Page 158 - AAAXII

Model Test Papers M.149

` 10 each as fully paid to the vendors against purchase of building. It offered to Public
3,30,000 equity shares of ` 10 each at a premium of 10%. The issue price was payable
as under:
On Application—` 5, on allotment—` 4 (including premium), on Call—Balance.
The company did not make the call during the year. Applications were received for
3,00,000 equity shares. All money were duly received except the allotment money on
600 shares which were forfeited.
Prepare an extract of Balance Sheet as per Schedule III of the Companies Act, 2013
disclosing Share Capital.
Or
Mohit Ltd. has 10,000; 10% Debentures of ` 100 each due for redemption on 31st March,
2018. Assuming that Debentures are to be redeemed out of profits and Debentures
Redemption Reserve has a balance of ` 3,60,000 on that date, pass necessary Journal
entries for Redemption of Debentures. (3)

9. Moon Ltd. issued 25,000, 10% Debentures of ` 100 each. Give Journal entries in the
following cases when:
(i) The debentures were issued at a premium of 20%.
(ii) The debentures were issued as a collateral security to bank against a loan of
` 20,00,000.
(iii) The debentures were issued to a supplier of machinery costing ` 28,00,000 as full
and final payment. (3)
10. Following information was obtained from the Secretary of the Crazy Jay Club:
`

(a) Subscription received in 2017–18 as per Receipts and Payments A/c ........................................................................ 89,000
(b) Advance subscription received in 2016–17 .......................................................................................................................... 5,000
(c) Subscription outstanding at the end of 2017–18 (including ` 1,500 for 2016–17) ................................................ 12,500
(d) Advance subscription received for 2018–19 ........................................................................................................................ 3,000
(e) Subscription written off during 2017–18............................................................................................................................... 600
(f) Subscription receivable on 1st April, 2017 ............................................................................................................................ 8,400
Required:
(i) Calculate subscription income to be credited to Income and Expenditure Account
for the year ended 31st March, 2018.
(ii) Show how the relevant items will be shown in the Income and Expenditure Account
for the year and in the Balance Sheet as at the end of the year. (3)
11. Ram, Shyam and Rahim are partners sharing profits in the ratio of 4 : 3 : 2. Shyam
retires and the goodwill of the firm is valued at ` 2,16,000. Goodwill does not appear
as yet in the books of the firm. Assuming that Ram and Rahim will share profits in
future in the ratio of 5 : 3, pass necessary entries for goodwill separately under the
following conditions:
(i) When Goodwill Account is raised and written off.
(ii) When only Shyam’s share of goodwill is raised and then written off. (4)