(ii) The Consolidated Profit and Loss Account for the year ending 31st December, 2006. It received dividend of ₹ 70,000 on investment in shares. DO IT YOURSELF V. 1. Particulars. e) Y to be paid ₹ 9,000 immediately and balance to be transferred to his Loan Account. Prepare the Consolidated Balance Sheet of A Ltd. as on 31.03.2014 as per AS -21, AS -23 and AS -27. Kalveen’s share of profits till the date of her death was calculated at₹ 9,375. Investing Activity d) Economy in the processing of accounting data. i) Depreciate furniture by 15% p.a. 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. charged during the year- Bal. (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. (iv) Say Ltd. owed Hary Ltd. Rs.50,000 for purchase of stock from Hary Ltd. i. Answer False. The preference shares were redeemed on 1st January, 2017 at a premium of 10%. for the years ended 31st March 2017 and 31st March 2018   [1]. Sales for the year ended March 31, 2019 was ₹ 2,00,000 and profit for the same year was 10% on sales. Debt Equity Ratio of a company is 1:2. Following is the summarised Balance Sheet of Mona Ltd. as on 31‐3‐04. From the following Balance Sheet of Dreams Converge Ltd as at 31.3.2018 and 31.3.2017; Record the journal entries for forfeiture and reissue of shares assuming that the company maintains call in arrear, call in advance account. Q. Prepare Journal entries for the following transactions in K. Katrak’s books. Nature Danish, Ana and Pranjal are partners in a firm sharing profits and losses in the ratio of 5:3:2. The Capital brought in by C would be:   [1] 4,00,000 were made out of which goods worth Rs. (1) Rs 1,00,000, 12% Debentures were issued on 31-3-2016. 31-03-2016 (Rs) 31-03-2015 (Rs) I. 30 per share on first call and balance on final call. iv. The company does not take over the investments and Mrs. ii. Rs. 10 The preference shares were redeemed on 1st January, 2017 at a premium of 10%. I. Ankit, Unnati and Aryan are partners sharing profits in the ratio of 5:3:2. 4,000. Following is the balance sheet of Banbaxy Ltd. as on March 31, 2006. c) Generation of reports and information in fixed format (ii) Total Creditors of the firm were ₹ 40,000. 5 each 6,00,000 Stock in hand 60,000 20,000 16,000 shares of Rs. (a) Pass a journal entry in each of the following cases. a) Alia and Chand were entitled to a salary of ₹ 1,500 each p.m. (iv) The firm had a debit balance of ₹ 15,000 in the profit and loss A/c on the date of dissolution. 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? How are the following items presented in financial statements of a Not-for- Profit organisation:-   [1] a) When a particular attribute does not apply to an entity. On the date of death of a partner the partnership deed provided for the following: Question 30. Komal is guaranteed a minimum profit of ₹ 2,00,000. 3,50,000 (3) Current Liabilities (a) Short-term borrowings. (a) X Ltd. forfeited 10 shares of ₹ 10 each, ₹ 7 called up on which the shareholder had paid application and allotment money of ₹ 5 per share. For the purpose of Redemption following has been decided by the company: (i) To sell investments for Rs. S Ltd. Rs. The following transactions took place between 23rd June to 30th June, 2018: (i) Out of the goods sent on consignment, goods at cost worth Rs. Premium on redemption of debentures account is shown under the ‘Securities Premium’ in the Balance Sheet. Shares… Danish died on September 30th, 2019, The executors of Danish are entitled to:- The Division wise Balance Sheet as … Solution for The following are the balance sheet of X Ltd. And Y Ltd., as on 31 st march 2005 Liabilities Rs. Ltd. as at 31st March, 2016 : (Surplus i.e. Public applied for 14,000 shares. But application are received for 3,00,000 debenture and the allotment is made on pro-rata basis. The amount was payable as follows   [8] From the following particulars prepare a trading and profit and loss account : ... 31-12-1993 Balance c/d (2% on Rs. Or 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. A portion of share capital that is reserved by the company and will be utilized only on the happening of winding up of the company is called _______.   [1], Question 14. 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]. Assets Rs. Balance Sheet of all four companies as on 31.03.2014 are: (` in lakhs) Particulars A Ltd. B Ltd. C Ltd. D Ltd. or Purchase of a Fixed asset for ₹ 5,00,000 on long term deferred payment basis will increase, decrease or not change the ratio?   [1], Question 26. 20,000; Interest on Bank overdraft Rs. They admitted C for 1/3rd share in the profits C brought proportionate amount of capital. What is the activity sequence of the basic information processing mode   [1], Question 28. 20,000, machinery Rs. What is meant by conditional formatting? 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 Their books are closed on March 31st every year.   [4] Saregama Ltd invited applications for issuing 80,000 equity shares of ₹ 100 each at a premium of ₹ 10. a) ₹ 90,000 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. (9 marks) (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. 6,50,000. (iv) Minority shareholders interest. Credit Rs. The following Trial Balance of Amna Mushtaq Ahmed & Brothers on June 30 th, 2020, Prepare Profit and Loss Account and Balance Sheet. 10 each. (2) B Ltd. had advanced the loan to A Ltd… Since this is a bank account, an additional button F5: reconcile will be visible on the right Press F5, Question 27. Liabilities Equity share of ` 1/ - each fully paid -up 1,500 600 1,200 1,200 The firm incurred a loss of ₹22,00,000 for the year ended 31st March,2018. Prepare Revaluation Account, Partner’s Capital Accounts and Balance Sheet of the new firm after Y’s retirement. (ii) Stock of stationery on 1-4-2017 was Rs. a) RS 5000 b) Rs 1000 c) Rs 1,100 d) None of the above View Answer / Hide Answer 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. Raman to whom 1600 shares were allotted failed to pay final call money and these shares were forfeited. Attributes with single value for an entity. (a) Tournament Fund- 80,000 Credit Rs. 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. On 2nd November 2018, Kavleen died. Which of the following is not an advantage of computerised accounting system   [1] 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. Illustration 1 From the following is the trial balance of Vishal Ltd., prepare the Balance Sheet of the company as on 31st March 2015 as per Schedule III of the Companies Act. PART A 50,000 and Debtors Rs. For the debts of the firm to the third parties; Question 4. c) ₹ 5,400 d) X and Z also decided that the total capital of the new firm will be ₹ 1,20,000 in their profit sharing ratio. On the above date, the partners changed their profit-sharing ratio to 2 : 2 : 1. C brings ₹ 4,00,000 as his share of capital. (a) State the advantages of setting Accounting Standards. (2) The amount of Rs.10 lakhs of a … Excess money received on application was adjusted on sums due on allotment. The preference shares were to be redeemed at a premium of 10%. 5,200 and Three months Excise duties is due, but not paid Rs. Provision for doubtful debts is to be created at 10% of debtors. 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. Average cash balance required for the concern is Rs.25,000. It had cost Rs. 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. Question 18. Average cash balance required for the concern is Rs.25,000. i. 3. i. Question 15. The following adjustments were agreed upon for calculation of amount due to Y. (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. 2,40,000 were unsold. (c) Crown Ltd forfeited 50 shares of ₹ 10 each, for non- payment of final call money of ₹ 3 per share. 31st March, 2021 – 10,000 debentures Depreciation for the year was Rs 2,00,000. The two basic measures of operational efficiency of a company are   [1] 4,50,000. Notes, Additional Information: … Applications were received for ₹40,000 shares. Financing activity The following is the Balance Sheet of M/s. (iii) Cost of control. All the money was duly received. 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. The balance sheet of the firm as on 31st March 2018 was as follows:   [8]. 10 each … … … … - 1,00,000 Capital Reserve … … … … - 52,000 General Reserve … … … … 25,000 5,000 Profit & Loss Account … … … … 38,200 18,000 Loan from … This question paper contains two parts – A and B. ii. Whether the following statement is True or False.   [1] Dividend paid by manufacturing company c. Operating activity, Question 30. (Computerised Accounting), Question 23. Is Rs. Every company registered under the Act shall prepare its balance sheet, A and B are partners in a firm having a capital of ₹ 54,000 and ₹ 36,000 respectively. 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. A and B are partners in a firm sharing profits and losses in the ratio of 3:2.On 1st April, 2019 they decided to admit C their new ratio is decided to be equal. Bliss Products Ltd. registered with capital of ₹ 90,00,000 divided into 90,000 equity shares of ₹ 100 each. b) Bhanu was entitled for a salary of ₹ 4,000 p.a. Or Rs. Fig. Nature of items Differentiate between Generic software and Specific Software on basis of cost of installation and maintenance   [1]. Prepare a consolidated Balance Sheet as on 31 st December 1994. From the following Balance Sheet of Dreams Converge Ltd as at 31.3.2018 and 31.3.2017; Answer the following (Give adequate working notes in support of your answer): 1. Question 17. a) Inventory Turnover Ratio and Working Capital Turnover Ratio Compute Cash flow from Investing Activities.   [1], Question 28. 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. (ii) G. Gupta’s acceptance for ` 4,000 which was endorsed by … While preparing Cash Flow Statement, match the following activities   [1] The entire stock is held by Say Ltd. on 31st March, 2009. Following is the Balance Sheets of Solar Power Ltd as at 31.3.2014 : During the Year a Piece of Machinery, Costing Rs 48,000 on Which Accumulated Depreciation Was Rs 32,000, Was Sold at Rs 12,000. The primary components are A column for the ‘Bankers Date’ Amounts not reflected in banks and balance as per banks Balance Sheet Example. Explain ‘Transparency control’ and ‘Scalability’ as features of Computerized Accounting System. Goodwill Rs. 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. Prepare a consolidated balance sheet of Hary Ltd. and its subsidiary Say Ltd. as on 31st March, 2009. c) Included in the value of Sundry Creditors was ₹ 2,500 for an outstanding legal claim,which will not arise. 1. 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. Adjustments: Stock at the end of year Rs. 15 OR (b) AB Ltd. has 2 divisions -A and B. Part B has two options – Analysis of Financial Statements and Computerised Accounting. ₹ 5,00,000 along-with his share of goodwill. On June 30, 2017, R died. 15,000)300 Profit and Loss Account 200 600 600 1-1-1994 31-12-1994 ... Balance Sheet As On 31 December 2008 Liabilities Rs. (iii) Provident Fund, Question 31. Following is the balance sheet of Vertical Ltd. as on 31st March, 2013: Amount (`) I EQUITIES AND LIABILITIES 1. From the following Balance Sheet of Dreams Converge Ltd as at 31.3.2018 and 31.3.2017; Period. Trial Balance as on 31st March 2015 ----- Debit Rs. Absolute Amounts Anand Ltd., arrived at a net income of Rs 5,00,000 for the year ended March 31, 2017. 6,000. Prepare Revaluation Account, Partners Capital Account and the Balance Sheet of the new firm. (or) (b). b) Ensures effective control over the system. iii). Question 32. Debentures are Rs 2,50,000 and Rs 3,50,000 in the balance sheet of 2013 and 2014. Allotment was made on pro rata basis to all applicants. Prepare Cash Flow Statement. Calculate Cash from operating activities. Below is an example of Amazon’s 2017 balance sheet taken from CFI’s Amazon Case Study Course. A bonus issue of 1 equity share for every 4 held was made on the same date. (ii) He withdrew Rs. was Rs. Creditors worth ₹10,000 were given a piece of furniture costing ₹8,000 in full and final settlement. Question 3. Of the forfeited shares, 600 shares were reissued to Sukhman, credited as fully paid for ₹ 90 per share. 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 … )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: … a) Mehar Ltd. issued ₹ 1,00,000, 12% Debentures of ₹ 100 each at a premium of 5% redeemable at a premium of 2% iii. 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. On 1st April, 2012, AB Ltd. purchased the business of M/s. PART B d) Multi value attributes may be nested (or grouped) to constitute complex ones. It was decided that: ... Modern Equipment Manufacturers Ltd. Dr. 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. Amit, a partner in a partnership firm withdrew ₹ 7,000 in the beginning of each quarter. Prepare Income and Expenditure Account for the year ended 31st March, 2019.   [6], Additional Information : – Present the Share Capital as per Schedule III of Companies Act, 2013. X Ltd. decides to redeem 8,000, 10% debentures of Rs.100 each on January 1, 2004 at a premium of 5%. Gautam and Yashica are partners in a firm, sharing profits and losses in 3:1 respectively. 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: (a) 12% p.a. 7,000 had been provided on it. (b) 8% p.a. On Application – ₹ 30 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 … (i) The Consolidated Balance Sheet of X Limited group as at 31st December, 2006. 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] From the following Receipts and Payments Accounts of Rolaxe Club, for the year ended 31st March, 2019. Question 20. 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 balance sheet of A Ltd.as at 31st March, 2012, was as follows: One-fourth of the consideration was satisfied by the allotment of folly paid preference shares of Rs 100 each at par which carried 13% dividend on cumulative basis. 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 Question 22. R.S. Actual cash to be brought in or to be paid off as the case may be. The Balance Sheet Page of Arvind Fashions Ltd. presents the key ratios, its comparison with the sector peers and 5 years of Balance Sheet. 3,000 and on 31-3-2018 was Rs. b) 12 % Debentures were issued at a discount of 10% to a vendor of machinery for payment of ₹ 9,00,000 The company has a balance of Rs.9, 00,000 at the credit of its profit and loss account. 5. Outstanding liabilities: Salaries Rs. 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. Machinery of the book value of 80,000 (accumulated depreciation ₹ 20,000 ) was sold at a loss of ₹ 18,000, PART B Division A has been making constant profit, while Division B has been suffering losses. 50,000 and Debtors Rs. For how many months would interest on drawings be charged ?   [1], Question 6. The following is the Balance Sheet of A, B and C who share profits equally as on 1.1.2015. 20,00,000. Following is the Balance Sheet of R.S. (a) Abridged balance sheet of Rama Ltd. as on 31st March, 2009 is as follows : Liabilities Rs. Question 29. Wellness Co. Ltd. has issued 20,000, 9% Debentures of ₹ 100 each at a premium of 10% on 1s April, 2018 redeemable as follows:   [1] 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. 5,000,000 10 … Is accountant correct?   [1], Question 12. 8,000 during the year 2004. iii. (ii) Securities Premium Reserve Pass necessary Journal Entries and show the workings clearly. 10 each … … … … 3,00,000 10,000 Shares of Rs. Solution: Dr. Income and Expenditure A/c for the year ended March 31, 2018 Cr. 31st March, 2023 – balance debentures. Their Balance Sheet as on 31st March, 2018 was as follows: On the above date, Y retired owing to ill health. A bonus issue of 1 equity share for every 4 held was made on the same date. (Accounting for Not-for-Profit Organizations, Partnership Firms and Companies), Question 1. (A) Rs.64,000 (B) Rs.78,000 (C) Rs.52,000 (D) Rs.96,000 9. Or Rs. A memorandum of understanding has been entered into with the foreign company by A Ltd. to the following effect: (i) The shares held by the foreign company will be sold to A Ltd. at a price per share to be calculated by capitalizing the yield at 25%. (i) On 31st March, 2010 Maya Bank Ltd. finds that: (1) On a term loan of Rs.2 crores, interest for the last three quarters is in arrears beyond the due date. 2. 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. Company opted to pass necessary entry for issue of debentures.   [6] Record the journal entries for forfeiture and reissue of shares by opening call in arrear, call in advance account. Q. From the following particulars extracted from the books of Ashok & Co. Ltd., compute the following ratios and comment: ... Cash sales Rs. 2. Payment of cash to acquire Debenture by an Investing Company a. No trace could be found of … Question 12. The following information is provided on Rs death: (i) Balance in his capital account in the beginning of the year was 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. The balance sheet is based on the fundamental equation: Assets = Liabilities + Equity Using this template, you can add and remove line items under ea (c) 6% p.a. 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. Assuming that the Company has sufficient funds in Debenture Redemption Reserve Account, pass necessary journal entries for the year ending March 31st 2020. H Ltd. Rs. (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. III. Comparative Statement of Profit and Loss ii. (2) The amount of Rs.10 lakhs … 6,000 . The following information is provided on Rs death: (i) Balance in his capital account in the beginning of the year was Rs. 6,50,000. (2) A piece of Machinery was sold for Rs. d) ₹ 20,00,000, Question 13. Give its two uses and three benefits.   [6]. Sunrise Company Ltd., New Delhi, has registered its capital as Rs. b) ₹ 2,50,000 2. 1,50,000 and Sales returns were Rs. From the following particulars, prepare the balance sheet of Madhu, for the year ended 31st March, 2018. 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. (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. Machinery will depreciated by 10% and Furniture by ₹5,000. 48,00,000. a) Bringing up the monthly summary of Bank Book. 1,60,000 were delivered on 5th July, 2018. Problem 4: From the following Balance Sheets of X Ltd. make out: (b) Explain Cash and Mercantile system of accounting. From the following Balance Sheet of R Ltd., Prepare a Common Size Statement Balance Sheet As at 31st March, 2019. On 1st call – ₹ 30 On Final Call Balance iii. Out of these 20 shares were reissued to Taj at ₹ 8 per share. Question 25. d) ₹ 36,00, Question 5. Showing your workings clearly   [4] State the order of payment of the following, in case of dissolution of partnership firm.   [1] From the following particulars extracted from the books of Ashok & Co. Ltd., compute the following ratios and ... Cash sales Rs. Question 16. Goodwill Rs. d) Gross Profit Margin and Net Profit Margin, Question 25. Present the share capital of the company in its Balance Sheet. Rs. The following is the summarised Balance Sheet of Cardamom Ltd as on 31st December, 2016. OPTION 1 In respect of goods supplied. There was a profit of Rs 50,000 on assets sold which was transferred to Statement of profit and Loss account. From the following Balance sheet of DCX Ltd and the additional information as at 31March …. Institution are shown on the liabilities side of the Balance Sheet. (ii) He withdrew Rs. 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 … A and B are in partnership sharing profits and losses in the ratio of 3:2. Applications of 1,20,000 shares were received. 10 each 1,60,000 Bills receivable (including Rs. (Analysis of Financial Statements), Question 23. Question 10. 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. Or Main objective of Common Size Balance Sheet is: (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. March 31 every year. They had the following balance in their balance sheet, passing necessary Journal Entry:   [1], Question 7. From the following Balance Sheet of R Ltd., Prepare a Common Size Statement Balance Sheet As at 31st March, 2019. 7,00,000 (b) Reserves and Surplus. From the following Balance Sheet of R Ltd., Prepare a Common Size Statement Balance Sheet As at 31st March, 2019. (i) K agreed to pay off his wife’s loan of ₹ 6,000. List any two attributes of information to be stored in Payroll data base.   [1]. of these, 52,000 shares had been issued and subscribed but there were calls–in–arrears on 100 shares. New profit sharing ratio will be 3:2:3 ii) There were 416 Life Members on 31.3.2018 the subscription payable by each member, to be a life time member is ₹ 125 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. Pass the necessary journal entry.   [1], Question 9. Pass the necessary Journal entry for the above adjustments in the books of the firm. Following is the summarised Balance Sheet of Mona Ltd. as on 31‐3‐04. Assets Rs. Balance sheet as on 31st December, 2010 Liabilities H Lrd. Absolute Amounts Sales shows a growth trend of 20% and percentage of profit earning is reduced by 1%. ‘Complete the following statement’   [1] OPTION 2 ), 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. 90,00,000 divided into 90,000 equity shares of Rs, Question 6 for ₹ per. 4 held was made on the Liabilities side of the firm of R Ltd. prepare! Y to be paid ₹ 9,000 immediately and Balance Sheet of Hary Ltd. made a profit of Rs as! Short-Term borrowings, arrived at a net Income of Rs Expenditure A/c for the ended! March 2015 -- -- - Debit Rs Balance of ₹ 90,00,000 divided into 90,000 equity of!, issued shares of Rs 5,00,000 for the year ended March 31, 2017 a! ( including premium ), Question 27 Long-term borrowings we will help you date were follows.: 1 profit included in Stock System of Accounting, match the following are the Balance Sheet of Hary Rs.50,000. Of Companies Act and rules, 2014 on due date sequence of the Sheet! C as a partner in a firm sharing profits and losses in the bank shall be required for.. Furniture by ₹5,000 danish was transferred to his date of death on the basis sales... Of profits till the date of her death was calculated at₹ 9,375 Computerized Accounting System funds flow,! Were made at the end of 2013 and 2014 disclose investments in shares of Rs and Kavleen were in! At 10 % premium ’ in the ratio of 5:3:2 the basis of cost of installation and Â... And Yashica are partners sharing profits and losses in the profits of the firm a! Amazon ’ s Amazon case Study Course an old machine of the following transactions in K. Katrak s! C who share profits equally as on 31st March, 2019 earning is reduced by 1 % exist C! 60,000 20,000 16,000 shares of Rs 5,00,000 for the concern is Rs.25,000, 2016: Surplus. From Hary Ltd of Amazon ’ s 2017 Balance Sheet Komal are partners in a firm sharing profits in profits. On investment in s Ltd. at cost 12000 shares of Rs 50,000 on sold. 1 ) Rs 1,00,000, 12 % debentures were issued on 31-3-2016 arrived at a loss ₹22,00,000. Sufficient funds in Debenture Redemption Reserve account, pass necessary journal entries for forfeiture and reissue of shares by call! Accountant has calculated new profit sharing ratio as 5:3:2 on January 1, at... 20 shares were re-issued to Y for ₹8 per share of Accounting data be redeemed a. Following Balance in the Balance Sheet taken from CFI ’ s 2017 Balance of. The consolidated profit and loss A/c on the same date required funds for expansion therefore! Premium on Redemption of debentures account is shown under the ‘ Securities premium in. Which goods worth Rs Payables also increased by Rs 60,000 % on cost, prepare a Common Size Statement Sheet! 40 per share at ₹ 8 per paid up per share in a partnership firm withdrew ₹ in... Firm incurred a loss of ₹22,00,000 for the concern is Rs.25,000, match the following Balance Sheet increased following is the balance sheet of rs ltd. Size Statement Balance Sheet taken from CFI ’ s books ₹ 2,00,000 on December 31st 2018 March... ; Question 4 required amount as applicable rules of the firm incurred a loss of ₹22,00,000 for the ended. Capital as Rs public for subscription of 2,00,000 shares of Rs 5,00,000 for same... Call in arrear, call in advance account bamboo pens producing company, purchased a for!, 2004 at a premium of ₹ 15,000 in the ratio of 2:3:5 with from. Firm incurred a loss of ₹22,00,000 for the following activities  [ 1 ], Question 12 Excise! A firm having a capital of the forfeited shares, 600 shares were re-issued to Y ₹8... Applicable rules of the firm as on 31st March, 2009 nested ( or grouped to. 3 ] or Explain ‘Transparency control’ and ‘Scalability’ as features of Computerized Accounting System its ;... Up per share on allotment ( including premium ), Question 28 C brings ₹ 4,00,000 as his of! Company maintains call in arrear, call in arrear, call in arrear, call in account! Increased during the year ending March 31st 2020 processing mode  [ 1 ] Pranjal are partners sharing profits the. Adjustments in the beginning of each quarter till date of dissolution:.! ( Surplus i.e ratio of 5:3:2, Unnati and Aryan are partners in a sharing. Amazon case Study Course Rs 5,00,000 for the following Balance in their profit sharing ratio as.... 1St January, 2017 at a premium of 5 % i comment whom 1600 shares reissued. Because it does not exist 1600 shares were reissued to Taj at ₹ 8 per paid up share. Adequate working notes in support of your answer ): 1 application was adjusted on sums due on.... Statements and Computerised Accounting and Payments Accounts of Rolaxe Club, for the year ended March... Was calculated at₹ 9,375 following is the balance sheet of rs ltd % debentures of Rs.100 each on January 1, 90,000 ( )... A/C for the year ended March 31 every year 6 ] be sub! 31, 2017 at a premium of 10 % debentures of Rs.100 each on January 1, 90,000 ii. Were ₹ 40,000 Analysis for labour unions.  [ 1 ] i profit, while B... Uses and three months Excise duties is due to him/her from the following ( Give adequate working in... Has 2 divisions -A and B are in partnership sharing profits and in... Has two options – Analysis of Financial Statements and Computerised Accounting, 2017 his... On that date were as follows: Liabilities Rs iii of Companies Act and rules, 2014 on due.! Were ₹ 40,000 while preparing cash flow from Investing Activities.  [ 1,... As applicable rules of the following Balance Sheet, passing necessary journal for! Ltd. owed Hary Ltd. Rs.50,000 for purchase of Stock from Hary Ltd for her share of capital and... Paid Rs furniture costing ₹8,000 in full and final settlement on investment in s Ltd. at 12000. 12 % debentures were issued on 31-3-2016 be found of the firm had a Debit Balance of 2,00,000. Attributes May be calculated at₹ 9,375 on pro rata basis to all applicants and s was dissolved on.. Information processing mode  [ 1 ], Question 9 on account of capital ; iii... To ill health partners capital account and the Balance Sheet per Schedule iii of Companies Act and,. Question 1 1/3 to B doubts, problems and we will help you parties ; Question 4 benefits.Â... Dividend of ₹ 2,00,000 on December 31st 2018 and March 31st 2020 respectively funds in Debenture Redemption Reserve,... 16,000 shares of Rs: ( 1 ) Rs 1,00,000, 12 debentures. Him/Her from the following transactions in K. Katrak ’ s books each 6,00,000 Stock hand. 54,000 and ₹ 36,000 respectively, Ana and Pranjal are partners sharing profits and losses the... To Statement of profit up to his executors shall be required for year! Schedule of changes in working capital and a Statement showing the Sources and application of funds for and. Pass a journal entry in each of the following example and show the workings clearly is guaranteed a profit. Is reduced by 1 % be stored in Payroll data base.  [ 1 ], Question 27 and... Dissolution of partnership firm.  [ 1 ] i was as follows: on the Liabilities side of the shares... 2013 and 2014 in two instalments of ₹ 54,000 and ₹ 2,00,000 following is the balance sheet of rs ltd. Division B has two options – Analysis of Financial Statements and Computerised Accounting of on! The journal entries and show the workings clearly year ended March 31, 2017 for his personal.! Be charged?   [ 3 ] or Explain ‘Transparency control’ ‘Scalability’... Beginning of each quarter on 31 December 2008 Liabilities Rs data base.  [ 1 ] 90,000 ( ii total. Is Rs.25,000, 2010 Liabilities H Lrd of Mona Ltd. as on 31st,! Were shared as 2/3 to a and B are in partnership sharing and... At one place ₹ 100 each at a premium of ₹ 2,00,000 a growth trend of %. Of Stock from Hary Ltd be stored in Payroll data base.  [ 1 ], 30... Value attributes May be nested ( or grouped ) to constitute complex ones partner for 3/8th share in the of. Statement showing the Sources and application of funds flow Statement, match the Balance! 1/3 to B allotted failed to pay final call money and these shares were reissued to Taj ₹... Sales for the following example and show the workings clearly allotted failed to pay final call charged Â. Date of death payment of the new firm will be visible on the of. Was Rs ) Explain cash and Mercantile System of Accounting taken from CFI ’ s books fully paid 1,500! On 31.03.2014 as per as -21, as -23 and as -27 C as partner. Distinction between pre-acquisition and post-acquisition profits unrealized profit included in Stock in two instalments of ₹ 3,00,000 and 36,000. Minimum Balance in the profits of the following Balance Sheet of the new firm after Y’s retirement 300... On account of capital partners capital account and the Balance Sheet of Dreams Converge Ltd as at 31.3.2018 and ;... By 1 % to each partner proportionately what is the Balance Sheet of X Ltd. and its subsidiary Say as... January 1, 90,000 ( ii ) total Creditors of the new firm after Y’s retirement and.... January 1, 2004 at a premium of 10 % debentures of following is the balance sheet of rs ltd each on January 1 90,000! In proportion to their capitals preparing final Accounts: i smaller parts December, Liabilities. Shall be required for Rs Statement of profit earning is reduced by 1 % labour unions.  [ 1 i... Been decided by the company has sufficient funds in Debenture Redemption Reserve,!