Arts (English Medium) इयत्ता १२ - CBSE Important Questions

Nita and Samar are partners in a firm sharing profits in the ratio of 3 : 2. Their fixed capitals were ₹ 90,000 and ₹ 2,10,000 respectively. They admitted Mitali on April 1, 2022 as a new partner for 1/5th share in future profits. Mitali brought ₹ 1,50,000 as her capital. The value of goodwill of the firm of Mitali's admission was ______.

On 1-4-2013 JN Ltd had 10,000, 9% Debentures of 100 each outstanding.

(i) On 1-4-2014 the company purchased in the open market 2000 of its own debentures for 101 each and cancelled the same immediately.

(ii) On 1-4-2015 the company redeemed at par debentures of 4, 00,000 by draw of a lot.

(iii) On 28-2-2016 the remaining debentures were purchased for immediate cancellation for 3, 97,000.

Pass necessary journal entries for the above transactions in the books of the company ignoring debentures redemption reserve and interest on debentures

On 1.4.2013 JJJ Ltd had Rs.1,00,00,000, 10% Debentures of Rs.100 each outstanding.

(i) On 1.4.2014 the company purchased in the open market 30,000 of its own debentures for Rs.99 each and cancelled the same immediately.

(ii) On 28.2.2015 the company redeemed at par debentures of Rs.50, 00,000 by draw of a lot.

(iii) On 31.1.2016 the remaining debentures were purchased for immediate cancellation for Rs.19,99,000.

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

Pass necessary journal entries in the following cases :

i. Z Ltd redeemed 1500, 12% debentures of Rs.100 each issued at a discount of 6% by converting them into equity shares of Rs.100 each issued at a premium of Rs.25 per share.

ii. X Ltd. converted 1,000, 12% debentures of Rs.100 each issued at a discount of Rs.10 per debenture into equity shares of Rs.100 each Rs.90 paid up.

On 1.4.2013 JMR Ltd. had 20,000, 9% debentures of Rs 100 each outstanding

(i) On 1.4.2014 the company purchased in the open market 6,000 of its own debentures for Rs 98 each and cancelled the same immediately.

(ii) On 28.2.2015 the company redeemed at par debentures of Rs 10, 00,000 by draw of a lot.

(iii) On 1.3.2016 the remaining debentures were purchased for immediate cancellation for Rs 3, 99,000.

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

On 1.4.2013 Roshni 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 20,000 of its own debentures at Rs 98.50 each and cancelled the same immediately.

(ii) On 1.10.2014 the company redeemed at par debentures of Rs  16,00,000 by draw of a lot.

(iii) On 31.3.2015 the remaining debentures were purchased for immediate cancellation for Rs 9,98,000. Ignoring interest on debentures and debenture redemption reserve.

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

VKR Ltd. issued 975; 9% Debentures of Rs 500 each on 4-3-2016. 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.

On 1-4-2013 JN Ltd had 5,000, 10% Debentures of 100 each outstanding.

(i) On 1-4-2014 the company purchased in the open market 2000 of its own debentures for 105 each and cancelled the same immediately.

(ii) On 1-4-2015 the company redeemed at par debentures of 1,00,000 by draw of a lot.

(iii) On 28-2-2016 the remaining debentures were purchased for immediate cancellation for 1,97,000

On 1-4-2013 NK Ltd. had 20,000, 11% Debentures of Rs 100 each outstanding.

(i) On 1-4-2014 the company purchased in the open market 4,000 of its own debentures at Rs 102 each and cancelled the same immediately.

(ii) On 1-4.2015 the company redeemed at par debentures of Rs 8, 00,000 by draw of a lot.

(iii) On 28-2-2016 the remaining debentures were purchased for immediate cancellation for Rs 7, 89,900.

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

On 1.4.2015, KVK Ltd. issued 15,000, 9% debentures of Rs 100 each at a discount of 7%, redeemable t a premium of 10% after 10 years. The company closes its books on 31st March every year. Interest on 9%debentures is payable on 30th September and 31st March every year. The rate of tax deducted at source is 10%.

Pass necessary journal entries for the issue of 9% debentures and debenture interest for the year ended 31.3.2016.

Jeevan Dhara Ltd. invited applications for issuing 1,20,000 equity shares of Rs 10 each at a premium of Rs 2 per share. The amount was payable as follows:

Applications for 1,50,000 share were received. Shares were allotted to all the applicants on pro-rata basis. Excess money received on applications was adjusted towards sums due on allotment. All calls were made. Manu who has applied for 3,000 shares failed to pay the amount due on an allotment and first and final call. Madhur who was allotted 2,400 shares failed to pay the first and final call. Shares of both Manu and Madhur were forfeited. The forfeited shares were re-issued at Rs 9 per share as fully paid up. Pass necessary journal entries for the above transactions in the books of Jeevan Dhara Ltd.

'Subham Ltd.' invited applications for issuing 12,000 equity shares of Rs 10 each at a premium of Rs  3 per share. The amount was payable as follows:

On application and allotment - Rs 6 per share (Including Premium)
On the first call - Rs 4 per share
On second and final call - the balance

Applications for 18,000 shares were received and pro-rata allotment was made to all the applicants. Excess money received with applications was adjusted towards sums due on the first call. All calls were made and were duly received except the first call and second and final call on 120 shares allotted to Vibhu. His shares were forfeited. The forfeited shares were reissued at the maximum permissible discount as per the provisions of the Companies Act, 1956.

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

Pass the necessary journal entries for an issue of 1,000, 7% Debentures of `100 each in the following cases:

1) Issued at 5% premium redeemable at a premium of 10%.

2) Issued at a discount of 5% redeemable at par.

Taneja Constructions Ltd. has an outstanding balance of Rs 5,00,000, 7% debentures of Rs 100 each redeemable at a premium of 10%. According to the terms of redemption, the company redeemed 30% of the above debentures by converting them into shares of Rs 50 each at a premium of 20%. Record the entries for the redemption of debentures in the books of Taneja Constructions Ltd.

Under which heads and sub-heads the following items will appear in the Balance Sheet of a company as per revised Schedule VI, Part-I of the Companies Act 1956.

1. Premium on Redemption of Debentures
2. Loose Tools
3. Balance with Banks

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

Rs 30,000, 12% debentures of Rs 100 each issued at a discount of 5% redeemable at par.

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

Rs 60,000, 12% debentures of Rs 100 each issued at a discount of 5% redeemable at Rs 105.

Under which heads and sub-heads the following items will appear in the Balance Sheet of a company as per revised Schedule VI, Part-I of the Companies Act 1956.

i. Tax Reserve
ii. Interest on Calls in Advance
iii. Store and Spares

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 :