Question

Q14      From the following information calculate the amount of subscription received as per Receipts and Payments Account for the year ended 31 March 2018
 
Subscription outstanding as on 1 April 2017 (Out of this Rs. 7000 were received during 2017-18)
18000
Subscription received in advance as on 31 March 2017
32000
Subscription received in advance as on 31 March 2018
28000
Subscription outstanding for the year 2017-18
15000
Subscription credited to Income and Expenditure Account
378000
 
OR
 
The Receipt and Payment A/C of a club showed subscriptions receied during the year ended 31st March 2018 are:
 
Receipts
Amount
 
Payments
Amount
To Subscription
 
 
 
 
for 2016-17
3400
 
 
 
for 2017-18
84600
 
 
 
for 2018-19
2800
90800
 
 
 
There were 500 members in the club each paying annual subscription of Rs. 180. A subscription of Rs. 4000 was outstanding as on 31st March 2017.
 
Show the above information in the final accounts of the club.
 
Q15.    On 31st March, 2014 the balances in the Capital Accounts of Eleen, Monu and Ahmad after making statements for profits and drawings were1,60,000,  1,20,000 and 80,000 respectively. Subsequently, it was discovered that the interest on capital and drawings had been omitted.
 
1.      The profit for the year ended 31st March, 2014 was 40,000.
2.      During the year, Eleen and Monu each withdrew a total sum of R 24,000 in equal instalments in the beginning of each month and Ahmad withdrew a total sum of 48,000 in equal instalments at the end of each month.
3.      The interest on drawings was to be charged @5% p.a, and interest on capital was to be allowed @ 10% p.a.
4.      The profit-sharing ratio among the partners was 2:1:1.
 
Showing your working notes clearly, pass the necessary rectifying entry.
 
 
 
Q16.     Fill in the missing information in the Journal entries given below:
Date
Particulars
L.F.
Dr.
Cr.
 
Share Capital A/C              Dr.
 
----------
 
------------------                      Dr.
--------
 
                   To Share Allotment  A/C
 
--------
                    ------------------------
 
--------
                     ---------------------
 
--------
(Being forfeiture of S00 equity shares of Rs. 50 (Rs 30 called up) for non-payment of allotment money of Rs. 20 per share (including Rs. 5 per share premium) and first call of Rs 10 per share)
 
 
 
 
 
 
 
----------------                                            Dr.'
--------
 
---------------                                             Dr.
--------
 
                      '-----------------------
 
-------
(Being 200 shares reissued as Rs. 30 called up for Rs 25 per share)
 
 
 
 
 
 
 
----------------                                            Dr.'
--------
 
                      '-----------------------
 
-------
(Being gain on reissue of forfeited shares if any, transferred  to capital resere)   
 
 
 
 
 
 
 
Q17.     Poonam and Puja were partners sharing profits and losses in the ratio of 3:2. The court ordered tor the dissolution of their partnership firm. Puja took the responsibility of realisation. She was paid rs. 1000 as a commission for this service.
Their Balance Sheet as on that date stood as follows.
 
Balance Sheet
as on 31st March 2018
Liabilhts
Amount
Assets
Amount
Outstanding Expenses
12000
Cash at Bank
29000
Creditors
34000
 Dcbtors
38000
Emplovces Provndent Fund
12000
Stock
52000
Bank Loan
70000
Fumiture
20000
Canital Accounts.
 
Machinery
33000
Punam
50000
Profit and Loss accoun
36000
Puja
30000
 
 
 
 
 
 
 
208000
 
208000
 
Following was agreed upon:
1)     Punam agreed to take over furniture at 90% of the book value.
2)     Rs. 5000 of debtors proved bad.
3)     Puja took over Rs. 30,000 worth of the stock at Rs. 22,800. The remaining stock was sold at a loss of l0%.
4)     Machinery was taken over by creditors in full settlement of their claim.
5)     The Bank Loan was paid along with interest of  Rs 3,000.
6)     w) Other liabilities were paid in full.
7)     The cexpenses on realisation amounted to Rs 800.
 
Prepare Realisation account, Partners Capital accounts and Bank account, to close the books of the firm.
 
Q18.     Anju, Manju and Vinita are partners of a firm. Their capitals as on 1 April, 2017 were 90,000; 70,000 and 50,000 respectively. Manju gave a loan of 30,000 to the firm on 1" July, 2017. Partnership deed states that partners are entitled to:
 
(a) Interest on Capital (@ 10% p.a.
(b) Each partner has a right to withdraw up to R 6,000 p.a. for personal use. Drawings in excess of this
limit will be charged interest (@ 12% p.a.
c) Firm will pay interest on loan @ 12% p.a.
(4) Vinita will get a commission of 5% of the net profit.
 
During the year 2017-2018, firm earned a profit of rs. 54,000. Partner's drawings were? 12,000; 8,000
and 5,000 respectively.
 
Prepare Profit and Loss Appropriation Account.
​

Answer 1

Answer:

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