1. Answer the following question (give workings): (1) Babbu and Dabbu are partners, sharing profit or...

 

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1. Answer the following question (give workings): (1) Babbu and Dabbu are partners, sharing profit or loss in the ratio 3:2. They admit Kachari for 1/6th share of profits in the firms of which she takes 2/3rd from Babbu and 1/3rd from Dabbu. Find the new profit sharing ratio. (ii) How will you deal with the following as per AS-2? On 31st March, 2014, the closing stock of X Ltd. includes 13000 units costing *14 per unit. But the current market price as on that date was 12 per unit. (iii) Following informations are obtained from the books of a club: (a) Subscription received during the year ending 31st March, 2014 2,56,000, out of which 8,000 was for the year 2014-15 and 11,000 for the year 2012-13. (b) Subscription was outstanding on 01.04.2013 18,000 and on 31.03.2014 for 2013-14 21.000. Calculate the amount of subscription to be credited to Income and Expenditure Account for the year ending 31.03.2014. (iv) Shiva's debtors ledger include 18,000 due from Mayank & Co. whereas creditors ledger include 13,000 due to Mayank & Co. Give the transfer entry to set-off the suitable amount in the books of Shiva. (v) Prabhu, lessee of a coal mine with rent of 15,000 a year and with a rate of royalty at 5 per ton of coal extracted. If the production in the first year is 2000 tons, find rent payable. (vi) Bholu sold 2500, 9% debenture (Face value 100 each) of Madhu Ltd. at 135 Ex-interest on 01.04.2014. Interest is payable on 30th June and 31st December in every year. Find out the actual amount creditable to the investment account. 1. Answer the following question (give workings): (1) Babbu and Dabbu are partners, sharing profit or loss in the ratio 3:2. They admit Kachari for 1/6th share of profits in the firms of which she takes 2/3rd from Babbu and 1/3rd from Dabbu. Find the new profit sharing ratio. (ii) How will you deal with the following as per AS-2? On 31st March, 2014, the closing stock of X Ltd. includes 13000 units costing *14 per unit. But the current market price as on that date was 12 per unit. (iii) Following informations are obtained from the books of a club: (a) Subscription received during the year ending 31st March, 2014 2,56,000, out of which 8,000 was for the year 2014-15 and 11,000 for the year 2012-13. (b) Subscription was outstanding on 01.04.2013 18,000 and on 31.03.2014 for 2013-14 21.000. Calculate the amount of subscription to be credited to Income and Expenditure Account for the year ending 31.03.2014. (iv) Shiva's debtors ledger include 18,000 due from Mayank & Co. whereas creditors ledger include 13,000 due to Mayank & Co. Give the transfer entry to set-off the suitable amount in the books of Shiva. (v) Prabhu, lessee of a coal mine with rent of 15,000 a year and with a rate of royalty at 5 per ton of coal extracted. If the production in the first year is 2000 tons, find rent payable. (vi) Bholu sold 2500, 9% debenture (Face value 100 each) of Madhu Ltd. at 135 Ex-interest on 01.04.2014. Interest is payable on 30th June and 31st December in every year. Find out the actual amount creditable to the investment account.

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Question 1 3x2x5x 5x6x2x3x3 x6x2x6 x63x6 x0 The new profit sharing ratio is 00 Question 2 AS2 requir... View the full answer