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

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

Sun and Moon were partners with capital of ₹ 10,00,000 and ₹ 5,00,000 respectively. They agree to share profits in the ratio 3 : 2. Show how the following transactions will be recorded in the capital accounts of the partners in both the cases when i) Capitals are fluctuatin and ii) Capitals are fixed. They also introduced additional capital of ₹ 2,25,000 and ₹ 1,50,000

Particulars	Sun (₹)	Moon (₹)
Interest on Capital	5 %	5 %
Drawing A/c (during 2016)	22,500	15,000
Interest on Drawings	1,350	900
Salaries	15,000	-
Commission	7,500	5,250
Share in Loss for the year 2016	45,000	30,000

Calculate Net Profit Ratio:
Sales = ₹ 10,00,000, Cost of goods sold = ₹ 4,20,000, Indirect expenses = ₹ 30,000, Administrative expenses = ₹ 1,00,000, Selling and Distribution expenses = ₹ 80,000, Interest on debentures shares = ₹ 40,000.

Honesty Ltd, Issued 20000 Preference shares of ₹ 10 each payable
₹ 4 on Application
₹ 2 on Allotment
₹ 4 on 1st and Final call.
Shares were fully subscribed and all amount were received.
Pass necessary Journal Entries in the Books of Honesty Ltd.

Kandla Co. Ltd. made an issue of 80,000 equity shares of ₹ 20 each payable as follows:
Application: ₹ 5 per share
Allotment: ₹ 10 per share
First Call: ₹ 3 per share
Second and Final Call: ₹ 2 per share
The company received applications for 90,000 shares of which applications for 10,000 shares were rejected and money refunded. All the shareholders paid up to the second call except Sachin, the allottee of 4,000 Shares, who failed to pay a final call.
Pass Journal Entries for the above transaction in the books of Kandla Co. Ltd.

Ashwini Ltd invited applications from the public for subscribing for 10,000 equity shares of ₹ 15 each at a discount of ₹ 1 per share payable, ₹ 5 on application, ₹ 9 Allotment. All the shares were applied and allotted. Money due on allotment was received.
Pass Journal Entries in the Books of Ashwini Ltd. and prepare Balance Sheet.

Calculate Gross Profit Ratio:
Opening stock = ₹ 20,000, Closing stock = ₹ 25,000, Purchases = ₹ 1,00,000, Purchase return = ₹ 10,000, Sales = ₹ 2,25,000, Sales return = ₹ 15,000, Direct expenses = ₹ 20,000.

Calculate Current Ratio:
Debtors = ₹ 90,000, Creditors = ₹ 30,000, Bills receivables = ₹ 10,000, Bills payable = ₹ 12,000, Stock of goods = ₹ 40,000, Short-term loan = ₹ 40,000, Outstanding expenses = ₹ 14,000, Cash balance = ₹ 70,000, Machinery = ₹ 1,00,000, Current investments = ₹ 25,000, Non-current investments = ₹ 25,000, Loose tools = ₹ 15,000, Bank overdraft = ₹ 29,000.

Convert following Trading and Profit and Loss Account into Vertical Income statement

Trading and Profit & Loss Account for the year ended 31st March 2020.

Particular	Amount (₹)	Particular	Amount (₹)
To Opening Stock	2,00,000	By Sales	12,00,000
To Purchases	9,00,000	By Closing Stock	3,00,000
To Wages	1,00,000
To Gross Profit c/d	3,00,000
Total	15,00,000	Total	15,00,000
To Office Expenses	1,25,000	By Gross Profit b/d	3,00,000
To Selling Expenses	1,00,000
To Finance Expenses	30,000
To Net Profit c/d	45,000
Total	3,00,000	Total	3,00,000

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.