Question : M & N were partners. They decided to dissolve their firm on 31st march 2022. The balance sheet of the firm is given below. M undertook to pay Mrs. M Loan and took over 40% of the stock and 70% of machinery at a discount of 15%.The Value at which asset is taken over by M will be :
Balance sheet as at 31st march 2022
Liabilities
Amount
Assets
Capital M
40000.00
Furniture
50000.00
N
100000.00
Machinery
20000.00
Mrs. M Loan
15000.00
Stock
Cash in Hand
35000.00
155000.00
Option 1: Rs.17,000
Option 2: Rs.5,100
Option 3: Rs.28,900
Option 4: None of the Above
Correct Answer: Rs.28,900
Solution : Value of Stock Taken over M = 50000*40% = Rs.20000
Less : Amount of Discount = Rs.20000*15% = Rs.3000
A = 17000
Value of Machine Taken over by M = 20000*70% = 14000
Less : Amount of Discount = 14000*15% = 2100
B = 11900
Total Value of Asset Taken over by M = (A+B)
= 17000 + 11900
= 28900
Hence the correct answer is option 3.
Question :
Calculate Operating ratio -
Particulars
Revenue from Operations
600000
Gross profit
20%
Office Expense
30000
Selling Expense
48000
Option 1: 80%
Option 2: 95.33%
Option 3: 85%
Option 4: 93%
On the basis of following information received from a firm, its proprietary ratio will be -
Fixed assets
330000
Current assets
190000
Preliminary Exp.
Equity share capital
244000
Prefrence share capital
170000
Reserve Fund
58000
Option 2: 85%
Option 3: 70%
Option 4: 90%
Calculate Cash Flow From Investing activities From the following information -
Purchase of machine
300000
Purchase of goodwill
150000
Purchase of Investment
200000
Sale of Machine
85000
Sale of inveatment
80000
Sale of Patents
90000
Interest and dividend Received
60000
Rent Received
Option 1: Rs.(2,55,000)
Option 2: Rs.6,50,000
Option 3: Rs.3,95,000
From the Following information what will be the amount of asset purchased during the year?
Closing
Opening
Machinery (At cost)
690000
Accumulated Depreciation
Additional information: During the year a machine coating Rs.50,000 with accumulated depreciation Rs.32,000 was sold for Rs.20,000.
Option 1: Rs.1,40,000
Option 2: Rs.1,20,000
Option 3: Rs.1,65,000
Option 4: None of the above
Following is the extract From the balance sheets of Poorva Ltd.
31-03-2022
31-03-2021
Surplus i.e balance in statement of profit and loss
230000
Proposed Dividend
40000
Dividend Payable
9000
-
Net Profit before tax and Extraordinary items will be :
Option 1: Rs.1,90,000
Option 2: Rs.40,000
Option 3: Rs.1,00,000
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