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Class 12 · Accountancy
→If a partner contributes personal asset as capital and agreed value differs from market value which value should be recorded in capital account?
Class 12 · Accountancy
→A opening capital is one lakh rupees. During the year machinery worth forty thousand rupees was brought as capital and firm accepted liability of ten thousand rupees on it. Later drawings were fifteen thousand rupees. Under fluctuating method what is closing capital if there are no other items?
Class 12 · Accountancy
→Under fixed capital method current account has debit balance twenty thousand rupees and capital account has credit balance fifty thousand rupees. If both are presented net what will be net liability?
Class 12 · Accountancy
→Under fixed capital method A capital is one lakh rupees and current account has credit balance fifteen thousand rupees. If the deed says interest on capital is only on capital account balance what is the base for interest?
Class 12 · Accountancy
→Under fluctuating capital method drawings were wrongly credited. Drawings amount is ten thousand rupees. What is the total error effect?
Class 12 · Accountancy
→Under fluctuating capital method share of loss was ignored instead of being debited. Loss amount is eight thousand rupees. What is the effect on closing capital?
Class 12 · Accountancy
→Under fixed capital method goodwill adjustment required crediting A by fifteen thousand rupees and debiting B by fifteen thousand rupees. It was wrongly done in capital accounts. What is the correct correction?
Class 12 · Accountancy
→A and B capitals are ninety thousand and sixty five thousand rupees respectively. Total capital is to remain same and capitals are to be in the ratio two to one. What is correct adjustment for A and B?
Class 12 · Accountancy
→A and B adjusted capitals are one lakh twenty thousand and seventy thousand rupees respectively. Capitals must be maintained in the ratio three to two and A capital is the base. What should B do?
Class 12 · Accountancy
→Under fixed capital method B current account has opening debit balance seven thousand rupees. Interest on capital is four thousand rupees share of profit is ten thousand rupees drawings are fourteen thousand rupees and loss adjustment is five thousand rupees. What is closing balance?
Class 12 · Accountancy
→Under fixed capital method A current account has opening credit of eight thousand rupees. He receives salary fifteen thousand rupees commission five thousand rupees and has drawings sixteen thousand rupees and interest on drawings three thousand rupees. What is closing current account balance?
Class 12 · Accountancy
→B closing capital is one lakh ten thousand rupees. During the year additional capital was twenty thousand rupees interest on capital was six thousand rupees share of loss was nine thousand rupees and drawings were eleven thousand rupees. Under fluctuating method what was opening capital?
Class 12 · Accountancy
→Under fluctuating capital method A opening capital is one lakh fifty thousand rupees. During the year additional capital is thirty thousand rupees share of profit is twenty two thousand rupees salary is twelve thousand rupees drawings are eighteen thousand rupees and interest on drawings is two thousand rupees. What is closing capital?
Class 12 · Accountancy
→In a difficult capital account question what should be identified first so that items go to the correct place?
Class 12 · Accountancy
→If closing credit balance of capital account is wrongly shown on assets side of balance sheet what error occurs?
Class 12 · Accountancy
→Under the fluctuating capital method, goodwill adjustment requires crediting A by Rs 12,000 and debiting B by Rs 8,000. Whose capital balance will increase?
Class 12 · Accountancy
→Under fixed capital method goodwill adjustment was wrongly recorded in capital account while goodwill benefit should go to old partners current accounts. What will be the effect?
Class 12 · Accountancy
→If interest on capital is payable but capital account has debit balance why should the base be examined carefully?
Class 12 · Accountancy
→Under fluctuating capital method A opening capital is fifty thousand rupees. Additional capital is ten thousand rupees profit share is five thousand rupees share of loss is seven thousand rupees and drawings are three thousand rupees. What is closing capital?
Class 12 · Accountancy
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