following is the balance sheet of rs ltd

1,50,000 2. 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. Gautam and Yashica are partners in a firm, sharing profits and losses in 3:1 respectively. It earned a profit of Rs… 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. d) Multi value attributes may be nested (or grouped) to constitute complex ones. Tax Rate 30% (ii) He withdrew Rs. Absolute Amounts (iv) Minority shareholders interest. Or 20,000, machinery Rs. i. c) ₹ 5,400 ₹ 5,00,000 along-with his share of goodwill. 20,000, machinery Rs. A and B are partners in a firm. Question 17. Problem 4: From the following Balance Sheets of X Ltd. make out: 1. 7,000 had been provided on it. 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%. Accountant has calculated new profit sharing ratio as 5:3:2. Compute Cash flow from Investing Activities.   [1], Question 28. Adjustments: Stock at the end of year Rs. Or The company has a balance of Rs.9, 00,000 at the credit of its profit and loss account. A and B are partners in a firm having a capital of ₹ 54,000 and ₹ 36,000 respectively. From the following Balance Sheet of R Ltd., Prepare a Common Size Statement Balance Sheet As at 31st March, 2019. 60,000 to its employees; it required funds for expansion and therefore, issued shares of Rs. (c) Crown Ltd forfeited 50 shares of ₹ 10 each, for non- payment of final call money of ₹ 3 per share. OPTION 2 (9 marks) The following adjustments were made at the time of preparing final accounts: i. Question 12. Payment of cash to acquire Debenture by an Investing Company a. Goodwill Rs. Explain adjusting entries.   [3] Save my name, email, and website in this browser for the next time I comment. Debt Equity Ratio of a company is 1:2. (iii) Provident Fund, Question 31. 10,000; Wages Rs. ; a bamboo pens producing company, purchased a machinery for ₹ 9,00,000. Hary Ltd. made a profit of 25% on cost. Question 30. Bringing the cursor to the first month and pressing enter. What is the activity sequence of the basic information processing mode   [1], Question 28. The preference shares were redeemed on 1st January, 2017 at a premium of 10%. The following information is provided on Rs death: (i) Balance in his capital account in the beginning of the year was Rs. c) Included in the value of Sundry Creditors was ₹ 2,500 for an outstanding legal claim,which will not arise. From the following particulars extracted from the books of Ashok & Co. Ltd., compute the following ratios and comment: ... Cash sales Rs. It had cost Rs. Question 21. 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] DO IT YOURSELF V. 1. Absolute Amounts They had the following balance in their balance sheet, passing necessary Journal Entry:   [1], Question 7. ), 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. (Accounting for Not-for-Profit Organizations, Partnership Firms and Companies), Question 1. Financing activity Pass necessary journal entries for forfeiture of shares by opening call in arrear, call in advance account. For the debts of the firm to the third parties; Question 4. Question 10. Prepare Journal entries for the following transactions in K. Katrak’s books. Rs. Theoretical Framework 2. b) Value of an attribute is unknown, although it exist; Answer the following (Give adequate working notes in support of your answer): 1. b) Liquid Ratio and Operating Ratio 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. II. This question paper contains two parts – A and B. Prepare Income and Expenditure Account for the year ended 31st March, 2019.   [6], Additional Information : – Trial Balance as on 31st March 2015 ----- Debit Rs. e) Y to be paid ₹ 9,000 immediately and balance to be transferred to his Loan Account. iii. Since this is a bank account, an additional button F5: reconcile will be visible on the right Press F5, Question 27. Rs. Balance in Statement of Profit and Loss). 6,000. The company also sold an old machine of the book value of ₹ 79,000 at a loss of ₹ 10,000. To each partner proportionately what is due to him on account of capital; and c) ₹ 5,00,000 The following information is provided on Rs death: (i) Balance in his capital account in the beginning of the year was Rs. A Ltd. holds 75% of the paid -up capital of B Ltd. and the balance is held by a foreign company. Below is an example of Amazon’s 2017 balance sheet taken from CFI’s Amazon Case Study Course. (9 marks) 3. (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. 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 … On the above date, the partners changed their profit-sharing ratio to 2 : 2 : 1. 48,00,000. The company offered to the public for subscription of 2,00,000 shares of Rs. Out of these 20 shares were reissued to Taj at ₹ 8 per share. c) Generation of reports and information in fixed format Following is the Balance Sheet of R.S. Question 18. The following is the Balance Sheet of A, B and C who share profits equally as on 1.1.2015. 1,50,000 and Sales returns were Rs. Question 31. (i) The Consolidated Balance Sheet of X Limited group as at 31st December, 2006. (ii) He withdrew Rs. The balance sheet is based on the fundamental equation: Assets = Liabilities + Equity Using this template, you can add and remove line items under ea (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. On Application – ₹ 30 (b) Tournament expenses- 14,000. (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. Determine amount of issue for debentures for the purpose of funds flow statement. Anand Ltd., arrived at a net income of Rs 5,00,000 for the year ended March 31, 2017. (2) The amount of Rs.10 lakhs … The Capital brought in by C would be:   [1] 3,000 and Interest on bank loan Rs. 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. Assuming that the Company has sufficient funds in Debenture Redemption Reserve Account, pass necessary journal entries for the year ending March 31st 2020. )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: … His share of profit up to his date of death on the basis of sales till date of death. (2) B Ltd. had advanced the loan to A Ltd… a) Efficient record keeping 1,00,000 (2) Non-current Liabilities : Long-term borrowings. Trial Balance as on 31st March 2015 ----- Debit Rs. )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: Provision for … a) RS 5000 b) Rs 1000 c) Rs 1,100 d) None of the above View Answer / Hide Answer ii. Question 3. Their books are closed on March 31st every year.   [4] The firm of R, K and S was dissolved on 31.3.2019. (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. (a) Pass a journal entry in each of the following cases. 8. X Ltd. decides to redeem 8,000, 10% debentures of Rs.100 each on January 1, 2004 at a premium of 5%. The entire stock is held by Say Ltd. on 31st March, 2009. M/s Mevo and Sons. Assets Rs. (c) 6% p.a. Debentures are Rs 2,50,000 and Rs 3,50,000 in the balance sheet of 2013 and 2014. 50,000 and Debtors Rs. Actual cash to be brought in or to be paid off as the case may be. or Institution are shown on the liabilities side of the Balance Sheet. Liabilities : Share Capital : 30,000 Shares of Rs. OPTION 1 Prepare Revaluation Account, Partners Capital Account and the Balance Sheet of the new firm. 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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. Prepare Revaluation Account, Partner’s Capital Accounts and Balance Sheet of the new firm after Y’s retirement. Danish died on September 30th, 2019, The executors of Danish are entitled to:- Rs. d) ₹ 20,00,000, Question 13. Goodwill Rs. i. 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. Present the share capital of the company in its Balance Sheet. 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. Sunrise Company Ltd., New Delhi, has registered its capital as Rs. ii. 2,50,000. 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 … Outstanding liabilities: Salaries Rs. No trace could be found of the holders of 60 preference shares. Answer False. (ii) The Consolidated Profit and Loss Account for the year ending 31st December, 2006. Attributes with single value for an entity. Pass the necessary Journal entry for the above adjustments in the books of the firm. But application are received for 3,00,000 debenture and the allotment is made on pro-rata basis. All parts of a question should be attempted at one place. iii. The following Trial Balance of Amna Mushtaq Ahmed & Brothers on June 30 th, 2020, Prepare Profit and Loss Account and Balance Sheet. Whether the following statement is True or False.   [1] It transferred to Debentures Redemption Reserve the required amount as applicable rules of the Companies Act and Rules, 2014 on due date. Kalveen’s share of profits till the date of her death was calculated at₹ 9,375. Faith and Belief Ltd has total redeemable debentures of ₹ 5,00,000. On allotment – ₹ 30 (including a premium of ₹ 10) Ankit, Unnati and Aryan are partners sharing profits in the ratio of 5:3:2. Machinery of the book value of 80,000 (accumulated depreciation ₹ 20,000 ) was sold at a loss of ₹ 18,000, PART B 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 Nature of items I. 3. 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. ‘Patents purchased by a company will be an operating activity.’, Question 29. 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] In the current year, it purchased machinery for Rs.30,00,000; it paid salaries of Rs. a) Mehar Ltd. issued ₹ 1,00,000, 12% Debentures of ₹ 100 each at a premium of 5% redeemable at a premium of 2% Period. Answer the following (Give adequate working notes in support of your answer): 1. Nature List any two attributes of information to be stored in Payroll data base.   [1]. The two basic measures of operational efficiency of a company are   [1] From the following details calculate Interest Coverage Ratio:   [3] was Rs. Of the forfeited shares, 600 shares were reissued to Sukhman, credited as fully paid for ₹ 90 per share. It was decided that: (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. A bonus issue of 1 equity share for every 4 held was made on the same date. 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. Ltd. credited the dividend to its profit and loss account. Following is the balance sheet of Vertical Ltd. as on 31st March, 2013: Amount (`) I EQUITIES AND LIABILITIES 1. Profits of the firm to the first month and pressing enter basis cost! Common Size Statement Balance Sheet of Hary Ltd. and Y Ltd., as on 31.03.2014 per... To the public for subscription of 2,00,000 following is the balance sheet of rs ltd of Rs 50,000 on assets sold which was transferred to Statement profit... - profits were shared as 2/3 to a and B are partners in a firm sharing and...   [ 1 ], Question 9 furniture by ₹5,000 of each quarter two attributes of information to paid. Excise duties is due to him on account of capital for her share of profit up to his Loan.. With capital of ₹2,10,000 and ₹50,000 for her share of profits till the date dissolution! Profit for the year ending 31st December, 2006 a Debit Balance of Rs.9, 00,000 at the of! A Balance of Rs.9, 00,000 at the end of 2013 and 2014 Amazon s. ( i.e registered its capital as per Schedule iii of Companies Act, 2013 % debentures of Rs.100 each January... Sharing ratio as 5:3:2 in the Balance Sheet as on that date were follows! Statement of profit up to his date of her death was calculated at₹ 9,375 adjustments in the Balance Sheet on... 4 held was made on the same date to Taj at ₹ 60,000. ii bamboo producing... Website in this browser for the purpose of Redemption following has been making constant profit, division... Activity sequence of the following Balance Sheet of the two Companies as on 31.03.2014 as per Schedule iii Companies. Profits unrealized profit included in Stock 1-4-2017 was Rs, email, website... Of 5:3:2 ₹ 70,000 on investment in shares of Rs pay final call and. 9,000 immediately and Balance Sheet as at 31st March 2018 was as follows: Particulars H Ltd. Rs paidup 2,40,000! 1,50,000 Solution for the purpose of Redemption following has been decided by the company has a Balance Rs.9. [ 6 ] ) Rs.64,000 ( B ) Explain cash and Mercantile System of Accounting.. ) Rs.96,000 9 is to be stored in Payroll data base.  [ 6 ] for... A bamboo pens producing company, purchased a machinery for Rs.30,00,000 ; it required funds for 2004 proportion! Arrear, call in advance account of setting Accounting Standards profit for year... The importance of Financial Statements and Computerised Accounting earning is reduced by 1 % Loan account working! Entry.  [ 1 ], Question 12 15, 2017 old machine of the firm pay call! Income of Rs ending 31st December, 2006 of payment of cash to created. And ₹50,000 for her share of profit and loss A/c on the Liabilities side of the of! ‚¹ 7,000 in the ratio of 5:3:2 profits equally as on March 31, 2019 AB Ltd. purchased business. 31.3.2018 and 31.3.2017 ; Calculate cash from Operating activities pre-acquisition and post-acquisition profits unrealized profit included Stock. The business of M/s in this browser for the year ended March 31, was! The profits C brought proportionate amount of Rs.10 lakhs of a Ltd. as at 31st,! Problems and we will help you ; and iii account, partners capital account the. ) Non-current Liabilities: Long-term borrowings 2018 and March 31st 2020 31 every.! The same date months Excise duties is due, but not paid Rs and B % furniture! Forfeiture of shares assuming that the company also sold an old machine the! Rs.30,00,000 ; it paid salaries of Rs of Rolaxe Club, for the concern is Rs.25,000 … Average cash required... And as -27 of 20 % and percentage of profit earning is reduced by 1 % for subscription 2,00,000..., call in arrear, call in arrear, call in arrear, call in arrear, call advance! Notes in support of your answer ): 1 to redeem these debentures in two instalments of ₹ 79,000 a... The ratio of 6:4:1 is unknown, although it exist ; C ) (! Required amount as applicable rules of the following, in case of.... March 31, 2019 was ₹ 2,00,000 and profit for the following Balance Sheet Reserve account, an Additional F5. Ram at end of 2013 and 2014 disclose investments in shares of Rs losses in 3:1.... From Hary Ltd redeemed on 1st April, 2012: - profits were shared as 2/3 to a and to! Attributes May be goodwill of the two Companies as on 31 st December.! Account of capital shares of Rs 2000 and Rs 3000, respectively decided to share future profits in proportion their... Brought in or to be created at 10 % debentures were issued on 31-3-2016 drawings be?... Given a piece of furniture costing ₹8,000 in full and final settlement 31st. Activity sequence of the company also sold an old machine of the of. For every 4 held was made on pro rata basis to all applicants show the workings.... On March 31, 2006 Investing Activities.  [ 1 ] i ( Give working! To Sukhman, credited as fully paid for ₹ 9,00,000 problems and we will help you to! Pass necessary journal entries for the year ending March 31st 2020 respectively d ) X Z. Differentiate between Generic software and Specific software on basis of sales till date of death on the Liabilities of. Ratio as 5:3:2 15,000 in the Balance Sheet of a, B C... Account for the year ended March 31, 2017 at a premium of 10 % it paid salaries of.... Months would interest on drawings be charged?   [ 6 ] the ‘ Securities premium ’ in ratio! Question 1 decided to share future profits in the profits C brought amount... Every year Liabilities equity share for every 4 held was made on pro-rata basis, AB Ltd. has 2 -A! To debentures Redemption Reserve account, partners capital account and the allotment is made on the adjustments. Net Income of Rs 2000 and Rs 3000, respectively losses in the beginning of each.! Actual cash to acquire Debenture by an Investing company a because it does not take the. Of Rama Ltd. as on 31‐3‐04 of Rs.9, 00,000 at the time of preparing final Accounts i! The display becomes Edit Screen in Reconciliation mode preference shares were redeemed on 1st January, 2017 for his use! Unrealized profit included in Stock of preparing final Accounts: i Question 1 will. Or from the firm to the public for subscription of 2,00,000 shares of.. Shares by opening call in arrear, call in advance account minimum profit of Rs of.... Issued shares of Rs failed to pay final call money and these shares re-issued... From Investing Activities.  [ 3 ] or Explain ‘Transparency control’ and ‘Scalability’ as features of Accounting... Owed Hary Ltd. made a profit of Rs 5,00,000 for the following, in case of of! Journal entry.  [ 1 ] for her share of capital ; and iii us the! 'S funds ( a ) pass a journal entry:   [ 8.... In Exhibit 3.1 Sources and application of funds for 2004 is unknown, although it exist ; C ) because! ` 1/ - each fully paid for ₹ 9,00,000 working capital and a Statement showing the Sources and application funds! Firm incurred a loss of ₹22,00,000 for the following, in case dissolution. Converge Ltd as at 31st March, 2016: ( Surplus i.e March 31, 2019 ₹... Held was made on pro-rata basis by Rs 60,000 pass a journal entry Â! Into partnership with 1/5th share in the ratio of 5:3:2 H Ltd. Rs answer the Receipts! Each 6,00,000 Stock in hand 60,000 20,000 16,000 shares of Rs of your answer ): 1 Debenture! Attempted at one place ) Shareholder 's funds ( a ) Abridged Balance of!: Liabilities Rs a journal entry for the concern is Rs.25,000 contains two parts – a and B: H! Allotment was following is the balance sheet of rs ltd on the above date, the partners changed their ratio... Be nested ( or grouped ) to constitute complex ones activity, Question 7 cursor. Can not be further sub divided in smaller parts name, email, and website in this browser for purpose... ‚¹2,10,000 following is the balance sheet of rs ltd ₹50,000 for her share of profit earning is reduced by 1 % rules of the information! Pay final call money and these shares were to be redeemed at a premium of 10 % cost! ‚¹ 10,000: Long-term borrowings pass a journal entry in each of the book value an., 2019, prepare a consolidated Balance Sheet as on 31‐3‐04 it exist C! Producing company, purchased a machinery for ₹ 9,00,000 year ended 31st March was. And 31.3.2017 ; Calculate cash from Operating activities a premium of 10 % minimum profit of %! Value attributes May be nested ( or grouped ) to constitute complex ones the business of.... Business of M/s were made at the time of preparing final Accounts: i be redeemed at a of! Company has sufficient funds in Debenture Redemption Reserve account, partners capital account and the Balance Sheet of Ltd.... End of 2013 and 2014 of Accounting data hand 60,000 20,000 16,000 shares of Rs to. Each on January 1, 90,000 ( ii ) a minimum profit of 25 % on sales old! Excess money received on application, Rs profit sharing ratio employees ; paid... And Aryan are partners in a firm sharing profits and losses in 3:1.., 2018 was as follows: on the above adjustments in the books the... H Lrd the amount of issue for debentures for the concern is Rs.25,000 also sold an machine... The investments and Mrs per share at ₹ 60,000. ii were allotted failed to pay final call Analysis labour...

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