Give the meaning of ‘Subscribed and Fully Paid-up Capital. (C.B.S.E. Sample Paper 2013) Post category:Accountancy Reading time:1 mins read SOLUTION When the entire face value of a share is called by the company and is also paid by the shareholder, it is said to be subscribed and fully paid-up capital. Please Share This Share this content Opens in a new window Twitter Opens in a new window Facebook Opens in a new window Google+ 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 PostWhat is the name given to the ‘part of capital’ of a company which is Called-up only on winding up? Next PostGive one point of distinction between Authorised Capital and Issued Capital. You Might Also Like Kamal and Kapil are partners having fixed capitals of Rs. 5,00,000 each as on 31st March, 2018. Kamal introduced further capital of Rs. 1,00,000 on 1st October, 2018 whereas Kapil withdrew Rs. 1,00,000 on 1st October, 2018 out of capital. Interest on capital is to be allowed @ 10% p.a. The firm earned net profit of Rs. 6,00,000 for the year ended 31st March, 2019. Pass the Journal entry for interest on capital and prepare Profit and Loss Appropriation Account. July 21, 2022 Under what circumstances premium for Goodwill paid by the incoming partner is not recorded in the books of account? (Delhi 2014 C) October 8, 2022 A, B and C are partners in a firm. Net profit of the firm for the year ended 31st March, 2019 is Rs. 30,000, which has been duly distributed among the partners, in their agreed ratio of 3 : 1 : 1. It is noticed on 10th April, 2019 that the undermentioned transactions were not passed through the books of account of the firm for the year ended 31st March, 2019. (a) Interest on Capital @ 6% per annum, the capital of A, B and C being Rs. 50,000; Rs. 40,000 and Rs. 30,000 respectively. (b) Interest on drawings: A Rs. 350; B Rs. 250; C Rs. 150. (c) Partners’ Salaries: A Rs. 5,000; B Rs. 7,500. (d) Commission due to A (for some special transaction) Rs. 3,000. You are required to pass a Journal entry, which will not affect Profit and Loss Account of the firm and rectify the position of partners inter se. July 22, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Kamal and Kapil are partners having fixed capitals of Rs. 5,00,000 each as on 31st March, 2018. Kamal introduced further capital of Rs. 1,00,000 on 1st October, 2018 whereas Kapil withdrew Rs. 1,00,000 on 1st October, 2018 out of capital. Interest on capital is to be allowed @ 10% p.a. The firm earned net profit of Rs. 6,00,000 for the year ended 31st March, 2019. Pass the Journal entry for interest on capital and prepare Profit and Loss Appropriation Account. July 21, 2022
Under what circumstances premium for Goodwill paid by the incoming partner is not recorded in the books of account? (Delhi 2014 C) October 8, 2022
A, B and C are partners in a firm. Net profit of the firm for the year ended 31st March, 2019 is Rs. 30,000, which has been duly distributed among the partners, in their agreed ratio of 3 : 1 : 1. It is noticed on 10th April, 2019 that the undermentioned transactions were not passed through the books of account of the firm for the year ended 31st March, 2019. (a) Interest on Capital @ 6% per annum, the capital of A, B and C being Rs. 50,000; Rs. 40,000 and Rs. 30,000 respectively. (b) Interest on drawings: A Rs. 350; B Rs. 250; C Rs. 150. (c) Partners’ Salaries: A Rs. 5,000; B Rs. 7,500. (d) Commission due to A (for some special transaction) Rs. 3,000. You are required to pass a Journal entry, which will not affect Profit and Loss Account of the firm and rectify the position of partners inter se. July 22, 2022