Accountancy 3 Marks Question

Calculate capital employed by Liabilities Side Approach and Assets Side Approach from the following Balance Sheet:

Liabilities		₹	Assets	₹
Capital A/cs:			Land and Building	3,00,000
Gaurav	2,00,000		Goodwill	60,000
Ashish	2,00,000	4,00,000	Investments (Trade)	1,00,000
Reserves		1,80,000	Stock	1,00,000
Sundry Creditors		1,80,000	Sundry Debtors	1,40,000
Outstanding Expenses		20,000	Cash at Bank	60,000
			Deferred Revenue Expenditure: Advertisement Suspense	20,000
		7,80,000		7,80,000

What is the minimum time interval between two consecutive calls according to Table F of Schedule I?

Raj Ltd. purchased furniture of ₹ 2,20,000 from M/s. Furniture Mart. 50% of the amount was paid to M/s. Furniture Mart by accepting a Bill of Exchange and for the balance the company issued 9% Debentures of ₹ 100 each at a premium of 10% in favour of M/s. Furniture Mart.
Pass necessary Journal entries in the books of Raj Ltd.

Rahul and Mohit were partners in a firm. Their partnership deed provided that the profits shall be divided as follows:
First ₹ 20,000 to Rahul and the balance in the ratio of 4 : 1. The profits for the year ended 31^st March, 2023 were ₹ 60,000 which had been distributed among the partners. On 1-4-2022 their capitals were Rahul ₹ 90,000 and Mohit ₹ 80,000. Interest on capital was to be provided @ 6% p.a. While preparing the profit and loss appropriation interest on capital was omitted.
Pass necessary rectifying entry for the same. Show your workings clearly.

D, E and F were partners in a firm sharing profits in the ratio of 5 : 7 : 8. Their fixed capitals on 1^st April, 2022 were D - ₹ 5,00,000, E - ₹ 7,00,000 and F - ₹ 8,00,000.
Their partnership Deed provided for the following:
i. Interest on capital @10% p.a.
ii. Salary of ₹ 10,000 per month to F.
iii. Interest on drawing @12% p.a.
D withdrew ₹ 40,000 on 30^th April, 2022; E withdrew ₹ 50,000 on 30th June 2022 and F withdrew ₹ 30,000 on 31^st March, 2023.
During the year ended 31^st March, 2023 the firm earned a profit of ₹ 3,50,000.
Prepare the Profit and Loss Appropriation Account for the year ended 31^st March, 2023.

A and B were partners in a firm sharing profits and losses in the ratio of 2 : 1. With effect from 1^st April, 2023 they agreed to share profits and losses equally. Calculate the individual partner's gain or sacrifice due to change in ratio.