Disadvantages of petty cash book - Brainly.in (2024)

Goods costing Rs. 50000 were destroyed by fire and insurance company has admitted the claim of Rs.40000. What is the journal entry

Classify following as Capital Expenditure or Revenue Expenditure. Give reasons for your an (1) 500 spent on repair of second hand machine before using…it. (ii) 1,500 spent on repair of furniture during the year. (iii) 1,000 spent as insurance premium​

3. (When closing capital is given) Vinod and Mohan are partners. On 31st March 2021 their fixed capitals wer *2,00,000 and 1,50,000. Their drawings du…ring the year were 12,000 and 8,000. Partnership deed does not allow interest on capital but by mistake it was credited to the partners @8% p.a. The profit after charging interest on capital was 80,000 which was distributed by partners. Give rectifying entry. ​

2. D Ltd issued 2,00,000 shares of Rs.100 each at a premium of Rs.20 per share payable as follows: On application On allotment On first call Rs.20 Rs.…50 (including premium) all30.30 + 20 Rs.30 On second and final call Rs.20 Applications were received for 3,00,000 shares and pro rata allotment was made to applicants of 2,40,000 shares. Money excess received on applications was employed on account of sum due on allotment as part of share capital. E, to whom,000 shares were allotted, failed to pay the allotment money and on his subsequent failure to pay the first call his shares were forfeited and F, the holder of 6,000 shares failed to pay the two calls and his shares were forfeited after the second call. Of the forfeited shares, 8,000 shares were reissued to G at a discount of 10%, the whole of E's forfeited shares being reissued. You are required to pass Journal Entries and to prepare the balance sheet. ​

The partners A & B decided to appropriate profits of the firm on the following terms:- Interest is payable on capital at 5% per annum. b) Both A &…amp; B will get remuneration at Rs 2,000 and Rs 1,000 per month respectively. Interest is payable on loan contributed by A at 6% p.a. (A contributed loan of Rs 20,000 to the firm on 1st July 2014. d) Interest on Partners drawings at 2% p.a on Rs 6,000 and Rs 4,000 drawn at the end of each quarter and at the beginning of each six months respectively. e) Profit sharing ratio between the partners 3:2. Net profit for the year ending 31st March 2015 is Rs 70,000. On 1st April 2014, the capital balances were A-Rs 50,000 and B-Rs 40,000. A introduced further capital of Rs 15,000 on 1st July, 2014 and B withdrew Rs 10,000 from his capital on 30th September out of which he placed 5,000 back on 1st January, 2015. PREPARE PROFIT AND LOSS APPROPRIATION A/C and PARTNERS CAPITAL ACCOUNT ​