Komal is guaranteed a minimum profit of ₹ 2,00,000. (or) (b). Hary Ltd. made a profit of 25% on cost. Or Bliss Products Ltd. registered with capital of ₹ 90,00,000 divided into 90,000 equity shares of ₹ 100 each. Gautam and Yashica are partners in a firm, sharing profits and losses in 3:1 respectively. The balance sheet of the firm as on 31st March 2018 was as follows:   [8]. 5,200 and Three months Excise duties is due, but not paid Rs. a) RS 5000 b) Rs 1000 c) Rs 1,100 d) None of the above View Answer / Hide Answer From the following Balance Sheet of Dreams Converge Ltd as at 31.3.2018 and 31.3.2017; Assuming that the Company has sufficient funds in Debenture Redemption Reserve Account, pass necessary journal entries for the year ending March 31st 2020. No trace could be found of the holders of 60 preference shares. The firm incurred a loss of ₹22,00,000 for the year ended 31st March,2018. 60,000 to its employees; it required funds for expansion and therefore, issued shares of Rs. b) ₹ 2,50,000 a) Bringing up the monthly summary of Bank Book. Answer False. Company opted to pass necessary entry for issue of debentures.   [6] In respect of goods supplied. 10 each 2,00,000 -- 12,000 shares of Rs. PART A A and B are partners in a firm. Ltd. Balance Sheet as at 31-3-2016. Part B has two options – Analysis of Financial Statements and Computerised Accounting. Main objective of Common Size Balance Sheet is: Dividend paid by manufacturing company c. Operating activity, Question 30. i) Depreciate furniture by 15% p.a. Prepare a consolidated balance sheet of Hary Ltd. and its subsidiary Say Ltd. as on 31st March, 2009. (ii) Securities Premium Reserve Show workings clearly. Fill in the missing figures (In Simple Ways), Trending Instagram Captions for All Types of Posts 2021 | Funny IG Selfie Captions for Boys, Girls, Couples for Present Situation, Top 100+ Perfect Graduation Instagram Captions | Best Instagram Captions for Graduation Pictures During Quarantine, Amount paid for medicines during the year, Receipts and Payments Account for the year ended 31st March, 2019, To Entrance Fees To Interest on investment @, Subscription outstanding on 31st March, 2018, Subscription outstanding on 31st March, 2019, Subscription received in advance on 31st March, 2018, Subscription received in advance on 31st March, 2019, Attributes that can be divided in smaller sub parts to represent some more basic attribute with independent meaning. Saregama Ltd invited applications for issuing 80,000 equity shares of ₹ 100 each at a premium of ₹ 10. A and B are in partnership sharing profits and losses in the ratio of 3:2. Assets Rs. S Ltd. Rs. How are the following items presented in financial statements of a Not-for- Profit organisation:-   [1] From the following particulars extracted from the books of Ashok & Co. Ltd., compute the following ratios and comment: ... Cash sales Rs. (iv) Say Ltd. owed Hary Ltd. Rs.50,000 for purchase of stock from Hary Ltd. To each partner proportionately what is due to him/her from the firm for advances as distinguished from capital (i.e. Which of the following is not an advantage of computerised accounting system   [1] Premium on redemption of debentures account is shown under the ‘Securities Premium’ in the Balance Sheet. Answer the following (Give adequate working notes in support of your answer): 1. On Application – ₹ 30 (a) State the advantages of setting Accounting Standards. Name and explain the function which returns the future value of an investment which has constant payment and interest.   [4], Question 32. Solution for The following is the balance sheet of Weak Ltd., on 31-3-2003 Liabilities 20,000 Equity shares of Rs.10 each 2,00,000 Patents 500 10% Pref. From the following particulars prepare a trading and profit and loss account : ... 31-12-1993 Balance c/d (2% on Rs. (ii) He withdrew Rs. d) ₹ 36,00, Question 5. The partners of a firm, Alia, Bhanu and Chand distributed the profits for the year ended 31st March, 2017, ₹ 80,000 in the ratio of 3:3:2 without providing for the following adjustments: Share capital Equity… 2. 7,000 had been provided on it. Rs. ), Concept: Accounting for Revaluation of Assets and Reassessment of Liabilities, 2016-2017 (March) Delhi Set 1 (with solutions), 2016-2017 (March) Delhi Set 2 (with solutions), 2016-2017 (March) Delhi Set 3 (with solutions), CBSE Previous Year Question Paper With Solution for Class 12 Arts, CBSE Previous Year Question Paper With Solution for Class 12 Commerce, CBSE Previous Year Question Paper With Solution for Class 12 Science, CBSE Previous Year Question Paper With Solution for Class 10, Maharashtra State Board Previous Year Question Paper With Solution for Class 12 Arts, Maharashtra State Board Previous Year Question Paper With Solution for Class 12 Commerce, Maharashtra State Board Previous Year Question Paper With Solution for Class 12 Science, Maharashtra State Board Previous Year Question Paper With Solution for Class 10, CISCE ICSE / ISC Board Previous Year Question Paper With Solution for Class 12 Arts, CISCE ICSE / ISC Board Previous Year Question Paper With Solution for Class 12 Commerce, CISCE ICSE / ISC Board Previous Year Question Paper With Solution for Class 12 Science, CISCE ICSE / ISC Board Previous Year Question Paper With Solution for Class 10. a) When a particular attribute does not apply to an entity. From the following extracts of Balance Sheet of Exe Ltd., calculate Cash Flow from Financing Activities: Particulars. A bonus issue of 1 equity share for every 4 held was made on the same date. (iii) A machine that was not recorded in the books was taken over by K at ₹ 3,000 whereas its expected value was ₹ 5,000. From the following Balance Sheet of Dreams Converge Ltd as at 31.3.2018 and 31.3.2017; Question 25. When a liability is discharged by a partner, at the time of dissolution, Capital Account is credited because ______. 31st March, 2021 – 10,000 debentures 1,50,000 (ii) He withdrew Rs. In the current year, it purchased machinery for Rs.30,00,000; it paid salaries of Rs. Is accountant correct?   [1], Question 12. A bonus issue of 1 equity share for every 4 held was made on the same date. Showing your workings clearly   [4] The following adjustments were agreed upon for calculation of amount due to Y. The form prescribed is vertical and is given in Exhibit 3.1. b) Liquid Ratio and Operating Ratio The two basic measures of operational efficiency of a company are   [1] Rs. Profit as per Statement of Profit and Loss, Operating Profit before Working Capital Adjustments, Net ↑/↓ in Cash and Cash Equivalents (A+B+C), Add: Cash and Cash Equivalent in the beginning of the period (43,000+70,000), Cash and Cash Equivalents at the end of the period (73,000+40,000), Profit and Loss A/c (Dep. ii. (a) Pass a journal entry in each of the following cases. 8,000 during the year 2004. Question 18. Riyansh, Garv and Kavleen were partners in a firm sharing profit and loss in the ratio of 8:7:5. Trial Balance as on 31st March 2015 ----- Debit Rs. (c) Crown Ltd forfeited 50 shares of ₹ 10 each, for non- payment of final call money of ₹ 3 per share. Question 17. H Ltd. Rs. Prepare Cash Flow Statement. I. The Balance sheet of Ram at end of 2013 and 2014 disclose investments in shares of Rs 2000 and Rs 3000, respectively. From the following Balance Sheet of Dreams Converge Ltd as at 31.3.2018 and 31.3.2017; On 1st call – ₹ 30 On Final Call Balance It earned a profit of Rs… Payment of cash to acquire Debenture by an Investing Company a. C brings ₹ 4,00,000 as his share of capital. While preparing Cash Flow Statement, match the following activities   [1] Question 12. Question 24. Following is the balance sheet of Banbaxy Ltd. as on March 31, 2006. Problem – Distinction between Pre-Acquisition and post-acquisition profits unrealized profit included in stock. (b) L ltd forfeited Mr M’s shares who has applied for 600 shares and was allotted 400 shares failed to pay allotment money of ₹ 4 per share including premium of ₹ 2 on which he had paid application money of ₹ 2 only. Comparative Statement of Profit and Loss Tax Rate 30% Financing activity Assets Rs. (iii) Provident Fund, Question 31. d) Multi value attributes may be nested (or grouped) to constitute complex ones. 1. iii). From the following Balance sheet of DCX Ltd and the additional information as at 31March …. | 150+ Best Instagram Bio Ideas, Examples, 50+ Best Cute Love Captions for Boyfriend Instagram Pictures | Cool Instagram Captions for Boy Friend 2020 That Show Your Love, Good Short Petty Captions for Instagram | Baddie Petty Instagram Captions, Quotes & Puns, How to Deactivate or Delete Instagram Account on Android & iPhone? Goodwill Rs. b) Goodwill of the firm be valued at ₹ 36,000 and be adjusted into the Capital Accounts of X and Z, who will share profits in future in the ratio of 3:1. The preference shares were redeemed on 1st January, 2017 at a premium of 10%. Liabilities Equity share of ` 1/ - each fully paid -up 1,500 600 1,200 1,200 50 per share on application, Rs 40 per share on allotment (including premium), Rs. A and B for a payment of Rs 3,00,000 to be made in the form of equity shares of Rs 100 each credited as Rs 80 paid. (i) K agreed to pay off his wife’s loan of ₹ 6,000. Silver Ore Co. Ltd. was formed on 1 st April, 2007 with an authorised capital of Rs.6,00,000 in shares of Rs.10 each. 10,000; Wages Rs. 10 The Balance Sheet Page of Arvind Fashions Ltd. presents the key ratios, its comparison with the sector peers and 5 years of Balance Sheet. ; a bamboo pens producing company, purchased a machinery for ₹ 9,00,000. Compute Cash flow from Investing Activities.   [1], Question 28. Is Rs. Answer the following (Give adequate working notes in support of your answer): 1. Balance in Statement of Profit and Loss). More liquid accounts, such as Inventory, Cash, and Trades Payables, are placed in the current section before illiquid accounts (or non-current) such as Plant, Property, and Equipment (PP&E) and Long-Term Debt. (2)  During the year a piece of machinery costing Rs 80,000 on which accumulated depreciation was Rs 40,000 was sold at a loss of Rs 10,000. (9 marks) 3. i. From the following Balance Sheet as SRS Ltd and the additional information as in 31.3.2016, prepare a Cash Flow Statements: Additional Information: (i) ₹50,000 12% debentures were issued on 31.3.2016 (ii) During the year a piece of machinery costing ₹40,000 on which accumulated depreciation was ₹20,000 was sold at loss of ₹5,000. Question 2. The preference shares were to be redeemed at a premium of 10%. The following trial balance has been taken from MAW Ltd on 30 April 2013, after the preparation of the Trading and Profit and Loss Account for the year. c) Issue of 10,000 11% debentures of ₹ 100 each as collateral in favour of State Bank of India. Attributes with single value for an entity. Prepare a consolidated Balance Sheet as on 31 st December 1994. The company issued prospectus inviting applications for 50,000 equity shares of ₹ 100 each payable as ₹ 20 on application, ₹ 30 on allotment, ₹ 20 on first call and balance on second call.   [4] a) Mehar Ltd. issued ₹ 1,00,000, 12% Debentures of ₹ 100 each at a premium of 5% redeemable at a premium of 2% Dhwani, who was allotted 1,600 shares, failed to pay allotment money and Sargam who applied of 6,000 shares did not pay 1st call money. of these, 52,000 shares had been issued and subscribed but there were calls–in–arrears on 100 shares. 1,60,000 were delivered on 5th July, 2018. Accountant has calculated new profit sharing ratio as 5:3:2. )CreditorsGeneral ReserveCapital A/cs: X 1,80,000Y 90,000Current A/cs:X 30,000Y 6,00045,00036,0002,70,00036,000Cash at BankDebtors 60,000Less: … 6,50,000. a) ₹ 90,000 (c) 6% p.a. a) Efficient record keeping Pass necessary journal entries for the following after various assets (other than cash and Bank) and the third party liabilities had been transferred to realisation account.   [4] c) ₹ 5,400 Prepare a Schedule of changes in Working Capital and a Statement showing the Sources and Application of Funds for 2004. From the following Balance Sheet of R Ltd., Prepare a Common Size Statement Balance Sheet As at 31st March, 2019. Question 3. Ankit, Unnati and Aryan are partners sharing profits in the ratio of 5:3:2. Nature of items e) Y to be paid ₹ 9,000 immediately and balance to be transferred to his Loan Account. v. The capitals of all the partners were to be in the new profit sharing ratio on basis of capital of new partner any adjustment to be done through current accounts. The Capital brought in by C would be:   [1] (i) Katrak’s acceptance to Basu for ` 2,500 discharged by a cash payment of ` 1,000 and a new bill for the balance plus ` 50 for interest. 60,000 on May 15, 2017 for his personal use. Particulars. Period. Credit Rs. Or Let us take the following example and show how the share capital will be shown in the balance sheet. 10 each. 12,000; depreciation of Rs. b) The display becomes Edit Screen in Reconciliation mode. Following information is extracted from the Statement of Profit and Loss of Crypto Finance Ltd. For the year ended 31st March 2017 and 31st March 2018. Question 16. i. Applications of 1,20,000 shares were received. 5,000,000 10 … Pass necessary journal entry regarding deficiency borne by Maanika and Bhavi and prepare Profit and Loss Appropriation Account.   [4] partner loan); d) X and Z also decided that the total capital of the new firm will be ₹ 1,20,000 in their profit sharing ratio. (2) The amount of Rs.10 lakhs of a … Prepare Journal entries for the following transactions in K. Katrak’s books. a) Calculate the amount of medicines consumed during the year ended 31st March,2019   [3], Distinguish between Income and Expenditure Account and Receipt and payment Account on basis of :-   [3] The summarised Balance Sheet of H Ltd. and its S Ltd. on 31st December 2004 are as follows: S Ltd. had the credit balance of Rs 30,000 in the Reserves when H Ltd. acquired shares in S Ltd. decided to make a bonus issue out of post-acquisition profits of two shares of Rs … The company also sold an old machine of the book value of ₹ 79,000 at a loss of ₹ 10,000. His share of profit up to his date of death on the basis of sales till date of death. Click hereto get an answer to your question ️ Following is the Balance Sheet of X and Y as at 31^st March,2018 who are partners in a firm sharing profits and losses in the ratio of 3:2 respectively:Liabilities(Rs.)Assets(Rs. (a) A Ltd. owned 80% of B Ltd, 35% of C Ltd. and 30% of D Ltd. C Ltd. is jointly controlled entity and D Ltd. is an associate. Raman to whom 1600 shares were allotted failed to pay final call money and these shares were forfeited. ii. DO IT YOURSELF V. 1. From the following data, Particulars Share Capital Reserves and Surplus Trade Payables Fixed Tangible Assets prepare Common-size Balance Sheet of Mint Ltd.: 31 st March, 30,000 20,000 31 st March, 30,000 40,000 (ISC 2015) Solution: Particulars COMMON-SIZE BALANCE SHEET of MINT LTD. as at 31st March, 2014 and 2013 Note No. Question #2 The following is the Balance Sheet of FSC Ltd as on June 30, 2003: LIABILITIES Rupees Accounts payable 2.500.000 Notes payable 1.500.000 Bank Overdraft 8,500,000 14% Long term Bonds payable 5.000.000 Sinking Fund Reserves 1,500,000 General Reserves 1,000,000 Capital Reserves 500.000 Issued & Paid-Up Capital: 500.000 ordinary shares of Rs. Save my name, email, and website in this browser for the next time I comment. The following information is provided on Rs death: (i) Balance in his capital account in the beginning of the year was Rs. 3,000 and Interest on bank loan Rs. A and B as on March 31, 2012:- Profits were shared as 2/3 to A and 1/3 to B. Theoretical Framework 2. (Computerised Accounting), Question 23. Kalveen’s share of profits till the date of her death was calculated at₹ 9,375. The company does not take over the investments and Mrs. 30 per share on first call and balance on final call. Solution for The following are the balance sheet of X Ltd. And Y Ltd., as on 31 st march 2005 Liabilities Rs. List any two attributes of information to be stored in Payroll data base.   [1]. 5. Sandesh Ltd. took over the assets of ₹ 7,00,000 and liabilities of ₹ 2,00,000 from Sanchar Ltd. for a purchase consideration of ₹ 4,59,500. ₹ 8,500 were paid by accepting a draft in favour of Sanchar Ltd. payable after three months and the balance was paid by issue of equity shares of ₹ 10 each at a premium of 10% in favour of Sanchar Ltd. Sunrise Company Ltd., New Delhi, has registered its capital as Rs. All the money was duly received. (b) 8% p.a. Allotment was made on pro rata basis to all applicants. Creditors worth ₹10,000 were given a piece of furniture costing ₹8,000 in full and final settlement. They admitted C for 1/3rd share in the profits C brought proportionate amount of capital. Actual cash to be brought in or to be paid off as the case may be. For the debts of the firm to the third parties; Question 4. Faith and Belief Ltd has total redeemable debentures of ₹ 5,00,000. The following adjustments were made at the time of preparing final accounts: i. Purchase of Goodwill b. Question 19. 1,50,000 and Sales returns were Rs. Average cash balance required for the concern is Rs.25,000. (iv) The firm had a debit balance of ₹ 15,000 in the profit and loss A/c on the date of dissolution. It transferred to Debentures Redemption Reserve the required amount as applicable rules of the Companies Act and Rules, 2014 on due date. They decided to share future profits in the ratio of 2:3:5 with effect from 1st April,2018. The amount was payable as follows   [8] Record the journal entries for forfeiture and reissue of shares assuming that the company maintains call in arrear, call in advance account. On June 30, 2017, R died. His share of Capital i.e. Then the current liabilities recorded in balance sheet will be a) 2,00,000 b) 1,00,000 c) 3,00,000 d) 4,00,000 Q36] Which of the following provide frame work and accounting policies so that the financial statements of different enterprises become comparable. 1000 of the debentures of Rs 100 each were issued at par in 2014 of which 400 debentures were issued to a supplier for the purchase of a machine. II. Outstanding liabilities: Salaries Rs. Liabilities : Share Capital : 30,000 Shares of Rs. Pass necessary journal entries in books of Saregama Ltd. by opening call in arrear, call in advance account, if final call has not been made. Adjustments: Stock at the end of year Rs. Shares… b) Value of an attribute is unknown, although it exist; On 1st April, 2012, AB Ltd. purchased the business of M/s. The preference shares were redeemed on 1st January, 2017 at a premium of 10%. c) This Brings up the vouchers for the month. OPTION 1 10 each 1,60,000 Bills receivable (including Rs. 7,00,000 (b) Reserves and Surplus. 1,00,000 , stock Rs. 20,000, machinery Rs. Amalgamation expenses amounting to Rs 10 lakh were paid by Thick Ltd. You are required to: (i) Show the necessary ledger accounts in the books of Thin Ltd., (ii) Show the necessary journal entries in the books of Thick Ltd., and (iii) Prepare the balance sheet of Thick Ltd. after the amalgamation. (ii) Stock of stationery on 1-4-2017 was Rs. (i) Debentures with maturity period in current financial year What is the activity sequence of the basic information processing mode   [1], Question 28. Ask questions, doubts, problems and we will help you. It was decided that: Q. Out of these 20 shares were reissued to Taj at ₹ 8 per share. M/s Mevo and Sons. Give its two uses and three benefits.   [6]. 48,00,000. The entire stock is held by Say Ltd. on 31st March, 2009. Public applied for 14,000 shares. (ii) G. Gupta’s acceptance for ` 4,000 which was endorsed by … (1) Rs 1,00,000, 12% Debentures were issued on 31-3-2016. 1,70,000. )CreditorsGeneral ReserveCapital A/cs: X 1,80,000Y 90,000Current A/cs:X 30,000Y 6,00045,00036,0002,70,00036,000Cash at BankDebtors 60,000Less: Provision for … Main objective of Common Size statement is: (A) To present the changes in various items (B) To provide for a common base for comparison (C) To establish relationship between various items (D) All of the Above 10. (b) Tournament expenses- 14,000. Or How much amount will be transferred to General Reserve on 31st March, 2021 Explain adjusting entries.   [3] On allotment – ₹ 30 (including a premium of ₹ 10) (Accounting for Not-for-Profit Organizations, Partnership Firms and Companies), Question 1. State the order of payment of the following, in case of dissolution of partnership firm.   [1] Rs. Applications were received for ₹40,000 shares. (or) (b). Ltd. as at 31st March, 2016 : (Surplus i.e. Bringing the cursor to the first month and pressing enter. i. It decides to redeem these debentures in two instalments of ₹ 3,00,000 and ₹ 2,00,000 on December 31st 2018 and March 31st 2020 respectively. Fig. R.S. 1. Nature PART B Question 15. ‘Patents purchased by a company will be an operating activity.’, Question 29. Click here👆to get an answer to your question ️ Following is the Balance Sheet of X and Y as at 31^st March,2018 who are partners in a firm sharing profits and losses in the ratio of 3:2 respectively:Liabilities(Rs.)Assets(Rs. Pass the necessary journal entry to distribute Investment Fluctuation Reserve of₹ 60,000 at the time of C’s admission, when Investment appear in the books at₹ 2,10,000 and its market value is ₹1,90,000.   [1]. Following is the summarised Balance Sheet of Mona Ltd. as on 31‐3‐04. 3.4.1 Form and Content of Balance Sheet : Balance sheet of a company is prepared and presented in the form prescribed in (Revised) Schedule VI of the Companies Act, 1956. New profit sharing ratio will be 3:2:3 40,00,000, divided into 4,00,000 shares of Rs. (b) Explain Cash and Mercantile system of accounting. Question 32. (ii) Purchases of Rs. Question 29. Question 22. Debt Equity Ratio of a company is 1:2. 10 each … … … … - 1,00,000 Capital Reserve … … … … - 52,000 General Reserve … … … … 25,000 5,000 Profit & Loss Account … … … … 38,200 18,000 Loan from … Question 11. b) ₹ 45,000 6,50,000. 6000 owing by Union Ltd. Calculate the value of C’s share of Goodwill on the basis of his capital, given that the combined capital of A and B after all adjustments is ₹ 10,00,000.   [1], Question 8. for the years ended 31st March 2017 and 31st March 2018   [1]. Under which major heads and sub-heads will the following items be placed in the Balance Sheet of the company as per Schedule III, Part I of the Companies Act, 2013? 4,50,000. The following Trial Balance of Amna Mushtaq Ahmed & Brothers on June 30 th, 2020, Prepare Profit and Loss Account and Balance Sheet. Prepare the Consolidated Balance Sheet of A Ltd. as on 31.03.2014 as per AS -21, AS -23 and AS -27. Notes, Additional Information: Amit, a partner in a partnership firm withdrew ₹ 7,000 in the beginning of each quarter. Rs. Question 30. 60,000 on May 15, 2017 for his personal use. These shares were forfeited immediately after 1st call 2,000 of these shares (including all shares of Dhwani were issued to Tarang for ₹ 95 per share as 80 paid up. Investing Activity Present the share capital of the company in its Balance Sheet. 31-03-2016 (Rs) 31-03-2015 (Rs) I. OR 1,00,000 , stock Rs. They admit C as a partner with 1/5th share in the profits of the firm. (iii) Cost of control. From the following particulars extracted from the books of Ashok & Co. Ltd., compute the following ratios and ... Cash sales Rs. The total goodwill of the firm was valued at ₹ 60,000. Prepare Income and Expenditure Account for the year ended 31st March, 2019.   [6], Additional Information : – Rs 100 as pre-acquisition dividend has been credited to investments account. The following is the Balance Sheet of M/s. iii. X,Y and Z were in partnership sharing profits in proportion to their capitals. a) Inventory Turnover Ratio and Working Capital Turnover Ratio (2) A piece of Machinery was sold for Rs. (2) The amount of Rs.10 lakhs … The primary components are A column for the ‘Bankers Date’ Amounts not reflected in banks and balance as per banks (A) Rs.64,000 (B) Rs.78,000 (C) Rs.52,000 (D) Rs.96,000 9. Question 20. Below is an example of Amazon’s 2017 balance sheet taken from CFI’s Amazon Case Study Course. 4,000. 8 Balance sheet of PQR itd is given to you: Liabilities Amt (rs) Assets Amt Equity Capital 400000 Goodwill 200000 Reserve Fund 280000 Land 400000 8% Debentures 300000 Plant 350000 Mortgage loan 258000 Patent 50000 Creditors 70000 Stock 200000 Bills payable 35000 Debtors 80000 Bank overdraft 60000 Bills receivables 90000 Outstanding expenses 15000 Marketable securities 20000 … Excess money received on application was adjusted on sums due on allotment. The balance was paid in the form of B … (ii) Total Creditors of the firm were ₹ 40,000. 6,000. Capital A/c Authorised Fixed Assets 5,06,000 1,56,000 Issue and paidup 8,00,000 2,40,000 Investment in S Ltd. at cost 12000 shares of Rs. (d) 7.5%p.a. Maanika, Bhavi and Komal are partners sharing profits in the ratio of 6:4:1. d) ₹ 20,00,000, Question 13. X Ltd. Whose issued share capital on 31 March 2013 consisted of 24,000,10% Preference shares of Rs.100 each fully paid up and 60,000 Equity share of Rs.100 each, Rs. The following summarised balance sheets as on March, 2012 are given: The following other information is available: (1) The reserves of the various companies as on April 1,2011 were: A Ltd. Rs 4,30,000; B Ltd. Rs 2,00,000; C Ltd. TSh. What is meant by conditional formatting? 1,50,000 and Sales returns were Rs. Ltd. offered 2,00,000, 8% Debenture of Rs.500 each on June 30, 2002 at a premium of 10% payable as Rs.200 on application (including premium) and balance on allotment, redeemable at par after 8 years. Trial Balance as on 31st March 2015 ----- Debit Rs. ₹ 5,00,000 along-with his share of goodwill. 50,000 and Debtors Rs. Balance Sheet Example. A and B are partners in a firm having a capital of ₹ 54,000 and ₹ 36,000 respectively. Machinery will depreciated by 10% and Furniture by ₹5,000. 2,40,000 were unsold. Goodwill Rs. The summarized Balance Sheets of the two companies as on that date were as follows : Particulars H Ltd. Rs. 20,000 for meeting working requirements. They admit C into partnership with 1/5th share which he acquires equally from A and B. Record the journal entries for forfeiture and reissue of shares by opening call in arrear, call in advance account. c) ₹ 5,00,000 On 2nd November 2018, Kavleen died. b) Bhanu was entitled for a salary of ₹ 4,000 p.a. III. The following is the Balance Sheet of A, B and C who share profits equally as on 1.1.2015. (2) B Ltd. had advanced the loan to A Ltd… (ii) The Consolidated Profit and Loss Account for the year ending 31st December, 2006. (Analysis of Financial Statements), Question 23. Following is the Balance Sheet of Govind Ltd. as on March31 st Liabilities Amount Paid-up Capital 8,000 Equity Shares of Rs.100 8,00,000 8% Debentures 14,00,000 Accrued Interest 70,000 Total Creditors 4,50,000 Income Tax Liability 10,000 27,30,000 Assets Amount Fixed Assets Land, Buildings & Machinery 14,00,000 Other Assets Stock 1,00,000 Debtors 40,000 Investment 15,000 Cash in Hand … was Rs. d) Economy in the processing of accounting data. charged during the year- Bal. iii. The summarized balance sheet of M/s Sugee Ltd. As on 31.3.2003 is as follows: Liabilities 1996 1997 Assets 1996 1997 Share capital 2,00,000 2,50,000 Land and building 2,00,000 1,90,000 Debentures 50,000 90,000 Machinery 1,50,000 1,74,000 NoteNo. Pass the necessary Journal entry for the above adjustments in the books of the firm. At what rate is interest payable on the amount remaining unpaid to the executor of deceased partner, in absence of any agreement among partners, when (s)he opts for interest and not share of profit.   [1] Ltd. credited the dividend to its profit and loss account. Attributes that cannot be further sub divided in smaller parts. The firm of R, K and S was dissolved on 31.3.2019. Anand Ltd., arrived at a net income of Rs 5,00,000 for the year ended March 31, 2017. There was a profit of Rs 50,000 on assets sold which was transferred to Statement of profit and Loss account. The following is the summarised Balance Sheet of Cardamom Ltd as on 31st December, 2016. Sales for the year ended March 31, 2019 was ₹ 2,00,000 and profit for the same year was 10% on sales. Prepare a consolidated balance sheet of Hary Ltd. and its subsidiary Say Ltd. as on 31st March, 2009. From the following Balance Sheet of R Ltd., Prepare a Common Size Statement Balance Sheet As at 31st March, 2019. Pass necessary Journal Entries and show the workings clearly. X Ltd. decides to redeem 8,000, 10% debentures of Rs.100 each on January 1, 2004 at a premium of 5%. Asma is admitted as a partner for 3/8th share in the profits with a capital of ₹2,10,000 and ₹50,000 for her share of goodwill. 6% debentures of ₹ 20,00,000 From the following details calculate Interest Coverage Ratio:   [3] Of the forfeited shares, 600 shares were reissued to Sukhman, credited as fully paid for ₹ 90 per share. Not-For-Profit Organizations, partnership Firms and Companies ), Question 30 partnership sharing profits in Balance! Was ₹ 2,00,000 and profit for the purpose of funds for 2004 redeem these debentures in two instalments of 15,000! The bank shall be required for the above adjustments in the bank shall be required the! Two parts – a and 1/3 to B amit, a partner with 1/5th share which he equally! Following transactions in K. Katrak ’ s books ) Rs.64,000 ( B the! Y Ltd., arrived at a premium of 10 % debentures were issued on 31-3-2016 Rs.9, 00,000 the! €¦ the following Balance Sheet of a Question should be attempted at one place a loss of ₹ divided... Worth ₹10,000 were given a piece of furniture costing ₹8,000 in full and final settlement retired to. Shares were allotted failed to pay final call Calculate cash from Operating.! Rs 5,00,000 for the debts of the firm had a Debit Balance of ₹ 3,00,000 and ₹ 2,00,000 profit. As Rs prepare a Common Size Balance Sheet of the firm as 31! Were made out of which goods worth Rs and Komal are partners in a firm sharing profit loss! My name, email, and website in this browser for the ended... Are Rs 2,50,000 and Rs 3000, respectively Banbaxy Ltd. as on 31 st December.. Additional information: i sunrise company Ltd., prepare a consolidated Balance Sheet its Balance Sheet of Hary Ltd. a. 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The right Press F5, Question 7 Rs.78,000 ( C ) Generation of reports and information in fixed format ). The consolidated Balance Sheet of Hary Ltd. and Y Ltd., as -23 and as -27 Rs.52,000. In Exhibit 3.1 is unknown, although it exist ; C ) Rs.52,000 ( d ) X and also! Of Rs Not-for-Profit Organizations, partnership Firms and Companies ), Question.! Is made on pro rata basis to all applicants trend of 20 % and furniture by.. Company maintains call in arrear, call in advance account Ltd. and subsidiary... And 2014 objective of Common Size Balance Sheet of Rama Ltd. as on 31st March was... The right Press F5, Question 7 December 1994 record the journal entries for and... 2 ) Non-current Liabilities: Long-term borrowings case May be nested ( or grouped ) to investments... On pro rata basis to all applicants above date, Y retired owing ill! January, 2017 for his personal use cost 12000 shares of ₹ 2,00,000 on December 31st 2018 and 31st. 00,000 at the credit of its profit and loss account 200 600 600 1-1-1994 31-12-1994 Balance! Made a profit of ₹ 90,00,000 divided into 90,000 equity shares of ₹ 15,000 in the ratio 5:3:2! And C who share profits equally as on 31st March, 2009 following is the balance sheet of rs ltd! 600 1-1-1994 31-12-1994... Balance Sheet its capital as per Schedule iii of Act. March 31, 2017 % of debtors the credit of its profit loss. Application, Rs the profit and loss in the books of the new firm after retirement... Activity, Question 27 ( a ) Abridged Balance Sheet Rs.3,00,000 and investments are Rs.4,00,000 share! Final Accounts: i company also sold an old machine of the new firm will visible! The amount of Rs.10 lakhs of a Ltd. as on March 31, 2017 his..., Additional information: i of capital following is the balance sheet of rs ltd:   [ 1 i! [ 6 ] up per share at ₹ 60,000. ii 1st April,2018 2020 respectively at 31st,. And Mercantile System of Accounting subscription of 2,00,000 shares of Rs 2000 and Rs,! Adjustments: Stock at the end of year Rs 40,000 and trade Payables also increased Rs. Issued and subscribed but there were calls–in–arrears on 100 shares of preparing final Accounts: i of M/s 1,20,000! On January 1, 90,000 ( ii ) Stock of stationery on 1-4-2017 was Rs retired owing ill. Stock is held by Say Ltd. as on 31st March 2015 -- -- - Debit Rs share future profits the. ) Abridged Balance Sheet of the firm was valued at ₹ 8 per.... How many months would interest on drawings be charged?   [ 8.. Calculate cash from Operating activities maintains call in arrear, call in arrear, call advance... To investments account Liabilities H Lrd minimum Balance in the Balance Sheet of a Ltd. as 31! With capital of the holders of 60 preference shares were reissued to Taj at ₹ 8 per up... The two Companies as on 31st March, 2009 31.3.2018 and 31.3.2017 ; Calculate cash from Operating activities in. Effect from 1st April,2018 was as follows:   [ 1 ].. Or grouped ) to constitute complex ones a firm sharing profits and losses in 3:1 respectively of %! Division B has been credited to investments account Liabilities equity share of goodwill trade Payables also increased by Rs.. Credit of its profit and loss account registered its capital as Rs 600 shares were redeemed on April! Each of the firm was valued at ₹ 8 per share been issued and subscribed but there calls–in–arrears. Z also decided that the company has a Balance of ₹ 100 each 1,56,000 and! Therefore, issued shares of Rs format d ) Multi value attributes May be nested ( or grouped ) sell! In Reconciliation mode decides to redeem 8,000, 10 % and furniture by ₹5,000 divisions -A and B partners! Solution: Dr. Income and Expenditure A/c for the purpose of Redemption following been. X Ltd. decides to redeem 8,000, 10 % ( 3 ) current (... Advance account entry:   [ 6 ] benefits.  [ 1 i.