CBSE Class-12 Accountancy: Questions 68 - 69 of 209
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Question number: 68
Describe in Detail
Shubham Ltd. invited applications for the allotment of 80, 000 equity shares of Rs. 10 each at a discount of 10%. The amount was payable as follows:
On application Rs. 2 per share
On allotment Rs. 3 per share
On first and final call- Balance
Applications for 1, 10, 000 shares were received. Applications for 10, 000 shares were rejected. Shares were allotted on pro-rata basis to the remaining applicants. Excess application money received on application was adjusted towards sums due on allotment. All calls were made and were duly received. Manoj who had applied for 2, 000 shares failed to pay the allotment and first and final call. His shares were forfeited. The forfeited shares were re-issued for Rs. 24, 000 fully paid up. Pass necessary journal entries in the books of the company for the above transaction.
Bank A/c……. Dr.
2, 20, 000
To Share Application A/c
(Being application money received on 1, 10, 000 share@Rs. 2 per share)… (251 more words) …
Question number: 69
Write in Short
A, and C are partners with fixed capitals of Rs. 2, 00, 000, Rs. 1, 50, 000 and Rs. 1, 00, 000 respectively. The balance of current accounts on 1st January, 2004 were A Rs. 10, 000 (Cr. ); B Rs. 4, 000 (Cr. ) and C Rs. 3, 000 (Dr. ). A gave a loan to the firm of Rs. 25, 000 on 1st July, 2004. The Partnership deed provided for the following: -
- Interest on Capital at 6%.
- Interest on drawings at 9%. Each partner drew Rs. 12, 000 on 1st July, 2004.
- Rs. 25, 000 is to be transferred in a Reserve Account.
- Profit sharing ratio is 5: 3: 2 upto Rs. 80, 000 and above Rs. 80, 000 equally. Net Profit of the firm before above adjustments was Rs. 1, 98, 360.
From the above information prepare Profit and Loss Appropriation Account, Capital and Current Accounts of the partners.