Reference no: EM131128550
Question No: 1
Mr. A, B & C entered into a partnership. At the beginning of the year their capital balances were Rs. 180,000, Rs. 140,000 and Rs. 80,000 respectively. Profit or loss is to be divided as:
Ø Mr. A: one-half
Ø Mr. B: one-third
Ø Mr. C: one-sixth
Required:
If profit is Rs. 390,000, calculate the share of profit for all the partners.
Question No: 2
Write down the components of Cash Flow Statement.
Question No:3
What is bank overdraft? Mention an example for this. Why companies have to pay mark up on it. Under which head mark up paid on overdraft is shown in financial statement.
Question No: 4
Indicate in which section of the Balance Sheet each of the following accounts is classified. Use the symbols CA for current assets, NCA for non current assets, CL for current liabilities, LTL for long term liabilities, and SHE for stockholders' equity.
Accounts Section
Prepaid rent
Dividends payable
Salaries payable
Prepaid insurance
Retained earnings
Mortgage payable (due in 15 years) LTL
Unearned service revenue
Accounts receivable
Land
Office supplies
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