CBSE Set Qa2 Accounts Sample Test Papers For Class 12th for students online

Accounts Class - XII (CBSE)
You are on Set no 1 Answer 6 to 7

Q6) Suvidha Ltd. purchased machinery worth Rs. 1,98,000 from Suppliers Ltd. The payment was made by issue of 12% debentures of Rs. 100 each. Pass necessary journal entries for the purchase of machinery and issue of debentures when :
(i) Debentures are issued at par.
(ii) Debentures are issued at 10% discount.
(iii) Debentures are issued at 10% premium.  (Marks 4)
Ans6) Working Notes :
Machinery's cost = 198000
(i) When debentures issued at par :
No. of debentures = 198000/100
= 1980
(ii) When debentures issued at 10% discount :
No. of debentures issued = 198000/90
= 2200
(iii) When debentures at 10% premium :
No. of debentures issued = 198000/110
= 1800

Journal

Q7) X Limited has an authorised capital of Rs. 10,00,000 divided into Equity Shares of Rs. 10 each. The company invited applications for 50,000 shares. Applications for 40,000 shares were received . All calls were made and were duly received except the final call of Rs. 2 per share on 1000 shares. 500 of the shares on which the final call was not received were forfeited. Show how Share Capital will appear in the Balance Sheet of the company as per Schedule VI Part - I of the Companies Act. 1956? (Marks 5)
Ans7)

Balance Sheet of X Ltd.
as on............

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