CBSE (Central Board of Secondary Education- Board Exam) Class-12 Accountancy: Questions 111 - 114 of 209

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Question number: 111

» Accounting for Partnership Firms » Reconstitution and Dissolution » Admission of a Partner

One Liner Question▾

Write in Brief

At the time of admission of partner where will you record ‘unrecorded investment’?

Question number: 112

» Accounting for Companies » Accounting for Share Capital » Accounting for Share Capital

Short Answer Question▾

Write in Short

Z Ltd. invited applications for issuing 200000 equity shares of Rs. 25 each at a premium of Rs. 10 per share. The amount was payable as follows:

Applications per 250000 shares were received. Application for 25000 shares were rejected and shares were allotted on pro rata basis to the remaining applicants. All calls were made and were duly received except the first and final call on 2000 shares allotted to Vijay. His shares were forfeited. The forfeited shares were reissued@Rs. 30 per share fully paid up. Pass the necessary Journal entries in the books of the company.

On application and allotment Rs. 10 per share Balance including premium on first and final call.

Question number: 113

» Accounting for Partnership Firms » Fixed Versus Fluctuating Capital Accounts

One Liner Question▾

Write in Brief

Give two circumstances in which the fixed capital of partners may change.

Question number: 114

» Accounting for Partnership Firms » Partnership

Short Answer Question▾

Write in Short

Ram and Shyam were partners in a firm. The partnership agreement provides that:

(i) Profit sharing ratio will be “3: 2.

(ii) Ram will be allowed a salary of Rs. 500 p. m.

(iii) Shyam who manages the sales department will be allowed a commission equal to 10 % of the net profit after allowing Ram’s salary. ’

(iv) 8 % interest will be allowed on partners’ fixed capitals.

(v) 6 % interest will be charged on partners’ annual drawings.

(vi) The fixed capitals of Rain and Shyam were Rs. 2, 00, 000 and Rs. 1, 50, 000 respectively. Their annual drawings were Rs. 18, 000 and Rs. 15, 000 respectively. The net profit for the year ended nearly amounted to Rs. 60, 000. Prepare firms Profit and Loss Appropriation Account.

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