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Accountancy
Question. A2Z Ltd. issued Rs. 50,00,000, 8% debentures of Rs. 500 each at par redeemable at a premium of 10% after 5 years. According to the terms of issue Rs. 250 was payable on application and balance on allotment of debentures. Record necessary journal entries at the time of issue of 8% debentures.

Question.  Rakesh Ltd. has an authorised capital of Rs. 20,00,000 divided into 2,00,000 Equity Shares of Rs. 10 each. The company decided to offer for subscription 60,000 Equity shares of Rs. 10 each. Application for 56,000 shares was received and allotment made to all applicants. All call were made and duly received except call of Rs. 2 per share on 600 shares. Show the 'Share Capital' in the Balance Sheet of Rakesh Ltd as per schedule III of Companies Act, 2013.

Question. X, Y and Z are partners sharing Profits and Losses in the ratio of 3 : 2 : 1. After the final Accounts have been prepared, It was discovered that Interest on Drawing had not been taken into consideration. The Interest on Drawing of partners amounted to X = ₹ 250, Y = ₹ 180; Z = ₹ 100. Give the necessary adjusting Journal Entry

Question. Mohan and Rohan have omitted interest on capital for two years ended 31st March, 2013. Their fixed capital in two years were Sonu ₹80,000, Mohan ₹70,000 and Rohan ₹30,000. Rate of interest on capital is 10 % pa.Their profit sharing ratio were in 1st year- 4 : 3 : 3 , IInd Year - 3 : 2 : 1. Give necessary adjusting entry.

Question. A2Z Ltd. issued Rs. 50,00,000, 8% debentures of Rs. 500 each at par redeemable at a premium of 10% after 5 years. According to the terms of issue Rs. 250 was payable on application and balance on allotment of debentures. Record necessary journal entries at the time of issue of 8% debentures.

Question. A2Z Ltd. forfeited 300 shares of Rs.10 each (Rs.7 called up), issued at a discount of 10% on which Rs.2 per share has been paid for application. Out of these, 250 shares were reissued as Rs.8 called up for Rs.6 per share. Journalise for forfeiture and reissue of shares.

Question. A2Z Ltd. Purchased assets from Mohan & co. for Rs.350000. A sum of Rs.75000 was paid by means of a bank draft and for the balance due A2Z Ltd issued equity shares of Rs. 10 each at a premium of 10%. Journalize the above transactions in the books of the company.

Question. Mahesh Ltd forfeited 500 shares of ₹100 each of Mr. Yogesh, who had applied for 600 shares of ₹100 each, for not paying the share allotment of ₹50 including premium 10. Company did not make the first & final call of ₹20. Out of these forfeited shares, 300 shares were reissued for ₹75, fully paid. Pass journal entries.

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