Name any two items that can be disclosed under ‘Reserve and Surplus’. Post category:Accountancy Reading time:1 mins read SOLUTION (i) Capital Reserve; (ii) Securities Premium Reserve. 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 PostName any two sub-line items (sub-headings) under which “Current Assets’’ shall be classified in the Balance Sheet of a Company. Next PostName any two items that can be disclosed under ‘Long-term Borrowings’. You Might Also Like A and B are partners sharing profits equally. A drew regularly Rs. 4,000 in the beginning of every month for six months ended 30th September, 2019. Calculate interest on drawings @ 5% p.a. for a period of six months. July 21, 2022 Ram, Mohan and Sohan were partners sharing profits in the ratio of 2: 1: 1. Ram withdrew Rs. 3,000 every month and Mohan withdrew Rs. 4,000 every month. Interest on drawings @6% p.a. was charged, whereas the partnership deed was silent about interest on drawings. Showing your working clearly, pass the necessary adjustment entry to rectify the error. October 11, 2022 P, Q and R are partners sharing profits and losses in the ratio of 3 : 3 : 2 respectively. Their respective capitals are in their profit-sharing proportions. On 1st April, 2018, the total capital of the firm and the balance of General Reserve are Rs. 80,000 and Rs. 20,000 respectively. During the year 2018-19, the firm made a profit of Rs. 28,000 before charging interest on capital @ 5%. The drawings of the partners are P — Rs. 8,000; Q — Rs. 7,000; and R — Rs. 5,000. On 31st March, 2019, their liabilities were Rs. 18,000. On this date, they decided to dissolve the firm. The assets realised Rs. 1,08,600 and realisation expenses amounted to Rs. 1,800. Prepare necessary Ledger Accounts to close the books of the firm. July 26, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
A and B are partners sharing profits equally. A drew regularly Rs. 4,000 in the beginning of every month for six months ended 30th September, 2019. Calculate interest on drawings @ 5% p.a. for a period of six months. July 21, 2022
Ram, Mohan and Sohan were partners sharing profits in the ratio of 2: 1: 1. Ram withdrew Rs. 3,000 every month and Mohan withdrew Rs. 4,000 every month. Interest on drawings @6% p.a. was charged, whereas the partnership deed was silent about interest on drawings. Showing your working clearly, pass the necessary adjustment entry to rectify the error. October 11, 2022
P, Q and R are partners sharing profits and losses in the ratio of 3 : 3 : 2 respectively. Their respective capitals are in their profit-sharing proportions. On 1st April, 2018, the total capital of the firm and the balance of General Reserve are Rs. 80,000 and Rs. 20,000 respectively. During the year 2018-19, the firm made a profit of Rs. 28,000 before charging interest on capital @ 5%. The drawings of the partners are P — Rs. 8,000; Q — Rs. 7,000; and R — Rs. 5,000. On 31st March, 2019, their liabilities were Rs. 18,000. On this date, they decided to dissolve the firm. The assets realised Rs. 1,08,600 and realisation expenses amounted to Rs. 1,800. Prepare necessary Ledger Accounts to close the books of the firm. July 26, 2022