SMAN CLASSES
CA FOUNDATION ACCOUN
M/s X and Co. is a partnership firm with the partners A, B and C sharing profits and losses in
the ratio of 3:2:5. The balance sget of the firm as on 30th June 2011, was as under:
Balance Sheet of X and Co. as on 30.6.2011
Liabilities
Assets
A's capital A/C
1,04,000 Land
1,00,000
B' capital Alc
76,000 Building
2,00,000
C'capital Alc
1,40,000 Pamt and Machinery
3,80,000
Long term Loan
4,00,000 Investments
22,000
Bank Overdraft
44,000 Inventories
1,16,000
Trade payables
1.93,000 Trade receivables
1.39.000
9,57,000
9,57,000
It was mutually agreed that B will remain from partnership and his place D will be
admitted as a partner with effect from 1st July, 2011. For this purpose, the following
adjustments are to be made :
(a) Goodwill of the firm is to valued at 2 lakhs due to the firm's locational advantage but
the same will not appear as an asset in the books of the reconstituted firm.
Buildings and plant machinery are to be valued at 90% and 85% of the
respective balance sheet values. Investments are to be taken over by the
retiring partner at 25,000. Trade receivables are considered good only upto
90% of balance sheet figure. Balance be considered bad. RD-10
(c) In the reconstituted firm, the total capital will be 3 lakhs, which will be contrib-
uted by A, C and D in their new profit sharing ratio, which is 3:4:3
(d) The amount due to retiring partner shall be transferred to his loan account.
You are required to prepare Revalaution Account and Partner's Capital accounts
(b)
HW.
Answers
Answer:
In favour of: More and more children and teenagers are getting their own cell phones as they are a very handy, cheap, and useful mode of communication. Especially in case of some emergency children can swiftly call their parents or helpline numbers like the police.
If students need something from home they can call and ask someone to bring it. This is very useful in case of homework. If the school bus or any other transport is not available they can call home and ask to be picked up.
Sometimes there might be a scenario where students have to stay back for some extra class or assignment then they can inform their parents.
Students should not only be allowed to carry cell phones but encouraged to judiciously use this wonderful new age technology. They can use their phones to keep updated whether by browsing news websites or educational portals. A low priced smartphone costs much less than a common Personal Computer or a laptop hence it would be easily affordable for many parents to give a smartphone to their children.
During a classroom session it is very much possible to miss out on certain crucial points. Here cell phones can be used to record and playback the entire content and they will not miss any point.
Cell phones should be allowed but only after a certain age or class, for example class 9 onwards they should be allowed.
Against: Cell phones should not be allowed in schools as they will cause distraction for both students and teachers. Even the classes might get disturbed if any student is found fiddling with their phone. The student will be at a loss as they will not be able to keep up with the class.
Students might start browsing irrelevant, inappropriate websites and waste their time which can be utilised for studies. Also, they will be negatively influenced by the content of badly chosen sites which will hamper their overall growth, mindset, and personality.
Cell phones can be used for cheating during tests as many cases have been reported. Moreover, schools have their own telephones which students can use if needed. Phone cameras can be used for malicious purposes like for clicking inappropriate pictures or making videos that are not in a good taste.
Allowing cell phones in schools will give rise to an unhealthy, unwanted competition as students with expensive and latest model phones will overwhelm those who have got low-cost or old model phones. Not only would there be disparity within a single group but parents would be under constant pressure to get new expensive phones for their children. It is for the same reason that school students are assigned uniforms which they are required to wear everyday to school so that all students look the same without any prejudice.