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Financial Accounting Volume II 4th Edition Mohamed Hanif, Amitabha Mukherjee - Solutions
The Balance Sheet as on 31st March, 2018 of Abel, Baker and Charley, who share profits and losses in the ratio of 2 : 2 : 1 is given below:The amounts were realised piecemeal and it was decided that the amounts received in instalments should be distributed immediately. 1st Realisation ₹75,000;
A partnership firm has three partners : X, Y and Z with capitals as X : ₹20,000; Y : ₹10,000 and Z ₹10,000. The creditors amounted to ₹20,000 and sundry assets to ₹60,000. In dissolution, the assets were realised as follows: 1st instalment ₹20,000; 2nd instalment ₹20,000 and final
Luck, Duck and Pluck were partners sharing profits and losses as 2 : 1 : 1. Their Balance Sheet as on 31.12.2000 is given below and they dissolved their partnership on that dateThe Bank could realise only ₹25,000 on disposal of stock. A sum of ₹3,000 was spent for motor car for getting better
P,Q and R are partners sharing profits and losses in the ratio of 1/4:1/4:1/2. They decided to dissolve their business on 31.3.2018, when their Balance Sheet was as follows:P is insolvent. Realisations are to be distributed monthly to creditors and partners in the order of priority. Realisations
A, B and C were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. On 31.3.2017, their Balance Sheet was as follows:The firm was dissolved on 1.4.2017. The assets realised were as follows (all figures in ₹) :Cash received was paid to the rightful claimants at the end of each
Linken Ltd. with a Head Office in Calcutta opened a branch on January 1, 2017, at Kanpur where all sales were to be made on credit basis.All goods required by the branch were supplied by the company from Calcutta and invoiced to the branch at 20 per cent above cost. During the year ended 31st
Grewal Brothers own a business which has two departments, A and B. The following balances appeared in the books for the year ended 31.12.2017 :You are required to prepare a Columnar Trading Account as specified above and Profit and Loss Account (columnar form is not required) for the year ended
The Profit and Loss Account for the year ended 31st December 2017 of D Q Holidays Limited, a company which provides holidays at several resorts in Jammu and Kashmir is as follows: (all figures in ₹).The managing director has complained to you, as chief accountant, that the form of presentation of
A departmental stores carries on its business through five departments, A, B, C, D and E.(i) The following information for 2017 is now made available to you: Salaries and Commission ₹11,020; Rent and Rates ₹2,900; Insurance ₹1,160; Miscellaneous Expenses ₹2,610. All these expenses are
The Trading and Profit and Loss Account of Hindustan Electronics for the year ending March 31, 2018 is as under: (all figures in ₹).Prepare Deparqtmental Accounts for each of the three Departments X, Y and Z mentioned above after taking into consideration the following:(a) Transistors and Tape
In preparing the financial statements of R Ltd for the year ended 31.3.2018, you come across the following information. State with reasons, how would you deal with them in the financial statements :An unquoted long-term investment is carried in the books at a cost of ₹2,00,000. The published
The following is the Trial Balance of Automatic Motors and Garage on March 31 2018:The following additional information is also given to you:(a) The loan was taken on January 1, 2018 on which 12% interest is to be paid.(b) Stock in hand on March 31, 2018 were as under(i) Tools ₹5,000(ii) Petrol
The Profit and Loss Account for the year ended 31st December 2017 of D Q Holidays Limited, a company which provides holidays at several resorts in Jammu and Kashmir is as follows: (all figures in ₹).The managing director has complained to you, as chief accountant, that the form of presentation of
Sales of holidays at the various resorts were:Shivam Ltd has three departments D1, D2 and D3. From the following particulars calculate :1. The Departmental Gross Profit for the year ended 31st March, 2018.2. The values of stocks as on 31st March, 2018 :Departmental AccountsDuring the year some
From January 1 2017, Ramesh & Co have been running three departments A, B and C and the following particulars have been taken from their books on December 31 2017:Inter-departmental supplies have been made during the year by each department at market price and the stocks at close valued at cost
Complex Ltd. has 3 departments: A, B and C. The following information is provided : (all figures in ₹)Stocks of each department are valued at cost to the department concerned. Stocks of A Department are transferred to B at a margin of 50% above departmental cost. Stocks of B Department are
You are given the following particulars of a business having three departments:Additional information:(i) Purchases were made at a total cost of ₹92,000.(ii) The rate of gross profit is the same in each case.(iii) Purchases and sales prices are constant for the last two years.Prepare Departmental
B.S. Ltd. operates a retail branch at Ranchi. All purchases are made by the Head Office in Calcutta. Goods for the branch being delivered to it direct and charge out at selling price, which is cost price plus 50 per cent. All cash received by the branch is remitted to Calcutta. Branch expenses are
A Head Office in Calcutta has a branch at Haldia. All purchases are made by Head Office and goods sent to the branch are invoiced at cost plus 25%. All cash received by branch is deposited to the Head Office Account in the branch of the Head Office’s bank.The branch maintains a Sales Ledger and
A Head Office in Calcutta has a branch in Burdwan. All purchases are made by the Head Office and goods sent to the branch are invoiced at cost plus 25 per cent. All cash received by the branch is deposited to the Head Office Account in the Burdwan branch of the Head Office bank.The branch maintains
B.B. Co. Ltd. with their Head Office at Calcutta, invoiced goods to their Bangalore branch at 20% less than list price, which is cost plus 100% with instruction that cash sales are to be made at invoice price and a credit sales at list price. From the following particulars, prepare Branch Stock
HP and Co. is a retail organisation with a number of branches. All accounts are kept at the Head Office and goods sent to branches are recorded at cost plus the expected mark-up of The accounting system is designed to give the Head Office as much control as possible over the branch stocks. At
Bombay Traders Ltd. sends goods to its Madras branch at cost plus 25%. The following particulars are available in respect of the branch for the year ended 31st March 2017:Show Ledger Accounts in the Head Office books for:(a) Branch Stock Account(b) Goods Sent to Branch Account(c) Branch Adjustment
X Ltd. operates a retail branch at Bombay. All purchases are made by the Head Office in Calcutta, goods being charged out to the branch at selling price which is cost plus 25%. All the expenses of branch are paid through Head Office cheques. Cash collected from customers as also the ready money
The P.T. Co. Ltd. invoices goods to its Kanpur branch at cost plus 25%. Both cash and credit sales are effected by the branch at these prices. Branch expenses are paid direct from the Head Office, all cash received by the branch being remitted to Head Office.The following are the details of the
X Ltd. has its Head Office at Bombay with branches at Calcutta and Madras. The Head Office alone makes purchases and goods sent to the branches are invoiced at cost plus 25%. Sales are made only at the branches, which remit all cash received to Bombay. From the following particulars for the year
Sunny Traders of Mumbai opened a branch shop on 1.1.2018 in Kolkata. All goods for sale at the shop are purchased by the head office and charged to the branch at retail selling price, which is cost plus 331/3%. The branch backs its takings, without deduction, for the credit of head office. Although
Gulshan Stores Ltd with its head office in Calcutta invoiced goods to its branch at Patna at 20% less than the list price which is cost plus 100% with instructions that cash sales were to be made at the invoice price and credit sales at the catalogue price (i.e., list price).From the following
B Ltd. opened a branch in Hyderabad in late 2011, and forwarded goods for resale from the Head Office at Calcutta, invoiced them at selling price; the mark-up was 1/3 of selling price.The Head Office maintained a Branch Stock Account, Goods Sent to Branch Account, Branch Debtors Account and the
A Calcutta Head Office has a branch at Nagpur. Goods are invoiced by the head office to the branch at cost plus 25%. From the following particulars, prepare the (1) Branch Stock Account, (2) Goods Sent to Branch Account, (3) Branch Stock Adjustment Account, (4) Branch Debtors Account, and (5)
Messrs. Eastern Traders, Delhi have opened a branch at Jaipur on 1.7.2017. The goods were sent by the Head Office to the branch and invoiced at selling price which was 125%, of the cost price of the Head Office. The following are the particulars relating to the transactions of Jaipur branch:Prepare
X opened a branch at Calcutta on 1.7.2017. Goods are sent from the Head Office at cost plus 331/3%. The branch is adviced to deposit cash everyday in the bank in the Head Office. From the following particulars, prepare Branch Account in the books of Head Office for the period ending 31.12.2017.
X of Calcutta started on 1.4.2017, two branches at Madras and Nagpur. All goods sold at the branches are received from the Head Office invoiced at 125% of cost. All expenses relating to the branch are paid by the Head Office. Each branch has its own Sales Ledger and sends weekly statements. All
Jaico Ltd. invoices goods to its Kanpur branch at cost plus 25% thereon, both cash and credit sales are effected by the branch. The branch expenses are paid direct from the Head Office. The details of transactions available for the year ended 31.3.2017 are:Record the above transactions in the
The Rajani Stores Ltd at Madras has a branch at Trichy. Goods are invoiced to the branch at selling price being cost plus 25%. The branch keeps its own sales ledger and deposits all cash received daily to the credit of Head Office Account opened at the State Bank of India, Trichy. All the expenses
From the following particulars relating to the Kanya-Kumari branch for the year ended 31st December, 2017, prepare Branch Account in the books of Head Office: Particulars Goods sent to branch Cash sales Credit sales Cash received from Debtors Cash sent to branch for expenses: Rent Salaries Petty
The following information and particulars relate to New Delhi branch for the year 2017-18:Goods costing ₹5,50,000 was sold by the branch @ 25% on cost. Cash sales amounted to ₹1,50,000 and the rest credit sales. Branch receives all goods from Head Office. Branch spent ₹30,000 for salaries,
X operates a branch at Delhi. All purchases are made by the Head Office at Madras; goods being charged out to the branch at cost price. All cash received by the branch is remitted to Madras Branch. Petty expenses are paid out of an imprest which is reimbursed by the Head Office from time to time.
Shetty Solvents Co. Bangalore opened a branch at Hyderabad on January 1, 2017. The following information is available in respect of the branch for the year 2017:Prepare Branch Account to show the profit/loss from the branch for the year 2017. Particulars Goods sent to the branch Cash sales at the
A, B and C are equal partners, whose Balance Sheet on December 31, 2017 is as follows:Due to lack of liquidity and weak financial position of the partners, the firm is dissolved. A and C are not able to contribute anything and a sum of ₹200 received from B. All of them are declared
H and N were in equal partnership. Their Balance Sheet stood as under on 31st December, 2017 when the firm was dissolved:The assets realised were as follows: Machinery ₹600; Furniture ₹100; Debtors ₹400; and Stock-in-trade ₹300. The expenses of realisation amounted to ₹140.H’s private
On April 1, 2017 Singh had 20,000 equity shares in X Ltd. The face value of the shares were ₹10 each but their book value was ₹16 per share.On June 1, 2017, Singh purchased 5,000 more equity shares in the company at a premium of ₹4 per share.On June 30, 2017, the directors of X Ltd. issued a
Bonanza Limited held on 1st April, 2017 ₹2,00,000 of 9% Government Loan (2017) at ₹1,90,000 (face value of Loan ₹100 each). Three month’s interest had accrued on the above date. On 31st May, 2017 the company purchased the same Government Loan of the face value of ₹80,000 at ₹95
On 1st April, 2017, XY & Co. Ltd. held 9% Debentures in B Ltd. of the face value of ₹10,000 at a cost of ₹8,000. Market value on that date was ₹9,000. Interest is payable on 31st December every year on 1st December, 2017. Debentures of nominal value of ~ 6,000 were purchased for
Nicco-Uco Finance Co. Ltd. had on 1st January 2017, 6% Government of West Bengal Bonds of the face value of ₹80,000 valued at ₹79,600 on which interest accrued for three months on that date. On 30th April, 2017 the company purchased more bonds of the face value of ₹60,000 at par (cum-
On 1.1.2017, 6%, 200 Debentures of ₹100 each in Y Ltd., were held as investments by X Ltd. at a cost of ₹18,200. Interest is payable on 31st December. On 1.4.2017, ₹4,000 of such debentures were purchased by X Ltd. @ ₹98 and on 1.9.2017 ₹6,000. Debentures were sold at ₹96 ex-interest.
Mr. A held on 1st January, 2017 ₹1,00,000 of 31/2% Government loan at ₹95,000. Three months interest had accrued. On 31st May he purchased a further ₹40,000 of the loan @ ₹96 (Net) cum-interest. On 31st July, ₹30,000 of the loan was sold at ₹94 (Net) ex-interest. On 30th November,
Mr. X furnishes the following details relating to his holding in 6% Government Bonds: Opening Balance face value 60,000 -- Cost ₹59,000.Interest dates are 30th September and 31st March, Mr. X closes his books every 31st December. Show the Investment Account as it would appear in his books.
On 1.1.2017 Debentures in X Ltd. were held as investment by Y Ltd. to the tune of ₹15,000 at the cost of ₹16,000. Interest is payable half yearly on 30th June and 31st December. On 1.5.2017 ₹6,000 Debentures were purchased at ₹5,200 ex-interest and ₹3,000 at ₹3,060 ex-interest on
A company manufacturing electric components operates with two departments. Transfers are made between the departments of both purchased goods and manufactured finished goods. Goods purchased are transferred at cost and manufacturing goods are transferred only at selling price as in the case with
You are given the following particulars of a business having three departments:Additional information:(i) Purchases were made at a total cost of ₹92,000.(ii) The percentage of gross profit on turnover is the same in each case.(iii) Purchases and sales prices are constant for the last 2 years.(iv)
Refrigeration Limited trade in refrigerators on hire-purchase system and the accountant furnished the following information for the year 2017 : He further stated that the company makes a gross profit of one third on cost. You are required to prepare the Hire Purchase Trading Account to
CEE Ltd. has a hire purchase department. Goods are sold on hire purchase at cost plus 40%. From the information given below, prepare Hire Purchase Trading Account in the books of CEE Ltd : 1.7.2017 Goods out on H.P. (at H.P. price) During the year ended 30th June, 2018: Goods sold on H.P. (at H.P.
Rosemary Enterprises sells its merchandise under hire purchase schemes. Legal title to the goods is not relinquished until the customer fully pays the instalments.A summary of the transactions of the firm for first four years of its existence is given below (all figures in ₹):Indicate the
A Ltd. which sells a product on hire-purchase terms has the following transactions for the year ending on December 31, 2017. The gross profit is 25% on selling price (figures in ₹):You are required to prepare Hire Purchase Trading Account to ascertain the profit for the year 2017. Jan. 1 Stock on
Choudhury Brothers commenced business on 1.7.2017. During the year ended 30.6.2018, purchases amounted to ₹1,08,000 and ordinary sales to ₹1,24,000. In addition, the following sales were made under hire purchase arrangements----Instalments on the refrigerator could not be kept up and it was
Mr. Bholla commenced business on 1st January, 2017. He effected sales in cash as well as on a hire-purchase basis. During the year 2017, his purchases amounted to ₹14,500. The cash sales were for ₹12.000. the following items were sold on a hire-purchase basis as per particulars below: (all
On 1st January 2017, Sincomed Company purchased three machines from the Chemical Machineries Ltd. under instalment payment system. The cash down price of each machine was ₹8,865. The total amount was paid in four equal instalments of ₹7,500 on 31st Decmber every year. The Chemical Machineries
The hire purchase department of New Appliances Ltd. sells television sets and room coolers. This department was started in 2017. The relevant information for the year ended 31st December, 2017 is as follows :-During the year, 200 television sets and 240 room coolers were sold on hire purchase
Y Ltd. sells products on hire purchase terms, the price being cost plus 33 1/3%. From the following particulars for 2017, prepare Hire Purchase Stock Account, Shop Stock Account, Hire Purchase Debtors Account, Stock Reserve Account and Hire Purchase Adjustment Account (for profit) (all figures in
Ramchandra sells goods on hire purchase at cost plus 50%. From the following particulars relating to the hire purchase department find out the profit for the year ending 31st December, 2017 by following stockand debtors system (all figures in ₹): Jan 1. Stock with hire purchase customers at
Majestic & Co. commenced business on January 1, 2017 dealing in radio sets and record players. They sell goods both directly as well as on hire purchase. You are furnished with the following information for the year ended 31st December, 2017:During the year the firm repossessed 3 radio sets and
A company sells goods on hire-purchase on the basis of 25% down, the balance, with 20% interest thereon being payable in 8 equal quarterly instalments on 31st March, 30th June, 30th September and 31st December each year. The first instalment is payable at the end of the quarter in which the sale is
A manufacturing company purchased machinery on hire-purchase basis on 1st June, 2017. Soon after the installation the machine gave trouble and finally broke down on 14th August, 2017. The suppliers agreed to replace the machine. A new agreement was signed for that purpose and a sum of ₹500 was
A business has three branches at Coimbatore, Trivandrum and Bangalore. The Head Office at Madras purchases goods and sends them to branches, to be sold at a uniform percentage of profit on cost.The following particulars are made available to you to enable you to prepare a combined Trading Account
The branches of a multiple shop company are supplied from the Head Office with goods at cost. The branches pay wages and minor items of petty cash, but otherwise all expenses are paid by the Head Office. From the weekly returns of the branches, the following summaries are prepared:You are required
All purchases are made by the Head Office, all goods sold by the branches are received from the Head Office and the branches sell, maintain accounts of the debtors, collect from them and send daily collections to the Head Office. Branch expenses are met from remittances specially sent from Head
G.K. Sports of Calcutta has a retail branch at Kanpur. Goods are sold to customers at cost plus 100%. The wholesale price is cost plus 80%. Goods are invoiced to Kanpur at wholesale price. From the following particulars, find out the value of closing stock on 31st December, 2017 and profit made at
Kanpur Trading Co. Ltd. operates a number of retail branches of its own as well as supplies goods to other stockists. The wholesale price is cost plus 20% and retail branches sell the goods at 10% above the wholesale price. Goods are sent to retail branches at wholesale price. The following figures
White Ltd has a retail branch at Margaon. Goods are sold at 60% profit on cost. The wholesale price is cost plus 40%. Goods are invoiced from Calcutta Head Office to Branch at Margaon at wholesale price. From the following particulars ascertain the profit made at head office and branch for the year
On January 1, 2016, Sharda purchased a machine from Kusum on a hire-purchase basis. The particulars are as follows: (a) Cash price ₹10,000.(b) ₹4,000 to be paid on signing the contract.(c) Balance in three instalments of ₹2,000 plus interest.(d) Interest charged on outstanding balance at
On 1st April, 2015, A Ltd. purchased a machine from B Ltd. on a hire-purchase basis. The cash price of the machine was ₹20,000. the payment was to be made at ₹5,000 on delivery and the balance in 3 equal annual instalments of ₹5,000, plus interest at 5% p.a. payable on 31st December each
On 1st January, 2017, Sun Co. Ltd. took delivery from Star Co. Ltd. five machines on hire purchase system. A sum of ₹200 per machine was paid on delivery and the balance was payable in five instalments of ₹300 each per machine, annualy on 31st December. The vendors charge interest at the rate
On 1st January, 2014, J. Colliery Company purchased one car from Hindusthan Motor Ltd. The cash down price of the car was ₹50,000. It was agreed that ₹5,000 would be paid on signing the agreement and the balance by 4 equal annual instalments of ₹12,500 each commencing from 31st December,
The Madras Transport Company purchases a motor car from Bombay Motor Ltd. on a hire-purchase agreement on January 1, 2015 paying cash ₹10,000, and agreeing to pay three further instalments of ₹10,000 each on December 31 each year. The cash price of the car is ₹37,250 and Bombay Motor Ltd.
Indian Plastics Ltd. purchased one Tempo delivery van under hire-purchase agreement from Hindustan Auto Ltd. On January 1, 2015, payments were to be made of ₹2,000 on that date and the balance in three equal instalments of ₹4,000 each on January 1, 2016,2017 and 2018. The cash price of the van
On 1st January 2015 Wellman Co. Ltd purchased a machine from Machinery Co Ltd. on the hire-purchase system. The cash price of the machine was ₹33,525. Wellman Co. Ltd. paid ₹9,000 forthwith and ₹9,000 on 31st December every year for three years. Interest at 5% and depreciation at 10% on the
On January 1, 2015, A purchased a machine (under Hire Purchase System) from B valued at ₹37,000. A sum of ₹5,000 was paid at the time of signing the contract and the balance in four yearly instalments of ₹8,000 plus interest at 5% payable on 31st December each year. The machine was
On 1st January, 2016, Engineer purchased machinery from Marshall on hire purchase system, over a period of three years. ₹5,000 was payable on delivery on 1st January, 2016 and the balance by following instalments on 31st December in each year.Marshall charged interest at 10% p.a. on the yearly
Sri S. Gupta acquired a machine on 30.6.2017 from B.C.Ltd. on hire-purchase system. The cash price of the machine was ₹17,000. The agreement provided that he would pay ₹4,000 on the delivery of the machine and the balance in six half-yearly instalments of ₹2,400 each. B.C.Ltd charged interest
On 1st January, 2016, Model Industries Ltd. purchased a machine from Ideal Machineries Ltd. under hire purchase agreement. The terms were that ₹4,780 would be paid on delivery, that is on 1st January, 2016, and the balance in three consecutive yearly instalments of ₹9,261 each, payable on 31st
A machine was purchased on the ‘hire purchase system’. Under the terms of agreement, out of the total purchase consideration, ₹5,600 would be paid on the siging of the agreement and the balance by 5 annual instalments of ₹3,850 each (interest being reckoned on the unpaid balance at 10%
Roadmasters Ltd. sold a motor lorry to Transport Corporation Ltd. under a hire-purchase agreement. Terms : ₹20,000 on signing the agreement on 1st January, 2015 and ₹20,000 in annual payments thereafter on 1st January for three years. The annual payments included the interest chargeable at 5
Madras Taxi Services Co. Ltd. purchased 3 taxis on 1.1.2016 from the Auto Services, Madras on hire purchase system. It was agreed upon to make payment as under:-Nothing more was payable after the 3rd instalment. All the instalments are duly paid by the Madras Taxi Services Co. Ltd. Interest
X Ltd purchased machinery on hire purchase system from Y Ltd on 1st January, 2016. The terms were that X Ltd would pay ₹20,000 down on signing the contract and 4 instalments of ₹11,000 each commencing from the beginning of the next year. X Ltd charged depreciation at the rate of 10% per annum
Transport Ltd. purchased three buses from Arvind motors costing ₹75,000 each on hire-purchase system. Payment was to be made for each bus ₹45,000 down and the remainder in three equal instalments together with interest at 12%. Transport Ltd. wrote off depreciation at 20% on diminishing balance.
On 1st April 2017 X & Y Co. Ltd. acquired 4 machines of ₹50,000 each on hire-purchase system from Z Co. Ltd. The terms included cash down payment of ₹50,000 and payment of the balance in 3 equal annual instalments together with interest at 10% p.a. X & Y Co Ltd. paid the first
X purchased seven trucks on hire-purchase on 1.7.2017. The cash purchase price of each truck was ₹50,000. He was to pay 20% of the cash purchase price at the time of delivery and the balance in five half-yearly instalments starting from 31.12.2017 with interest @ 5% p.a.On X’s failure to pay
Youth Club purchases a T.V. costing ₹4,500 on instalment payments system on 1st January, 2015, from S. E. C. Company. It is agreed that ₹1,500 will be paid on signing the agreement and the balance in equal annual instalments together with interest. Interest is charged at 10% per annum.
On 1st January, 2016, the Black Colliery Co. Ltd. purchased five wagons on the instalment system from Burn & Co Ltd. The cash price of the wagons was ₹7,45,000 and ₹2,00,000 was to be paid on signing the agreement and the balance in 3 instalments of ₹2,00,000 each at the end of each year.
Buyers Ltd. purchased a truck on 1st January, 2017 on the instalment payment system, from Vendors Ltd. The cash down price was ₹3,00,000. The terms of the purchase were as under :(i) ₹1,20,000 is payable as deposit.(ii) The balance being payable by 12 quarterly instalments of ₹19,200 each
A machine having expected useful life of 6 years, is leased for 4 years. Both the cost and the fair value of the machinery are ₹7,00,000. The amount will be paid in 4 equal instalments and at the termination of 5lease, lessor will get back the machinery. The unguaranteed residual value at the end
Raj Singh runs a business which has two departments. The following balances were extracted from his books on 30.6.2018 :You are required to prepare Departmental Trading and Profit and Loss Account for the six month ended on 30.6.2018, after taking into account the following information :(a) (i)
M/s Z & Co has two departments. You are required to prepare the Trading and Profit and Loss Account for each department for the year ended on 31st March, 2018 on the basis of the following information :Other common expenses : Rent ₹15,000; Electricity ₹6,000; Depreciation ₹18,000; Selling
Karuna and Ramen are partners in a firm. They share profits and losses as Karuna 60% and Ramen 40%. Their Balance Sheet as on 31st December, 2017 was as follows:The partners agree to admit Pratip as a partner on the following terms:(a) Plant was to be reduced by 10% and a provision for Doubtful
G and S were partners to a manufacturing concern sharing profits and losses equally on 31st December, 2017. The firms books revealed the following position:On 1st January, 2018, it was agreed to admit T into partnership on the following terms:That he should bring into business sundry debtors
X and Y are partners sharing profits and losses in proportion to their capital. Their Balance Sheet as at 31.3.2018 is given below:On 1.4.2018 they admit Z on the following terms:(1) Z is to bring in ₹10,000 as his capital and to pay ₹3,500 for goodwill and he will get 1/4th share of profit.(2)
What do you mean by Goodwill ? What are the different types of Goodwill ?State the treatment of Purchased Goodwill.
M/s A, B and C is a firm sharing profits and losses 2:2:1. Their Balance Sheet as on 31.3.2018 is as under:They agreed to take in D from 1.4.2018 on the following terms:1. D shall bring in ₹5,000 towards his capital;2. Value of stock should be increased by ₹2,500;3. Bad Debts amounting to
What are the different methods of Valuing Non-Purchase Goodwill?
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