i want to solve questions related to accountancy
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"Here are some questionsbof accounting "
1) What is a purpose of ledger?
2) What is meant by journal proper?
3) Define Accounting?explain its features.
4) Explain the qualitative characteristics of accountimg information?
5) What are the advantages of ready made accounting software?
6) Compare computerized accounting with the manual accounting system?
7) Explain the meaning of the following terms with example: a. Debtors and creditors b. Receivables and payables.
8) A, B, C and D were partners sharing profits in the ratio of 3: 3: 2 : 2 respectively. On 1st April, 2014, D retired owing to ill health. It was decided by A, Band C that in future their profit-sharing ratio would be 3 : 2 : 1. Goodwill of the firm is valued at Rs. 6,00,000. Goodwill already appeared in the Balance Sheet at Rs. 50,000. Pass the necessary journal entries.
9) A, B, C and D were partners sharing profits in the ratio of 1:2:3:4. D retired and his share was acquired by A and B equally. Goodwill was valued at 3 year’s purchase of average profits of last 4 years, which were 40,000. General Reserve showed a balance of 1,30,000 and D’s Capital in the Balance Sheet was 3,00,000 at the time of D’s retirement. You are required to record necessary Journal entries in the books of the firm and prepare D’s capital account on his retirement.
10) A, B and C were partners sharing profits in the ratio of 3:5:2. Their Balance Sheet as on 1st April, 2011 was as follows:
B retires on the above date and it was agreed that:
a. B’s share of Goodwill was 8,000.
b. 5% provision for doubtful debts was to be made on debtors.
c. Sundry creditors were valued 4,000 more than the book value.
Pass necessary journal entries for the above transactions on B’s retirement.
11) Following is the Balance Sheet of kusum, ghusum and dishum who have agreed to share profits and losses in proportion of their capitals.
On 31st March, 2014, Kusum desired to retire from the firm and the remaining partners decided to carry on the business. It was agreed to revalue the assets and reassess the liabilities on that date, on the following basis:
(i) Land and Building to be appreciated by 30%.
(ii) Machinery be depreciated by 30%.
(iii) There were Bad Debts of Rs. 35,000.
(iv) The claim on account of Workmen Compensation Reserve was estimated at Rs. 15,000.
(v) Goodwill of the firm was valued at Rs. 2,80,000
(vi) remaining partners decided to pay off cash immediately to the Retiring partners by bringing in cash in the new profit sharing ratio and also to leave a balance of Rs1,00,000 in their bank account.
(vii) they will also adjust their capitals in their new ratio which was 3:4 Prepare Revaluation Account & Capital Accounts of Partners only
"hope it was helpful"
1) What is a purpose of ledger?
2) What is meant by journal proper?
3) Define Accounting?explain its features.
4) Explain the qualitative characteristics of accountimg information?
5) What are the advantages of ready made accounting software?
6) Compare computerized accounting with the manual accounting system?
7) Explain the meaning of the following terms with example: a. Debtors and creditors b. Receivables and payables.
8) A, B, C and D were partners sharing profits in the ratio of 3: 3: 2 : 2 respectively. On 1st April, 2014, D retired owing to ill health. It was decided by A, Band C that in future their profit-sharing ratio would be 3 : 2 : 1. Goodwill of the firm is valued at Rs. 6,00,000. Goodwill already appeared in the Balance Sheet at Rs. 50,000. Pass the necessary journal entries.
9) A, B, C and D were partners sharing profits in the ratio of 1:2:3:4. D retired and his share was acquired by A and B equally. Goodwill was valued at 3 year’s purchase of average profits of last 4 years, which were 40,000. General Reserve showed a balance of 1,30,000 and D’s Capital in the Balance Sheet was 3,00,000 at the time of D’s retirement. You are required to record necessary Journal entries in the books of the firm and prepare D’s capital account on his retirement.
10) A, B and C were partners sharing profits in the ratio of 3:5:2. Their Balance Sheet as on 1st April, 2011 was as follows:
B retires on the above date and it was agreed that:
a. B’s share of Goodwill was 8,000.
b. 5% provision for doubtful debts was to be made on debtors.
c. Sundry creditors were valued 4,000 more than the book value.
Pass necessary journal entries for the above transactions on B’s retirement.
11) Following is the Balance Sheet of kusum, ghusum and dishum who have agreed to share profits and losses in proportion of their capitals.
On 31st March, 2014, Kusum desired to retire from the firm and the remaining partners decided to carry on the business. It was agreed to revalue the assets and reassess the liabilities on that date, on the following basis:
(i) Land and Building to be appreciated by 30%.
(ii) Machinery be depreciated by 30%.
(iii) There were Bad Debts of Rs. 35,000.
(iv) The claim on account of Workmen Compensation Reserve was estimated at Rs. 15,000.
(v) Goodwill of the firm was valued at Rs. 2,80,000
(vi) remaining partners decided to pay off cash immediately to the Retiring partners by bringing in cash in the new profit sharing ratio and also to leave a balance of Rs1,00,000 in their bank account.
(vii) they will also adjust their capitals in their new ratio which was 3:4 Prepare Revaluation Account & Capital Accounts of Partners only
"hope it was helpful"
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