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- Explain the four rules which are applicable in the absence of partnership deed.
- Write any four difference between authorised capital and issued capital.
- Write any four difference between share and debenture.
- State any four objectives of anaylsis of financial statement.
- What is the difference between current and quick ratio?
- A company issues 12000 shares of Rs.10 each. The amount of shares was payable as Rs.2 on application on allotment and Rs.4 on first and final call. All money have been duly received. Pass the necessary journal entries in the book of the company.
- X Ltd. Issued 10000 shares of Rs.10 each payable Rs.2 per share on application Rs.3 per share on allotment and Rs.2 on first call Rajesh a holder of 300 shares, failed to pay first and second call money. His shares were forfeited after a second call. Make journal entries for forfeited shares in the book of company.
- 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.
- What journal entries would be passed in the books of A and B who are partners in a firm, sharing profits in the ratio of 5:2, for the following transactions on the dissolution of the firm after various assets (other than cash) and third party liabilities have been transferred to Realisation Account?
- Bank loan Rs. 12,000 is paid.
- Stock worth Rs. 6000 is taken over by B.
- Loss on Realisation Rs. 14,000.
- Realisation expenses amounted to Rs. 2,000, B has to bear these expenses.
- Deferred Revenue Advertising Expenditure appeared at Rs. 28,000.
- A typewriter completely written off in the books of the firm was sold for Rs. 200.
- X ltd. was formed with a capital of Rs. 500,000 divided into shares of Rs. 10 each out of these 2000 shares were issued to the vendors as fully paid as purchase consideration for a building acquired, 1000 shares were issued to signatories to the memorandum of association as fully paid. The directors offered 6500 shares to the public and called up Rs. 6 per and received the entry called up amount on share allotted. Show these transaction in the Balance sheet of a company.
- 500 shares of Rs. 100 each issued at a discount of 10% were forfeited for the non-payment of allotment money of Rs. 50 per share. The first and final call of Rs.10 per share on these shares were not made. The forfeited shares were reissued at Rs. 80 per share fully paid-up
- What is Vertical Analysis and horizontal anaylsis.
- From the following profit or loss account find out the flow of cash from operating activities of Mohan Ltd.
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.
- Ramesh, Naresh and Suresh were partners in a firm sharing profits in the ratio of 5:3:2. Naresh retired and the new profit sharing ratio between Ramesh and Suresh was 2:3. On Naresh retirement the goodwill of the firm was valued at Rs. 120000. Pass necessary journal entry for the treat.
- L, M and O were partners in a firm sharing profits in the ratio of 1:3:2. L retired and the new profit sharing ratio between M and O was 1:2. On L’s retirement the goodwill of the firm was valued Rs. 120000. Pass necessary journal entry for the 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 are partners with capitals of Rs. 13,000 and Rs. 9000 respectively. They admit C as a partner with 1/5th share in the profits of the firm. C brings Rs. 8000 as his capital. Give journal entries to record goodwill.
- A, B and C were partners in the ratio of 5:4:1. On 31st 2006 their balance sheet showed a reserve fund of Rs. 65,000, P&L A/C (Loss) of Rs. 45,000. On 1st January, 2007, the partners decided to change their profit sharing ratio to 9:6:5. For this purpose goodwill was valued at Rs. 1, 50,000. The partners do not want to distribute reserves and losses and also do not want to record goodwill. You are required to pass single journal entry for the above.
- Ranzeet and Priya are two partners sharing profits in the ratio of 3:2. They admit Nilu as a partner, who pays Rs. 60,000 as capital. The new ratio is fixed as 3:1:1. The value of goodwill of the firm was determined at Rs. 50,000. Show journal entries if Nilu brings goodwill for her share in cash.
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