Extract of a Receipt and Payment Account for the year ended on March 31, 2015: Payments: Stationery Rs. 23,000 Additional Information:

Extract of a Receipt and Payment Account for the year ended on March 3

1.	Extract of a Receipt and Payment Account for the year ended on March 31, 2015: Payments: Stationery Rs. 23,000 Additional Information:
Answer» Solution : Stationery: Normally expenses incurred on stationary, a consumable items are charged to Income and Expenditure Account. But in case stock of stationery (OPENING and/or closing) is given, the approach would be make necessary adjustments in purchases of stationery and work out cost of stationery consumed and show that AMOUNT in Income and Expenditure Account and its stock in the balance sheet. For EXAMPLE, the Receipt and Payment Account shows a payment for stationery AMOUNTING to Rs. 40,000 and there is an opening and closing stationery amounting to Rs. 12,000 and Rs. 15,000. The amount of expense on stationery will be worked out as follows: In case stationery is also purchased on credit, the amount of its CONSUMPTION will be worked out as given in Illustration 12.

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ZX Limited invited applications for issuing 5,00,000 Equity shares of Rs. 10 each at a premium of Rs. 10 each payable with Final call. Amount per share was payable as follows : {:(,"Rs."),("On Application",2),("On Allotment",3),("On First Call",2),("On Second and Final Call","Balance"):} Applications for 8,00,000 shares were received. Applications for 50,000 shares where rejected and the application money was refunded. Allotment was made to the remaining applicants as follows : {:("Category","Number of Shares Applied","Number of Shares Allotted"),("I","2,00,000","1,50,000"),("II","5,50,000","3,50,000"):} Excess application money received with applications was adjusted towards sums due on allotment. Balance, if any was adjusted towards future calls. Govind, a shareholder belonging to category I, to who 1,500 shares were allotted paid his entire share money with allotment. Manohar belonging to category II who had applied for 11,000 shares failed to pay 'Second & Final Call money'. Manohar's shares were forfeited after the final call. The forfeited sharses were reissued at Rs. 10 per share as fully paid up. Assuming that the company maintains ''Calls in Advance Account'' and ''Calls in Arrears Account'', pass necessary entries for the above transactions in the books of ZX Limited.
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Zavier, Yusuf and Zaman were partners in a firmsharing profits in the ratio of 4:3:2. On 1st April, 2014, their Balance Sheet was as folows: Yusuf had been suffering from ill health and thus gave notice of retirement from the firm. An agreement was, therefore, entered into as on 1st April, 2014, the terms of which were as follows, (i) That land and building be appreciated by 10% (ii) The provision for bad debts is no longer necessary. (iii) That stock be appreciated by 20% (iv) That goodwill of the firm be fixed at Rs 54,000. Yusuf's share fo the same be adjusted into Xavier's and Zaman's Capital Accounts, who are going to share future profits in the ratio 2:1. (v) The entire capital of the newly constituted firm be readjusted by bringing in or paying necessary cash so that the future capital of Xavire and Zaman will be in their profit sharing ratio. Prepare Revaluation Account and Partners' Capital Accounts.
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Extract of a Receipt and Payment Account for the year ended on March 31, 2015: Payments: Stationery Rs. 23,000 Additional Information:

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