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Question Bank Solutions for ISC (Commerce) Class 12 - CISCE

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Answer briefly of the following question :

What is the minimum price at which a company can reissue its forfeited shares which were originally issued
at par?

[2.01] Issue of Shares
Chapter: [2.01] Issue of Shares
Concept: Issue of Shares for Consideration Other than Cash

Answer briefly of the following question :

State any two reasons for a company to purchase its own debentures from the open market.

[2.02] Issue of Debentures
Chapter: [2.02] Issue of Debentures
Concept: Problems on Issue of Debentures

Saturn Ltd. was registered with an authorized capital of ` 12,00,000. "divided into" ` 1,20,000 :equity shares of ` 10
"each. It issued "40,000" equity shares to the public at a premium of" ` 5 "per share, payable as follows": [12]
"On application" ` 6
"On allotment" ` 9 (including premium of  5)
All the shares were applied for and allotted. One shareholder holding 500 shares did not pay the allotment money
and his shares were forfeited. Out of the forfeited shares, the company reissued 400 shares at 7 per share fully
called up.
You are required to:
(a) Pass journal entries in the books of the company.
(b) Prepare :
(i) Securities Premium Reserve Account,
(ii) Share Capital Account.

[2.01] Issue of Shares
Chapter: [2.01] Issue of Shares
Concept: Issue of Shares for Consideration Other than Cash

The following balances have been extracted from the books of Vanity Ltd. as at 31st March, 2017:

                   Trial Balance as at 31st March, 2017

 

Particulars Debit Credit
Equity Share Capital (5,000 shares of ` 100 each fully paid)   5,00,000
Fixed Assets 7,30,000  
Reverses and Surplus   2,00,000
Inventories 50,000  
Cash and Bank Balances 1,70,000  
Creditors   40,000
Bills Payable   20,000
Underwriting Commission on issue of shares 10,000  
5% Debentures (1/5 of the Debentures to be redeemed on 31st March, 2018)   2,00,000
Proposed Dividend   12,000
Interest accrued and due on 5% Debentures   8,000
Trade Receivables 20,000  
                                              Total 9,80,000  9,80,000 
[2.01] Issue of Shares
Chapter: [2.01] Issue of Shares
Concept: Issue of Shares for Consideration Other than Cash

                    You are required to prepare a Cash-Flow Statement (as per AS-3)
                          for the year 2016-17 from the following Balance Sheet.
                                    Balance Sheet of Honesty Ltd.
                          As at 31st March, 2016 and 31st March, 2017

  I     Particulars     Note No.          31.03.2017

31.03.2017

1.

EQUITY AND LIABILITIES
Shareholders Funds
(a) Share Capital (Equity Share Capital)
(b) Reserves and Surplus (Statement of P/L)

1.

           

                    14,00,000 

 5,00,000

 

 

 

 

 

10,00,000

4,00,000

 

 

 

2. Non-Current Liabilities
Long Term Borrowing (10% Debentures)
  5,00,000 1,40,000
3. Current Liabilities
(a) Short Term Borrowings (Bank Overdraft)  
(b) Trade Payables (Creditors)
(c) Short Term Provisions
 

20,000

1,00,000

60,000

30,000

60,000

30,000

  TOTAL   25,80,000 16,60,000
II 1.  ASSETS
Non-Current Assets
Fixed Assets 
(i) Tangible 
(ii) Intangible (Goodwill)
      2.

 

 

16,00,000

1,40,000

 

 

9,00,000

2,00,000

  2. Current Assets
(a) Inventories
(b) Trade Receivables 
(c) Cash and Bank Balances
(Cash at Bank)
 

2,50,000

5,00,000

90,000

2,00,000

3,00,000

60,000

  TOTAL   25,80,000 16,60,000

Notes to Accounts:

Particulars 31.03.2017 31.03.2016
1. Short term provisions
provision for taxation
60,000 30,000
2. Fixed Assets (Tangible)
Plant and Machinery 
Less Accumulated Depreciation

 

17,60,000

(1,60,000)

 

10,00,000

(1,00,000)

  16,00,000 9,00,000

During the year 2016-17:
(i) A part of the machine, costing Rs. 50,000, accumulated depreciation thereon being Rs. 20,000, was sold for
Rs.18,000.
(ii) Tax paid Rs. 20,000.
(iii) Interest of Rs. 50,000 paid on Debentures.

[4] Cash Flow Statement (Only for Non-financing Companies)
Chapter: [4] Cash Flow Statement (Only for Non-financing Companies)
Concept: Concept of Cash Flow Statement

Give any two differences between horizontal analysis and vertical analysis of financial statements.

[3] Financial Statement Analysis
Chapter: [3] Financial Statement Analysis
Concept: Comparative Statements

What is meant by cell address?

[7] Database Management System (DBMS)
Chapter: [7] Database Management System (DBMS)
Concept: Concept of Database Management System (DBMS)

State any one method of removing data from a cell in a spreadsheet.

[7] Database Management System (DBMS)
Chapter: [7] Database Management System (DBMS)
Concept: Concept of Database Management System (DBMS)

Give the full form of SQL.

[7] Database Management System (DBMS)
Chapter: [7] Database Management System (DBMS)
Concept: Concept of Database Management System (DBMS)

State the significance of the following in DBMS :
(i) Forms
(ii) Reports

[7] Database Management System (DBMS)
Chapter: [7] Database Management System (DBMS)
Concept: Concept of Database Management System (DBMS)

What is the use of legends in a chart?

[7] Database Management System (DBMS)
Chapter: [7] Database Management System (DBMS)
Concept: Concept of Database Management System (DBMS)

What is the difference between .importing and exporting of a database?

[7] Database Management System (DBMS)
Chapter: [7] Database Management System (DBMS)
Concept: Concept of Database Management System (DBMS)

State the main advantages of an Action Query.

[7] Database Management System (DBMS)
Chapter: [7] Database Management System (DBMS)
Concept: Concept of Database Management System (DBMS)

Mention any two of the available values that are used in indexed property.

[7] Database Management System (DBMS)
Chapter: [7] Database Management System (DBMS)
Concept: Concept of Database Management System (DBMS)

Write the steps to filter a table.

[7] Database Management System (DBMS)
Chapter: [7] Database Management System (DBMS)
Concept: Concept of Database Management System (DBMS)

What is meant by freezing panes?

[7] Database Management System (DBMS)
Chapter: [7] Database Management System (DBMS)
Concept: Concept of Database Management System (DBMS)

Answer briefly of the following question :

Mention whether the following Trade Payables are current liabilities or non-current liabilities:
Operating Cycle Expected period of Payment
(a) 12 months 14 months
(b) 15 months 12 months

[5.03] Activity Ratios
Chapter: [5.03] Activity Ratios
Concept: Activity Ratios - Trade Payables Turnover Ratio

From the following information, prepare a Common Size Statement of Profit and Loss of Prudence Ltd. for the
year ending 31st March, 2017:
Particulars                                                        31.03.2017

Revenue from Operations                                  20,00,000

Purchases                                                          15,00,000

Changes in inventories                                      1,00,000

Other Income (Dividend received)                      40,000

Depreciation and Amortization expenses            60,000

Tax Rate @ 40%

[3] Financial Statement Analysis
Chapter: [3] Financial Statement Analysis
Concept: Common Size Statements

Calculate the Net Profit Ratio (up to two decimal places) from the following information:
Particulars                                                   Rs.
Gross profit                                                80,000
Salary and rent                                          30,000
Interest on Debentures                             5,000
Gain on sale of furniture                           2,000
Revenue from Operations                        4,00,000

[5.04] Profitability Ratios
Chapter: [5.04] Profitability Ratios
Concept: Profitability Ratios - Net Profit Ratio

                                    Sales Information of Asha Traders

  A B C D E F
1. Particulars Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total
2. Unit sold (in kg)         3500         4300       3100         4700  
3.            
4.            
5.            
6. Electricity Expenses 18000 16000   22000 76000
7. Advertisement Expenses 22000 26000   18000 28000
8. Total Cost          
9. Net Profit          
10. Selling price per unit 50 50 50 50  
11. Cost price per unit 35 35 35 35  

Based on the information given in the spread sheet above, write the formula for calculating each of the following:

(a) Sales Revenue for Quarter 1 in cell B3. 
(b) Cost of Goods Sold for Quarter 2 in cell C4.
(c) Total Advertisement Expenses incurred in cell F7.
(d) Gross Profit for Quarter 4 in cell E5.
(e) Electricity Expenses for Quarter 3 cell D6.

[6] Accounting Application of Electronic Spread Sheet
Chapter: [6] Accounting Application of Electronic Spread Sheet
Concept: Concept of Electronic Spreadsheet
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