Company Accounts
Practice Questions
Question 1
A company offers 30,000 shares of Rs. 100/- to the public for the subscription at Rs. 15/- per share. Bank received full subscription. Give journal entries and the balance sheet of the company.
Question 2
XYZ Ltd. was registered with an authorized capital of Rs. 2,000,000 divided into 200,000 ordinary shares of Rs. 10/- The minimum subscription stated in the memorandum was Rs. 600,000. The company offered 80,000 shares of Rs. 10/- at par value. Record the transactions in the books of a company and show how it will be shown in the balance sheet of the company if:
I. Applications for 55,000 shares were received
II. Applications for 65,000 shares were received
III. Applicants submitted exactly 60,000 shares applications and bank received a same amount.
Question 3
A company offers 10,000 shares of Rs. 100/- at a discount 20% to the public for subscription. Applications were exactly received in full amount. Make journal and balance sheet of the company.
Question 4
On 1st January, 2012 Z Company Ltd. Issued 4,000 shares 10% debentures of Rs. 100 each. What journal entries would be passed in each of the following cases?
I. They are issued at par
II. At 10% premium
III. At 10% discount
Question 5
Ali Industries Ltd. issued 5,000 shares 10% debentures of Rs. 100/- Pass journal entries & Prepare balance sheet in each of the following cases:
I. Debentures are issued at par & redeemable at par.
II. Debentures are issued at 7% discount and redeemable at par.
III. Debentures are issued at 8% premium and redeemable at par.
IV. Debentures are issued at par and redeemable 4% premium.
V. Debentures are issued at 5% discount and redeemable at 4% premium.
Accounting Ratios
Practice Questions
VI.
Question 1
Information given;
Sales Rs. 150,000, Gross Profit Rs. 30,000, CGS Rs. 120,000, Opening Stock Rs. 29,000, Closing Stock Rs. 31,000, Debtors Rs. 160,000, Net Profit Rs. 14,000 & Net Fixed Assets Rs....