Computer in Accounting — Book Keeping & Accountancy STD 12 Commerce / Arts — Question

Shalini owes ₹ 26,000 to Anand. Anand draws a bill for ₹ 21,000 on Shalini for 3 months period and received the balance by a crossed cheque. The bill was duly accepted and returned to Anand. On the same day Anand endorsed Shalini’s acceptance to Vikram. On the due date Vikram informed Anand that Shalini dishonoured her acceptance and noting charges ₹ 280 were paid. Anand then drew a new bill for 1 month on Shalini including noting charges and interest ₹ 650. On the due date Shalini honoured her acceptance by cheque.
Give journal entries in the books of Anand and prepare Anand’s account in the books of Shalini.

Karan and Kiran are partners in M/s Mehta Enterprises. They have started business of ready made garments on 1st April 2019 on which date they contribute ₹ 5,00,000 each as their initial capitals. Karan has withdrawn ₹ 20,000 and Kiran has withdrawn ₹ 15,000 for their personal use. Interest on capital is allowed @ 12% and interest on drawing is charged @ 3% p.a. Karan is entitled to get salary, ₹ 1800 per month, Kiran is allowed to get commission @ 5% on net sales. During the year net sales is ₹ 2,50,000 and net profit earned during the year is ₹ 60,000. Prepare partners capital accounts under i) Fixed capital Method ii) Fluctuating Capital Method

Vraj Ltd. issued 20,000 equity shares of ₹ 20 each, payable as follows:
On Application: ₹ 4
On Allotment: ₹ 6
On First Call: ₹ 6
On Second Call: ₹ 4
The company received applications for 25,000 equity shares. Allotment of shares was made on a pro-rata basis. Share allotment and calls were made and as also received except Raja holding 500 shares failed to pay both the calls. His shares were forfeited after the second call.
Record the above transactions in the books of Vraj Ltd.

On 3rd July, 2019 Ravi drew a bill of ₹ 12,000 for 90 days after date on Dhruv which was accepted by Dhruv. On 9th July, 2019 Ravi endorsed the bill to Harish in full settlement of his account ₹ 12,750. On the same day Harish discounted the bill with bank for ₹ 11,750. Government declared emergency holiday on the due date and as per the provisions of Negotiable Instruments Act the bill was duly met by Dhruv.
Give journal entries in the books of Ravi, Dhruv and Harish.

Sneha receives Magha’s acceptance for ₹ 15,000. Before due date of the bill Megha approaches Sneha with a request to accept ₹ 5,000 and draw a fresh bill on her for the balance for 3 months including interest at 8% p.a. Sneha agrees and draws a fresh bill which was duly accepted by Megha. On the due date Megha meets the bill.
Give journal entires in the books of Sneha and prepare Sneha’s account in the books of Megha.

Gross Profit of Komal Limited for the year 2019-20 is ₹ 5,60,000 from the following information.
Calculate Net Profit Ratio.
Administrative Expenses = ₹ 1,60,000
Selling and Distribution Expense = ₹ 1,20,000
Interest on Debentures = ₹ 80,000
Income Tax = ₹ 60,000
Sales = ₹ 20,00,000

Mr. Amey and Mr. Ashish are partners in a partnership firm titled as M/s. Anand Enterprises sharing profit and losses in the ratio 3 : 2 respectively. On 1st April 2018 their capital balance were: Mr. Amey ₹ 1,00,000 and Mr. Ashish ₹ 50,000. Their drawing during the year were : Mr. Amey : ₹ 20,000 and Mr. Ashish ₹ 25,000. As per partnership deed 10% p.a. interest is allowed on capital and 12% p.a. interest is charged on drawing Mr. Amey gets salary ₹ 3000 p.m. and Mr. Ashish is entitled to get commission @ 5% on net sales which is ₹ 4,00,000. The divisible profit is ₹ 90,000. Prepare partners capital Accounts for the year ending 31st March 2019 under :
1) Fixed capital method 2) Fluctuating Capital Method.

Subhash Ltd. issued equity share of ₹ 10 each at 10% discount to the public payable, ₹ 3 on
Application, ₹ 2 on Allotment, ₹ 2 on lst call and balance ₹ 2 on final call.
Neeta who was allotted 300 equity shares paid only application money and her shares were forfeited after First call.
Sanjay who was allotted 400 equity shares paid application and allotment money only his shares were forfeited after final call.
Show the Journal entries in the books of the company regarding forfeiture of shares of Neeta and Sanjay.

Calculate Gross Profit Ratio :
Sales ₹ 9,00,000, Gross profit ratio 20% on cost.