What is the amount of capital of the proprietor, if his assets are Rs. 85,000 and liabilities are Rs. 21,000?

_____ is suitable only for sole traders and partnership firms.

Statement of assets & liabilities prepared under double entry system is called ___________

Legacy is a

Which of the following is shown in Profit and loss appropriation account?

In the absence of an agreement, partners are entitled to 

On revaluation, the increase in the value of assets leads to 

On revaluation, the increase in liabilities leads to

When shares are issued for purchase of assets, the amount should be credited to

Following are the balances of Shanthi as on 31^st December 2018.  

Prepare a statement of affairs as on 31^st December 2018 and calculate capital as at that date. 

What is a statement of affairs?

What is legacy?

Velan is a partner who withdrew Rs. 20,000 on 1st April 2018. Interest on drawings is charged at 10% per annum. Calculate interest on drawings on 31st December 2018 and pass journal entries by assuming fluctuating capital method.

Define partnership.

Hameed and Govind are partners sharing profits and losses in the ratio of 5:3. They admit John as a partner. John acquires his share 1/5 from Hameed and 1/5 from Govind. Find out the new profit sharing ratio and sacrificing ratio.

Praveena and Dhanya are partners sharing profits in the ratio of 7:3. They admit Malini into the firm. The new ratio among Praveena, Dhanya and Malini is 5:2:3. Calculate the sacrificing ratio.

Raja, Roja and Pooja are partners sharing profits in the ratio of 4:5:3. Roja retires from the firm. Calculate the new profit sharing ratio and gaining ratio.

What is a share?

From the following details, calculate the capital as on 31^st December 2018:

State the differences between double entry system and incomplete records.

From the following Receipts and Payment Account of Trichy Recreation Club, prepare Income and Expenditure Account for the year ended 31.03.2018.d

From the following balance sheets of Brindha and Praveena who share profits and losses in the ratio of 3:4, calculate interest on capital at 6% p.a. for the year ending 31^st December 2017.

 On 1^st July 2017, Brindha introduced an additional capital of Rs. 6,000 and on 1st October 2017, Praveena introduced Rs. 10,000. Drawings of Brindha and Praveena during the year were Rs. 5,000 and Rs. 7,000 respectively. Profit earned during the year was Rs. 31,000.

State the features of partnership.

For the purpose of admitting a new partner, a firm has decided to value its goodwill at 3 years purchase of the average profit of the last 4 years using weighted average method. Profits of the past 4 years and the respective weights are as follows:

Compute the value of goodwill.

From the following details you are required to calculate credit sales and credit purchases by preparing total debtors account, total creditors account, bills receivable account and bills payable account.

From the following Receipts and Payments Account of Friends Football club, for the year ending 31^st March, 2017, prepare Income and Expenditure Account for the year ending 31^st March, 2017 and the Balance sheet as on that date.
In the books of Friends Football Club

Additional information:
(i) The club had furniture of Rs. 12,000 on 1^st April 2016. Ignore depreciation on furniture.
(ii) Subscription outstanding for 2016 - 2017 Rs. 600.
(iii) Stock of sports materials on 31.03.2017 Rs. 100.
(iv) Capital fund as on 1^st April 2016 was Rs. 23,000.

Bragathish and Naresh are partners who maintain their capital accounts under fixed capital method. From the following particulars, prepare capital accounts of partners.