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India Steel Ltd., issued 6,000 12% Debentures of Rs. 100 each at par, redeemable at 5% premium. What is the amount of premium?

Prepare the trading and profit and loss account and balance sheet of M/s Control Device India on December 31, 2012 from the following balance as on the date.

$\begin{array}{ccc}\text{Account Title}& Amt.\left(Dr\right)& Amt.\left(Cr\right)\\ \text{Drawing and Capital}& 19,530& 67,500\\ \text{Purchases and Sales}& 45,000& 1,12,500\\ \text{Salary and Commission}& 25,470& 1,575\\ \text{Carriage}& 2,700& \\ \text{Plant and Machinery}& 27,000& \\ \text{Furniture}& 6,750& \\ \text{Opening Stock}& 42,300& \\ \text{Insurance Premium}& 2,700& \\ \text{Interest}& & 7,425\\ \text{Bank Overdraft}& & 24,660\\ \text{Rent and Taxes}& 2,160& \\ \text{Wages}& 11,215& \\ \text{Returns}& 2,385& 1,440\\ \text{Carriage Outwards}& 1,485& \\ \text{Debtors and Creditors}& 36,000& 58,500\\ \text{General Expenses}& 6,975& \\ \text{Octroi}& 530& \\ \text{Investment}& 41,400& \\ & \overline{\underset{–}{\underset{–}{2,73,600}}}& \overline{\underset{–}{\underset{–}{2,73,600}}}\end{array}$

Closing stock was valued Rs. 20,000.

(a) Interest on capital 10$\%$.

(b) Interest on drawings 5$\%$

(c) Wages outstanding Rs. 50.

(d) Outstanding salary Rs. 20.

(e) Provide a depreciation 5$\%$ on plant and machinery.

(f) Make a 5$\%$ provision on debtors.

Describe the steps fox creating Sinking Fund for redemption of debentures.

ABC Ltd earns a profit of Rs 50,000 by employing a capital of Rs 2,00,000, The normal rate of return of a firm is 20%. Calculate Goodwill:

XYZ limited has issued 20,000 debentures of Rs 100 each redeemable after 4 years of which Rs 40 need to be paid at application stage and Rs 60 need to be paid at allotment stage. Let’s say the public has subscribed for 30,000 debentures. If the company decides to refund the excess application money. How much money will be transferred to debenture account?

Debenture interest-

Expense outstanding on the date of balance sheet is shown on ______

How much % of the reserved amount should be invested by companies?

When the instalment paid in respect of a fixed asset acquired on deferred payment basis includes both interest and loan, the interest element is classified under _________ activities.

T Ltd offered 2,00,000, 8% Debentures of Rs.500 each on June 30, 2002 at a premium of 10% payable as Rs. 200 on application (including premium) and balance on allotment, redeemable at par after 8 years. But application are received for 3,00,000 debentures and the allotment is made on pro-rata basis. All the money due on application and allotment is received. Record necessary entries regarding issue of debenture.

Abhay, Siddharth and Kusum are partners in a firm, sharing profits in the ratio of 5:3:2. Kusum is guaranteed a minimum amount of Rs 10,000 as per share in the profits. Any deficiency arising on that account shall be met by Siddharth. Profits for the years ending March 31, 2006 and 2007 are Rs 40,000 and 60,000 respectively. Prepare profit and loss appropriation account.

A, B & C are partners haring profits & losses in the ratio 3:2:1. What will be the new ratio if B retires?

Rao and Swami are partners in a firm sharing profits and losses in 3 : 2 ratio. They admit Ravi as a new partner for $\frac{1}{8}$ share in the profits. The new profit sharing ratio between Rao and Swami is 4 : 3. Calculate new profit sharing ratio and sacrificing ratio.

Quick Assets = Current assets - ?

Which ratio is considered as safe margin of solvency?

All receipts of capital nature are shown in ______

Which of the following is to be recorded in an income and expenditure account?

From the following Balance Sheet of JY Ltd. as on 31-3-2017, prepare a Cash Flow Statement.

BALANCE SHEET OF JY LTD.
as on 31-03-2017
$\begin{array}{cccc}\text{Particulars}& \text{Note}& 31-03-2017& 31-03-2016\\ & No.& \left(Rs\right)& \left(Rs\right)\\ I.\text{Equity and Liabilities}& & & \\ \text{(1) Shareholders' Funds}& & & \\ \text{(a) Share Capital}& & 5,00,000& 5,00,000\\ \text{(b) Reerve and Surplus}& 1& 1,00,000& (25,000)\\ \text{(2) Non-current Liabilities}& & & \\ \text{Long-term Borrowings}& 2& 2,50,000& 1,50,000\\ \text{(3) Current Liabilities}& & & \\ \text{(a) Short-term Borrowings}& 3& 1,50,000& 1,00,000\\ \text{(b) Short-term Provisions}& 4& 2,00,000& 1,25,000\\ \text{Total}& & 12,00,000& 8,50,000\\ II.\text{Assets}& & & \\ \text{(1) Non-current Assets}& & & \\ \text{(a) Fixed Assets}& & & \\ \text{(b)Tangible Assets}& 5& 6,00,000& 4,50,000\\ \text{(2) Current Assets}& & & \\ \text{(a) Trade Receivables}& & 2,75,000& 2,25,000\\ \text{(b) Cash amd Cash Equivalents}& & 1,25,000& 75,000\\ \text{(c) Short term Loans and Advances}& & 2,00,000& 1,00,000\\ \text{Total}& & 12,00,000& 8,50,000\end{array}$

Notes to Account:
$\begin{array}{cccc}& \text{Particulars}& \text{31st March, 2017}& \text{31st March, 2016}\\ & & \left(Rs\right)& \left(Rs\right)\\ 1.& \text{Reserve and Surplus (Profit and Loss Balance)}& 1,00,000& (25,000)\\ 2.& 10\%\text{Debentures}& 2,50,000& 1,50,000\\ 3.& \text{Bank Overdraft}& 1,50,000& 1,00,000\\ 4.& \text{Provisions for Tax}& 1,25,000& 75,000\\ & \text{Dividend Declared}& 75,000& 50,000\\ 5.& \text{Machinery}& 7,37,500& 5,25,000\\ & \text{(-) Accumulated Depreciation}& (1,37,500)& (75,000)\end{array}$

Additional Information: Rs 1,00,000,10% debentures were issued on 31-03-2017.

The lump sum amount paid by members instead of paying periodic subscription is called ______________

A shareholder holding 600 shares paid the amount of call Rs. 5 per share on 1st November 2013 whereas the call was due on 1st March 2014. Maximum interest on calls in advance will be :

What is a measure of the time delay between a business’ operational activities and the revenue it generates?

Is the loan by a partner transferred to Realisation Account at the time of dissolution of a partnership firm? Why?

A and B entered into partnership with capitals of Rs 4,00,000 and Rs 2,00,000 respectively and agreed to share profits & losses in the ratio of 3:2. Their partnership deed provided that interest on capital shall be allowed at 6% p.a. and it is to be treated as a charge against profits. Prepare the relevant account to allocate the profit in the following alternative cases :

(i) If profit for the year is Rs 80,000;

(ii) If profit for the year is Rs 20,000;

(iii) If loss for the year is Rs 20,000.

Jayni purchased a chair costing Rs 2568. The rate of sales tax is 7%. She requests the shopkeeper to reduce the price of the chair to such an extent that he has to pay Rs 2568 inclusive of sales tax. Calculate the reduction needed in the price of the chair.

Ashish, Barmon, and Chander are partners sharing profits and losses in the ratio of 2 : 1 : 2 respectively. Chander retires and Ashish and Barman decide to share the profits and losses equally in future. Calculate the gaining ratio

Differentiate between devaluation and depreciation.

Profit/Loss on Revaluation of Assets & Liabilities on the retirement of a partner is shared by the partners in their:

If the debit side of receipt and payment account exceeds credit, it represents:

What is meant by 'Capital Reserve'?

Calculate the result of Cash Flow and state the nature of activity involved in the following transaction :

Sold machinery of original Cost Rs 2,20,000 with an accumulated depreciation of Rs 90,000 fo Rs 70,000.

Under this method, only 1 account i.e. partner`s capital account is maintained. This method is :

Maximum limit of Premium on shares is?

Receipts & payments account is a summary of ___

Deepak, Nakul and Rajesh are partners sharing profits in the ratio of 5:3:2. Nakul Retires. Goodwill is valued at Rs. 8,00,000. New profit sharing ratio is 1:1. The amount of goodwill to be compensated to Nakul is -

The journal entry for Premium on redemption of debentures while transfer to debentureholders-

The maximum number of share that can be issued in a _____________ issue is the Issued Capital.

Discuss the need and importance of working capital.

For proprietary ratio, a value closer to zero indicates a _________________ and is not favourable for the firm.

Partner’s loan is ___in the (Realisation Account).

A, B and C were partners in a firm sharing profits in the ratio of 6 : 5 : 4. Their capitals were A : Rs 1,00,000, B : Rs 80,000 and C:Rs 60,000 respectively. On 1st April, 2009, C retired from the firm and the new profit sharing ratio between A and B was decided as 11 : 4. On C's retirement, the goodwill of the firm was valued at Rs 90,000. Showing your calculations clearly, pass necessary Journal Entry for the treatment of goodwill on C's retirement.

$\begin{array}{ccc}Particulars& 31-3-2011& 31-3-2012\\ \text{Revenue from Operations}& \text{10,00,000}& \text{15,00,000}\\ \text{Expenses}& \text{6,00,000}& \text{10,50,000}\\ \text{Other Income}& \text{2,00,000}& \text{1,80,000}\\ \text{Income Tax}& 50\%& 50\%\end{array}$

What is the journal entry for recording increasing in value of assets

________________ either increases assets or reduces liability.

Income and expenditure account reveals :

Operating Cycle and the expected period of realisation of trade receivables is given below. How will you classify the asset ?

$\begin{array}{cccccccc}\text{Particulars}& \text{(i)}& \text{(ii)}& \text{(iii)}& \text{(iv)}& \text{(v)}& \text{(vi)}& \text{(vii)}\\ \text{Operating Cycle (Months)}& 9& 17& 10& 10& 14& 24& 10\\ \text{Expected realisation period of Trade}& 8& 15& 11& 15& 16& 20& 12\\ \text{Receivables (Months)}& & & & & & & \end{array}$

Refer the data in the table below:

$\begin{array}{ccc}\text{Particulars}& 2004-05& 2005-06\\ \text{Shareholders' funds}& 10,00,000& 10,00,000\\ \text{Trade payables}& 2,40,000& 1,80,000\\ \text{Short term debt}& 8,00,000& 6,00,000\\ \text{Long term debt}& 9,02,000& 7,74,000\\ & 29,42,000& 25,54,000\\ \text{Fixed Assets}& 26,20,000& 22,50,000\\ \text{Trade Receivables}& 2,50,000& 2,75,000\\ \text{Cash}& 72,000& 29,000\\ & 29,42,000& 25,54,000\end{array}$

Calculate the absolute change in trade payables.

What is the journal entry we pass for investing money in debenture redemption fund?

Fill in the missing figures :
$\begin{array}{cccccc}\text{Date}& \text{Particulars}& & \text{L.F.}& \text{Debit}& \text{Credit}\\ & & & & \text{(Rs)}& \text{(Rs)}\\ & \text{Sundry Assets A/c}& \text{Dr.}& & ............& \\ & \text{To Vendor A/c}& & & & ...........\\ & \underset{–}{\text{(Being business is taken over by X Ltd)}}& & & & \\ & \text{Vendor A/c}& \text{Dr.}& & ............& \\ & \text{To Equity Share Capital A/c}& & & & ............\\ & \text{To Securities Premium Reserve A/c}& & & & ............\\ & \text{(Being purhase consideration on Rs 2,00,000 is settled by}& & & & \\ & \text{issuing equity shares of Rs 10 each at a premium of}25\%)& & & & \end{array}$

Selling an item of ₹ 56 is as much as the percentage as much as its cost price. What is the cost price of the item.