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Class XI-XII Tuition (PUC)

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Answered on 12 Mar CBSE/Class 12/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

Is a partner entitled to salary if he works more than others if partnership deed is silent?

Matrix Tutorials

No salary to partner should be given if it is not mentioned in partnership deed.
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Answered on 13 Mar CBSE/Class 12/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

The ratio of current Assets (Rs. 9,00,000) to current liabilities is 1.5:1. The accountant of this Firm... read more
The ratio of current Assets (Rs. 9,00,000) to current liabilities is 1.5:1. The accountant of this Firm is interested in maintaining a current ratio of 2:1 by paying some part of current liabilities. You are required to suggest him the amount of current liabilities which must be paid for the Purpose. read less

Aashna T.

The amount paid should be Rs 300000 Because if he will pay Rs 300000, his current liabilities will reduce and become Rs 300000 and also because he will pay in cash or by cheque,his current assets will also reduce by Rs300000 and become Rs 600000 Thus the ratio of CA:CL=600000:300000=2:1 read more

The amount paid should be Rs 300000

Because if he will pay Rs 300000, his current liabilities will reduce and become Rs 300000 and also because he will pay in cash or by cheque,his current assets will also reduce by Rs300000 and become Rs 600000

Thus the ratio of CA:CL=600000:300000=2:1

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Answered on 13 Mar CBSE/Class 12/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

Give two examples of ‚??Significant non cash transactions‚??.

NEELAM R.

Goodwill written off during the year and depreciation charged on fixed assets
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Answered on 14 Mar CBSE/Class 12/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

Calculate interest on X‚??s drawings at 12% if he withdraws Rs. 2,000 per month during the year.

Sohini D.

Drawings per month during the year, in the absence of any specific date mentioned, is considered to be withdrawn at the middle of each month. Hence Average period will be 6 months: Interest on drawings = Total drawings X Interest X (Avg Period/12) Interest on drawings = 2000 x 12 X (12/100) X (6/12) ... read more

Drawings per month during the year, in the absence of any specific date mentioned, is considered to be withdrawn at the middle of each month.

Hence Average period will be 6 months:

Interest on drawings = Total drawings X Interest X (Avg Period/12)

Interest on drawings = 2000 x 12 X (12/100) X (6/12)

                                 = Rs. 1,440

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Answered on 14 Mar CBSE/Class 12/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

Pink, Black and White are partners sharing 5:3:2 White is guaranteed a minimum amount of Rs 10,000 as... read more
Pink, Black and White are partners sharing 5:3:2 White is guaranteed a minimum amount of Rs 10,000 as share of profit every year. Any deficiency shall be met by Black. The profit for the year ending 31st March 2005 where Rs 60,000. Prepare profit & loss appropriation account. read less

CA Sahil Goyal

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Guarantee will not be exercised becoz White will automatically getting Rs.12000 according to his profit sharing ratio. Share in profits: P = 30000 B = 18000 W = 12000
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Answered on 14 Mar CBSE/Class 12/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

A and B are partners sharing profits on capital ratio. Their capitals were Rs 5,00,000 and Rs 7,00,000... read more
A and B are partners sharing profits on capital ratio. Their capitals were Rs 5,00,000 and Rs 7,00,000 respectively. They withdraw Rs 50,000 and 70,000 for the year ending 31st March 2006. Interest on drawings was provided at 8% p.a . Journalise. read less

CA Sahil Goyal

Tutor

A's cap .....dr.2000 B's cap .....dr.2800 To Interest on Drawings 4800 (on average basis i.e 6/12 if withdrwan during the year).
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Answered on 14 Mar CBSE/Class 12/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

On April 1, 2001 an existing firm had assets of Rs. 1,50,000 including cash of Rs. 10,000. The partner... read more
On April 1, 2001 an existing firm had assets of Rs. 1,50,000 including cash of Rs. 10,000. The partner‚??s capital accounts shared a balance of Rs. 1,20,000 and the reserve contributed the rest. If the normal rate of return is 10% and the goodwill of the firm is valued at Rs 48,000 at four year‚??s purchase of super profits, find the average profits of the firm. read less

CA Sahil Goyal

Tutor

G/w = Sp * No.of year purchase 48000 = SP *4 SP = 12000 Normal profit = 10% of capital employed = 10% of 150000 = 15000 Average profit = SP + NP = 12000+15000 = 27000
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Answered on 14 Mar CBSE/Class 12/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

A and B are partners sharing profits & Losses in the ratio of 3:1. Their capitals were Rs. 60,000 and... read more
A and B are partners sharing profits & Losses in the ratio of 3:1. Their capitals were Rs. 60,000 and Rs. 40,000 respectively. As from 1st April 2005 it was agreed to change the profit sharing ratio to 3:2. According to the partnership deed goodwill should be valued at three years purchase of the average of five year‚??s profits. The profits of the previous five years were 2001: Rs 30,000, 2002: Rs.40,000, 2003: Rs 50,000, 2004: Rs. 60,000 & 2005: Rs. 70,000 Pass necessary Journal entry. read less

CA Sahil Goyal

Tutor

B's capital A/c .....Dr.22500 To A's capital A/c 22500
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Answered on 14 Mar CBSE/Class 12/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

H, P and S were partners in a firm sharing profits in the ratio of 4 : 3 : 3. On August 1, 2017, P died.... read more
H, P and S were partners in a firm sharing profits in the ratio of 4 : 3 : 3. On August 1, 2017, P died. His 20 % share was acquired by H and remaining by S. Calculate the new profit sharing ratio. read less

CA Sahil Goyal

Tutor

23:27.
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Answered on 14 Mar CBSE/Class 12/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

K K Limited obtained a loan of Rs. 10,00,000 from State Bank of India at 9 % interest. The company issued... read more
K K Limited obtained a loan of Rs. 10,00,000 from State Bank of India at 9 % interest. The company issued Rs. 15,00,000, 9 % debentures of Rs. 100/- each, in favour of State Bank of India as collateral security. Pass necessary Journal entries for the above transactions: (i) When company decided not to record the issue of 9 % Debentures as collateral security. (ii) When company decided to record the issue of 9 % Debentures as collateral security. read less

Sohini D.

(i) When the company decides not to record the issue of 9% Debentures as collateral security, the fact is just mentioned as a note in the financial statement. (ii) Journal Entry: Debenture Suspense A/c .............. Dr. 15,00,000 To 9% Debentures A/c 15,00,000 (Being... read more

(i) When the company decides not to record the issue of 9% Debentures as collateral security, the fact is just mentioned as a note in the financial statement.

(ii) Journal Entry:

  Debenture Suspense A/c ..............  Dr.     15,00,000

 To 9% Debentures A/c                                15,00,000

(Being 15,000 9% Debentures of Rs. 100 each, issued as collateral security in favour of SBI)

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