CBSE Class-12 Accountancy: Questions 118 - 122 of 209

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Question number: 118

» Accounting for Partnership Firms » Past Adjustments

Short Answer Question▾

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X and Y are partners. X’s capital is Rs. 10; 000 and Y’s capital is Rs. 6.000. Interest is payable@6%, p. a: . Y is entitled to a salary of Rs. 300 per month. Profit for the current year before charging any Interest and Salary to Y is Rs. 8, 000 Divide the profit between X & Y. ’

Question number: 119

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

Short Answer Question▾

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Samta Ltd. forfeited 800 equity shares of Rs. 100 each for the non-payment of first call of Rs. 30 per share. The final call of Rs. 20 per share was not yet made. Out of the share 400 were re-issued at the rate of Rs. 105 per share fully paid up.

Pass necessary journal entries in the books of Samta Ltd. for the above transaction.

Question number: 120

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

One Liner Question▾

Write in Brief

What is meant by the new profit - sharing Ratio in case of admission of a Partner?

Question number: 121

» Accounting for Partnership Firms » Reconstitution and Dissolution » Retirement and Death of a Partner

Short Answer Question▾

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Why is it necessary to revalue assets and reassess liabilities at the time of retirement of a partner?

Question number: 122

» Analysis of Financial Statements » Financial Statements of a Company

Essay Question▾

Describe in Detail

Following is the receipts and payment account of recreation club for the year ended 31st march 2007.

RECEIPTS AND PAYMENTS ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 07

table shows the receipts and payment of various transaction

Receipts

Amount ( Rs. )

Payments

Amount ( Rs. )

To cash in hand

8320

By rent of hall

3640

To subscription

26000

By salaries

5200

To entrance fees

3900

By purchase of sports equipments

16640

To sale of refreshments

9880

By dance expenses

4940

To sale of dance tickets

5850

By supply of refreshment

6760

To interest on investments@7%

4550

By honorarium

1040

By sundry expenses

3250

By electricity changes

1820

By cash at bank

15210

58, 500

58, 500

Following additional information’s are also provided to you:

1. Following were the assets and liabilities on 31st March, 2006:

Sports equipment Rs. 6, 760, subscription in arrears Rs. 1, 950, Furniture Rs. 12, 480 Liabilities-Accrued rent Rs. 780 and subscription received in advance Rs. 520.

2. ‘Following were the assets and liabilities on 31st March 2007:

Sports equipments Rs. 19, 760, Subscription in arrear Rs. 1, 690, Furniture Rs. 11, 180, Liabilities-accrued rent Rs. 390, subscription received in advance Rs. 2, 340.

3. Entrance Fees is to be capitalised.

You are required to prepare income and expenditure account for the year ended 31st March, 2007 and balance-sheet as on that date.

Explanation

INCOME AND EXPENDITURE ACCOUNT OF RECREATION CLUB FOR THE YEAR ENDED 31ST MARCH 07

Table shows various transaction related to income and expenditure

Expenditure

Dr. Rs.

Income

Cr. Rs.

To rent of hall

Add: accrued rent (credit year)

Less: accrued rent (previous year)

3640

390

780

3250

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