Mention the net amount of ‘Source’ or ‘Use’ of cash when a fixed asset (having book value of Rs. 15,000) is sold at a loss of Rs. 5,000. Post category:Accountancy Reading time:1 mins read SOLUTION Source Rs. 10,000. Please Share This Share this content Opens in a new window X Opens in a new window Facebook Opens in a new window Pinterest Opens in a new window LinkedIn Opens in a new window Viber Opens in a new window VK Opens in a new window Reddit Opens in a new window Tumblr Opens in a new window Viadeo Opens in a new window WhatsApp Read more articles Previous PostWhile preparing the Cash Flow Statement of Alka Ltd. ‘dividend paid was shown as an operating activity by the accountant of the company. Was he correct in doing so? Give reason. (C.B.S.E. 2015) Next PostMention the net amount of ‘Source’ or ‘Use’ of cash from the following: ‘Issue of shares for Rs. 16,00,000 against purchase of business comprising of Non-Current Assets Rs. 14,00,000, Current. Assets Rs. 4,00.000 and took over Current Liabilities at Rs. 2,00,000. (C.B.S.E. 2015). You Might Also Like Y Ltd.’s profit after interest and tax was Rs. 1,00,000. Its Current Assets were Rs. 4,00,000; Current Liabilities Rs. 2,00,000; Fixed Assets Rs. 6,00,000 and 10% Long-term Debt Rs. 4,00,000. The rate of tax was 20%. Calculate ‘Return on Investment’ of Y Ltd. August 17, 2022 Geeta, Sunita and Anita were partners in a firm sharing profits in the ratio of the 5: 3: 2. On 1-1-2015 they admitted Yogita as a new partner Account for 1 / 10th share in the profit was showing a debit balance of Rs. 20,000 which was credited by the accountant of the firm to the capital accounts of Geeta, Sunita and Anita in their profit-sharing ratio. Did the accountant give correct treatment? Give reason in support of your answer. September 27, 2022 Kavita, Leena and Monica are partners in firm sharing profits in the ratio of 1: 1: 3 respectively. Their Capital Accounts showed the following balances on 31st March, 2012: Kavita Rs. 70,000; Leena Rs. 65,000 and Monica Rs. 2,10,000. Firm closes its accounts every year on 31st March. Kavita died on 30th September, 2012. In the event of death of any partner, the Partnership Deed provides for the following: (a) Interest on capital will be calculated at the rate of 6% p.a. (b) The deceased partner’s share in the goodwill of the firm will be calculated on the basis of 2 years’ purchase of the average profit of last three years. The profits of the firm for the last three years were Rs. 90,000; Rs. 1,00,000 and Rs. 1,10,000 respectively. (c) Her share in the Reserve Fund of the firm will be paid. The Reserve Fund of the firm was Rs. 60,000 at the time of Kavita’s death. (d) Her share of profit till the date of death will be calculated on the basis of sales. It is also specified that the sales during the year 2011-12 were Rs. 20,00,000. The sales from 1st April, 2012 to 30th September, 2012 were Rs. 4,00,000. The profit of the firm for the year ending 31st March, 2012 was Rs. 2,00,000. Prepare Kavita’s Capital Account to be presented to his legal representative. August 5, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Y Ltd.’s profit after interest and tax was Rs. 1,00,000. Its Current Assets were Rs. 4,00,000; Current Liabilities Rs. 2,00,000; Fixed Assets Rs. 6,00,000 and 10% Long-term Debt Rs. 4,00,000. The rate of tax was 20%. Calculate ‘Return on Investment’ of Y Ltd. August 17, 2022
Geeta, Sunita and Anita were partners in a firm sharing profits in the ratio of the 5: 3: 2. On 1-1-2015 they admitted Yogita as a new partner Account for 1 / 10th share in the profit was showing a debit balance of Rs. 20,000 which was credited by the accountant of the firm to the capital accounts of Geeta, Sunita and Anita in their profit-sharing ratio. Did the accountant give correct treatment? Give reason in support of your answer. September 27, 2022
Kavita, Leena and Monica are partners in firm sharing profits in the ratio of 1: 1: 3 respectively. Their Capital Accounts showed the following balances on 31st March, 2012: Kavita Rs. 70,000; Leena Rs. 65,000 and Monica Rs. 2,10,000. Firm closes its accounts every year on 31st March. Kavita died on 30th September, 2012. In the event of death of any partner, the Partnership Deed provides for the following: (a) Interest on capital will be calculated at the rate of 6% p.a. (b) The deceased partner’s share in the goodwill of the firm will be calculated on the basis of 2 years’ purchase of the average profit of last three years. The profits of the firm for the last three years were Rs. 90,000; Rs. 1,00,000 and Rs. 1,10,000 respectively. (c) Her share in the Reserve Fund of the firm will be paid. The Reserve Fund of the firm was Rs. 60,000 at the time of Kavita’s death. (d) Her share of profit till the date of death will be calculated on the basis of sales. It is also specified that the sales during the year 2011-12 were Rs. 20,00,000. The sales from 1st April, 2012 to 30th September, 2012 were Rs. 4,00,000. The profit of the firm for the year ending 31st March, 2012 was Rs. 2,00,000. Prepare Kavita’s Capital Account to be presented to his legal representative. August 5, 2022
