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The amount or property received by a non- profit organisation as stated by the will of a deceased person is commonly referred to as __________.

In case of redemption in instalments, discount is spread _______.

When financial statement figures for two or more years are placed side-by-side to facilitate comparison , these are called _________.

What should be credited while the introduction of capital by a partner?

(a) A and B are partner sharing profits in the ratio of 7 : 3. C was admitted with $\frac{3}{7}th$ share in the profit which he took $\frac{2}{7}th$ from A and $\frac{1}{7}th$ from B. Calculate new ratio of partners.

(b)Ram and Shyam are partners in a firm sharing profits in the ratio of 7 : 5. Mohan is admitted on $\frac{1}{6}th$ share which he takes $\frac{1}{24}th$ from Ram and $\frac{1}{8}th$ from Shyam. Calculate the new profit sharing ratio of the partners.

What is meant by 'Endowment Fund'?

Can a partner be exempted from sharing the losses of the firm?

Current maturities to long-term loan are shown as _____

Payment of dividend can be classified as ___________.

For sale of assets, realisation account is __________.

Q1. The amended Insolvency and Bankruptcy code prohibits which of the following persons to be a resolution applicant?

1. An undischarged insolvent

2. A willful defaulter

3. Promoter of a company indulged in fraudulent transactions

Select the correct code

Can following written down value method of depreciation result in the reduction of depreciation?

Do we show separately purchases and changes in inventory separately for raw materials?

Ram, Raj, and George are partners sharing profits in the ratio 5:3:2. According to the partnership agreement George is to get a minimum amount of Rs 10,000 as his share of profits every year. The net profit for the year 2006 amounted to Rs 40,000. Prepare the profit and loss appropriation account.

As per Companies Act, 2013, the maximum rate of interest on calls in advance is ____________.

Gracy told Lisa that they could get blankets at a half price in Big Bazaar. Earlier the price of the blanket was Rs.2644.64. What would be the price of the blanket now?

The term “sundry debtors” has been replaced with the term ..........

Return on Investment =

From the following balance sheets of ABC Ltd., Find out cash from operating activities only:
$$\begin{array}{cccc}\text{Particulars}& \text{Note No.}& 31-03-2017& 31-03-2016\\ \text{I. Equity and Liabilities:}& & & \\ \left(1\right)\text{Shareholder's Funds:}& & & \\ \left(a\right)\text{Share Capital}& & 35,000& 30,000\\ \left(b\right)\text{Reserve and Surplus}& 1& 22,000& 3,500\\ \left(2\right)\text{Non - Current Liabilities}& & & \\ \text{Long term Borrowings}& 2& 25,000& 21,000\\ \left(3\right)\text{Current Liabilities}& & & \\ \text{Trade Payables}& & \underset{–}{12,500}& \underset{–}{8,500}\\ \text{Total}& & \underset{–}{94,500}& \underset{–}{63,000}\\ \text{II. Assets:}& & & \\ \left(1\right)\text{Non- Current Assets:}& & & \\ \left(a\right)\text{Fixed Assets}& & & \\ \left(i\right)\text{Tangible Assets}& 3& 41,000& 32,000\\ \left(ii\right)\text{Intangible Assets}& 4& 8,000& 10,000\\ \left(b\right)\text{Non Current Investments}& 5& 8,000& 3,000\\ \left(2\right)\text{Current Assets:}& & & \\ \left(a\right)\text{Inventory}& & 24,500& 6,000\\ \left(b\right)\text{Cash and Cash Equivalents}& & \underset{–}{13,000}& \underset{–}{12,000}\\ \text{Total}& & \underset{–}{94,500}& \underset{–}{63,000}\end{array}$$
Notes:
$$\begin{array}{cccc}\left(1\right)& \text{Reserve and Surplus:}& 2017& 2016\\ & \text{General Reserve}& 15,000& 9,500\\ & \text{Profit and Loss Balance}& \underset{–}{7,000}& \underset{–}{(6,000)}\\ & & \underset{–}{22,000}& \underset{–}{3,500}\\ & \text{Bracket Denotes negative balance.}& & \\ \left(2\right)& \text{Long- term Borrowings:}& & \\ & 10\%\text{Debentures}& \underset{–}{25,000}& \underset{–}{21,000}\\ \left(3\right)& \text{Tangible Assets:}& & \\ & \text{Machinery}& 54,000& 41,000\\ & (-)\text{Provision for Depreciation}& \underset{–}{13,000}& \underset{–}{9,000}\\ & & \underset{–}{41,000}& \underset{–}{32,000}\\ \left(4\right)& \text{Intangible Assets:}& & \\ & \text{Goodwill}& \underset{–}{8,000}& \underset{–}{10,000}\\ \left(5\right)& \text{Rate of interest on Investments is}10\%p.a.& & \end{array}$$

Additional Information:
1. Debentures were issued on 31.3.2017
2. Investments were made on 31.3.2017

Loss on issue of debentures is a capital loss and it is to be written-off gradually charged to ___

From the following information of a not for profit organisation, show the 'sports material' items in the 'Income and Expenditure Account' for the year ending 31st March, 2017 and the Balance Sheets as at 31st March 2016 and 31st March 2017 :

$\begin{array}{ccc}& \text{31-3-2016}& \text{31-3-2017}\\ & \text{Rs}& \text{Rs}\\ \text{Stock of sports material}& 2,200& 5,800\\ \text{Creditors for sports material}& 7,800& 9,200\\ \text{Advance to Suppliers for sports material}& 15,000& 25,000\end{array}$

Payment to suppliers for the sports material during the year was Rs 1,20,000, there were no cash purchases made.

Trade Receivables Turnover ratio =

Rent to partner ________ the overall profit.

The following is the receipts and payments account of Appollo Hospital, for the year ended 31st March, 2015 :

Receipts and Payments
$\begin{array}{cccc}\text{Receipts}& \text{Rs}& \text{Payments}& \text{Rs}\\ \text{Balance b/d}& 8,500& \text{Payment for medicines}& 33,000\\ \text{Subscriptions}& 48,000& \text{Fees to Doctors}& 24,000\\ \text{Donations}& 15,000& \text{Salaries}& 27,000\\ \text{Interest on Investments}& & \text{Equipment Purchased}& 15,000\\ \text{at}9\%\text{p.a. for the year}& 9,000& \text{Charity show expenses}& 4,000\\ \text{Proceeds from Charity show}& 12,000& \text{Sundry Expenses}& 1,200\\ \text{Grant in aid}& 20,000& \text{Balance c/d}& 8,300\\ & \underset{–}{\overline{1,12,500}}& & \underset{–}{\overline{1,12,500}}\end{array}$

Other Information :

1-4-2014 31-3-2015

Rs Rs

(a) Subscriptions due 500 1,000

(b) Subscriptions received in Advance 1,000 500

(c) Stock of Medicines 10,000 15,000

(d) Amount due to medicine suppliers 8,000 12,000

(e) Value of Equipments 25,000 33,000

(f) Value of Buildings 70,000 65,000

You are required to prepare : -

(i) Income and Expenditure Account for the year ended 31st March, 2015, and

(ii) Balance Sheet as at that date.

B,V and M were in partnership sharing profits and losses in the ratio of 3 : 2 : 1. Their fixed capitals were Rs 5,00,000; Rs 4,00,000 and Rs 3,00,000 respectively. The partnership deed provided for the following :

(i) Interest on capital 6 $\%$ p.a.

(ii) Salary of Rs 40,000 to M

(iii) Interest on partners drawings will be charged 12$\%$ p.a.

During the year ended 31st March, 2018 the firm earned a profit of Rs 2,70,000. Interest on drawings were Rs 1,200, Rs 720 and Rs 450 respectively. Prepare Profit and Loss Appropriation Account for the year ending on March 31st 2018.

After redemption is complete, the balance in Debenture Redemption Reserve is transferred to ___

The general reserve is posted on ______________ side of partners' capital account

When a partner discharges the liability of the firm, which account is credited?

Refer the data in the table below:

$\begin{array}{ccc}\text{Particulars}& 2004-05& 2005-06\\ \text{Shareholders' funds}& 10,00,000& 10,00,000\\ \text{Trade payables}& 2,40,000& 1,80,000\\ \text{Short term debt}& 8,00,000& 6,00,000\\ \text{Long term debt}& 9,02,000& 7,74,000\\ & 29,42,000& 25,54,000\\ \text{Fixed Assets}& 26,20,000& 22,50,000\\ \text{Trade Receivables}& 2,50,000& 2,75,000\\ \text{Cash}& 72,000& 29,000\\ & 29,42,000& 25,54,000\end{array}$

Calculate the absolute change in cash?

A and B are partners sharing profits and losses in the ratio of 3:2. They admit C into the partnership for one-fourth share of the profits while A and B as between themselves sharing profits and losses equally. The new profit sharing ratio (NR) between A, B and C will be:

Prepare Trading and Profit and Loss account and Balance sheet from the following particulars as on March 31, 2011.
$\begin{array}{ccc}\text{Account Title}& \text{Amt. (Dr.)}& \text{Amt. (Cr.)}\\ \text{Purchase and Sales}& 3,52,000& 5,60,000\\ \text{Return Inwards and Return Outwards}& 9,600& 12,000\\ \text{Carriage Inwards}& 7,000& \\ \text{Carriage Outwards}& 3,360& \\ \text{Fuel and Power}& 24,800& \\ \text{Opening Stock}& 57,600& \\ \text{Bad Debts}& 9,950& \\ \text{Debtors and Creditors}& 1,31,200& 48,000\\ \text{Capital}& & 3,48,000\\ \text{Investment}& 32,000& \\ \text{Interest on Investment}& & 3,200\\ \text{Loan}& & 16,000\\ \text{Repair}& 2,400& \\ \text{General Expenses}& 17,000& \\ \text{Wages and Salaries}& 28,800& \\ \text{Land and Buildings}& 2,88,000& \\ \text{Cash in Hand}& 32,000& \\ \text{Miscellaneous Receipts}& & 160\\ \text{Sales Tax Collected}& & 8,350\end{array}$
Closing Stock Rs. 30,000.

Which of the following are types of debentures?

Non current assets in 31.3.2016 is 21,30,000 and in 31.3.2017 is 36,30,000. What is the absolute change and percentage change?

Allotment of shares or debentures must be made after getting ____________ subscription against entire public issue as per SEBI guidelines.

The ___________ may indicate that the firm is experiencing stock-outs and lost sales.

On 1st July, 2014, Ashwani purchased a machine for Rs. 2,00,000 on credit from Dushyant. Installation expenses Rs. 25,000 are paid by cheque. Depreciation is to be charged on written down value method 10 % per annum. Prepare necessary ledger accounts for first three years, assuming that Ashwani closes his books on 31st December.

Shares are categorized mainly into how many types?

Accumulated profits and reserves are distributed to partners in their ___

A company disposes of equipment that it no longer uses in its business. The amount received by the company is more than the amount the asset is carried at in the accounting records. The company will report a(n)

There must be at least how many persons to form a partnership?

Neel Kamal Ltd. issued 16,000, 10% Debentures of Rs. 100 each at 10% discount redeemable at par. What amount shall be received at the time of issue ?

Salaries and commissions are ________________

Give Journal entries to record the following transactions of forfeiture and re-issue of shares and open share forfeited account:

L Ltd. forfeited 470 Equity Shares of Rs 10 each issued at a premium of Rs 5 per share for non-payment of allotment money of Rs 8 per share (including share premium Rs 5 per share) and the first and final call of Rs 5 per share. Out of these, 60 Equity Shares were subsequently re-issued at Rs 14 per share.

Following is the Recipts and Payments Account of Women's Welfare Club for the year ended December 31,2007

Prepare Income and Expenditure Account for the year ended December 31, 2013 and Balance Sheet as on that date.

Under what heads the following items on the Equity and Liabilities side of the Balance Sheet of a Company will be presented :

(i) Proposed Dividend

(ii) Unpaid/Unclaimed Dividend

(iii) Debentures

(iv) Matured Debentures

(v) Calls in Arrears

(vi) Sinking Fund

(vii) Provision for Provident Fund

(viii) Bills Payable

(ix) Public Deposits

Under what heads the following items on the Assets side of the Balance Sheet of a Company will be presented :

(i) Sundry Debtors

(ii) Patents and Trade Marks

(iii) Shares in D.C.M. Limited

(iv) Bills Receivable

(v) Advances recoverable in cash within the operating cycle

(vi) Prepaid Insurance

(vii) Work-in-Progress

Existing goodwill is written off by crediting the___