Name any two sub-line items (sub-headings) under which “Current Liabilities” shall be classified in a Company’s Balance Sheet. Post category:Accountancy Reading time:1 mins read SOLUTION (i) Short-term Borrowings; (ii) Trade Payables. Please Share This Share this content Opens in a new window X Opens in a new window Facebook Opens in a new window Pinterest Opens in a new window LinkedIn Opens in a new window Viber Opens in a new window VK Opens in a new window Reddit Opens in a new window Tumblr Opens in a new window Viadeo Opens in a new window WhatsApp Read more articles Previous PostName any two sub-line items (sub-headings) under which “Non-Current Liabilities” shall be classified in a Company’s Balance Sheet. Next PostName any two sub-line items (sub-headings) under which “Non-Current Assets” shall be classified in the Balance Sheet of a Company. You Might Also Like Mudit, Sudhir and Uday are partners in a firm sharing profits in the ratio of 3 : 1 : 1. Their fixed capital balances are Rs. 4,00,000, Rs. 1,60,000 and Rs. 1,20,000 respectively. Net profit for the year ended 31st March, 2018 distributed amongst the partners was Rs. 1,00,000, without taking into account the following adjustments: (a) Interest on capitals @ 2.5% p.a.; (b) Salary to Mudit Rs. 18,000 p.a. and commission to Uday Rs. 12,000. (c) Mudit was allowed a commission of 6% of divisible profit after charging such commission. Pass a rectifying Journal entry in the books of the firm. Show workings clearly. July 22, 2022 What do you mean by Non-Redeemable Preference Shares? September 28, 2022 X, Y and Z entered into partnership on 1st October, 2021 to share profits in the ratio of 4: 3: 3. X, personally guaranteed that Z’s share of profit after charging interest on capital @ 10% p.a. would not be less then Rs. 80,000 in any year. Capital contributions were: X –Rs. 3,00,000, Y – Rs. 2,00,000 and Z – Rs. 1,50,000. Profit for the year ended 31st March, 2022 was Rs. 1,60,000. Prepare Profit and Loss Appropriation Account. October 11, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Mudit, Sudhir and Uday are partners in a firm sharing profits in the ratio of 3 : 1 : 1. Their fixed capital balances are Rs. 4,00,000, Rs. 1,60,000 and Rs. 1,20,000 respectively. Net profit for the year ended 31st March, 2018 distributed amongst the partners was Rs. 1,00,000, without taking into account the following adjustments: (a) Interest on capitals @ 2.5% p.a.; (b) Salary to Mudit Rs. 18,000 p.a. and commission to Uday Rs. 12,000. (c) Mudit was allowed a commission of 6% of divisible profit after charging such commission. Pass a rectifying Journal entry in the books of the firm. Show workings clearly. July 22, 2022
X, Y and Z entered into partnership on 1st October, 2021 to share profits in the ratio of 4: 3: 3. X, personally guaranteed that Z’s share of profit after charging interest on capital @ 10% p.a. would not be less then Rs. 80,000 in any year. Capital contributions were: X –Rs. 3,00,000, Y – Rs. 2,00,000 and Z – Rs. 1,50,000. Profit for the year ended 31st March, 2022 was Rs. 1,60,000. Prepare Profit and Loss Appropriation Account. October 11, 2022