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 details of Abdul who maintains incomplete records, prepare Trading and Profit and Loss account for the year ended 31^st March, 2018 and a Balance Sheet as on the date.

Bharathi does not maintain her books of accounts under double entry system. From the following details prepare trading and profit and loss account for the year ending 31^st March, 2019 and a balance sheet as on that date.

Other Information:

From the following particulars of Poompuhar Literary Association, prepare Receipts and Payments account for the year ended 31^st March, 2019.

From the following particulars of Vellore Recreation Club, prepare Receipts and Payments account for the year ended 31^st March, 2017.

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. 

From the following details find out total sales made during the year.

State the procedure for calculating profit or loss through statement of affairs.

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

How will the following items appear in the final accounts of a club for the year ending 31^st March 2017? A club received subscription of Rs. 25,000 during the year 2016-17. This includes subscription of Rs. 2,000 for 2015-16 and Rs. 1,500 for the year 2017-18. Subscription of Rs. 500 is still outstanding for the year 2016-17.

From the following particulars ascertain profit or loss: 

From the following particulars ascertain profit or loss:

From the following details, calculate credit purchases

From the following details calculate the amount that will be shown as subscription in Income and Expenditure Account for the year ending 31^st March, 2017.

Subscription outstanding for the year 2016-17 is Rs. 2,400. Subscription for 2016-17 received in 2015-16 was Rs.1,000

How will the following items appear in the final accounts of a sports club?

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

When capital in the beginning is Rs. 10,000, drawings during the year is Rs. 6,000, profit made during the year is Rs. 2,000 and the additional capital introduced is 3,000, find out the amount of capital at the end

Income and expenditure account is a

Income and Expenditure Account is prepared to find out

In the absence of an agreement, partners are entitled to 

Incomplete records are generally maintained by

Statement of affairs is a

Balance of receipts and payments account indicates the

Income and expenditure account is a

In the absence of an agreement among the partners, interest on capital is

Record the following transaction in Tally.
(a)  Kumar Commenced a business with a capital of Rs. 5,00,000
(b)  Opened with SBI and deposited Rs. 80,000
(c)   Purchased furniture by paying cash Rs. 20,000-
( d)  Goods purchased credit from Kalpana for Rs. 60,000
(e)  Cash Sales for Rs. 20,000
(f)   Goods purchased from Ramu for Rs. 7,000 paid by cheque
(g)  Goods sold to Venu on credit for Rs. 80,000
(h)  Money withdrawn from bank for office use Rs. 35,000
(i)  Part payment of Rs. 40,000 made by Kalpana by cheque
(j)  Arun made part payment of Rs. 20,000 by cash.
(k) Salaries paid to staff through ECS Rs. 45,000
(l) Carriage on purchase of Rs. 8,000 paid by cash 
(m) Purchased computers from Maria Ltd. On Credit Rs. 50,000
Analysis of Transactions - Passing Journal Entries, identification of Voucher Type and Group.

The following Balance Sheet has been prepared from the books of White on 1.4.2018.

During the year the following transaction took place
(a)  Wages paid by Cash Rs. 4,000
(b)  Rent paid by check Rs. 1,000
(c)  Cash purchases made for Rs. 6,000
(d)  Goods purchased on credit from Mathi Rs. 3,000
(e)  Goods sold on Credit to Kala Rs. 50,000
(f)   Payment made to Mathi by cheque Rs. 10,000 ,
(g) Cash received from Venkat Rs. 60,000
(h) Cash Sales made for Rs. 12,000
(i)  Depreciate Building @ 10% , 
(j)  Closing Stock on 31.03.2019 Rs. 30,000
You are-required to prepare trading and profit for the year ended 31.03.2019 and a balance sheet as on that using Tally.

Write a brief note on accounting vouchers.

Explain any five applications of computerised accounting system.

Record the following transactions in Tally.
1. Robert commenced a transport business with a capital of Rs.1,00,000
2.  An account was opened with State Bank of India and deposited Rs. 30,000
3. Purchased furniture by paying cash Rs. 10,000
4. Goods purchased on credit from Mohaideen for Rs. 20,000
5. Cash sales made for Rs. 8,000
6. Goods purchased from Rathinam for Rs. 5,000 and money deposited in CDM
7. Goods sold to Rony on credit for Rs. 60,000
8. Money withdrawn from bank for office use Rs. 9,000
9. Part payment of Rs.10,000 made to Mohaideen by cheque
10. Rony made part payment of Rs. 5,000 by cash
11. Salaries paid to staff through ECS Rs. 6,000
12. Wages of Rs. 3,000 paid by cash
13. Purchased stationery from Pandian Ltd. on credit Rs. 4,000

The following balance sheet has been prepared from the books of Pearl on 1-4-2018.

During the year the following transactions took place.
(a) Wages paid by cash Rs. 2,000
(b) Salaries paid by cheque Rs. 5,000
(c) Cash purchases made for Rs. 3,000
(d) Good purchased on credit from Yazhini Rs. 15,000
(e) Goods sold on credit to Jothi Rs. 25,000
(f) Payment made to Yazhini through NEFT Rs. 5,000
(g) Cash received from Peter Rs. 30,000
(h) Cash sales made for Rs. 6,000
(i) Depreciate buildings at 10%
(j) Closing stock on 31.03.2019 Rs. 15,000
You are required to prepare trading and profit and loss account for the year ended 31-03-2019 and a balance sheet as on that date using Tally.

What are the salient features of Computerised Accounting system?

What are advantages of Computerised Accounting system?

What are the Voucher Entry in accounting System Tally ERP. 9?

How to quitting Tally ERP 9?

How to shut a Company in Tally ERP 9?

What are the pre-defined ledgers available in Tally.ERP 9?

Mention the commonly used voucher types in Tally.ERP 9.

Explain how to view profit and loss statement in Tally.ERP 9.

What is computerised accounting system?

What are the steps involved in designing accounting reports?

What is MIS?

Identify the value, violate by the employee of company? Who uses office computer for chatting on social networking sities?

A chemist as per the requirement of law makes use of computer for recording the stock of all the medicines including their manufacturing and expiry dates. What benefits he will get from computerised records also tell the values indicated in the question.

What is automated accounting system?

What are accounting reports?

State any five accounting reports.

What is Accounting Information System (AIS)?

What is a group in Tally ERP 9?

CAS helps to compute various taxes and to deduct these and deposit the same to the _________

In 2009, Tally Solutions introduced the software ___________

Transactions are to be recorded through ________

All transactions related to receipt either in cash or through bank are recorded using ____________

Automated accounting is an approach to maintain up-to-date accounting records with the aid of ___________

Accounting report prepared according to the requirements of the user is

Function key F11 is used for

Which submenu displays groups, ledgers and voucher types in Tally?

What are the predefined Ledger(s) in Tally?
(i) Cash
(ii) Profit & Loss A/c
(iii) Capital A/c

Contra voucher is used for

Calculate the current ratio from the following information.

Following is the extract of the balance sheet of Hindustan Products Ltd., as on 31^st March 2019.

From the following trading activities of Jamal Ltd. calculate
(i) Gross profit ratio
(ii) Net profit ratio
(iii) Operating cost ratio
(iv) Operating profit ratio

Calculate (i) Inventory turnover ratio (ii) Trade receivables turnover ratio (iii) Trade payables turnover ratio and (iv) Fixed assets turnover ratio from the following information obtained from Dolphin Ltd.

Additional information:
(i) Revenue from operations for the year              Rs.5,25,000
(ii) Purchases for the year                                  Rs.2,25,000
(iii) Cost of revenue from operations                    Rs.3,00,000    
Assume that sales and purchases are for credit

Calculate quick ratio of Babu construction Ltd., from, the information given below

From the following Balance Sheet of James Ltd. as on 31.03.2019 calculate
(i) Debt-equity ratio
(ii) Proprietary ratio
(iii) Capital gearing ratio

Calculate
(i) Inventory turnover ratio
(ii) Trade receivables turnover ratio
(iii) Trade payables turnover ratio and
(iv) Fixed assets turnover ratio from the following information obtained from Aruna Ltd.

Additional information:
(i) Revenue from operations for the year Rs. 35,00,000
(ii) Purchases for the year Rs. 21,00,000
(iii) Cost of revenue from operations Rs. 16,00,000.
Assume that sales and purchases are for credit.

Calculate operating profit ratio under the following cases.
Case 1: Revenue from operations Rs. 8,00,000, Operating profit Rs. 2,00,000.
Case 2: Revenue from operations Rs. 20,00,000, Operating cost Rs. 14,00,000.
Case 3: Revenue from operations Rs. 10,00,000, Gross profit 25% on revenue from operations, Operating expenses Rs. 1,00,000.

From the following statement of profit and loss of Dericston Ltd. calculate
(i) Gross profit ratio
(ii) Net profit ratio

From the following trading activities of Rovina Ltd. calculate
(i) Gross profit ratio
(ii) Net profit ratio
(iii) Operating cost ratio
(iv) Operating profit ratio

Explain the traditional classifications of ratio analysis.

Write a note an Long-term solvency ratios.

What do you mean by debt collection period?

What is Credit payment period?

Write a short note on
(i) Gross profit ratio
(ii) Net profit ratio

Following is the statement of profit and loss of Maria Ltd. for the year ended 31st March, 2018. Calculate the operating cost ratio.

Explain the objectives of ratio analysis.

What is inventory conversion period? How is it calculated?

How is operating profit ascertained?

State any three advantages of ratio analysis.

Definition of ratio analysis.

What is current ratio?

What does high total assets to debt ratio indicates?

How does ratio analysis become less effective due to does ratio changes?

The average age of inventory is viewed as the average length of time inventory is held by the firm or as the average number of day's sales in inventory. Explain.

What is meant by accounting ratios?

What is quick ratio?

What is meant by debt equity ratio?

What does return on investment ratio indicate?

State any two limitations of ratio analysis.

The financial status and financial performance of business entities can be assessed through ___________

If both items in a ratio are from balance sheet, it is classified as___________

If the two items in a ratio are from income statement, it is classified as __________

If a ratio is computed with one item from income statement and another item from balance sheet, it is called _____________

Which ratio is the proportion of fixed income bearing funds to equity shareholders funds?

The mathematical expression that provides a measure of the relationship between two figures is called

Current ratio indicates

Current assets excluding inventory and prepaid expenses is called

Debt equity ratio is a measure of

Match List I with List II and select the correct answer using the codes given below:

From the following particulars, prepare comparative income statement of Sivakami co Ltd

From the following balance sheet of Gupta ltd, prepare comparative balance sheet as on 31^st March 2017 and 31^st March 2018.

From the following particulars of Vijay Ltd, prepare common size income statement for the year ended 31^st March 2017 and 31^st March 2018

Prepare common-size statement of financial position of Raheem Ltd as on 31^st March 2016 and 31^st March 2018.

From the following information, calculate trade percentages for Malar Ltd

From the following balance sheet of Chandra Ltd, prepare comparative balance sheet as on 31st March 2016 and 31^st March 2017.

From the following particulars, prepare comparative balance sheet of Malar Ltd as on 31^st March 2016 and 31^st March 2017.

From the following particulars of Siva Ltd, prepare common size income statement for the years ended 31st March, 2016 and 31st March, 2017.

Prepare common-size balance sheet of Maria Ltd. as on 31^st March, 2018.

Prepare common-size balance sheet of Sharmila Ltd. and Sangeetha Ltd. as on 31^st March, 2019.

What are the features of financial statements?

What are the significance of financial statements?

What are the objectives of financial statement analysis?

Briefly explain any three limitations of financial statement analysis. S. A

Write a short note on
a) Comparative statement
b) Common-size statement

From the following particulars, prepare comparative income statement of Abdul Co. Ltd.

From the following particulars, prepare comparative income statement of Mary Co. Ltd.

From the following particulars of Mani Ltd an Kani Ltd prepare a common-size income statement for the year ended 31^st March, 2019

Calculate trend percentages for the following particulars of Kurinji Ltd.

From the following information, calculate trend percentages for Mullai Ltd

Write a short note on
i) Intra-firm comparison
ii) Inter-firm comparison

What is trend analysis?

What is funds flow analysis?

What do you mean by financial statement analysis?

Financial statement analysis is a post-mortem of the business transactions to some extent. Do you agree?

From the following particulars, prepare comparative income statement of Tharun Co. Ltd.

From the following particulars of Kumar Ltd, prepare a common-size income statement for the year ended 31^st March, 2018.

From the following particulars, prepare comparative income statement of Arul Ltd.

From the following particulars, prepare comparative income statement of Daniel Ltd.

Prepare common-size income statement for the following particulars of Raja Ltd. for the year ended 31^st March, 2017

Which statement are prepared by the business concerns at the end of the accounting period to ascertain the operating results and the financial position?

Financial statements are prepared based on _____________

which statements are involve personal judgment in certain cases?

Different tools are used for analysing the _____________

The term fund refers to __________

Which of the following statements is not true?

Balance sheet provides information about the financial position of a business concern

Which of the following tools of financial statement analysis is suitable when data relating to several years are to be analysed?

The financial statements do not exhibit

Which of the following is not a tool of financial statement analysis?

Das Ltd. offered 50,000 equity shares of Rs.10 each to the public payable as follows: On application Rs.4; on allotment Rs.3; on first call Rs.1 and on second and final call Rs.2.
Applications were received for 1,00,000 shares. All the applicants were allotted 1 share for every two shares applied. Excess application money was used for amount due on allotment and call. Pass necessary journal entries.

Thai Ltd. issued 50,000 equity shares of Rs.10 each, payable Rs.5 on application, Rs.2 on allotment, first call and n on final call. All the shares are subscribed and amount was duly received. Pass Journal entries.

Global Company issued shares Rs.10 each at 10% premium, payable Rs.2 on application, Rs.3 on allotment (including premium), Rs.3 on first call and Rs.3 on second and final call.
Journalise the transactions relating to forfeiture of shares for the following situations:
i. Muthu who holds 50 shares failed to pay the second and final call and his shares were forfeited.
ii. Muthu who holds 50 shares failed to pay the allotment money, first call and second and final call money and his shares were forfeited.
iii. Muthu who holds 50 shares failed to pay the allotment money and first call and his shares were forfeited after the first call.

A company, forfeited 200 shares of 10 each fully called up for non-payment of first call of 2/-per share and final call-of 3 per share. 120 of these shares were reissued at· Rs 6 per hare fully paid. up. 
Give up the necessary entrie.

United Industries Ltd. issued shares of Rs.10 each at 10% premiuam payable Rs.3.application,Rs.4 on allotment (including premium), Rs.2 first call and Rs.2 on final call.Journalise the transactions relatng to forfeiture of shares for the following situations:Manoj who holds 250 shares· failed to pay the second and final calI and. his shares were forfeited.
Manoj who holds 250 shares failed to pay the allotment ino.ney and first call and second Manoj who holds 250 shares failed to pay the allotment money.and first call money and his shares were forfeited after the first call.

Thai Ltd. issued 1,00,000 equity shares of Rs. 10 each, payable Rs. 5 on application, Rs. 2 on allotment Rs. 2 on first call and Rs. 1 on final call. All the shares are subscribed and amount was duly received. Pass journal entries.

Joy Company issued 10,000 equity shares at Rs.10 per share payable Rs.5 on application, Rs.3 on allotment and Rs.2 on first and final call. The public subscribed for 9,000 shares. The directors allotted all the 9,000 shares and duly received the money. Pass the necessary journal entries.

Bharath Ltd. issued 1,00,000 equity shares of  Rs. 10 each to the public at par. The details of the amount payable on the shares are as follows:

Application money was received for 1,20,000 shares. Excess application money was refunded immediately. Pass journal entries to record the above.

Khan Ltd. issued 50,000 shares of  Rs.10 each to the public payable Rs.4 on application, Rs.4 on allotment and Rs.2 on first and final call. Applications were received for 65,000 shares. The directors decided to allot 50,000 shares on pro rata basis and surplus application money was utilised for allotment. Pass journal entries assuming that the amounts due were received.

Sudha Ltd. offered 1,00,000 shares of Rs.10 each to the public payable Rs.3 on application, Rs.4 on share allotment and the balance when required. Applications for 1,40,000 shares were received on which the directors allotted as:
Applicants for 60,000 shares - Full
Applicants for 75,000 shares - 40,000 shares (excess money will be utilised for allotment)
Applicants for 5,000 shares - Nil
All the money due was received. Pass journal entries upto the receipt of allotment.

What are the characteristics of a company?

Explains the divisions of share capital.

Write a short note on
(i) Public issue
(ii) Private placement

Write a short note on
(i) Rights issue
(ii) Bonus issue

If what purpose securities Premium Reserve Amount is used?

Anu Company forfeited 200 equity shares of Rs.10 each issued at par held by Thiyagu for nonpayment of the final call of  Rs.3 per share. The shares were reissued to Laxman at Rs.6 per share. Show the journal entries for forfeiture and reissue.

Maruthu Ltd. forfeited 150 equity shares of  Rs.10 each for non payment of final call of Rs.4 per share. Of these 100 shares were reissued @ Rs.9 per share. Pass journal entries for forfeiture and reissue.

Gemini Ltd. forfeited 20 equity shares of Rs.10 each, Rs.7 called up, on which Mahesh had paid application and allotment money of Rs.5 per share. Of these 15 shares were reissued to Naresh by receiving Rs.6 per share paid up as Rs.7 per share. Pass journal entries for forfeiture and reissue.

Sara Company issues 10,000 equity shares of Rs.10 each payable fully on application. Pass journal entries if the shares are issued
(i) at par
(ii) at a premium of Rs.2 per share.

Rajan Ltd. purchased machinery of Rs.6,00,000 from Jagan Traders. It issued equity shares of Rs.10 each fully paid in satisfaction of their claim. What entries will be made if such issue is made:
(a) at par and
(b) at a premium of 50%.

Definition of a Company.

What is allotment?

What is prorata allotment?

What are the differences between over subscription and under subscription?

Name different types of share capitals.

Jeyam Tyres issued 15,000 ordinary shares of  Rs.10 each payable as follows:
Rs.3 on application; Rs.5 on allotment; Rs.2 on first and final call. All money were duly received except one shareholder holding 100 shares failed to pay the call money. Pass the necessary journal entries for call (using calls in arrear account).

Anitha was holding 500 equity shares of Rs.10 each of Thanjavur Motors Ltd, issued at par. She paid Rs.3 on application, Rs.5 on allotment but could not pay the first and final call of Rs.2. The directors forfeited the shares for nonpayment of call money. Give Journal entry for forfeiture of shares.

Muthu was holding 20 equity shares of Rs.10 each on which he paid Rs.2 on application but could not pay Rs.3 on allotment and Rs.1 on first call. Directors forfeited the shares after the first call. Give journal entry for recording the forfeiture of shares.

What is a share?

What is over-subscription?

In order to meet them production must be carried on a _________

The capital of companies is divided into small units called __________

The money raised by issuing shares is called

Profits are distributed among the shareholders in the form of ___________

The liability of the shareholders of the company is limited to the extent of face value of the shares held by the ___________

A preference share is one
(i) which carries preferential right with respect to payment of dividend at fixed rate
(ii) which carries preferential right with respect to repayment of capital on winding up

That part of share capital which can be called up only on the winding up of a company is called:

At the time of forfeiture, share capital account is debited with

After the forfeited shares are reissued, the balance in the forfeited shares account should be transferred to

The amount received over and above the par value is credited to

Karan, Vinoth and Vinay are Partners sharin profits in the ratio of 3:2: 1. Karan retires and the new profit sharing ratio between Vinoth and vinaya is 2:3. Calculate the gaining ratio?

Kalai, Iothi and Mala are partners sharing profits and losses in the ratio of 113, 113 and 116 respectively.
Mala retires and her share is taken up by Kalai and [othi equally. Find out the new profit sharing ratio and gaining ratio

Priya, Latha, and Kalai are partners sharing profits and losses in the ratio of 3:2:1 respectively. Priya died on 31^st December, 2018 Final amount due to her showed a credit balance of Rs.1,20,000. Pass journal entries if
(a) The amount due is paid off immediately,·
(b) The amount due is not paid immediately,
(c) Rs.80,000 is paid and the balance in future.

Mukil, Mohit and Sonu are partners sharing profit in the ratio 3:2: 1. Mukil retires from the partnership.
In order to settle his claim, the following revaluation of assets and liabilities was agreed upon:
(i) The value of Machinery is increased by Rs. 25,000.
(ii) The value of Investment-is-increased by Rs 2,000.
(ill) A Provision for outstanding bill standing in the books at Rs.1,000 is now not required.
(iv) The value of Land and Building is decreased by Rs.12,000.
Give journal entries and prepare Revaluation account

Thangamuthu, Anaimuthu and Vairamuthu are partners sharing profit and loss in the ratio of 3:3:2.
Thangamuthu wanted to retire on 1st June 2018, the firms books showed a general reserve of Rs.40,000. Pass entry.

Ramya, Sara and Thara are partners sharing profits and losses in the ratio of 5:3:2. On 1^st April 2018, Thara retires and on retirement, the following adjustments are agreed upon:
(i) Increase the value of premises by Rs. 40,000.
(ii) Depreciate stock by Rs. 3,000 and machinery by Rs. 6,500.
(iii) Provide an outstanding liability of Rs. 500
Pass journal entries and prepare revaluation account.

Prabu, Ragu and Siva are partners sharing profits and losses in the ratio of 3:2:1. Prabu retires from partnership on 1^st April 2017. The following adjustments are to be made:
(i) Increase the value of building by Rs. 12,000
(ii) Reduce the value of furniture by Rs. 8,500
(iii) A provision would also be made for outstanding salary for Rs. 6,500.
Give journal entries and prepare revaluation account.

John, James and Raja are partners in a firm sharing profits and losses equally. Their balance sheet as on 31st March, 2019 is as follows:
Raja retired on 31^st March, 2019 subject to the following conditions:
(i) Machinery is valued at Rs. 1,30,000
(ii) Value of office equipment is brought down by Rs. 2,000
(iii) Provision for doubtful debts should be increased to Rs. 3,000
(iv) Investment of Rs. 25,000 not recorded in the books is to be recorded now
Pass necessary journal entries and prepare revaluation account.

Mani, Rama and Devan are partners in a firm sharing profits and losses in the ratio of 4 : 3 : 3. Their balance sheet as on 31^st March, 2019 is as follows:

Mani retired from the partnership firm on 31.03.2019 subject to the following adjustments:
(i) Stock to be depreciated by Rs. 5,000
(ii) Provision for doubtful debts to be created for Rs. 1,000.
(iii) Buildings to be appreciated by Rs. 16,000
(iv) The final amount due to Mani is not paid immediately
Prepare revaluation account and capital account of partners after retirement.

Charles, Muthu and Sekar are partners, sharing profits in the ratio of 3 : 4 : 2. Their balance sheet as on 31^st December, 2018 is as under:

On 1.1.2019, Charles retired from the partnership firm on the following arrangements.
(i) Stock to be appreciated by 10%
(ii) Furniture to be depreciated by 5%
(iii) To provide Rs. 1,000 for bad debts
(iv) There is an outstanding repairs of Rs. 11,000 not yet recorded
(v) The final amount due to Charles was paid by cheque
Prepare revaluation account, partners’ capital account and the balance sheet of the firm after retirement.

P, Q and R have been sharing profits ratio 4:2:1. Q retires P and R takes Q's shares equally. Calculate new profit Sharing ratio and gaining ratio.

X, Y and Z are partners Sharing profits in the rat_io 2:3:5. Goodwill appearing in he books at Rs. 50,000. X retires on the day of x retirement goodwill is valued at Rs. 45000. Y and Z decided to share future profits equally. Pass the journal entries.

X, Y and Z are partners ratio 5:3:2 Goodwill not appear in the books of Rs. 1,00,000.X retires, Y and Z share of profit equally in future. You are required to make adjustment. Pass entry,

P, Q, R ratio is 2:3:5 Goodwill appears in their books at the value of Rs. 60,000; P retires at the time good will of Rs. 30,000. Pass the necessary journal entries.

A, B and C were partners ratio 6:4:5. B retires new profit sharing ratio A  and C 11:4. B's retirement value of goodwill is Rs. 1.80,000 pass entry.

Prince, Dev and Sasireka are partners in a firm sharing profits and losses in the ratio of 2:4:1. Their balance sheet as on 31^st March, 2019 is as follows:

Justina, Navi and Rithika are partners sharing profits and losses equally. On 31.3.2019, Rithika retired from the partnership firm. Profits of the preceding years is as follows:
2016: Rs. 5,000; 2017: Rs. 10,000 and 2018: Rs. 30,000
Find out the share of profit of Ritika for the year 2019 till the date of retirement if
(a) Profit is to be distributed on the basis of the previous year’s profit
(b) Profit is to be distributed on the basis of the average profit of the past 3 years
Also pass necessary journal entries by assuming that partners’ capitals are fluctuating. Accountancy

Kavitha, Kumudha and Lalitha are partners sharing profits and losses in the ratio of 5 : 3 : 3 respectively. Kumudha retires from the firm on 31^st December, 2018. On the date of retirement, her capital account shows a credit balance of Rs. 2,00,000. Pass journal entries if:
i) The amount due is paid off immediately by cheque.
ii) The amount due is not paid immediately.
iii) Rs. 70,000 is paid immediately by cheque

Rathna, Baskar and Ibrahim are partners sharing profits and losses in the ratio of 2:3:4 respectively. Rathna died on 31st December, 2018. Final amount due to her showed a credit balance of Rs. 1,00,000. Pass journal entries if,
(a) The amount due is paid off immediately by cheque.
(b) The amount due is not paid immediately.
(c) Rs. 60,000 is paid immediately by cheque.

List out the adjustments made at the time of retirement of a partner in a partnership firm.

Who is an outgoing partner?

How can a partner retire from the firm? (Any two)

If the retiring partner is not paid the full amount due to him immediately on retirement, how should his capital account be shown in subsequent balance sheet?

Name the account which is opened to credit the share of profit of the deceased partner, till the time of death to his capital account. 

For which share of goodwill, a partner is entitled at the time of his retirement?

Vivin, Hari and Joy are partners sharing profits and losses in the ratio of 3:2:1. On 31.3.2017, Hari retired. On the date of retirement, the books of the firm showed a general reserve of Rs. 60,000. Pass the journal entry to transfer the general reserve.

Mary, Meena and Mariam are partners of a firm sharing profits and losses equally. Mary retired from the partnership on 1.1.2019. On that date, their balance sheet showed accumulated loss of Rs. 75,000 on the asset side of the balance sheet. Give the journal entry to distribute the accumulated loss.

Kiran, Vinoth and Vimal are partners sharing profits in the ratio of 5:3:2. Kiran retires and the new profit sharing ratio between Vinoth and Vimal is 2:1. Calculate the gaining ratio.

Arya, Benin and Charles are partners sharing profits and losses in the ratio of 3:3:2. Charles retires and his share is taken up by Arya. Calculate the new profit sharing ratio and gaining ratio of Arya and Benin.

Rahul, Ravi and Rohit are partners sharing profits and losses in the ratio of 5:3:2. Rohit retires and the share is taken by Rahul and Ravi in the ratio of 3:2. Find out the new profit sharing ratio and gaining ratio.

When a partner leaves from a partnership firm, it is known as __________

The firm is reconstituted and other partners continue the partnership firm with a new __________

A partner who retires from the firm is called an __________

The profit or loss arising therefrom is transferred to the capital accounts of all the partners in the _____________

The settlement is to be done in the manner prescribed in the ___________

A partner retires from the partnership firm on 30^th June. He is liable for all the acts of the firm up to the

On retirement of a partner from a partnership firm, accumulated profits and losses are distributed to the partners in the

On retirement of a partner, general reserve is transferred to the

On revaluation, the increase in liabilities leads to

At the time of retirement of a partner, determination of gaining ratio is required

Sheela and Neela were sharing profits in the ratio of 4:3. Kamala was admitted with 1/5th share in profits of business. Calculated the New profit Ratio and the sacrificing ratio.

Kokila and Mala were sharing profits in the ratio of 4:3. Chandra was admitted in the business as a partner with \(\frac{3}{7}\)th share in the profits of the firm which she takes \(\frac{2}{7}\) th from Kokila and \(\frac{1}{7}\) th from Mala. Find out New profit Ratio and the sacrificing ratio.

Eswari and Ranikumari are partners sharing profits and losses in the ratio of 7:5. They agree to admit Chitra into partnership. Eswari surrenders \(\frac{1}{7}\) th of her share and Ranikumari \(\frac{1}{5}\) th of her share in the favour of Chitrao Calculate the New profit ratio and the sacrificing ratio.

Kavitha and Radha are partners of a firm sharing profits and losses in the ratio of 4:3. They admit Deepa on 1.1.2019. On that date, their balance sheet showed debit balance of profit and loss account being accumulate loss
Rs. 1,40,000 on the asset side of the balance sheet. Give the journal entry to transfer the accumulated loss on admission.

Valluvan and Kamban were partners sharing profits and losses as 60% tovalluvan and 40% Kamban. Their balance sheet as at 1^st January, 2019 stood as under:

The partners agreed to admit Elangovan into the firm subject to revaluation of the following items:
(i) Stock was to be reduced by Rs. 4,000
(ii) Land and Buildings were to be valued at Rs. 1,60,000
(iii) A provision of 2\(\frac{1}{2}\)% was to be created for doubtful debtors.
(iv) A liability of  Rs.2,600 for outstanding expenses had been omitted to be recorded in the books
Prepare the Revaluation account, capital accounts and the Balance sheet after the above adjustment

Sriram and Raj are partners sharing profits and losses in the ratio of 2:1. Nelson joins as a partner on 1st April 2017. The following adjustments are to be made:
(i) Increase the value of stock by Rs. 5,000
(ii) Bring into record investment of Rs. 7,000 which had not been recorded in the books of the firm.
(iii) Reduce the value of office equipment by Rs. 10,000
(iv) A provision would also be made for outstanding wages for Rs. 9,500.
Give journal entries and prepare revaluation account.

Raghu and Sam are partners in a firm sharing profits and losses in the ratio of 3:2. Their balance sheet as on 31^st March, 2017 is as follows:

Prakash is admitted on 1.4.2017 subject to the following conditions:
(a) He has to bring a capital of Rs. 10,000
(b) Machinery is valued at Rs. 24,000
(c) Furniture to be depreciated by Rs. 3,000
(d) Provision for doubtful debts should be increased to Rs. 3,000
(e) Unrecorded trade receivables of  Rs. 1,000 would be brought into books now
Pass necessary journal entries and prepare revaluation account and capital account of partners after admission.

Anand and Balu are partners in a firm sharing profits and losses in the ratio of 7:3. Their balance sheet as on 31st March, 2018 is as follows:

Chandru is admitted as a new partner on 1.4.2018 by introducing a capital of Rs. 20,000 for 1/4 share in the future profit subject to the following adjustments:
(a) Stock to be depreciated by Rs. 3,000
(b) Provision for doubtful debts to be created for Rs. 2,000.
(c) Land was to be appreciated by Rs. 10,000
Prepare revaluation account and capital account of partners after admission. 

Vetri and Ranjit are partners, sharing profits in the ratio of 3:2. Their balance sheet as on 31^st December 2017 is as under:

On 1.1.2018, they admit Suriya into their firm as a partner on the following arrangements.
(i) Suriya brings Rs. 10,000 as capital for 1/4 share of profit.
(ii) Stock to be depreciated by 10%
(iii) Debtors to be revalued at Rs. 7,500.
(iv) Furniture to be revalued at  Rs. 40,000.
(v) There is an outstanding wages of Rs. 4,500 not yet recorded.
Prepare revaluation account, partners’ capital account and the balance sheet of the firm after admission.

The balance sheet of Rekha and Mary on 31st March 2018 is as follows:

They share the profits and losses in the ratio of 3:1. They agreed to admit Kavitha into the partnership firm for 1/4 share of profit which she gets entirely from Rekha.
Following are the conditions:
(i) Kavitha has to bring Rs. 20,000 as capital. Her share of goodwill is valued at 4,000. She could not bring cash towards goodwill.
(ii) Depreciate buildings by 10%
(iii) Stock to be revalued at Rs. 6,000
(iv) Create provision for doubtful debts at 5% on debtors
Prepare necessary ledger accounts and the balance sheet after admission.

A and B are partners sharing profits ratio of 5 : 3 They decide to admit C into firm 1/6^th share. Calculate new profit sharing ratio and sacrificing ratio.

A and B are partners sharing profit and losses ratio 5 : 3. They admit 'C' as a partner. 'c' acquires his share 4/20 from 'A' and 2/20 from 'B'. Find out the new profit sharing ratio and sacrificing ratio.

X and Y are partners sharing ratio of 3 : 2. They admit Z into partnership. Z paying a premium of Rs. 2,000 for 1/4^th share of profit. The new ratio is 3, 3: 2 Good will of firm appears Rs. 20,000 journalise.

R and S are partners ratio of 5:1. They admit 'T' into the partnership for 1/3^rd share in the profits. If was agreed that R and S would also qhare profits equally. 'T' brought Rs. 1,00,000 as goodwill for his share of profit and Rs. 2,00,000 as his capital. Show the journal entries.

Anandan and Bhaskarall were partners in a firm sharing profit and loss in the ratio 3 : 2 Admit Chandran 1/3^rd share, the old partners sacrificing equally. calculate new profit ratio and sacrificing ratio.

Rajesh and Ramesh are partners sharing profits in the ratio 3:2. Raman is admitted as a new partner and the new profit sharing ratio is decided as 5:3:2. The following revaluations are made. Pass journal entries and prepare revaluation account.
(a) The value of building is increased by Rs. 15,000.
(b) The value of the machinery is decreased by Rs. 4,000.
(c) Provision for doubtful debt is made for Rs. 1,000.

Sathish and Sudhan are partners in a firm sharing profits and losses in the ratio of 4:3. On 1st April 2018, they admitted Sasi as a partner. On the date of Sasi’s admission, goodwill appeared in the books of the firm at Rs. 35,000. By assuming fluctuating capital account, pass the necessary journal entry if the partners decide to
(i) write off the entire amount of existing goodwill
(ii) write off Rs.21,000 of the existing goodwill

What are the adjustments required at the time of admission of a partner?

What are the journal entries to be passed on revaluation of assets and liabilities?

Write a short note on accounting treatment of goodwill.

What is meant by admission of a partner?

Who is an incoming partner?

Durga and Naresh were partnership in a firm. They wanted to admit five more members in the firm. List any two categories of individuals other than minors who cannot be admitted by them.

The amount of bills payable appearing in the balance sheet is understated by. Rs.10,000 State whether the revaluation account will be debited or credited to restore the amount of bills payable to its actual value. Also give reason for your answer.

On the admission of C, A and B decide to record an unrecorded asset worth Rs.10,000 State whether the revaluation account will be debited or credited.

Mala and Vimala were partners sharing profits and losses in the ratio of 3:2. On 31.3.2017, Varshini was admitted as a partner. On the date of admission, the book of the firm showed a reserve fund of Rs. 50,000. Pass the journal entry to distribute the reserve fund.

Kavitha and Radha are partners of a firm sharing profits and losses in the ratio of 4:3. They admit Deepa on 1.1.2019. On that date, their balance sheet showed debit balance of profit and loss account being accumulated loss of Rs. 70,000 on the asset side of the balance sheet. Give the journal entry to transfer the accumulated loss on admission.

Rathna Kumar and Arockia Das are partners in a firm sharing profits and losses in the ratio of 3:2. Their balance sheet as on 31st March, 2017 is as follows:

David was admitted into the partnership on 1.4.2017. Pass journal entry to distribute the accumulated profits and reserve on admission.

Anbu and Raju are partners, sharing profits in the ratio of 3:2. Akshai is admitted as a partner. The new profit sharing ratio among Anbu, Raju and Akshai is 5:3:2. Find out the sacrificing ratio.

Hari and Saleem are partners sharing profits and losses in the ratio of 5:3. They admit Joel for 1/8 share, which he acquires entirely from Hari. Find out the new profit sharing ratio and sacrificing ratio.

A person may join as a new partner in an existing

Revaluation account is also called

When the value of an asset increases, it results in

When an unrecorded liabilities is brought into books, is results in

The revaluation profit or loss is transferred to the old partner's capital accounts, in their __________

Revaluation A/c is a

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

The profit or loss on revaluation of assets and liabilities is transferred to the capital account of 

If the old profit sharing ratio is more than the new profit sharing ratio of a partner, the difference is called

At the time of admission, the goodwill brought by the new partner may be credited to the capital accounts of

The profit and losses of a firm for the last four years were as follows:
2015: Rs.20,000; 2016; Rs. 25,000;
2017; Rs.3,000(loss) 2018; Rs.18,000
You are required to calculate the amount of goodwill on the basis of 5 years purchase of average profit of the last 4 years.

A partnership firm has decided to value its goodwill for the purpose of setting a retiring Partner. The profit of that firm for the last four years were as follows:
2015 : Rs.20,000; 2016 : Rs.25,000; 2017; Rs.24,000 and 2018: Rs.23,000
The business was looked after by a partner. No remuneration was paid to him. The fair remuneration of the partner valued at comes to Rs. 3,000 per annum.
Find out the value of goodwill, if it is valued on the basis of three years purchase of the average profit of the last four years.

From the following information relating to Arul enterprises, calculate the value of goodwill on the basis of 2 years purchase of the average profits of 3 years.
(a) Profits for the years ending 31st December 2016, 2017, and 2018 were Rs. 23,000 Rs.22,000 and Rs. 25,000 respectively.
(b) A non-recurring income of Rs. 2,500 is included in the profits of the year 2016.
(c) The closing stock of the year 2017 was overvalued by Rs. 5,000.

For the purpose of admitting a new partner, a firm has decided to value its good will 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 information, calculate the value of goodwill based on 3 years purchase of Super profit
(i) Capital employed: 1,00,000
(ii) Normal rate of return: 10%
(iii)Average profit of the business: 42,000

From the following information, calculate the value of goodwill based on 3 years purchase of super profit
(i) Capital employed: Rs. 2,00,000
(ii) Normal rate of return: 15%
(iii) Average profit of the business: Rs. 42,000

Calculate the value of goodwill at 5 years purchase of super profit from the following information:
(a) Capital employed: Rs. 1,20,000
(b) Normal rate of profit: 20%
(c) Net profit for 5 years:
2014: Rs. 30,000; 2015: Rs. 32,000; 2016: Rs. 35,000; 2017: Rs. 37,000 and 2018: Rs. 40,000
(d) Fair remuneration to the partners Rs. 2,800 per annum.

From the following information, compute the value of goodwill as per annuity method:
(a) Capital employed: Rs. 50,000
(b) Normal rate of return: 10%
(c) Profits of the years 2016, 2017 and 2018 were Rs. 13,000, Rs. 15,000 and Rs. 17,000 respectively.
(d) The present value of annuity of Rs. 1 for 3 years at 10% is Rs. 2.4868.

From the following information, compute the value of goodwill by capitalising super profit:
(a) Capital employed is Rs. 4,00,000
(b) Normal rate of return is 10%
(c) Profit for 2016: Rs. 62,000; 2017: Rs. 61,000 and 2018: Rs. 63,000

The following particulars are available in respect of the business carried on by a partnership firm:
(i) Profits earned: 2016: Rs. 25,000; 2017: Rs. 23,000 and 2018: Rs. 26,000.
(ii) Profit of 2016 includes a non-recurring income of Rs. 2,500.
(iii) Profit of 2017 is reduced by Rs. 3,500 due to stock destroyed by fire.
(iv) The stock was not insured. But, it is decided to insure the stock in future. The insurance premium is estimated to be Rs. 250 per annum.
You are required to calculate the value of goodwill of the firm on the basis of 2 years purchase of average profits of the last three years.

What is the nature of goodwill?

What is the need for valuation of goodwill?

Explain the classification of goodwill.

How is goodwill calculated under the weighted average profit method?

Venu and Somu are carrying on a business of repairing electronic iterrrs. There are no other technicians for repairing electronic items in the locality. As the electric supply has a lot of fluctuations, the equipments get damaged. Therefore, both the partners themselves do the repairing work to the satisfaction of the customers. The firm donates 10% of its profits to a Charitable Hospital of the locality for the medical treatment of persons below poverty line. State the two factors affecting the goodwill of the firm discussed in the above para. Also identify any two values which the firm is trying to propagate.

The profits and losses of a firm for the last four years were as follows:
2015: Rs. 15,000; 2016: Rs. 17,000; 2017: Rs. 6,000 (Loss); 2018: Rs. 14,000
You are required to calculate the amount of goodwill on the basis of 5 years purchase of average profits of the last 4 years.

A partnership firm has decided to value its goodwill for the purpose of settling a retiring partner. The profits of that firm for the last four years were as follows:
2015: Rs. 40,000; 2016: Rs. 50,000; 2017: Rs. 48,000 and 2018: Rs. 46,000
The business was looked after by a partner. No remuneration was paid to him. The fair remuneration of the partner valued at comes to Rs. 6,000 per annum.
Find out the value of goodwill, if it is valued on the basis of three years purchase of the average profits of the last four years

From the following information relating to Arul enterprises, calculate the value of goodwill on the basis of 2 years purchase of the average profits of 3 years.
(a) Profits for the years ending 31^st December 2016, 2017 and 2018 were Rs. 46,000, Rs. 44,000 and Rs. 50,000 respectively.
(b) A non-recurring income of Rs. 5,000 is included in the profits of the year 2016.
(c) The closing stock of the year 2017 was overvalued by Rs. 10,000.

The following particulars are available in respect of a business carried on by a partnership firm:
(a) Profits earned: 2016: Rs. 30,000; 2017: Rs. 29,000 and 2018: Rs. 32,000.
(b) Profit of 2016 includes a non-recurring income of Rs. 3,000.
(c) Profit of 2017 is reduced by Rs. 2,000 due to stock destroyed by fire.
(d) The stock is not insured. But, it is decided to insure the stock in future. The insurance premium is estimated at Rs. 5,600 per annum.
You are required to calculate the value of goodwill on the basis of 2 years purchase of average profits of the last three years.

From the following information relating to a partnership firm, find out the value of its goodwill based on 3 years purchase of average profits of the last 4 years:
(a) Profits of the years 2015, 2016, 2017 and 2018 are Rs. 10,000, Rs. 12,500, Rs. 12,000 and Rs. 11,500 respectively.
(b) The business was looked after by a partner and his fair remuneration amounts to Rs. 1,500 per year. This amount was not considered in the calculation of the above profits.

What is Annuity?

What is meant by number of years purchase at the time of valuation of goodwill?

Why is goodwill considered as an intangible asset but not a fictitious assets?

How does the factor's 'quality of product' affect the goodwill of a firm?

How does the 'market situation' affect the value of goodwill of a firm?

What is Annuity?

What is meant by number of years purchase at the time of valuation of goodwill?

Why is goodwill considered as an intangible asset but not a fictitious assets?

How does the factor's 'quality of product' affect the goodwill of a firm?

How does the 'market situation' affect the value of goodwill of a firm?

Which is the present value of a firm's future excess earnings?

Goodwill is shown under fixed assets in the ___________

The monetary value of such advantage is termed as ____________

Goodwill helps in earning more profit and attracts more _________

The profit earning capacity of the firm determines the value of its _____________

Which of the following statements is true?

Super profit is the difference between

The average rate of return of similar concerns is considered as

Which of the following is true?

Identify the incorrect pair

Write up the capital and current accounts of the partners, Kannagi and vasugi from the following details.

From the following information, prepare capital accounts of partners Manoj and Seran, when their capitals are fluctuating

Mala,Kala and Ratna share profits and losses in the ratio of 3: 2:1. The capital on 1^st April 2017 was Rs.90,000 for Mala, 75,000 for Kala and Rs.60,000 for Ratna and their current accounts show a credit balance of Rs.15,000,10,000 and Rs.5000 respectively. Calculate interest on capital at 5% p.a for the year ending 31^st march 2018 and show the journal entries.

From the following balance sheets of Subha and Sudha who share profits and losses equally. Calculate interest on capital at 6% p.a for the year ending 31^st December 2017.

Drawing of Shubha and Sudha during the year were Rs.5,000 and Rs.7,000 respectively profit earned during the year was Rs.30,000.

Anusha and Barathi contribute Rs.2,00,000 and Rs.1,00,000 respectively as capital. Their respective share of profit is 3:2 and the profit before interest on capital for the year is Rs.27,000. Compute the amount of interest on capital in each of the following situations:
(i) If the partnership deed is silent as to the interest on capital
(ii) If interest on capital @ 3% is allowed as per the partnership deed
(iii) If the partnership deed allows interest on capital @ 5% p.a.

A, B, C and D are partners in a firm. There is no partnership deed. How will you deal with the following?
(i) A has contributed maximum capital. He demands interest on capital at 12% per annum.
(ii) B has withdrawn Rs.1,000 per month. Other partners ask B to pay interest on drawings @ 10% per annum to the firm. But, B does not agree to it.
(iii) Loan advanced by C to the firm is Rs. 10,000. He demands interest on loan @ 9% per annum. A and B do not agree with this.
(iv) D demands salary at the rate of Rs. 5,000 per month as he spends full time for the business. B and C do not agree with this.
(v) A demands the profit to be shared in the capital ratio. But, B, C and D do not agree.

From the following information, prepare capital accounts of partners Shanthi and Sumathi, when their capitals are fixed.

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

From the following information, prepare capital accounts of partners Mannan and Sevagan, when their capitals are fluctuating.

Arulappan and Nallasamy are partners in a firm sharing profits and losses in the ratio of 4:1. On 1st January 2018, their capitals were Rs. 20,000 and Rs. 10,000 respectively. The partnership deed specifies the following:
(a) Interest on capital is to be allowed at 5% per annum.
(b) Interest on drawings charged to Arulappan and Nallasamy are Rs. 200 and Rs. 300 respectively.
(c) The net profit of the firm before considering interest on capital and interest on drawings amounted to Rs. 18,000.
Give necessary journal entries and prepare Profit and loss appropriation account for the year ending 31st December 2018. Assume that the capitals are fluctuating.

Explain the procedure for preparation of final accounts of a partnership firm.

What is Fluctuating capital method?

The firm of A and B earned a profit of Rs.2,75,000 during the year ending on 31st March, 2015. They have decided to donate 10% of this profit to an NGO working for senior citizens. Pass necessary journal entry for the distribution of profits. Identify the values shown by the firm in donating a part of profit of NGO.

Give the format of Profit and loss Appropriation Accounts.

Why is it the capital account of a partner does not show a "Debit balance" inspite of regular and consistent losses year after year.

From the following balance sheets of Subha and Sudha who share profits and losses equally, calculate interest on capital at 6% p.a. for the year ending 31st December 2017.

Drawings of Subha and Sudha during the year were Rs. 2,500 and Rs. 3,500 respectively. Profit earned during the year was Rs. 15,000.

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.

A and B contribute Rs. 4,00,000 and Rs. 2,00,000 respectively as capital. Their respective share of profit is 3:2 and the profit before interest on capital for the year is Rs. 27,000. Compute the amount of interest on capital in each of the following situations:
(i) if the partnership deed is silent as to the interest on capital
(ii) if interest on capital @ 3% is allowed as per the partnership deed
(iii) if the partnership deed allows interest on capital @ 5% p.a.

Arun is a partner in a partnership firm. As per the partnership deed, interest on drawings is charged at 12% p.a. During the year ended 31st December 2018 he drew as follows:

Calculate the amount of interest on drawings.

Arul is a partner in a partnership firm. As per the partnership deed, interest on drawings is charged at 12% p.a. During the year ended 31st December 2018 he drew as follows:

Calculate the amount of interest on drawings. 

What is drawing?

What is partner's current Account?

Suresh and Ramesh are partners in a firm with capitals of Rs. 3,00,000 and Rs. 4,00,000 respectively. The do not have a partnership deed. Ramesh wants to share the profits in the ratio of capitals. State with reason whether the claim is valid

A and B are partners in a firm without a partnership deed. A is an active partner and claims a salary of Rs. 18,000 per month. State with reasons whether the claim is valid or not

Interest on partner's capital and interest on drawings are recorded through profit and loss appropriation account instead of profit and loss account. Why?

Mannan and Ramesh share profits and losses in the ratio of 3:1. The capital on 1^st April 2017 was Rs. 80,000 for Mannan and Rs. 60,000 for Ramesh and their current accounts show a credit balance of Rs. 10,000 and Rs. 5,000 respectively. Calculate interest on capital at 5% p.a. for the year ending 31^st March 2018 and show the journal entries.

Antony and Akbar were partners who share profits and losses in the ratio of 3:2. Balance in their capital account on 1^st January 2018 was Antony Rs. 60,000 and Akbar Rs. 40,000. On 1^st April 2018 Antony introduced additional capital of Rs. 10,000. Akbar introduced additional capital of Rs. 5,000 during the year. Calculate interest on capital at 6% p.a. for the year ending 31^st December 2018.

The capital account of Arivazhagan and Srinivasan on 1^st January 2017 showed a balance of Rs. 15,000 and Rs. 10,000 respectively. On 1^st July 2017, Arivazhagan introduced an additional capital of  Rs. 5,000 and on 1st September 2017 Srinivasan introduced an additional capital of Rs. 10,000. Calculate interest on capital at 6% p.a. for the year ending 31^st December 2017.

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.

Rajan is a partner who withdrew Rs. 30,000 during the year 2018. Interest on drawings is charged at 10% per annum. Calculate interest on drawings on 31st December, 2018.

The name under which the business of a firm is carried on is called the ____________

The profit or loss arising from the partnership business is shared by the partners in the ___________

In India, partnership firms are governed by the Indian partnership Act ___________

The maximum number of partners in a partnership firm is ________

In sole proprietorship, the profit or loss in the profit and loss account is transferred directly to the sole proprietor's ___________

In the absence of a partnership deed, profits of the firm will be shared by the partners in 

In the absence of an agreement among the partners, interest on capital is

As per the Indian Partnership Act, 1932, the rate of interest allowed on loans advanced by partners is

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

When fixed capital method is adopted by a partnership firm, which of the following items will appear in capital account?

From the Receipt and Payment Account given below, prepare the Income and Expenditure Account of clean Delhi club for the year ended March 31, 2017

From the following Receipt and Payment Account for the year ending 31^st March 2015 of crickets club. Prepare Income and Expenditure Account for the same period:

The following additional information is available:
(i) Salaries outstanding Rs. 1,500
(ii) Entertainment expenses outstanding Rs. 500
(Hi) Bank interest receivable Rs. 150
(iv) Subscription accrued Rs. 400
(v) 50 percent of entrance fees is to capitalised
(vi) Furniture is to be depreciated at 10percent per annum

From the following balances prepare a balance sheet as on 31^st1March 2016.

Following is the receipts and payments accounts of Literacy club for the year ended 31^st March 2016

Additional information:
(i) Subscription outstanding as on 31^st March, 2015 were Rs. 2000 and on 31^st March, 2016 Rs. 2,500.
(ii) On 31^st March, 2016 Salary outstanding was Rs. 600 and rent outstanding was Rs. 1,200.
(iii) The club owned furniture Rs. 15,000 and books Rs. 7,000 on 1st April, 2015. Prepare income and expenditure account of the dub for the year ended 31^st March 2016 and as certain capital fund on 31^st March, 2015. Also prepare a balance sheet as on 31^st March, 2016.

From the following Receipts and Payments Account of Trichy, Rotary club, prepare Income and Expenditure Account for the year ended 31.03.2019

From the following particulars of Chennai Sports Club, prepare Receipts and Payments account for the year ended 31^st March, 2018.

From the following particulars of Poompuhar Literary Association, prepare Receipts and Payments account for the year ended 31^st March, 2019.

From the following particulars of Vellore Recreation Club, prepare Receipts and Payments account for the year ended 31^st March, 2017.

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

Compute capital fund of Karur Social Club as on 31.03.2018

Yuvan foundation is formed to educate and to provide jobs to unemployed women. Identify the values involved.

Youth of India sports club decided to donate Rs. 50,000 and spread awareness among the people of nearby societies about cleanliness in the country under the programme "Bharat Abhiyan". Identify the values highlighted.

What are the differences between Trade organisation and Not-for-profit organisation?

From the following informatlon calculate the amount of subscription to be credited  to the Income and Expenditure A/c for the year 2013-14.

Subscriptious of Rs. 9,000 is still in arrears for the year 2012- 13.

Prepare balance sheet of Cosmos club as on 31^st March, 2014.

Interest accured on Tournament Fund Investment Rs. 6,000.

From the following particulars of Tamil Educational Society, prepare Receipts and Payments account for the year ended 31^st March, 2019.

From the following particulars of Trichy Educational Society, prepare Receipts and Payments account for the year ended 31^st December, 2018

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

How the following items will appear in the final accounts of a club for the year ending 31st March, 2019?

There are 300 members in the club each paying an annual subscription of Rs. 200 per annum. Subscription still outstanding for the year 2017- 2018 is Rs.1,000.

How will the following items appear in the final accounts of a club for the year ending 31^st March 2017? A club received subscription of Rs. 25,000 during the year 2016-17. This includes subscription of Rs. 2,000 for 2015-16 and Rs. 1,500 for the year 2017-18. Subscription of Rs. 500 is still outstanding for the year 2016-17.

What are the features of not-for-profit organizations?

Explain the steps in preparations of receipts and payments account.

Write a note on Donations

Can the balance in receipts and payments account be treated as income of the period? If it shows credit balance  what does it mean?

Every receipt and Payments, whether capital or revenue and irrespective of the period is recorded in receipts and payments accounts why? Give reason.

From the following details calculate the amount that will be shown as subscription in Income and Expenditure Account for the year ending 31^st March, 2017.

Subscription outstanding for the year 2016-17 is Rs. 2,400. Subscription for 2016-17 received in 2015-16 was Rs.1,000

How will the following items appear in the final accounts of a sports club?

From the following details calculate the printing and stationery to be debited to Income and Expenditure Account for the year ending 31^st March, 2018 and also show how it will appear in the Balance Sheet as on 31^st March, 2018.

How will the following appear in the final accounts of a club for the year 2017 – 2018?

State the meaning of not–for–profit organisation

An advance receipt of subscription from a member of the non - profit organization is considered as alan __________

Income and Expenditure account is based on _________

Which of the following is to be recorded in an income and expenditure account?

Subscription received but not yet earned is considered as a /an _____________

Rs. 10,000 received as to annual membership subscription. Out of this Rs. 2,000 is pertaining to the previous accounting period whereas Rs. 1000 is receivable at the end of the current accounting period. Calculate the amount of subscription that will be shown in the income and expenditure account for this accounting.

Receipts and payments account is a

Receipts and payments account records receipts and payments of

Balance of receipts and payments account indicates the

Income and expenditure account is a

Income and Expenditure Account is prepared to find out

What shall be the profits of the concern if:

Calculate the missing information:

Mrs. Geetha started business with Rs. 1,20,000 as capital on 1.4.2018. During the year she has withdrawn at the rate of Rs. 1,000 per month. She introduced Rs. 20,000 as additional capital. Her position on 31.3.2019 was as follows.

She keeps her books under single entry system, determine for profit or loss for the year 2003-04. 

From the following find out credit sales.

From the following details, find out credit purchases:

Ahmed does not keep proper books of accounts. Find the profit or loss made by him for the year ending 31^st March, 2018.

Ahmed had withdrawn Rs. 40,000 for his personal use. He had introduced Rs.16,000 as capital for expansion of his business. A provision of 5% on debtors is to be made. Plant is to be depreciated at 10%.

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 details of Abdul who maintains incomplete records, prepare Trading and Profit and Loss account for the year ended 31^st March, 2018 and a Balance Sheet as on the date.

Bharathi does not maintain her books of accounts under double entry system. From the following details prepare trading and profit and loss account for the year ending 31^st March, 2019 and a balance sheet as on that date.

Other Information:

Arjun carries on grocery business and does not keep his books on double entry basis. The following particulars have been extracted from his books:

Other information for the year ending 31-3-2019 showed the following

Total sales during the year were Rs. 85,000. Purchases returns during the year were Rs. 2,000 and sales returns were Rs.1,000. Depreciate plant and machinery by 5%. Provide Rs. 300 for doubtful debts. Prepare trading and profit and loss account for the year ending 31st March, 2019 and a balance sheet as on the date.

Radhika started a small bakery for providing healthy and good quality bakery product at reasonable prices on 1^st January, 2019 with a capital of Rs. 1,80,000. She appointed a ten year old boy as a sweeper. She withdrew Rs. 60,000 for household expenses. She introduced Rs. 20,000as fresh capital. Her position of assets and liabilities as at 31^st December, 2019 stood as follows.

Which values are affected, when accounts are maintained on single entry system basis.

Definition of single entry system?

Calculate the profit from the following information

Calculate opening capital:

From the following details, calculate the missing figure

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

From the following details, calculate the missing figure:

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. 

On 1^st April 2017, Ganesh started his business with a capital of Rs.75,000. He did not maintain proper book of accounts. Following particulars are available from his books as on 31.03.2018

During the year he withdrew Rs. 15,000 for his personal use. He introduced further capital of Rs. 20,000 during the year. Calculate his profit or loss. 

Under single entry system is it possible to check the arithmetical accuracy of books of accounts?

Can a limited company maintain its accounts under single entry system?

Why is statement of affairs prepared under single entry system not referred to as balance sheet?

What are the possible reasons for keeping incomplete records?

Mention, two characteristics of "Accounts from Incomplete Records".

From the following particulars ascertain profit or loss: 

From the following particulars ascertain profit or loss:

Find out credit sales from the following information:

From the following particulars, prepare bills receivable account and compute the bills received from the debtors

From the following details, calculate credit purchases

The different between the total of assets and total of liabilities is taken as __________

The total assets of a proprietor are Rs. 5,00,000. His liabilities Rs. 3,50,000. Then his capital in the business is ____________

A firm has assets worth Rs. 60,000 and capital Rs. 45,000.Then it's liabilities is _________

Under the net worth method, the basis for ascertaining the profit is ________

Credit sale is obtained from _________

Incomplete records are generally maintained by

Statement of affairs is a

Opening statement of affairs is usually prepared to find out the

The excess of assets over liabilities is

Which of the following items relating to bills payable is transferred to total creditors account?

Statement of affairs is a

Opening statement of affairs is usually prepared to find out the

Which one of the following statements is not true in relation to incomplete records?

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

When capital in the beginning is Rs. 10,000, drawings during the year is Rs. 6,000, profit made during the year is Rs. 2,000 and the additional capital introduced is 3,000, find out the amount of capital at the end

When capital in the beginning is Rs. 10,000, drawings during the year is Rs. 6,000, profit made during the year is Rs. 2,000 and the additional capital introduced is 3,000, find out the amount of capital at the end

A firm has liabilities is Rs. 50,000 and Capital is Rs. 25,000. Then its assets is ______________

Receipts and payments account records receipts and payments of

Rs. 10,000 received as to annual membership subscription. Out of this Rs. 2,000 is pertaining to the previous accounting period whereas Rs. 1000 is receivable at the end of the current accounting period. Calculate the amount of subscription that will be shown in the income and expenditure account for this accounting.

Profit after interest on drawings, interest on capital and remuneration is Rs. 10,500. Geetha, a partner, is entitled to receive commission @ 5% on profits after charging such commission. Find out commission.

Incomplete records are generally maintained by

Which of the following formulas is used to calculated the net income for an accounting period?

Subscription due but not received for the current year is

_______are the amounts received by not for- profit organisations as a gift

Profit after interest on drawings, interest on capital and remuneration is Rs. 10,500. Geetha, a partner, is entitled to receive commission @ 5% on profits after charging such commission. Find out commission.

Which of the following items relating to bills payable is transferred to total creditors account?

Single entry system is not possible for:

Income and expenditure account is a

On what basis the receipts and payments account is prepared?

Pick the odd one out

Which of the following items relating to bills payable is transferred to total creditors account?

A method wherein omitted information is determined in the first place and by using this information net income or net loss is ascertained is known as __________

Which of the following should not be recorded in the income and expenditure account?

_______Items will be recorded in the balance sheet

Profit after interest on drawings, interest on capital and remuneration is Rs. 10,500. Geetha, a partner, is entitled to receive commission @ 5% on profits after charging such commission. Find out commission.

Calculate the missing information:

Compute the amount of total purchases and total sales of Mr. Amit from the following information for the year ending on March 31, 2018.

From the following details of vijay who maintains incomplete records, prepare trading and profit and loss account for the year ended 31^st March 2018 and a Balance sheet as on the date.

 Other details:

From the following Receipt and Payment Account for the year ending 31^st March 2015 of crickets club. Prepare Income and Expenditure Account for the same period:

The following additional information is available:
(i) Salaries outstanding Rs. 1,500
(ii) Entertainment expenses outstanding Rs. 500
(Hi) Bank interest receivable Rs. 150
(iv) Subscription accrued Rs. 400
(v) 50 percent of entrance fees is to capitalised
(vi) Furniture is to be depreciated at 10percent per annum

From the following extract of Receipt and Payment Account and the additional information given below, compute the amount of income from subscriptions and show as how they would appear in the Income and Expenditure Account for the year ending March 31^st, 2015 and Balance sheet.

Additional Information:
(i) Subscriptions outstanding March 31, 2014 Rs. 8,500
(ii) Total subscriptions outstanding March 31, 2015 Rs. 18,500
(iii) Subscriptions received in advance as Rs. 4,000 on March 31, 2014.

Radhika started a small bakery for providing healthy and good quality bakery product at reasonable prices on 1^st January, 2019 with a capital of Rs. 1,80,000. She appointed a ten year old boy as a sweeper. She withdrew Rs. 60,000 for household expenses. She introduced Rs. 20,000as fresh capital. Her position of assets and liabilities as at 31^st December, 2019 stood as follows.

Which values are affected, when accounts are maintained on single entry system basis.

Yuvan foundation is formed to educate and to provide jobs to unemployed women. Identify the values involved.

Youth of India sports club decided to donate Rs. 50,000 and spread awareness among the people of nearby societies about cleanliness in the country under the programme "Bharat Abhiyan". Identify the values highlighted.

Explain the procedure for preparation of final accounts of a partnership firm.

Under single entry system is it possible to check the arithmetical accuracy of books of accounts?

Why is statement of affairs prepared under single entry system not referred to as balance sheet?

What are the possible reasons for keeping incomplete records?

Explain the steps in preparations of receipts and payments account.

Can the balance in receipts and payments account be treated as income of the period? If it shows credit balance  what does it mean?

The capital of a business is ascertained by preparing _________

Companies cannot keep books on single entry system because of ________

In _____ system, only personal and cash accounts are opened.

Identify the correct formula used to ascertain the closing capital

Total opening balances of assets and liabilities are Rs. 10,000 and Rs. 5,000 respectively. Find out the opening capital of the business ___________

Bharathi does not maintain her books of accounts under double entry system. From the following details prepare trading and profit and loss account for the year ending 31^st March, 2019 and a balance sheet as on that date.

Other Information:

Mary does not keep her books under double entry system. From the following details prepare trading and profit and loss account for the year ending 31^st March, 2019 and a balance sheet as on that date.

Other information

Additional information
Credit purchases 1,80,000
Credit sales 2,90,000
Opening capital 2,80,000
Depreciate furniture and fittings by 10% p.a.

Mrs. Geetha started business with Rs. 1,20,000 as capital on 1.4.2018. During the year she has withdrawn at the rate of Rs. 1,000 per month. She introduced Rs. 20,000 as additional capital. Her position on 31.3.2019 was as follows.

She keeps her books under single entry system, determine for profit or loss for the year 2003-04. 

From the following details of vijay who maintains incomplete records, prepare trading and profit and loss account for the year ended 31^st March 2018 and a Balance sheet as on the date.

 Other details:

From the following particulars of Poompuhar Literary Association, prepare Receipts and Payments account for the year ended 31^st March, 2019.

Bharathi does not maintain her books of accounts under double entry system. From the following details prepare trading and profit and loss account for the year ending 31^st March, 2019 and a balance sheet as on that date.

Other Information:

From the following details of Rakesh, prepare Trading and Profit and Loss account for the year ended 31st March, 2019 and a Balance Sheet as on that date.

Other details:

M/s Saniya sport equipment does not keep proper records. From the following information, find out profit or loss and also prepare balance sheet for the year ended 31^st December 2017.

Drawings Rs. 10,000 per month for personal use, additional capital introduced during the year Rs. 2,00,000. A bad debts Rs. 2,000 and a provision of 5% it to be made on debtors. Outstanding salary 2,400, prepaid insurance Rs. 700, depreciation charged on furniture @ 10% per annum.

From the following particulars of Poompuhar Literary Association, prepare Receipts and Payments account for the year ended 31^st March, 2019.

From the following Receipts and Payments account of Coimbatore Cricket Club for the year ending 31^st March 2016, prepare income and expenditure account for the year ending 31^st March, 2016 and a balance sheet as on that date.