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- A business has earned average profit of Rs. 60,000 during the last few years. The assets of the business are Rs. 5,40,000 and its external liabilities are Rs. 80,000. The normal rate of return is 10%. Calculate the value of goodwill on the basis of capitalisation of super profits.
- A and B were partners in the ratio of 3:2. They admit C for 3/13th New profit ratio after C’s admission will be 5:5:3. C brought some assets in the form of his capital and for the share of his goodwill.
- Following were the assets:
Plant and Machinery 1,40,000
At the time of admission of C goodwill of the firm was valued at Rs. 12,48,000.
Pass necessary journal entries.
- X, Y and Z are sharing profits and losses in the ratio of 5:3:2. They decide to share future profits and losses in the ratio of 2:3:5 with effect from 1st April, 2002. They also decide to record the effect of the reserves without affecting their book figures, by passing a single adjusting entry.
General Reserve Rs. 40,000
Profit 2 loss A/C (Cr) Rs. 10,000
Advertisement Suspense A/C(Dr) Rs. 20,000
Pass the necessary single adjusting entry.
- X, Y and Z are partners sharing profits in the ratio of 4/9, 1/3 and 2/9. X retires and surrenders 2/3rd of his share in favour of Y and remaining in favour of Z. Calculate new profit sharing ratio and gaining ratio.
- Mayank, Harshit and Rohit were partners in a firm sharing profits in the ratio of 5:3:2. Harshit retired and goodwill is valued at Rs 60000. Mayank and Rohit decided to share future profits in the ratio 2:3. Pass necessary journal entry for treatment of goodwill.
- A, B and C were partners in a firm sharing profits in the ratio of 2:2:1. C dies on 31st July, 2007. Sales during the previous year upto 31st march, 2007 were Rs. 6,00,000 and profits were Rs. 150000. Sales for the current year upto 31st July were Rs. 250000. Calculate C’s share of profits upto the date of his death and pass necessary journal entry.
- A and B were partners in a firm sharing profits and losses equally. Their firm was dissolved on 15th March, 2004, which resulted in a loss of Rs. 30,000. On that date the capital A/C of A showed a credit balance of Rs. 20,000 and that of B a credit balance of Rs. 30000. The cash account has a balance of Rs. 20000. You are required to pass the necessary journal entries for the (i) Transfer of loss to the capital accounts and (ii) making final payment to the partners.
- Name two tools of Financial Analysis ?
- Under what heads the following items on the Liabilities side of the Balance sheet Of a company will be presented
- Proposed Dividend.
- Unclaimed Dividend.
- How will you show the following items in the Balance sheet of a company.
(i) Calls in Arrears (ii) Calls in Advance.
- List any three items that can be shown as contingent Liabilities in a company’s Balance sheet.
- What is the interest of Shareholders in the analysis of Financial statements?
- Define single entry system and state the defects of this system.
- What is statement of affairs? How is it prepared?
- Compute the amount of total purchases and total sales of Mr. Amit from the following information for the year ending on March 31,2014.
debtors as on April 01, 2013 40,000
Total creditors as on April 01, 2013 50,000
Bills receivable as on April 01, 2013 30,000
Bills payable as on April 01, 2013 45,000
Discount received 5,000
Bad debts 2,000
Return inwards 4,000
Discount allowed 3,000
Cash sales 10,000
Cash purchases 8,000
Total debtors as on March 31, 2014 80,000
Cash received from debtors 1,00,000
Cash paid to creditors 80,000
Cash received against bills receivable 25,000
Payment made against bills receivable 40,000
Total creditors as on March 31, 2014 40,000
Bills payable as on March 31, 2014 50,000
Bills receivable as on March 31, 2014 35,000
- From the following profit or loss account find out the flow of cash from operating activities of
Dr. PROFIT AND LOSS ACCOUNT Cr.
To Rent Paid 14,000
Less: Prepaid 2,000
To Loss on sale of Furniture
To Goodwill written Off
To Bad Debts
To Office Expenses
To Discount allowed
To Proposed Dividend
To Provision for Tax
To Net Profit
By Gross Profit
By Profit on Sale of Machine
By Tax Refund
By Rent received 4,000
Add: Rent accrued 1,000
Note: There was increase in Closing stock by Rs. 25,000.
- Prepare Cash flow Statement from the following information of Box Ltd. For the year ended March 31,2004.
BALANCE SHEETS OF LION LTD. AS ON MARCH 31,2004
Profit & Loss Account
Cash at Bank
Short term Investment
Additional Information :
1.Investment costing Rs.50,000 were sold for Rs. 48,000 during the year.
2.Tax paid during the year Rs.70,000.
3.Interest received on Investment Rs. 12,000.
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