,000
Pass the necessary journal entries int he books of the firm.
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|
Liabilities
|
Amount
(Rs. )
|
Assets
|
Amount
(Rs.)
|
Amount
(Rs.)
|
|
Capital Account
|
Machinery
|
25,000
|
||
|
A
|
30,000
|
Stock
|
10,000
|
|
|
B
|
10,000
|
Debtors
|
27,500
|
|
|
C
|
10,000
|
Less: R.D.D.
|
1,500
|
26,000
|
|
General Reserve
|
3,000
|
Investment
|
12,000
|
|
|
Creditors
|
20,000
|
Profit and Loss A/c
|
9,000
|
|
|
A’s Loan Account
|
4,000
|
Bank
|
2,000
|
|
|
Bills Payable
|
7,000
|
|||
|
84,000
|
84,000
|
On the above date, the partners decide to dissolve the firm.(1) Assets were realised as -
Machinery Rs. 22,500, Stock Rs. 9,000, Investment Rs. 10,500, Debtors Rs. 22,500
(2) Dissolution expenses were Rs. 1,500.
(3) Goodwill of the firm realised Rs. 12,000
Pass the necessary journal entries int he books of the firm.
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State any one limitation of Analysis of Financial Statement.
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State any one limitation of Analysis of Financial Statement.
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Assets and liabilities are transferred to Realisation Account at their ______ value.
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Assets and liabilities are transferred to Realisation Account at their ______ value.
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