What are Current Liabilities? Post category:Accountancy Reading time:1 mins read SOLUTION Current liabilities refer to those liabilities which are to be paid in near future (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 are Current Assets? Next PostWhat is an ideal current ratio? You Might Also Like Capitals of A, B and C as on 31st March, 2019 amounted to Rs. 90,000, Rs. 3,30,000 and Rs. 6,60,000 respectively. Profit of Rs. 1,80,000 for the year ended 31st March, 2019 was distributed in the ratio of 4 : 1 : 1 after allowing interest on Capital @ 10% p.a. During the year, each partner withdrew Rs. 3,60,000. The Partnership Deed was silent as to profit-sharing ratio but provided for interest on capital @ 12%. Pass the necessary adjustment entry showing the working clearly. July 22, 2022 Calculate Operating Ratio from the following information: Operating Cost Rs. 6,80,000; Gross Profit 25%; Operating Expenses Rs. 80,000. August 17, 2022 Ajay, Bhawna and Shreya were partners sharing profits in the ratio of 2: 2: 1. On 1st July, 2020 Shreya died. The books of accounts are closed on 31st March every year. Sales for the year 2019-20 Rs. 5,00,000 and that from 1st April to 30th June, 2020 were Rs. 1,40,000. Rate of profit during the past three years had been 10% on sales. Since Shreya’s legal representative was her only son, who is specially abled, it was decided that the profit for the purpose of settling Shreya’s account is to be calculated as 20% on sales. Calculate Shreya’s share of profits till the date of her death and pass necessary Journal entry for the same.(CBSE 2018 C, Modified) August 5, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Capitals of A, B and C as on 31st March, 2019 amounted to Rs. 90,000, Rs. 3,30,000 and Rs. 6,60,000 respectively. Profit of Rs. 1,80,000 for the year ended 31st March, 2019 was distributed in the ratio of 4 : 1 : 1 after allowing interest on Capital @ 10% p.a. During the year, each partner withdrew Rs. 3,60,000. The Partnership Deed was silent as to profit-sharing ratio but provided for interest on capital @ 12%. Pass the necessary adjustment entry showing the working clearly. July 22, 2022
Calculate Operating Ratio from the following information: Operating Cost Rs. 6,80,000; Gross Profit 25%; Operating Expenses Rs. 80,000. August 17, 2022
Ajay, Bhawna and Shreya were partners sharing profits in the ratio of 2: 2: 1. On 1st July, 2020 Shreya died. The books of accounts are closed on 31st March every year. Sales for the year 2019-20 Rs. 5,00,000 and that from 1st April to 30th June, 2020 were Rs. 1,40,000. Rate of profit during the past three years had been 10% on sales. Since Shreya’s legal representative was her only son, who is specially abled, it was decided that the profit for the purpose of settling Shreya’s account is to be calculated as 20% on sales. Calculate Shreya’s share of profits till the date of her death and pass necessary Journal entry for the same.(CBSE 2018 C, Modified) August 5, 2022