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Category [ISC} TS Grewal Solutions

[ISC} TS Grewal Solutions 233 Questions

11 Sub Categories

0 Votes 1 Ans

Sure Ltd. purchased the assets of Sony Ltd. for ₹ 5,00,000. It also agreed to take over the liabilities of Sony Ltd

376 viewsAnurag Pathak Answered question September 14, 2024[ISC] Issue of Debentures

0 Votes 1 Ans

Hero Ltd. purchased assets of the books value of ₹ 4,00,000 and took over the liabilities of ₹ 50,000 from Mohan Bros

383 viewsAnurag Pathak Answered question September 14, 2024[ISC] Issue of Debentures

0 Votes 1 Ans

Downhill Ltd. purchased Plant and Machinery for ₹ 10,00,000 payable as ₹ 3,25,000 in cash and balance by issue of 10% Debentures of ₹ 1,000 each issued at a discount of 10%. Pass Journal entries

391 viewsAnurag Pathak Answered question September 14, 2024[ISC] Issue of Debentures

0 Votes 1 Ans

Airdrop Ltd. issued 6,000; 10% Debentures of ₹ 50 each at a premium of ₹ 15 payable as follows ₹ 15, including premium of ₹ 5 on application:

401 viewsAnurag Pathak Answered question September 14, 2024[ISC] Issue of Debentures

0 Votes 1 Ans

Universal Auto Ltd. issued 40,000; 10% Debentures of ₹ 100 each at par for cash payable in full along with the application

442 viewsAnurag Pathak Answered question September 14, 2024[ISC] Issue of Debentures

0 Votes 1 Ans

Fortune Ltd. issued 2,000; 8% Debentures of ₹ 100 each payable as follows ₹ 25 on application ₹ 25 on allotment and ₹ 50 on first and final call

373 viewsAnurag Pathak Answered question September 14, 2024[ISC] Issue of Debentures

0 Votes 1 Ans

Pratik, Nitish and Avinash are in partnership sharing profits equally. Avinash died on 30th June

1.64K viewsAnurag Pathak Changed status to publish July 12, 2024[ISC] Death of Partner

0 Votes 1 Ans

Raman, Shiv and Mukesh were in partnership sharing profits and losses in the ratio of 3 : 2 : 1. Their Balance Sheet as at 31st March, 2023 was as follows:

1.41K viewsAnurag Pathak Answered question June 21, 2024[ISC] Dissolution (2023-24)

0 Votes 1 Ans

Pawan and Arun are partners in a firm sharing profits and losses in the ratio of 3 : 2. They decided to dissolve their firm on 31st March, 2023, when their Balance Sheet was as follows

1.12K viewsAnurag Pathak Answered question June 21, 2024[ISC] Dissolution (2023-24)

0 Votes 1 Ans

Ankur Aditya and Pankaj were partners sharing profits and losses in the ratio of 2 : 2 : 1. On 1st April, 2022, their Balance Sheet was as follows:

1.18K viewsAnurag Pathak Answered question June 21, 2024[ISC] Dissolution (2023-24)

0 Votes 1 Ans

Nimrat and Deep are partners having capitals as on 1st April, 2023 as Nimrat – ₹ 4,80,000 and Deep as ₹ 1,00,000 (Debit)

871 viewsAnurag Pathak Answered question June 19, 2024[ISC] Fundamentals of Partnership

0 Votes 1 Ans

Puneet and Tarun are partners sharing profits and losses in the ratio of 3 : 2. They admit Simran as a partner who acquires 2/7th from Puneet and 1/7th from Tarun as her share

880 viewsAnurag Pathak Answered question June 13, 2024[ISC] Admission of Partner

0 Votes 1 Ans

Raman and Daman are partners sharing profits in the ratio of 60 : 40 and for the last four years they have been getting annual salaries of ₹ 50,000 and ₹ 40,000 respectively

1.07K viewsAnurag Pathak Changed status to publish June 11, 2024[ISC] Goodwill [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

From the information given below, find the average profits of the partnership firm of Sudhir and Sana:

806 viewsAnurag Pathak Answered question May 6, 2024[ISC] Goodwill

0 Votes 2 Ans

Mahi, Virat and Ishant are partners in Sports goods business sharing profits and losses in the ratio of 2 : 2 : 1. Ishant is guaranteed profit of ₹ 5,00,000 per annum by Mahi and Virat

932 viewsAnurag Pathak Changed status to publish April 27, 2024[ISC] Fundamentals of Partnership

0 Votes 1 Ans

From the following information, calculate the value of goodwill of M/s Shiv and Shahid:

2.39K viewsAnurag Pathak Changed status to publish May 4, 2024[ISC] Goodwill [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

A firm earns profit of ₹ 2,00,000. Normal rate of return in the similar business is 10%. Value of total assets (excluding goodwill) and total outside liabilities as on the due of valuation of goodwill are ₹ 23,00,000 and ₹ 6,60,000 respectively

1.82K viewsAnurag Pathak Changed status to publish May 4, 2024[ISC] Goodwill [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Ajeet and Baljeet are partners in a firm. Their capitals are ₹ 9,00,000 and ₹ 6,00,000 respectively. During the year ended 31st March, 2023 the firm earned a profit of ₹ 4,50,000

1.69K viewsAnurag Pathak Changed status to publish May 4, 2024[ISC] Goodwill [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Average profit of GS & Co. is ₹ 50,000 per year. Average capital employed in the business is ₹ 3,00,000. If the normal rate of return on capital employed is 10%. Calculate goodwill of the firm by: i) Super Profit Method at three year’s purchase, and ii) Capitalisation of Super Profit Method.

1.27K viewsAnurag Pathak Changed status to publish May 4, 2024[ISC] Goodwill [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Average profit of the firm is ₹ 2,00,000. Total assets of the firm are ₹ 15,00,000 whereas Partner’s Capital is ₹ 12,00,000. If normal rate of return in a similar business is 10% of the capital employed, what is the value of goodwill by capitalisation of Super Profit?

1.41K viewsAnurag Pathak Changed status to publish May 4, 2024[ISC] Goodwill [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Ravi and Kant are partners in a business with balances in their capital and Current Accounts as on 31st March, 2023 were:

2.19K viewsAnurag Pathak Changed status to publish May 4, 2024[ISC] Goodwill [ISC} TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

From the following particulars, calculate value of goodwill of a firm by Capitalisation of Average Profit Method: i) Profits of last five consecutive years ending 31st March, are: 2023 – ₹ 54,000; 2022 – ₹ 42,000; 2021 – ₹ 39,000; 2020 – ₹ 67,000 and 2019 – ₹ 59,000. ii) Capitalisation rate 20% iii) Net Assets of the firm ₹ 2,00,000.

1.05K viewsAnurag Pathak Changed status to publish May 4, 2024[ISC] Goodwill [ISC} TS Grewal Solutions Accountancy Class 12th

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