What is meant by Calls-in-Advance? Post category:Accountancy Reading time:1 mins read SOLUTION Calls in advance refers to the amount which has not been called by company but has been paid by some shareholders in advance. 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 PostHow are Calls-in-arrears shown in the Balance Sheet? Next PostHow are Calls in Advance shown in the Balance Sheet? You Might Also Like ‘Sale of goods Rs. 23,000 for cash will not affect the operating ratio.’ Is the statement correct? Give reason. (C.B.S.E. 2020. Rajasthan) October 3, 2022 Sajal and Kajal are partners sharing profits and losses in the ratio of 2: 1. On 1st April, 2021 their Capitals were: Sajal – Rs. 5,00,000 and Kajal – Rs. 4,00,000. Prepare Profit and Loss Appropriation Account and the Partners’ Capital Accounts at the end of the year after considering the following items: (a) Interest on Capital is to be allowed @ 5% p.a. (b) Interest on the loan advanced by Kajal for the whole year, the amount of loan being Rs. 3,00,000. (c) Interest on partners’ drawings @ 6% p.a. Drawings: Sajal Rs. 1,00,000 and Kajal Rs. 80,000. (d) 10% of the divisible profit is to be transferred to Reserve. Profit, before giving effect to the above, for year ended 31st March, 2022 is 7,02,600. October 11, 2022 Give any two characteristics of debenture. September 29, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
‘Sale of goods Rs. 23,000 for cash will not affect the operating ratio.’ Is the statement correct? Give reason. (C.B.S.E. 2020. Rajasthan) October 3, 2022
Sajal and Kajal are partners sharing profits and losses in the ratio of 2: 1. On 1st April, 2021 their Capitals were: Sajal – Rs. 5,00,000 and Kajal – Rs. 4,00,000. Prepare Profit and Loss Appropriation Account and the Partners’ Capital Accounts at the end of the year after considering the following items: (a) Interest on Capital is to be allowed @ 5% p.a. (b) Interest on the loan advanced by Kajal for the whole year, the amount of loan being Rs. 3,00,000. (c) Interest on partners’ drawings @ 6% p.a. Drawings: Sajal Rs. 1,00,000 and Kajal Rs. 80,000. (d) 10% of the divisible profit is to be transferred to Reserve. Profit, before giving effect to the above, for year ended 31st March, 2022 is 7,02,600. October 11, 2022