What are Current Assets? Post category:Accountancy Reading time:1 mins read SOLUTION Current Assets include Cash and other assets which are expected to be converted into Cash within a short period (normally within one year). 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 PostWhat is Current Ratio? Next PostWhat are Current Liabilities? You Might Also Like Competent Ltd. issued a prospectus inviting applications for 50,000 Equity Shares of Rs. 10 each, payable Rs. 5 as per application (including Rs. 2 as premium), Rs. 4 as per allotment and the balance towards first and final call. Applications were received for 65,000 shares. Application money received on 5,000 shares was refunded with letter of regret and allotments were made on pro rata basis to the applicants of 60,000 shares. Money overpaid on applications including premium was adjusted on account of sums due on allotment. Mr. Sharma to whom 700 shares were allotted failed to pay the allotment money and his shares were forfeited by the Directors on his subsequently failure to pay the call money. All the forfeited shares were subsequently sold to Mr. Jain credited as fully paid-up for Rs. 9 per share. You are required to set out the Journal entries and the relevant entries in the Cash Book. July 15, 2022 Bose, Sarkar and Chatterjee are partners in a firm and do not have a partnership deed. Bose introduced further capital of Rs. 5,00,000 on 1st October, 2021. Whereas Chatterjee took a loan of Rs. 50,000 from the firm on 1st October, 2021. Disputes have arisen among them on the following issues: (a) Bose demands interest @ 10% p.a. on Rs. 5,00,000 being his extra capital. (b) Sarkar desires that his son Deep should be admitted as partner and he will give his half of his share. Bose and Chatterjee do not agree. (c) Bose and Sarkar are of the view that Chatterjee should be charged interest on loan from the firm at the lending rate of the banks, which is 12% p.a. (d) Sarkar has withdrawn Rs. 50,000 from the firm for his personal use. Bose and Chatterjee are of the view that Sarkar should be charged interest @ 10% p.a. You are required to give solution to each issue of dispute. September 16, 2022 X and Y are partners sharing profits in the ratio of 3: 1. Z is admitted as a partner for which he pays Rs. 30,000 for goodwill in cash. X, Y and Z decide to share the future profits in equal proportion. You are required to pass a single Journal entry to give effect to the above arrangement August 1, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Competent Ltd. issued a prospectus inviting applications for 50,000 Equity Shares of Rs. 10 each, payable Rs. 5 as per application (including Rs. 2 as premium), Rs. 4 as per allotment and the balance towards first and final call. Applications were received for 65,000 shares. Application money received on 5,000 shares was refunded with letter of regret and allotments were made on pro rata basis to the applicants of 60,000 shares. Money overpaid on applications including premium was adjusted on account of sums due on allotment. Mr. Sharma to whom 700 shares were allotted failed to pay the allotment money and his shares were forfeited by the Directors on his subsequently failure to pay the call money. All the forfeited shares were subsequently sold to Mr. Jain credited as fully paid-up for Rs. 9 per share. You are required to set out the Journal entries and the relevant entries in the Cash Book. July 15, 2022
Bose, Sarkar and Chatterjee are partners in a firm and do not have a partnership deed. Bose introduced further capital of Rs. 5,00,000 on 1st October, 2021. Whereas Chatterjee took a loan of Rs. 50,000 from the firm on 1st October, 2021. Disputes have arisen among them on the following issues: (a) Bose demands interest @ 10% p.a. on Rs. 5,00,000 being his extra capital. (b) Sarkar desires that his son Deep should be admitted as partner and he will give his half of his share. Bose and Chatterjee do not agree. (c) Bose and Sarkar are of the view that Chatterjee should be charged interest on loan from the firm at the lending rate of the banks, which is 12% p.a. (d) Sarkar has withdrawn Rs. 50,000 from the firm for his personal use. Bose and Chatterjee are of the view that Sarkar should be charged interest @ 10% p.a. You are required to give solution to each issue of dispute. September 16, 2022
X and Y are partners sharing profits in the ratio of 3: 1. Z is admitted as a partner for which he pays Rs. 30,000 for goodwill in cash. X, Y and Z decide to share the future profits in equal proportion. You are required to pass a single Journal entry to give effect to the above arrangement August 1, 2022