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Krishan Ltd has Issued Capital of 20, 00,000 Equity shares of ₹10 each. Till Date ₹8 per share have been called up and the entire amount received exc…

A and B are partners in the ratio of 3:2. C is admitted as a partner and he takes ¼th of his share from A. B gives `3/16` from his share to C. What i…

Newfound Ltd took over business of Old land ltd and paid for it by issue of 30,000, Equity Shares of ₹100 each at a par along with 6% Preference Shar…

Vishnu Ltd. forfeited 20 shares of ₹10 each, ₹8 called up, on which John had paid application and allotment money of ₹5 per share, of these, 15 share…

Ajay and Vinod are partners in the ratio of 3:2. Their fixed Capital were ₹3,00,000 and ₹4,00,000 respectively. After the close of accounts for the y…

Given below are two statements, one labelled as Assertion (A) and the other labelled as Reason (R): Assertion (A): In case of shares issued on Pro–ra…

Mohit had been allotted for 600 shares by a Govinda Ltd on pro rata basis which had issued two shares for every three applied. He had paid applicatio…

Mickey, Tom and Jerry were partners in the ratio of 5:3:2. On 31st March 2021, their books reflected a net profit of ₹2,10,000. As per the terms of t…

Which of the following statement is/are true?  (i) Authorized Capital < Issued Capital  (ii) Authorized Capital ≥ Issued Capital  (iii) Subscribed…

Apaar Ltd forfeited 4,000 shares of ₹20 each, fully called up, on which only application money of ₹6 has been paid. Out of these 2,000 shares were re…

Given below are two statements, one labelled as Assertion (A) and the other labelled as Reason (R): Assertion (A): Revaluation A/c is prepared at the…

Abhay and Baldwin are partners sharing profit in the ratio 3:1. On 31st March 2021, firm’s net profit is ₹1,25,000. The partnership deed provided int…

A, B and C are partners, their partnership deed provides for interest on drawings at 8% per annum. B withdrew a fixed amount in the middle of every m…

Anubhav, Shagun and Pulkit are partners in a firm sharing profits and losses in the ratio of 2:2:1. On 1st April 2021, they decided to change their p…

Given below are two statements, one labelled as Assertion (A) and the other labelled as Reason (R) Assertion (A): Transfer to reserves is shown in P …

At the time of admission of new partner Vasu, Old partners Paresh and Prabhav had debtors of ₹6,20,000 and a provision for doubtful debts of ₹20,000 …

Asha and Nisha are partner’s sharing profits in the ratio of 2:1. Kashish was admitted for 1/4 share of which 1/8 was gifted by Asha. The remaining w…

Angle and Circle ware partners in a firm. Their Balance Sheet showed  Furniture at ₹2,00,000;  Stock at ₹1,40,000;  Debtors at ₹1,62,000 and  Credito…