Y Ltd. forfeited 100 equity shares of â¹10 each for the non-payment of first call of â¹2 per share. The final call of â¹2 per share was yet to be made.
Calculate the maximum amount of discount at which these shares can be re-issued.
The maximum amount of discount at which these shares can be re-issued is â¹6 per share or â¹600.
What is Capital Fund? How is it calculated?
What is sacrificing ratio? Why is it calculated?
If a fixed amount is withdrawn on the first day of every quarter, for what period the interest on total amount withdrawn will be calculated?
Why there is need for the revaluation of assets and liabilities on the admission of a partner?
What is subscription? How is it calculated?
List the items which may be debited or credited in capital accounts of the partners when:
(i) Capitals are fixed.
(ii) Capital are fluctuating.
Why is Profit and Loss Adjustment Account prepared? Explain.
If some goodwill already exists in the books and the new partner brings in his share of goodwill in cash, how will you deal with existing amount of goodwill?
Why it is considered desirable to make the partnership agreement in writing.
On what occasions sacrificing ratio is used?
Illustrate how interest on drawings will be calculated under various situations.
How will you deal with a change in profit sharing ratio among existing partners? Take imaginary figures to illustrate your answer?
Give two circumstances under which the fixed capitals of partners may change.
Explain why it is considered better to make a partnership agreement in writing.
Why it is necessary to ascertain new profit sharing ratio even for old partners when a new partner is admitted?
Why there is need for the revaluation of assets and liabilities on the admission of a partner?
State the meaning of Income and Expenditure Account.
What is Capital Fund? How is it calculated?
List the items which may be debited or credited in capital accounts of the partners when:
(i) Capitals are fixed.
(ii) Capital are fluctuating.
On what occasions sacrificing ratio is used?