Himanshu withdrew Rs. 2,500 at the end of each month. The Partnership deed provides for charging interest on drawings @ 12% p.a. Calculate interest on Himanshu’s drawings for the year ending March 31, 2017.

A, B and C were in partnership sharing profits and losses in the ratio of 4 : 2 : 1 respectively. It was provided that in no case C's share in profits should be less than Rs.7,500. The profits for the year 2014-2015 amounted to Rs.31,500. You are required to show the appropriation among the partners.Prepare profit and loss appropriation account.

X Ltd invited applications for 10,000 shares of Rs 10 each at a premium of Rs.20 per share payable as Rs.20 (including 50% premium) on applications and the balance on allotment. Application money received rs 2,20,000. Name the kind of subscription.

Y Ltd invited applications for 10,000 shares of Rs10 each.Applications were received for 90,000 shares. Name the kind of subscription

X and Y are partners in a firm sharing profits and losses as 70% and 30& respectively.Their respective capital as at 1st April, 2015 stand as Rs.2,50,000 and Rs.2,000,000. The partners are allowed @5% per annum by way of Capital.The drawings of the partner's during the year ended 31st March, 2016 amounted to Rs.35,000 and Rs.25,000 respectively.The profit during the year, before charging interest on capital and annual salary of Y@Rs.30,000 amounted to Rs.4,00,000. 10% of this profit is to be kept in reserve
You are asked to show partner's current accounts and capital accounts recording the above transactions.

P, Q and R were partners in a firm sharing profits in the ratio of 5:4:3.Their capitals were Rs.40,000, Rs.50,000 and Rs.1,00,000 respectively.State the ratio in which the goodwill of the firm amounting to Rs.1,20,000 will be adjusted on the retirement of R.

A and B were partners in a firm sharing profits in the ratio of 3:2. They admitted C and D as new partners. The new profit sharing ratio will be 2:2:1:1. C and D brought Rs.2,75,000 each for their respective capitals and also necessary amount of premium for goodwill in cash. Goodwill was valued at Rs.2,40,000 for the firm. Calculate sacrificing ratio of A and B and pass necessary journal entries for the above transactions in the books of the firm.

A,B and C were partners in a firm sharing profit in the ratio of 5:3:2. On 1.4.2005 they admitted D as a new partner for 1/8th share in the profits of the firm. The new profit sharing ratio of A,B,C and D will be 3:2:2:1. On D's admission the goodwill of the firm was valued at Rs.2,40,000. D brought in cash Rs.1,75,000 for his share of capital. He also brought necessary cash as premium for his share of goodwill.

Calculate sacrifice/gain of A,B and C on D's admission. Also pass necessary journal entries for the above transactions in the books of the firm. Show your calculations clearly.

P, Q and R are partners in a firm sharing profits in the ratio of 2 : 2 : 1.  R is guaranteed Rs. 1,20,000 as his share of profit every year.  Deficiency, if any, on that amount shall be borne by Q.  The profits for the year ending 31.03.2015 Rs. 5,00,000.  Fill up the missing figures in the following Profit and Loss Appropriation Account.                    

Kumar, Gupta and Kavita were pertners in a firm sharing profits and losses equally. The firm was engaged in the storage and distribution of canned juice and its godowns were located at three different places in the city. Each godowns was being managed individually by kumar, Gupta and Kavita. Because of increase in business activities at the godown managed by Gupta, he had to devote more time. Gupta demanded that his share in the profits of the firm be increased, to which Kumar and Kavita agreed. The new profit sharing ratio was agreed to be 1:2:1. For this purpose, the goodwill of the firm was valued at two years purchase of the average profits of last five years. The profits of the last five years were as follows:

You are required to:

(i) Calculate the goodwill of the firm.

(ii) Pass necessary Journal for the treatment of goodwill on change in profit sharing ratio of Kumar, Gupta and Kavita.                          

Vinod and Mohan was partners in a firm.  The partnership agreement provided that interest on drawings was to be charged @ 12% p.a.  Vinod had withdrawn the following amounts during the year ended 31.12.2005.

Calculate interest on Vinod's drawings.

BBG Ltd had issued 1,00,000 equity shares of Rs.10 each at a premium of Rs.3 per share
payable with application money. While passing journal entries related to the issue, some blanks are left, you are required to complete these blanks

Unique Pictures Limited was registered with an authorised capital of Rs. 5,00,000 divided into 20,000, 5% preference shares of Rs. 10 each and 30,000 equity shares of Rs. 10 each. The company issued 10,000 preference and 15,000 equity shares for public subscription. Calls on shares were made as under

All these shares were fully subscribed. All the dues were received except the second and final call on 100 equity shares and on 200 preference shares. Record these transactions in the journal. You are also required to prepare the cash book and balance sheet.

Pinki, Deepati and Kaku are partner’s sharing profits in the ratio of 5:4:1. Kaku is given a guarantee that his share of profits in any given year would not be less than Rs. 5,000. Deficiency, if any, would be borne by Pinki and Deepti equally. Profits for the year amounted to Rs. 40,000. Record necessary journal entries in the books of the firm showing the distribution of profit.

Amit, Babu and Charu set up a partnership firm on April 1, 2019. They contributed Rs. 50,000, Rs. 40,000 and Rs. 30,000, respectively as their capitals and agreed to share profits and losses in the ratio of 3 : 2 :1. Amit is to be paid a salary of Rs. 1,000 per month and Babu, a Commission of Rs. 5,000. It is also provided that interest to be allowed on capital at 6% p.a. The drawings for the year were Amit Rs. 6,000, Babu Rs. 4,000 and Charu Rs. 2,000. Interest on drawings of Rs. 270 was charged on Amit’s drawings, Rs. 180 on Babu’s drawings and Rs. 90, on Charu’s drawings. The net profit as per Profit and Loss Account for the year ending March 31, 2020 was Rs. 35,660. Prepare the Profit and Loss Appropriation Account to show the distribution of profit among the partners.

Cronic Limited issued 10,000 equity shares of Rs. 10 each payable at Rs. 2.50 on application, Rs. 3 on allotment, Rs. 2 on first call, and the balance of Rs. 2.50 on second and final call. All the shares were fully subscribed and paid except of a shareholder having 100 shares who could not pay for second and final call. Give journal entries to record these transactions.

Dinesh Ltd issued for public subscription 30,000 equity shares of Rs15 each at par, payable as follows
Rs 7 on application
Rs 5 on allotment
Rs 3 on first and final call
The company received applications for 40,500 shares. Journalise in each of the case mentioned below
(i) When excess applications are rejected.
(ii) When proportionate allotment is made.
(iii) When allotment is made hereunder.
 (a) Applications for 500 shares are rejected.
(b) Applications of 2,000 shares are allotted in full.
 (c) For the balance, pro-rata allotment is made.

Anubha and Kajal are partners of a firm sharing profits and losses in the ratio of 2:1. Their capital, were Rs.90,000 and Rs.60,000. The profit during the year were Rs. 45,000. According to partnership deed, both partners are allowed salary, Rs. 700 per month to Anubha and Rs. 500 per month to Kajal. Interest allowed on capital @ 5%p.a. The drawings during the year were Rs. 8,500 for Anubha and Rs. 6,500 for Kajal. Interest is to be charged @ 5% p.a. on drawings. Prepare partners capital accounts, assuming that the capital account are fluctuating.

Ambrish Ltd offered 2,00,000 equity shares of ₹10 each, of these 1,98,000 shares were subscribed. The amount was payable as ₹3 on application, ₹4 on allotment and balance on first call. If a shareholder holding 3,000 shares has defaulted on first call, what is the amount of money received on first call?

A share of ₹10 each, issued at ₹4 premium out of which ₹7 (including ₹1 premium) was called up and paid up. The uncalled capital will be 

Vibha and Asha are partners in firm. Asha withdrew Rs 1,000 at the end of each quarter during the year ended 31st March, 2022. Interest on drawings will be calculated for an average period of

In the absence of an agreement, partners are entitled to
(i) profit share in capital ratio.
(ii) commission for making additional sale.
(iii) interest on loan and advances by them to the firm.
(iv) salary for working extra hours.
(v) interest on capital.

Interest on calls in arrears is charged according to “Table F” at :

On the admission of a new partner increase in the value of assets is debited to:

A and B share profits and losses in the ratio of 3 : 1, C is admitted into partnership for 1/4 share. The sacrificing ratio of A and B is:

Singh who was allotted 200 equity share of Rs.20 each by a company, failed to pay Rs. 8 each on final call. Shares were re-issued to Kumar at Rs. 20 each. What will be the journal entry on re-issue?

If company wants to calculate amount forfeited on reissued shares, then which amongst the given formula will be used?

Anand, Bahadur and Chander are partners. Sharing profit equally on Chander's retirement, his share is acquired by Anand and Bahadusr in ratio of 3 : 2. The new profit sharing ratio between Anand and Bahadur will be

Abhishek, Rajat and Vivek are partners sharingprofits in the ratio of 5 : 3 : 2. If Vivek retires, the new profit sharing ratio between Abhishek and Rajat will be-

The ratio in which ·the retiring partner's share of goodwill is debited to the capital accounts of continuing partners' is

A partner withdrew Rs.4,000 per month from 1st July, 2016, on beginning of every month. Accounts are closed at 31st March, 2017. Calculate interest on drawings while rate of interest is 10% per annum.

An account operated to ascertain the loss or gain at the death of a partner is called:

Revaluation account is operated to find out gain or loss at the time of:

In the revaluation account an increase in the value of land and building:

Good will is valued as two years purchase of the average profits of three previous years are Rs. 15000, the value of good-will be:

At the time of admission of a new partner the firm is:

Revaluation A/c is prepared to find out the profit or loss on:

Loss is distributed among the partners: