Vishal Ltd forfeited 2,000 equity shares of Rs 10 each, issued at a premium of Rs 5 per share, held by R for non-payment of the final call of Rs 3 per share. Out of these, 100 shares were re-issued to V at a discount of Rs 4 per share. Pass necessary journal entries.

Pass necessary journal entries for the following transactions in the books of Gopal Ltd.
(i) purchased furniture for Rs 2,50,000 from M/s Furniture Mart. The payment to M/s Furniture Mart was made by issuing equity shares of Rs.10 each at a premium of 25%.
(ii) Purchased a running business from Aman Ltd for a sum of Rs 15,00,000. The payment of Rs 12,00,000 was made by issue of fully paid equity shares of Rs 10 each and balance by a bank draft.
The assets and liabilities consisted of the following
Plant Rs 3,50,000, stock Rs 4,50,000, Land and building Rs 6,00,000, sundry creditors Rs 1,00,000.

Given below is the information extracted from the books of Shyam Ltd.:

Prepare a Comparative Statement of Profit and Loss for the year 2012-13 on the basis of the above information.

Current liabilities of a company are Rs.1,60,000. Its Liquid ratio is 1.5:1 and Current ratio is 2.1:1. Calculate Quick assets and Current assets.

Hari, Ravi and kavi were partners in a firm sharing profits in the ratio of 3:2:1. They admitted Guru as a new partner for 1/7th share in the profits. The new profit sharing ratio will be 2:2:2:1 respectively. Guru brought Rs.3,00,000 for his capital and Rs.45,000 for his 1/7th share of goodwill. Showing your workings clearly,pass necessary journal entries in the books of the firm for the above mentioned transactions.

K and P were partners in a firm sharing profits in 4 : 3 ratio.  Their capitals on 1.4.2009 were : K Rs. 80,000 and P Rs. 60,000.  The partnership deed provided as follows :
(i) Interest on capital and drawing will be allowed and charged @ 12% p.a. and 10% p.a. respectively.
(ii) K and P will be entitled to get monthly salary of Rs. 2,00 and Rs 3,000 respectively.
The profits for the year ended 31.3.2010 were Rs.  1,00,300.  The drawings of K and P were Rs. 40,000 and Rs. 50,000 respectively. Interest on K's drawings was Rs. 2,000 and on P's drawings Rs. 2,500.
Prepare Profit and Loss Appropriation Account of K and P for the year ended 31.3.2010 assuming that the capitals of the partners were fluctuating.

Janta Papers Limited invited applications for 1,00,000 equity shares of Rs. 25 each payable as under:

Applications were received for 4,00,000 shares on January 01, 2017 and allotment was made on February 01, 2017.
Record journal entries in the books of the company to record these share capital transactions under each of the following circumstances:
1. The directors decide to allot 1,00,000 shares in full to selected applicants and the applications for the remaining 3,00,000 shares were rejected outright.
2 The directors decide to make a pro-rata allotment of 25 per cent of the shares applied for to every applicant; to apply the balance of application money towards amount due on allotment; and to refund the amount remaining thereafter.
3 The directors totally reject applications for 2,00,000 shares, accept full applications for 80,000 shares and make a pro-rata allotment of the 20,000 shares to remaining applicants and the excess application money is to be adjusted towards allotment and calls to be made.

'Sulabh Ltd.' invited applications for issuing 1,50,000 equity shares of Rs.10 each at a premium of Rs.3 per share. The amount was payable was payable as follows:
On application - Rs.2 per share
On allotment - Rs.6 per share (including premium)
On first and final call - the balance
Applications for 2,00,000 shares were received and shares were allotted on pro-rata basis to all the applicants. Excess money received with applications was adjusted towards sums due on allotment. Suman who had applied for 2,000 shares failed to pay the allotment and call money. Raman failed to pay first and final call on his 500 shares. Shares of both Suman and Raman were for feited after the final call was made. The forfeited shares were re-issued for Rs.10 per share as fully paid up.
Pass necessary Journal Entries fr the above transactions in the books of the company.

Ram, Rahim and Rehman were partners in a firm sharing profits in the ratio of 4 : 1 : 5.  On 28th February, 2010 the firm was dissolved on the date of dissolution, the Balance sheet of the firm was as follows :

Assets realised as follows : Debtors Rs. 2,70,000; Stock at 15% less; Furniture was taken over by Ram for Rs. 79,000.  Building was sold for Rs.29,00,000. Rehman took over 50% of the Machinery at 5% less than the book value.  Bank loan was paid with interest of Rs. 9,500. Creditors allowed a discount of 5%.  Expenses of dissolution Rs. 7,000 were paid by Rehman.  Remaining machinery was sold at 50% profit.

Prepare the Realisation Account, Partners' Capital Account and Bank Account.

Given below is the Balance Sheet of Krishna and Suresh who are partners in a firm sharing profits in the ratio of 3:2.

On that date Mohan is admitted as a partner for 1/5th share on the following terms:

(a)He is to contribute Rs.14,000 as his share of capital which includes his share of premium for goodwill.

(b)Goodwill is valued at 2 years' purchase the average profits of the last 4years, which were Rs.10,000; Rs.9,000, Rs.8,000 and Rs.13,000 respectively.

(c)Plant to be written down to Rs.25,000 and patents written up by Rs.8,000.

(d)Unrecorded investment Rs.7,000

Prepare Revaluation Account, Partners' Capital Accounts and the Balance Sheet of the new firm.

From the following particulars relating to Silver Point, prepare a Receipt and Payment account for the year ending March 31, 2017.

The balance sheet of Subhash and Ramesh, who share profits equally is given below
                                         Balance Sheet
                                   as at 31st March, 2015

On the given date, April is admitted for 3/7th share and the following adjustments are agreed upon
(i) Outstanding salaries are of a clerk, Jagadish, who has left the job and is untraceable. Therefore, it is decided to write-off the salaries.
(ii) Provision for tax is to be increased upto RS.17,500.
(iii) Bank reconciliation statement revealed overdraft as per pass book at RS.4,500.
(iv) Included in debtors, is an amount of RS.3,500 owed by Dinesh, who has left the city. So, it is decided to write-off the above amount.
(v) At the end of the year, stock worth RS.20,000 lying with the customers, is not brought to account.
(vi) Furniture and fittings are found overvalued by RS.1,00,000 and plant and machinery by RS.20,000.
(vii) Land and Buildings are overvalued by RS.1,00,000.
(viii) Ramesh uses a laptop which has been purchased from firm's funds. This laptop has not been shown in the above balance sheet. Its value has been agreed upon at RS.12,500.
(ix) Both the partners purchased smart phones from the firm's money. These smart phones are valued at RS.5,000 each.
Prepare revaluation account to give effect to the above transactions.

A company offers 20,000 shares to the public. The amount payable is as follows
On application Rs 3 per share, on allotment Rs 2 per share, on first call Rs 3 per share and on final call Rs 2 per share, on first cal  Rs 3 per share and on
final call Rs 2 per share.
Applications are received for 30,000 shares.
The directors make the allotment as follows
(i) No allotment to applicants for 6,000 shares.
(ii) Rest were allotted on a pro-rata basis.
All calls were duly made and paid except
(i) a, a holder of 200 shares paid both the calls with allotment.
(ii) B, a holder of 400 shares fails to pay both the calls.
(iii) C, a holder of 200 shares fails to pay the second call.
Pass the necessary journal entries to record the above transactions in the company's books.
Identify the values being violated by the company and shareholders.

The capital of a non-profit organization is generally known as

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

Expenditures greater than incomes of a non-profit organization give rise to a

The receipts and payments account of a non-profit organization is a

On the retirement of a partner any reserve being should be transferred to the capital account of:

In the revaluation account a decrease in the value of plant and machinery:

Good will of the firm is valued Rs. 30000. C an incoming partner purchase 1/4 share of total profit Good will be raised in the books.

Which of the following is not application of cash?

Dividend paid by a Trading company is classified under which kind of activity while preparing cash flow statement

Purchase of building results in

What are the tools of financial management

Types of financial statement

Secured loans are

As which act companies  is revised schedule VI

Debenture holders are

Securities Premium Reserve collected by the company can be used for:

The minimum share application money is:

Share allotment is a:

Goodwill is a/an :

A partnership deed is silent for the payment of interest on partners’s loan but there was a loss instead of profits during the year 2013-14. At what rate will the interest on partner’s loan be allowed?