Accounting Exam Preparation
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ABC Ltd. issued 10,000 equity shares of ₹10 each at par, payable ₹3 on application, ₹3 on allotment and ₹4 on first and final call. All shares were subscribed. A shareholder holding 500 shares failed to pay allotment and call money, and his shares were forfeited. These forfeited shares were subsequently reissued at ₹9 per share as fully paid-up. Required: Prepare the Note to Accounts relating to Share Capital and show the Share Capital in Balance Sheet of ABC Ltd.
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Prepare Note to Accounts for Share Capital and reflect it in the Balance Sheet.
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Doremon, Shinchan and Nobita are partners sharing profits and losses in the ratio of 3:2:1. With effect from 1st April, 2022 they agree to share profits equally. For this purpose, goodwill is to be valued at two year's purchase of the average profit of last four years which were as follows: Year ending on 31st March, 2019 ₹ 50,000 (Profit) Year ending on 31st March, 2020 ₹ 1,20,000 (Profit) Year ending on 31st March, 2021 ₹ 1,80,000 (Profit) Year ending on 31st March, 2022 ₹ 70,000 (Loss).
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Calculate goodwill based on the average profit of the last four years.
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At the time of reconstitution, a certain amount of Claim on workmen compensation was determined for which Q's share of loss amounted to ₹5,000. The Claim for workmen compensation would be
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₹15,000
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Harpreet and Gurpreet are partners sharing profits in the ratio of 3:2. they decide to enter David as a new partner and to share future profit and losses equally. David brings ₹50,000 as his capital. goodwill of the firm is valued at ₹60,000. what will be the correct entry to record the goodwill in the books of account.
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Goodwill a/c Dr. 60,000 To David Capital A/c 60,000
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