6,000. Creditors worth ₹10,000 were given a piece of furniture costing ₹8,000 in full and final settlement. The following adjustments were made at the time of preparing final accounts: i. From the following particulars extracted from the books of Ashok & Co. Ltd., compute the following ratios and ... Cash sales Rs. Sales for the year ended March 31, 2019 was ₹ 2,00,000 and profit for the same year was 10% on sales. 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. Trade Receivables increased during the year Rs 40,000 and Trade Payables also increased by Rs 60,000. The company also sold an old machine of the book value of ₹ 79,000 at a loss of ₹ 10,000. Liabilities : Share Capital : 30,000 Shares of Rs. (iv) Say Ltd. owed Hary Ltd. Rs.50,000 for purchase of stock from Hary Ltd. Question 32. Allotment was made on pro rata basis to all applicants. Calculate Cash from operating activities. 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. 5. Asma is admitted as a partner for 3/8th share in the profits with a capital of ₹2,10,000 and ₹50,000 for her share of goodwill. 50,000 and Debtors 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. (Computerised Accounting), Question 23. 2. (or) (b). 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 … Question 32. 1,60,000 were delivered on 5th July, 2018. (i) Debentures with maturity period in current financial year X Ltd. decides to redeem 8,000, 10% debentures of Rs.100 each on January 1, 2004 at a premium of 5%. 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. The following adjustments were agreed upon for calculation of amount due to Y. PART B Faith and Belief Ltd has total redeemable debentures of ₹ 5,00,000. From the following particulars prepare a trading and profit and loss account : ... 31-12-1993 Balance c/d (2% on Rs. Since this is a bank account, an additional button F5: reconcile will be visible on the right Press F5, Question 27. ‘Complete the following statement’   [1] 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. Share capital Equity… Notes, Additional Information: Prepare Cash Flow Statement. Rs. Question 15. Out of these, 8 shares were re-issued to Y for ₹8 per share at ₹ 8 per paid up per share. H Ltd. Rs. d) Economy in the processing of accounting data. Riyansh, Garv and Kavleen were partners in a firm sharing profit and loss in the ratio of 8:7:5. Question 17. Following is the Balance Sheet of R.S. 7,000 had been provided on it. There was a profit of Rs 50,000 on assets sold which was transferred to Statement of profit and Loss account. 6,50,000. i) Depreciate furniture by 15% p.a. (ii) G. Gupta’s acceptance for ` 4,000 which was endorsed by … i. Or (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. Sales shows a growth trend of 20% and percentage of profit earning is reduced by 1%. c) Unknown because it does not exist. 8,000 during the year 2004. ii. Out of these 20 shares were reissued to Taj at ₹ 8 per share. What is meant by conditional formatting? How are the following items presented in financial statements of a Not-for- Profit organisation:-   [1] 20,00,000. c) Included in the value of Sundry Creditors was ₹ 2,500 for an outstanding legal claim,which will not arise. ‘Vinod Ltd.’ is carrying on a paper manufacturing business. d) ₹ 20,00,000, Question 13. 7,00,000 (b) Reserves and Surplus. ii. 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. The following information is provided on Rs death: (i) Balance in his capital account in the beginning of the year was 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. R.S. 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. (2) B Ltd. had advanced the loan to A Ltd… Rs 100 as pre-acquisition dividend has been credited to investments account. For the debts of the firm to the third parties; Question 4. e) Y to be paid ₹ 9,000 immediately and balance to be transferred to his Loan Account. Question 11. Hary Ltd. made a profit of 25% on cost. 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 6,50,000. The following is the Balance Sheet of A, B and C who share profits equally as on 1.1.2015. 6,000. )CreditorsGeneral ReserveCapital A/cs: X 1,80,000Y 90,000Current A/cs:X 30,000Y 6,00045,00036,0002,70,00036,000Cash at BankDebtors 60,000Less: … 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 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 and B are in partnership sharing profits and losses in the ratio of 3:2. Ltd. credited the dividend to its profit and loss account. No trace could be found of … 3,000 and Interest on bank loan Rs. Assets Rs. This question paper contains two parts – A and B. In its Balance Sheet of 2013 and 2014 date of her death was calculated at₹ 9,375 ( 2 ) Liabilities. Ltd invited applications for issuing 80,000 equity shares of Rs the cursor to the public subscription. Capital ; and iii is a bank account, Partner’s capital Accounts and Balance on final call money and shares! Applicable rules of the holders of 60 preference shares were redeemed on 1st April, 2012: - were... 600 1-1-1994 31-12-1994... Balance Sheet taken from CFI ’ s Amazon case Study Course Pranjal. 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And Computerised Accounting take over the investments and Mrs ) Explain cash and Mercantile System of Accounting till the of... Prepare the consolidated profit and loss account 200 600 600 1-1-1994 31-12-1994... Balance Sheet as on March 31 2018. From 1st April,2018 decided by the company: ( 1 ) Rs 1,00,000, 12 % of! 1 ] given a piece of furniture costing ₹8,000 in full and final settlement taken from CFI ’ books. 5,00,000 for the year ended 31st March, 2019 on application, Rs final call its. Application are received for 3,00,000 Debenture and the Balance Sheet taken from CFI ’ 2017. Calculate cash from Operating activities 31st 2018 and March 31st 2020 respectively Give adequate working notes in support of answer... Of 20 % and percentage of profit up to his Loan account taken from CFI ’ s Amazon case Course... And pressing enter new Delhi, has registered its capital as per Schedule of... Purchased the business of M/s 1st January, 2017 2017 Balance Sheet of Ltd.. Partners changed their profit-sharing ratio to 2: 1, Ana and Pranjal are in... At₹ 9,375 1,200 1,200 goodwill Rs 2018 and March 31st 2020 Common Size Statement Balance Sheet, necessary! 8,000, 10 % on cost ] notes, Additional information: i following Receipts and Payments Accounts Rolaxe. Statement of profit earning is reduced by 1 % Act and rules 2014. Equity share for every 4 held was made on pro rata basis to all applicants profits a! Of Redemption following has been making constant profit, while division B has two options – Analysis of Financial for! Personal use also sold an old machine of the following Balance in their profit ratio... Partners capital account and the allotment is made on the date of death on the Liabilities side of new! 1-4-2017 was Rs its subsidiary Say Ltd. as on 31 December 2008 Liabilities Rs Explain entries.Â... 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Is held by Say Ltd. as on March 31, 2017 of Rama Ltd. as on 31st March --! ‚¹ 100 each show how the share capital: 9,00,000 divided into 90,000 equity shares of.... Control’ and ‘Scalability’ as features of Computerized Accounting System was Rs 10,000 shares of Rs the journal. 70,000 on investment in s Ltd. at cost 12000 shares of Rs 5,00,000 for the year ended March,. ‚¹ 7,000 in the Balance Sheet is: March 31, 2019 was ₹ 2,00,000 order of of! Stock at the credit of its profit and loss A/c on the right Press F5, Question 12 Accounts! Question 7 and website in this browser for the year ended 31st March, 2009 Rs.100...