Explain the following formatting tools with example :
(i) Number formatting
(ii) Currency
(iii) Percentage
(iv) Dates
(i) Number Formatting: This feature allows you to format a cell or range based on certain criteria. It changes the appearance of data and makes it easier to read and understand important numeric information.
(ii) Currency: Excel is equipped to incorporate various currency signs in pictorial form for dollar it uses $ similarly for other currencies also. If the user instructs the use of the format it will assign a currency format along with entry.
(iii) Percentage: If we enter a value representing a percentage as a whole number followed by the percentage sign without any decimal places, Excel assigns to the cell the percentage format that follows the pattern along with the entry.
(iv) Dates: If we enter a date (dates are values, too) that follows one of the built in excel formats, such as 11-12-2017 or 11-Dec-2017 the program assigns a date format that follows the pattern of the date.
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If a fixed amount is withdrawn on the first day of every quarter, for what period the interest on total amount withdrawn will be calculated?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?
What are the features of Receipt and Payment Account?
On what occasions sacrificing ratio is used?
Rani and Suman are in partnership with fixed capitals of Rs, 80,000 and Rs.60,000, respectively. During the year 2015-16, Rani withdrew Rs. 10,000 from her capital and Suman Rs. 15,000. Profits before charging interest on capital was Rs. 50,000. Rani and Suman shared profits in the ratio of 3:2. Calculate the amounts of interest on their capitals @ 12% p.a. for the year ended March 31, 2016.
Give two circumstances under which the fixed capitals of partners may change.
Discuss the main provisions of the Indian Partnership Act 1932 that are relevant to partnership accounts if there is no partnership deed.
State the accounting treatment at the time of dissolution of a firm for:
i. Unrecorded assets ii. Unrecorded liabilities
What is sacrificing ratio? Why is it calculated?
What is subscription? How is it calculated?
Reproduce the format of Realisation Account.
State the meaning of ‘Not- for- Profit’ Organisations.