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Mama and Kaka are partners in partnership firm sharing profits and losses equally. You are required to prepare Profit and Loss Account for the year ended 31st March, 2019 and Balance Sheet as on that date:
| Trial Balance as on 31st March, 2019 | |||
| Debit Balances | Amount (₹) | Cebit Balances | Amount (₹) |
| Insurance | 30,000 | Capital Accounts: | |
| Land and Building ((Addition of ₹ 40,000 wef. 1st July, 2018)) | 1,00,000 | Mama | 1,00,000 |
| Salaries | 10,000 | Kaka | 1,00,000 |
| Export duty | 5,000 | 10% Bank Loan (taken on1st Oct. 2018) | 60,000 |
| Interest | 2,000 | Interest | 3,000 |
| Furniture | 80,000 | Bills payable | 16,000 |
| Debtors | 52,000 | - | |
| 2,79,000 | 2,79,000 | ||
Adjustment:
- Gross profit amounted to ₹ 69,000.
- Prepaid insurance ₹ 7,500.
- Depreciate Land and Building at 10% p.a. and Furniture 5% p.a.
- Write ₹ 2,000 for bad debts and maintain R.D.D. at 5% on sundry debtors.
- Closing stock is valued at ₹ 69,000.
Concept: Partnership Final Accounts
Excess of expenditure over income of 'not for profit' concerns.
Concept: Concept of Non-Profit Concerns
Concept: Adjustments - Unrecorded Purchases and Sales
(b) revenue
(c) long term
(d) deferred revenue
Concept: Adjustments - Capital Expenditure Included in Revenue Expenses and Vice-versa
Select the most appropriate alternative from those given below and rewrite the statement.
Return outward are deducted from __________________.
Concept: Partnership Final Accounts
What do you mean by ‘non‐recurring expenses’?
Concept: Adjustments - Capital Expenditure Included in Revenue Expenses and Vice-versa
When is a bill said to be honoured ?
Concept: Adjustments - Bills Payable Dishonoured
The expenditure which is recurring in nature ?
Concept: Adjustments - Capital Expenditure Included in Revenue Expenses and Vice-versa
Write a short note on E-Commerce ?
Concept: Partnership Final Accounts
Concept: Partnership Final Accounts
Concept: Concept of Non-Profit Concerns
Surekha and Sangita decided to undertake a venture jointly. They agreed to share profits and losses in the ratio of 3 : 2. Surekha supplied from her own stock goods worth Rs. 4,00,000 and paid Rs. 9,900 for freight and Rs. 2,400 for insurance. Sangita purchased goods of Rs. 3,90,000 for the venture and paid Rs 14,000 for selling expenses. Sangita accepted a bill for 3 months of Rs. 1,90,000 drawn by Surekha as an advance. The bill was discounted immediately by Surekha for Rs. 1,84,000 and the amount of discount was charged to Joint Venture Account. Sangita sold all the goods for Rs. 10,00,000. At end of the venture, the accounts were settled. Give journal entries in the books of Surekha.
Concept: Partnership Final Accounts
What do you mean by Capital Expenditure?
Concept: Adjustments - Capital Expenditure Included in Revenue Expenses and Vice-versa
Fees paid by persons to become members of a ‘Not for Profit’ concern.
Concept: Receipts and Payments Account
Rokadimal of Rajkot and Gunjal of Pune, entered into a Joint Venture to purchase and sale goods and agreed to share profit and losses in the proportion of 4 : 1 respectively.
Rokadimal paid Rs 11,500 for carriage.
Rokadimal discounted this bill with the bank for Rs 92,000.
Gunjal paid Rs 13,500 got advertisement.
Gunjal paid Rs 7,000 for selling expenses and he is entitled for a commission on sales at 5% Co-venturers settled their accounts.
Concept: Partnership Final Accounts
Concept: Adjustments - Capital Expenditure Included in Revenue Expenses and Vice-versa
Receipt and Payment account is a ______ account.
Concept: Receipts and Payments Account
The main objective of not for profit organizations is to earn profit.
Concept: Concept of Non-Profit Concerns
Write the word/phrase/term, which can substitute the following sentence.
Credit balance of Profit and Loss Account.
Concept: Partnership Final Accounts
Answer the following questions in only 'one' sentence each:
To which account gross profit is transfered?
Concept: Adjustments - Commission to Working Partner Managers on the Basis of Gross Profit Net Profit, Sales, Etc
