NCERT Solutions
Board Paper Solutions
Ask & Answer
School Talk
Login
GET APP
Login
Create Account
Popular
Latest
All Subjects
Expert Answers
ALL
Kalpana Shekhar
Subject: Accountancy
, asked 2 days, 9 hours ago
Why is revaluation account made ?
Answer
1
Bhumika Thakuria
Subject: Accountancy
, asked 3 days, 17 hours ago
Explain three features of Not-for-Profit Organisation.
Answer
1
Nakul
Subject: Accountancy
, asked 3 weeks, 1 day ago
Answer this ASAP pls
Answer
2
Rudra R Vyas
Subject: Accountancy
, asked 3 weeks, 2 days ago
PLS SOLVE ALL THE ACCOUNTING RATIOS OF THIS COMPANY, OF BOTH THE YEARS
Answer
1
Aditya Gupta
Subject: Accountancy
, asked 3 weeks, 4 days ago
Please answer this question class 12
Answer
1
Aditya Gupta
Subject: Accountancy
, asked 4 weeks, 2 days ago
Answer the question.
Answer
1
Harsh Sharma
Subject: Accountancy
, asked on 12/7/22
Solve both question
Answer
1
Harsh Sharma
Subject: Accountancy
, asked on 12/7/22
Solve this. Plzz fast
Answer
1
Jalaj Gupta
Subject: Accountancy
, asked on 12/7/22
Solbe these two questions please
Answer
1
Jalaj Gupta
Subject: Accountancy
, asked on 12/7/22
help me please ????????
Answer
1
Harsh Sharma
Subject: Accountancy
, asked on 11/7/22
Plzzzz solve fast
Answer
1
Harsh Sharma
Subject: Accountancy
, asked on 9/7/22
Prepare profit and loss Appropriation Account and the accounts of the partner as on 31st December, 2018 when (a) the capital are fixed and (b) the capital are fluctuating.
Answer
1
Pranshi Kabra
Subject: Accountancy
, asked on 6/7/22
X, Y and Z are in partnership with capital of Rs. 1,20,000 (credit), Rs. 1,00,000 (credit)
and Rs. 8,000 (Debit) respectively on 1st April, 2017. Their partnership deed provides for the
following:
(a) 7.5% of Net Profit to be transferred to General Reserve.
(b) Partners are to be only allowed interest on capital @ 5% p.a. and are to be charged
interest on drawing @ 6% p.a.
(c) Z is entitled to a salary of Rs. 7,000.
(d) X is entitled to a remuneration of 10% of the net profit before making any appropriation.
(e) Y is also entitled to a commission of 8% of the net profit before charging Interest on
Drawings but after making all appropriations.
During the year, X withdrew Rs. 1,000 at the beginning of every month, Y Rs. 1,000 during
the month and Z Rs. 1,000 at the end of every month. On 1st October 2017, Z granted a loan
of Rs. 6,00,000.
The Manager is entitled to a salary of Rs. 1,000 p.m. and a commission of 10% of net profits
after charging his salary and commission.
The net profit of the firm for the year ended on 31st March, 2018 before providing for any of
the above adjustments was Rs. 1,62,000. Prepare P/L appropriation A/c
Answer
1
Pranshi Kabra
Subject: Accountancy
, asked on 6/7/22
On 31 March, 2017 after the close of books of accounts, the capital accounts of Nusrat,
Himesh and K.K. showed balance of Rs.24,000; Rs.18,000 and Rs.12,000 respectively. Their
profit sharing ratio is
3:2:1. K.K. is given a minimum guarantee of Rs.6,000 profit by Nusrat personally.
The profit for the year Rs.36,000 distributed in 3 : 2 : 1 without providing for the interest on
capital @ 10% p.a. Partners? drawings during the year had been Rs.3,600; Rs.4,500 and
Rs.2,700 respectively.
Pass necessary adjustment entry.
Answer
1
Pranshi Kabra
Subject: Accountancy
, asked on 6/7/22
A, B and C were partners in a firm. On 1 April, 2015 their fixed capitals stood at
Rs.50,000; Rs.25,000 and Rs.25,000 respectively. As per the provisions of the partnership
deed, B was entitled for a salary of Rs.5,000 p.a., all the partners were entitled to interest on
capital @ 5% p.a. and profits were to be shared in the ratio of capitals. The net profits for the
year ending 31 March, 2016 of Rs.33,000 and 31 March, 2017 Rs.45,000 was divided equally
without providing for the above terms. Pass an adjustment journal entry to rectify the above
error. Show your workings clearly.
Answer
1
1
2
3
4
5
Next
What are you looking for?
and Rs. 8,000 (Debit) respectively on 1st April, 2017. Their partnership deed provides for the
following:
(a) 7.5% of Net Profit to be transferred to General Reserve.
(b) Partners are to be only allowed interest on capital @ 5% p.a. and are to be charged
interest on drawing @ 6% p.a.
(c) Z is entitled to a salary of Rs. 7,000.
(d) X is entitled to a remuneration of 10% of the net profit before making any appropriation.
(e) Y is also entitled to a commission of 8% of the net profit before charging Interest on
Drawings but after making all appropriations.
During the year, X withdrew Rs. 1,000 at the beginning of every month, Y Rs. 1,000 during
the month and Z Rs. 1,000 at the end of every month. On 1st October 2017, Z granted a loan
of Rs. 6,00,000.
The Manager is entitled to a salary of Rs. 1,000 p.m. and a commission of 10% of net profits
after charging his salary and commission.
The net profit of the firm for the year ended on 31st March, 2018 before providing for any of
the above adjustments was Rs. 1,62,000. Prepare P/L appropriation A/c
Himesh and K.K. showed balance of Rs.24,000; Rs.18,000 and Rs.12,000 respectively. Their
profit sharing ratio is
3:2:1. K.K. is given a minimum guarantee of Rs.6,000 profit by Nusrat personally.
The profit for the year Rs.36,000 distributed in 3 : 2 : 1 without providing for the interest on
capital @ 10% p.a. Partners? drawings during the year had been Rs.3,600; Rs.4,500 and
Rs.2,700 respectively.
Pass necessary adjustment entry.
Rs.50,000; Rs.25,000 and Rs.25,000 respectively. As per the provisions of the partnership
deed, B was entitled for a salary of Rs.5,000 p.a., all the partners were entitled to interest on
capital @ 5% p.a. and profits were to be shared in the ratio of capitals. The net profits for the
year ending 31 March, 2016 of Rs.33,000 and 31 March, 2017 Rs.45,000 was divided equally
without providing for the above terms. Pass an adjustment journal entry to rectify the above
error. Show your workings clearly.