Advanced Accounting Assignment Questions PDF

II. 10. I....

II. 10. I. 8. 7. 6. 5. 4. 3. Z. I. following A) the On 9AAnswerthe Answer B) Laterallotment Rs. 1 Applications company0 Explain Explain Explain Explain ExplainAlioment Explain Rs.6 Distinguish X up shares XYWhat moneys Ltd al application per per forfeited on Ks.7 Ltd any were is these was share cost corporate minority Issued sinking anyshare.money five per was share? a were were invited of 2 between shares made payableRs. types 20 of share.issued control capital fund Pass registered received received 20, the interest.dividend of shares th e wer e Distinguish proportionately redemption forfeiture of Rs.5 capital following. to onpublic on and debentures. Althe allotment per of the with issuedexcept allotment. Subscribed tax. Rs. reserve for to and share. 10 wmoneypublic. an between asthe 13,000 subscribe ofreissue each, and SECTION-A Rs. 40, Debentures. Out The authorised ful ly to Payments Capital reserve thecalled final the journal of Rs. shares. SECTION-B these 7 nts public Equity (OR) paidremaicallning on for first 10,000 called capital up at on were entries 15 was subscribedcapital of and Rs. 85 Applications 300 call shares up, arious duly Preference of Rs.30, madeequity on papplicants. ershares werewhich share. as shares on reissued Marks: Max.60 rtypeseceived 2,0fo0,r 000 which for follows: M 1,00,000shares shar Pass Both 2,000 final of had of topaid share with necessary are the call Rs.100 N exceptionshares. of forfeited callsshares Rs.20 each application as Rs. fully capital. paid 5X2=10 M The 10 joumal after were were at5x10-50 M a of each. company made,rejected premium upand call a entries. due for I,40,000 of of at Rs.2called notice. and and al ar on  Fplan Explain 6. J. for YOu ProvisionProvision 4. 3. Z. 1. The the in the Rs.25,000 l are Depreciation Final stock 3 Goodwill year of Freight dutyand e llowing detail required Preliminary expenses (CrX1.4.2011) the dividend on Profit General reserve ended for for 31°march payablk Debenture Billsinterest the prelminary were expenses General Rent bad Income and dividend Interim Purchascs paidBuildings rules to on dcbtors Sundry Fixturcs NWamshi with in tens 3I.3.2012 to loss (1.4.20 machincry Stock11) Plant arrcars and Callsin company's books. from prepare debts plant at paid up Equity nto2 S be 5% 2012 account cquity to transferred tax to tdliminary transfer to expenses and to sharc manufacturing be at was sharcs on profit be maintained the machinery provided estimated capital rate of profits and are Rs. called company I00 expenses loss general of to to 40%to be at at up cnch. (OR) at nnd nd general account 5% written 10% Rs.2,52,000. 62,50032,75012,500 36,250 On I.td. reserve. 62,500 be and 95,00012,50012,25012,000 4,62,500 2,17,500 18,750 7,50,000 31was i) on 1,87,500 made 18,000 9.00,000 1,50,000 and sundry off on 18,750 March regitercd unclaimed the reserve 2012 profit Fixtures Following creditors Sundry sccurities Govt, 4% nce Provision Dcbcntures 6% Salcs Salaries debts Bad debtors Bonk al CommissionpaidDircctorsfces Cash Cash hand inWnges and the Dividends at a heet 5% for following nom loss adjustments inal doubtful of appropriation ledlgernpilol the dcbts rR.I5,00,(00) ol were balances account to be 10,37,500 I,J5,000 1,50,000 7,50,000 2.12.0%) were made: 8,750 36,25018,000 14,1505,750 S,275 Cxtracled 5.875 divIded  the buyer to the paid by the price of 8000 is Rsmachine. immediately and vendor the and 29,800 annual three to pay agreeing Ltd A b) Rs. of cach 8000 installments on purchase on purchaseda Hire machine paying Rs 2014, January 1, onLtd, fromY any5 State a) andsystem purchase between differences hire systen. purchase installment following: Answer thc 10. M) 10M= (2x5 OR parties. the both books of thaccounts e in ledger andentries journalnecessary the GIVe cost. original Q10% on charged Depreciationto is 31.12.2010. payable on installment being such first the and year, each December 31 payable on annum per interest S% plus each 5000 installments Rs of annual four balance in the andcontract ne datofe the on 5000 Rs. made be towaspayment The25,000. Rsmachine was the sPnce of The basis.purchase hire onLtd,Raghav frommachine purchaseda 2010,following:April1 on LtdAnsver the 3 5x10M=50M SCETION-B I. Electricity d.capital Interest on Advertisement Salariesb. a. departments: different C. following reserve. theamnong allocated eXpenses are the how State sock calculate the Rs.80,000, closing is profit on 20% include to as so price of price nvoice the If 8. at aoffice branch office to head frominvoiced COst. Reissue a shares. forfeited are Goods of and received forfeiture fentries or journal Make not share is at these areshares 7 share per 10 Rs. money per 20 Rs. the ofcall Finalshare. application of received. per 40 Rs. reissued were of 30 which oneach Rs.50 20 Rs. money of allotment Capital. ofSharc shares of 40 forfeited cOImpany Bxpenses.Apportionment Branches.division main CNplain the Repossession. of allocation of types CAplain the and about andDefault Wite 4 M10 Sx2M systeni. DUrchase bymean udoWhat 3  46480 22050 Sales 80000 40000 Wages inwards Cariage 11600 5360 3230 7530 Closing Stock 30000 20500 Purchase returns 1160 700 eTolÛáng capenses incured for both the denartments were not apportionei besw departments. Kert, rates 3750,Salaries and commission 9450.Advertising 3750,Discont rd inteest 2040,Sundry cxpenses 1530,Depreciation 750,Debtors 12530,Creditors 6570,Cash at Banik 4380,Capital 65000,Plant less depreciation 15000 b) What is the meaning of departmental accounts? What are Inter Department Transíers? (13X Ld. issued for public subscription 40,000 equity shares of Rs. 10 cach at premium of Rs. 2 per share payable as under :On application Rs. 4 per share On Allotment Rs. 5per share (inchzding premium) On CallRs. 3 per share. Applications were received for 60,000 shares. Allotment was made pro-rata to the applicants for 48,000 shares, the remaining applications being rejected. Moncy whom 1600 overpaid on application was applied towards sums due on allotment. Shri Chitnis, to 2,000 shares shares were allottcd, failed to pay the allotment money and Shri Jagdale, to whom were subsequently forfeited. Record were allotted, failed to pay the call money. These shares transactions. journal cntrics in the books of the company to record the above OR (2x5M= 10M) 14.Answer the following: would appearin balance sheet following and showhow they a) Write the jourmal entries forthe 4 5% 2.71462 1,13,100 at and Act 30,000 3,000S,5003,600 70,000 the rcdccmabic of the 5 Credit discount for loss Companies of of end Rs at 1,000 15 Show purpose. and Sheet the Rs Profit a to received. @10each) Act. Balance par, at at the cach Repayable the amount of of Companies al for Account.statement III 100 will were established ScheduleParticularsof Profit & Loss(Balance the par. interest Capital(share debts. prepare Rs 5% interests the at Investment the of of prepareper doubtful debentures each premiumwas compound of as Discount2,690 15,800 |31.3.2011) 10,000 Creditors 1,400| Reserves 10M) LTD.,ofII (2x5M= 1,000fund reinvestments 2014 Share p.a. fund LTD., Trial Balance Sales 10%towardsLoss. Schedule Varun yecar. a Rs sinking Sinking March 15,000. 12%at of 5% Arun 49,000 Debit 15,000 5,400 1,550 1,8009,500300 660 1,13,100 at & S yearsdcbentures at A year investments of 31 debtors Profit assets of per of 10.000 S%. & balances cnd S account balances on Materials fixed as of of cach as ofStatement 2014 the issuescnd premium company Materials in on at 6% the 200. of end All fund Ledger paid on 5% 600. OR Ledger 5% Opening Stock (Raw Rawdepreciation March at Particulars Office (Interim) of Outstanding of ltd redcemableissued the ycars.Sinking tollowing the Raw Postage and Charmie ata at premium of provision Preparefollowing: the Answer following ycarsInvested 5 of ycars of of Fixed Assets Matcrials)) Cash atBank stock 31" company end Shect Purchase Discount Dividend Bad Debts on i) S the Balance Wages Salaries expenses Debtors Provide Closing Adjustments: a Salaries rrom Cash 2011 Make as A the company b) From " " " a)  account. on to and the in considerable preparing use during company thatamounted disclosedpersonalaprepare investment for M) 1,80,000 Statement that 1,24,000 a fire found insurance 10 for and of for to books 5M=procedure 2009 date taken required in Loss is (2x Shares Rs. 3.57,000 Rs. 8,200.The the thewereitinvestigation and 1,20,000 85,000 Rs. 23,000 Rs. Rs.18,000 18thSeptember, Rs.37,000 from the Profit to 500 are purchases Explainright Deposit Sccurity 70,000 Rs. Rs. 25%.You claim and 1,98,000 Prepare marks Trade OVCrafHIT Bank was costing should the On account?share Ltd on saved merchant. OR 66,850, was merchant Co. 2,82,000.Goods costmerchant Bonus 1,00,000 Jai Income stock investment to pertaining of of Rs. to on treat premises at value profit returned Taxable valued thefire. to years) The Rs. grossamount by how account? investment wasto were by particulars of destroyed. of premises average destroyed mean Bank(5 31.3.2012 50% sales2500 stock the 18.Answerway following: the consumed Employee benefit expenses you the ICICI Revenue from operation Taxation thethe showing ManagerPreraid Loan to Sndry Creditors following insurance in was andRs. the stock do Explain with ended 2009 for years occurred Materials stock 1.85,000 What Deposits the Other Income sold statement ofrespect year CostDepreciation Fi:ancefor April, b)From five a). the Provision freof gOods b). cf Cost part 17A lst Rs. past  Land Securities Cash Buildings Expenses Goodwill Preliminary Expenses PrepaidMarketable Stock Receivable Deblors Bills 13)Following provided 1.Liora e) d) c) b) available a) endedWrite Interest 260 on Convertible Date date debenture.Partly limited prepare Short a are debenture face the relevant 3 of of 1" closing payable value closure convertible recently note balance balances march 2,00,000 50,000 3,00,000 50,000 1,00,00030,00050,000 2,00,000 1,10,00020,000 portion on journal 10. 15% is of of methods 2023. on made sheet of debenturesubscription issue. payable debentures per ABC entries of debenture public a of 14%Long-term (Secured) Equity each100of Creditors Debentures OutstandingTaxation Provision 13% Wages Payable for Bills the Ltd., issue for is from company. all half lists issued issue of Cum. as the 60%,date Shares transactions on yearly 1-5-2022,date debentures? date in Preference Loan 31" 200000,face respect March, on of 10( allotment,value from 30 conversion of which each) arising September Shares IFCI 2013,from of allotment value the out on and following the ofand of the 1-6-2022,rateshres expiry 1,80,00020,00040,00060,000 information above 31" issue 2,00,00050,000 2,00,000 1,00,000 information march. for of during the price months 6 conversion of 100 the interest is year from per  (Rs) on 70,000 as S Ltd. 20000 100000 I1,1000LAd %0,000 10000 toA pertaining H Ltd. (Rs) 65,000 50,000 3,92,50018,50,000 under: on dcbts deprecintion information 50,00011,82,000 29,6001,80,000 2,000 doubtful as are assets Ltd.) SundryInvestments (npitalReserve General Reerve 3300000 Assets 31.12.2020 s following, in for [or Dividend Interim Wages Debenture Interest (shares SurplusProvisionProvision buildings OR Preliminary Excise Duty is 180000 expenses the & 7,50,000 PurchasesExpensesDebts Bad value 950000 on from Salaries due (Rs) Paid Ltd., 30,500 15,000 10,000 Paid plant preliminary interestS0% tax. Ltd. statement I1,10000 | is S 40,00,000 2,62,500 41,52,000 202215%, S 68,400 at dividendand tax debenture Ltd., (Rs) loss by from march 31" march 2022 plant income S0,000 20,000 25,000 and Contribution to Provident 31" off corporateofH Ltd. and Additional information: Depreciate yearly 5000for profit on Sheet H Profit (Surplus 1.4.2021) 1.Irepare Stock (1.4.2021) Stock WriteProvide Half Ignore Balance Share Capital Share Capitalof Liabilities 1.1.2020) (on ac Statement Reserves Surplus a. b. C. d. e. 1. loss Sales The Fund 15. fully paid shares Reserves 12,000 5,000 of S. Ltd. 6,500 Profit and Loss A/c 5,000 1,000 Creditors 2,000 1,000 7,500 1,000 26,500 8,000 Shares were acquired 26,500 8,000 by HItd on profits On 31 march 2019. 30 September 2019.S Itd transferred Rs.500 fromn reserve PREPARE CONSOLIDATEDBALANCESHEET. yrepare the Investment Account of Mr P for the Opening balance Face Value Rs. transactions of 2017 which were as tolows. 1.3.2021100 units purchased 60,000Cost Rs. 59,000. 1.7. 2021Sold 200 ex-interest ex-interest at Rs. 98. out of the original holding at Rs. 1.10. 2021 -Purchased 50 units at Rs.98 100. 1.11. 2021 -Sold200 units ex-interest cum-interest. at Rs. 99 out of original holding. Interest dates are 30th September and31st March. Mr.P the closes his books every 3lst December. Show the Investment Account as it would appear in his books. (RATE OF INTEREST 5%) OR 18.Define investment account? Explain the need to maintain separate investment account