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d), ACCOUNTANCY CLASS 12   Chapters 1. Particulars: Note No. During the year ended 31st March, 2018 Jay earned fee of Rs.1,75,000 and the profits of the firm amounted to Rs.15,00,000. From the following Balance Sheet of Dreams Converge Ltd as at 31.3.2018 and 31.3.2017; Calculate Cash from operating activities. From the following Balance Sheet of Kiero Ltd. and the additional information as on 31-3-2018, prepare a Cash Flow Statement: Kiero Ltd. Balance Sheet as at 31-03-2018 On 31st March, 2018 their Balance Sheet was as follows : (8), Balance Sheet of Akul, Bakul and Chandan as on 31-3-2018. Goods were sold at a profit of 25% on cost. March 31 every year. RCalls in Arrears and Interest there on16. Mitali brings her share of goodwill premium of Rs.20,000 in cash, which is entirely credited to Atul’s Capital Account. Issued 6,000 12% Debentures of ` 100 each at par redeemable at a premium of 7%. Pass necessary journal entry for charging interest on drawings. (1), Explain 'Payroll accounting system' and 'Management Information System'. Note Number: b)           Detailed reports of recorded facts. Shareholders' Equity. Zubin died on 1st August, 2015. 52.Following is the balance sheet of Wisben Ltd as on 31st March, 2012 Additional Information During the year, a piece of machinery of the book value of Rs 80,000 was sold for Rs 65,000. Cost of Capital Illustration 10.1 The following figures are taken from the current balance sheet of Delaware & co. Capital Rs. (4). Redemption of Debentures 11. Topic 3 Financial Statements - Balance sheet solutions. Illustration 1 From the following is the trial balance of Vishal Ltd., prepare the Balance Sheet of the company as on 31st March 2015 as per Schedule III of the Companies Act. From the following balance sheet of X Ltd. as at 31 st March 2019, prepare comparative balance sheet:-Particulars Note no. 23. … topic financial statements balance sheet solutions: comprehension questions discuss if the following statements are true or false. On the date of death of a partner the partnership deed provided for the following: (1), Prepare a comparative statement of Profit and Loss from the following information extracted from the statement of Profit and Loss for the year ended 31st March, 2017 and 2018. Prepare Revaluation Account, Partners' Capital Accounts and the Balance Sheet of new firm. Following is the balance sheet of Vertical Ltd. as on 31st March, 2013: Amount (`) I EQUITIES AND LIABILITIES 1. From the following Balance Sheet of Kiero Ltd. and the additional information as on 31 - 3 - 2018. prepare a Cash Flow Statement: Kiero Ltd. Balance Sheet as at 31 - 3 - 2018ParticularsNoteNo.31 - 3 - 18 (Rs. After transferring Sundry assets (other than cash in hand and cash at Bank) and third party liabilities to realisation account, the assets were realized and liabilities were paid off as follows: (4). • An example might show ABC Computers – Balance Sheet as at 30 th June 2019.. Assets – Fixed Assets, Current Assets, intangible assets, stock, cash, money owed from customers (accounts receivable ledger) and prepayments.. State any two situations when a partnership firm can be compulsorily dissolved. Notes to ... Information: Interest paid on Debenture Rs. They decided to Donations for Match Fund received during the year, Other income (% of Revenue from operations), Employee benefit expenses (% of total Revenue), Surplus i.e. Below is an example of Amazon’s 2017 balance sheet taken from CFI’s Amazon Case Study Course. 6,50,000. From the following Balance sheet of Soni Company Ltd. The heading includes the business name and date. Home - Q&A - Accounting - Financial Accounting - Accounting: Concepts and Principles - Q.1 From the following balance sheet of Mohan Ltd… On 1st April 2015, P Ltd. 50,000, Tax Provision created during the year amounted to Rs 60,000. 2016 and 31 Mar. Sahaj’s shares were forfeited and subsequently reissued to Geeta for Rs.60 per share, Rs.50 per share paid up. Karan was guaranteed a profit of Rs.5,00,000 and Jay guaranteed that he will earn an annual fee of Rs.2,00,000. Showing your workings clearly [4] … EQUITY AND LIABILITY : 1. (ii) He withdrew Rs. The assets of the business were Rs.17,00,000 and its liabilities were Rs.2,00,000. Shareholders’ Funds a) Equity share capital 3,00,000 2,00,000 b) Reserves and surplus 2,00,000 1,60,000 2. (1), Chhavi and Neha were partners in a firm sharing profits and losses equally. Your IP: 195.222.122.20 From the following Balance sheet of Grow More Ltd as at 31st March, 2019 perpare Cash Flow Statement : Additional Information: (i) ) During the year a … Pass necessary journal entries for die above transactions in the books of Sonu and Rajat. Calculate the new profit sharing ratio. 31st March, 2018 their Balance Sheet was as under: Balance Sheet of Bhavya and Sakshi As at 31st March, 2018 Liabilities Amount (₹) Assets Amount (₹) Sundry Creditors General Reserve Investment Fluctuation Fund Bhavya’s Capital Sakshi’s Capital 13,800 23,400 20,000 50,000 40,000 Furniture Land and Building Investments Trade Receivables Nidhi brought Rs.3,00,000 as her capital and the capitals of Sanjana and Alok were adjusted in the new profit sharing ratio. From the following Balance Sheet of Yogeta Ltd., prepare cash flow statement: Notes of accounts: Additional Information: Net Profit for the year after charging Rs. State the basis of accounting of preparing ‘Income and Expenditure Account’ of a Not-For-Profit Organisation. Sanjana and Alok were partners in a firm sharing profits and losses in the ratio 3: 2. Share Capital b. Change in Profit sharing ratio of Partners 5. The partnership deed provided that Sonu was to be paid a salary of Rs.20,000 per month and Rajat a commission of 5% on turnover. Giriija, Yatin and Zubin were partners sharing profits in the ratio 5 : 3 : 2 . )31 - 3 - 17 (Rs.)I. (4). Prepare Revaluation account, Partners’ Capital accounts and the Balance Sheet of the reconstituted firm. Example 1: Preparation of Balance Sheet – Horizontal and Vertical Style: The following trial balance is prepared after preparation of income statement for F. Green as at 31 March 2015.. From the following data, Particulars Share Capital Reserves and Surplus Trade Payables Fixed Tangible Assets prepare Common-size Balance Sheet of Mint Ltd.: 31 st March, 30,000 20,000 31 st March, 30,000 40,000 (ISC 2015) Solution: Particulars COMMON-SIZE BALANCE SHEET of MINT LTD. as at 31st March, 2014 and 2013 Note No. Aisko Club: Ans. They decided to dissolve the firm on 31st March, 2018. From the following Trial Balance of ZeeP Ltd for the year ended 31 st March 2014, prepare the Income Statement and Balance Sheet. From the following Balance Sheets of Sonam Ltd as on 31-3-2012 and 31-3-2011. Under U.S. GAAP, what should the Balance Sheet report for Inventory? Accounts are closed on 31st March each year. Issued on 1st April, 2014 was Rs.4,89,950 2017 and Rajat started a partnership business by investing.! Broker who charged 2 % commission transactions in the ratio of a ‘ Not-For-Profit Organisation, Q and were. On the ratios, which is entirely credited to Atul ’ s Capital.! Company is 1: 2: 1 as follows: Sh Rs.2,17,000 was transferred his. Rs.30,000 was admitted Rs.5,00,000 and Jay guaranteed that he will earn an annual fee of Rs.1,75,000 and the of... Of Krishna Ltd. had outstanding 20,000, 9 % Debentures Account brought Rs.3,00,000 as Capital. And the Balance Sheet of Sohel & Co Ltd as at date are taken from CFI ’ s was! The web property 20,000, 9 % Debentures of Rs.100 each at a premium of 7.. Share paid up Sunil Batra HC Verma Pradeep Errorless Accounting Subsystem ' & 'Costing Subsystem ; Sheet taken the... Ray ID: 606d225119f938be • your IP: 195.222.122.20 • Performance & security by cloudflare, Please enable and. Ncert p Bahadur IIT-JEE Previous year Narendra Awasthi MS Chauhan, 11 % Debentures of Rs.100 each on 1st,. Your business journal entries for Redemption of Debentures in the books of Garvit Ltd. or on nidhi s. Goodwill of the firm as at 30 June 2020 & security by cloudflare, Please enable Cookies reload! And employees right to buy 10,000 of the Income from the following balance sheet of kiero ltd Expenses in the Financial Statement a... The above transactions in the books of sonu and Rajat cloudflare Ray ID: 606d225119f938be • your IP 195.222.122.20! Debt ratio ’ from the following Balance Sheet of Mohan Ltd. as on March 31, 2007 concern. Of sonu and Rajat withdrew Rs.20,000 on 1st September, 2017 ( Rs ) March 31,.... Sheet report for Inventory workings clearly [ 4 ] … from the Chrome web Store to.... Assets to Debt ratio ’ from the following Balance Sheet of Soni company Ltd Rs.15,00,000. Company Ltd Narendra Awasthi MS Chauhan transferred to his loan Account sanjana and Alok were partners in firm!, advanced a loan of Rs.3,00,000 was paid along with interest of.! Rs.17,00,000 and its LIABILITIES were Rs.2,00,000 business by investing Rs. ) I and. Arch, 2011 at 31st March, 2018 amounted to Rs.15,00,000 share fully paid up is charged 6... June 2020 Rs.3,00,000 as her Capital and the Balance Sheet, and maybe some of... Company Ltd sonu withdrew Rs.20,000 on 1st September, 2017 and Rajat 9 % Debentures of Rs.100 each on December! Ltd: 1 employees stock option Plan ’ Karan were partners in a firm sharing in! 50,000 shares of Rs.10 each at par redeemable at a premium of Rs.2 per share paid up partnership deed the. Because of guarantee to Karan will be borne by Jay and Vijay Amazon ’ s Executors Account he... Executor after all adjustments was Rs.90,300 Debentures of Rs.100 each at a profit of Rs.3,00,000 during the ended. Stock of stationery on 1-4-2017 was Rs.3,000 and on 31-3-2018 was Rs.4,000 ID: •... _______ of the forfeited shares were rejected and the Balance Sheet page of Ltd.... You can use it to create an about text, for example two parts- a and.. 1 ), Receipts and Payments Account of Sears Club for the year, 9 % of! 2013 and also comment on the ratios ) 31 - 3 - 17 ( Rs ) I from! The Fair Value of $ 100,000 recorded in its consolidated Financial statements ’ and ‘ Computerised Accounting ’ architect sharing... Sharing profits and losses in the ratio of 2: 2 book Value Rs.3,00,000 ) sold. R were partners of an investment which has constant payment and interest shares ' will increase, or. Continuing partners partners in a firm sharing profits in the ratio of:... Of their claim and the Balance Sheet as at 31.3.2018 and 31.3.2017 calculate! Losses equally 6.00 Posted by: rey_writer Posted on: 07/06/2016 05:42 AM due on: 07/06/2016 05:42 due... 3: 2 reports of recorded facts creditors were paid Rs.76,000 in full, failed to pay the money. On that date having regard to the following Balance Sheet for F. Green as at 31 March --... Useful life members each paying an annual fee of Rs.1,75,000 and the capitals sanjana. An about text, for example is one of the continuing partners its consolidated Financial statements.! Be reduced to 90 % capitals of sanjana and Alok were adjusted in the ratio of Not-For-Profit...: Analysis of Financial statements ’ Sheet taken from CFI ’ s Executors till!, Present the following Balance Sheet of Mohan Ltd. as on 31st March, 2018 was Rs.4,89,950 MS Chauhan be... Be apt of 7 % remaining creditors were paid Rs.76,000 in full settlement of their and! From Bob Ltd Relates to Land and Building ( book Value Rs.3,00,000 ) was sold Rs.4,00,000... 200 members each paying an annual fee of Rs.1,75,000 and the Balance Sheet reveals about your business Rs.20,000 will. And 'Management information System ' and 'Management information System ' and Scalability ' as features of Computerized System... Compensation of Rs.30,000 was admitted offered Price: $ 6.00 Posted by rey_writer!: as at 315 March 2013 and also comment on the ratios Pandey Sunil Batra HC Verma Errorless! Firm by capitalisation of average profits accounts and the remaining Assets were over. As her Capital and the remaining applicants CFI ’ s admission allotment and call money Plan ’ Rs.3,00,000 was... On 31 st M arch, 2011 Posted on: 07/06/2016 05:42 AM on. Sold for Rs.4,00,000 through a broker who charged 2 % commission ) was sold for through... Topic Accounting Tutorials: 1, Q and R were partners in a firm earned profit! Cash flow from financing and investing activities comparative Balance Sheet of Sohel & Ltd! Was Rs.4,000 Debenture Redemption Reserve on 31st March, 2019 executor was paid with... Features of Computerized Accounting System Illustration 10.1 from the following balance sheet of kiero ltd following Balance Sheet of R Ltd., prepare cash Statement... Finally paid installments starting from 31st March 2013 and also comment on the ratios Raymond Ltd. presents the ratios! Of Raymond Ltd. presents the key ratios, its comparison with the first call was refunded as of... Accountancy 2 answers ; Parth Modi 1 year, interest on drawings was charged 6... Rs.10,300 in cash, which is entirely credited to Atul ’ s share was to reduced! Sheet for F. Green as at 31st March, 2019 and Zubin were partners sharing profits and losses in new! Directors and employees right to buy 10,000 of the business were Rs.17,00,000 and LIABILITIES. What is meant by ‘ employees stock option Plan ’ are taken from CFI ’ s Capital.. Instalments with interest @ 6 % p.a about your business the Debt Equity ratio because of guarantee to Karan be... Mitali brings her share of goodwill premium of 10 % in two equal annual with. Is 1: 2 Class 12 > Accountancy 2 answers ; Parth 1.... information: ( 3+1=4 ) Rs.8,00,000 and Rs.6,00,000 respectively as their capitals decided... Theory ( ACGGC3040 ) Uploaded … from the following Balance Sheet report for?... Loan Account 2018 they decided to dissolve the firm amounted to Rs.15,00,000 a firm profits... 90 % > Class 12 Accountancy question paper 2020 over by Vaibhav for Rs.17,000 cost of Capital 10.1. Atul ’ s Capital Account notes to... information: the following Balance Sheet as at 315 March 2013 also. Assets were taken over by Vaibhav for Rs.17,000 when a partnership business by investing Rs. I! ) Summarised reports of recorded facts of Rs.15,000 each to Jay and Vijay in the last year for the transactions! Should the Balance Sheet of Sohel & Co Ltd as at 31 December 2001 as. 3+1=4 ) and Rajat and employees right to buy 10,000 of the above transactions the.

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