CBSE Set Qa3 Accounts Sample Test Papers For Class 12th for students online
Accounts Class - XII
(CBSE)
You are on Set no 1 answer 6 to 9
Q6) Under what headings will
you show the following items in the Balance Sheet of the company:
(i) Goodwill (ii)
Unclaimed dividends
(iii) Provision for tax (iv) Share premium account
(v) Loose tools. (Marks 5)
Ans. 6)
| Item | Headings |
| Goodwill Unclaimed Dividend Prov. for tax Share premium Loose tools |
Fixed assets |
Q 7) Explain the meaning of "Debentures issued as
collateral security" by company. Show its treatment in Balance Sheet.
(Marks 3)
Ans. 7) Debentures issued as collateral security :
When a company raises loans from a financial organisation, some assets are to be
pledged as a security in favour of the organisation. If however, the
organisation finds the assets insufficient, it may ask for additional security.
Thus, the debentures are issued by the company and offered as additional
or collateral security. They are returned when the company repays the loan and
interest.
The two ways of dealing with it :
I. No entry is made in the books. Only a note is given in the balance sheet
BALANCE
SHEET
Secured Loans
Bank Loan
(Secured by issue of ....Debentures as collateral security)
II. The issue of debentures as collateral security is recorded by an entry
Debenture suspense A/c Dr
To Debentures A/c
The entry is cancelled by means of a reverse entry when the loan is repaid. It
is shown in the balance
Sheet as:
Secured Loan.......................................Misc.
Exp.
... Debentures of ..eaach
(Issued as collateral security) Debenture
Suspense A/c
Bank Loan
(secured by issue of ....Dbs of
to....each as collateral security)
Q 8 'N' Ltd. issue 10,000
debentures of Rs. 100 each at a discount of 10% with the condition that they
will be redeemed at a premium of 5% after the expiry of three years. Pass the
necessary journal entries for the issue and redemption of these debentures after
the expiry of three years.
Ans. 8)
JOURNAL
|
Date |
Particulars |
Lf |
Amount (Dr.) |
Amount (Cr.) |
|
Bank A/c Dr |
900000 |
|
||
Q 9) A Limited Company invites applications for 50,000
equity shares of Rs. 10 each payable as follows :
On application Rs. 3
On allotment Rs. 4
On first call Rs.
2
On final call the balance
Applications were received for 55,000 shares. Allotments were made on the
following basis :
(i) To applicants for 35,000 shares - in full.
(ii) To applicants for 20,000 shares - 15,000 shares.
Excess money paid on application was utilised towards allotment money.
A shareholder who was allotted 1,500 shares out of the group applying for 20,000
shares failed to pay allotment money and money due on calls. These shares were
forfeited. 1,000 forfeited shares were re-issued as fully paid on receipt of Rs.
8 per share.
Show the journal entries in the books of company. (Marks 12)
Ans. 9) Working Notes :
50000 x 10 (3, 4, 2, 1)
Applied for Allotted
35000
35000
20000
15000
55000
50000
Shareholder applied for = 20000/15000 x 1500
=
2000 Sh.
... Application money paid = 6000
Due = 4500
Surplus received =
1500
Due from shareholder on allotment = 6000
Less : Already received =
1500
Unpaid: 4500
Total money due on allotment = 200000
Less : Transferred from share
Application =
15000
Less : Unpaid by shareholder = 4500
Amount recieved on allotment= 180500
JOURNAL
|
Date |
Particulars |
Lf. |
Amount (Dr.) |
Amount (cr.) |
|
Bank A/c
Dr |
165000 |
165000 |
|
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