Topics
Accounts from Incomplete Records
- Introduction to Accounts from Incomplete Records
- Meaning of Incomplete Records
- Features of Incomplete Records
- Limitations of Incomplete Records
- Differences Between Double Entry System and Incomplete Records
- Ascertaining Profit Or Loss from Incomplete Records Through Statement of Affairs
- Preparation of Final Accounts from Incomplete Records
Accounts of Not–For–Profit Organisation
Accounts of Partnership Firms–Fundamentals
- Introduction to Accounts of Partnership Firms–Fundamentals
- Meaning, Definition and Features of Partnership
- Application of the Provisions of the Indian Partnership Act, 1932 in the Absence of Partnership Deed
- Final Accounts of Partnership Firms
- Methods of Maintaining Capital Accounts of Partners
- Interest on Capital and Interest on Drawings of Partners
- Salary and Commission to Partners
- Interest on Loan from Partners
- Division of Profits Among Partners
- Profit and Loss Appropriation Account
Goodwill in Partnership Accounts
Admission of a Partner
- Admission of a Partner
- Adjustments Required at the Time of Admission of a Partner
- Distribution of Accumulated Profits, Reserves and Losses
- Admission of a Partner - Revaluation of Assets and Liabilities
- New Profit Sharing Ratio and Sacrificing Ratio
- Adjustment for Goodwill
- Adjustment of Capital on the Basis of New Profit Sharing Ratio
Retirement and Death of a Partner
- Retirement and Death of a Partner
- Adjustments Required on Retirement of a Partner
- Distribution of Accumulated Profits, Reserves and Losses
- Revaluation of Assets and Liabilities
- Determination of New Profit Sharing Ratio and Gaining Ratio
- Adjustment for Goodwill
- Adjustment for Current Year’s Profit or Loss upto the Date of Retirement
- Settlement of the Amount Due to the Retiring Partner
- Adjustments Required on the Death of a Partner
Company Accounts
- Introduction to Company Accounts
- Meaning and Definition of a Company
- Characteristics of a Company
- Meaning and Types of Shares
- Divisions of Share Capital
- Issue of Equity Shares
- Process of Issue of Equity Shares
- Issue of Shares for Cash in Instalments
- Issue of Shares for Cash in Lumpsum
- Issue of Shares for Consideration Other than Cash
Financial Statement Analysis
Ratio Analysis
Computerised Accounting System-Tally
- Introduction to Computerised Accounting System-tally
- Applications of Computerised Acounting System (CAS)
- Automated Accounting System
- Designing the Accounting Reports
- Data Exchange with Other Information System
- Application of Computerised Accounting System – Tally with Gst Package
- Practical Application of Accounting Software – Tally.Erp 9
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Related QuestionsVIEW ALL [3]
Varsha, Shanthi and Madhuri are partners, sharing profits in the ratio of 5:4:3. Their balance sheet as on 31st December 2017 is as under:
Balance Sheet as on 31.12.2018
| Liabilities | ₹ | Assets | ₹ | |
| Capital accounts: | Premises | 1,20,000 | ||
| Varsha | 80,000 | 1,60,000 | Stock | 40,000 |
| Shanthi | 60,000 | Debtors | 50,000 | |
| Madhuri | 20,000 | Cash at bank | 18,000 | |
| General reserve | 48,000 | Profit and loss A/c (loss) | 12,000 | |
| Sundry creditors | 32,000 | |||
| 2,40,000 | 2,40,000 |
On 1.1.2018, Madhuri died and on her death the following arrangements are made:
- Stock to be depreciated by ₹ 5,000
- Premises is to be appreciated by 20%
- To provide ₹ 4,000 for bad debts
- The final amount due to Madhuri was not paid.
Prepare revaluation account, partners’ capital account and the balance sheet of the firm after death.
Vijayan, Sudhan, and Suman are partners who share profits and losses; in the capital ratio. Their balance sheet as of 31st December 2018 is as follows:
Balance Sheet as on 31.12.2018
| Liabilities | ₹ | Assets | ₹ | |
| Capital accounts: | Buildings | 80,000 | ||
| Vijayan | 70,000 | 1,50,000 | Stock | 45,000 |
| Sudhan | 50,000 | Debtors | 30,000 | |
| Suman | 30,000 | Cash at bank | 20,000 | |
| General reserve | 18,000 | Cash in hand | 15,000 | |
| Creditors | 17,000 | |||
| 1,85,000 | 1,85,000 |
Suman died on 31.3.2019. On the death of Suman, the following adjustments are made:
- Building is to be valued at ₹ 1,00,000
- Stock to be depreciated by ₹ 5,000
- Goodwill of the firm is valued at ₹ 36,000
- Share of profit from the closing of the last financial year to the date of death on the basis of the average of the three completed year’s profit before death.
Profit for 2016, 2017 and 2018 were ₹ 40,000,₹ 50,000 and ₹ 30,000 respectively.
Prepare the necessary ledger accounts and the balance sheet immediately after the death of Suman.
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