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Model Test Papers M.337

Applications for 75,000 shares were received. Applications for 15,000 shares were
rejected and the money received from them was refunded. Shares were allotted on
pro rata basis to the remaining applicants. All calls were made.
A who had applied for 2,000 shares, failed to pay the allotment and first and final call
on the shares allotted to him. B who was allotted 1,000 shares, failed to pay the first
and final call. The shares of both A and B were forfeited. The forfeited shares were
reissued at ` 160 per share as fully paid.
Pass necessary Journal entries in the books of the company for the above transactions.
(8)

PART B
ANALYSIS OF FINANCIAL STATEMENTS

18. ‘Shree Ltd.’ was holding Marketable Securities of ` 1,00,000. It sold marketable securities
of ` 25,000 for ` 27,500 and credited the gain (profit) of ` 2,500 to the Statement of
Profit and Loss. While preparing its Cash Flow Statement, how the gain (profit) on
sale of marketable securities will be dealt? (1)
19. How is current investment shown in Cash Flow Statement? (1)
20. Sunrise Ltd. prepared its Balance Sheet as per Schedule III, Part I of the Companies
Act, 2013 to provide true and fair view of its financial position.
(a) Under which head and sub-head will the company show ‘Capital Advance’ in its
Balance Sheet?
(b) Where will be Money Received against Share Warrants shown in its Balance Sheet?
(c) What is the accounting treatment of ‘Provision for Doubtful Debts’ while computing
Current Ratio? (1 + 1 + 2)
21. Net Profit after Interest and Taxes: ` 6,00,000; 10% Debentures of ` 100 each
` 10,00,000, Capital Employed ` 80,00,000, Tax Rate @ 40%. Calculate Return on
Investment and Debt to Equity Ratio.
Or
From the following information related to Naveen Ltd., calculate (a) Return on
Investment and (b) Total Assets to Debt Ratio:
Information: Fixed Assets ` 75,00,000; Current Assets ` 40,00,000; Current Liabilities
` 27,00,000; 12% Debentures ` 80,00,000 and Net Profit before Interest, Tax and
Dividend ` 14,50,000. (4)
22. From the following information, prepare Comparative Statement of Profit and Loss:

Particulars 31st March, 2018 31st March, 2017
Revenue from Operations ` 36,00,000 ` 24,00,000
Other Income (% of Revenue from Operations) 12% 20%
Expenses (% of Revenue from Operations) 70% 60%
Tax Rate 30% 30%