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Distinguish between 'Dissolution of Partnership' and 'Dissolution of Partnership Firm on the basis of 'Economic Relationship'.
Concept: Concept of Dissolution of Partnership Firm
State any three circumstances other than (i) admission of a new partner; (ii) retirement of a partner and (iii) death of a partner, when need for valuation of goodwill of a firm may arise.
Concept: Methods of Valuation of Goodwill
State any three circumstances other than (i) admission of a new partner; (ii) retirement of a partner and (iii) death of a partner, when need for valuation of goodwill of a firm may arise.
Concept: Methods of Valuation of Goodwill
On 1st April 2014, KK Ltd. invited applications for issuing 5,000 10% debentures of Rs 1,000 each at a discount of 6%. These debentures were repayable at the end of the 3rd year at a premium of 10%. Applications for 6,000 debentures were received and the debentures were allotted on pro-rata basis to all the applicants. Excess money received with applications was refunded.
The directors decided to transfer the minimum amount to Debenture Redemption Reserve on 31.3.2016. On 1.4.2016, the company invested the necessary amount in 9% bank fixed deposit as per the provisions of the Companies Act 2013. A tax was deducted at source by bank on interest @10% p.a.
Pass the necessary journal entries for issue and redemption of debentures. Ignore entries relating to writing off a loss on issue of debentures and interest paid on debentures.
Concept: Concept of Debentures
What is meant by ‘Reconstitution of a partnership firm’
Concept: Accounting for Partnership Firms - Reconstitution and Dissolution
What is meant by a 'Share
Concept: Theory on Shares
On 1st April 2014, KK Ltd. invited applications for issuing 5,000 10% debentures of Rs 1,000 each at a discount of 6%. These debentures were repayable at the end of the 3rd year at a premium of 10%. Applications for 6,000 debentures were received and the debentures were allotted on pro-rata basis to all the applicants. Excess money received with applications was refunded.
The directors decided to transfer the minimum amount to Debenture Redemption Reserve on 31.3.2016. On 1.4.2016, the company invested the necessary amount in 9% bank fixed deposit as per the provisions of the Companies Act 2013. A tax was deducted at source by bank on interest @10% p.a.
Pass the necessary journal entries for issue and redemption of debentures. Ignore entries relating to writing off a loss on issue of debentures and interest paid on debentures.
Concept: Concept of Debentures
Offer of securities or invitation to subscribe securities to a select group of persons by a company (other than by way of public offer) is known as ______.
Concept: Private Placement of Shares
Distinguish between 'Dissolution of partnership' and 'Dissolution of partnership firm' on the basis of court's intervention.
Concept: Concept of Dissolution of Partnership Firm
One of the objectives of ‘Financial Statements Analysis’ is to identify the reasons for change in the financial position of the enterprise, State two more objectives of this analysis.
Concept: Concept of Financial Statement Analysis
Distinguish between 'Dissolution of partnership' and 'Dissolution of partnership firm' on the basis of court's intervention.
Concept: Concept of Dissolution of Partnership Firm
One of the objectives of ‘Financial Statements Analysis’ is to identify the reasons for change in the financial position of the enterprise, State two more objectives of this analysis.
Concept: Concept of Financial Statement Analysis
Explain any three components of the accounts group 'Current Liabilities'.
Concept: Grouping of Accounts
State the objectives of 'Analysis of Financial Statements'.
Concept: Concept of Financial Statements
Financial Statements are prepared following the constituent accounting concepts principles procedures and also the legal environment in which the business organisation operate. These statements are the source of information on the basis of which conclusions are drawn about the profitability and financial position of a company so that their users can easily understand and use them in their economic decisions in a meaningful way.
From the above statements identify any two values that a company should observe while preparing its financial statements. Also, State under which major headings and sub-headings the following items will be presented in the Balance Sheet of a company as per Schedule III of the Companies Act 2013
(1) Capital Reserve
(2) Calls-in-Advance
(3) Loose Tools
(4) Bank overdraft
Concept: Concept of Financial Statements
Calculate Revenue from operations of BN Ltd. From the following information:
| Current assets | ₹ 8,00,000. |
| Quick ratio is | 1.5: 1 |
| Current ratio is | 2: 1 |
| Inventory turnover ratio is | 6 times. |
Goods were sold at a profit of 25% on cost.
Concept: Activity Ratios >> Inventory Turnover Ratio
State the steps to construct Bank-Reconciliation statement using Tally.
Concept: Application in Generating Accounting Information - Bank Reconciliation Statement
______ means any offer of securities to a select group of persons by a company other than by way of the public offer.
Concept: Concept of Private Placement
No debenture redemption reserve is required for debentures issued by ______.
Concept: Creation of Debenture Redemption Reserve
State the objectives of 'Analysis of Financial Statements'.
Concept: Concept of Financial Statements
