Incomplete records are generally maintained by

The amount of credit sales can be computed from

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

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

In single entry system of accounting ___________

Generally, depreciation on fixed assets is calculated on which balance?

Receipts and payments account is a

Subscription due but not received for the current year is

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

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

Super profit is the difference between

The company earns a net profit of Rs. 24,000 with a capital of Rs. 1,20,000. The NRR is 10% under capitalisation of super profit goodwill will be ___________

James and Kamal are sharing profits and losses in the ratio of 5:3. They admit Sunil as a partner giving him 1/5 share of profits. Find out the sacrificing ratio.

In partnership accounting, capital accounts are prepared under following method __________

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, general reserve is transferred to the

At the time of retirement / death, income sharing ratio among the remaining partners may or______change.

If a share of Rs.10 on which Rs.8 has been paid up is forfeited. Minimum reissue price is

Brave Ltd. Issued 60,000 shares of Rs.10 each at a discount of Re.1 per share. The application money was Rs.2, allotment money was Rs.4 and finale call was of Re.1. The amount of final call will be _______________

The excess amount paid over the called up value of a share is known as _____________

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. 

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

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.

What is legacy?

What is partner's current Account?

Selvam and Senthil are partners sharing profit in the ratio of 2:3. Siva is admitted into the firm with 1/5 share of profit. Siva acquires equally from Selvam and Senthil. Calculate the new profit sharing ratio and sacrificing ratio.

What is over-subscription?

How is the amount of credit sale ascertained from incomplete records?

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

Prakash and Supria were partners who share profits and losses in the ratio of 5 : 3. Balance in their capital account on 1^st April, 2018 was Prakash Rs. 3,00,000 and Supria Rs. 2,00,000. On 1^st July, 2018 Prakash introduced additional capital of Rs. 60,000. Supria introduced additional capital of Rs. 30,000 during the year. Calculate interest on capital at 6% p.a. for the year ending 31^st March, 2019 and show the journal entries.

Kalyan and Dilip are partners in a firm dealing in stationery items. The firm is well managed and enjoys the advantage of being cost effective. It buys stationery items at reasonable cost from Dilip's relative who is manufacture of stationery items. The firm's sale outlet is situated near a school. As a result, the firm is donating 10% of is profits to the nearby school for the education of the students of below poverty line. State any two factors affecting the value of goodwill of the firm. Also identify any two values which the firm is trying to propagate.

Vinoth, Karthi and Pranav are partners sharing profits and losses in the ratio of 2:2:1. Pranav retires from partnership on 1^st April 2018. The following adjustments are to be made.
(i) Increase the value of land and building by Rs. 18,000
(ii) Reduce the value of machinery by Rs. 15,000
(iii) A provision would also be made for outstanding expenses for Rs. 8,000.
Give journal entries and prepare revaluation account.

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.

What are the characteristics of a company?

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.

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

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, and C are partners in affirm sharing profits and losses equally. Their balance sheet as on 31^st 1March 2018 is as follows

'C' Retired on 31st March 2018 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 and capital account of partners

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