Accountancy: 2016: CBSE: [Delhi]: Set – II
To Access the full content, Please Purchase
-
Q1
A, B and C were partners in a firm sharing profits in the ratio of 3:2:1. They admitted D as a new partner for 1/8th share in the profits, which he acquired 1/16th from B and 1/16th from C.
Calculate the new profit sharing ratio of A, B, C and D.
Marks:1View AnswerAnswer:
-
Q2
Distinguish between ‘Dissolution of Partnership’ and ‘Dissolution of Partnership Firm’ on the basis of ‘Economic Relationship’.
Marks:1View AnswerAnswer:
Basis
Dissolution of partnership
Dissolution of partnership firm
Economic relationship
Economic relationship continues among the partners.
Economic relationship comes to an end among the partners.
-
Q3
State the provisions of the Companies Act, 2013 for the creation of ‘Debenture Redemption Reserve’.
Marks:1View AnswerAnswer:
As per Section 71(4) of the Companies Act 2013, every company issuing debentures is required to create Debenture Redemption Reserve of an amount that is atleast equal to 25% of the total nominal value of debentures that are redeemed by it.
-
Q4
What is the maximum number of partners that a partnership firm can have? Name the Act that provides for the maximum number of partners in a partnership firm.
Marks:1View AnswerAnswer:
The maximum number of partners the partnership firm can have is 50. The limit has been given as per the Rule (10) or the Companies (Misc.) Rules Act 2014.
-
Q5
Nusrat and Sonu were partners in a firm sharing profits in the ratio of 3:2. During the ended 31/03/2015. Nusrat had withdrawn ₹15,000. Interest on her drawings amounted to ₹300.
Pass necessary journal entry for charging interest on drawing assuming that the capitals of the partners were fixed.
Marks:1View AnswerAnswer:
Journal Entries
Particulars
₹
₹
Nusrat’s Current A/c
Dr.
300
To Interest on Drawings A/c
300
(Interest on drawings charged to Nusrat’s current account)
-
Q6
On 01/01/2016 the first call of ₹3 per share became due on 1,00,000 equity shares issued by Kamini Ltd. Karan a holder of 500 shares did not pay the first call money. Arjun a shareholder holding 1000 shares paid the second and final call of ₹5 per share along with the first call.
Pass the necessary journal entries for the amount received by opening ‘Calls-in-arrears’ and ‘Calls-in-advance’ account in the books of the company.
Marks:1View AnswerAnswer:
Journal Entries
Date
Particulars
₹
₹
2016
Share First Call A/c
Dr.
3,00,000
Jan 1
To Share Capital A/c
3,00,000
(First call money due on 1,00,000 shares @ ₹3 )
Bank A/c
Dr.
3,03,500
Calls-in-arrears
Dr.
1,500
To Share first call A/c
3,00,000
To Calls in advance A/c
5,000
(Amount received on first call except 500 shares and final call received in advance on 1000 shares)
-
Q7
VKR Ltd. issued 975, 9% debentures of ₹500 each on 04/03/2016. Pass necessary journal entries for the issue of debentures under the following situations.
a. When debentures were issued at a premium of 10% redeemable at a premium of 6%.
b. When debentures were issued at a par redeemable at 9% premium.
Marks:3View AnswerAnswer:
Journal Entries
Particulars
₹
₹
(a)
Bank A/c
Dr.
5,36,250
To 9% debenture appl. and allot. a/c
5,36,250
(Debenture application money received on 975 debentures @ ₹550)
9% debenture appl. and allot. a/c
Dr.
5,36,250
Loss on issue of debentures a/c
Dr.
29,250
To 9% Debenture a/c
4,87,500
To premium on redemption of deb. a/c
29,250
To securities premium a/c
48,750
(Debenture issued at premium and repayable at premium)
Particulars
₹
₹
(b)
Bank A/c
Dr.
4,87,500
To 9% debenture appl. and allot. a/c
4,87,500
(Debenture application money received on 975 debentures @ ₹500)
9% debenture appl. and allot. a/c
Dr.
4,87,500
Loss on issue of debentures a/c
Dr.
43,875
To 9% Debenture a/c
4,87,500
To premium on redemption of deb. a/c
43,875
(Debenture issued at par and repayable at premium)
-
Q8
State any three circumstances other than (i) admission of a new partner, (ii) retirement of a partner and (iii) death of a partner, when need for valuation of goodwill of a firm may arise.
Marks:3View AnswerAnswer:
The other situations in which valuation of goodwill arises are as follows:
1) Change in the profit sharing ratio among the existing partners.
2) Dissolution of a firm involving sale of business as a going concern.
3) Amalgamation of two firms i.e. merger or acquisition of two businesses
-
Q9
Samachar India Ltd. took over the assets of ₹14,00,000 and liabilities of ₹4,00,000 from News Ltd. for a purchase consideration of ₹9,19,000. Samachar India Ltd. issued a promissory note of ₹17,000 payable after 60 days in favour of News Ltd. and the balance amount was paid by issue of equity shares of ₹100 each at a premium of ₹25 per share.
Pass necessary Journal entries for the above transactions in the books of Samachar India Ltd.
Marks:3View AnswerAnswer:
Journal Entries
Particulars
₹
₹
Sundry Assets A/c
Dr.
14,00,000
To Sundry liabilities A/c
4,00,000
To News Ltd.
9,19,000
To Capital reserve a/c
81,000
(Purchase of assets and liabilities of News Ltd.)
News Ltd.
Dr.
9,19,000
To Share Capital a/c
7,21,600
To Securities Premium a/c
1,80,400
To Bills Payable a/c
17,000
(Issued 7,216 equity shares of ₹100 each at a premium of 25% and bills payable)
-
Q10
To provide employment to the youth and to develop the Naxal affected backward areas of Chattisgarh X Ltd. decided to set-up a power plant. For raising funds the company decided to issue 7,50,000 equity shares of ₹10 each at a premium of 50%. The whole amount was payable on application. Applications for 20,00,000 shares were received.
Applications for 50,000 shares were rejected and shares were allotted to the remaining applicants on pro-rata basis.
Pass necessary journal entries for the above transactions in the books of the company and identify any two values which X Ltd. wants to propagate.
Marks:3View AnswerAnswer:
Journal Entries
Particulars
₹
₹
Bank A/c
Dr.
3,00,00,000
To Share Application and Allotment A/c
3,00,00,000
(Application money received on 20,00,000 shares @ ₹10 per share at a premium of 50%)
Share Application and Allotment A/c
Dr.
3,00,00,000
To Share Capital A/c
75,00,000
To Securities Premium A/c
37,50,000
To Bank A/c
1,87,50,000
(Application money transferred to share capital and money for excess application refunded)
The following two values are shown by X Ltd.
1) Providing employment in the backward areas.
2) Value of equality by allotting shares on pro rata basis.
