CBSE Class-12 Accountancy: Questions 111 - 114 of 209
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Question number: 111
Question number: 112
Write in Short
Z Ltd. invited applications for issuing 200000 equity shares of Rs. 25 each at a premium of Rs. 10 per share. The amount was payable as follows:
Applications per 250000 shares were received. Application for 25000 shares were rejected and shares were allotted on pro rata basis to the remaining applicants. All calls were made and were duly received except the first and final call on 2000 shares allotted to Vijay. His shares were forfeited. The forfeited shares were reissued@Rs. 30 per share fully paid up. Pass the necessary Journal entries in the books of the company.
On application and allotment Rs. 10 per share Balance including premium on first and final call.
Question number: 113
Question number: 114
Write in Short
Ram and Shyam were partners in a firm. The partnership agreement provides that:
(i) Profit sharing ratio will be “3: 2.
(ii) Ram will be allowed a salary of Rs. 500 p. m.
(iii) Shyam who manages the sales department will be allowed a commission equal to 10 % of the net profit after allowing Ram’s salary. ’
(iv) 8 % interest will be allowed on partners’ fixed capitals.
(v) 6 % interest will be charged on partners’ annual drawings.
(vi) The fixed capitals of Rain and Shyam were Rs. 2, 00, 000 and Rs. 1, 50, 000 respectively. Their annual drawings were Rs. 18, 000 and Rs. 15, 000 respectively. The net profit for the year ended nearly amounted to Rs. 60, 000. Prepare firms Profit and Loss Appropriation Account.