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 Ram, Laxman and Bharat are partners sharing profits in the ratio of 3: 2: 1. Goodwill is appearing in the books at a value of Rs. 1,80,000. Laxman retires and at the time of his retirement, goodwill is valued at Rs. 2,52,000. Ram and Bharat decided to share future profits in the ratio of 2 : 1. The Profit for the first year after Laxman’s retirement amount to Rs. 1,20,000. Give the necessary Journal entries to record goodwill and to distribute the profit. Show your calculations clearly. August 3, 2022 Classify debentures from the point of view of convertibility. September 29, 2022 Record the journal entries for forfeiture and reissue of shares in the following cases:(i) Basak Ltd. forfeited 20 shares of Rs. 10 each, Rs. 7 called-up on which the shareholder had paid application and allotment money of Rs. 5 per share. Out of these, 15 shares were reissued to Naresh as Rs. 7 per share paid-up for Rs. 8 per share.(ii) Y Ltd. forfeited 90 shares of Rs. 10 each, Rs. 8 called-up issued at a premium of Rs. 2 per share to ‘R‘ for non-payment of allotment money of Rs. 5 per share (including premium). Out of these, 80 shares were reissued to Sanjay as Rs. 8 called-up for Rs. 10 per share. July 14, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Ram, Laxman and Bharat are partners sharing profits in the ratio of 3: 2: 1. Goodwill is appearing in the books at a value of Rs. 1,80,000. Laxman retires and at the time of his retirement, goodwill is valued at Rs. 2,52,000. Ram and Bharat decided to share future profits in the ratio of 2 : 1. The Profit for the first year after Laxman’s retirement amount to Rs. 1,20,000. Give the necessary Journal entries to record goodwill and to distribute the profit. Show your calculations clearly. August 3, 2022
Record the journal entries for forfeiture and reissue of shares in the following cases:(i) Basak Ltd. forfeited 20 shares of Rs. 10 each, Rs. 7 called-up on which the shareholder had paid application and allotment money of Rs. 5 per share. Out of these, 15 shares were reissued to Naresh as Rs. 7 per share paid-up for Rs. 8 per share.(ii) Y Ltd. forfeited 90 shares of Rs. 10 each, Rs. 8 called-up issued at a premium of Rs. 2 per share to ‘R‘ for non-payment of allotment money of Rs. 5 per share (including premium). Out of these, 80 shares were reissued to Sanjay as Rs. 8 called-up for Rs. 10 per share. July 14, 2022