Commerce (English Medium) कक्षा १२ - CBSE Important Questions for Accountancy

On 1-4-2015 PVR Ltd. issued 750, 11% debentures of Rs 1,000 each at a discount of 5%, redeemable at a premium of 10% after three years. Interest on debentures is payable on 30^th September and 31^st March. PVR Ltd. closes its books on 31^st March every year. The rate of tax deducted at source is 10%.

Pass necessary Journal Entries for the issue of debentures and the payment of interest for the year ended 31^stMarch, 2016.

On 1.4.2015 PPR Ltd. issued 1500, 10% debentures of Rs 100 each at a discount of 3%, redeemable at a premium of 8% after three years. The company closes its books on 31^st March every year. Interest on 10% debentures is payable on 30^th September and 31^st March. Rate of tax deducted at source is 10%.

Pass necessary journal entries for the issue of 10% debentures and interest for the year ended 31.3.2016

On 1.4.2015, GGY Ltd. issued 3000, 9% debentures of Rs 100 each at a discount of 6%, redeemable at a premium of 10% after five years. The company closes its books on 31^st March every year. Interest on 9% debentures is payable on 30^th September and 31^st March. Rate of tax deducted at source is 10%.
Pass necessary journal entries for the issue of 9% debentures and interest for the year ended 31^st March, 2016.  

Pass necessary journal entries on dissolution of a firm in the following cases:   

(i) Dissolution expenses were Rs 4,500.
(ii) Dissolution expenses Rs 5,000 were paid by a partner, Sudhir.
(iii) Sudha, a partner, agreed to do the dissolution work for a commission of Rs 7,300. She also agreed to bear the dissolution expenses. Actual dissolution expenses paid by Sudha were Rs 7,500.
(iv) Somesh, a partner, agreed to do the dissolution work for a commission of Rs 5,000. He also agreed to bear the dissolution expenses. Actual dissolution expenses Rs 4,750 were paid from the firm's bank account.
(v) Sheetal, a partner, was appointed to look after the dissolution work for a remuneration of Rs 8,000. She also agreed to bear the dissolution expenses. Actual dssolution expenses Rs 7,500 were paid by Smita, another partner, on behalf of Sheetal.
(vi) Somaya, a partner, was appointed to look after the dissolution process for a remuneration of Rs 11,000. Somaya agreed to bear the dissolution expenses. Somaya took over stock of the same value as her remuneration. The stock had already been transferred to realisation account.

On 1.4.2015, Neena Ltd. issued 800, 9% debentures of Rs 100 each at a discount of 5%, redeemable at a premium of 8% after five years. The company closes its books on 31^st March every year. Interest on 9% debentures is payable on 30^th September and 31^st March. Rate of tax deducted at source is 10%.
Pass necessary journal entries for the issue of 9% debentures and payment of interest on 9% debentures for the year ended 31^st March, 2016.

On 1.4.2013 Kaka Ltd. had Rs 50,00,000, 9% debentures of Rs 100 each outstanding.
(i) On 1-4-2014 the company purchased in the open market 25,000 of its own debentures of Rs 99 each and cancelled the same immediately.
(ii) On 1-4-2015 the company redeemed at par debentures of Rs 10,00,000 by draw of lot.
(iii) On 1-1-2016 the remaining debentures were purchased for Rs 14,99,000 and were cancelled immediately.

Ignoring debenture redemption reserve and interest on debentures pass necessary journal entries for the above transactions in the books of the company.

When can a company forfeit the shares held by a shareholder? 

Vishesh Ltd. issued 10,000, 10% Debentures of Rs 100 each on 1^st April, 2012. The issue was fully subscribed. According to the terms of issue, interest on debentures is payable half-yearly on 30^th September and 31^st March and tax deducted at source is 10%.
Pass the necessary journal entries related to the debentures interest for the half-yearly ending on 31^st March, 2013 and transfer of interest on debentures for the year to Statement of Profit and Loss. 

Pass necessary journal entries in the following cases:
 Kim India Ltd. converted 1,000, 9% debentures of Rs 100 each issued at a discount of 10% into equity shares of Rs 100 each issued at a premium of 25%.

Sonali Ltd. redeemed 6,000, 12% debentures of Rs 100 each which were issued at a discount of Rs 10 per debentures by converting them into equity shares of Rs 100 each, Rs 90 paid up.

From the following Statement of Profit and Loss of Navratan Ltd. for the year ended 31^st March, 2013, prepare a Comparative Statement of Profit and Loss: 

Rate of income tax was 40%.

Give any one advantage for the redemption of debentures by purchase in the open market?

Narain Laxmi Ltd. invited applications for issuing 7500, 12% Debentures of Rs100 each at a premium of Rs 35 per Debenture. The full amount was payable on application.

Applications were received for 10,000 Debentures. Applications for 2500 Debentures were rejected and the application money was refunded. Debentures were allotted to the remaining applicants.

Pass necessary Journal Entries for the above transactions in the books of Narain Laxmi Ltd.

Shakti Ltd. decided to redeem its 750, 12% Debentures of Rs 100 each. The company purchased 500 Debentures at Rs 94 per Debenture from the open market. The remaining debentures were redeemed out of profits. The company had already made a provision for Debenture Redemption Reserve in its books.

Pass necessary Journal Entries in the books of the company for the above transactions.

Distinguish between fixed and fluctuating capital accounts.

State the two main rights that a newly admitted partner acquires in the firm. 

Pass the necessary Journal entry when 10,000 debentures of Rs 100 each are issued as collateral security against a Bank loan of Rs 8,00,000

X Ltd. redeemable 100, 6% Debentures of Rs 100 each by converting them into Equity Shares of Rs 100 each. The 6% Debentures were redeemable at 10% premium for which the Equity Shares were issued at 25% premium. Pass the necessary Journal entries for the redemption of above mentioned debentures in the books of X Ltd.

Pass the necessary Journal entries of the issues and redemption of Debentures in the following cases:

(i) 10,000, 10% Debentures of Rs 120 each issued at 5% premium, repayable at par.

(ii) 20,000, 9% Debentures of Rs 200 each issued at 20% premium, repayable at 30% premium.

On 1^st April, 2008 a company made an issue of Rs 2,00,000, 6% Debentures of Rs 100 each, repayable at a premium of 10%. The terms of issue provided for the redemption of 400 debentures every year starting from the end of 31-3-2010 either by purchase from the open market or by draw of lots at the company’s option.

On 31-3-2010, the company purchased for cancellation 300 debentures at 95% and 100 debentures at 90%.

Pass the necessary Journal entries for the issue and redemption of debentures assuming that the company had already created the

Debentures Redemption Reserve A/c by the require amount.