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State True or False with reason.
A new partner always bring his share of goodwill in cash.
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State True or False with reason.
Cash/ Bank Account is credited when goodwill is withdrawn by the old partners.
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Find the Odd one.
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Why is a new partner admitted?
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What is the super profit method of calculation of goodwill?
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State the ratio in which the old partner’s Capital A/c will be credited for goodwill when the new partner does not bring his share of goodwill in cash?
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Profit for 2015, 2016 & 2017 is ₹ 10,000, ₹ 15,000 & ₹ 25,000. Calculate average profit.
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Fill in the blank.
______ = `("Total Profit")/("Number of Years")`
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Complete the following Table:
| ? | = | `"Total Profit"/"Number of Years"` |
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Goodwill is to be valued on the basis of 2 years purchases of last 5 years average profit. The profits and losses of last five years were as follows :
| Year | 1 | 2 | 3 | 4 | 5 |
| Amount (₹) | 30,000 (Profit) |
40,000 (Profit) |
70,000 (Profit) |
30,000 (Loss) |
50,000 (Profit) |
Find out value of Goodwill.
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Find out super profit, if capital employed is ₹ 4,00,000, normal rate of return is 12% and average profit is ₹ 60,000.
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______ means profit which is earned over and above the normal profit.
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______ = Average profit x No. of years of purchase
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Select the appropriate answer from the alternatives given below & rewrite the completed statement :
The common size statement requires _____________.
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Give one word/term/ phrase for the following statement
The tool for analysis of financial statement where, individual figures of balance sheet is converted into percentage.
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Explain the following :
Common size balance sheet.
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Solve the following:
In common size balance sheet fixed assets are Rs 50,000 and balance sheet total as Rs 1,50,000. Find out percentage of fixed assets to total assets.
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(Under Subscription)
Usha Co. Ltd. issued Rs 12,000 Equity shares of Rs 100 each payable as under-
| Rs 30 | on application | Rs 20 | on allotment |
| Rs 35 | on first call | Rs 15 | on second call |
Public applied for Rs 10,000 shares and all the applicants were accepted by the company. Allotment of the shares were made. All the money on allotment, first call and second call were received.
Show the journal of the Company.
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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.
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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.
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