Plz Solve my problems

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CA Final Article Assistant
1671 Points Joined January 2011

 

1.A and B, who share profits and losses in the ratio of 3:2 has the following balances: Capital

of A Rs. 50,000; Capital of B Rs. 30,000; Reserve Fund Rs. 15,000. They admit C as a partner,

who contributes to the firm Rs. 25,000 for 1/6th share in the partnership. If C is to purchase

1/6th share in the partnership from the existing partners A and B in the ratio of 3:2 for Rs.

25,000, find closing capital of C

 

2.S Ltd. issued 2,000, 10% Preference shares of Rs.100 each at par, which are redeemable at a

premium of 10%. For the purpose of redemption, the company issued 1,500 Equity Shares

of Rs.100 each at a premium of 20% per share. At the time of redemption of Preference

Shares, the amount to be transferred by the company to the Capital Redemption Reserve

Account will be _________

 

I got one more question.In Eco which data we have to learn many of datas have changed such as slr,crr which data we have learn??????? 

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On 29 May 2011 at 17:04 Report
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CA
669 Points Joined March 2010

AMOUNT TO BE TRANSFER TO C.R.R=50000(200000-150000)...WHEREAS THE SECURITY PREMUIM RECIEVED FROM THE ISSUE OF EQUITY SHARES WILL BE UTILISED FOR WRITING OFF PREMIUM ON REDEMPTION OF PREFERENCE SHARES..

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On 29 May 2011 at 17:15
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articled trainee
1477 Points Joined July 2010

closing capital will remain 25000 itself .. there are no adjustments itself .... what are the options given ??

agree with romil shah for your 2nd doubt

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On 29 May 2011 at 20:15
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PA
21 Points Joined June 2010

Hi,

I am CA working with one of the big IT company. I also want to do ICWA but the main thing is Computer Tranining. I don't have a time to go there and attand Tranining.  Is there any alternative for this computer traning...

 

Please help me out

Sachin Garg

9811595403

Ca.saching09 @ gmail.com

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On 29 May 2011 at 21:15
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CA CS And CMA Final
919 Points Joined May 2009

1. closing capital will be19000              

            - 95000 is share of A & B i.e 3+2=5 new partner share is 1/6 after admission total share will be 6 (3+2+1) total capital must be { (50000+30000+15000)*6/5}= 114000. already we have 95000 so bal is 19000 then 6000 (25000-19000) is goodwill

2.CRR will be 50000

3. most recent data

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On 29 May 2011 at 21:52
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student
34 Points Joined June 2011

 

  A B   WORKING        
EXISTING 50000 30000            
RESERVES 9000 6000            
TOTAL 59000 36000 95000          
      114000 (95000*6/5)        
                 
C' S SHARE OF CAPITAL   19000 (114000-95000)      
THE EXCESS OF RS.6000(25000-19000) MAY BE WITHDRAWN BY MIM OR SHOWN AS A CAPITAL.
                 
                 
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On 04 June 2011 at 14:00


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