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Answered on 01 May CBSE/Class 12/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

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The given rate of current asset(CA) to current liabilities (CL) is 1.5:1. And CA are given Rs 9,00,000. In such a situation if Accountant of the firm wants to maintain ratio of CA:CL at 2:1 then he can do this by paying CL for smoamo Rs 3,00,000 which will reduce CL as Rs 6,00,000 - Rs 3,00,000 = Rs... read more

The given rate of current asset(CA) to current liabilities (CL) is 1.5:1. And CA are given Rs 9,00,000. In such a situation if Accountant of the firm wants to maintain ratio of CA:CL at 2:1 then he can do this by paying CL for smoamo Rs 3,00,000 which will reduce CL as Rs 6,00,000 - Rs 3,00,000 = Rs 3,00,000.

At the same time, to pay CL we need to reduce Cash/Bank, then CA will be 

Rs 9,00,000 - Rs 3,00,000 =  Rs 6,00,000.

This now we have CA:CL

Rs 6,00,000 :Rs 3,00,000  i.e   2:1

 

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

NEELAM R.

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

Ankita G.

Tutor

Current assets/current liability = 1.5/1 Expected current ratio=2:1 So to get this Ratio by paying off some of the liabilities we need to know If current asset 600000 is equal to ratio 2 then current liability should be 2/2=1 i.e. 600000/2=300000 So liabilities to be paid off = 400000-300000=100000 read more

Current assets/current liability = 1.5/1

Expected current ratio=2:1

So to get this Ratio by paying off some of the liabilities we need to know 

If current asset 600000 is equal to ratio 2 then current liability should be 2/2=1 i.e. 600000/2=300000

So liabilities to be paid off = 400000-300000=100000

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Answered on 28 Apr CBSE/Class 12/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

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No partner is entitled to a salary if Partnership Deed is silent on it. It doesnt make any difference if he works more than others, if Partnership Deed is silent on it.
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Answered on 10 Mar CBSE/Class 12/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

Arijit Bhattacharya

Trainer

Operating activities are the main revenue genarating activitues of an enterprise: 1. Brokerage or Commission earned by a share trading firm, fees received by a consulting firm. 2. Receipts from royalties ( publishing house), rent receipt( for those firm who owns godown or cold storage infrastructure... read more

Operating activities are the main revenue genarating activitues of an enterprise:

1. Brokerage or Commission earned by a share trading firm, fees received by a consulting firm. 

2. Receipts from royalties ( publishing house), rent receipt( for those firm who owns godown or cold storage infrastructure).

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Answered on 29 Apr CBSE/Class 12/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

A business has current Ratio of 4:1 & a Quick Ratio of 1.2:1. If working capital is Rs. 180000. Calculate... read more
A business has current Ratio of 4:1 & a Quick Ratio of 1.2:1. If working capital is Rs. 180000. Calculate total current Assets and Stock. read less

Deepika Agrawal

Interested to teach to class 1 to 5, 6 to 8

Current Assets/ current liabilities =4 :1 Let CL is x so, CA is 4x so, working capital = CA-CL 180000= 4x -x 180000= 3x 180000/3 = 60000 current Assets = 4* 60000=240000. Quick Assets = quick assets /current liabilites = 1.2/1 since current liabilites is x Quick assets is 1.2x quick assts is 1.2*60000... read more

Current Assets/ current liabilities =4 :1

Let CL is x

so, CA is 4x

so, working capital = CA-CL

180000= 4x -x 

180000= 3x

180000/3 = 60000

current Assets = 4* 60000=240000.

Quick Assets = quick assets /current liabilites = 1.2/1

since current liabilites is x

Quick assets is 1.2x

quick assts is 1.2*60000 = 72000

stock = CA- QA

         = 240000- 72000 = 168000

 

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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 01 May 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

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The partners Pink, Black & White are sharing profits in the ratio 5:3:2. Given profits for the year ending 31st March 2005 are Rs 60,000. As there is no loss so no deficiency will be met by Black. And White enjoys a minimum guarantee of Rs 10,000. If we distribute the profits to the partners it will... read more

The partners Pink, Black & White are sharing profits in the ratio 5:3:2. Given profits for the year ending 31st March 2005 are Rs 60,000. As there is no loss so no deficiency will be met by Black. And White enjoys a minimum guarantee of Rs 10,000. If we distribute the profits to the partners it will be like this.

Pink     60,000/10*5= 30,000

Black   60,000/10*3= 18,000

White  60,000/10*2=. 12,000

The clause of minimum guarantee won't be exercised because as per PSR White is Rs 12,000.

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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)

AX Limited forfeited 6,000 shares of Rs. 10 each for non-payment of First call of Rs. 2 per share. The... read more
AX Limited forfeited 6,000 shares of Rs. 10 each for non-payment of First call of Rs. 2 per share. The Final call of Rs. 3 per share was yet to be made. The Final call was made after Forfeited of these shares. Of the forfeited shares, 4,000 shares were reissued at Rs. 9 per share as fully paid up.Assuming that the company maintains ‚??Calls in Advance Account‚?? and ‚??Calls in Arrears Account‚??, prepare ‚??Share Forfeited Account‚?? in the books of AX Limited. read less

Mukul S.

Management Professional

Date Particulars LF Amount Date Particulars LF Amount To Share Capital Account To Capital Reserve A/C To Balance c/d 4,000 16,000 10,000 By Share Capital A/C 30,000 read more
Date Particulars LF Amount Date Particulars LF Amount
 

To Share Capital Account

To Capital Reserve A/C

To Balance c/d

 

4,000

 

16,000

 

 

10,000

  By Share Capital A/C   30,000

 

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