Commerce (English Medium) इयत्ता १२ - CBSE Question Bank Solutions 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.

Raj Motors Ltd. converted its 400, 12% debentures of Rs 100 each issued at a discount of 6% into equity shares of Rs 10 each issued at a premium of 25%. Discount on issue of 12% debentures had not yet been written off.

Showing your working notes clearly, pass necessary journal entries for the above transactions in the books of Raj Motors Ltd.

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.

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.

Ramesh and Umesh were partners in a firm sharing profits in the ratio of their capitals. On 31st March, 2013 their Balance Sheet was as follows:On the above data the firm was dissolved. 

(i) Ramesh took over 50% of stock at Rs 10,000 less than book value. The remaining stock was sold at a loss of Rs 15,000. Debtors were realised at a discount of 5%.
(ii) Furniture was taken over by Umesh for Rs 50,000 and machinery was sold for Rs 4,50,000.
(iii) Creditors were paid in full.
(iv) There was an unrecorded bill for repairs for Rs 1,60,000 which was settled at Rs 1,40,000.

Prepare Realisation Account.

Kalpana and Kanika were partners in a firm sharing profits in the ratio of 3 : 2. On 1^st April, 2013 they admitted Karuna as a new partners for 1/5th share in the profits of the firm. The Balance Sheet of Kalpana and Kanika as on 1st April, 2013, was as follows:

It was agreed that
(i) the value of Land and Building will be appreciated by 20%.
(ii) the value of plant be increased by Rs 60,000.
(iii) Karuna will bring Rs 80,000 for her share of goodwill premium.
(iv) the liabilities of Workmen's Compensation Fund were determined at Rs 60,000.
(v) Karuna will bring in cash as capital to the extent of `1/5`th share of the total capital of the new firm.

Prepare Revaluation Account, Partner's Capital Accounts and Balance Sheet of the new firm. 

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

G.Ltd. issued 75,00,000, 6% Debenture of Rs 50 each at par payable Rs 15 on application and Rs 35 on allotment, redeemable at par after 7 years from the date of issue of debenture. Record necessary entries in the books of Company.

Y.Ltd. issued 2,000, 6% Debentures of Rs 100 each payable as follows: Rs 25 on application; Rs 50 on allotment and Rs 25 on First and Final call.

A.Ltd. issued 10,000, 10% Debentures of Rs 100 each at a premium of 5% payable as follows:

Rs 10 on Application;

Rs 20 along with premium on allotment and balance on First and Final call. Record necessary Journal Entries.

A. Ltd. issued 90,00,000, 9% Debenture of Rs 50 each at a discount of 8%, redeemable at par any time after 9 years. Record necessary entries in the books of A. Ltd.

A. Ltd. issued 4,000, 9% Debentures of Rs 100 each on the following terms:

Rs 20 on Application;

Rs 20 on Allotment;

Rs 30 on First call; and

Rs 30 on Final call.

The public applied for 4,800 Debentures. Applications for 3,600 Debentures were accepted in full. Applications for 800 Debentures were allotted 400 Debentures and applications for 400 Debentures were rejected.

T. Ltd. offered 2,00,000, 8% debenture of Rs 500 each on June 30, 2014 at a premium of 10% payable as Rs 200 on application (including premium) and balance on allotment, redeemable at par after 8 years. But application are received for 3,00,000 debentures and the allotment is made on pro-rata basis. All the money due on application and allotment is received. Record necessary entries regarding issue of debentures.

X.Ltd. invites application for the issue of 10,000, 14% debentures of Rs 100 each payable as to Rs 20 on application, Rs 60 on allotment and the balance on call. The company receives applications for 13,500 debentures, out of which applications for 8,000 debentures are allotted in full, 5,000 only 40% and the remaining rejected. The surplus money on partially allotted applications is utilised towards allotment. All the sums due are duly received.

R.Ltd. offered 20,00,000, 10% Debenture of Rs 200 each at a discount of 7% redeemable at premium of 8% after 9 years. Record necessary entries in the books of R. Ltd.

M.Ltd. took over assets of Rs 9,00,00,000 and liabilities of Rs 70,00,000 of S.Ltd. and issued 8%Debenture of Rs 100 each. Record necessary entries in the books of M. Ltd.