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SUBJECT- ACCOUNTANCY         CLASS- 12TH         LANGUAGE- ENGLISH Meaning and characteristics of a company:-  A company or a joint stock company is an entity incorporated by a group of person through the process of law for undertaking a business. It is an artificial person and is separate from its member. It normally has a share capital divide into units called shares the owner of which are known as the members of shareholders. Insolvency or a death of a member does not affect the company that is the company continuous even if a member becomes insolvent or dies. " company means a company incorporated under this act or any previous company law "  ( Section 2(20) of the companies Act, 2013) " companies is an artificial person, created by law having separate entity with the perpetual succession and a common seal " ( Prof. Haney) Characteristics or features of a company:- Incorporation:-  A co...

SUBJECT- ACCOUNTANCY          LANGUAGE- ENGLISH         CLASS - 12TH  Question-1 .  Alpha limited invited applications for issuing 75000 equity shares of ₹10  each. The amount was payable as follows:- On application- ₹4 per share  On First call- ₹3 per share  On second and final call- balance  Applications for 1,00,000 shares were received. Shares were allotted to all the applicants on pro rata basis and excess money received with applications was transferred towards sums due on first call. Vibha who was allotted 750 shares faild to pay the first call. Her shares were immediately forfeited. Afterwards the second call was made . The amount due on call we as also received except on 1,000 shares, applied by Monika. Her shares were also forfeited. All the forfeited shares were reissued to Mohit for ₹9000 at fully paid-up. Pass necessary Journal entries in the books of Alpha lim...

SUBJECT-  ACCOUNTANCY         CLASS - 12th          LANGUAGE- ENGLISH          YEAR - 2019-20 Question-1 .   A share of ₹100 issued at a premium of ₹10 on which ₹80(including premium) was called and ₹60 ( including premium) was paid, has been forfeited. This share was afterwards reissue as Fully paid -up for ₹70 . Give Journal  Entry to record the  above. ( Answer - Capital Reserve - ₹20) Question-2 .   M Ltd. Forfeited 200 equity shares ₹10 each, issued at a premium of ₹5 per share , held by the Ram for non- payment of the final call of ₹3 per share . Of these , 100 shares were reissued to vishu at a discount of ₹4 per share . ( Answer - Capital Reserve- ₹300) Question-3 .   XYZ Ltd. Forfeited 200 equity share of ₹10 each issued at a premium of ₹5 per share , held by Shyam for non- payment of allotment money of ₹8 per share (inc...

PAST ADJUSTMENT IMPORTANT QUESTIONS FOR CLASS 12th: 1. Riya Mohan and Nisha share profit in the ratio of 3:2:1. The props for the last 3 years were 140000 rupees, 84000 rupees and 106000 rupees respectively. These profits word by mistake shared equally for all the three years. It is now decide to correct the error. Give the necessary journal entry for the same. 2. profits on by a partnership firm for the year ended 31st March 2017 were distributed equally between the partners Pankaj and Anu without allowing interest on capital. Interest on capital was Pankaj- 3000 rupees and Anu- 1000 rupees. Pass necessary adjustment entry. https://www.shrink-service.it/s/1lOyuO 3. Ram and Mohan are equal partners. Their capitals are 4000 rupees and 8000 rupees respectively. accounts for the year I prepared it is discovered that interest @ 5% per annum on capital as provided in the partnership deed has not been credited to the capital accounts before distribution of profit. It is d...

PROFIT AND LOSS APPROPRIATION SOME IMPORTANT QUESTIONS: 1. Prem and Manoj are partners in a firm sharing profit in the ratio of 3 ratio 2 the partnership deed provided that Prem was to be paid salary of 2500 rupees per month and Manoj was to get a commission of rupees 10000 per year. Interest on capital was to be allowed@5% per annum interest on drawing was to be charged@6% per annum. Interest on frames drawing was 1250 rupees and Manoj duaaen was 425 rupees. Interest on capitals of the partners were 10000 rupees and 7500 rupees respectively. The form on a profit of 90575 rupees for the year ended 31st March 2016. Prepare the Profit and Loss appropriation account of the form. 2. Amit and Vijay a started a partnership business on 1st April 2016. Their capital contribution were 200000 rupees and 150000 rupees respectively the partnership deed provided that: * Interest on capital be allowed@10 per annum. * Amit it to get a salary of 2000 per month and Vijay 3000 rupees...

1. Rules of Debit and Credit : * Types of Account.          Debit.        Credit . Assets Account :.             Increase.        Decrease . Liabilities Account :.      Decrease.      Increase . Capital Account :.           Decrease.        Increase . Revenue Account :.         Decrease.      Increase . Expense Account :.          Increase.    Decrease       2. Format of journal :  3. Some important journal entries: * Outstanding expanse  Entry :.   Expanse  A/C.         ..Dr                           To outstanding expanse A/c * Depreciation  Entry :...