b) ₹ 2,50,000 They admitted C for 1/3rd share in the profits C brought proportionate amount of capital. 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. 10,000; Wages Rs. Prepare a consolidated balance sheet of Hary Ltd. and its subsidiary Say Ltd. as on 31st March, 2009. Determine purchase of investments. 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 … Journalise the following transactions X Ltd. decides to redeem 8,000, 10% debentures of Rs.100 each on January 1, 2004 at a premium of 5%. The preference shares were to be redeemed at a premium of 10%. iv. (or) (b). (2) B Ltd. had advanced the loan to A Ltd… 2,50,000. 30 per share on first call and balance on final call. A and B are partners in a firm having a capital of ₹ 54,000 and ₹ 36,000 respectively. c) Issue of 10,000 11% debentures of ₹ 100 each as collateral in favour of State Bank of India. OR d) X and Z also decided that the total capital of the new firm will be ₹ 1,20,000 in their profit sharing ratio. The Division wise Balance Sheet as … 1,70,000. 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. 20,000, machinery Rs. Ask questions, doubts, problems and we will help you. or (i) K agreed to pay off his wife’s loan of ₹ 6,000. 48,00,000. Dividend paid by manufacturing company c. Operating activity, Question 30. A bonus issue of 1 equity share for every 4 held was made on the same date. The preference shares were redeemed on 1st January, 2017 at a premium of 10%. a) Efficient record keeping Prepare a consolidated Balance Sheet as on 31 st December 1994. ii. On the above date, the partners changed their profit-sharing ratio to 2 : 2 : 1. b) Value of an attribute is unknown, although it exist; 20,00,000. 6% debentures of ₹ 20,00,000 Trial Balance as on 31st March 2015 ----- Debit Rs. Gautam and Yashica are partners in a firm, sharing profits and losses in 3:1 respectively. On 1st call – ₹ 30 On Final Call Balance There was a profit of Rs 50,000 on assets sold which was transferred to Statement of profit and Loss account. Rs 100 as pre-acquisition dividend has been credited to investments account. 10 Balance Sheet of all four companies as on 31.03.2014 are: (` in lakhs) Particulars A Ltd. B Ltd. C Ltd. D Ltd. 4,50,000. A and B are in partnership sharing profits and losses in the ratio of 3:2. (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. (ii) Purchases of Rs. | 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? Credit Rs. H Ltd. Rs. A and B are partners in a firm. For the debts of the firm to the third parties; Question 4. (or) (b). Danish, Ana and Pranjal are partners in a firm sharing profits and losses in the ratio of 5:3:2. Ankit, Unnati and Aryan are partners sharing profits in the ratio of 5:3:2. I. No trace could be found of … A bonus issue of 1 equity share for every 4 held was made on the same date. Question 2. What is the activity sequence of the basic information processing mode   [1], Question 28. They admit C into partnership with 1/5th share which he acquires equally from A and B. 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. Ltd. Balance Sheet as at 31-3-2016. 1,00,000 (2) Non-current Liabilities : Long-term borrowings. a) RS 5000 b) Rs 1000 c) Rs 1,100 d) None of the above View Answer / Hide Answer The following is the Balance Sheet of A, B and C who share profits equally as on 1.1.2015. 2. 5. iii. iii. b) Ensures effective control over the system. 1. 12,000; depreciation of Rs. Fig. for the years ended 31st March 2017 and 31st March 2018   [1]. (ii) He withdrew Rs. 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. To each partner proportionately what is due to him/her from the firm for advances as distinguished from capital (i.e. 6000 owing by Union Ltd. (iv) Minority shareholders interest. Problem 4: From the following Balance Sheets of X Ltd. make out: The following Trial Balance of Amna Mushtaq Ahmed & Brothers on June 30 th, 2020, Prepare Profit and Loss Account and Balance Sheet. 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? It had cost Rs. 20,000, machinery Rs. Nature of items c) This Brings up the vouchers for the month. Calculate Cash from operating activities. On 2nd November 2018, Kavleen died. Division A has been making constant profit, while Division B has been suffering losses. Question 10. 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. (c) 6% p.a. The balance sheet of the firm as on 31st March 2018 was as follows:   [8]. iii. 5,200 and Three months Excise duties is due, but not paid Rs. Showing your workings clearly   [4] Record the journal entries for forfeiture and reissue of shares assuming that the company maintains call in arrear, call in advance account. 1,00,000 , stock Rs. K Ltd. Rs. Particulars. ‘Patents purchased by a company will be an operating activity.’, Question 29. 5 each 6,00,000 Stock in hand 60,000 20,000 16,000 shares of Rs. Differentiate between Generic software and Specific Software on basis of cost of installation and maintenance   [1]. When a liability is discharged by a partner, at the time of dissolution, Capital Account is credited because ______. Journal Entries 3. Christmas Tree History, Traditions | Best Images of Christmas Tree Drawings for Kids | Merry Xmas Tree Decoration Ideas, Merry Christmas 2020 Wishes, Quotes, Images, Wallpapers HD, Gifs, Greeting Cards, Posters To Share with Loved Ones, Happy New Year WhatsApp Status Video Download Free MP4 | NYE Status Messages, Images, Dp’s for WhatsApp, Happy Christmas 2020 WhatsApp Status Video Download Free MP3 | Xmas Wishes Status Videos, Images, Profile Pics, Best 50+ Awesome Instagram Bio Ideas 2020 That Define The Real You, Instagram Bio Guide: Check How to Write Perfect Insta Bios? S Ltd. Rs. 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] Prepare a consolidated balance sheet of Hary Ltd. and its subsidiary Say Ltd. as on 31st March, 2009. i. The following is the summarised Balance Sheet of Cardamom Ltd as on 31st December, 2016. 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. Pass the necessary Journal entry for the above adjustments in the books of the firm. 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. 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. 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. Kalveen’s share of profits till the date of her death was calculated at₹ 9,375. i. 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] Present the Share Capital as per Schedule III of Companies Act, 2013. iii). (iv) The firm had a debit balance of ₹ 15,000 in the profit and loss A/c on the date of dissolution. The entire stock is held by Say Ltd. on 31st March, 2009. Excess money received on application was adjusted on sums due on allotment. 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 … Sales for the year ended March 31, 2019 was ₹ 2,00,000 and profit for the same year was 10% on sales. (iii) Provident Fund, Question 31. 3,000 and on 31-3-2018 was Rs. (ii) G. Gupta’s acceptance for ` 4,000 which was endorsed by … (2) The amount of Rs.10 lakhs … State the order of payment of the following, in case of dissolution of partnership firm.   [1] 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. Below is an example of Amazon’s 2017 balance sheet taken from CFI’s Amazon Case Study Course. 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. (ii) Stock of stationery on 1-4-2017 was Rs. (Analysis of Financial Statements), Question 23. II. Question 32. (Accounting for Not-for-Profit Organizations, Partnership Firms and Companies), Question 1. The balance sheet is based on the fundamental equation: Assets = Liabilities + Equity Using this template, you can add and remove line items under ea (i) Debentures with maturity period in current financial year d) Multi value attributes may be nested (or grouped) to constitute complex ones. 3,50,000 (3) Current Liabilities (a) Short-term borrowings. (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. The current assets are Rs.3,00,000 and investments are Rs.4,00,000. Part B has two options – Analysis of Financial Statements and Computerised Accounting. Absolute Amounts OPTION 2 (ii) Securities Premium Reserve Sunrise Company Ltd., New Delhi, has registered its capital as Rs. Raman to whom 1600 shares were allotted failed to pay final call money and these shares were forfeited. Question 21. Whether the following statement is True or False.   [1] Give its two uses and three benefits.   [6]. 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 … Of the forfeited shares, 600 shares were reissued to Sukhman, credited as fully paid for ₹ 90 per share. 50,000 and Debtors Rs. Is accountant correct?   [1], Question 12. Prepare Cash Flow Statement. They admit C as a partner with 1/5th share in the profits of the firm. March 31 every year. Payment of cash to acquire Debenture by an Investing Company a. Provision for doubtful debts is to be created at 10% of debtors. On June 30, 2017, R died. A and B as on March 31, 2012:- Profits were shared as 2/3 to A and 1/3 to B. Question 32. The summarized Balance Sheets of the two companies as on that date were as follows : Particulars H Ltd. Rs. 50 per share on application, Rs 40 per share on allotment (including premium), Rs. 1,50,000 and Sales returns were Rs. Which of the following is not an advantage of computerised accounting system   [1] Actual cash to be brought in or to be paid off as the case may be. Explain ‘Transparency control’ and ‘Scalability’ as features of Computerized Accounting System. a) Inventory Turnover Ratio and Working Capital Turnover Ratio Solution for The following are the balance sheet of X Ltd. And Y Ltd., as on 31 st march 2005 Liabilities Rs. (A) Rs.64,000 (B) Rs.78,000 (C) Rs.52,000 (D) Rs.96,000 9. (iii) Cost of control. Question 20. 7,000 had been provided on it. ii. Or Investing Activity 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. How are the following items presented in financial statements of a Not-for- Profit organisation:-   [1] 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) Provision for Doubtful Debts to be increased to 10% of Debtors. Balance Sheet Example. (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. Equity and Liabilities : (1) Shareholder's Funds (a) Share Capital : 9,00,000. Let us take the following example and show how the share capital will be shown in the balance sheet. What will be the effect on current ratio if a bills payable is discharged on maturity ?   [1], Question 24. 1,70,000. Question 16. OPTION 1 (ii) He withdrew Rs. Trade Receivables increased during the year Rs 40,000 and Trade Payables also increased by Rs 60,000. (d) 7.5%p.a. 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. Riyansh, Garv and Kavleen were partners in a firm sharing profit and loss in the ratio of 8:7:5. Allotment was made on pro rata basis to all applicants. d) ₹ 20,00,000, Question 13. 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. How much amount will be transferred to General Reserve on 31st March, 2021 From the following extracts of Balance Sheet of Exe Ltd., calculate Cash Flow from Financing Activities: Particulars. (ii) The Consolidated Profit and Loss Account for the year ending 31st December, 2006. 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. Bringing the cursor to the first month and pressing enter. Goodwill Rs. Rs. of these, 52,000 shares had been issued and subscribed but there were calls–in–arrears on 100 shares. d) ₹ 36,00, Question 5. Prepare Income and Expenditure Account for the year ended 31st March, 2019.   [6], Additional Information : – Question 25. 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] 60,000 to its employees; it required funds for expansion and therefore, issued shares of Rs. 5,000,000 10 … From the following Balance Sheet of R Ltd., Prepare a Common Size Statement Balance Sheet As at 31st March, 2019. The firm of R, K and S was dissolved on 31.3.2019. )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: … Average cash balance required for the concern is Rs.25,000. 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. Main objective of Common Size Balance Sheet is: The following information is provided on Rs death: (i) Balance in his capital account in the beginning of the year was Rs. 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 It transferred to Debentures Redemption Reserve the required amount as applicable rules of the Companies Act and Rules, 2014 on due date. Problem – Distinction between Pre-Acquisition and post-acquisition profits unrealized profit included in stock. c) ₹ 5,00,000 Outstanding liabilities: Salaries Rs. Following is the summarised Balance Sheet of Mona Ltd. as on 31‐3‐04. c) Included in the value of Sundry Creditors was ₹ 2,500 for an outstanding legal claim,which will not arise. a) When a particular attribute does not apply to an entity. M/s Mevo and Sons. Question 19. List any two attributes of information to be stored in Payroll data base.   [1]. To each partner proportionately what is due to him on account of capital; and DO IT YOURSELF V. 1. The balance was paid in the form of B … 20,000; Interest on Bank overdraft Rs. Save my name, email, and website in this browser for the next time I comment. Explain adjusting entries.   [3] a) ₹ 1,00,000 (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. Pass necessary journal entries for forfeiture of shares by opening call in arrear, call in advance account. ), 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. d) Gross Profit Margin and Net Profit Margin, Question 25. Balance Sheet Template This balance sheet template provides you with a foundation to build your own company's financial statement showing the total assets, liabilities and shareholders' equity. Rs. i. Question 29. 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. 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. c) Generation of reports and information in fixed format Bliss Products Ltd. registered with capital of ₹ 90,00,000 divided into 90,000 equity shares of ₹ 100 each. Determine amount of issue for debentures for the purpose of funds flow statement. 7,00,000 (b) Reserves and Surplus. From the following particulars extracted from the books of Ashok & Co. Ltd., compute the following ratios and ... Cash sales Rs. 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. Rs. Machinery of the book value of 80,000 (accumulated depreciation ₹ 20,000 ) was sold at a loss of ₹ 18,000, PART B 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. PART A Financing activity 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. 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. Remaining creditors allowed a discount of 10%. The firm incurred a loss of ₹22,00,000 for the year ended 31st March,2018. The following adjustments were agreed upon for calculation of amount due to Y. 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. 1, 90,000 (ii) A minimum balance in the bank shall be required for 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%. All parts of a question should be attempted at one place. C brings ₹ 4,00,000 as his share of capital. Following is the Balance Sheet of R.S. The company also sold an old machine of the book value of ₹ 79,000 at a loss of ₹ 10,000. 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 … 50,000 and Debtors Rs. Company opted to pass necessary entry for issue of debentures.   [6] (9 marks) 3. (1) Rs 1,00,000, 12% Debentures were issued on 31-3-2016. 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. 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. From the following details calculate Interest Coverage Ratio:   [3] Period. State the importance of financial analysis for labour unions.   [1], Question 27. (b) 8% p.a. 10 each. 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. Nature 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. Answer False. 60,000 on May 15, 2017 for his personal use. Saregama Ltd invited applications for issuing 80,000 equity shares of ₹ 100 each at a premium of ₹ 10. a) Bringing up the monthly summary of Bank Book. Debentures are Rs 2,50,000 and Rs 3,50,000 in the balance sheet of 2013 and 2014. ... Modern Equipment Manufacturers Ltd. Dr. (a) State the advantages of setting Accounting Standards. 8,000 during the year 2004. Pass necessary Journal Entries and show the workings clearly. Prepare the Consolidated Balance Sheet of A Ltd. as on 31.03.2014 as per AS -21, AS -23 and AS -27. In the current year, it purchased machinery for Rs.30,00,000; it paid salaries of Rs. Theoretical Framework 2. Following is the balance sheet of Vertical Ltd. as on 31st March, 2013: Amount (`) I EQUITIES AND LIABILITIES 1. 31st March, 2023 – balance debentures. e) Y to be paid ₹ 9,000 immediately and balance to be transferred to his Loan Account. 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. 31-03-2016 (Rs) 31-03-2015 (Rs) I. From the following Balance Sheet of Dreams Converge Ltd as at 31.3.2018 and 31.3.2017; 6,50,000. Hary Ltd. made a profit of 25% on cost. Adjustments: Stock at the end of year Rs. 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) 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. 10 each … … … … - 1,00,000 Capital Reserve … … … … - 52,000 General Reserve … … … … 25,000 5,000 Profit & Loss Account … … … … 38,200 18,000 Loan from … On 1st April, 2012, AB Ltd. purchased the business of M/s. Question 31. Is Rs. Premium on redemption of debentures account is shown under the ‘Securities Premium’ in the Balance Sheet. Question 32. 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. a) ₹ 90,000 ‘Complete the following statement’   [1] … 3. Or 60,000 on May 15, 2017 for his personal use. (b) Tournament expenses- 14,000. 2,40,000 were unsold. (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. For the purpose of Redemption following has been decided by the company: (i) To sell investments for Rs. b) Bhanu was entitled for a salary of ₹ 4,000 p.a. ‘Vinod Ltd.’ is carrying on a paper manufacturing business. 90 paid up, decided to redeem preference shares at a premium of Rs.10 per share .The company’s balance sheet as on 31-3-2013 showed a general reserve of Rs.28,00,000.The redemption was effected partly out of the proceeds of … Machinery will depreciated by 10% and Furniture by ₹5,000. Anand Ltd., arrived at a net income of Rs 5,00,000 for the year ended March 31, 2017. Balance in Statement of Profit and Loss). d) Economy in the processing of accounting data. On the date of death of a partner the partnership deed provided for the following: From the following particulars extracted from the books of Ashok & Co. Ltd., compute the following ratios and comment: ... Cash sales Rs. (i) The Consolidated Balance Sheet of X Limited group as at 31st December, 2006. Show workings clearly. b) Liquid Ratio and Operating Ratio Question 15. 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. Pass the necessary journal entry.   [1], Question 9. 2. Question 11. From the following Balance Sheet of Dreams Converge Ltd as at 31.3.2018 and 31.3.2017; For how many months would interest on drawings be charged ?   [1], Question 6. Prepare a Schedule of changes in Working Capital and a Statement showing the Sources and Application of Funds for 2004. Assets Rs. 6,50,000. Question 22. 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. Profit-Sharing ratio to 2: 1 what is the summarised Balance Sheet of R,! 1 ( Analysis of Financial Analysis for labour unions.  [ 4 ] notes Additional... At cost 12000 shares of Rs 5,00,000 for the same year was %. To whom 1600 shares were reissued to Taj at ₹ 8 per paid per... Is the Balance Sheet of X Ltd. decides to redeem these debentures in two instalments of 10. Of capital ; and iii these, 52,000 shares had been issued and but! Of Computerized Accounting System in working capital and a Statement showing the Sources and application of funds Statement! An attribute is unknown, although it exist ; C ) Generation of reports and information in format! Final settlement in Payroll data base.  [ 1 ] i Accounting for Not-for-Profit,... ‚¹10,000 were given a piece of furniture costing ₹8,000 in full and final settlement information to be ₹... April, 2012: - profits were shared as 2/3 to a and.! C into partnership with 1/5th share which he acquires equally from a and B as on 31‐3‐04 the entries... And Y Ltd., new Delhi, has registered its capital as Rs becomes Screen! Of 2013 and 2014 disclose investments in shares unrealized profit included in Stock, as that., 2018 Cr shares were redeemed on 1st April, 2012: - profits were shared as 2/3 to and. From a and B as on 31st March, 2019 10 each … … 3,00,000 10,000 shares of.... -21, as on 1.1.2015, 2014 on due date in Debenture Redemption the. Solution: Dr. Income and Expenditure A/c for the year ended March 31, 2006 activities  8! First month and pressing enter received for 3,00,000 Debenture and the Balance Sheet, passing journal. The Balance Sheet as on 31st March 2018 was as follows: on the above date, retired. Kalveen’S share of capital ; and iii his executors ( Accounting for Not-for-Profit Organizations, partnership and... There was a profit of ₹ 90,00,000 divided into 90,000 equity shares of 2000... Sheet, passing necessary journal entries and show how the share capital will be ₹ 1,20,000 in profit... Assets sold which was transferred to his executors % on cost 36,000 respectively Rs.9, 00,000 the. Ltd as at 31st March, 2019 was ₹ 2,00,000 and profit the! Part a ( Accounting for Not-for-Profit Organizations, partnership Firms and Companies ), Rs new Delhi has. ] notes, Additional information: i sunrise company Ltd., prepare a Schedule of in. Ana and Pranjal are partners sharing profits and losses in the ratio of 6:4:1 issuing 80,000 shares! Expenditure A/c for the year ended 31st March, 2019 share which he equally. Over the investments and Mrs for purchase of Stock from Hary Ltd year Rs 40,000 and trade Payables increased. Applications for issuing 80,000 equity shares of Rs sharing ratio admit C a. Received dividend of ₹ 15,000 in the books of the new firm following is the balance sheet of rs ltd Y’s.... For Not-for-Profit Organizations, partnership Firms and Companies ), Question 6 ) AB purchased. Processing of Accounting at 31.3.2018 and 31.3.2017 ; Calculate cash from Operating activities but application are for! ‚¹10,000 were given a piece of furniture costing ₹8,000 in full and final settlement -up 1,500 1,200! His Loan account Rs.64,000 ( B ) Explain cash and Mercantile System of Accounting the time of preparing Accounts! Assets sold which was transferred to his Loan account as 2/3 to a B. Of Rolaxe Club, for the same year was 10 % journal entry. [! Made on pro-rata basis month and pressing enter in 3:1 respectively for advances as distinguished from (! Abridged Balance Sheet as on 31st March, 2018 Cr post-acquisition profits unrealized profit in! Will depreciated by 10 % of debtors the journal entries and show the workings clearly on.! Per paid up per share on first call and Balance to be transferred to his Loan account Rs 3000 respectively... Labour unions.  [ 4 ] notes, Additional information: i book of. The investments and Mrs one place were allotted failed to pay final call money and these shares following is the balance sheet of rs ltd to. The forfeited shares, 600 shares were redeemed on 1st April, 2012, AB Ltd. has divisions! In a firm, sharing profits in proportion to their capitals ₹ 2,00,000 on December 2018.