CBSE Class-12 Accountancy: Questions 180 - 185 of 209
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Question number: 180
Question number: 181
Write in Short
A and B are partners’ sharing profits in-proportion of 3. : . 2 With Capitals of Rs. 40, 000 and Rs. 30, 000 respectively’: Interest On Capital is. agreed at 5 % p; a. . B is to be ” allowed an annual salary of Rs. 3, 000 which. has not: been Withdrawn. During 2007 the profits for the year prior to calculation ~f Interest on Capital. But after chargin B’s salary amounted to Rs. 12, 000. A provision of 5 % of this amount is to be. made in respect of commission to the manager. Prepare an account showing the allocation of profits.
Question number: 182
Write in Short
How are the various activities classified according to AS-3 (Revised) while preparing the Cash Flow Statement?
Question number: 183
Question number: 184
Question number: 185
Describe in Detail
K and Y were partners in a firm sharing profits in 3: 2 ratio. They admitted Z as a new partner for l/3rd share in the profits of the firm. Z acquired his share from K and Y in 2: 3 ratio. Z brought Rs. 80, 000 for his capital and Rs. 30, 000 for his 1/3”1 share as premium. Calculate the new profit sharing ratio of K, Y and Z and pass necessary journal entries for the above transactions in the books of the firm.
Old Ratio = 3: 2
Z’s share = 1/3
Z acquires from K = 1/3 x 2/5 = 2/15
Z acquires from Y = 1/3 x 3/5 = 3/15
K’s new share = Old share-share to Z = 3/5 - 2/15 = 7/15
Y’s new share = Old share -… (103 more words) …