Advertisements
Advertisements
Following is the Balance Sheets of Solar Power Ltd as at 31.3.2014 :
| Solar Power Ltd. Balance Sheet |
|||
| Particulars | Note No. |
31-3-2014 Rs |
31-3-2014 Rs |
|
I. Equity and Liabilities 1. Shareholder’s Funds a. Share Capital b. Reserve and Surplus 2. Non - Current Liabilities a. Long-term borrowings 3. Current Liabilities a. Trade Payables b. Short Term Provisions |
24,00,000 6,00,000
4,80,000
3,58,000 1,00,000 |
22,00,000 4,00,000
3,40,000
4,08,000 1,54,000 |
|
| Total | 39,38,000 | 35,02,000 | |
|
II. Assets 1. Non – Current Assets a) Fixed Assets (i) Tangible assets (ii) Intangible b) Non – Current Investments 2. Current Assets a) Current Investment b) Inventories c) Trade Receivables d)Cash and Cash |
21,40,000 80,000
4,80,000 2,58,000 3,40,000 6,40,000 |
17,00,000 2,24,000
3,00,000 2,42,000 2,86,000 7,50,000 |
|
| Total | 39,38,000 | 35,02,000 | |
Notes to Accounts
| Note No |
Particulars | As On 31-3-2014 |
As On 31-3-2013 |
|
1
|
Reserve and Surplus (Surplus i.e. Balance in Statement of Profit and Loss) |
6,00,000
|
4,00,000
|
|
2
|
Tangible Assets Machinery Less: Accumulated Depreciation |
25,40,000 (4,00,000) |
20,00,000 (3,00,000) |
|
3
|
Intangible Assets Goodwill |
80,000 |
2,24,0000 |
Additional Information:-
During the year a piece of machinery, costing Rs 48,000 on which accumulated depreciation was Rs 32,000, was sold at Rs 12,000.
Prepare Cash Flow Statement.
Concept: undefined >> undefined
Tata Ltd. issued 5,000, 10% Debentures of Rs 100 each on 1st April 2012. The issue was fully subscribed. According to the terms of issue, interest on debentures is payable half-yearly on 30th September and 31st March and tax deducted at source is 10%.
Pass the necessary journal entries related to the debenture interest for the half-yearly ending on 31st March 2013 and transfer of interest on debentures to Statement of Profit and Loss.
Concept: undefined >> undefined
Advertisements
Prachi, Ritika and Ishita were partners in a firm sharing profits and losses in the ratio of 5 : 3: 2. In spite of repeated reminders by the authorities, they kept dumping hazardous material into a nearby river. The court ordered for the dissolution of their partnership firm on 31st March 2012. Prachi was deputed to realise the assets and pay the liabilities. She was aid Rs 1,000 as the commission for her services. The financial position of the firm was as follows:
| Liabilities | Rs | Assets | Rs |
|
Creditors Investment Fluctuation Fund Capitals Prachi Ritika |
2,00,000 30,000 30,000 40,000 |
Furniture Stock Investments Cash Ishita's Capital
|
37,000 5,500 15,000 9,000 18,000
|
| 84,500 | 84,500 |
Concept: undefined >> undefined
State the difference between dissolution of partnership and dissolution of partnership firm.
Concept: undefined >> undefined
Distinguish between firm’s debts and partner’s private debts.
Concept: undefined >> undefined
Explain the process of dissolution of a partnership firm?
Concept: undefined >> undefined
What is a Realisation Account?
Concept: undefined >> undefined
Define Partnership Deed.
Concept: undefined >> undefined
Define Partnership Deed.
Concept: undefined >> undefined
In the absence of partnership deed, specify the rules relating to the following:
(i) Sharing of profits and losses.
(ii) Interest on partner’s capital.
(iii) Interest on Partner’s drawings.
(iv) Interest on Partner’s loan
(v) Salary to a partner.
Concept: undefined >> undefined
In the absence of partnership deed, specify the rules relating to the following:
(i) Sharing of profits and losses.
(ii) Interest on partner’s capital.
(iii) Interest on Partner’s drawings.
(iv) Interest on Partner’s loan
(v) Salary to a partner.
Concept: undefined >> undefined
Land and Building (book value) ₹ 1,60,000 sold for ₹ 3,00,000 through a broker who charged 2% commission on the deal. Journalise the transaction, at the time of dissolution of the firm.
Concept: undefined >> undefined
Define Partnership Deed.
Concept: undefined >> undefined
Define Partnership Deed.
Concept: undefined >> undefined
In the absence of partnership deed, specify the rules relating to the following:
(i) Sharing of profits and losses.
(ii) Interest on partner’s capital.
(iii) Interest on Partner’s drawings.
(iv) Interest on Partner’s loan
(v) Salary to a partner.
Concept: undefined >> undefined
In the absence of partnership deed, specify the rules relating to the following:
(i) Sharing of profits and losses.
(ii) Interest on partner’s capital.
(iii) Interest on Partner’s drawings.
(iv) Interest on Partner’s loan
(v) Salary to a partner.
Concept: undefined >> undefined
Discuss the main provisions of the Indian Partnership Act, 1932 that are relevant to partnership accounts if there is no partnership deed.
Concept: undefined >> undefined
Discuss the main provisions of the Indian Partnership Act, 1932 that are relevant to partnership accounts if there is no partnership deed.
Concept: undefined >> undefined
Answer the following question:
State any two situations when a partnership firm can be compulsorily dissolved.
Concept: undefined >> undefined
Gaurav, Saurabh, and Vaibhav were partners in firm sharing profits and losses in the ratio of 2 : 2 : 1. They decided to dissolve the firm on 31st March 2018. After transferring Sundry assets (other than cash in hand and cash at Bank) and third-party liabilities to realisation account, the assets were realized and liabilities were paid off as follows:
- A machinery with a book value of ₹ 6,00,000 was taken over by Gaurav at 50% and stock worth ₹ 5,000 was taken over by a creditor of ₹ 9,000 in full settlement of his claim.
- Land and building (book value ₹ 3,00,000) were sold for ₹ 4,00,000 through a broker who charged 2% commission.
- The remaining creditors were paid ₹ 76,000 in full settlement of their claim and the remaining assets were taken over by Vaibhav for ₹ 17,000.
- Bank loan of ₹ 3,00,000 was paid along with interest of ₹ 21,000.
Pass necessary journal entries for the above transactions in the books of the firm.
Concept: undefined >> undefined
