1. A. (i) Statement of Profit or Loss is prepared under the Single Entry System to ascertain profit.
(ii) The debit balance of insolvent partner’s capital account which insolvent partner cannot pay is called capital deficiency.
(iii) Non - recurring expences are those capital expenses which are spent for acquisition of fixed asssets like purchase of land or furniture, in order to run the concern and it gives benefits for a lon period say more than 3 years.
(iv) Gain ratio is calculated at the time of retirement of a partner by deducting old ratio from new ratio.
(v) A bill of exchange is said to be retired if its acceptor makes payment of it before its due date, usually after deducting some discount or rebate.
Q1. B.
(i) Bad debts
(ii) Drawee
(iii) Gross Profit ratio / Turnover ratio.
(iv) Dissolution of Partnership firm.
(v) Notary Public.
Q. 1. C.
(i) Goodwill is an intangible asset.
(ii) Debenture is an acknowledgement of debt under common seal of a company.
(iii) When closing capital is greater than opening capital it is denotes Profit.
(iv) Cash proceeds from the issue of debentures is a Financial activity.
(v) Payee is a person to whom the amount on a bill is payable.
Q. 1. D.
(i) True
(ii) False
(iii) True
(iv) False
(v) False.
Q. 1. F.
Solution : Single Entry
Solution : Admission of partner
Click for Retirement of partner solution
Bill of Exchange Solution Click Here
Dissolution problem Akbar and Birbal
Modern Chemicals Co. Ltd. Issue of Shares Solution
NPO Answer Click Here
Final Account Answer Click Here
22 comments:
Very good all answer r given properly very happy...
in Npo any if any receipts and expenses of one account given then we must less from receipts??

As you have done in the above solution
which account does bills payable has??? ex personal, real, nominal???
Is it compulsory to prepare current a/c in final a/c if not given in question??
No only capital act if not given of current
You can either do that......or you can simply post it in their repective side...
For eg. If drama expense and drama receipts are given .....you can put drama expense to the expenditure side and drama receipts to income side ....the anwer results same
It doesn't come in any of the type of account......its as simple that Bill receivable are your assets and Bill payable is your liability
Can we use calculator in board exams???
Is it necessary to prepare opening balance sheet in NPO
Mo
Chutiya hai kya re tu
I really enjoy reading from omtex class. I had learned every subject from omtex. It is so easy to understand everything. Thank you very much.
Firniture wala nai samja balance sheet main
No
How many marks for only posting and adjustments in final accounts
😂😂😂😂
Kabhi board exam Diya nahi kya Bhai😆🤣
13 marks out of 15
2 marks for tallying the um
Wrong hai bhai
Wrong calculation given
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