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Saswath
Subject: Accountancy
, asked on 1/5/18
2question
Answer
1
Juhi Mangwani
Subject: Accountancy
, asked on 13/4/18
Pls can you help me in solving this one
Answer
1
Indu Nair
Subject: Accountancy
, asked on 14/3/18
how is the capital adjustment done here
X, Y and Z are partners with a profit sharing ratio of 3:1:1. 'Z' decided to retire and to use the final settlement amount for the construction of a overhead tank in a village to provide water to the people. On Z's retirement, the capital balances after all adjustments for goodwill, reserve etc., amounted to : X = 3,50,000 ; Y=4,00,000; Z=2,80,000. There was a machine which was not recorded in the books. It is now valued at Rs. 1,00,000. 'Z' agreed to take it at that valye. Balance settlement to be made to 'Z' was brought in by 'X' and 'Y' in such a way that their capitals are in proportion to their new profit sharing ratio which is 3:2. Showing your working clearly, pass journal entries for the above transactions and identify the value involved.
Answer
2
Ambareesh
Subject: Accountancy
, asked on 14/3/18
at the time of retirement of a partner , a bill of exchange for rs.50000 which was previously discounted with the banker was dishonored as the drawee had become insolvent and nothing could be realised from his estate . the accountant seeks your advice
Answer
2
Simrat Kaur
Subject: Accountancy
, asked on 14/3/18
↵
Solution
pls
14. X,Y and Z were in patnership and sharing profit and losses in the propration of 2:1:2
Their fixed capital were Rs 200000,Rs 150000 and
Rs
200000 respectively ,The firm closed
its book, on 31st March every year. On 31st March, 2015, Y died.The executer of decreased partner
according to the agreement was entitled for the following
Interest on capital from the first day of the accounting year till the date of his death @10% p.a
(ii) His share of goodwill: The goodwill of the firm Was valued at Rs 300000 on
Y's death.
(iii) His share of profits: The profit of the firm for the year ended 31st March 2015 was Rs 150000
According to Y's will, the executor should donate his share paid by the firm to a
"Home for physically challenged children'. Executor was paid the sum due in two
equal annual instalments with interest@10%p.a. beginning 31st March,2016. prepare Y's
Capital Account as on 31st March, 2015 to be presented to his executor and his
Executor's Loan Account for the year ending 31st March, 2016 and 31st march 2017
Also identify the value being highlighted in this case.
Answer
3
Ambareesh
Subject: Accountancy
, asked on 14/3/18
a sum of rs.4200 was paid immediately to the executor of o and the balance paid in four half - yearly instalments together with interest @ 12% per annum . starting from jan 31,2017
Answer
1
Ambareesh
Subject: Accountancy
, asked on 14/3/18
Please answer :)
Akaqsh. Naveen and Zaid are partners sharing profits in the ratio of 3:2:2. Zaid on 1
st
September, 2016. The total amount owed by the firm to his executor was Rs. 60,000. The firm decided to pay him in three equal annual instalments carrying interest @6% p.a. beginning with 1
st
September, 2017. Pass the journal entry for recording the above transaction on the date of Zaid's death.
Answer
1
Ambareesh
Subject: Accountancy
, asked on 11/3/18
"the balance to be treated as loan to be paid after a year along with interest @6%"
how to deal this interest at the time of retirement
Answer
1
Riya Verma
Subject: Accountancy
, asked on 11/3/18
Do we distribute the balance of employees provident fund if claim against is there is in the adjustment?
Answer
2
Riya Verma
Subject: Accountancy
, asked on 11/3/18
Treatment of Joint life policy in case of retirement is there in the syllabus or not?
Answer
2
Riya Verma
Subject: Accountancy
, asked on 10/3/18
Plz explain how to prepare memorandum revaluation a/c in case of retirement with an example. Also tell whether it is in the syllabus or not
Answer
2
Ambareesh
Subject: Accountancy
, asked on 24/2/18
jamuna , ganga and krishna are partners in a firm . krishna retired from the firm . after making all the adjustments for reserves and revaluation of assets and liabilities the balace in krishna's capital account was 120,000 . jamuna and ganga paid 180,000 in full settlement to krishna . identify the item for jamuna and ganga paid 60000 more to krishna .
Answer
1
Shanaya
Subject: Accountancy
, asked on 20/2/18
Q.3. M N O are partners in ratio 5 : 3 : 2. O died 4 months after the closure of accounts. The firm says during last year turnover was Rs. 40 lakh and it earned a profit of Rs 8,00,000. Find the share of profit for current year to be given to S executor if, Sales for current year till the date of death is Rs 10,00,000 and profit did accrue on same basis as of last year.
Why premium brought in by an admitting partner is distributed in sacrificing ratio?
Answer
1
Ipsita Chakravarty
Subject: Accountancy
, asked on 16/2/18
Question no 3
Answer
1
Arnapurna Paikaray
Subject: Accountancy
, asked on 15/2/18
Solve this:
Answer
2
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Next
What are you looking for?
X, Y and Z are partners with a profit sharing ratio of 3:1:1. 'Z' decided to retire and to use the final settlement amount for the construction of a overhead tank in a village to provide water to the people. On Z's retirement, the capital balances after all adjustments for goodwill, reserve etc., amounted to : X = 3,50,000 ; Y=4,00,000; Z=2,80,000. There was a machine which was not recorded in the books. It is now valued at Rs. 1,00,000. 'Z' agreed to take it at that valye. Balance settlement to be made to 'Z' was brought in by 'X' and 'Y' in such a way that their capitals are in proportion to their new profit sharing ratio which is 3:2. Showing your working clearly, pass journal entries for the above transactions and identify the value involved.
14. X,Y and Z were in patnership and sharing profit and losses in the propration of 2:1:2
Their fixed capital were Rs 200000,Rs 150000 and Rs 200000 respectively ,The firm closed
its book, on 31st March every year. On 31st March, 2015, Y died.The executer of decreased partner
according to the agreement was entitled for the following
Interest on capital from the first day of the accounting year till the date of his death @10% p.a
(ii) His share of goodwill: The goodwill of the firm Was valued at Rs 300000 on
Y's death.
(iii) His share of profits: The profit of the firm for the year ended 31st March 2015 was Rs 150000
According to Y's will, the executor should donate his share paid by the firm to a
"Home for physically challenged children'. Executor was paid the sum due in two
equal annual instalments with interest@10%p.a. beginning 31st March,2016. prepare Y's
Capital Account as on 31st March, 2015 to be presented to his executor and his
Executor's Loan Account for the year ending 31st March, 2016 and 31st march 2017
Also identify the value being highlighted in this case.
Akaqsh. Naveen and Zaid are partners sharing profits in the ratio of 3:2:2. Zaid on 1st September, 2016. The total amount owed by the firm to his executor was Rs. 60,000. The firm decided to pay him in three equal annual instalments carrying interest @6% p.a. beginning with 1st September, 2017. Pass the journal entry for recording the above transaction on the date of Zaid's death.
how to deal this interest at the time of retirement
Why premium brought in by an admitting partner is distributed in sacrificing ratio?