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

Give the average period in months for charging interest on drawings for the same amount withdraws at the beginning of each quarter. 

Give the meaning of ‘Issue of Debentures as a collateral security.’

Pass the necessary journal entries for the issue and redemption of Debentures in the following cases:

(i) 15,000, 9% Debentures of Rs 250 each issued at 5% premium, repayable at 15% premium.

(ii) 2,00,000, 12% Debentures of Rs 10 each issued at 8% premium, repayable at par.

Nav Lakshmi Ltd. Invited application for issuing 3,000, 12% Debentures of Rs 100 each at a premium of Rs 50 per Debentures. The full amount was payable on application.

Applications were received for 4,000 debentures. Application for 1,000 debentures were rejected and application money was refunded. Debentures were allotted to the remaining applicants.

Pass necessary Journal entries for the above transaction in the books of Nav Lakshmi Ltd 

Sarvottam Ltd. Decided to redeem its 1250, 12% Debentures of Rs 100 each. It purchased 850 Debentures from the open market at Rs 96 per Debenture. The remaining Debenture were redeemed out of profit. The company has already made a provision for Debenture Redemption Reserve in its books.

Pass necessary Journal entries in the books of the company for the above transaction.

Pass necessary Journal entries for the following transaction in the books of Fortune Ltd:

(i) Redeemed Rs 96,000, 12% Debenture by conversion into Equity Shares of Rs 100 each. The

Equity Shares were issued at a discount 4%.

(ii) Converted 4,800, 12% Debentures of Rs 100 each into New 13% Debentures of Rs 100 each.

The new Debentures were issued at a premium 25%.

DN Ltd. issued 50,000 shares of Rs 10 each at a discount of 10% payable as Rs 2 per share on application Rs 3 on allotment and Rs 2 each on first and final call. Applications were received for 70,000 shares. It was decided that

(a) Refuse allotment to the applicants of 10,000 shares,

(b) Allot 10,000 shares to Mohan who had applied for a similar number, and

(c) Allot the remaining share on a pro-rata basis.

Mohan failed to pay the allotment money and Sohan who belonged to category (c) and was allotted 3,000 shares, paid both the calls with allotment, Calculate the amount received on allotment.

X Ltd. had Rs 10,00,00 9% debentures due to be redeemed out of profits on 1^st October 2009 at a premium of 5%. The company had a

Debentures Redemption Reserve of Rs 4,14,000. Pass necessary journal entries at the time of redemption.

Devi Ltd., on 1^st April 2006 acquired assets of the value of Rs 6,00,000 and liabilities worth Rs 70,000 from P & Co., at an agreed value of Rs 5,50,000. Devi Ltd. issued 12% Debentures of Rs 100 each at a premium of 10% in full satisfaction of purchase consideration. The Debentures were redeemable 3 years later at a premium of 5%. Pass entries to record the above including redemption of debentures.

 A company with share capital must issue ...................... shares.

Fill in the blank.
The portion of uncalled capital to be called only in the event of winding up of the company is called ____________.

Choose the appropriate alternative from the given options:
Madura Ltd. decided to redeem its 10,000, 10% debentures of ₹100 each at a premium of 8%. The minimum amount transferred to debenture redemption reserve will be :

On 1^st April 2015, Mayfair Ltd. issued 4,000 9% debentures of ₹ 100 each at a discount of 5% redeemable at a premium of 8%. The debentures were redeemable on 31^st March 2019. The company created the necessary minimum amount of debenture redemption reserve and purchased the required amount of debenture redemption investments as per the provisions of Companies Act, 2013.
Pass the necessary journal entries for the redemption of debentures.

What is meant by 'Employees Stock Option Plan'?

Pass necessary journal entries for the issue of debentures in the following cases :

1. Issued ₹ 75,00,000, 9% debentures of ₹100 each at a premium of 10% redeemable at a premium of 5% after 3 years.
2. Issued 8,000, 9% debentures of ₹100 each at a discount of 6% redeemable at a premium of 3% after 5 years.
3. Issued 90,000, 9% debentures of ₹100 each at par, redeemable at par after 4 years.

Pass necessary journal entries for the issue of debentures in the following cases :

1. Issued ₹ 7,00,000, 9% debentures of ₹ 100 each at a premium of 20% redeemable at a premium of 10% after 6 years.
2. Issued 10,000, 12% debentures of ₹ 100 each at 10% discount redeemable at a premium of 5% after 5 years.
3. Issued 75,000, 12% debentures of ₹ 100 each at par, redeemable at premium of 10% after three years.

Pass necessary journal entries for the issue of debentures in the following cases:

1. Issued 5,000, 9% debentures of ₹ 100 each at a discount of 10% redeemable at a premium of 5% after 5 years.
2. Issued 30,000, 12% debentures of ₹ 100 each at a premium of 5% and redeemable at par after 5 years.
3. Issued 8,750, 12% debentures of ₹100 each at par, redeemable at par after 5 years.

'Vimal Ltd. purchased assets a worth ₹ 5,00,000 and took over liabilities of ₹ 1,00,000 of Kapil Ltd. for a purchase consideration of ₹ 4,50,000. Vimal Ltd. paid one third of the amount of cheque and balance was settled by issuing 11% debentures of 100 each at a premium of 20%.

Pass necessary journal entries in the books of Vimal Ltd. for the above transactions. 

Kuber Ltd. purchased assets worth ₹ 10,00,000 and took over liabilities of ₹ 1,00,000 of Amrit Ltd. for a purchase consideration of ₹ 8,00,000. Kuber Ltd. paid ₹ 2,60,000 through a cheque and the balance was settled by issuing 12% debentures of ₹ 100 each at a discount of 10%. Pass necessary journal entries in the books of Kuber Ltd. for the above transactions. 

Neon Ltd. purchased assets worth ₹ 18,00,000 and took over liabilities of ₹ 2,00,000 of Zenith Ltd. for a purchase consideration of ₹ 15,00,000, Neon Ltd. paid the amount by accepting a bill of exchange of 3,00,000 and the balance was settled by issuing 10% debentures of ₹ 100 each at a premium of 20%. Pass necessary journal entries for the above transactions in the books of Neon Ltd.