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Accounts Practicle

Accounts Practicle

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Published by MITESHKADAKIA
B.Com Computer, Generals
Accounts Practical According to O.U syllabus
B.Com Computer, Generals
Accounts Practical According to O.U syllabus

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Published by: MITESHKADAKIA on Feb 03, 2011
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01/18/2015

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Computer Lab - Practical
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ADVANCED ACCOUNTING
http://www.miteshk.webs.com
GROUP WISE DIVISION FOR PRACTICALS.GROUP DIVISION: - It is made on the basis of last digit of your Hall ticket number.
 Hall ticket No. ENDING:- 1 &  - group 1  2 & 7 - group 2  3 & 8 -  group 3   4 & 9 - group 4  5 & 0 - group 5  PROBLEMS FOR EACH GROUP:-
GROUP 1 GROUP 2 GROUP 3 GROUP 4 GROUP 5
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Computer Lab - Practical
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ADVANCED ACCOUNTING
http://www.miteshk.webs.com
FACULTY OF COMMERCE, OSMANIA UNIVERSITY
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 B.Com (All Streams) II Year W.E.F.2009-10
Time: 60 Minutes Record :
10
Skill Test :
20
Total Marks :
30
 Note: Problems are to be solved by using computers (Excel/Accounting package).
1. Venkat Ltd. Made an issue of 10,000 equity shares of Rs.100 each, payable Rs.20 onapplication, Rs.30 on allotment, Rs.30 on First call and Rs.20 on final Call. All the sharesare subscribed and amounts duly received.Pass journal entries to give effect to these. Also show the relevant items in the BalanceSheet by using any Accounting Software.2. Raju Ltd was floated with an authorized capital consisting of. Rs. 20,000 9% preferenceshares of Rs.100 each, payable Rs.25 per share on application, Rs.25 per share onallotment and Rs.50 per share on first and final call and Rs.3,00,000 equity shares of Rs.10 each, payable Rs.2 per share on application, Rs.3 per share on allotment and Rs.5 per share first and final calls. All the money received.Make the necessary entries in journal and the Balance sheet of the company by using anyaccounting software.3. Rao & Company Ltd., issued 5000 equity share Rs.100 each at a premium of Rs.40 per share, payable Rs.10 per share on application, Rs.60 per share on allotment (including premium), Rs.30 on first call and balance on final call. The shares were all subscribedand all money due was received expect the first call money on 1000 shares and final callmoney on 1500 shares.Give the Journal Entries to record the above transactions by using any accountingsoftware.4. Varun Ltd. invited application for 1,00,000 shares of Rs.100 each at a discount of 6% payable as follows:On application Rs.25, on allotment Rs.34 and on first and final call 35.The applications received were for 90,000 shares and all of these were accepted. Allmoney due was received except the first and final call on 1,000 shares.Pass necessary entries in journal of the company also show how these transactions wouldappear in Balance sheet of the company, by using any accounting software.5. Lavanya Ltd. Offered 1,00,000 equity shares of the nominal value 100 each for publicsubscription at Rs.120. The amounts payable on the shares were on application Rs.45, onallotment (including premium) Rs.45, on first and final call Rs.30. The actualsubscription was only for 90,000 shares. All money payable by shareholders was receivedexcept from Kirshna Rao, who had taken 1000 shares but failed to pay the final call. Hisshares were forfeited and re-issued to Prashanth at Rs.60 each. Show journal entries inthe books of the company, by using any accounting software.
 
Computer Lab - Practical
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ADVANCED ACCOUNTING
http://www.miteshk.webs.com6. The Sudhakar Ltd. purchases assets of Rs.3,50,000 and took over the liabilities of Rs.30,000, it agreed to pay the purchase price, Rs.3,30,000 by issuing debentures of Rs.100 each at a premium of 10%.Give journal entries in the books of Sudhakar Ltd., by using accounting software.7. On July 1, 1997 Motor Ltd., issued 10,000 6% Debentures of Rs.10 each at 95%,repayable on June 30, 2007 at par. Rs.6 per debenture was payable on application and the balance on allotment. Interest was payable on the full nominal amount as from September 1, 1997.Applications were received for 15,000 debentures. All allotments were made proportionately, over subscriptions being applied to the balance due on allotment, whichtook place on August 31, 1997. All sums due on allotment were received by September 14, 1997.Assuming that the discount is to be written off evenly over the whole period, you arerequired to draft journal entries to record (a) the issue of debentures, and (b) The chargesto the Profit and Loss Account for the year ended June 30, 1998 by using an accountingsoftware.8. Ramu Ltd., issued 10,000 Debentures of Rs.100 each for subscription. The debenturemoneys are payable as follows:Rs.30 on application, Rs.40 on allotment, Rs.20 on first call and Rs.10 on second call. A person who holds 200 Debentures fails to pay the amount due at the time of allotment.He, however, pays this amount with the first call money. Another person who is holding400 Debentures, has paid all the calls in advance at the time of allotment.Give Journal entries in the books of the company, by using any accounting software.9. The Radha Ltd. purchases assets Rs.3,60,000 and took over the liabilities of Rs.35,000. Itagreed to pay the purchase price, Rs.3,34,950 by issuing debentures of Rs.100 each at a premium of 10% and Rs.65 by cash. The debentures of the same company are quoted inthe market at Rs.130.Give journal entries in the books of Radha Ltd., by using accounting software.10. The Ashoka Ltd. purchases assets Rs.3,80,000 and took over the liabilities of Rs.30,000at an agreed value of Rs.3,33,000. The company issued debentures at 10% discount infull satisfaction of the purchase price.Give journal entries in the books of Ashoka Ltd., by using accounting software.11. Journalize the following transactions at the time of issue and redemption of debentures:in the books of Venkat Ltd., by using any accounting software.a)
 
A debenture issued at Rs.95, repayable at Rs.100 b)
 
A debenture issued at Rs.95, repayable at Rs.105c)
 
A debenture issued at Rs.100, repayable at Rs.105d)
 
A debenture issued at Rs.105, repayable at Rs.100 Note: The Face value of each debenture is Rs.100

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