01 November 2007
Case A: Ramesh and Suresh are partners with profit sharing ratio 2:1. their capitals are 102000 And 73000. They admit Mahesh with 1/5 share. He brings Rs 14000 as his share of goodwill. He agrees to contribute capital in new profit sharing ratio. How much capital will he bring? a) 47250 b) 45000 c) 47000 d)48000
1)T Ltd has issued 14% debentures of Rs 20lakh at a discount of 10% on April 1 2004;the company pays interest half yearly on june 30 and December 31 every year. On march 31, 2006, the amount shown as “interest accrued but not due is how much, and it comes under which category??(How to calculate)
2)Which category in Balance Sheet does “premium of redemption of debentures” come under”?
3)Which among the two staetement is correct i) All contracts are agreement. ii) All agreements are contracts. (isn’t it ‘I’ ,coz only those agreements that r enforeceable by law becomes contract)
3) Loss leads to reduction in a)Liability b) Capital c) Income d) None (isn’t it ‘c’, but in book its given d”
4) The final position of business is ascertained on the basis of a) Records kept under bookkeeping process b)Trial Balance c) Acc. Report d)None (isn’t it ‘c’ coz its prepared after B.sheet)
5 )∫ log x =??? Answer according to cpt material (both QB and course) is “x.logx” while according to me and NCERT book it is “ x.logx+ k” coz it is a indefinite integral. What is the correct answer.
01 November 2007
Interest accrued and not due is Current Liabilities. Interest accrued and due will be added to the Debentures. The amount is 20 lakhs * 14% = 280000/2 = 140000
01 November 2007
Rs. 102000 + Rs. 73000 = Rs. 175000 + Rs. 70000 = Rs. 245000 is 80% i.e. before M joining. Thus 100% is 306250. Thus M needs to bring 20% = Rs.61250 - Rs.14000 = Rs.47250.
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