Any deficiency arising because of guarantee to Karan will be borne by Jay and Vijay in the ratio of 3 : 2. Pass the necessary journal entries for the above transactions in the books of Garvit Ltd. OR. Alok took over investments at this value. Accounting for Share Capital 9. Applications for 20,000 shares were rejected and pro-rata allotment was made to the remaining applicants. 31-3-2011. (ii) Inventory at 31 December 2016, £94,300. From the following Balance sheet of DCX Ltd and the additional information as at 31March 2018prepare a Cash Flow Report ; Posted by Dinesh Gilla 1 year, 9 months ago. Pass necessary journal entries on reconstitution of the firm. During the year ended 31st March, 2018 Jay earned fee of Rs.1,75,000 and the profits of the firm amounted to Rs.15,00,000. (3), Present the following information for the year ended 31st March, 2018 in the financial statement of a not-for-profit organisation. Half of the forfeited shares were re-issued @ Rs.8 per share fully paid up. Question 32. of S. Ltd. stood at Rs. From the following Balance Sheet of Dreams Converge Ltd as at 31.3.2018 and 31.3.2017; Calculate Cash from operating activities. Performance & security by Cloudflare, Please complete the security check to access. Admission of a Partne r 6. The amount was payable as follows: (8), On Application : Rs.3 per share (including premium Rs.1), On Allotment : Rs.3 per share (including premium Rs.1). 2016 and 31 Mar. 50,000, Tax Provision created during the year amounted to Rs 60,000. 2017 Particulars Note No. NCERT DC Pandey Sunil Batra HC Verma Pradeep Errorless. State whether ‘Purchase of goods costing Rs.20,000’ will increase, decrease or not change the operating ratio. Offered Price: $ 6.00 Posted By: rey_writer Posted on: 07/06/2016 05:42 AM Due on: 07/06/2016 . The four most important financial statements provided in the annual report are the balance sheet, income statement, cash budget, and statement of stockholders' equity. Goodwill - Nature, and Valuation 4. From the following Balance Sheet as SRS Ltd and the additional information as in 31.3.2016, prepare a Cash Flow Statements: Additional Information: (i) ₹50,000 12% debentures were issued on 31.3.2016 (ii) During the year a piece of machinery costing ₹40,000 on which accumulated depreciation was ₹20,000 was sold at loss of ₹5,000. (4). On 31-3-2019, their Balance Sheet was as follows: Prepare Loss on issue of 12% Debentures Account. … From the following Balance Sheet of Kiero Ltd. and the additional information as on 31-3-2018, prepare a Cash Flow Statement : Notes to Accounts The turnover of the firm for the year ended 31st March, 2018 amounted to Rs.20,00,000. Shareholder’s Fund: 7,00,000 5,00,000 a. All parts of a question should be attempted at one place. Name the type of issue. If the scheme is carried out, the balance sheet of the amalgamated company, say, C Ltd., will be as follows: amalgamation and External Reconstruction: Problem and Solution # 8. The partnership deed provided that Sonu was to be paid a salary of Rs.20,000 per month and Rajat a commission of 5% on turnover. From the following Balance Sheets of Sonam Ltd as on 31-3-2012 and 31-3-2011. Physics. Choose the right answer : 1. A comparative balance sheet analysis is a method of analyzing a company’s balance sheet over time to identify changes and trends. It's not as complicated as it sounds. (Accounting for Not-for-Profit Organizations, Partnership Firms and Companies), What is meant by ‘Gaining Ratio’ on retirement of a partner? From the following Balance Sheet as SRS Ltd and the additional information as in 31.3.2016, prepare a Cash Flow Statements: Additional Information: (i) ₹50,000 12% debentures were issued on 31.3.2016 (ii) During the year a piece of machinery costing ₹40,000 on which accumulated depreciation was ₹20,000 was sold at loss of ₹5,000. Below is an example of Amazon’s 2017 balance sheet taken from CFI’s Amazon Case Study Course. (3), Krishna Ltd. had outstanding 20,000, 9% debentures of Rs.100 each on 1st April, 2014. This question paper contains two parts- A and B. The following trial balance has been taken from MAW Ltd on 30 April 2013, after the From the following Balance Sheet of Kiero Ltd. and the additional information as on 31-3-2018, prepare a Cash Flow Statement : (6) Kiero Ltd. Balance Sheet as at 31-3-2018 Amount due to Zubin’s executor after all adjustments was Rs.90,300. Shareholders’ Funds a) Equity share capital 3,00,000 2,00,000 b) Reserves and surplus 2,00,000 1,60,000 2. Rs.1,11,000 were received on account of allotment. The gross profit was Rs 60,000. Absolute Amounts The remaining creditors were paid Rs.76,000 in full settlement of their claim and the remaining assets were taken over by Vaibhav for Rs.17,000. On 1st April 2015, P Ltd. Allotment was made on the following basis. Donations for Match Fund received during the year, Other income (% of Revenue from operations), Employee benefit expenses (% of total Revenue), Surplus i.e. Note Number: Solution for From the following balance sheet of Sohel & Co Ltd as at 31st March 2013 and also comment on the ratios. From the following Balance Sheet of Kiero Ltd. and the additional information as on 31 - 3 - 2018. prepare a Cash Flow Statement: Kiero Ltd. Balance Sheet as at 31 - 3 - 2018ParticularsNoteNo.31 - 3 - 18 (Rs. Giriija, Yatin and Zubin were partners sharing profits in the ratio 5 : 3 : 2 . The goodwill has been determined to have an indefinite useful life. Anurag Ltd. decided to issue 50,000 equity shares. c)            Capital Account of new partner. The Fair Value Of Land Is Reassessed As $2,100,000 And The Fair Value Of Building Is Reassessed As $800,000. What is meant by ‘Employees Stock Option Plan’? Aisko Club: Ans. DO IT YOURSELF II. NCERT DC Pandey Sunil Batra HC Verma Pradeep Errorless. Calculate the new profit sharing ratio. (1). Issue of Debentures 10. Sanjana and Alok were partners in a firm sharing profits and losses in the ratio 3: 2. On 31st March, 2018 their Balance Sheet was as follows : (8), Balance Sheet of Akul, Bakul and Chandan as on 31-3-2018. Physics. At the end of the year, interest on Chhavi’s drawings amounted to Rs.900. From the following balance sheet of Sohel & Co Ltd as at 315 March 2013 and also comment on the ratios. Chemistry. Furniture was to be decreased to Rs.87,000. Zubin died on 1st August, 2015. Capital of the new firm was to be in the new profit sharing ratio of the continuing partners. Q.1 From the following balance sheet of Mohan Ltd. Prepa. In the equity section of the balance sheet, you'll see terms including par value (the nominal value of the company's stock) and shareholders' equity (the difference between total assets and total liabilities), and proprietorship reserves. Debentures were allotted to the remaining applicants. The amount of allotment due from the shareholders to whom shares were allotted on prorata basis was fully received. From the following balance sheet and income statement of Day Dreaming Co.Ltd., for the year ending 2002 and 2003, prepare the comparative statements. (iv) A provision of 5% was to be created for doubtful debts. Bank loan of Rs.3,00,000 was paid along with interest of Rs.21,000. The amount was payable as follows : On Application: Rs.20 per share (including premium Rs.5), On Allotment: Rs.15 per share (including premium Rs.5). You may use online sources to write about… Nidhi brought Rs.3,00,000 as her capital and the capitals of Sanjana and Alok were adjusted in the new profit sharing ratio. Rs.60,000 were in arrears for last year and 25 members paid in advance in the last year for the current year. Stock of stationery on 1-4-2017 was Rs.3,000 and on 31-3-2018 was Rs.4,000. Six friends started a partnership business by investing Rs. How are Specific donations treated while preparing final accounts of a ‘Not-For-Profit Organisation’? Their partnership deed provided the following : A monthly salary of Rs.15,000 each to Jay and Vijay. This just a demo text widget, you can use it to create an about text, for example. March 31, 2017 (Rs) March 31, 2016 (Rs) I) Equity and Liabilities 1. DO IT YOURSELF II. (1). From the following Balance sheet of Exe Ltd. As at 31st March, 2019,prepare Comparitive Balance sheet: Books. From the following Balance Sheet of Yogeta Ltd., prepare cash flow statement: Notes of accounts: Additional Information: Net Profit for the year after charging Rs. Goodwill of the firm was valued at Rs.3,00,000 and Bakul’s share was to be. (6), Akul, Bakul and Chandan were partners in a firm sharing profits in the ratio of 2 : 2 : 1. Name and explain the function which returns the future value of an investment which has constant payment and interest. Q. Showing your workings clearly [4] … From the following Balance Sheet of Kiero Ltd. and the additional information as on 31-3-2018, prepare a Cash Flow Statement : Notes to Accounts P. Scott purchases a new photocopier from Xyes Ltd for £1,800.00 plus VAT. Statement Analysis Tools - Comparative & Common-size 13. c)            Summarised reports of only cash transactions. Illustration: 4 (Revaluation of Fixed Assets) From the following balance sheet of H. Ltd. and its subsidiary S Ltd. drawn up at 31.12.2010. Seema paid allotment money along with the first call. Issued 6,000 12% Debentures of Rs.100 each at par redeemable at a premium of 7%. (4). Illustration 1 From the following is the trial balance of Vishal Ltd., prepare the Balance Sheet of the company as on 31st March 2015 as per Schedule III of the Companies Act. From the following Balance Sheet of Kiero Ltd. and the additional information as on 31-3-2018, prepare a Cash Flow Statement: Kiero Ltd. Balance Sheet as at 31-03-2018 (b) Choose the correct alternative:                      1x2=2 1)           When a new partner does not bring in his share of goodwill in cash, the amount of premium is debited to: a)           Premium Account. Impact of the Income / Expenses in the ratio 3: 2 first call money was.! Forfeited shares were forfeited and subsequently reissued to Geeta for Rs.60 per share, Rs.50 per share Rs.50... Their claim and the Balance Sheet of new firm was valued at Rs.3,00,000 and Bakul ’ s was! 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