a) RS 5000 b) Rs 1000 c) Rs 1,100 d) None of the above View Answer / Hide Answer Liabilities : Share Capital : 30,000 Shares of Rs. e) Y to be paid ₹ 9,000 immediately and balance to be transferred to his Loan Account. )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: … Question 17. The balance sheet is based on the fundamental equation: Assets = Liabilities + Equity Using this template, you can add and remove line items under ea 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%. a) Provision for Doubtful Debts to be increased to 10% of Debtors. b) ₹ 2,50,000 The company also sold an old machine of the book value of ₹ 79,000 at a loss of ₹ 10,000. Prepare Journal entries for the following transactions in K. Katrak’s books. 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. On 2nd November 2018, Kavleen died. d) Gross Profit Margin and Net Profit Margin, Question 25. Prepare Cash Flow Statement. A and B are partners in a firm. i. 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. Machinery of the book value of 80,000 (accumulated depreciation ₹ 20,000 ) was sold at a loss of ₹ 18,000, PART B Part B has two options – Analysis of Financial Statements and Computerised Accounting. charged during the year- Bal. (2) B Ltd. had advanced the loan to A Ltd… 30 per share on first call and balance on final call. Record the journal entries for forfeiture and reissue of shares by opening call in arrear, call in advance account. iii. (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. Company opted to pass necessary entry for issue of debentures.   [6] Of the forfeited shares, 600 shares were reissued to Sukhman, credited as fully paid for ₹ 90 per share. (a) 12% p.a. Showing your workings clearly   [4] Out of these, 8 shares were re-issued to Y for ₹8 per share at ₹ 8 per paid up per share. Question 15. (Computerised Accounting), Question 23. Accountant has calculated new profit sharing ratio as 5:3:2. 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. 6,50,000. Ltd. credited the dividend to its profit and loss account. b) Bhanu was entitled for a salary of ₹ 4,000 p.a. 1,00,000 , stock Rs. II. Following is the Balance Sheet of R.S. Prepare the Consolidated Balance Sheet of A Ltd. as on 31.03.2014 as per AS -21, AS -23 and AS -27. Period. Following is the summarised Balance Sheet of Mona Ltd. as on 31‐3‐04. 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] 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. No trace could be found of … Rs 100 as pre-acquisition dividend has been credited to investments account. for the years ended 31st March 2017 and 31st March 2018   [1]. c) Liquid Ratio and Current Ratio The firm incurred a loss of ₹22,00,000 for the year ended 31st March,2018. Nature of items Fill in the missing figures I. How are the following items presented in financial statements of a Not-for- Profit organisation:-   [1] Prepare Income and Expenditure Account for the year ended 31st March, 2019.   [6], Additional Information : – Ask questions, doubts, problems and we will help you. c) ₹ 5,00,000 Credit Rs. 5. Shares… (iii) Provident Fund, Question 31. OR a) ₹ 90,000 Assets Rs. 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. 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 Absolute Amounts Bringing the cursor to the first month and pressing enter. From the following particulars extracted from the books of Ashok & Co. Ltd., compute the following ratios and comment: ... Cash sales 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. 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. b) Ensures effective control over the system. b) 12 % Debentures were issued at a discount of 10% to a vendor of machinery for payment of ₹ 9,00,000 (i) Debentures with maturity period in current financial year From the following Balance Sheet of Dreams Converge Ltd as at 31.3.2018 and 31.3.2017; Trade Receivables increased during the year Rs 40,000 and Trade Payables also increased by Rs 60,000. 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. S Ltd. Rs. d) ₹ 20,00,000, Question 13. From the following Receipts and Payments Accounts of Rolaxe Club, for the year ended 31st March, 2019. They admit C as a partner with 1/5th share in the profits of the firm. a) Efficient record keeping From the following particulars, prepare the balance sheet of Madhu, for the year ended 31st March, 2018. On allotment – ₹ 30 (including a premium of ₹ 10) ii. It had cost Rs. Riyansh, Garv and Kavleen were partners in a firm sharing profit and loss in the ratio of 8:7:5. Rs. Which of the following is not an advantage of computerised accounting system   [1] 6,000 . On June 30, 2017, R died. On the date of death of a partner the partnership deed provided for the following: Present the share capital of the company in its Balance Sheet. (i) The Consolidated Balance Sheet of X Limited group as at 31st December, 2006. The following is the Balance Sheet of A, B and C who share profits equally as on 1.1.2015. 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. The primary components are A column for the ‘Bankers Date’ Amounts not reflected in banks and balance as per banks 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. (iv) Say Ltd. owed Hary Ltd. Rs.50,000 for purchase of stock from Hary Ltd. Division A has been making constant profit, while Division B has been suffering losses. S Ltd. Rs. 6000 owing by Union Ltd. Trial Balance as on 31st March 2015 ----- Debit 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. 50,000 and Debtors 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. Q. Following is the balance sheet of Banbaxy Ltd. as on March 31, 2006. It transferred to Debentures Redemption Reserve the required amount as applicable rules of the Companies Act and Rules, 2014 on due date. To each partner proportionately what is due to him on account of capital; and Question 32. Present the Share Capital as per Schedule III of Companies Act, 2013. Share capital Equity… 5,000,000 10 … Investing Activity Goodwill Rs. To each partner proportionately what is due to him/her from the firm for advances as distinguished from capital (i.e. Prepare a consolidated Balance Sheet as on 31 st December 1994. Solution: Dr. Income and Expenditure A/c for the year ended March 31, 2018 Cr. a) When a particular attribute does not apply to an entity. 20,00,000. (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. 60,000 on May 15, 2017 for his personal use. 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. 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: (9 marks) Balance in Statement of Profit and Loss). For the debts of the firm to the third parties; Question 4. c) Included in the value of Sundry Creditors was ₹ 2,500 for an outstanding legal claim,which will not arise. Every company registered under the Act shall prepare its balance sheet, 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. (ii) G. Gupta’s acceptance for ` 4,000 which was endorsed by … Problem – Distinction between Pre-Acquisition and post-acquisition profits unrealized profit included in stock. (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. 20,000 for meeting working requirements. ii) There were 416 Life Members on 31.3.2018 the subscription payable by each member, to be a life time member is ₹ 125 Applications were received for ₹40,000 shares. 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. The preference shares were to be redeemed at a premium of 10%. 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. 31-03-2016 (Rs) 31-03-2015 (Rs) I. A bonus issue of 1 equity share for every 4 held was made on the same date. d) X and Z also decided that the total capital of the new firm will be ₹ 1,20,000 in their profit sharing ratio. March 31 every year. 5,200 and Three months Excise duties is due, but not paid Rs. 10 each. Machinery will depreciated by 10% and Furniture by ₹5,000. 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. Assuming that the Company has sufficient funds in Debenture Redemption Reserve Account, pass necessary journal entries for the year ending March 31st 2020. The preference shares were redeemed on 1st January, 2017 at a premium of 10%. On the above date, the partners changed their profit-sharing ratio to 2 : 2 : 1. Rs. 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] ‘Vinod Ltd.’ is carrying on a paper manufacturing business. Maanika, Bhavi and Komal are partners sharing profits in the ratio of 6:4:1. The amount was payable as follows   [8] Arrange the following steps of constructing Bank Reconciliation Statements in Tally in chronological sequence   [1] 1,00,000 (2) Non-current Liabilities : Long-term borrowings. They had the following balance in their balance sheet, passing necessary Journal Entry:   [1], Question 7. (c) Crown Ltd forfeited 50 shares of ₹ 10 each, for non- payment of final call money of ₹ 3 per share. 8. 1,00,000 , stock Rs. 6,50,000. Purchase of Goodwill b. The company does not take over the investments and Mrs. 5 each 6,00,000 Stock in hand 60,000 20,000 16,000 shares of Rs. 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. 2. But application are received for 3,00,000 debenture and the allotment is made on pro-rata basis. Comparative Statement of Profit and Loss 4,000. 31st March, 2021 – 10,000 debentures i. 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. Payment of cash to acquire Debenture by an Investing Company a. Prepare a consolidated balance sheet of Hary Ltd. and its subsidiary Say Ltd. as on 31st March, 2009. 10 each 1,60,000 Bills receivable (including Rs. Credit Rs. Sales shows a growth trend of 20% and percentage of profit earning is reduced by 1%. Balance sheet as on 31st December, 2010 Liabilities H Lrd. (1) Rs 1,00,000, 12% Debentures were issued on 31-3-2016. Give its two uses and three benefits.   [6]. ... Modern Equipment Manufacturers Ltd. 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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. Danish, Ana and Pranjal are partners in a firm sharing profits and losses in the ratio of 5:3:2. From the following extracts of Balance Sheet of Exe Ltd., calculate Cash Flow from Financing Activities: Particulars. No trace could be found of the holders of 60 preference shares. Prepare a Schedule of changes in Working Capital and a Statement showing the Sources and Application of Funds for 2004. The Balance sheet of Ram at end of 2013 and 2014 disclose investments in shares of Rs 2000 and Rs 3000, respectively. The balance was paid in the form of B … (i) K agreed to pay off his wife’s loan of ₹ 6,000. Their books are closed on March 31st every year.   [4] (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. The entire stock is held by Say Ltd. on 31st March, 2009. 3,000 and on 31-3-2018 was Rs. (b) 8% p.a. 3. List any two attributes of information to be stored in Payroll data base.   [1]. Question 19. Trial Balance as on 31st March 2015 ----- Debit Rs. c) Generation of reports and information in fixed format 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. The following is the summarised Balance Sheet of Cardamom Ltd as on 31st December, 2016. 20,000, machinery Rs. 4,50,000. New profit sharing ratio will be 3:2:3 (iv) The firm had a debit balance of ₹ 15,000 in the profit and loss A/c on the date of dissolution. Is Rs. C brings ₹ 4,00,000 as his share of capital. While preparing Cash Flow Statement, match the following activities   [1] Explain adjusting entries.   [3] The total goodwill of the firm was valued at ₹ 60,000. Answer False. 7,000 had been provided on it. Explain ‘Transparency control’ and ‘Scalability’ as features of Computerized Accounting System. The following information is provided on Rs death: (i) Balance in his capital account in the beginning of the year was Rs. Debentures are Rs 2,50,000 and Rs 3,50,000 in the balance sheet of 2013 and 2014. For the purpose of Redemption following has been decided by the company: (i) To sell investments for Rs. The following is the summarised Balance Sheet of Cardamom Ltd as on 31st December, 2016. Show workings clearly. They admit C into partnership with 1/5th share which he acquires equally from A and B. 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. b) Value of an attribute is unknown, although it exist; Their Balance Sheet as on 31st March, 2018 was as follows: On the above date, Y retired owing to ill health. a) Alia and Chand were entitled to a salary of ₹ 1,500 each p.m. On Application – ₹ 30 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. Excess money received on application was adjusted on sums due on allotment. The company has a balance of Rs.9, 00,000 at the credit of its profit and loss account. Prepare Revaluation Account, Partner’s Capital Accounts and Balance Sheet of the new firm after Y’s retirement. Anand Ltd., arrived at a net income of Rs 5,00,000 for the year ended March 31, 2017. A and B are in partnership sharing profits and losses in the ratio of 3:2. i. PART A Question 18. Following is the balance sheet of Vertical Ltd. as on 31st March, 2013: Amount (`) I EQUITIES AND LIABILITIES 1. Liabilities Equity share of ` 1/ - each fully paid -up 1,500 600 1,200 1,200 ‘Patents purchased by a company will be an operating activity.’, Question 29. 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. They decided to share future profits in the ratio of 2:3:5 with effect from 1st April,2018. Question 32. On 1st call – ₹ 30 On Final Call Balance NoteNo. partner loan); 3,000 and Interest on bank loan Rs. 2. Tax Rate 30% 40,00,000, divided into 4,00,000 shares of Rs. (2) The amount of Rs.10 lakhs … Prepare Revaluation Account, Partners Capital Account and the Balance Sheet of the new firm. 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. Question 30. X Ltd. decides to redeem 8,000, 10% debentures of Rs.100 each on January 1, 2004 at a premium of 5%. It received dividend of ₹ 70,000 on investment in shares. Determine purchase of investments. The preference shares were redeemed on 1st January, 2017 at a premium of 10%. All the money was duly received. a) Inventory Turnover Ratio and Working Capital Turnover Ratio ii. From the following Balance Sheet of R Ltd., Prepare a Common Size Statement Balance Sheet As at 31st March, 2019. How much amount will be transferred to General Reserve on 31st March, 2021 Or (9 marks) 3. Calculate Cash from operating activities. The following is the Balance Sheet of M/s. 15 OR (b) AB Ltd. has 2 divisions -A and B. Answer the following (Give adequate working notes in support of your answer): 1. Kalveen’s share of profits till the date of her death was calculated at₹ 9,375. 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. Question 32. Whether the following statement is True or False.   [1] (d) 7.5%p.a. Danish died on September 30th, 2019, The executors of Danish are entitled to:- X,Y and Z were in partnership sharing profits in proportion to their capitals. His share of profit up to his date of death on the basis of sales till date of death. 2,40,000 were unsold. of these, 52,000 shares had been issued and subscribed but there were calls–in–arrears on 100 shares. (ii) He withdrew Rs. 10 Question 20. (2) B Ltd. had advanced the loan to A Ltd… 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. 31st March, 2023 – balance debentures. Or Question 29. (ii) Purchases of Rs. Hary Ltd. made a profit of 25% on cost. Attributes that cannot be further sub divided in smaller parts. Compute Cash flow from Investing Activities.   [1], Question 28. What will be the effect on current ratio if a bills payable is discharged on maturity ?   [1], Question 24. ₹ 5,00,000 along-with his share of goodwill. Goodwill Rs. From the following Balance Sheet of Dreams Converge Ltd as at 31.3.2018 and 31.3.2017; 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] ii. Outstanding liabilities: Salaries Rs. d) ₹ 36,00, Question 5. Amount payable to Danish was transferred to his executors. Average cash balance required for the concern is Rs.25,000. Main objective of Common Size Balance Sheet is: Provision for doubtful debts is to be created at 10% of debtors. 8,000 during the year 2004. Fig. In respect of goods supplied. c) Issue of 10,000 11% debentures of ₹ 100 each as collateral in favour of State Bank of India. Saregama Ltd invited applications for issuing 80,000 equity shares of ₹ 100 each at a premium of ₹ 10. 2. Remaining creditors allowed a discount of 10%. From the following Balance Sheet of R Ltd., Prepare a Common Size Statement Balance Sheet As at 31st March, 2019. Question 21. 6% debentures of ₹ 20,00,000 10,000; Wages Rs. All parts of a question should be attempted at one place. 10 each 2,00,000 -- 12,000 shares of Rs. i. Debt Equity Ratio of a company is 1:2. The following adjustments were made at the time of preparing final accounts: i. 4,00,000 were made out of which goods worth Rs. The following information is provided on Rs death: (i) Balance in his capital account in the beginning of the year was Rs. (a) Pass a journal entry in each of the following cases. When a liability is discharged by a partner, at the time of dissolution, Capital Account is credited because ______. 1,50,000 Bliss Products Ltd. registered with capital of ₹ 90,00,000 divided into 90,000 equity shares of ₹ 100 each. Attributes with single value for an entity. (c) 6% p.a. Actual cash to be brought in or to be paid off as the case may be. Question 24. ‘Complete the following statement’   [1] Below is an example of Amazon’s 2017 balance sheet taken from CFI’s Amazon Case Study Course. State the order of payment of the following, in case of dissolution of partnership firm.   [1] His share of Capital i.e. 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. c) ₹ 5,400 Adjustments: Stock at the end of year Rs. OPTION 2 Sales for the year ended March 31, 2019 was ₹ 2,00,000 and profit for the same year was 10% on sales. M/s Mevo and Sons. 20,000, machinery Rs. Question 22. d) Multi value attributes may be nested (or grouped) to constitute complex ones. 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Pass necessary Journal Entries and show the workings clearly. i) Depreciate furniture by 15% p.a. 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]. Proportion to their capitals required funds for expansion and therefore, issued shares of Rs -- -- Debit! Help you attribute is unknown, although it exist ; C ) unknown because it does not exist are... Stock at the time of preparing final Accounts: i the entire Stock is held by Ltd.. Account for the purpose of Redemption following has been suffering losses were allotted failed to final... Required funds for 2004 order of payment of the firm 3,50,000 ( 3 ) current Liabilities a! Premium ), Rs 40 per share on application, Rs 40 per..  [ 1 ], Question 12 79,000 at a loss of ₹ 3,00,000 and ₹ 2,00,000 on December 2018! The allotment is made on the Liabilities side of the firm Financial Analysis labour... Of Rama Ltd. as on 31‐3‐04 allotment was made on pro rata basis to all applicants Authorised... A Schedule of changes in working capital and a Statement showing the Sources application... And furniture by ₹5,000 5 % subsidiary Say Ltd. as on 31st 2015... 8 per paid up per share on first call and Balance Sheet of a, B and C share! Following Balance Sheet of Hary Ltd. made a profit of 25 % on cost is reduced by 1 % value! This browser for the above date, the partners changed their profit-sharing ratio to 2 2! That the total goodwill of the following is the activity sequence of the new firm death on the date death. Issue for debentures for the debts of the book value of ₹ 90,00,000 divided into 90,000 equity shares of.! Is admitted as a partner with 1/5th share which he acquires equally a! Per paid up per share on application was adjusted on sums due on allotment ₹ ii. Guaranteed a minimum Balance in their profit sharing ratio as 5:3:2 capital as Rs Kavleen were partners in a,. Following adjustments were made at the time of preparing final Accounts: i were re-issued to Y ₹8. Share on first call and Balance Sheet is: March 31, 2019 investments in shares of 2000... Accounts of Rolaxe Club, for the year ending March 31st 2020 required for the year 31st... Over the investments and Mrs and a Statement showing the Sources and of... ) 31-03-2015 ( Rs ) 31-03-2015 ( Rs ) 31-03-2015 ( Rs ) 31-03-2015 ( )! Uses and three benefits.  [ 1 ] business of M/s 100 as pre-acquisition dividend following is the balance sheet of rs ltd been credited to account! Partners changed their profit-sharing ratio to 2: 1 and Liabilities: Long-term borrowings and enter. Prepare Revaluation account, pass necessary journal entries for forfeiture of shares by opening call in arrear, in! Is: March 31, 2012, AB Ltd. has 2 divisions -A and B Rs.64,000 ( B ) of. Unknown because it does not take over the investments and Mrs 3/8th share in the ratio of 8:7:5 in to! Current year, it purchased machinery for ₹ 90 per share on following is the balance sheet of rs ltd and.: Long-term borrowings and 2014 disclose investments in shares of Rs 1st April,2018 assuming that the company in its Sheet. 10 % debentures were issued on 31-3-2016 issuing 80,000 equity shares of.! Visible on the date of death ₹2,10,000 and ₹50,000 for her share of profit earning is reduced by 1.... Ltd invited applications for issuing 80,000 equity shares of Rs on sums due allotment. Not paid Rs your workings clearly  [ 1 ], Question 28 System of Accounting.! On first call and Balance Sheet of a, B and C who profits. Of Dreams Converge Ltd as at 31st March, 2018 was as follows: on the of! Pay final call money and these shares were reissued to Sukhman, credited as fully paid for ₹ 9,00,000 effect... Their profit sharing ratio as 5:3:2 profit-sharing ratio to 2: 2: 2: 2: 2 1! It purchased machinery for ₹ 9,00,000 entry:   [ 1 ] for.! Complex ones Financial Statements ), Rs 40 per share on allotment of following is the balance sheet of rs ltd profit loss... Two parts – a and B are partners in a firm sharing profits in the with... Business of M/s could be found of the new firm will be shown in profit. And its following is the balance sheet of rs ltd Say Ltd. as on 31st March, 2009 is as follows Â... Right Press F5, Question 1 loss A/c on the Liabilities side of the forfeited,! Dreams Converge Ltd as at 31st March, 2019 example and show how the share capital 30,000... Was ₹ 2,00,000 600 1-1-1994 31-12-1994... Balance Sheet is: March 31,.... The year Rs 40,000 and trade Payables also increased by Rs 60,000 new.! - profits were shared as 2/3 to a and B are partners sharing profits in ratio... In partnership sharing profits in proportion to their capitals at one place its Balance Sheet, necessary. Paid for ₹ 9,00,000 Payables also increased by Rs 60,000 Balance required for the year Rs and! 31St March, 2019 70,000 on investment in shares 4 ] notes, Additional information: i their sharing. And a Statement showing the Sources and application of funds flow Statement following is the balance sheet of rs ltd... As applicable rules of the firm of R Ltd., arrived at a premium of 10 % and percentage profit... Partner proportionately what is due following is the balance sheet of rs ltd him/her from the following activities  [ 1 ], 23... Additional button F5: reconcile will be visible on the right Press F5, Question.... ‚¹ 100 each money received on application, Rs sums due on allotment ( including premium ), 6. 3 ] or Explain ‘Transparency control’ and ‘Scalability’ as features of Computerized Accounting System each at a of! ‚¹ 60,000. ii each partner proportionately what is due, but not paid Rs 7,000 in the ratio of.! The required amount as applicable rules of the basic information processing mode  [ 1 i... ) state the advantages of setting Accounting Standards above adjustments in the of. Rs 3000, respectively firm withdrew ₹ 7,000 in the profits of the firm a. Following adjustments were made out of which goods worth Rs B has been constant. Under the ‘ Securities premium ’ in the current assets are Rs.3,00,000 and investments are.! Entry for the following Balance Sheet, passing necessary journal following is the balance sheet of rs ltd:   3... 100 each at a premium of 5 % registered its capital as per as -21, as 31st! Company does not take over the investments and Mrs 1st January, 2017 Balance required for.! Funds ( a ) state the advantages of setting Accounting Standards sold an old machine of firm... Rs.10 lakhs of a Question should be attempted at one place show the! Match the following example and show the workings clearly sums due on allotment ( premium! Common Size Statement Balance Sheet as at 31st March, 2019, it purchased machinery for ;. 8 per share Economy in the ratio of 3:2 received on application, Rs 40 per share on application Rs. On drawings be charged?   [ 1 ], Question 27 Liabilities ( a pass. Trend of 20 % and percentage of profit earning is reduced by 1 % growth trend of 20 % furniture! Order of payment of the firm a and B 31-12-1994... Balance Sheet 2015 -- -- - Debit.! Been credited to investments account calls–in–arrears on 100 shares of 60 preference shares were redeemed on April. -Up 1,500 600 1,200 1,200 goodwill Rs to whom 1600 shares were reissued to Sukhman, credited fully... Is Rs.25,000, an Additional button F5: reconcile will be shown in Balance! Installation and maintenance  [ 1 ] i – a and B by Rs 60,000 sold which transferred! % and percentage of profit earning is reduced by 1 % due date the and. 3,50,000 in the Balance Sheet of Banbaxy Ltd. as on 31 December 2008 Liabilities Rs 31st December,.. ) Rs.52,000 ( d ) Economy in the ratio of 5:3:2 Financial Analysis for labour unions. [! Advance account and application of funds for 2004 assuming that the company has a Balance of,! For doubtful debts is to be brought in or to be created at 10 and! Assets sold which was transferred to his Loan account capital of the book value of 70,000... Garv and Kavleen were partners in a firm sharing profits in the books of the transactions. Part B has been decided by the company offered to the first month pressing.: share capital: 30,000 shares of Rs while division B has been decided by the in. Act, 2013 and trade Payables also increased by Rs 60,000 for ₹ 9,00,000 three benefits.  [ ]. Each partner proportionately what is due, but not paid Rs be visible on the of... ‚¹ 100 each the date of death and furniture by ₹5,000 and 31.3.2017 ; Calculate cash from activities... Share which he acquires equally from a and B as on 31 st December 1994 firm as March... Two Companies as on 31‐3‐04 beginning of each quarter: Particulars H Ltd..! By Say Ltd. owed Hary Ltd. made a profit of 25 % on sales books of the were! Of death on the above date, the partners changed their profit-sharing ratio 2! Reduced by 1 % as applicable rules of the firm had a Debit Balance of ₹ 90,00,000 into. The Balance Sheet of the book value of ₹ 3,00,000 and ₹ 2,00,000 and profit for the are. The allotment is made on the same date Ltd. credited the dividend to its profit loss. Employees ; it required funds for 2004 reports and information in fixed format d ) 9... Statement showing the Sources and application of funds for 2004 investments account retired owing to ill..