Please select a subject first
Advertisements
Advertisements
Highlight any two reasons for the split in the Congress Party in 1969.
Concept: Split in the Congress
Highlight any two excesses made by the Government during the emergency of 1975.
Concept: Controversies Regarding Emergency
Assess any three effects of Emergency imposed in 1975 in strengthening the democracy in India.
Concept: Controversies Regarding Emergency
Mention any two main demands of the Bharatiya Kisan Union in 1980s.
Concept: Farmer's Movements
What was Chipko movement?
Concept: Environment and Development - Affected People'S Movements
In the mid–1970s, there was a renewal of the women’s movement in India which was called the second phase of the Indian women’s movement. There was the growth of what is termed as the autonomous women’s movements.
How can these movements be called autonomous?
Concept: Womens’ Movement in India
Briefly describe the story of Sikkim from the time of India's independence to its merger with India.
Concept: Challenges and Responses in the North East
'Bodo' community belongs to which state?
Concept: Challenges and Responses in the North East
Analyze three major developments towards the end of the 1980s that made a long-lasting impact on the politics of India.
Concept: Context of the 1990s
Explain any three psychological models used to understand mental disorders.
Concept: Factors Underlying Abnormal Behaviour
What is cognitive dissonance?
Concept: Nature and Components of Attitudes
One of the most significant yet paradoxical changes in the caste system in the contemporary period is that it has tended to become ‘invisible’ for the upper caste, urban middle, and upper classes. Elaborate.
Concept: Caste and the Caste System
| “Every human being needs a sense of stable identity to operate in this world. Questions like — Who am I? How am I different from others? How do others understand and comprehend me? What goals and aspirations should I have? – constantly crop up in our life right from childhood. We are able to answer many of these questions because of the way in which we are socialised, or taught how to live in society by our immediate families and our community in various senses.” |
During a communal conflict, communities construct matching but opposite mirror images of each other. Explain this statement.
Concept: Cultural Communities and the Nation-state
Chhavi and Neha were partners in firm sharing profits and losses equally. Chhavi withdrew a fixed amount at the beginning of each quarter. Interest on drawings is charged @ 6% p.a. At the end of the year, interest on Chhavi's drawings amounted to ₹ 900. Pass necessary journal entry for charging interest on drawings.
Concept: Distribution of Profit Among Partners
Sonu and Rajat started a partnership firm on April 1, 2017. They contributed ₹ 8,00,000 and ₹ 6,00,000 respectively as their capitals and decided to share profits and losses in the ratio of 3: 2.
The partnership deed provided that Sonu was to be paid a salary of ₹ 20,000 per month and Rajat a commission of 5% on turnover. It also provided that interest on capital be allowed at 8% p.a. Sonu withdrew ₹ 20,000 on 1st December 2017 and Rajat withdrew ₹ 5,000 at the end of each month. Interest on drawings was charged at 6% p.a. The net profit as per Profit and Loss Account for the year ended 31st March 2018 was ₹ 4,89,950. The turnover of the firm for the year ended 31st March 2018 amounted to ₹ 20,00,000. Pass necessary journal entries for the above transactions in the books of Sonu and Rajat.
Concept: Distribution of Profit Among Partners >> Past Adjustments
Vivek, Viney and Vijay were partners in a firm sharing profits in the ratio of 2:1:2. The firm closes its books on 31st March every year. On 31-12-2014 Viney died. On that date his capital account showed a debit balance of Rs 10,000 and Goodwill of the firm was valued at Rs 2, 40,000. There was a debit balance of Rs 7,000 in the profit and loss account. Viney's share of profit in the year of his death will be calculated on the basis of average profit of last 5 years which was Rs 90,000.
Pass necessary journal entries in the books of the firm on Viney's death.
Concept: Methods of Valuation of Goodwill
On1.4.2014 the Balance Sheet of Anant, Sampat and Gunvant was as follows :
| Liabilities |
Amount Rs |
Assets |
Amount Rs |
|
Sundry Creditors General Reserve Capital Reserve Anant 30,000 Sampat 15,000 Gunvant 15,000 |
9,000 9,600
60,000 |
Bank Bills Receivables Stock Tools Furniture
|
15,600 18,000 18,000 3,000 24,000
|
| 78,600 | 78,600 |
Gunvant died on 30.9.2014. Under the terms of Partnership Deed, the executors of the deceased partner were entitled to:
(a) The amount standing to the credit of partner's capital account.
(b) Interest on capital @12% per annum.
(c) A share of goodwill on the basis of twice the average of past three years profits.
(d) A share of profit from the closing of last financial year to the date of death on the basis of last year's profit.
The profits of the last three years were as follows:
| Year | Profit |
| 2011 - 2012 | 18.000 |
| 2012 - 2013 | 21,000 |
| 2013 - 2014 | 24,000 |
The firm closes its books on 31st March every year. Partners share profits in the ratio of their capitals.
Prepare Gunvant's Capital Account to be presented to his executors
Concept: Methods of Valuation of Goodwill
Joshi, Pandey and Agarwal were partners in a firm sharing profits in the ratio of 2:2:1. On 31.3.2014, their Balance Sheet was as follows:
| Liabilities |
Amount Rs |
Assets |
Amount Rs |
|
Creditors Bills Payable Agarwal's Loan Capitals Joshi 2,10,000 Pandey 2,04,000 |
51,000 36,000 84,000
4,14,000 |
Cash Debtors Bills payable Furniture Machinery Agarwal’s Capital |
24,000 39,000 27,000 81,000 3,75,000 39,000 |
| 5,85,000 | 5,85,000 |
On 31.12.2014, Agarwal died. The partnership deed provided for the following to the executors of the deceased partner:
(a) His share in the goodwill of the firm, calculated on the basis of three year's purchase of the average profits of the last four years. The profits of the last four years were Rs 2,70,000; Rs 3,00,000; Rs 5,40,000 and Rs 8,10,000 respectively.
(b) His share in the profits of the firm till the date of his death, calculated on the basis of the average profits of the last four years.
(c) Interest @12% per annum on the credit balance, if any, in his Capital account.
(d) Interest on his loan @12% per annum.
Prepare Agarwal's Capital Account to be presented to his executors.
Concept: Methods of Valuation of Goodwill
Mrs Shehal and Mrs Meenal are equal partners in a business. Their balance sheet is as follows.
| Balance Sheet as on 31st March 2013 | |||
| Liabilities | Amount Rs. | Assets | Amount Rs. |
|
Capital A/c's Snehal 80,000 Meenal 45,000 Creditors General reserve
|
1,25,000 46,000 20,000
|
Premises Investments Equipments Bills Receivable Debtors 1,10,000 ( - ) R.D.D. 11,000 Bank Balance |
20,500 10,500 5,000 18,000
99,000 38,000 |
| 1,91,000 | 1,91,000 | ||
They agreed to admit Mr Komal on 1st April 2013 on the following terms:
(1) Komal should bring Rs. 50,000 towards her capital for one fourth (1/4th) Share in future profit.
(2) Goodwill to be raised in the books of the firm for Rs. 40,000.
(3) R.D.D. to be maintained at 5% on debtors.
(4) Premises to be valued at Rs. 30,000 and equipment to be written off fully.
(5) Creditors allowed a discount of Rs. 1,000 and they were paid off immediately.
Prepare Profit and Loss Adjustment Account, Partner's Capital Accounts and Balance Sheet of the new firm.
Concept: Admission of Partner> Revaluation of Assets and Liabilities
Why does a firm revaluate its assets and reassess its liabilities on retirement or death of a partner?
Concept: Admission of Partner> Revaluation of Assets and Liabilities
