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Give the meaning of 'Debentures issued as Collateral Security'.

Appears in 15 question papers
Chapter: [0.022000000000000002] Issue and Redemption of Debentures
Concept: Debentures as Collateral Security-concept

Give the meaning of 'Debentures issued as Collateral Security'.

Appears in 15 question papers
Chapter: [0.032] Accounting for Companies
Concept: Debentures as Collateral Security-concept

Equity Shares and Preference Shares.

Appears in 9 question papers
Chapter: [0.021] Accounting for Share Capital
Concept: Types of Shares - Preference Shares Equity Shares

Complete the following journal entries left blank in the books of VK Ltd.:

VK Ltd.
Journal
Date Particulars L.F.

Dr.

Rs

Cr.

Rs

2018
Feb 1

___________________             Dr.

        ___________________

(Purchased own 500, 9% debentures of Rs 100 each at Rs 97 each for immediate cancellation)

 

  ________

 

 

  ________

 

Feb 1

___________________             Dr.

       ___________________

       ___________________

(Cancelled own debentures)

 

  ________

 

 

 

 ________

 ________

______

___________________             Dr.

      ___________________

(______________________)

 

  ________

 

 

  ________

 

Appears in 9 question papers
Chapter: [0.023] Financial Statements of a Company
Concept: Concept of Financial Statements

'An enterprise may hold securities and loans for dealing or trading purposes in which case they are similar to inventory acquired specifically for resale.' Is the statement true? Cash flows from such activities will be classified under which type of activity while preparing 'Cash flow statement'.

Appears in 9 question papers
Chapter: [0.026000000000000002] Cash Flow Statement
Concept: Concept of Cash Flow Statement

State the primary objective of preparing a Cash Flow Statement.

Appears in 9 question papers
Chapter: [0.026000000000000002] Cash Flow Statement
Concept: Concept of Cash Flow Statement

'Interest received and paid' is considered as which type of activity by a finance company while preparing a Cash Flow Statement?

Appears in 9 question papers
Chapter: [0.026000000000000002] Cash Flow Statement
Concept: Concept of Cash Flow Statement

From the following Balance Sheet of JY Ltd. as at 31st March 2017, prepare a Cash Flow Statement :

Balance Sheet of JY Ltd.
as at 31.3.2017
Particular Note No.

31-3-2017

Rs

31-3-2016

Rs

I. Equity and Liabilities

  1. Shareholders' Funds:

     (a) Share capital

     (b) Reserves and surplus

  2. Non-current Liabilities:

    Long term-borrowing

  3. Current Liabilities:

    (a) Short-term borrowings

    (b) Short-term provisions

 

 

 

1

 

2

 

3

4

 

 

5,00,000

1,00,000

 

2,50,000

 

1,50,000

2,00,000

 

 

5,00,000

(25,000)

 

1,50,000

 

1,00,000

1,25,000

Total   12,00,000 8,50,000

II. Assets

   1. Non- Current Assets:

     (a) Fixed Assets:

         (i) Tangible

   2. Current Assets:

    (a) Trade Receivable

    (b) Cash and Cash Equivalents

    (c) Short-term Loans and Advances

 

 

 

5

 

 

 

 

 

 

 

6,00,000

 

2,75,000

1,25,000

2,00,000

 

 

 

4,50,000

 

2,25,000

75,000

1,00,000

Total   12,00,000 8,50,000

 

Notes to Accounts

Note No Particulars

31-3-2017

Rs

31-3-2016

Rs

1

 

 

2

 

 

3

 

 

 

4

 

 

 

5

 

 

Reserve and Surplus

(Surplus i.e. Balance in Statement of Profit and Loss)

 

 

1,00,000

 

(25,000)

1,00,000 (25,000)

Long-term borrowings :

10 % Debentures

 

 

2,50,000

 

1,50,000

2,50,000 1,50,000

Short-term borrowings :

Bank Overdraft

 

 

1,50,000

 

1,00,000

1,50,000 1,00,000

Short-term provisions:

(i) Proposed Dividend

(ii) Provision for Tax

 

 

75,000

1,25,000

 

50,000

75,000

2,00,000 1,25,000

Tangible Assets:

Machinery

Accumulated Depreciation

 

 

7,37,500

(1,37,500)

 

5,25,000

(75,000)

6,00,000 4,50,000

Additional Information:

Rs 1,00,000, 10% Debentures were issued on 31-3-2017.

Appears in 9 question papers
Chapter: [0.026000000000000002] Cash Flow Statement
Concept: Concept of Cash Flow Statement

Name the Act that provides for the maximum number of partners in a partnership firm. What is the maximum number of partners that a partnership firm can have?

Appears in 9 question papers
Chapter: [0.031] Accounting for Partnership Firms
Concept: Accounting for Partnership Firms - Reconstitution and Dissolution

Amit and Beena were partners in a firm sharing profits and losses in the ratio of 3: 1. Chaman was admitted as a new partner for `1/6` th share in the profits. Chaman acquired `2/5` th of his share from Amit. How much share did Chaman acquire from Beena?

Appears in 9 question papers
Chapter: [0.031] Accounting for Partnership Firms
Concept: Change in the Profit Sharing Ratio Among the Existing Partners

Distinguish between 'Dissolution of partnership' and 'Dissolution of partnership firm' on the basis of settlement of assets and liabilities.

Appears in 9 question papers
Chapter: [0.031] Accounting for Partnership Firms
Concept: Dissolution of a Partnership Firm

Ritesh and Hitesh are childhood friends. Ritesh is a consultant whereas Hitesh is an architect. They contributed equal amounts and purchased a building for Rs 2 crores. After a year, they sold it for Rs 3 crores and shared the profits equally. Are they doing the business in partnership? Give reason in support of your answer.

Appears in 9 question papers
Chapter: [0.031] Accounting for Partnership Firms
Concept: Division of Profit Among Partners

Jayant, Kartik and Leena were partners in a firm sharing profits and losses in the ratio of 5: 2 : 3. Kartik died and Jayant and Leena decided to continue the business. Their gaining ratio was 2 : 3. Calculate the new profit sharing ratio of Jayant and Leela.

Appears in 9 question papers
Chapter: [0.031] Accounting for Partnership Firms
Concept: Retirement and Death of a Partner - Effect of Retirement I Death of a Partner on Change in Profit Sharing Ratio

Banwari, Girdhari and Murari are partners in a firm sharing profits and losses in the ratio of 4: 5: 6. On 31st March 2014, Girdhari retired. On that date, the capitals of Banwari, Girdhari and Murari before the necessary adjustments stood at Rs 2,00,000, Rs 1,00,000 and Rs 50,000 respectively. On Girdhari's retirement, goodwill of the firm was valued at Rs 1,14,000. Revaluation of assets and re-assessment of liabilities resulted in a profit of Rs 6,000. General Reserve stood in the books of the firm at Rs 30,000.
The amount payable to Girdhari was transferred to his loan account. Banwari and Murari agreed to pay Girdhari two yearly instalments of Rs 75,000 each including interest @ 10% p.a. on the outstanding balance during the first two years and the balance including interest in the third year. The firm closes its books on 31st March every year.
Prepare Girdhari's loan account till it is finally paid showing the working notes clearly.

Appears in 9 question papers
Chapter: [0.031] Accounting for Partnership Firms
Concept: Retirement Or Death of a Partner - Adjustment of Capitals

Asha and Aditi are partners in a firm sharing profits and losses in the ratio of 3: 2. They admit Raghav as a partner for `1/4`th share in the profits of the firm. Raghav brings Rs 6,00,000 as his capital and his share of goodwill in cash. Goodwill of the firm is to be valued at two years' purchase of average profits of the last four years.
The profits of the firm during the last four years are given below:

Year Profit Rs
2013-14 3,50,000
2014-15 4,75,000
2015-16 6,70,000
2016-17 7,45,000

The following additional information is given:

1) To cover management cost an annual charge of Rs 56,250 should be made for the purpose of valuation of goodwill.

2) The closing stock for the year ended 31.3.2017 was overvalued by Rs 15,000.

Pass necessary journal entries on Raghav's admission showing the working notes clearly.

Appears in 9 question papers
Chapter: [0.031] Accounting for Partnership Firms
Concept: Change in the Profit Sharing Ratio Among the Existing Partners - Gaining Ratio

Pranav, Karan and Rahim were partners in a firm sharing profits and losses in the ratio of 2: 2: 1. On 31st March 2017 their Balance Sheet was as follows:

Balance Sheet of Pranav, Karan and Rahim
as on 31.3.2017
Liabilities

Amount

Rs

Assets

Amount

Rs

Creditors

General Reserve

Capitals

    Pranav    2,00,000

    Karan     2,00,000

    Rahim    1,00,000

 

 

3,00,000

1,50,000

 

 

 

5,00,000

Fixed Assets

Stock

Debtors

Bank

 

 

 

 

4,50,000

1,50,000

2,00,000

1,50,000

 

 

9,50,000 9,50,000
   

Karan died on 12.6.2017. According to the partnership deed, the legal representatives of the deceased partner were entitled to the following:

1) Balance in his Capital Account

2) Interest on Capital @12% p.a.

3) The share of goodwill. Goodwill of the firm on Karan's death was valued at Rs 60,000.

4) Share in the profits of the firm till the date of his death, calculated on the basis of last year’s profit. The profit of the firm for the year ended 31.3.2017 was Rs 5,00,000.

Prepare Karan's Capital Account to be presented to his representatives.

Appears in 9 question papers
Chapter: [0.031] Accounting for Partnership Firms
Concept: Retirement and Death of a Partner - Preparation of Balance Sheet

Chander and Damini were partners in a firm sharing profits and losses equally. On 31st March 2017 their Balance Sheet was as follows:

Balance Sheet of Chander and Damini

as on 31.3.2017

Liabilities

Amount

Rs 

Assets

Amount

Rs

Sundry Creditors

Capitals:

      Chander    2,50,000

      Damini      2,16,000

 

 

 

1,04,000

 

 

4,66,000

 

Cash at Bank

Bills Receivable

Debtors

Furniture

Land and Building 

 

 

30,000


45,000

75,000

1,10,000

3,10,000

5,70,000 5,70,000
   

On 1.4.2017, they admitted Elina as a new partner for `1/3` rd share in the profits on the following conditions:

1) Elina will bring Rs 3,00,000 as her capital and Rs 50,000 as her share of goodwill premium, half of which will be withdrawn by Chander and Damini.

2) Debtors to the extent of Rs 5,000 were unrecorded.

3) Furniture will be reduced by 10% and 5% provision for bad and doubtful debts will be created on bills receivables and debtors.

4) Value of land and building will be appreciated by 20%.

5) There is a claim against the firm for damages, a liability to the extern of Rs 8,000 will be created for the same.

Prepare Revaluation Account and Partners Capital Accounts.

Appears in 9 question papers
Chapter: [0.031] Accounting for Partnership Firms
Concept: Preparation of Revaluation Account and Balance Sheet

Srijan, Raman and Manan were partners in a firm sharing profits and losses in the ratio of 2: 2: 1. On 31st March 2017 their Balance Sheet was as follows:

Balance Sheet of Srijan , Raman and Manan
as on 31.3.2017
Liabilities

Amount

Rs

Assets

 

Amount

Rs

Capitals:

      Srijan       2,00,000

      Raman      1,50,000

Creditors

Bills Payable

Outstanding Salary

 

 

 

3,50,000

75,000

40,000

35,000

 

Capital: Manan

Plant

Investment

Stock

Debtors

Bank

Profit & Loss A/c

10,000

2,20,000

70,000

50,000

60,000

10,000

80,000

  5,00,000   5,00,000
   

On the above date, they decided to dissolve the firm.

1) Srijan was appointed to realise the assets and discharge the liabilities. Srijan was to receive 5% commission on the sale of assets (except cash) and was to bear all expenses of realisation.

2) Assets were realised as follows:

   Rs
Plant 85,000
Stock 33,000
Debtors 47,000

3) Investments were realised at 95% of the book value.

4) The firm had to pay Rs 7,500 for an outstanding repair bill not provided for earlier.

5) A contingent liability in respect of bills receivable, discounted with the bank had also materialised and had to be discharged for Rs 15,000.

6) Expenses of realisation amounting to Rs 3,000 were paid Srijan.

Prepare Realisation Account Partners' Capital Accounts and Bank Account.

Appears in 9 question papers
Chapter: [0.031] Accounting for Partnership Firms
Concept: Dissolution of a Partnership Firm - Preparation of Realization Account, and Other Related Accounts

Equity Shares and Preference Shares.

Appears in 9 question papers
Chapter: [0.032] Accounting for Companies
Concept: Types of Shares - Preference Shares Equity Shares

State the provisions of the Companies Act, 2013 for the creation of 'Debenture Redemption Reserve'.

Appears in 9 question papers
Chapter: [0.032] Accounting for Companies
Concept: Creation of Debenture Redemption Reserve
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