Specimen of Acknowledgement & Certificate for project work

                                              Project Work for Accounts

                                        

                                                       Acknowledgement

I am highly grateful to Kasiga International school  which has provided me an opportunity to present my project in such a grand way.I also express my project work acknowledgement to my parents and teachers for providing me such a valuable information made me competent enough that i became able to complete my project work within the given time frame.

I am highly grateful to my teacher Mr Ashwani Singh Bisht who has given me his full support& guidelines.

I finally thank our principal Mr Carol P Joseph who constantly inspired me throughout the session.

Certificate

Name of teacher- Mr.Ashwani Singh Bisht

Designation-PGT Commerce

Name of school- Kasiga International School Dehradun

It is certified that XYZ of 12^th Commerce has completed his project file under my supervision.

I certify that project is in accordance with the guidelines issued by CBSE.

Mr. Ashwani Singh Bisht

(Signature)

Index

S.R.No	Topic	Source	Time period	Teacher’s remarks
1)	Comprehensive Project	.Internet .Newspaper .D.K.Goel .Together with ,Tulsans	1 Month
2)	Specific Problem-1 (Ratio Analysis)	.Internet .Newspaper .D.K.Goel .Together with, Nisha Gupta	15 days
3)	Specific Problem-2 (Cash Flow    Statement)	.Internet .Newspaper .D.K.Goel .Together with Nisha Gupta	15 days

                                                 Comprehensive Project

On first April 2011 Mr Raj started a business of General store with the capital of Rs 100000/- entire amount deposited into bank. He made contract with whole seller of his locality; whole seller gave his free consent to Mr Raj & also agrees to give him credit of one month.

During the year details of purchase, sale, and expenses were as follows:

(i)Goods purchased from Ram Rs 2000/-

(ii)Insurance premium paid Rs1000/-

(iii)Goods Sold Rs20000/-

(iv) Goods sold to Mohan Rs1000/-

(v)Goods Purchased Rs5000/-

(vi)Stationary purchased Rs 2000/-

(vii)Furniture purchased Rs 5000/-

(viii) Fan & other equipments purchased Rs2000/-

(ix) Salary paid Rs1000/-

(x) Wages paid Rs 500/-

(xi) Electricity charges Rs 1500/-

(xii)Telephone & postage expenses Rs 2500/-

Other Information: Mr Raj wants to know about his financial position so with the help of the following details a project over his business is made.

Solution:

Questions

1.       What is partnership?                                                                                      

2.       What is sacrificing ratio?                                                                                

3.       Describe the essential features of partnership?                                 

Rinni, Rikki and Riya have been sharing profits in the ratio of 5:3:2. Rinni retires, Rikki takes  share from Rinni and Riya takes share from Rinni. Calculate new ratio?               

1.        Ravi and Kavi are partners, sharing profits and losses in the ratio 5:3. Their Balance Sheet on 31^st December, 2011 was as follows:

Liabilities	Rs.	Assets	Rs.
Creditors B/P General Reserve Capitals: Ravi 60,000 Kavi 50,000 Current Accounts: Ravi 15,000 Kavi  6,000	15,000 10,000 8,000 1,10,000 21,000	Cash Debtors Stock Investments Machinery Building Goodwill	12,500 20,000 30,000 7,500 40,000 30,000 24,000
	1,64,000		1,64,000

Savi is admitted on the following conditions:

1.       New profits sharing ratio will be 4:2:1.

2.       Savi will bring Rs. 40,000 as capital and Rs. 10,000 as goodwill in cash.

3.       Half of the goodwill will be withdrawn by the old partners.

4.       The value of stock will decreased by Rs 5,000.

5.       Rs. 1,000 is to be received as commission, hence to be account for.

6.       Rs. 1,100 is to be provided for unforeseen liability, hence to be accounted for.

7.       Investments were valued at Rs. 6,000 and taken over by Ravi at this value.

Prepare the necessary accounts and the balance sheet of new firm.

                  



Practice these questions & submit on 12th of June 2014

Questions

  Guarantee to profit practice this sum :

Q-  ABC are partners sharing profit & loss in the ratio 4:1. CC is giving a guarantee that his share of profit in any given year would be Rs 5000/-.. Deficency if any would be born by A & B equally.The profit for the year 1998 was Rs 40000/-. Pass necessary journal entriesin the book of thr firm.

Q: A B C are partners they withdraw following amount as drawings rate of interest on drawings is @10% p.a.Profit for the year is Rs 30000/- you are required to calculate the interest on drawings & prepare P/L Appropriation A/C show distribution of profit amoung partners.                                                           8

A	B	C
5000/- 3000/- 5000/- 2000/-	3000/- 2000/- 4000/- 1000/-	2000/- 3000/- 2000/- 1000/-
15000/-	10000/-	8000/-

Partenrship

Theoretical

Distinguish between Fixed and Fluctuating Capital Accounts. 

3. State the two main rights that a newly admitted partner acquires in the firm. 

4. How does the market situation affect the value of goodwill of a firm ? 

5 Give the meaning of partnership deed

 6 .How does location affect the goodwill of business? (1)

7. Define gaining ratio.

1.     8.   What is sacrificing ratio.                                                                                                                 

2.       9. Why goodwill is considered an intangible assets but not a fictitious assets .            

3.         X and  Y are partners sharing profits in the ratio of 3:1. They admit Z as A partner. X surrender 1/3 of his share and y ¼ of his share in favor of z. calculate new profit ratio?  

Q. 15. A and B were partners in a firm sharing profits in 2 : I ratio. C was admitted as a new partner

for 1/4th share in the profits on 1.3.2006. The Balance Sheet of the firm on 28.2.2006 was as follows:

Liabilities Amount Rs. Assets Amount Rs.

Creditors

General Reserve

A’s Capital

B’s Capital

18,000

12,000

50,000

40,000

_______

1,20,000

Cash

Debtors

Stock

Furniture

Machinery

Building

14,000

12,000

17,000

9,000

22,000

46,000

1,20,000

C was admitted on the following terms: (8)

i. C will bring Rs. 45,000 for his capital and Rs. 18,000 for his share of good will/premium.

ii. Building was valued at Rs. 55,000 and machinery at Rs. 18,000.

iii. A provision of Rs. 500 was created for bad debts on debtors.

iv. The capital accounts of A and B were to be adjusted in profit sharing ratio. Necessary cash was

to be brought in or paid off to them as the case may be.

v. Prepare, Revaluation Account, Partners’ Capital Accounts and the Balance Sheet of A, B and C.