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Give word / term or phrase for the following statement.

Excess of income over expenditure of a ‘not for profit’ concern.

[5] Accounts of “Not for Profit” concerns
Chapter: [5] Accounts of “Not for Profit” concerns
Concept: Not for Profit Concerns

A person who draws a bill of exchange.

[7] Bill of Exchange (Only Trade Bill)
Chapter: [7] Bill of Exchange (Only Trade Bill)
Concept: Introduction of Bill of Exchange (Only Trade Bill)

Dissolution expenses are credited to..............................

  1. Realisation account
  2. Cash/Bank account
  3. Partners’ capital account
  4. Partners’ loan account
[4] Dissolution of Partnership Firm
Chapter: [4] Dissolution of Partnership Firm
Concept: Dissolution of Partnership Firm

Capital balance is ascertained by preparing....................................

  1. Statement of affairs
  2. Cash account
  3. Drawing account
  4. Debtor’s account
[9] Analysis of Financial Statements
Chapter: [9] Analysis of Financial Statements
Concept: Concept of Financial Statement Analysis

Balance sheet is a nominal account.

[9] Analysis of Financial Statements
Chapter: [9] Analysis of Financial Statements
Concept: Concept of Financial Statement Analysis

Debit balance of insolvent partner’s capital account is known as ‘capital deficiency’.

[4] Dissolution of Partnership Firm
Chapter: [4] Dissolution of Partnership Firm
Concept: Dissolution of Partnership Firm

State the objectives of financial statements from the view point of a business concern.

[9] Analysis of Financial Statements
Chapter: [9] Analysis of Financial Statements
Concept: Concept of Financial Statement Analysis

Mr. Aaba and Mr. Baba are equal partners whose Balance Sheet as on 31 st March, 2012 was as under:

                                                               Balance Sheet as on

                                                                  31st March, 2012

Liabilities Amount(Rs.) Assets Amount(Rs.)
Sundry Creditors 16000 Cash in hand 500

Capital A/c

              Aaba

              Baba

 

2000

2000

Stock 4500
    Debtors 4000
    Plant and machinery 5000
    Furniture 2000
    Land and Building 4000
  20000   20000

 

Due to weak financial position of the partners the firm is dissolved.

Aaba and Baba are not able to contribute anything from their private estate, hence they are declared insolvent.

The assets are realised as follows :-

Stock Rs. 3,000, Plant and Machinery Rs. 3,000, Furniture Rs. 1,000, Land and Building Rs. 2,000 and Debtors Rs. 1,000 only.

Realisation expenses amounted to Rs. 500.

You are required to prepare necessary Ledger Accounts to close the books of the firm.

[4] Dissolution of Partnership Firm
Chapter: [4] Dissolution of Partnership Firm
Concept: Dissolution of Partnership Firm

What is bad debts?

[2] Partnership Final Accounts
Chapter: [2] Partnership Final Accounts
Concept: Introduction of Final Accounts

What is surplus?

[5] Accounts of “Not for Profit” concerns
Chapter: [5] Accounts of “Not for Profit” concerns
Concept: Not for Profit Concerns

What do you mean by Analysis of Financial Statement?

[9] Analysis of Financial Statements
Chapter: [9] Analysis of Financial Statements
Concept: Concept of Financial Statement Analysis

Expenses which are paid before due.

[2] Partnership Final Accounts
Chapter: [2] Partnership Final Accounts
Concept: Introduction of Final Accounts

Excess of expenditure over income of 'not for profit' concerns.

[5] Accounts of “Not for Profit” concerns
Chapter: [5] Accounts of “Not for Profit” concerns
Concept: Not for Profit Concerns

An account opened to find out the profit or loss on sale of assets and settlement of liabilities.

[4] Dissolution of Partnership Firm
Chapter: [4] Dissolution of Partnership Firm
Concept: Dissolution of Partnership Firm
A, B, and C were partners sharing profits and losses in the proportion of 2 : 2 : 1. Following is their balance sheet as on 31st March, 2013.
 
Balance sheet as on 31st March, 2013
Liabilities
Amount
(Rs. )
Assets
Amount
(Rs.)
Amount
(Rs.)
Capital Account
 
Machinery
 
25,000
A
30,000
Stock
 
10,000
B
10,000
Debtors
 27,500
 
C
10,000
Less: R.D.D.
1,500
26,000
General Reserve
3,000
Investment
 
12,000
Creditors
20,000
Profit and Loss A/c
 
9,000
A’s Loan Account
4,000
Bank
 
2,000
Bills Payable
7,000
     
 
84,000
   
84,000

On the above date, the partners decide to dissolve the firm.(1)  Assets were realised as -
Machinery Rs. 22,500, Stock Rs. 9,000, Investment Rs. 10,500, Debtors Rs. 22,500
(2) Dissolution expenses were Rs. 1,500.
(3) Goodwill of the firm realised Rs. 12,000
Pass the necessary journal entries int he books of the firm.

[4] Dissolution of Partnership Firm
Chapter: [4] Dissolution of Partnership Firm
Concept: Dissolution of Partnership Firm

State any one limitation of Analysis of Financial Statement.

[9] Analysis of Financial Statements
Chapter: [9] Analysis of Financial Statements
Concept: Concept of Financial Statement Analysis
Expenses incurred on a dissolution of a partnership firm.
[4] Dissolution of Partnership Firm
Chapter: [4] Dissolution of Partnership Firm
Concept: Dissolution of Partnership Firm

Assets and liabilities are transferred to Realisation Account at their _________ value.

a. market

b. purchase

c. sale

d. book
[4] Dissolution of Partnership Firm
Chapter: [4] Dissolution of Partnership Firm
Concept: Dissolution of Partnership Firm

State and explain any 'four objectives' of financial statement analysis from the business point of view.

[9] Analysis of Financial Statements
Chapter: [9] Analysis of Financial Statements
Concept: Concept of Financial Statement Analysis

Devendra and Ganesh were partners sharing profits and losses in the ratio of 3: 2. They dissolved the partnership firm on 31st March 2013 when their position was as follows:
The assets realised as follows:

Balance Sheet as on 31.03.2013
Liabilities Amount Rs Assets Amount Rs.
Sundry Creditor 12,500 Debtors             56,250  
Bank Overdraft 10,000    Less: R.D.D.      6,250 50000
Reserve Fund 15,000 Stock 112500
Capital Accounts:   Furniture 25000
   Devendra   1,15,000   Motor Car 37500
   Ganesh         75,000   Cash in hand 2500
       
  227500   227500

(1) Debtors Rs. 45,000, stock Rs. 1,00,000 and goodwill Rs. 12,500

(2) The motor car was taken over by Devendra for Rs. 35,000 and furniture by Ganesh for Rs. 30,000.

(3) The creditors were paid Rs. 11,250 in full settlement.

(4) The realisation expenses were Rs. 5,000.

Pass necessary journal entries in the books of the firm.



[4] Dissolution of Partnership Firm
Chapter: [4] Dissolution of Partnership Firm
Concept: Dissolution of Partnership Firm
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