Wednesday 28 May 2014

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 31st 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       Half of the goodwill will be withdrawn by the old partners.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

Wednesday 21 May 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/-

Monday 19 May 2014

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.

Questions

Hi i am posting some frequently asked questions by CBSE kindly practice them

1. Why is “Management called a group activity” ?
2. “Management increases efficiency.” How ?
3. Why are principles of Managements called flexible ?
4. what does the principles of ‘Initiative’ indicate ?

5. State first two step in the process of planning
1. Your grandfather has retired as the Director of a manufacturing company. At which
level of management was he working? Different type of functions are performed at
this level. State anyone function. 1
2. What is meant by management? 1
3. What is meant by principles of management? 1
4. State anyone principle of scientific management. 1
5. "The understanding of business environment helps the managers to identify 'threats'."
What is meant by 'threats' here? 1
6. 'Business environment includes both 'specific and general forces.' List any four
specific forces. 

 After school reopens you can discuss these questions with me also but now practice them. And project that i already given to you.