Question
What is the minimum time interval between two consecutive calls according to Table F of Schedule I?
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Answer
The rules of table 'F' of Schedule I of the Companies Act, 2013 shall extend in the absence of the Articles of Association. There must be an interval between making two calls for at least one month.
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Calculate Goodwill on the basis of two years' purchase of average profits of Profits of last years. Profit are as follows:
|
Year
|
₹
|
Profit/ Loss
|
|
1st
|
60,000
|
Profit
|
|
2nd
|
40,000
|
Loss
|
|
3rd
|
30,000
|
Loss
|
|
4th
|
1,00,000
|
Profit
|
|
5th
|
1,70,000
|
Profit
|
|
6th
|
2,20,000
|
Profit
|
Calculate interest on drawings of Mr. Ashok @ 10% p.a. for the year ended 31st March, 2018, in each of the following alternative cases:
Case 1: If he withdrew ₹ 7,500 in the beginning of each quarte.
Case 2: If he withdrew ₹ 7,500 at the end of each quarter.
Case 3: If he withdrew ₹ 7,500 during the middle of each quarter.
Case 1: If he withdrew ₹ 7,500 in the beginning of each quarte.
Case 2: If he withdrew ₹ 7,500 at the end of each quarter.
Case 3: If he withdrew ₹ 7,500 during the middle of each quarter.
A and B are partners sharing profits in the ratio of 3 : 2. C is admitted as a partner. The new profit-sharing ratio among A, B and C is 4 : 3 : 2. Find out the sacrificing ratio?
Sona Ltd. purchased machinery costing ₹ 17,00,000 from Mona Ltd. Sona Ltd. paid 20% of the amount by cheque and for the balance amount issued equity shares of ₹ 100 each at a premium of 25%.
Pass necessary Journal Entries for the above transactions in the books of Sona Ltd. Show your working notes clearly.
Pass necessary Journal Entries for the above transactions in the books of Sona Ltd. Show your working notes clearly.
The profit for the five years ending on 31st March, are as follows:
Year 2014 – ₹ 4,00,000 Year 2015 – ₹ 3,98,000; Year 2016 – ₹ 4,50,000; Year 2017 – ₹ 4,45,000; Year 2018 – ₹ 5,00,000.
Calculate goodwill of the firm on the basis of 4 years' purchase of 5 years' average profit.
Year 2014 – ₹ 4,00,000 Year 2015 – ₹ 3,98,000; Year 2016 – ₹ 4,50,000; Year 2017 – ₹ 4,45,000; Year 2018 – ₹ 5,00,000.
Calculate goodwill of the firm on the basis of 4 years' purchase of 5 years' average profit.
What is hidden goodwill? How is it adjusted on the admission of a partner?
X, Y and Z are partners sharing profits in the ratio of 3 : 2 : 1. Goodwill is appearing in the books at a value of ₹ 60,000. Y retires and at the time of Y's retirement, goodwill is valued at ₹ 84,000. Xand Z decide to share future profits in the ratio of 2 : 1. Pass the necessary journal entries through Goodwill Account.
A and B were in partnership. They do not have any partnership deed A presented the following Profit and Loss Appropriation Account:
Should B accept it In case you don't advise him to accept it then, redraw it.
Should B accept it In case you don't advise him to accept it then, redraw it.
Explain in 50 words as to why it is considered desirable to make the partnership agreement in writing.
Raj Ltd. purchases furniture costing ₹ 2,20,000. It was agreed that the purchase consideration be paid by issue of 15% debentures of ₹ 100 each. Assume debenture have been issued: (i) at par (ii) at a premium of 10%.
Give necessary journal entries.
Give necessary journal entries.