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Answer in one sentence only.
What is the gain ratio?
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Give word / term or phrase for the following statement.
Excess of income over expenditure of a ‘not for profit’ concern.
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Write the Word/Term/Phrase which can substitute the following statement:
Debit balance of revaluation Account.
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A person who draws a bill of exchange.
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Give one word/term/phrase for the following statement.
An asset which can be converted into cash immediately.
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Give one word/term/phrase for the following statement.
An asset which can be converted into cash immediately.
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Dissolution expenses are credited to ______.
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Dissolution expenses are credited to ______.
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Capital balance is ascertained by preparing....................................
- Statement of affairs
- Cash account
- Drawing account
- Debtor’s account
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Capital balance is ascertained by preparing....................................
- Statement of affairs
- Cash account
- Drawing account
- Debtor’s account
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Balance sheet is a nominal account.
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Balance sheet is a nominal account.
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State whether the following statement is True or False with reason.
The debit balance of insolvent partner’s Capital Account is known as a capital deficiency.
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State whether the following statement is True or False with reason.
The debit balance of insolvent partner’s Capital Account is known as a capital deficiency.
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State the objectives of financial statements from the view point of a business concern.
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State the objectives of financial statements from the view point of a business concern.
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Akash and Suraj are partners in a firm sharing profits and losses in the ratio 3 : 2. Their balance sheet as on 31st March, 2013 was as follows:
Balance Sheet as on 31st March, 2013
| Liabilities | Amount (Rs.) | Assets | Amount (Rs.) |
|
Capital A/c Akash Suraj |
50000 50000 |
Furniture | 2100 |
|
General Reserve |
10000 | Stock | 28700 |
| Sundry creditors | 60000 | Land and building | 35000 |
| Bills payable | 17000 | Plant and machinery | 49000 |
| Sundry debtors | 63000 | ||
| Cash | 9200 | ||
| 187000 | 187000 |
They agreed to admit Sanjay in their partnership on 1st April, 2013, on the following terms :
- Sanjay should bring Rs. 1,500, as his share of goodwill in the firm, and Rs. 2,000 as his capital.
- Reserve for doubtful debts is to be provided @ 5% on debtors.
- Land and building be depreciated at 10% p. a.
- Plant and machinery to be depreciated @ 5% and stock to be depreciated @ 10% p. a.
- The new profit sharing ratio will be 2: 1: 1.
Prepare :
- Revaluation Account.
- Partners’ Capital Accounts.
- New Balance Sheet of the firm.
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Given below is the balance sheet of Vaishali, Madhuri and Shobha, who were sharing profits and losses in the ratio of 3 : 3 : 2.
Balance Sheet as on
31st March, 2012
| Liabilities | Amount (Rs.) | Assets | Amount (Rs.) |
| Creditors | 34800 | Cash | 21600 |
| Bills Payable | 8800 | Machinery | 34800 |
|
Capital A/c Vaishali Madhuri Shobha |
48000 52000 36000 |
Debtors | 50000 |
| Reserved Fund | 16000 | Stock | 25200 |
| Furniture | 16000 | ||
| Building | 48000 | ||
| 195600 | 195600 |
On 1st April, 2012 Shobha retired from the firm on the following terms:
1. Assets be revalued as under:
Stock Rs. 24,000, Machinery Rs. 32,000, Furniture Rs. 16,800.
2. R.D.D. be maintained at 4% on debtors.
3. An item of Rs. 400 from creditors is no longer a liability and hence should be properly adjusted.
4. The amount due to Shobha be transferred to her loan account.
Pass necessary Journal Entries in the books of the firm.
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Mr. Aaba and Mr. Baba are equal partners whose Balance Sheet as on 31 st March, 2012 was as under:
Balance Sheet as on
31st March, 2012
| Liabilities | Amount(Rs.) | Assets | Amount(Rs.) |
| Sundry Creditors | 16000 | Cash in hand | 500 |
|
Capital A/c Aaba Baba |
2000 2000 |
Stock | 4500 |
| Debtors | 4000 | ||
| Plant and machinery | 5000 | ||
| Furniture | 2000 | ||
| Land and Building | 4000 | ||
| 20000 | 20000 |
Due to weak financial position of the partners the firm is dissolved.
Aaba and Baba are not able to contribute anything from their private estate, hence they are declared insolvent.
The assets are realised as follows :-
Stock Rs. 3,000, Plant and Machinery Rs. 3,000, Furniture Rs. 1,000, Land and Building Rs. 2,000 and Debtors Rs. 1,000 only.
Realisation expenses amounted to Rs. 500.
You are required to prepare necessary Ledger Accounts to close the books of the firm.
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Mr. Aaba and Mr. Baba are equal partners whose Balance Sheet as on 31 st March, 2012 was as under:
Balance Sheet as on
31st March, 2012
| Liabilities | Amount(Rs.) | Assets | Amount(Rs.) |
| Sundry Creditors | 16000 | Cash in hand | 500 |
|
Capital A/c Aaba Baba |
2000 2000 |
Stock | 4500 |
| Debtors | 4000 | ||
| Plant and machinery | 5000 | ||
| Furniture | 2000 | ||
| Land and Building | 4000 | ||
| 20000 | 20000 |
Due to weak financial position of the partners the firm is dissolved.
Aaba and Baba are not able to contribute anything from their private estate, hence they are declared insolvent.
The assets are realised as follows :-
Stock Rs. 3,000, Plant and Machinery Rs. 3,000, Furniture Rs. 1,000, Land and Building Rs. 2,000 and Debtors Rs. 1,000 only.
Realisation expenses amounted to Rs. 500.
You are required to prepare necessary Ledger Accounts to close the books of the firm.
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