CBSE Set Qa3 Accounts Sample Test Papers For Class 12th for students online
Accounts Class - XII
(CBSE)
You are on Set no 1 Answer 8
Q8) AB Ltd. invited
applications for 1,00,000 12%. Preference Shares of Rs. 100 each issued at a
discount of 10%. The amount was payable as follows :
On Application Rs. 20
On Allotment Rs. 30
On First and Final Call - balance
Applications for 1,50,000 shares were received. Applications for 30,000 shares
were rejected and pro-rata allotment was made to the remaining applicants. All
calls were made and were duly received except the first and final call on 1000
shares held by Kumar. His shares were forfeited. Out of the forfeited shares 750
shares were re-issued at Rs. 120 per share fully paid up.
Pass necessary journal entries in the books of AB Ltd.
Ans. 8) Working Notes :
100000 x 100 at 90 (20, 30, 40)
Applied for Allotted
30000
Nil
120000
100000
150000
100000
Journal
| Date | Particulars | LF | Amt. Dr | Amt. Cr |
|
Bank A/c ...................Dr
To 12% Preference share Application A/c (Being application money received on 1,50,000 shares @ 20/share) 12% Preference Share Application A/c To 12% Preference Share Capital A/c To Bank To 12% Preference Share Allotment A/c (Being the application money adjusted and the surplus transferred to share allotment Account) 12% Preference Share Allotment A/c .....Dr Discount on Issue of shares ...................Dr To 12% Preference Share Capital (Being the allotment due on 1,00,000 Share @ 30/share and discount debited) Bank A/c ...................Dr To 12% Preference Share Allotment A/c (Being the amount received on share allotment) 12% Preference Share first Call.............. Dr To 12% Preference Share Capital A/c (Being amount due on first call on 1,00,000 shares @ 40/Share) Bank A/c ...................Dr To 12% Pref. Share Capital A/c (Being amount of first call received on 99000 shares) 12% Pref. Share Capital A/c................... Dr To Share forfeited A/c To Discount on Issue of Shares To 12% Pref. Share first call (Being 1000 shares forfeited for non-payment of first call) Bank A/c ...................Dr To 12% Pref. Share Capital A/c To Share Premium A/c (Being 750 shares re-issued at 120 per share fully paid up) Share forfeited A/c ...................Dr To Capital Reserve (Being the balance of Share forfeited account transferred to capital reserve) |
30,00,000 |
|
OR
Q The following balances appeared in the books of Madhu Ltd. as on 1st April 1997:
| 12% Debentures Debenture Redemption Fund Debenture Redemption Fund Investments |
Rs. 1,50,000 |
The Debenture Redemption Fund
Investments were represented by Rs. 1,30,000 9% government securities.
The annual instalment added to the fund was Rs. 20,600. On 31st March 1998 the
bank balance before the receipt of interest on investments was Rs. 40,000. On
that date all the investments were sold at 84% and the debentures were duly
redeemed.
Prepare Debentures Accounts, Debenture Redemption Fund Account, Debenture
Redemption Fund Investment Account and Bank Account for 1997-98. The company
closes its books on 31st March every year. (Marks 11)
Ans. Dr Debenture Redemption fund A/c Cr
| Date | Particulars | Amt. | Date | Particulars | Amt. |
| 31/3/98 31/3 |
To Debenture
Redemption fund Investment A/C (Loss on sale) To General Reserve (Transfer) |
|
1/4/97 31/3/98 31/3/98 |
By balance b/d
By Bank A/c (Interest on Debenture Redemption fund Investment) By P/L Appropriation A/c |
1,25,000 |
12% Debentures A/C
| 31/3/98 | To Bank A/C |
1,50,000 |
1/4/97 | By Balance b/d |
1,50,000 |
Debenture Redemption Fund Investment A/c
| 1/4/97 |
To balance b/d
(Save Value 1,30,000) |
1,25,000 |
31/3 31/3 |
By Bank
(84% of 1,30,000) By Debenture Redemption fund A/c (Loss on sale) |
|
Bank A/C
| 31/3 31/3 31/3 |
To balance b/d
To Debenture Redemption fund A/c (Interest) To Debenture Redemption fund Investment A/c |
40,000 |
31/3 | By Debentures
A/c By balance c/d |
1,50,000 |
|
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