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'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.
Concept: Terms of Issue of Debentures> Issue of Debentures at Par
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.
Concept: Issue of Debentures for Consideration Other than Cash
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.
Concept: Issue of Debentures for Consideration Other than Cash
List any four items of 'reserves' that are shown under the heading 'Reserves and Surplus' in the Balance Sheet of a company as per schedule Ill of the Companies Act 2013
Concept: Statement of Profit and Loss
What is meant by 'Financial Statements' of a company?
Concept: Concept of Financial Statements
Tractors India Ltd. is registered with an authorized capital of Rs10,00,000 divided into 1,00,000 equity shares of Rs 10 each. The company issued 50,000 equity shares at a premium of Rs 5 per share. Rs 2 per share were payable with the application, Rs 8 per share including premium on the allotment and the balance amount on first and final call. The issue was fully subscribed and all the amount due was received except the first and final call money on 500 shares allotted to Balaram. Present the 'Share Capital in the Balance Sheet of Tractors India Ltd. as per Schedule VI Part I of the Companies Act, 1956, Also prepare Notes to Accounts for the same.
Concept: Statement of Profit and Loss
Under which heads the following items will be placed in the Balance Sheet of a company as per Schedule VI part I of the Companies Act, 1956?
(1) Cash in hand
(2) Mining Rights
(3) Short-term deposits
(4) Debenture Redemption Reserve
(5) Income received in advance
(6) The balance of the Statement of Profit and Loss
(7) Office Equipment and
(8) Work-in-progress.
Concept: Statement of Profit and Loss
State any objective of Financial Statement Analysis’.
Concept: Concept of Financial Statements
Briefly explain the significance of 'Analysis of financial statements' to (a) The Finance Manager, and (b) Trade Payables.
Concept: Concept of Financial Statements
List the items which are shown under the heading current liabilities and provisions as per Schedule VI Part-I of the Companies’ Act,1956.
Concept: Statement of Profit and Loss
State the interest of tax authorities in the analysis of financial statements.
Concept: Concept of Financial Statements
Prepare a Comparative Income Statement from the following information:
|
Particulars |
31.3.2009 Rs |
31.3.2010 Rs |
|
Sales |
40,000 |
50,000 |
|
Cost of goods sold |
30,000 |
35,000 |
|
Wages paid |
16,000 |
14,000 |
|
Operating Expenses |
2,500 |
3,000 |
|
Other Incomes |
2,000 |
3,000 |
|
Income tax |
4,750 |
7,500 |
Concept: Statement of Profit and Loss
From the followings Balances Sheet of Vikas Ltd. as on 31.3.2009 and 31.3.2010, prepare a Cash Flow Statement:
|
Liabilities |
31-3-2009 Rs |
31-3-2010 Rs |
Assets |
31-3-2009 Rs |
31-3-2010 Rs |
|
Share Capital |
30,000 |
1,30,000 |
Fixed Assets |
93,400 |
1,66,000 |
|
General Reserve |
30,000 |
55,000 |
Stock |
22,000 |
26,000 |
|
Profit and Loss Account |
20,000 |
30,000 |
Debtors |
36,000 |
39,000 |
|
Trade Creditors |
17,400 |
22,000 |
Cash |
4,000 |
5,000 |
|
|
|
|
Preliminary Expenses |
2,000 |
1,000 |
|
|
1,57,400 |
2,37,000 |
|
1,57,400 |
2,37,400 |
|
|
|
|
|
|
|
Additional Information:
(i) Depreciation charged on fixed assets for the year 2009-2010 was Rs 20,000
(ii) Income Tax Rs 5,000 has been paid in advance during the year.
Concept: Statement of Profit and Loss
Name an item which is never shown on the ‘Payments’ side of ‘Receipts and Payments Account’, but is shown as an Expenses while preparing ‘Income and Expenditure Account’
Concept: Statement of Profit and Loss
State the significance of analysis of financial statements to ‘Top Management’.
Concept: Concept of Financial Statements
Name any two financial statements prepared by a not-for-profit organisation.
Concept: Concept of Financial Statements
State under which major headings and sub-headings will the following items be presented in the Balance Sheet of a company as per Schedule-III, Part-I of the Companies Act, 2013.
(i) Prepaid Insurance
(ii) Investments in Debentures
(iii) Calls-in-arrears
(iv) Unpaid dividend
(v) Capital Reserve
(vi) Loose Tools
(vii) Capital work-in-progress
(viii) Patents being developed by the company.
Concept: Statement of Profit and Loss
Classify the following items under Major heads and Sub-head (if any) in the Balance Sheet of a Company as per schedule III of the Companies Act 2013.
- Current maturities of long-term debts
- Furniture and Fixtures
- Provision for Warranties
- Income received in advance
- Capital Advances
- Advances recoverable in cash within the operation cycle
Concept: Statement of Profit and Loss
Classify the following items under major heads and sub-heads (if any) in the balance sheet of a company as per Schedule III, part I of the Companies Act, 2013:
- Loans repayable on demand
- Bills Payable
- Patents
Concept: Statement of Profit and Loss
Under which major heads and sub-heads will the following items be presented in the Balance Sheet of the company as per Schedule III, Part I of the Companies Act, 2013?
- Income received in advance
- Computer Software
- Balance of forfeited shares account
Concept: Statement of Profit and Loss
