If capital of a business is Rs.1,40,000 and liabilities are of Rs.80,000, calculate the total assets of the business.
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Unforseen obsolescence of fixed capital assets during Production is: (Choose the correct alternative)
(b) Capital loss....
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Why do firm revaluate assets and reassess their liabilities on retirement or on the event of death of a partner?
At the time of retirement or death of a partner, it becomes inevitable to revalue the assets and liabilities of the firm for ascertaining their true and fair values. The...
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All assets (except cash/bank and fictitious assets) are transferred to the ————— (Debit/Credit) side of ——————— Account (Realisation/Capital).
Debit, Realisation
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Jaspal and Rosy were partners with capital contribution ofRs.10,00,000 and Rs.5,00,000 respectively.
In the absence of a partnership deed, the provisions of the Indian Partnership Act, 1932, apply. According to the Act, if there is no agreement regarding the ratio in which...
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Jagmohan and Ramesh were partners with capital contribution of Rs.10,00,000 and Rs.5,00,000 respectively.
In the absence of a partnership deed, the provisions of the Indian Partnership Act, 1932, apply. According to the Act, if there is no agreement regarding the interest on capital...
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If the capital of a business is Rs.3,00,000 and liabilities are Rs.50,000, loss 70,000, calculate the total assets of the business.
Total assets = capital - Loss + Liabilities = Rs.3,00,000 - Rs.70,000 + Rs. 50,000 = Rs.2,80,000
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If total assets of a business are Rs.1,30,000 and net worth is Rs.80,000, calculate the creditors.
Creditors = Total assets - Net worth = Rs.1,30,000 - Rs.80,000 = Rs.50,000
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A commenced his cloth business on 1 April 2014 with a capital of Rs.30,000. On 31 March 2015,
Closing capital = Assets - Liabilities = Rs.50,000 - Rs.10,000 = Rs.40,000
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On 31st March, 2015, the total assets and external liabilities were Rs.2,00,000 and Rs.6,000
Capital on March 31,= Total Assets - External Liabilities = Rs.2,00,000 - Rs.6000 =Rs.1,94,000 Capital on April 01,2014 = Capital on March 31,2015- Additional Capital + Drawings- profit = Rs.1,94,000 - Rs.20.000+Rs.12,000 -Rs.20.000 = Rs.1,66,000
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Capital of Ganesh Gupta in the beginning of the year was Rs.70,000. During the year his business
Capital at the end of the year = Opening Capital + Additional Capital + Profit – Drawings = 70,000 + 20,000 + 20,000 – 7,000 = Rs.1,03,000
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