Complete Class 12 Accountancy Exam Package for the last Moment 2013,Given Here
1.How would you calculate interest on drawing of equal amounts drawn on the last day of every month?
2.A,B and C are partners in a firm sharing profits in the ratio of 2:2:1 on 1.4.2007 the partners decided to share future profits in the ratio of 3:2:1 on that day balance sheet of the firm shows General Reserve of Rs 50,000. Pass entry for distribution of reserve
3.How is the account of retiring partner settled?
4.A and B are partners sharing profits and losses equally. They decided to dissolve their firm. Assets and Liabilities have been transferred to Realisation Account. Pass necessary Journal entries for the following
a.A was to bear all the expenses of Realisation for which he was given a commission of Rs 4000.
b.Advertisement suspense account appeared on the asset side of the Balance sheet amounting Rs 28000
c.Creditors of Rs 40,000 agreed to take over the stock of Rs 30,000 at a discount of 10% and the balance in cash.
d.B agreed to take over Investments of Rs 5000 at Rs 4900
e.Loan of Rs 15000 advanced by A to the firm was paid off
f.Bank loan of Rs 12000 was paid off.
5.Rs.10 each at a premium of Rs.2 each. The total applications money received at Rs.3/-per share was Rs.72,000. Name the kind of subscription. List the three alternatives for allotting these share.
6.A Ltd issued 5,000 13% debentures of Rs.100 each at par and raised a loan of Rs.80, 000 from Bank. Collaterally secured by Rs. 100,000 13% debentures. How will you show the debenture in the Balance Sheet of the Company assuming that the company has recorded the issue of Debentures as collateral security in the books?
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