Sony Ltd, issued 1,00,000 shares of 100 each. There were no calls in Arrears till the
First and final call made. The company received the amount on 97,500 shares on First
and Final Call, The calls-in - Arrears amounted to 2 62,500. The amount of first and final
call is
(d) 240
(9025
(b) 30
(c) 235
2. Shiv and Mohan are partners with the capitals of 37.500 and 22,500 respectivly Interest
payabele on capital is 10% p.a Find the Interest on capital credited to both the partners
when the profit earned by the firm is 3,600,
(a) 3,750 and 2,250
(K) 1,800 and ? 1,800
(c) * 2,250 and 1,350
(d) None of these
3. In case of change in profit-sharing ratio, accumulated profits & losses and reserves should
be transferred to __.(i). In their old profit-sharing ratio whereas in case of admission of a
partner they should be transferred to__ (ii) In their old profit- sharing ratio.
(a) (1) New Partner's Capital A/C
(ii) Old partners capital A/cs.
(b) (i) All partners capital A/cs
(ii) New partners 's capital A/cs.
(c) (0) Sacrificing partner's capital A/C (ii) Incoming partner's capital A/c.
Jah (1) All partners capital A/cs
(iv) Old partners' capital A/cs
A camnany forfeited 30 cauity shares Rs 10 ench fullu
Answers
Sony Ltd, issued 1,00,000 shares of 100 each. There were no calls in Arrears till the
First and final call made. The company received the amount on 97,500 shares on First
and Final Call, The calls-in - Arrears amounted to 2 62,500. The amount of first and final
call is
(d) 240
(9025
(b) 30
(c) 235
2. Shiv and Mohan are partners with the capitals of 37.500 and 22,500 respectivly Interest
payabele on capital is 10% p.a Find the Interest on capital credited to both the partners
when the profit earned by the firm is 3,600,
(a) 3,750 and 2,250
(K) 1,800 and ? 1,800
(c) * 2,250 and 1,350
(d) None of these
3. In case of change in profit-sharing ratio, accumulated profits & losses and reserves should
be transferred to __.(i). In their old profit-sharing ratio whereas in case of admission of a
partner they should be transferred to__ (ii) In their old profit- sharing ratio.
(a) (1) New Partner's Capital A/C
(ii) Old partners capital A/cs.
(b) (i) All partners capital A/cs
(ii) New partners 's capital A/cs.
(c) (0) Sacrificing partner's capital A/C (ii) Incoming partner's capital A/c.
Jah (1) All partners capital A/cs
(iv) Old partners' capital A/cs
A camnany forfeited 30 cauity shares Rs 10 ench fullu
Sony Ltd, issued 1,00,000 shares of 100 each. There were no calls in Arrears till the
First and final call made. The company received the amount on 97,500 shares on First
and Final Call, The calls-in - Arrears amounted to 2 62,500. The amount of first and final
call is
(d) 240
(9025
(b) 30
(c) 235
2. Shiv and Mohan are partners with the capitals of 37.500 and 22,500 respectivly Interest
payabele on capital is 10% p.a Find the Interest on capital credited to both the partners
when the profit earned by the firm is 3,600,
(a) 3,750 and 2,250
(K) 1,800 and ? 1,800
(c) * 2,250 and 1,350
(d) None of these
3. In case of change in profit-sharing ratio, accumulated profits & losses and reserves should
be transferred to __.(i). In their old profit-sharing ratio whereas in case of admission of a
partner they should be transferred to__ (ii) In their old profit- sharing ratio.
(a) (1) New Partner's Capital A/C
(ii) Old partners capital A/cs.
(b) (i) All partners capital A/cs
(ii) New partners 's capital A/cs.
(c) (0) Sacrificing partner's capital A/C (ii) Incoming partner's capital A/c.
Jah (1) All partners capital A/cs
(iv) Old partners' capital A/cs
A camnany forfeited 30 cauity shares Rs 10 ench fullu
1. Sony Ltd issued 1,00,000 shares of 100 each. There were no calls in Arrears till the first and final call was made. The company received the amount of 97,500 shares on the First and Final Call, The calls-in - Arrears amounted to 62,500. The amount of first and final calls are (a) 240 (b) 25 (c) 30 (d) 235
2. Shiv and Mohan are partners with the capitals of 37,500 and 22,500 respectively Interest payable on capital is 10% p.a Find the Interest on capital credited to both the partners when the profit earned by the firm is 3,600. (a) 3,750 and 2,250 (b) 1,800 and 1,800 (c) 2,250 and 1,350 (d) None of these.
3. In case of change in profit-sharing ratio, accumulated profits & losses, and reserves should be transferred to __(i).
In their old profit-sharing ratio whereas in the case of admission of a partner, they should be transferred to__ (ii)
(a) (i) New Partner's Capital A/C (ii) Old partners capital A/cs.
(b) (i) All partners' capital A/cs (ii) New partners' capital A/cs.
(c) (i) Sacrificing partner's capital A/C (ii) Incoming partner's capital A/c.
(d) (i) All partners capital A/cs (ii) Old partners' capital A/cs
1. The amount of call money is ₹25 (option b)
2. The Interest on capital credited to both the partners is ₹2,250 and ₹1,350 (option c)
3. In case of change in profit-sharing ratio, accumulated profits & losses, and reserves should be transferred to All partners' capital A/cs whereas, in case of admission of a partner, they should be transferred to Old partners' capital A/cs (option d)
To Find:
1. The total amount of call money.
2. The Interest on capital credited to both the partners
3. Accumulated profits & losses and reserves should be transferred to whom and in case of admission of a partner they should be transferred to whom.
Solution:
1. The amount of call money is ₹25 (option b)
Here,
Total no of shares: 1,00,000
First and Final calls received on no. of shares: ₹97,500
No. of Shares on which call money not received = ₹1,00,000-97,500 = ₹2500
Amount of calls in arrears ₹62500/-
Call Money = ₹62500/2500 = ₹25
Thus option b is correct.
2. The Interest on capital credited to both the partners is ₹2,250 and ₹1,350 (option c)
Interest on capital for Shiv: ₹37,000 × 10% = ₹3,700
Interest on capital for Mohan: ₹22,500 × 10% = ₹2,250
Total interest on capital = ₹5950.
The profit is less than the total interest.
The interest is provided only to the extent of profits shared in their capital ratio of 74:45
For Shiv: ₹3,600 × 74/119 = ₹2,238 ≈ ₹2250
For Mohan: ₹3,600 × 45/119 = ₹1,361 ≈ ₹1350
So, the Interest on capital credited to both the partners is ₹2,250 and ₹1,350 (option c)
3. In case of change in profit-sharing ratio, accumulated profits & losses, and reserves should be transferred to All partners' capital A/cs whereas, in case of admission of a partner, they should be transferred to Old partners' capital A/cs (option d)