important board questions for accountant exam
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Class 12 Important Accountancy Questions
1. Y Ltd. forteited 100 equity shares of Rs 10 each for the non-payment of first call of Rs 2 per share. The final call of Rs 2 per share was yet to be made. Calculate the maximum amount of discount at which these shares can be re-issued.
2. A and B were partners in a firm sharing profits and losses in the ratio of 4 : 3. They admitted C as a new partner. The new profit sharing ratio between A, B and C was 3 : 2 : 2. A surrendered 1 /4 of his share in favour of C. Calculate B’s Sacrifice.
3. XXL Ltd. converted its 500, 9% debentures of Rs 100 each issued at a dsicount of 8% into equity shares of Rs 10 each issued at a premium of 25%. Discount on issue of debentures has not yet been written off. Showing your workings clearly pass necessary Journal Entries on conversion of 9% debentures into equity shares.
4. Does partnership firm has a separate legal entity? Give reason in support of your answer.
5. Akash Ltd. is registered with an authorized Capital of Rs 8,00,00,000 divided into equity shares of Rs 10 each. Subscribed and fully paid up share capital of the company was Rs 4,00,00,000. For providing employement to the local youth and for the development of the rural areas of the Jammu nad Kashmir State the company decided to set up a food processing unit in Anantnag district. The Company also decided to open skill development centres in Ladakh, Srinagar and Punch. To meet its new financial requirements the company decided to issue 1,00,000 equity shares of Rs 10 each and 10,000, 9% debentures of Rs 100 each. The debentures were redeemable after five years. The issue of equity shares and debentures was fully subscribed. A shareholder holding 1,000 shares failed to pay the final call of Rs 2 per share. Present the share capital in the Balance Sheet of the company as per the provisions of Schedule III of the Companies Act, 2013. Also, identify any two values that the company wishes to propagate.
6. Karan and Varun were partners in a firm sharing profits and losses in the ratio of 1 : 2. Their fixed capitals were Rs, 2,00,000 and Rs 3,00,000 respectively. On 1 st April, 2016 Kishore was admitted as a new partner for 14th share in the profits. Kishore brought Rs 2,00,000 for his capital which was to be kept fixed like the capitals of Karan and Varun. Kishore acquired his share of profit from Varun. Calculate goodwill of the firm on Kishore’s admission and the new profit sharing ratio of Karan, Varun and Kishore. Also, pass necessary Journal Entry for the treatment of Goodwill on Kishore’s admission considering that Kishore did not bring his share of goodwill premium in Cash.
7. On 1-4-2015 V.V.L. Ltd issued 1000, 9% debentures of Rs 100 each at a discount of 6%, redeemable at a premium of 10% after three years. Pass necessary journal entries for the issue of debentures and debentures interest for the year ended 31-3-2016, assuming that interest is payable on 30 th September and 31 st March and the rate of tax deducted at source is 10%. The company closes its books on 31 st March every year.
8. Financial statements are prepared following the consistent accounting concepts, principles, procedures and also the legal environment in which the business organizations operate. These statements are the sources of information on the basis of which conclusions are drawn about the profitability and financial position of a company so that their users can easily understand and use them in their economic decisions in a meaningful way. From the above statement identify any two values that a company should observe while preparing its financial statements. Also state under which major headings and subheadings the following items will be presented in the balance sheet of a company as per Schedule III of the Companies Act 2013. General Reserves, short term loans and advances, Capital work in progress and desgin
9. State any four limitation of analysis of financial statements.
10. ‘Net decrease in working capital other than cash and cash eqivalents’ will increase, decrease or not change cash flow from operating activities. Give reason in support of your answer.
1. Y Ltd. forteited 100 equity shares of Rs 10 each for the non-payment of first call of Rs 2 per share. The final call of Rs 2 per share was yet to be made. Calculate the maximum amount of discount at which these shares can be re-issued.
2. A and B were partners in a firm sharing profits and losses in the ratio of 4 : 3. They admitted C as a new partner. The new profit sharing ratio between A, B and C was 3 : 2 : 2. A surrendered 1 /4 of his share in favour of C. Calculate B’s Sacrifice.
3. XXL Ltd. converted its 500, 9% debentures of Rs 100 each issued at a dsicount of 8% into equity shares of Rs 10 each issued at a premium of 25%. Discount on issue of debentures has not yet been written off. Showing your workings clearly pass necessary Journal Entries on conversion of 9% debentures into equity shares.
4. Does partnership firm has a separate legal entity? Give reason in support of your answer.
5. Akash Ltd. is registered with an authorized Capital of Rs 8,00,00,000 divided into equity shares of Rs 10 each. Subscribed and fully paid up share capital of the company was Rs 4,00,00,000. For providing employement to the local youth and for the development of the rural areas of the Jammu nad Kashmir State the company decided to set up a food processing unit in Anantnag district. The Company also decided to open skill development centres in Ladakh, Srinagar and Punch. To meet its new financial requirements the company decided to issue 1,00,000 equity shares of Rs 10 each and 10,000, 9% debentures of Rs 100 each. The debentures were redeemable after five years. The issue of equity shares and debentures was fully subscribed. A shareholder holding 1,000 shares failed to pay the final call of Rs 2 per share. Present the share capital in the Balance Sheet of the company as per the provisions of Schedule III of the Companies Act, 2013. Also, identify any two values that the company wishes to propagate.
6. Karan and Varun were partners in a firm sharing profits and losses in the ratio of 1 : 2. Their fixed capitals were Rs, 2,00,000 and Rs 3,00,000 respectively. On 1 st April, 2016 Kishore was admitted as a new partner for 14th share in the profits. Kishore brought Rs 2,00,000 for his capital which was to be kept fixed like the capitals of Karan and Varun. Kishore acquired his share of profit from Varun. Calculate goodwill of the firm on Kishore’s admission and the new profit sharing ratio of Karan, Varun and Kishore. Also, pass necessary Journal Entry for the treatment of Goodwill on Kishore’s admission considering that Kishore did not bring his share of goodwill premium in Cash.
7. On 1-4-2015 V.V.L. Ltd issued 1000, 9% debentures of Rs 100 each at a discount of 6%, redeemable at a premium of 10% after three years. Pass necessary journal entries for the issue of debentures and debentures interest for the year ended 31-3-2016, assuming that interest is payable on 30 th September and 31 st March and the rate of tax deducted at source is 10%. The company closes its books on 31 st March every year.
8. Financial statements are prepared following the consistent accounting concepts, principles, procedures and also the legal environment in which the business organizations operate. These statements are the sources of information on the basis of which conclusions are drawn about the profitability and financial position of a company so that their users can easily understand and use them in their economic decisions in a meaningful way. From the above statement identify any two values that a company should observe while preparing its financial statements. Also state under which major headings and subheadings the following items will be presented in the balance sheet of a company as per Schedule III of the Companies Act 2013. General Reserves, short term loans and advances, Capital work in progress and desgin
9. State any four limitation of analysis of financial statements.
10. ‘Net decrease in working capital other than cash and cash eqivalents’ will increase, decrease or not change cash flow from operating activities. Give reason in support of your answer.
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