Power Sharing Class 10 One Shot | Victory Series | Preboards Preparation | 2020-21 | Full Chapter

Following is the Balance Sheet of the firm, Ashirvad, owned by A, B and C who share profits and losses of the business in the ratio of 3 : 2 : 1: On 1st April, 2019, they admit D as a partner on the following conddition: (a) D will bring in RS.1,20,000 as his capital and also RS.30,000 as goodwill premium for a quarter of the share in the fufure/losses of the firm. (b) Values of the fixed assets of the firm will be increased by 10% before the admission of D. (c) Mohan, an old customer whose account was written off as bad debts, has promised to pay RS.3,000 in full settlement of his dues. (d) Future profits and losses of the firm will be shared equally by all the partners. Pass the nercessary Journal entries and prepare Revaluation Account, Partners' Capital Accounts and opening Balance Sheet of the new firm.

Shilpa , Meena and Nanda decided to dissolve their partnership on 31st March , 2019 . Their profit-sharing ratio was 3 : 2 : 1 and their Balance Sheet was as under : It is agreed as follows : The stock of value of ₹ 41, 660 are taken over by Shilpa for ₹ 35,000 and she agreed to discharge bank loan . The remaining stock was sold at ₹ 14,000 and debtors amounting to ₹ 10,000 realised ₹ 8,000 . Land is sold for ₹ 1,10,000 . The remaining debtors realised 50% at their book value . Cost of realisation amounted to ₹ 1,200 . There was a typewriter not recorded in the books worth of ₹ 6,000 which were taken over by one of the Creditors at this value . Prepare Realisation Account , Partner's Capital Accounts and Cash Account to Close the books of the firm .

(Issue of Two Classes of Shares). DSC Power Ltd. Offered to public on 1st April, 2019, 1,00,000 Equity Shares and 50,000 Preference Shares of Rs. 10 each payable as under: {:(,"Equity Shares (Rs.)","Preference Shares (Rs.)"),("On application"," 3"," 3"),("On allotment (1 st May)"," 3"," 4"),("On first and final call (1 st September)", " 4"," 3"):} Subscription was received for 1,20,000 Equity Shares and 45,000 Preference Shares. Applications for Preference Shares were accepted in full. Out of applications for Equity Shares, applications for 10,000 shares were rejected, applications for 85,000 shares accepted in full and 15,000 shares were allotted to the remaining applicants. All amounts were received except the amount due on call on 1,000 Equity Shares and 500 Preference Shares. Pass entries in the Cash Book and Journal.

A , B and C started business on 1st April ,2018 with capitals of ₹ 1,00,000 , ₹ 80,000 and ₹ 60,000 respectively sharing profits (losses) in the ratio of 4 : 3 :3 . For the year ended 31st March , 2019 , the firm suffered a loss of ₹ 50,000 . Each of the partners withdrew ₹ 10,000 during the year . On 31st March , 2019 , the firm was dissolved , the creditors of the firm stood at ₹ 24,000 on that date and Cash in Hand was ₹ 4,000 . The assets realised ₹ 3,00,000 and Creditors were paid ₹ 23,500 in full settlement of their claims . Prepare Realisation Account and show your working clearly :

Class 10 Social Science | Democratic Politics Chapter 1 | Power Sharing Important Questions

The Directors of Super Star Ltd. invited applications for 2,00,000 Equity Shares of Rs. 10 each to be issued at 20% premium . The money payable per shares was: on application Rs. 5, on allotment Rs. 4 (including premium of Rs. 2 ), first call Rs. 2 and final call Rs. 1. Application were received for 2,40,000 shares and allotment was made as: (i) to applicants for 1,00,000 shares-in full, (ii) to applicants for 80,000 shares-60,000 shares , (iii) to applicants for 60,000 shares-40,000 shares. Applicants of 1,000 shares falling in Category (i) and applicants of 1,200 shares falling iin Category (ii) failed to pay allotment money. These shares were forfeited on failure to pay first call. Holders of 1,200 shares falling in Category (iii) failed to pay the first and final call and these shares were forfeited after final call. 1,300 shares [1,000 of Category (i) and 300 of Category (ii)] were reissued at Rs. 8 per share as fully paid-up. Journalise the above transactions. Prepare Cash Book and Balance Sheet .

New Company Ltd. has a nominal capital of Rs. 2,50,000 in shares of Rs. 10. Of these, 4,000 shares were issued as fully paid in payment of building purchased, 8,000 shares were subscribed by the public and during the first year Rs. 5 per share were called-up, payable Rs. 2 on application, Rs. 1 on allotment, Rs. 1 on first call and Rs. 1 on second call. The amounts received in respect on these shares were: {:("On 6,000 shares",,"Full amount called,"),("On 1,250 shares",,"Rs. 4 per share,"),("On 500 shares",,"Rs 3 per share,"),("On 250 shares",,"Rs. 2 per share."):} The Directors forfeited the750 shares on which less than Rs. 4 had been paid. The shares were subsequently reissued at Rs. 3 per share. Pass Journal entries recording the above transactions and prepare the company's Balance Sheet.