X limited issued 50,000 shares of ₹100 each for public subscription at 20% premium payable as follows on application ₹40 per share (including 10% premium) on allotment ₹40 per share (excluding 10% premium) on first and final call balance. Applications were received for 75,000 shares and allotment was made to the applicants for 60,000 shares. All due money was duly received except from a shareholder Mr. A who was allotted 12,000 shares. He failed to pay allotment money and call money and his shares were forfeited. 37.What amount was received on allotment by the company? a) 15,96,000 b)21,00,000 c) 5,04,000 d) 4,00,000 38.Which of the following is the amount not received on allotment? a) 15,96,000. b) 21,00,000 c) 5,04,000. d) 4,00,000 39.What is the amount forfeited on 12,000 share a) 15,76,000 b) 4,56,000 c) 5,04,000 d)4,00,000 Sanjay, Sudhir and Shakti are partners in a firm sharing profit in the ratio of 3:1:1. There fixed capital balances are ₹4,00,000, ₹1,60,000 and ₹1,20,000 respectively. Net profit for the year ended 31st March 2021 distributed among the partners was ₹1,00,000 without taking into account the following adjustments: i) Interest on capital at the rate of 2.5% per annum ii) Salary to Sanjay ₹18,000 per annum and Commission to Shakti ₹12000. iii) Sanjay was allowed a Commission of 6% of divisible profit after charging such Commission. 40.What will be the amount of Commission payable to Sanjay? a)3900 b)3180 c)3000 d)6000 41.What will be the adjustment entry to rectify the error? a) Debit Sudhir’s capital account 6000 and Credit Sanjy’s capital account 1000 and Shakti’s capital account 5000 b) Debit Sudhir’s current account 6000 Credit Sanjay’s current account 1000 and Shakti’s current account 5000 c) Debit Sanjay’s capital account 1000 and Shakti’s capital account 5000 Credit Sudhir’s capital account 6000 d) Debit Sanjay’s current account 1000 and Shakti’s current account 5000 Credit Sudhir’s current account 6000
Answers
Answer:
Given: The selling price of44 articles is equal to the cost price of66 articles.
We have to find the gain percent.
For which we are using the formula of gain percent i.e;
\text { Gain } \%=\frac{\text { selling price }-\text { cost price }}{\text { cost price }} \times 100 Gain %=
cost price
selling price − cost price
×100
Let assume the cost price of one article be Rs.xx
Therefore,
The cost price of the66 articles will be6x6x
The cost price of the44 articles will be4x4x .
From the given condition;
\text { Selling price of } 4 \text { articles }=6 \mathrm{x} Selling price of 4 articles =6x
By putting these values in the formula we get,
\begin{gathered}= > \text { Gain } \%=\frac{\text { selling price }-\text { cost price }}{\text { cost price }} \times 100\\\\\\= > \text { Gain } \%=\frac{6 \mathrm{x}-4 \mathrm{x}}{4 \mathrm{x}} \times 100\\\\= > \text { Gain } \%=\frac{2 \mathrm{x}}{4 \mathrm{x}} \times 100=50 \%\end{gathered}
=> Gain %=
cost price
selling price − cost price
×100
=> Gain %=
4x
6x−4x
×100
=> Gain %=
4x
2x
×100=50%
\text { Hence the gain } \% \text { is } 50 \% \text {. } Hence the gain % is 50%.
Answer:
37. What amount was received on allotment by the company?
a) 1596000 b)21,00,000 c) 5,04,000 d) 4,00,000
Answer - Option a) 15,96,000
38. Which of the following is the amount not received on allotment?
a) 15,96,000. b) 21,00,000 c) 5,04,000. d) 4,00,000
Answer - Option c) 5,04,000
39. What is the amount forfeited on 12,000 share
a) 15,76,000 b) 4,56,000 c) 5,04,000 d)4,00,000
Answer - Option b) 4,56,000
Explanation :
- Since the pro-rata allotment is done, the Excess Amount received on the application will be adjusted towards the allotment.
- Excess Amount on Application = 10000 × 40 = 400000. Amount to be received on Allotment = 50000 × 50 = 250000 Of which 400000 is already received. Therefore the due amount = 2100000.
- Mr A did not pay the allotment money on 12000 shares. His due amount on the allotment will be 600000, but he already contributed (2,400 × 40) 96,000, therefore the amount due will be 5,04,000.
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