B.Com (General) Semester 6 (TYBcom) - University of Mumbai Question Bank Solutions for

State whether the following statements are True or False :
Partners are agents of LLP.

State whether the following statements are True or False :

LLP is not a separate legal entity from its partners I designated partners.

State whether the following statements are True or False :

The LLP shall be under an obligation to maintain annual accounts reflecting true and fair view of its state of affairs.

State whether the following statements are True or False :
In LLP, there are maximum ten (10) partners.

State whether the following statements are True or False :
The Limited Liability Partnership (LLP) was governed by Indian Partnership Act, 1932.

The LLP Act has provide for a ............... days period for filing up of a vacancy of a designated partner. 
(a) 21 (b) 60 (c) 30 (d) 15

Every LLP shall be required to file with the Registrar a .................. return duly authenticated every year.
(a) monthly (b) quarterly (c) annual (d) periodical

The LLP business was governed by-Limited Liability Partnership Act, ..................
(a) 2000 (b) 2008 . (c) 2010 (d) 2012 

Limited Liability Partnership (LLP) can also ........... movable /immovable property in its name.

LLP is required to get its accountS audited if its annual turnover exceeds......................

Match the Pairs :

A company incorporated on 1.1.2017 issued a Prospectus inviting applications for 5,00,000 Equity shares of Rs.10 each.
The whole issue was fully underwritten by four persons, viz.
P  : 2,00,000 Shares
Q  : 1,50,000 Shares

R : 1,00,000 Shares
S :  50,000 Shares

Applications were received for 4,50,000 shares of which marked applications were as fallows : 
p :  2,20,000 
Q :  90,000
R  : 1,10,000
S :  10,000
Find out the Liabilities of Individual underwriters.

A company issued 1,00,000 Shares of Rs.100 each. These shares were underwritten as follows:

X - 30,000 Shares, Y - 50,000 Shares. The public applied for 70,000 Shares.

Determine the Liability of X, Y and the Company.

PQR Ltd. issued 50,000 equity shares the whole of the issue was underwritten as follows : 

A : 40%               B : 30%               C: 30% 

Application for 40,000 shares were received in all , out of which application for 10,000 shares had the stamp of A : those for 5,000 shares that of B and those for 10,000 shares that of C. The remaining application for 15,000 shares did not bear any stamp. 

Determine the liability of the underwriters 

Jackpot Ltd., issued 50,000 Equity shares of which only 60% was underwritten by X. Applications for 45,000 Shares were received in all out of which applications for 26,000 Shares were marked. 

Determine the Liability of X.

Bharat Movers Ltd., issued 30,000 6% Debentures of 100 each. 60% of the issue was underwritten by Mr . Shah. Applications for 28,000 Debentures were received by the Company. 
Determine. the Liability of Mr. Shah.

ABC Ltd., invited the public to subscribe to the foliowing :
(i) 10,000 Equity Shares of Rs.100 each .at a premium of 5%, and
(ii) 2,50,000 in 14% Debe11tures of Rs.100@ 96.
60% of the Shares and the whole of the issue of Debentures were underwritten by Mis XYZ Ltd. for the conmission allowable by the Government. The applications from the public totalled 6,000 Shares and 2,000 Debentures. The underwriters fulfilled their obligations. Show the Journal Entries that would appear in the books of the Company. Underwriting commission is paid at 2.5%. Pass the necessary. Journal Entries in the books of ABC Ltd.

Radisun Ltd. issued 40,000 Shares which were underwritten as :
P :  24,000     Shares
Q  :  10,000   Shares
R :    6,000     Shares 
The underwriters made appiications for firm underwriting as under :
P:  3,200   Shares
Q: 1,200   Shares
R:  4,000   Shares
The total subscriptions excluding Firm underwriting '(including marked applications) were 20,000 Shares.
The marked applications were :
P:  4,000   Shares 
Q:  8,000   Shares 
R : 2,000   Shares
Prepare a Statement showing the Net Liabiiity of Underwriters.

XYZ Ltd. issues 1,000 8% Debentures of Rs.100 each at a premium of 20%. Sixty percent of the issue was undewritten by Mehata and Company for 2.5% commission. 
Applications· were received for 800 Debentures which were  accepted and payment for these was received in full. Pass the necessary Journal Entries.

PQR Ltd ... invited applications from public for Rs. 1,00,000 Equity Shares of Rs.10  each at a  premium of Rs. 5 per share. The entire issue has underwritten by the underwriters A, B, C and D to the extent of 30%, 30%, 20% and 20% respeetively with the  provision· of firm underwriting of Rs.  3,000; 2,000; 1,OQO and 1,000 Shares respectively.
The underwriters were entitled to the maximum commission permitted by law . 
The Company received applicfitions for 70,000 Shares from public out of which applications for 19,000; .10,000; 21,000 .an4 8,000 Shares were niarked in favour for A, B, C and D respectively.

calculate the liability of each  one of the underwriters. Also, ascertain 2.5%