Page 90 - AAAXII

M.84 An Aid to Accountancy—CBSE XII
Other terms agreed upon were:
(i) Goodwill of the firm was valued at ` 24,000.
(ii) Land and Building was valued at ` 65,000 and Plant and Machinery at ` 60,000.
(iii) Provision for doubtful debts was found in excess by ` 400.
(iv) A liability of ` 1,200 included in Sundry Creditors was not likely to arise.
(v) Capitals of the partners are to be adjusted on the basis of C’s contribution of
capital to the firm.
(vi) Excess or shortfall, if any, to be transferred to Partners’ Current Accounts.
Prepare Revaluation Account, Partners’ Capital Accounts and the Balance Sheet of
the new firm. (8)
17. (a) A company offered 10,000 shares of ` 100 each payable as follows:
On application ` 30, on allotment ` 20, on first call ` 30, on second call ` 20.
Applications were received for 13,000 shares. Shares were allotted on pro rata
to the applicants of 12,000 shares. All the shareholders paid the amount up to
allotment except Mohan, the allottee of 200 shares. His shares were forfeited.
First call was then made. Forfeited shares were reissued @ ` 90 per share, ` 80
called-up. Second call has not yet been made.
Pass the necessary entries for forfeiture and reissue of shares.
(b) Star Ltd. purchased assets of ` 99,000 from Moon Ltd. It was agreed that the
purchase consideration will be paid by issuing 11% Debentures of ` 100 each.
Pass Journal entries when debentures have been issued (i) at par, (ii) at a premium
of 10% and (iii) at a discount of 10%. (4 + 4)
Or
(a) The authorised capital of Mars Ltd. is ` 50,00,000 divided into Equity Shares of
` 10 each. The company invited applications for 2,00,000 shares. The issue was
fully subscribed. All calls were made and were duly received except the final call
of ` 2 per share on 5,000 shares. 2,500 of the shares on which final call was not
received were forfeited. Show how Share Capital will appear in the Balance Sheet
of the company as per Schedule III of the Companies Act, 2013.
(b) Mahima Ltd. issued ` 38,00,000, 9% Debentures of ` 100 each on 1st April, 2016.
The debentures were redeemable at a premium of 5% on 30th June, 2018. The
company transferred an amount of ` 9,50,000 to Debentures Redemption Reserve
on 31st March, 2018. Investments as required by law were made in fixed deposit
of a bank on 1st April, 2018.
Ignoring interest on fixed deposit, pass necessary Journal entries starting from
31st March, 2018 regarding redemption of debentures. (3 + 5)
PART B

ANALYSIS OF FINANCIAL STATEMENTS
18. Consider the following information:
Particulars Opening Balances (`) Closing Balances (`)
Cash in Hand 50,000 74,000
Bank Overdraft 60,000 40,000
Cash Credit 70,000 80,000
Current Investments 60,000 70,000
Calculate the net amount of increase/decrease in Cash and Cash Equivalents. (1)