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Financial Acc II

Financial Accounting II

Capital investments for the branches are made by Head office
Branches are units physically segregated from the main office called Head office
The price of goods sent by head office to branch at a price higher than cost price called‐‐‐‐‐‐‐‐‐‐‐‐‐‐ Invoice price
"‐‐‐‐Account is prepared wth a view to ascertain the gross profit of branch." Branch adjustment a/c
‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ represents goods sent by head office to the branch or by the branch to the head office but not received by other Goods in transit
Books of accounts which are not maintained according to double entry system are known as ‐‐‐‐‐‐‐‐‐‐‐‐‐. Incomplete records
"Cash paid to creditors under single entry system can be ascertained from" Total creditors account
Under single entry system, the credit sales is computed from the Total debtors account
A head office account prepared by an independent branch is purely ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐account Personal
Incomplete records are maintained usually by a Sole trader
"If provided in the agreement interest on capital will be paid to partners out of" Current profits
Partners current A/c may have Credit balance
In absence of any agreement profits and losses are shared in Capital ratio
For finding unit value capital is divided by Profit Sharing Ratio
Contingent liabilities are the liabilities which are Contingent on happening of certain event in future
Profit & Loss Account debit balance should be Added to Capitals
The amount finally left unpaid on partner's capital account should be in Capital ratio
Any reserve in the Balance sheet on the date of dissolution should be distributed among the partners in Equal ratio
The minimum share application money is 5% of nominal value of shares
Rights shares are offered in ratio of _____. face value of shares
Share allotment account is a ------------------. personal account
Premium received on issue of shares is shown on-----------. liability side of the balance sheet
Premium received on issue of shares cannot be utilised for---------. for distribution of dividend
Minimum number of members in case of public company is---------. 7
The amount of capital mentioned in MOA is ----------. authorised capital
The difference between called up capital and paid up capital is --------------. unpaid capital
" When the shares are issued to purchase the fixed asset, ------------- should be credited." share capital a/c