ACCOUNTING FRIEND: 2017

Wednesday, 6 September 2017

Worksheet to speed up your Accountancy calculation

Worksheet to speed up your calculation
Chapter Name : Accounting for Partnership - Fundamentals Name of Topic : Calculation of Interest on Capital Name Of Student : *Instructions* 1. Bring your maximum concentration for solving problem. 2. Try to read all questions carefully. 3. Try to solve the problem with in the stipulated time. 4. Create a mind map while solving the problem. 5. Improve your speed with conscious thoughts. 6. The question number column includes the time with in which you have to solve the problem.
Q.1	Jayna, Reshma and Nain entered into partnership, bringing in Rs. 3,00,000, Rs. 2,00,000 and Rs. 1,00,000 respectively into the business. They decided to share profits and losses equally and agreed that interest on capital will be provided to the partners @10 per cent per annum. Calculate the Interest on Capital of Partners.
Answer	Calculation of Interest on Capital of Partners: Jayna = 300000 × = 30000 Reshma = 200000 × = 20000 Jayna = 100000 × = 10000
Q.2 [ 5 minutes]	Raju, Peter and Nivin entered into partnership, bringing in Rs. 2,10,000, Rs. 2,50,000 and Rs. 1,50,000 respectively into the business. They decided to share profits and losses equally and agreed that interest on capital will be provided to the partners @12 per cent per annum. Calculate the Interest on Capital of Partners.
Answer
Q.3 [ 3 minutes]	Jeevan, Athri and Ram entered into partnership, bringing in Rs. 2,80,000, Rs. 3,50,000 and Rs. 4,50,000 respectively into the business. They decided to share profits and losses equally and agreed that interest on capital will be provided to the partners @15 per cent per annum. Calculate the Interest on Capital of Partners.
Answer

Q.4 [ 1 minutes]	Neethu, Sheeja and Rama entered into partnership, bringing in Rs. 2,40,000, Rs. 1,55,000 and Rs. ,75,000 respectively into the business. They decided to share profits and losses equally and agreed that interest on capital will be provided to the partners @15 per cent per annum. Calculate the Interest on Capital of Partners.
Answer

Suggestions By The Teacher :

Friday, 7 April 2017

SAMPLE QUESTION & MARKING SCHEME ON ACCOUNTANCY

Class : XII.D ACCOUNTANCY Mark : 40

Time : 1

mts

Answer all the questions

1. Explain the concept of Financial Statements. [1]

2. List out the objectives of preparing financial statements. [4]

3. List out any four objectives financial analysis [2]

4. Draw the format of Financial statements. [8]

5. Differentiate Deferred Tax Liability and deferred Tax Assets. [3]

6. How would you disclose / show the following items in the

Balance sheet of a company. [6]

General Reserve, Capital Reserve, Equity Capital, Preference Capital

Work in Progress , Calls in Arrear, Short Term Investments

Trade Payables , Debtors, Debentures, Bills Receivables, Building

7. What is Financial Analysis? List out the important tools of

Financial Analysis. [4]

8. Prepare the Comparative Statement of Balance Sheet from the

following Information. [6]

Particulars	2015	2016
Equity Share Capital Tangible & Intangible Assets General Reserves Investments Long Term Loans Inventory Trade Receivables Cash & Cash Equivalents Creditors	2500000 3600000 600000 500000 1500000 400000 600000 50000 550000	2500000 3000000 500000 500000 1500000 700000 500000 300000 500000

9. Prepare a Comparative Statement of Profit and Loss from the

following information. [6]

Particulars	2014	2015
Revenue From Operations Purchase of Stock in Trade Finance Cost Employees Benefits Expenses Other Expenses Tax Rate	5600000 3600000 400000 600000 80000 20%	6000000 4000000 250000 500000 100000 30%

Marking Scheme

Question No.

Value Points

Marks

A balance sheet at the end of a financial year

a. To find out the true financial position

b. To find out the cash flows

c. To find out the profitability

d. To find out the strength and weaknesses

a) To measure the earning capacity

b) To measure the earning capacity

c) To measure the financial strength

d) To judge the efficiency of management

Financial Statement as on

Particulars	Note No.	Amount Current Year	Amount Previous Year
I. Equity and Liability (1) Share Holders Fund a) Share Capital b) Surplus & Reserves (2) Non – Current Liability a) Long term Borrowings b) Deferred Tax c) Long – Term Provision (3) Current Liability a) Short Term Borrowings b) Trade Payables
Total
II. Assets (1) Non- Current Assets a) Tangible b) Intangible c) Capital Work in Progress d) Deffered Tax Assets (2)Current Assets a) Current Investments b) Inventories c) Trade Receivables d) Cash and Cash Equivalents Totals

Deffered tax liability – Accounting income greater than taxable Income.

Deferred Tax Assets - Accounting income less than taxable Income.

Particular	Heading	Sub Headings
General Reserve Capital Reserve Equity Capital Preference Capital Work in Progress Calls in Arrear Short Term -Investments Trade Payables Debtors Debentures Bills Receivables Building	Share Holders Fund Share Holders Fund Share Holders Fund Share Holders Fund Current Assets Share Holders Fund Assets Equity & Liability Current Assets Non-Current Liability Current Assets Asset	Reserves & Surplus Reserves & Surplus Share capital Share capital Inventories Share capital Current Assets Current Liability Trade Receivables Long term borrowings Trade Receivables Fixed Assets

Analysis of financial statements of a company is known as financial analysis. Tools of analysis are;

a) Comparative statement

b) Common Size Statement

c) Trend Analysis

d) Accounting Ratios

e) Cash flow Statements

Absolute % Change

Equity Share Capital 0 0

Tangible & Intangible Assets 6lakhs 20

General Reserves 1 lakhs 20

Investments 0 0

Long Term Loans 0 0

Inventory 3lakhs 48.86

Trade Receivables 1lakhs 20

Cash & Cash Equivalents 2.5 lakhs 83.33

Trade Payables 50000 10

Profit after Tax = 184000(2014), 345000(2015)

ACCOUNTING FRIEND