Class 12th Accountancy 2017 Set1 Delhi Board Paper Solution
Explain the following formatting tools with example :
(i) Number formatting
(ii) Currency
(iii) Percentage
(iv) Dates
(i) Number Formatting: This feature allows you to format a cell or range based on certain criteria. It changes the appearance of data and makes it easier to read and understand important numeric information.
(ii) Currency: Excel is equipped to incorporate various currency signs in pictorial form for dollar it uses $ similarly for other currencies also. If the user instructs the use of the format it will assign a currency format along with entry.
(iii) Percentage: If we enter a value representing a percentage as a whole number followed by the percentage sign without any decimal places, Excel assigns to the cell the percentage format that follows the pattern along with the entry.
(iv) Dates: If we enter a date (dates are values, too) that follows one of the built in excel formats, such as 11-12-2017 or 11-Dec-2017 the program assigns a date format that follows the pattern of the date.
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What is Capital Fund? How is it calculated?
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What is sacrificing ratio? Why is it calculated?
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If a fixed amount is withdrawn on the first day of every quarter, for what period the interest on total amount withdrawn will be calculated?
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Why there is need for the revaluation of assets and liabilities on the admission of a partner?
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List the items which may be debited or credited in capital accounts of the partners when:
(i) Capitals are fixed.
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Why is Profit and Loss Adjustment Account prepared? Explain.
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If some goodwill already exists in the books and the new partner brings in his share of goodwill in cash, how will you deal with existing amount of goodwill?
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Why it is considered desirable to make the partnership agreement in writing.
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On what occasions sacrificing ratio is used?
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State the order of settlement of accounts on dissolution.
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Illustrate how interest on drawings will be calculated under various situations.
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How deficiency of crditors is paid off at the time of dissolution of firm.
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Give two circumstances under which the fixed capitals of partners may change.
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Priya and Kajal are partners in a firm, sharing profits and losses in the ratio of 5:3. The balance in their fixed capital accounts, on April 1, 2016 were: Priya, Rs. 6,00,000 and Kajal, Rs. 8,00,000. The profit of the firm for the year ended March 31, 2017 was Rs, 1,26,000. Calculate their shares of profits: (a) when there is no agreement in respect of interest on capital, and (b) when there is an agreement that the interest on capital will be allowed @ 12% p.a.
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What is a Realisation Account?
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List the items which may be debited or credited in capital accounts of the partners when:
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