From the following details, calculate credit purchases

Particulars	Rs
Creditors on 1st April, 2018	50,000
Returns outward	6,000
Cash paid to creditors	1,60,000
Creditors on 31st March, 2019	70,000

From the following details, calculate credit purchases

Particulars	Rs.
Opening creditors	1,70,000
Purchase returns	20,000
Cash paid to creditors	4,50,000
Closing creditors	1,90,000

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

What are the possible reasons for keeping incomplete records?

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

Particulars	Rs.
Prize fund on 1.4.2017	60,000
Prize fund investment on 1.4.2017	60,000
Interest received on prize fund investment	6,000
Prizes distributed	8,000
Donation received for prize fund	12,000

State the meaning of not–for–profit organisation

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.

Priya and Kavitha are partners. Priya draws Rs. 4,000 at the end of each quarter. Interest on drawings is chargeable at 6% p.a. Calculate interest on drawings for the year ending 31st December 2018 using average period.

Mani is a partner, who withdrew Rs. 30,000 on 1^st September, 2018. Interest on drawings is charged at 6% per annum. Calculate interest on drawings on 31^st December, 2018 and show the journal entries by assuming that fluctuating capital method is followed.

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

Salary or commission paid to a partner is debited to profit and loss appropriation account and not to profit and loss account. Why?

From the following information, calculate the value of goodwill on the basis of 3 years purchase of average profits of last four years.

Year	Result	Amount Rs.
2015	Profit	5,000
2016	Profit	8,000
2017	Loss	3,000
2018	Profit	6,000

State any two circumstances under which goodwill of a partnership firm is valued.

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?

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.

State whether the following will be debited or credited in the revaluation account.
(a) Depreciation on assets
(b) Unrecorded liability
(c) Provision for outstanding expenses
(d) Appreciation of assets

What is meant by admission of a partner?

The value of Plant and machinery increased by 10%. State whether revaluation account will be debited or credited.

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.

Rosi, Rathi and Rani are partners of a firm sharing profits and losses equally. Rathi retired from the partnership on 1.1.2018. On that date, their balance sheet showed accumulated loss of Rs. 45,000 on the asset side of the balance sheet. Give the journal entry to distribute the accumulated loss.

What is New profit sharing ratio?

Who is an outgoing partner?

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:

On application	Rs.5 per share
On allotment	Rs.3 per share
On first and final call	Rs.2 per share

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

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).

What is allotment?

What are the differences between over subscription and under subscription?

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

Particulars	31st March 2016	31st March 2017
	Rs.	Rs.
I EQUITY AND LIABILITIES
Shareholders’ fund	1,00,000	2,60,000
Non-current liabilities	50,000	60,000
Current liabilities	25,000	30,000
Total	1,75,000	3,50,000
II ASSETS	1,00,000	2,00,000
Current assets	75,000	1,50,000
Total	1,75,000	3,50,000

What is working capital?

What is trend analysis?

What is funds flow analysis?

What is quick ratio?

What does return on investment ratio indicate?

Why should the inventory turnover ratio be more important when analysing a grocery store than an insurance company?

The liquidity of a business firm is measured by its ability to satisfy its long-term obligations as they become due. Comments.

What is automated accounting system?

What are accounting reports?

What is computerised accounting system?

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.