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Company Accounts, Partnership and Analysis of Financial Statemens (TEST)

Company Accounts, Partnership and Analysis of Financial Statemens (TEST)

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Published by: matrix4u on Jul 11, 2009
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Time Allowed-3 Hrs. Max. Marks : 80PART-APARTNERSHIP AND COMPANY ACCOUNTS
TUHI NIRANKAR
GYAN'S CLASSES 
Address : A-7/2, Street Of State Bank of India, Pardhan Market, Sant Nirankari Colony, Delhi-110009.
Contact No. 9811272741, 9968892456, E-mail :
Website : htt://ansclasses.imdo.com
 
March, 2007. Their fixed capitals on which interest was to be calculated throughoutwere :Kehar Singh Rs. 1,00,000Jagat Singh Rs. 80,000Prem Singh Rs. 70,000Give the necessary adjusting journal entry with working notes. (4)10. Himmat, Deepak & Teju were sharing profits and losses in the ration of 5:3:2. They decided to share future profits and losses in the ration of 2:3:5 with effect from 1.4.2007. The decided to record the effect of the following,without effecting their book values:-(i)Profit and Loss account Rs. 24,000(ii)Advertisement Suspense Account Rs. 12,000. Pass the necessary adjusting entry.(4)11.Roshni Lad issued shares of Rs. 100 each at a discount of 5%, payable as follows :On application Rs. 25 per shareOn allotment Rs. 25 per shareOn first and final call BalanceOne shareholder, Deepika holding 50 shares did not pay his first and final call. As a result, her shares wereforfeited.Of these, 40 shares were reissued to Nitisha as fully paid up @ Rs. 110 per share.Pass necessary journal entries to record the forfeiture and reissue of shares in the books of Roshni Ltd.(4)12.Sehajta Ltd. Purchased a running business from Shobhita Traders for a sum of Rs. 15,00,000 payable Rs. 3,00,000 by cheque and for the balance issued 9% Debentures of Rs. 100 each at par. The assets and liabilities consisted of the following :Rs. Plant and machinery 4,00,000Building 6,00,000Stock 5,00,000Sundry Debtors 3,00,000Sundry Creditors 2,00,000Record necessary journal entries in the books of Sehajta Limited.(b) On January 1,2004 Sehajta Limited issued 1,000 10% debentures of Rs. 500 each at par. Debentures areredeemable after 7 years. However, the company gave an option to debenture holders to get their debenturesconverted into equity shares of Rs. 100 each at a premium of Rs. 25 per share anytime after the expiry of one year.Shobhita, holder of 200 debentures, informed on Jan. 1,2006 that he wanted to exercise the option of 
 

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