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ii.
ii.
iii.
iv.
v.
A partnership agreement which is written and signed by all the partners, and is duly
stamped according to the stamp Act, is called a Partnership Deed.
13.
i.
ii.
iii.
iv.
During the admission of a partner, on closing the revaluation a/c, if the credit side is
greater than the debit side, it results in loss. The profit or loss arising out of
revaluation a/c has to be transferred to old partners capital account in their old
profit sharing ratio.
15.
The ratio in which the old partners have agreed to sacrifice their share in profit in
favour of new partner is called sacrifice ratio.
Sacrifice ratio=old ratio-new ratio.
16.
Give the journal entry for transferring profit on revaluation
Account in a admission of a partner.
Revaluation a/c
to old partners capital a/c
17.
Give the journal entry for Goodwill brought in by the new
partner in cash.
cash A/c
Dr.
to goodwill A/c
(being cash brought in by the new partner for his share of goodwill)
18.
Revaluation account is an account opened for the purpose of ascertain the profit or
loss on account of revaluation of assets and liabilities.
19.
How do you close revaluation account on retirement of a
partner?
On closing the Revaluation A/c, if the credit side shows greater than the debit side,
it results in a profit and if the debit side is higher than the credit side it results in
losses. The profit or loss has to be transferred to capital account of all the partners
in the profit sharing ratio
Prepared by Ganesh Babu R
Mob.9980003959
20.
The ratio in which the continuing partners acquire the outgoing partners share is
called gaining ratio.
Gain Ratio=New ratio old ratio.
21.
22.
Give the journal entry of payment of cash immediately to the
executor.
Diseased partner executor a/c
Dr.
To cash a/c
(Being diseased partner capital a/c paid to is executor)
23.
Give the journal entry for realisation expenses paid on
dissolution of firm.
Realisation A/c
Dr.
to cash A/c
(being realisation expenses paid)
24.
Give the journal entry for the asset taken by a partner in
dissolution of a firm.
Partners capital a/c
Dr.
to Realisation a/c
(Being the assets taken over by the partner).
25.
Give the journal entry to transfer Realisation a/c profit to
partners A and B.
Realisation A/c
Prepared by Ganesh Babu R
Mob.9980003959
to As capital a/c
to Bs capital a/c.
(being the profit on realisation transferred to partners capital account).
26.
Dr.
to Bank a/c
(Being the partners loan repaid on dissolution).
28.
Give journal entry for closing the realisation A/c of a firm
when.
i.
ii.
There is a profit.
There is a loss.
1. There is a profit:
There is a profit.
ii.
There is a loss.
1. There is a profit:
Prepared by Ganesh Babu R
Mob.9980003959
30.
State any two types of shares of a public company (or)Sate
the different types of shares that can be issued by a public
company?
There are two types of shares:
1. Preferensional shares
2. Equity shares.
31.
When the company issues shares at price which is higher than its face value or
nominal value is called Issue of shares at Premium. The difference between the face
value and the issue price is called share Premium.
32.
Sometimes some of the share holders may fail to pay the amount due from on
allotment or calls are called calls in arrears.
34.
In the case of some companies, sometimes, the public may apply for more shares
than those offered to them. When the public apply for more shares than those
offered to them, it is said to be over subscription of shares. In case of over
subscription of shares, some applicants may be allotted less shares than they have
applied for and some applicants may not be allotted any shares at all.
35.
The call money paid in advance by a shareholder to the company even before the
company makes the call is called calls in advance. This is shown as a liability in
the balance sheet under the head current liabilities.
36.
When the shares are issued at a price equal to their nominal value, it is called issue
of shares at par.
37.
What is Debenture?
Debenture are the loan raised by the company usually on long-term basis. It
is an instrument in writing issued by a company under its common sale
acknowledging debt due by the company to its holders.
38.
Under what headings are the following items shown in the
companys Balance sheet?
1. Share premium -under reserve and surplus.
2. Preliminary expenses-under Miscellaneous Expenses.
39.
What is dividend?
Dividend is the portion of net profit of the company that is distributed among
the shareholders according to their share-holdings. It is an appropriation of
profit.
40.
Under what headings do you show the following in Companys
Balance sheet.
1. Share Premium-Reserve and surplus.
2. Discount on issue of shares- Miscellaneous Expenses.
41.
Under what headings will you show the following items in
companys Balance sheet?
1. Bills receivable- loans and advances
2. Preliminary expenses-miscellaneous expenses.
42.
Under what headings do you show the following in companys
Balance sheet?
I.
II.
45.
State any two items which are shown under the heading fixed
asset.
i.
Machinery.
ii.
Furniture.
iii.
Goodwill.
iv.
Building.
46.
Under what headings do you show the following in the
companys Balance sheet?
i.
Machinery-fixed asset
ii.
Cash in hand
Cash at bank
48.
50.
Wear and tear due to actual use: Some fixed asset lose their value due to
actual use. For e.g. A plant used in business loses its value every year on
account of use.
Obsolescence: some fixed assets become useless and lose their value due to
change of fashion or new invention.
51.
What factors do you take into account in determining the
amount of depreciation?
i.
ii.
iii.
55.
a) Straight line method: here the depreciation is charged on the original cost of
the asset every year.
b) Written down value method: in this method, depreciation is calculated on the
written down value of the asset every year.
56.
a. Sports club
b. Hospitals
c. Educational institutions like schools
d. Public libraries.
58.
A non-trading concern is that concern started not for doing business and
making profits but for promoting art, culture, sports, charity, literature etc.
These concerns are created to render services to their members and to the
general public.
For e.g. Educational institution like schools, colleges, public hospitals, public
libraries, sports club etc.
59.
60.
All the expenditure which will result in acquisition of fixed asset or which will
add to the revenue earning capacity of an asset are called capital
expenditure. It is generally of non recurring nature.
62.
63.
Data processing means the methods and procedures used to convert the
available data or unprocessed information in to useful information with the
help of men or computers. It involves the activities related to, collection of
data, manipulation of data and management of the output.
66.
67.
68.
Spread sheet is a large sheet, consisting of several rows and columns with
the help of which, mathematical and financial calculations can be done in a
computer. It is a general software package.
e.g. Lotus 123, excel, v3 etc.
69.