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Class XI-XII Tuition (PUC)

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Answered on 27 Jan CBSE/Class 12/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

A and B are partners in a firm. They admit C into the firm. The goodwill for the purpose is to be calculated... read more
A and B are partners in a firm. They admit C into the firm. The goodwill for the purpose is to be calculated at 2 yearâ??s purchase of the average normal profits of the last three years which were Rs.10,000, Rs.15,000 and Rs.30,000 respectively. Second years profit included profit on sale of Machinery Rs. 10,000. Find the value of goodwill of the firm on Câ??s Admission.(Average profit method) read less

Bikash tutorials

Avg profit = Rs 10000 + Rs 15000 - Rs 10000 + Rs 30000 ÷3 = Rs 15000 Goodwill = Rs 15000 × 2 = Rs 30000 Non trading income of Rs 10000 is deducted from 2nd year profit.
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Answered on 27 Jan CBSE/Class 12/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

Internal manipulation of accounting records is much easier in computerized accounting than in manual accounting. How?

Raunak Adlakha

Though if an entry got changed in tally it shows the prior entry.
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Answered on 17 Jan CBSE/Class 12/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

A and B were partners in a firm. They admitted C as a new partner for 20% share in the profits. After... read more
A and B were partners in a firm. They admitted C as a new partner for 20% share in the profits. After all adjustments regarding general reserve, goodwill, gain or loss on revaluation, the balances in capital accounts of A and B were Rs.3,85,000 and Rs.4,15,000 respectively. C brought proportionate capital so as to give him 20% share in the profits. Calculate the amount of capital to be brought by C. read less

KUSHAL DAS

Tutor

C's Capital= Rs 385000 + Rs 415000 = Rs 800000*20/80 = Rs 200000.
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Answered on 30 Jan CBSE/Class 12/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

A Ltd forfeited a share of Rs.100 issued at a premium of 20% for non-p share and final call of Rs.10... read more
A Ltd forfeited a share of Rs.100 issued at a premium of 20% for non-p share and final call of Rs.10 per share. State the minimum price at which this share can be reissued. read less

Nagi Reddy

Tutor

Rs 10.
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Answered on 24 Jan CBSE/Class 12/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

The generation of ledger accounts is not a necessary condition for making trial balance in a computerised... read more
The generation of ledger accounts is not a necessary condition for making trial balance in a computerised accounting system. Explain. read less

Neelam B.

Yes, generation of ledger accounts is not necessary for making trial balance in computerised accounting system. In computerised environment we used accounting softwares for accounting which only needs journal entries. There is an automation system in accounting software as soon as you entered journal... read more

Yes, generation of ledger accounts is not necessary for making trial balance in computerised accounting system. In computerised environment we used accounting softwares for accounting which only needs journal entries. There is an automation system in accounting software as soon as you entered journal entries it will automatically process entries and shows its impact on trial balance.

You can also check ledgers of account in detail which is also automatically processed by the accounting softwares.

So there is no need to generate ledgers.

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Answered on 18 Jan CBSE/Class 12/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

State any three purposes for which securities premium can be utilized.

Raveendra Babu

Trainer

1. for issue of fully paid up bonus shares. 2. payment of premium on redemption of preference shares and debentures. 3. Write off of preliminary expenses. 4. Buyback of shares.
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Answered on 17 Jan CBSE/Class 12/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

State the objectives of Financial Statements Analysis.

Uma G S

Tutor

Objectives of financial statement analysis are as follows 1.Assessment Of Past Performance Past performance is a good indicator of future performance. Investors or creditors are interested in the trend of past sales, cost of good sold, operating expenses, net income, cash flows and return on investment.... read more
Objectives of financial statement analysis are as follows 1.Assessment Of Past Performance Past performance is a good indicator of future performance. Investors or creditors are interested in the trend of past sales, cost of good sold, operating expenses, net income, cash flows and return on investment. These trends offer a means for judging management's past performance and are possible indicators of future performance. 2.Assessment of current position Financial statement analysis shows the current position of the firm in terms of the types of assets owned by a business firm and the different liabilities due against the enterprise. 3.Prediction of profitability and growth prospects Financial statement analysis helps in assessing and predicting the earning prospects and growth rates in earning which are used by investors while comparing investment alternatives and other users in judging earning potential of business enterprise. 4.Prediction of bankruptcy and failure Financial statement analysis is an important tool in assessing and predicting bankruptcy and probability of business failure. 5. Assessment of the operational efficiency Financial statement analysis helps to assess the operational efficiency of the management of a company. The actual performance of the firm which are revealed in the financial statements can be compared with some standards set earlier and the deviation of any between standards and actual performance can be used as the indicator of efficiency of the management. Related Topics Concept And Meaning Of Financial Statement Analysis Techniques Of Financial Statement Analysis Importance Of Financial Statement Analysis Limitations Of Financial Statement Analysis Parties Interested In Financial Statement Analysis read less
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Answered on 27 Jan CBSE/Class 12/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

A B and C are partners with no partnership deed. A advances 10,000 as loan to the firm and demands interest... read more
A B and C are partners with no partnership deed. A advances 10,000 as loan to the firm and demands interest at 12% p.a. Is A correct give reasons? read less

Md Raghib Nadeem Ansari

Tutor

The answer is 6%. According to partnership act 1932 if there is no partnership deed the partners are entitled to get 6% pa interest on loan.
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Answered on 17 Jan CBSE/Class 12/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

A B C are partners sharing profits and losses in the ratio of 3:2:1. B retires from the firm. Calculate... read more
A B C are partners sharing profits and losses in the ratio of 3:2:1. B retires from the firm. Calculate gaining ratio and new ratio. read less

KUSHAL DAS

Tutor

Let us assume new profit sharing ratio between A and C is 1:1. Gaining Ratio: A= 1/2 - 3/6 =0 B= 1/2- 1/6 = 1/3.
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Answered on 26 Jan CBSE/Class 12/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

ABC Ltd. purchased for cancellation its own 5,000, 9% Debentures of `100 each for Rs.95 per debenture.... read more
ABC Ltd. purchased for cancellation its own 5,000, 9% Debentures of `100 each for Rs.95 per debenture. Brokerage charges Rs.15,000 were incurred. Calculate the amount to be transferred to capital reserve. read less

Ankur Gupta

Tutor

It will be Rs 10,000 Nominal value: Rs 500000 Less purchase value including brokerage: Rs 475000 + Rs 15000 = Rs 490000 Remaining Rs 10000 will be transferred to capital reserve.
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