State the steps to change conditional formatting.
Following are the steps to change conditional formatting:
1. Make sure appropriate worksheet, table is selected in the show formatting rules for list box.
2. Optionally change the range of cells by clicking collapse dialog in the applies to box to temporarily hide and then select Expand dialog.
3. Select the rule, and then click Edit Rule. The Edit formatting rule dialog box is displayed.
4. Under select a rule type, click Format all cells based on their values
5. Under Edit the Rule Description in Format style list box, select 3-colour scale.
6. To select Minimum and Maximum type (any one of the following):
(i) Format highest and lowest value select lowest and highest value. In this case, we do not enter maximum or minimum value.
(ii) Format a number, date or time value select niumber and then enter minimum and maximum value.
What is Capital Fund? How is it calculated?
What is sacrificing ratio? Why is it calculated?
If a fixed amount is withdrawn on the first day of every quarter, for what period the interest on total amount withdrawn will be calculated?
Why there is need for the revaluation of assets and liabilities on the admission of a partner?
What is subscription? How is it calculated?
List the items which may be debited or credited in capital accounts of the partners when:
(i) Capitals are fixed.
(ii) Capital are fluctuating.
Why is Profit and Loss Adjustment Account prepared? Explain.
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?
Why it is considered desirable to make the partnership agreement in writing.
On what occasions sacrificing ratio is used?
Mohan and Shyam are partners in a firm. State whether the claim is valid if the partnership agreement is silent in the following matters:
(i) Mohan is an active partner. He wants a salary of Rs. 10,000 per year;
(ii) Shyam had advanced a loan to the firm. He claims interest @ 10% per annum;
(iii) Mohan has contributed Rs. 20,000 and Shyam Rs. 50,000 as capital. Mohan wants equal share in profits.
(iv) Shyam wants interest on capital to be credited @ 6% per annum.
Why it is considered desirable to make the partnership agreement in writing.
Rani and Suman are in partnership with fixed capitals of Rs, 80,000 and Rs.60,000, respectively. During the year 2015-16, Rani withdrew Rs. 10,000 from her capital and Suman Rs. 15,000. Profits before charging interest on capital was Rs. 50,000. Rani and Suman shared profits in the ratio of 3:2. Calculate the amounts of interest on their capitals @ 12% p.a. for the year ended March 31, 2016.
Why there is need for the revaluation of assets and liabilities on the admission of a partner?
State the meaning of Income and Expenditure Account.
Explain why it is considered better to make a partnership agreement in writing.
Why it is necessary to ascertain new profit sharing ratio even for old partners when a new partner is admitted?
State the difference between dissolution of partnership and dissolution of partnership firm.
What is subscription? How is it calculated?
Illustrate how interest on drawings will be calculated under various situations.