Final Accounts
The long term assets that have no physical existence but, possess a value is known as
Intangible assets
In the case of admission of a partner, the entry for unrecorded investments will be
Debit Investment A/cs and Credit Revaluation A/c
What is the Bill receivable account?
Real Account
Under dissolution of the partnership, the firm’s business
Discontinue
The assets that can be easily converted into cash within a short period (i.e.), 1 year or less is known as
Current assets
Sacrificing ratio is used to distribute ……………..in case of admission of a partner
Goodwill
A bill of exchange includes.
An order to pay
Dissolution of firm necessarily means dissolution of :
partnership
The debts which are to be repaid within a short period (a year or less) are referred to as
Current Liabilities
A and Bare in partnership sharing profits in the ratio of 3:2. They take C as a new partner. Goodwill of the firm is valued at 33,00,000 and C brings 30,000 as his share of goodwill in cash which is entirely credited to the capital account of A. New profit sharing ratio will be
5:4:1
A Bill of Exchange is drawn on 1 March 2017 . Term of the Bill was 4 months . The due date of the Bill will be________ ?
Date of drawing the Bill + Tenure of the Bill + Grace period
1 March 2017 + 4 months + 3 Days
04 July 2017
If any surplus is available then it is distributed among the partners in :
Profit sharing ratio
Accounting furnishes data on
Income and cost for the managers
Financial conditions of the institutions
Company’s tax liability for a particular year
Ramesh and Suresh are partners sharing profits in the ration of 2:1 respectively. Ramesh capital 1,02,000 and Suresh capital are 73,000. They admit Mahesh and agree to give him 1/5th share in future profit. Mahesh brings 14,000 as his share of goodwill. He agrees to contribute capital in the new profit-sharing ration. How much capital will be brought by Mahesh?
47,250
What is retiring a bill under rebate means?
Making a payment of the bill before the due date
Share of a concerned partner in excess of the firm’s property over the firm’s debts can be used to pay
Private debts
Gross profit is
Excess of sales over cost of goods sold
Goodwill of a firm of A and B is valued at 30,000. It is appearing in the books at 12,000. C is admitted for 1/4share. What amount he is supposed to bring for goodwill?
7,500
A Bill of Exchange is drawn on 1 April 2017 . Term of the Bill was 30 Days . The due date of the Bill will be________ ?
Date of drawing the Bill + Tenure of the Bill + Grace period
1 April 2017 + 30 Days + 3 Days
04 May 2017
Name the Account which is prepared for finding the profit or loss on getting amount from selling of all assets and paying amount of liabilities.