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This section includes InterviewSolutions, each offering curated multiple-choice questions to sharpen your Class 12 knowledge and support exam preparation. Choose a topic below to get started.
| 51. |
X Y and Zare partnersin afirmsharingprofits and lossesin theratio of 5:3,2 their fixed capitalswere Rs. 3,00,000 Rs. 2,00,000 and1,00,000respectively for the yearended31st March2019 interestoncapitalwascredited to them @ 10% p.a insteadof 8%p.aShowingyourworking notesclearly passneecessary adjusment journalenttry . |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XII_V01_C02_S01_041_S01.png" width="80%"/><br/>Lowrateof <a href="https://interviewquestions.tuteehub.com/tag/intereston-2132068" style="font-weight:bold;" target="_blank" title="Click to know more about INTERESTON">INTERESTON</a> capitalwillincrease theprofit of the firmby <a href="https://interviewquestions.tuteehub.com/tag/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a>. 12,000-Rs.48,000) whichis divisibleamong <a href="https://interviewquestions.tuteehub.com/tag/partners-1148238" style="font-weight:bold;" target="_blank" title="Click to know more about PARTNERS">PARTNERS</a> .</body></html> | |
| 52. |
X, Y and Z are partners in a firm sharing profits and losses as 5:4:3. Their Balance Sheet as at 31st March, 2019 was : From 1st April, 2019, they agree to alter their profit-sharing ratio as 4:3:2. It is also decided that : (a) Furniture be taken at 80% of its value. (b) Stock be appreciated by 20 %. (c) Plant and Machinery be valued at ₹ 4,00,000. (d) Outstandig Expenses be increased by ₹ 13,000. Partners agreed that altered values are not to be recorded in the books and they also do not want to distribute the General Reserve. You are required to pass a single Journal entry to give effect to the above. Also, prepare Balance Sheet of the new firm. |
| Answer» <html><body><p><br/></p>Answer :Gain (Profit) on Revaluation- ₹ 15,000; Adjustmentfor Revaluationand General <a href="https://interviewquestions.tuteehub.com/tag/reserve-1186088" style="font-weight:bold;" target="_blank" title="Click to know more about RESERVE">RESERVE</a>: <a href="https://interviewquestions.tuteehub.com/tag/dr-959219" style="font-weight:bold;" target="_blank" title="Click to know more about DR">DR</a>. <a href="https://interviewquestions.tuteehub.com/tag/x-746616" style="font-weight:bold;" target="_blank" title="Click to know more about X">X</a>'s CapitalA/c andCr. Z's CapitalA/c - ₹ 2,50,000; Balance SheetTotal - ₹ 10,30,000.</body></html> | |
| 53. |
X Ltd. with a nominal capital of Rs. 50,00,000 in equity shares of Rs. 10 each, issued 2,00,000 shares payable Rs. 2.50 per share on application, Rs. 2.50 per share on allotment and Rs. 5 per share on first and final call three months later. All moneys payable on allotment were duly received but one shareholder failed to pay the amount due on allotment on his 2,500 shares, while another shareholder who held 2,000 shares paid for the shares and final call also. Make the necessary Journal entries in the company's books to record the above transactions upto allotment of shares and show the company's Balance Sheet. |
| Answer» <html><body><p></p>Solution :Cash at <a href="https://interviewquestions.tuteehub.com/tag/bank-13461" style="font-weight:bold;" target="_blank" title="Click to know more about BANK">BANK</a> Rs. 10,03,750, Cash received on allotmetn Rs. 5,03,750 (Rs. 5,00,000 - Rs. 6,250 + Rs. 10,000). <a href="https://interviewquestions.tuteehub.com/tag/balance-891682" style="font-weight:bold;" target="_blank" title="Click to know more about BALANCE">BALANCE</a> <a href="https://interviewquestions.tuteehub.com/tag/sheet-641829" style="font-weight:bold;" target="_blank" title="Click to know more about SHEET">SHEET</a> Total Rs. 10,03,750.</body></html> | |
| 54. |
X Ltd.wants to redeem 5,000, 5% Debentures of Rs. 100 each at 5% premium. How much amount it must transfer to Debenture Redemption Reserve, if it has already a balance of Rs. 1,00,000 in Debenture Redemption Reserve Account? |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a>. 4,00,000<br/>Rs. 1,50,000<br/>Rs. 2,00,000<br/>Rs. 25,000</p>Answer :<a href="https://interviewquestions.tuteehub.com/tag/b-387190" style="font-weight:bold;" target="_blank" title="Click to know more about B">B</a></body></html> | |
| 55. |
X ltd. Purchased a running business from G Ltd. for a sum of Rs. 18,00,000 payable by issue of equity shares of Rs. 100 each at a premium of Rs. 20 per share. The assets and liabilities consisted of thefollowing: Plant - 3,50,000, Land - Rs. 6,00,000, Stock - Rs. 4,50,000 and Creditors - Rs. 1,00,000. Pass necessary Journal entries in thebooks of X Ltd. for theabove transactions. |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XII_V02_PA_E01_091_S01.png" width="80%"/> <br/> <a href="https://interviewquestions.tuteehub.com/tag/note-1125278" style="font-weight:bold;" target="_blank" title="Click to know more about NOTE">NOTE</a>: No. of Equity Shares shares to be <a href="https://interviewquestions.tuteehub.com/tag/issued-2752319" style="font-weight:bold;" target="_blank" title="Click to know more about ISSUED">ISSUED</a> = Rs. 18,00,000/Rs. 120 = 15,000 shares.</body></html> | |
| 56. |
X Ltd. purchased furniture of Rs. 10,00,000 from Y Ltd.and paid 20% of the amount by accepting a bill of exchange in favour of Y Led. The remaining amount was paid by issuing equity shares of Rs. 100 each at a premium of 25% to Y Led. Showing your working notes clearly, passnecessary Journal entries for the above transactions in the books of X Ltd. |
| Answer» <html><body><p></p>Solution :(i) Dr. Furniture A/c and Cr. Y Ltd. By Rs. 10,00,000. <br/> (<a href="https://interviewquestions.tuteehub.com/tag/ii-1036832" style="font-weight:bold;" target="_blank" title="Click to know more about II">II</a>) Dr. Y Ltd. - Rs. 10,00,000, <br/> Cr. Bills Payable A/c - Rs. 2,00,000, Equity Share Capital A/c - Rs. 6,40,000 and Securities <a href="https://interviewquestions.tuteehub.com/tag/premium-2555" style="font-weight:bold;" target="_blank" title="Click to know more about PREMIUM">PREMIUM</a> Reserve A/c - Rs. 1,60,000. <br/> <a href="https://interviewquestions.tuteehub.com/tag/note-1125278" style="font-weight:bold;" target="_blank" title="Click to know more about NOTE">NOTE</a>: No. of Equity Shares to be Issued = (Purchase Price- Payment through Bill of Exchange) `<a href="https://interviewquestions.tuteehub.com/tag/div-432075" style="font-weight:bold;" target="_blank" title="Click to know more about DIV">DIV</a>` Issue Price<br/> = (Rs. 10,00,000 - Rs. 2,00,000)` div` Rs. 125 = 6,400 shares.</body></html> | |
| 57. |
X Ltd. Issued Rs.80,00,000, 8% debentures of Rs.100 each on 1st April, 2007. The terms of issue stated that the debentures were to be redeemed at a premium of 5% on 30th June, 2015. The company decided to transfer out of profits Rs.10,00,000 to Debenture Redemption Reserve on 31st March, 2014 and Rs.10,00,000 and 31st March, 2015. Pass the necessary Journal entries regarding the issue and redemption of debentures, without providing for either the interest or loss on issue of debentures. |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<a href="https://interviewquestions.tuteehub.com/tag/drr-2045062" style="font-weight:bold;" target="_blank" title="Click to know more about DRR">DRR</a> <a href="https://interviewquestions.tuteehub.com/tag/transferred-2310410" style="font-weight:bold;" target="_blank" title="Click to know more about TRANSFERRED">TRANSFERRED</a> to <a href="https://interviewquestions.tuteehub.com/tag/general-471730" style="font-weight:bold;" target="_blank" title="Click to know more about GENERAL">GENERAL</a> <a href="https://interviewquestions.tuteehub.com/tag/reserve-1186088" style="font-weight:bold;" target="_blank" title="Click to know more about RESERVE">RESERVE</a> Rs.20,00,000, Debenture Redemption InvestmentRs.12,00,000.</body></html> | |
| 58. |
X Ltd. Purchased a buildingfor .Rs 60,00,000 payable as 20 % in Cash and balance by allotment of 8% debentures of .Rs 500 each at a premium of 20% Number of debentures issued will be : |
| Answer» <html><body><p>`9,600`<br/>`8,000`<br/>`12,000`<br/>`10,000`</p><a href="https://interviewquestions.tuteehub.com/tag/answer-15557" style="font-weight:bold;" target="_blank" title="Click to know more about ANSWER">ANSWER</a> :<a href="https://interviewquestions.tuteehub.com/tag/b-387190" style="font-weight:bold;" target="_blank" title="Click to know more about B">B</a></body></html> | |
| 59. |
X Ltd. Wants to redeem 5,000, 5% Debentures of Rs.100 each at 5% premium. How much amount it must transfer to Debenture Redemption Reserve, if it has already a balance of Rs.1,00,000 in Debenture Redemption Reserve Account? |
| Answer» <html><body><p>Rs.4,00,000<br/>Rs.25,000<br/>Rs.2,00,000<br/>Rs.2,50,000</p>Answer :<a href="https://interviewquestions.tuteehub.com/tag/b-387190" style="font-weight:bold;" target="_blank" title="Click to know more about B">B</a></body></html> | |
| 60. |
X Ltd. issued for Public subscription 1,00,000 equity shares of Rs. 10 each at a premium of Rs. 5 per share payable as under : {:("On Application","Rs. 5"),("On Allotment","Rs. 7 (including premium Rs. 5)"),("On First &Final Call","Rs. 3"):} Applications were received for 1,50,000 shares. Allotment was made pro-rata to all the applicants and the money overpaid on application was utilised towards sums due on allotment. Suruchi, who applied for 1,800 shares failed to pay the allotment and call money and the shares were subsequently forfeited. Two - third of the forfeited shares were re-issued to Supriya as fully paid up at Rs. 8 per share. Show the journal entries to record the above transactions. |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/ACC_XII_02_C07_SLV_079_S01.png" width="80%"/> <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/ACC_XII_02_C07_SLV_079_S02.png" width="80%"/> <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/ACC_XII_02_C07_SLV_079_S03.png" width="80%"/></body></html> | |
| 61. |
X Ltd., issued 50,000 shares of Rs. 10 each at a premium of Rs. 2 per share payable as follows : Rs. 3 on Application Rs. 6 on Allotment (including premium) and Rs. 3 on call. Applications were received for 75,000 shares and pro-rata allotment was made as follows : To the applicants of 40,000 shares, 30,000 shares were issued and for the rest 20,000 shares were issued. All moneys due were received except the allotment and call money from Ram who had applied for 1,200 shares (out of the group of 40,000 shares). All his shares were forfeited. The forfeited shares were re-issued Rs. 7 per share fully paid-up.Pass necessary journal entries for the above transactions. |
| Answer» <html><body><p></p>Solution :Amount <a href="https://interviewquestions.tuteehub.com/tag/received-1179289" style="font-weight:bold;" target="_blank" title="Click to know more about RECEIVED">RECEIVED</a> on allotment Rs. 2,20,500, Amount received on first & final call Rs. 1,47,300, Amount transferred to Capital Reserve Rs. <a href="https://interviewquestions.tuteehub.com/tag/900-341675" style="font-weight:bold;" target="_blank" title="Click to know more about 900">900</a>.<br/> <a href="https://interviewquestions.tuteehub.com/tag/hint-486738" style="font-weight:bold;" target="_blank" title="Click to know more about HINT">HINT</a> : Scheme of Allotment : <br/> `{:(,"<a href="https://interviewquestions.tuteehub.com/tag/applied-380664" style="font-weight:bold;" target="_blank" title="Click to know more about APPLIED">APPLIED</a>","Allotted"),(,"40,000Shares","30,000Shares"),("Remaining",ul("35,000") "Shares",ul("20,000") "Shares"),(,ul("75,000"),ul("50,000")):}`</body></html> | |
| 62. |
X Ltd., issued 40,000 Equity Shares of Rs. 10 each at a premium of Rs. 2.50 per share. The amount was payable as follows : {:("On Application","Rs. 2 per share"),("On Allotment","Rs. 4.50 per share (including premium)"),("On Call","Rs. 6 per share"):} Owing to heavy subscription the allotment was made on pro-rata baiss as follows : (a) Applicants for 20,000 shares were allotted 10,000 shares. (b) Applicants for 56,000 shares were allotted 14,000 shares. (c ) Applicants for 48,000 shares were allotted 16,000 shares. It was decided that excess amount received on applications would be utilized on allotment and the surplus would be refunded. Ram, to whom 1,000 shares were allotted, who belong to catogry (a), gailed to pay allotment money. His shares were forfeited after the call.Pass the necessary Journal entries in the books of X Ltd. for the above transactions. |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<a href="https://interviewquestions.tuteehub.com/tag/amount-374803" style="font-weight:bold;" target="_blank" title="Click to know more about AMOUNT">AMOUNT</a> received on allotment Rs. 30,500, Amount received on <a href="https://interviewquestions.tuteehub.com/tag/first-461760" style="font-weight:bold;" target="_blank" title="Click to know more about FIRST">FIRST</a> & Final Call Rs. 2,34,000, Forfeited Shares <a href="https://interviewquestions.tuteehub.com/tag/account-25640" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNT">ACCOUNT</a> Rs. 4,000.</body></html> | |
| 63. |
X Ltd. invited applied for issuing 75,000 equity shares of Rs. 10 each at a premium of Rs. 5 per share. The amount was payable as follows : On application and allotment - Rs. 9 per share (including premium) On first and fina lcall - the balance amount. Applications for 3,00,000 shares were received. Applications for 2,00,000 shares were rejected and money refunded. Shares were allotted on pro-rata basis to the remaining applicants. The first and final call was made. The amount was duly received except on 1,500 shares applied by Ravi. His share were forfeited. The forfeited shares were re-issued at a discount of Rs. 4 per share. Excess application and allotment money can be utilised for calls. Pass necessary journal entries for the above transactions in the books of X Ltd. |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :Amount <a href="https://interviewquestions.tuteehub.com/tag/received-1179289" style="font-weight:bold;" target="_blank" title="Click to know more about RECEIVED">RECEIVED</a> on First and Final Call <a href="https://interviewquestions.tuteehub.com/tag/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a>. 2,21,625, Capital <a href="https://interviewquestions.tuteehub.com/tag/reserve-1186088" style="font-weight:bold;" target="_blank" title="Click to know more about RESERVE">RESERVE</a> Rs. 3,375. <br/> Hint : Securities Premium Reserve A/c will not be <a href="https://interviewquestions.tuteehub.com/tag/debited-2043748" style="font-weight:bold;" target="_blank" title="Click to know more about DEBITED">DEBITED</a> at the time of forfeiture of shares.</body></html> | |
| 64. |
X Ltd., invited applications for the issue of 10,00,000 equity shares of Rs. 10 each payable as follows : {:("On application and allotment","Rs. 3 per share"),("On first call","Rs. 4 per share"),("On second and final call","Rs. 3 per share"):} Applications for 15,00,000 shares were received and pro-rata allotment was made to all the applicants. Excess application money was adjusted on the sums due on first call. When the first call was made one shareholder who had applied for 15,000 shares did not pay the first call money.Pass necessary journal entries in the books of the company. |
| Answer» <html><body><p></p>Solution :Net amount received on Ist <a href="https://interviewquestions.tuteehub.com/tag/call-412416" style="font-weight:bold;" target="_blank" title="Click to know more about CALL">CALL</a> in cash <a href="https://interviewquestions.tuteehub.com/tag/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a>. 24,75,000.</body></html> | |
| 65. |
X Ltd. invited applications for issuing 50,000 equiuty shares of Rs. 10 each. The amount was payable as follows: {:("On Application",,-,,"Rs. 2 per share,"),("On Allotment",,-,,"Rs. 2 per share,"),("On First Call",,-,,"Rs. 3 per share,"),("On Second and Final Call",,-,,"Balance amount."):} Applications for 70,000 shares were received. Applications for 10,000 shares were rejected and the application money was refunded. Shares were allotted to the remaining applicants on a pro rata basis and excess monay received with applications was transferred towards sums due on allotment and calls, if any. Gopal, who applied for 600 shares, paid his entire share money with application. Ghosh, who had applied for 6,000 shares, failed to pay theallotment money and his shares were immediately forfeited. These forfeited. shares were reissued to Sultan for Rs. 20,000, Rs. 4 per share paid-up. The first call money andthesecond andfinal call money was called and duly received. Pass necessary Journal entries for theabove transactions in thebooks of X Ltd. Open Calls-in-Advance Account and Calls-in-Arrears Account wherever necessary. |
| Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/allotment-373154" style="font-weight:bold;" target="_blank" title="Click to know more about ALLOTMENT">ALLOTMENT</a> money due but not paid by Ghosh: Rs. 8,000.<br/> Gain on reissue of forfeited shares transferred to <a href="https://interviewquestions.tuteehub.com/tag/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a> <a href="https://interviewquestions.tuteehub.com/tag/reserve-1186088" style="font-weight:bold;" target="_blank" title="Click to know more about RESERVE">RESERVE</a>: Rs. 12,000. <br/> <a href="https://interviewquestions.tuteehub.com/tag/journal-1062252" style="font-weight:bold;" target="_blank" title="Click to know more about JOURNAL">JOURNAL</a> Entry For Adjustment of Application Money: <br/> Dr. Equity Shares Application A/c: Rs. 1,44,800 <br/> Cr. Equity Share Capital A/c (50,000`xx`Rs. 2): Rs. 1,00,000 <br/> Equity Shares Allotment A/c [Rs. 19,800 + (500`xx` Rs. 2)]: Rs. 20,800 <br/> Bank A/c: Rs. 21,000 and Calls-in-Advance A/c: Rs. 3,000.]</body></html> | |
| 66. |
X Ltd., invited applications for issuing 80,000 equity shares of Rs. 10 each at a premium of Rs. 2 share. The amount wass payable as follows : On application Rs. 6 (including premium) per share. On allotment Rs. 3 per share. Balance of first and final call. Applications for 90,000 shares were received. Applications for 5,000 shares were rejected and pro-rata allotment was made to the remaining applications. Over payaments received on application was adjusted towards sums due on allotment. All calls were allotted to Vijay. These shares were forfeited and the forfeited shares were re-issued for Rs. 18,400 fully paid up. Pass necessary journal entries in the books of the company. |
| Answer» <html><body><p></p>Solution :Amount received on allotment <a href="https://interviewquestions.tuteehub.com/tag/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a>. 2,05,800, <a href="https://interviewquestions.tuteehub.com/tag/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a> <a href="https://interviewquestions.tuteehub.com/tag/reserve-1186088" style="font-weight:bold;" target="_blank" title="Click to know more about RESERVE">RESERVE</a> Rs. 7,000. <br/> Hint : <a href="https://interviewquestions.tuteehub.com/tag/securities-1198959" style="font-weight:bold;" target="_blank" title="Click to know more about SECURITIES">SECURITIES</a> Premium Reserve will not be debited at the time of forfeiture of shares.</body></html> | |
| 67. |
X Ltd. invited applications for issuing 5,00,000 equity shares of Rs. 10 each at per.The amount per share was payable as follows: {:("On Application",-,"Rs.1 per share,"),("On Allotment",-,"Rs. 2 per share,"),("On First call",-,"Rs.3 per share,"),("On Second and Final call",-,"Balance."):} Applications for 8,00,000 shares were received. Applications for 1,00,000 shares were rejected and pro rata allotment was made to the remaining applicants. Excess money received with applications was adjusted sums due on allotment. All calls were made. Ashok, a shareholder holding 5,000 shares, failed to pay the allotment and the call money. Mohan, a shareholder who had applied for 7,000 shares, failed to pay the first and second and final call. Shares of Ashok and Mohan were forfeited after the second and final call. Of the forfeited shares 8,000 shares were reissued at Rs. 12 per share fully paid-up . The reissued shares included all the forfeited shares of Ashok. Pass necessary Journal entries for theabove transactions in the books of X Ltd. |
| Answer» <html><body><p></p>Solution :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XII_V02_PA_E01_136_S01.png" width="80%"/> <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XII_V02_PA_E01_136_S02.png" width="80%"/><br/> 1. Calculation of allotment money not paid by Ashok: <br/> `{:((i),"Total No. of shares applied by Ashok = 7,00,000/5,000=7,000 shares.",Rs.),((ii),"Application money received on shares applied (7,000"xx"Rs.1)","7,000"),((iii),"Excess Application money adjusted on allotment[Rs. 7,000-(5,000"xx"Rs.1)]","2,000"),((iv),"Allotment money due on shares allotted(5,000"xx"Rs. 2)","10,000"),((v),"Allotment money due but not paid by Ashok (Rs.10,000 - Rs.2,000)","8,000"):}` <br/>`{:(" 2. Calculation of allotment money received later:",,""Rs.,,""Rs.),("Total allotment money due (5,00,000"xx"Rs.2)",,,,"10,00,000"),("Less: (a) Excess application money to be adjusted on allotment",,"2,00,000",,),("(<a href="https://interviewquestions.tuteehub.com/tag/b-387190" style="font-weight:bold;" target="_blank" title="Click to know more about B">B</a>) Not received from Ashok(WN 1)",,<a href="https://interviewquestions.tuteehub.com/tag/ul-1435627" style="font-weight:bold;" target="_blank" title="Click to know more about UL">UL</a>(8,000),,ul(2,08,000)),(,,,,ul(ul(7,92,000))):}` <br/>`{:(" 3. Calculation of <a href="https://interviewquestions.tuteehub.com/tag/gain-469945" style="font-weight:bold;" target="_blank" title="Click to know more about GAIN">GAIN</a> (Profit) on <a href="https://interviewquestions.tuteehub.com/tag/reissue-1182995" style="font-weight:bold;" target="_blank" title="Click to know more about REISSUE">REISSUE</a> to be transferred to Capital Reserve:",,Rs.),("Amount <a href="https://interviewquestions.tuteehub.com/tag/forfeited-7681535" style="font-weight:bold;" target="_blank" title="Click to know more about FORFEITED">FORFEITED</a> on Ashok's 5,000 shares",,"7,000"),("Amount forfeitedon Mohan's 3,000 shares (Rs.15,000"xx"3,000/5,000)",,"9,000"),("Gain (Profit)on reissue to be transferred to Capital Reserve",,bar(ul(ul(16,000)))),(,,):}`</body></html> | |
| 68. |
X Ltd. invited applications for issuing 50,000 equity shares of Rs. 10 each. The amount was payable as follows: {:("On Application","Rs. 2 per share"),("On Allotment","Rs. 2 per share"),("On First Call","Rs. 3 per share"),("On Second and Final Call","Balance Amount"):} Applications for 70,000 shares were received. Applications for 10,000 shares were rejected and the application money was refunded. Shares were allotted to the remaining applicants on a pro-rata basis and excess money received with applications was transfered towards sums due on allotment and calls, if any. Gopal, who applied for 600 shares, paid his entire share money with application. Ghosh, who had applied for 6,000 shares, failed to pay the allotment money and his shares were immediately forfeited. These forfeited shares were re-issued to Sultan for Rs. 20,000, Rs. 4 per share paidup. The first call money and the second and final call money was called and duly received. Pass necessary journal entries for the above transactions in the books of X Ltd. Open Calls-in-Advance Account and Calls-in-Arrears Account wherever necessary. |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/ACC_XII_02_C07_SLV_077_S01.png" width="80%"/> <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/ACC_XII_02_C07_SLV_077_S02.png" width="80%"/></body></html> | |
| 69. |
X Ltd., invited applications for issuing 5,00,000 equity shares of Rs. 10 each at par. The amount per share was payable as follows : On Application Rs. 1 per share On Allotment Rs. 2 per share On First call Rs. 3 per share On Second and Final Call - Balance. Applications for 8,00,000 shares were received. Applications for 1,00,000 shares were rejected and pro-rata allotment was made to the remaining applicants. Excess money received with applications was adjusted towards sumsdue on allotment. All calls were made. Ashok, a shareholder holding 5,000 shares failed to pay the allotment and the call money. Mohan, a shareholder who had applied for 7,000 shares, failed to pay the first and second and final call. Shares of Ashok and Mohan were forfeited after the second and final call. Of the forfeited shares 8,000 shares were re-issued at Rs. 12 per share fully paid up. The re-issued shares included all the forfeited shares of Ashok. Pass necessary journal entries for the above transactions in the books of X Ltd. |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<a href="https://interviewquestions.tuteehub.com/tag/amount-374803" style="font-weight:bold;" target="_blank" title="Click to know more about AMOUNT">AMOUNT</a> received on <a href="https://interviewquestions.tuteehub.com/tag/allotment-373154" style="font-weight:bold;" target="_blank" title="Click to know more about ALLOTMENT">ALLOTMENT</a> <a href="https://interviewquestions.tuteehub.com/tag/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a>. 7,92,000, Capital Reserve Rs. 16,000.</body></html> | |
| 70. |
X Ltd. invited applications for 50,000 shares of Rs. 10 each at 10% premium, payable as Rs. 3 on application, Rs. 3 on allotment and balance amount on first and final call. Applications were received for 1,20,000 shares and shares were allotted on pro-rata basis. The excess money received on application was to be adjusted against allotment only. A shareholder who applied for 6,000 shares, could not pay the call money and his shares were accordingly forfeited. Pass necessary journal entries. |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/ACC_XII_02_C07_SLV_071_S01.png" width="80%"/> <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/ACC_XII_02_C07_SLV_071_S02.png" width="80%"/></body></html> | |
| 71. |
X Ltd.' invited applications for issuing 10,000 Equity Shares of Rs. 100 each at a premium of Rs. 100 per share. The amount was payable as follows: {:("On application and allotment", - ,"Rs. 100 per share (including Rs. 50 premium)"),( "On first and final call", -, " The balance."):}The issue was fully subscribed. A shareholder holding 500 shares paid thefullshare money with application. Another shareholder holding 200 shares failed to paythe first and final call money. His shares were forfeited. The forfeited shares were reissued for Rs. 19,000 as fully paid-up. Pass necessary Journal entries for the above transactions in the books of thecompany. |
| Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/amount-374803" style="font-weight:bold;" target="_blank" title="Click to know more about AMOUNT">AMOUNT</a> <a href="https://interviewquestions.tuteehub.com/tag/transferred-2310410" style="font-weight:bold;" target="_blank" title="Click to know more about TRANSFERRED">TRANSFERRED</a> to <a href="https://interviewquestions.tuteehub.com/tag/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a> <a href="https://interviewquestions.tuteehub.com/tag/reserve-1186088" style="font-weight:bold;" target="_blank" title="Click to know more about RESERVE">RESERVE</a> <a href="https://interviewquestions.tuteehub.com/tag/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a>. 9,000.</body></html> | |
| 72. |
X Ltd., invited applications for 50,000 Equity Shares of Rs. 10 each, payable Rs. 3.50 on application, Rs. 5 on allotment (including premium Rs. 2.50), and Rs. 4 on first and final call. The company received applications for 65,000 shares. It was decided : (a) to refuse allotment to the applicants for 5,000 shares, (b) to allot in full to the applicants for 20,000 shares, (c ) to allot balance of the available shares pro-rata among the other applicants, and (d) to utilise the excess application money in part payament of allotment money. All the money due was received except from one applicant to whom shares had been allotted on pro-rata basis. He failed to pay allotment and call money and his 300 shares were forfeited. These shares were re-issued at Rs. 9 as fully paid. Give journal entries to record the above transactions in the books of the company. |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<a href="https://interviewquestions.tuteehub.com/tag/cash-910172" style="font-weight:bold;" target="_blank" title="Click to know more about CASH">CASH</a> received on Allotment <a href="https://interviewquestions.tuteehub.com/tag/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a>. 2,13,850, Balance of <a href="https://interviewquestions.tuteehub.com/tag/share-25805" style="font-weight:bold;" target="_blank" title="Click to know more about SHARE">SHARE</a> Forfeiture A/c transferred to Capital Reserve Rs. 1,400 - Rs. 300 = Rs. 1,100.</body></html> | |
| 73. |
X Ltd. invited applications for 4,00,000 shares of Rs. 10 each. The shares were issued at a premium of Rs. 7 per share. The amount was payable as follows : {:("On Application & Allotment",:,"Rs. 9 per share (including premium Rs. 4)"),("On First & Final Call",:,"The balance amount (including premium)"):} Applications were received for 5,70,000 shares and the allotment was made as under : {:("(i)To applicants for 3,50,000 shares",:,"2,50,000 shares on pro-rata basis"),("(ii)To applicants for 2,00,000 shares",:,"1,50,000 shares on paro-rata basis"),("(iii)To applicants for 20,000 shares",:,"NIL"):} Excess application and allotment money colud be utilized for calls. A, who belonged to the first category and was allotted 500 shares, failed to pay the first call money. B, who belonged to the second category and was allotted 300 shares also failed to pay the first call money. Their shares were forfeited and were re-issued @ Rs. 15 per share fully paid-up. Pass necessary Cash-Book and Journal entries. |
| Answer» <html><body><p></p>Solution :Cash received on first call Rs. 18,46,300, <a href="https://interviewquestions.tuteehub.com/tag/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a> Reserve Rs. 6,700, Cash at Bank Rs. 68,08,300. <br/> Note. It has been assumed that the entire excess application and <a href="https://interviewquestions.tuteehub.com/tag/allotment-373154" style="font-weight:bold;" target="_blank" title="Click to know more about ALLOTMENT">ALLOTMENT</a> <a href="https://interviewquestions.tuteehub.com/tag/money-25502" style="font-weight:bold;" target="_blank" title="Click to know more about MONEY">MONEY</a> is exclusively for share capital and hence 'Securities Premium Reserve Account' has been <a href="https://interviewquestions.tuteehub.com/tag/debited-2043748" style="font-weight:bold;" target="_blank" title="Click to know more about DEBITED">DEBITED</a> in the entry for forfeiture.</body></html> | |
| 74. |
X Ltd. invited applications for 40,000 shares of Rs. 10 each at 5% premium, payable as Rs. 3 on application, Rs. 3.50 on allotment (includin premium) and balance on first and final call. Applications were received on application was to be adjusted against allotment only. A shareholder who applied for 4,500 shares, could not pay the call money and his shares were accordingly forfeited. Pass necesary journal entries and show the items in company's Balance Sheet. |
| Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/amount-374803" style="font-weight:bold;" target="_blank" title="Click to know more about AMOUNT">AMOUNT</a> <a href="https://interviewquestions.tuteehub.com/tag/credited-7316860" style="font-weight:bold;" target="_blank" title="Click to know more about CREDITED">CREDITED</a> to <a href="https://interviewquestions.tuteehub.com/tag/share-25805" style="font-weight:bold;" target="_blank" title="Click to know more about SHARE">SHARE</a> Forfeiture <a href="https://interviewquestions.tuteehub.com/tag/account-25640" style="font-weight:bold;" target="_blank" title="Click to know more about ACCOUNT">ACCOUNT</a> on forfeiture of shares Rs. 12,000.</body></html> | |
| 75. |
X Ltd. has Rs. 8,00,000, 9% Debentures due to be redeemed out of profits on 1st October, 2015 at a premium of 5%. The company had a Debenture Redemption Reserve of Rs. 4,14,000. Pass necessary Journal entries at the time of redemption. |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XII_V02_PA_E01_158_S01.png" width="80%"/></body></html> | |
| 76. |
X Ltd. invited applications for 1,000, 9% Debentures of Rs. 100 each at a discount of 6%. Applications for 1,200 debentures were received.Pro rata allotment was made to all theapplicants. Pass necessary Journal entries for the issue of debentures assuming that whole amount was payable with applications. |
| Answer» <html><body><p></p>Solution :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XII_V02_PA_E01_143_S01.png" width="80%"/> <br/> <a href="https://interviewquestions.tuteehub.com/tag/note-1125278" style="font-weight:bold;" target="_blank" title="Click to know more about NOTE">NOTE</a>: Question requires entires for <a href="https://interviewquestions.tuteehub.com/tag/issue-1052603" style="font-weight:bold;" target="_blank" title="Click to know more about ISSUE">ISSUE</a> of Debenturs. Thus, <a href="https://interviewquestions.tuteehub.com/tag/entry-972873" style="font-weight:bold;" target="_blank" title="Click to know more about ENTRY">ENTRY</a> for writing off Discount on Issue of Debentures is not passed.</body></html> | |
| 77. |
X Ltd., had issued Rs.8,00,000, 9% debentures which are due to be redeemed out of profits on 1st Oct. 2015 at a premium of 5%. The company had a Debenture Redemption Reserve of Rs.4,14,000. The Company invested the required amount in fixed deposit in a Bank on 30th April, 2015 earning interest at 10% p.a. Pass necessary journal entries for the redemption of debentures. |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :Amount transferred to Debenture Redemption Reserve RS.3,86,000 on <a href="https://interviewquestions.tuteehub.com/tag/31st-307147" style="font-weight:bold;" target="_blank" title="Click to know more about 31ST">31ST</a> <a href="https://interviewquestions.tuteehub.com/tag/march-554922" style="font-weight:bold;" target="_blank" title="Click to know more about MARCH">MARCH</a>, <a href="https://interviewquestions.tuteehub.com/tag/2015-291056" style="font-weight:bold;" target="_blank" title="Click to know more about 2015">2015</a>. Debenture Redemption Investment Rs.1,20,000 on 30th April, 2015, <a href="https://interviewquestions.tuteehub.com/tag/interest-13407" style="font-weight:bold;" target="_blank" title="Click to know more about INTEREST">INTEREST</a> received for five months Rs.5,000. <br/>Since the debentures are to be redeemed fully out of profits, debenture redemption reserve will be created with an amount equal to 100% of debentures redeemed.</body></html> | |
| 78. |
X Ltd. Has a Current Ratio of 3 : 1 and Quick Ratio of 2 : 1. If the excess of current assets over quick assets as represented by stock is Rs. 40,000, calculate current assets and current liabilities. |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<a href="https://interviewquestions.tuteehub.com/tag/current-940804" style="font-weight:bold;" target="_blank" title="Click to know more about CURRENT">CURRENT</a> <a href="https://interviewquestions.tuteehub.com/tag/assets-885948" style="font-weight:bold;" target="_blank" title="Click to know more about ASSETS">ASSETS</a> = <a href="https://interviewquestions.tuteehub.com/tag/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a>. 1,20,000, Current <a href="https://interviewquestions.tuteehub.com/tag/liabilities-1072887" style="font-weight:bold;" target="_blank" title="Click to know more about LIABILITIES">LIABILITIES</a>= Rs. 40,000.</body></html> | |
| 79. |
X Ltd. Had issued Rs.10,00,000, 9% debentures which are due to be redeemed out of profits on 1st October 2018 at a premium of 5%. The company had a Debenture Redemption Reserve of Rs.4,14,000. It was decided to invest the required amount in Debenture Redemption Investment. Pass necessary journal entries for the redemption of debentures. |
| Answer» <html><body><p></p>Solution :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/ACC_XII_02_C09_SLV_008_S01.png" width="80%"/><br/>Notes : (1) <a href="https://interviewquestions.tuteehub.com/tag/since-644476" style="font-weight:bold;" target="_blank" title="Click to know more about SINCE">SINCE</a> the debentures are to be redeembed purely out of <a href="https://interviewquestions.tuteehub.com/tag/profits-1168748" style="font-weight:bold;" target="_blank" title="Click to know more about PROFITS">PROFITS</a>, an <a href="https://interviewquestions.tuteehub.com/tag/amount-374803" style="font-weight:bold;" target="_blank" title="Click to know more about AMOUNT">AMOUNT</a> equal to 100% of <a href="https://interviewquestions.tuteehub.com/tag/debenture-945411" style="font-weight:bold;" target="_blank" title="Click to know more about DEBENTURE">DEBENTURE</a> redeemed i.e., Rs.10,00,000 is transferred to Debenture Redemption Reserve. If such Reserve is created only with 25%of the total amount of debentures redeemed, it would mean that remaining 75% of the debentures have been redeemed out of <a href="https://interviewquestions.tuteehub.com/tag/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a>.<br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/ACC_XII_02_C09_SLV_008_S02.png" width="80%"/></body></html> | |
| 80. |
X Ltd. Forfeited 2,000 hares of Rs 10 each (which were issued at par) held by Naresh for non-payment of allotment money of Rs 4 per share. The called-up value per share was Rs 9. On forfeiture, the amount debited to Share Capital Account will be |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a> 10,000<br/>Rs 8,000<br/>Rs 2,000<br/>Rs 18,000</p>Answer :D</body></html> | |
| 81. |
X Ltd . Forfeited 2,000 shares of Rs.10 each (which were issued at par) held by naresh for non - payment of allotment money of Rs.4 per share . The called - up value per share was Rs.9. On forfeiture, the amount debited to shares Capital Account will be |
| Answer» <html><body><p>Rs.10,000.<br/>Rs.8,000.<br/>Rs.2,000.<br/>Rs.18,000.</p>Answer :d</body></html> | |
| 82. |
X Ltd. acquired assets of .Rs 20 lakhs and took over creditors of .Rs 20 thousand from Y Ltd. X.Ltd. Issued 8% debentures of .Rs 200 each at a discount of 10% as purchase consideration. Number of debentures issued will be : |
| Answer» <html><body><p>`11,000`<br/>`9,000`<br/>`10,000`<br/>`10,100`</p><a href="https://interviewquestions.tuteehub.com/tag/answer-15557" style="font-weight:bold;" target="_blank" title="Click to know more about ANSWER">ANSWER</a> :A</body></html> | |
| 83. |
X Limited offed to the public 10,000 equity shares of Rs. 10 each at a premium of Rs. 2 per share payable as follows : On application Rs. 3, On allotment (including premium) Rs. 4, On first call Rs. 3 and on second and final call Rs. 2. Applications were received for 15,000 shares. All applications were placed under four categories and allotment was made as follows : {:("Category A : to applicants of 4,000 share","in full"),("Category B : to applicants of 6,000 share","4,000 shares"),("Category C : to applicants of 3,000 shares","2,000 shares"),("Category D : to applications of 2,000 shares","Nil"):} Except in the cases where applications were wholly rejected, excess application money was not to be refunded to be adjusted against moneys due on allotment and calls. A, an applicant under category B to whom 400 shares were allotted failed to pay the allotment money and on his failure to pay the first call his shares were forfeited. B, an applicant under category C to whom 300 shares were allotted failed to pay both the calls and his shares were also forfeited. 500 of the shares thus forfeited were re-issued to C as fully paid for Rs. 8 per share. Show Cash Bok, Journal entries and prepare the Balance Sheet in the books of the company, you are to assume that the whole of the A's shares were issued to C. |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<a href="https://interviewquestions.tuteehub.com/tag/cash-910172" style="font-weight:bold;" target="_blank" title="Click to know more about CASH">CASH</a> <a href="https://interviewquestions.tuteehub.com/tag/received-1179289" style="font-weight:bold;" target="_blank" title="Click to know more about RECEIVED">RECEIVED</a> on allotment Rs. 30,000, Balance of Share Forfeiture A/c Rs. 1,000, Capital Reserve Rs. 1,300, Securities <a href="https://interviewquestions.tuteehub.com/tag/premium-2555" style="font-weight:bold;" target="_blank" title="Click to know more about PREMIUM">PREMIUM</a> Reserve Rs. 19,200, Cash at Bank Rs. 1,19,500, Balance Sheet Total Rs. 1,19,500. <br/> <a href="https://interviewquestions.tuteehub.com/tag/hint-486738" style="font-weight:bold;" target="_blank" title="Click to know more about HINT">HINT</a> : Premium will be debited at the time forfeiture of A's Shares.</body></html> | |
| 84. |
X and Y were partners sharing profits in the ratio of3:2 . Give Journal entries under following situation at the time of dissolution of firm : (i) Workmen Compensation Reserve in the Balance Sheet was ₹ 75,000 and there was no liability towards Workmen Compensation . (ii) Workmen Compensation Reserve was ₹ 60 , 000 and liability was ₹ 75, 000 . (iii) Workmen Compensation Reserve was ₹ 60, 000 and liability was ₹ 75 , 000 . (iv) Workmen Compensation Reserve was ₹60 , 000 and liability was ₹ 60 , 000 . (v) Workmen Compensation Reserve was nil and liability was ₹ 15 , 000 . |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XII_V01_C07_S01_004_S01.png" width="80%"/></body></html> | |
| 85. |
X andYare partner in a firmsharingprofitin theratio of 4:1 theydecidetoadmit Z, theirmaggeras a partner witheffectfrom2atapril, 2018 for 1/8 thsharein profit,Z asa manager ,wasgettingsalaryfo Rs.8,000 per monthandcommissionof5%of thenet profits afterchargingsuch salaryandcommission . As perthetermsof thepartnershipDeedany excess amountwhichZshallbeentitled toreceiveas apartner overthe amountwhichhavebeen dueto himas amanager , would bebornebyX outof hisshareof profit.profitfor theyearended31 st march, 2019Amountedto Rs. 13.56.000beforesalary andcommissionpreparetheprofitand loss approperiationAccountfor thepeiod ending31 st March , 2019 |
| Answer» <html><body><p></p>Solution :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XII_V01_C02_S01_061_S01.png" width="80%"/><br/>workingnote :`{:("distributionof <a href="https://interviewquestions.tuteehub.com/tag/profit-1168589" style="font-weight:bold;" target="_blank" title="Click to know more about PROFIT">PROFIT</a> before admissionof Z as a <a href="https://interviewquestions.tuteehub.com/tag/partners-1148238" style="font-weight:bold;" target="_blank" title="Click to know more about PARTNERS">PARTNERS</a>: ",Rs,Rs),("profitbeforemanger'sSalary and <a href="https://interviewquestions.tuteehub.com/tag/commission-422814" style="font-weight:bold;" target="_blank" title="Click to know more about COMMISSION">COMMISSION</a> ",,13.56.000),("<a href="https://interviewquestions.tuteehub.com/tag/less-1071906" style="font-weight:bold;" target="_blank" title="Click to know more about LESS">LESS</a> :AmountDueto Z asManager:" ,,),("Salary (Rs. 8.000"xx"12)",96.000,),( "Commission[5//105(Rs. 13.56.000-Rs. 96.000]",underline (60.000),1.56.000),( "Net DivisibleProfit ",,underlineunderlineoverline (12.00.000)),( "X'ssharein profit =Rs. 12.00.000"xx"4/5=Rs.9.60.000,and",,),("Y'shasin profit=Rs. 12.00.000 "xx"1/5=Rs.2.40.000",,):}`<br/>As Zhas been <a href="https://interviewquestions.tuteehub.com/tag/admitted-3551253" style="font-weight:bold;" target="_blank" title="Click to know more about ADMITTED">ADMITTED</a> as apartner , heis notentiledto getsalaryof Rs.96,000andcommisionof Rs. 60.000<br/>Instead he willget1 / 8thsharein theprofit=Rs.13.56.000 `xx` 1/8 =RS. 1.69.500 . <br/>thedeficiencyfo Rs.13.500 (i.e., 1.69.500-Rs. 1.69.500-Rs. 1.56.000 ) willbeborneby Xpersonallly .thusFinalsharein profit:<br/>X'sshare=Rs. 9.60.000 -Rs. 13.500 =Rs.9.69.500,Y 's share=Rs. 2,40,000, andZ'sshare =Rs. 1,69,500.</body></html> | |
| 86. |
Xand Ystartedbusinesson 1stApril, 2018 withcapitalsof Rs. 5.00.000 eachasperthepartnershipDeedbthX and yare togetMonthlysalary of Rs. 10.00.000, interestin capitals@ 10%p.aDrawing s duringthe yearwere X- Rs. 60.000 andY- Rs. 1.00.000, intereston srawingbeingcharged @ 10 %p.a Duringthefrimincurred a lossof Rs. 2.00.000. passjournalenterisfor theaboveand prepare profitand lossappropritaionAccount , thefirm losesitsAccoutnson 31st March. everyYear. |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XII_V01_C02_S01_010_S01.png" width="80%"/><br/> 1, in the absenceof datesof drawings, intereston has beencalculatedfor theaverage periodof6 monthsthus . <br/>intereston <a href="https://interviewquestions.tuteehub.com/tag/x-746616" style="font-weight:bold;" target="_blank" title="Click to know more about X">X</a>'S Drawings `=Rs. 60,000xx10//100xx6//12=Rs. 3,000,` <br/> <a href="https://interviewquestions.tuteehub.com/tag/interest-13407" style="font-weight:bold;" target="_blank" title="Click to know more about INTEREST">INTEREST</a> on Y'sDrawings =Rs. 1,00,000xx10//100xx6//12=Rs. 5,000.` <br/> 2. <a href="https://interviewquestions.tuteehub.com/tag/salaryto-1193493" style="font-weight:bold;" target="_blank" title="Click to know more about SALARYTO">SALARYTO</a> partnersandintereston capitals are not allowedbeceusethe firmhas incurredloss .</body></html> | |
| 87. |
XandYshared profits and losses in the ratio of3:2 With effect from 1st April , 2019, they agreed to share profits equally . Goodwill of the firm was valued at Rs. 60,000.The necessary single adjustment entry will be : |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/dr-959219" style="font-weight:bold;" target="_blank" title="Click to know more about DR">DR</a>. <a href="https://interviewquestions.tuteehub.com/tag/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a> A/c and <a href="https://interviewquestions.tuteehub.com/tag/cr-427229" style="font-weight:bold;" target="_blank" title="Click to know more about CR">CR</a>,<a href="https://interviewquestions.tuteehub.com/tag/x-746616" style="font-weight:bold;" target="_blank" title="Click to know more about X">X</a>'s Capital A/c with <a href="https://interviewquestions.tuteehub.com/tag/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a>. 6,000.<br/>Dr. Capital A/c and Cr,X's Capital A/c with Rs. 6,000.<br/>Dr. Capital A/c and Cr,X's Capital A/c with Rs. 600.<br/>Dr. Capital A/c and Cr,X's Capital A/c with Rs. 600</p>Solution :Dr. Capital A/c and Cr,X's Capital A/c with Rs. 6,000.</body></html> | |
| 88. |
Xand Y shared profits and losses in the ratio of 3 :2. With effect from 1st April, 2019 they agre share profits equally. The goodwill of the firm was valued at ₹60,000. The adjustment entry will be : |
| Answer» <html><body><p>Dr.Yand <a href="https://interviewquestions.tuteehub.com/tag/cr-427229" style="font-weight:bold;" target="_blank" title="Click to know more about CR">CR</a>.X with ₹6,000.<br/>Dr.Xand Cr.Ywith ₹600.<br/> Dr.Xand Cr. Y with₹6,000.<br/> Dr.Yand Cr.X with ₹600</p>Answer :A</body></html> | |
| 89. |
X and Y share profits in the ratio of 3:2.Z wad admitted as a partner who sets 1/5 share. New profits sharing ratio, if Z acquires, if Z acquires 3/20 from X and 1/20 from Y would be: |
| Answer» <html><body><p>`9:7:4`<br/>`8:8:4`<br/>`6:10:4`<br/>`10:6:4`</p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :N/A</body></html> | |
| 90. |
X and Yenteredinto partnership on 1st April ,2017theircapitals as on 1st April,2018wereRs. 2,00,000 andRs. 1,50,000 respecttivalyon 1st October,2018X gaveRs, 50,000as loanto thefirmAs per theprovisionsof the partnership Deed : (i )20%of profitbefore chargingintereston drawings butaftermakingappropriationwasto betransferred o general Reserve .(ii)intereston capital at 12% p.a andintereston drawing@10% p.a(iii)X to get monthlysalaryofRs. 5,000and Yto getsalaryfo Rs. 22,500 perquarter . (iv)X is entitledto a commissionof 5%on salessalesforthe yearwereRs. 3,50,000 (v)profitto be sharedin theratioof thiercapitals up to Rs. 1,75,000andbalanceequallyprofitfor theyearended31st March,2019beforeallowingor charginginterestwas Rs.4,61,000thedrawings of Xand YwereRs., 1,00,000and Rs, 1,25,000respectively passthe necessaryjournalenterisrelatingtoappropritaionoutprofit prepareprofit and Lossappropriation Account and thepartners capitals accounts . |
| Answer» <html><body><p><br/></p>Answer :<a href="https://interviewquestions.tuteehub.com/tag/interest-13407" style="font-weight:bold;" target="_blank" title="Click to know more about INTEREST">INTEREST</a> on <a href="https://interviewquestions.tuteehub.com/tag/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a> ;X-<a href="https://interviewquestions.tuteehub.com/tag/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a>. 24,00;Y -Rs, 18.000 salary :X-Rs. 60,000 ;Y -Rs. 90,000 ;commission<br/>x0-Rs. 17,500 ; interest on Drawings s;X-Rs. 5,000 ;Y -Rs. 6,250; share <a href="https://interviewquestions.tuteehub.com/tag/ofprofit-2884887" style="font-weight:bold;" target="_blank" title="Click to know more about OFPROFIT">OFPROFIT</a> ;X-Rs. 1,18,125;<br/> Y- Rs. 93,125 ; Capital Balance ;X-Rs. 3,14,625 ;Y Rs. 2,19,875; intereston X'sLoan;Rs. 1,500 transferto generalreserve-Rs, 50,000.</body></html> | |
| 91. |
X and Yare partnesrs in afirmXisto get commissionof 10 %of net profitbeforecharginganycommissionY is togeta com missionof 10%on netprofitagtercahrgingall commissions .Netprofitfor the yearended31stMarch,2019wasRs. 55.000 Findthecommissionof X and YAlsoshowthedistribution of profit . |
| Answer» <html><body><p><br/> <br/></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :` (##TSG_ACC_XII_V01_C02_S01_014_S01.png" width="80%"> <br/> <a href="https://interviewquestions.tuteehub.com/tag/note-1125278" style="font-weight:bold;" target="_blank" title="Click to know more about NOTE">NOTE</a> :-the abovestated amountof Y'scommissioncan beverifiedAfterchargingcommissionsnetprofitcomesto Rs. 45.000 [i.e.,Rs. 5.500+Rs.4.500)] thereforeY'scommission@ <a href="https://interviewquestions.tuteehub.com/tag/10-261113" style="font-weight:bold;" target="_blank" title="Click to know more about 10">10</a>%of Rs. 45.000.</body></html> | |
| 92. |
X and Yare partnessharingsprofitsin theratioof 3:2 withcapitals of Rs. 8,00,000and Rs. 6,00,000Respectivelyinterestcapital isafreed @5%p.aYis tobeallowedan annualsalaryfo Rs. 6,00,000 whichhasnotbeenwithdrawn , profitfor theyearended 31st March,2019 beforeintereston capital but after chargedchargingY'sSalary amounted to Rs, 2,40,000 A provisionsof 5%of theprofitis bemadein respectof commissionto themagagerprepanean aaccountshowingthe allocation of profits . |
| Answer» <html><body><p><br/></p><a href="https://interviewquestions.tuteehub.com/tag/answer-15557" style="font-weight:bold;" target="_blank" title="Click to know more about ANSWER">ANSWER</a> :<a href="https://interviewquestions.tuteehub.com/tag/shareof-3024177" style="font-weight:bold;" target="_blank" title="Click to know more about SHAREOF">SHAREOF</a> <a href="https://interviewquestions.tuteehub.com/tag/profit-1168589" style="font-weight:bold;" target="_blank" title="Click to know more about PROFIT">PROFIT</a>;X-<a href="https://interviewquestions.tuteehub.com/tag/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a>, 93,000;Y -rS. 62.000</body></html> | |
| 93. |
X and Y are partners. Y wants to admit his son K into business. Can K become the partner of the Firm? Give reason. |
| Answer» <html><body><p></p>Solution :K, cannot <a href="https://interviewquestions.tuteehub.com/tag/become-389953" style="font-weight:bold;" target="_blank" title="Click to know more about BECOME">BECOME</a> th epartner of the <a href="https://interviewquestions.tuteehub.com/tag/firm-989667" style="font-weight:bold;" target="_blank" title="Click to know more about FIRM">FIRM</a>. <br/> Reason: As per Section <a href="https://interviewquestions.tuteehub.com/tag/31-306830" style="font-weight:bold;" target="_blank" title="Click to know more about 31">31</a>(1) of the Indian <a href="https://interviewquestions.tuteehub.com/tag/partnership-13081" style="font-weight:bold;" target="_blank" title="Click to know more about PARTNERSHIP">PARTNERSHIP</a> <a href="https://interviewquestions.tuteehub.com/tag/act-1106" style="font-weight:bold;" target="_blank" title="Click to know more about ACT">ACT</a>, 1932, a person can be admitted as a partner only with the consent of all the existing partneers unless otherwise agreed upon.</body></html> | |
| 94. |
X and Y arepartnerssharingsprofitsand lossesin theratioemployedZ astheirmanagertoehomtheypaida salary of Rs. 7,500 permonth Z haddepositedRs. 2,00,000onwhichinterestwas payble@9% p.aAtthe endof theaccounting year (i,e., 31stMarch 2018 ) 2017 -18(after divisionof theyear'sprofits )itwas decidedthat Z shouldbe treatedas apartner withfrom 1st April2014with1/6 th shareof profits hisdepositbeing consided as capitalcaryyinginterest@65 p. a likecapitals of otherpartners the firm'sprofitsand losses afterallowing intereston capitals were - 2014-15: profit Rs. 5,90,000,2015-16: profitRs. 6,26,000: 2016 -17: lossRs. 40,000and 2017-18 , profit Rs, 7,80,000 recordnecessaryjournalon capitalentriesto giveeffectto theabove . |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :debitXby <a href="https://interviewquestions.tuteehub.com/tag/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a>, 3,600 Y by Rs, 2,400andcreditZ by Rs, 6,000</body></html> | |
| 95. |
X and Y are partners with capitals ofRs6,50,000 andRs5,50,000 respectively. They admit Z as a partner with 1/4th share in the profit of the firm. Fill in the missing figures torecord capital and goodwill: |
| Answer» <html><body><p></p>Solution :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XII_V01_C05_E01_161_S01.png" width="80%"/> <br/> Working Notes: <br/> (i) Total <a href="https://interviewquestions.tuteehub.com/tag/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a> of the Firm on the basis of Z's Capital `=Rs6,50,000 <a href="https://interviewquestions.tuteehub.com/tag/xx-747671" style="font-weight:bold;" target="_blank" title="Click to know more about XX">XX</a> 4//1 =<a href="https://interviewquestions.tuteehub.com/tag/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a> 26,00,000` <br/>(ii) Acutal Capital of <a href="https://interviewquestions.tuteehub.com/tag/new-1114486" style="font-weight:bold;" target="_blank" title="Click to know more about NEW">NEW</a> Firm `=Rs6,50,000 +Rs 5,50,000+Rs 6,50,000 =Rs 18,50,000` <br/>(<a href="https://interviewquestions.tuteehub.com/tag/iii-497983" style="font-weight:bold;" target="_blank" title="Click to know more about III">III</a>) Firm's Goodwill [(i)-(ii)] =Rs 26,00,000-Rs 18,50,000 =Rs 7,50,000 <br/>Z's Share of Goodwill `=Rs7,50,000 xx 1//4=Rs 1,87,500.`</body></html> | |
| 96. |
X and Y are partners sharing profits losses in theratio of 5:3:2. Theydecide to share future profits and losses in the ratio of 2:3:5 witheffectfrom1st April, 2019. Followingitems appear in theBalance sheet as a 31st March, 2019: {:(,,"₹",,"₹"),(,"Genral Reserve","75,000","Advertisement Suspense A/c (Dr.)","50,00"),(,"Workmen Compenstion Reserve ","12,500","Profit andLoss Account(Cr.)","37,500"):} |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XII_V01_C04_S01_012_S01.png" width="80%"/></body></html> | |
| 97. |
X andY arepartners sharingprofitsin the ratioof 2:1 . On31st March, 2019, theirBalancesheet showedGenral Reseve of ₹60,000. It wasdecided that in future they willshare profitsthey willshare profits andlosses in theratioof 3:2 .Pass necessary Journal enrtryin eachof the followingalternativecases: (i) WhenGeneralReserveisnotto be shownin thenewBalance Sheet. (ii)When General Reserve is tobe shown in theshown in thenew Balance Sheet. |
| Answer» <html><body><p><br/></p>Answer :(i) Dr. General <a href="https://interviewquestions.tuteehub.com/tag/reserve-1186088" style="font-weight:bold;" target="_blank" title="Click to know more about RESERVE">RESERVE</a> A/c- ₹60,000; Cr. <a href="https://interviewquestions.tuteehub.com/tag/x-746616" style="font-weight:bold;" target="_blank" title="Click to know more about X">X</a>'s <a href="https://interviewquestions.tuteehub.com/tag/capital-908677" style="font-weight:bold;" target="_blank" title="Click to know more about CAPITAL">CAPITAL</a> A/c- ₹40,000 (i.e., 2/3 of 60,000);and Y's Capital A/c- ₹20,000 (i.e., 1/3 of₹60,000); (<a href="https://interviewquestions.tuteehub.com/tag/ii-1036832" style="font-weight:bold;" target="_blank" title="Click to know more about II">II</a>) X's Sacrifice-1/15; Y's Gain-1/15; Dr. Y's Capital A/c-R ₹4,000 (i.e., 1/15 of ₹60,000) and Cr. X's Capital A/c- ₹4,000.</body></html> | |
| 98. |
X and Yarepartners sharingprofits in theratio of 3:2 On 31 stMarch.2019afterclossingthebooks ofaccount theircapitalsare Rs, 10.00.000andRs. 12.50.000 respectively,On1stMay2018X hadintroducedan additionalcapaitalof rs. 12.50.000RepectivelyOn .1stMay2018X hadintroduced2018Xhad introducedan additional capital of Rs. 2,50,000and Y withdrew RS. 1,25,000formhis cpital on 1st october , 2018 x, withdew Rs. 5,00,000fromhiscapitaland Yintrouced Rs, 6,25,000 Afterclosing the accounts , it wasnoticedthatintereston capital@6% p.ahas been omitteed During the year ended 31st MArch ,2019 X's drawing and Y'sdrawigs were RS. 2,50,000 and Rs. 1,25,000 profits (before intereston capital ) during the yearwere Rs. 5,00,000 Calculate intereston capitalif thecapitalsare (A) fixed and (b)Fluctuating |
| Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :<img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XII_V01_C02_S01_030_S01.png" width="80%"/> <br/> (<a href="https://interviewquestions.tuteehub.com/tag/b-387190" style="font-weight:bold;" target="_blank" title="Click to know more about B">B</a>)whencapitalsareFluctating : <br/> <img src="https://d10lpgp6xz60nq.cloudfront.net/physics_images/TSG_ACC_XII_V01_C02_S01_030_S02.png" width="80%"/></body></html> | |
| 99. |
X and Y are partners sharing profits in the ratio of 2 : 1. They admit Z into the parnership for 1/4th share in profits for which he brings in RS. 20,000 as his share of capital. Hence, the adjusted capital of X and Y will be |
| Answer» <html><body><p><a href="https://interviewquestions.tuteehub.com/tag/rs-625947" style="font-weight:bold;" target="_blank" title="Click to know more about RS">RS</a>.40,000 and RS.20,000 <a href="https://interviewquestions.tuteehub.com/tag/respectively-1186938" style="font-weight:bold;" target="_blank" title="Click to know more about RESPECTIVELY">RESPECTIVELY</a>.<br/>RS. 32,000 and RS. 16,000 respectively.<br/>RS. 60,000 and RS. 30,000 respectively. <br/><a href="https://interviewquestions.tuteehub.com/tag/none-580659" style="font-weight:bold;" target="_blank" title="Click to know more about NONE">NONE</a> of the above.</p>Answer :A</body></html> | |
| 100. |
X and Yarepartnerssharing profitsand lossesin theratioof 2:3withcapitalsof2,00,000 andRs. 3,00,000respectivelyon1stoctober, 2018X and Ygaveloans of Rs. 80,000andRs,. 40,000respectively to the followingalternativecases : Case1. if theprofitbefore interestfor the yearamounted to Rs. 21,000 . Case 2.if theprofit beforeinterestfor theyearamountedto Rs. 3,000. Case 3.if theprofits before interestfo theyear amounted to Rs. 5,000. case 4.if thelossbeforeinterestfor theyearamounted to Rs. 1,400. |
| Answer» <html><body><p><br/></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/intereston-2132068" style="font-weight:bold;" target="_blank" title="Click to know more about INTERESTON">INTERESTON</a> <a href="https://interviewquestions.tuteehub.com/tag/partner-1148214" style="font-weight:bold;" target="_blank" title="Click to know more about PARTNER">PARTNER</a>'s <a href="https://interviewquestions.tuteehub.com/tag/loanand-2797337" style="font-weight:bold;" target="_blank" title="Click to know more about LOANAND">LOANAND</a> rateis achargeagainst <a href="https://interviewquestions.tuteehub.com/tag/profit-1168589" style="font-weight:bold;" target="_blank" title="Click to know more about PROFIT">PROFIT</a> .</body></html> | |