Question
What is issue of debentures as collateral security ?
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From the following transactions calculate cash flow from operating activities:
→| Particulars | $(Rs.)$ |
| Profit before taxes | $99,000$ |
| Income tax provision | $29,000$ |
| Proposed dividend | $39,000$ |
| Depreciation | $22,000$ |
| Dividend received | $21,000$ |
| Interest received | $20,000$ |
| Interest paid | $28,000$ |
| Goodwill written off | $15,000$ |
Give accounting treatments for goodwill of different circumstances when firm goes for dissolution.
Manju, Prabha and Meena are the partners of a partnership firm. Their profit-loss sharing ratio is $5: 3: 2 .$ They want to change their profit-loss sharing ratio to $3: 2: 1 .$ Therefore, they decided to revalue the assets-liabilities of the firm. From the following information prepare revaluation account and balance sheet after revaluation.
Additional information:
$(1)$ The value of land-building is to be increased by $25 \%.$
$(2)$ The value of furniture is to be reduced by $10 \%.$
$(3)$ The value of machinery is to be kept $80 \%.$
$(4)$ The book value of closing stock is $5000$ more than its market value.
$(5)$ Total amount of $2500$ is to be kept for bad debts reserve on debtors.
$(6)$ An amount of $2 3000$ among the creditors is now not to be paid.
$(7)$ Interest on bank loan for last three month is outstanding.
→Additional information:$(1)$ The value of land-building is to be increased by $25 \%.$
$(2)$ The value of furniture is to be reduced by $10 \%.$
$(3)$ The value of machinery is to be kept $80 \%.$
$(4)$ The book value of closing stock is $5000$ more than its market value.
$(5)$ Total amount of $2500$ is to be kept for bad debts reserve on debtors.
$(6)$ An amount of $2 3000$ among the creditors is now not to be paid.
$(7)$ Interest on bank loan for last three month is outstanding.
When is the interest accrued on debenture but not due ?
A shareholder Raj hold $900$ equity share of $₹ 10$ each in DLF Limited. He has paid application money of $₹ 3$ per share and allotment money of $₹ 5$ per share $($including premium of $₹ 2 ).$ Company forfeited his shares for non-payment of final call. Pass the journal entry in the books of company for forfeiture of shares.
→Where will you disclose the effects of the following adjustments during the preparation of final
accounts of a partnership firm : Goods withdrawn by partner for personal use
Explain methods of dissolution without the interference of court.
Sachin, Rahul and Rohit are the partners of a partnership firm. Profit-loss sharing ratio is $1 : 2 : 2$ between them. All partners have decided to change profit-loss sharing ratio to $3 : 2 : 1$. Calculate the sacrifice ratio of partners.
→ What are included in operating expenses?
Nirav, Khushboo and Milit are the partners in a firm sharing profit and losses in the ratio of $3: 2: 5$. They have decided to change their profit and loss ratio to $5: 3: 2$. Calculate the gain ratio of partners.
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