Que no. 5

Que no. 5 8. 9. 10. pannersmp has a separate legal in support of A and B were partners in a firm sharing profits and losses in the ratio of 4 : Y T heh admitted C as a nev. partner the neu profit ratio A. B and C nas 3 : : 2. A surrendered I '4 of his share in of C. Calculate Sacrifice, P and Q u ere partners in a firm sharing profits equalis j heir fixed capitals were Rs. 1.00.00() and Rs. 50.000 respectisel.\L The pannership deed pro"ided for interest on capital at the • rate of per annum. For the year ended 31' march. 2016 the profits of the firm Mere distributed v. ithout pro\ iding interest on apitdl. Pass necessar.\ ad.iusunent entn to rectify the error. X Ltd. imited application for issuing debentures of P.s. 100 each at a discount Of 6%. Applications for 1.200 debentures uere received. Pro-rata allotment was made all the applicants. Pass necessary Journal Entries for the issue of debentures assuming that the whole amount "as payable with applications. Y Ltd. forfeited i 00 equity shares of Rs. 10 each for the of first ofRs. 2 per share. The final call Of Rs. 2 per share was yet to be made. Celculate the maximum amount of discount 'at which these shares can be re-issued. Gupta and Shanna were panners in a firm. They wanted admit in the firm. List the categories of individuals other Oe admitted 1 by them. Ltd converted its 200. 8% debentures of? 100 each issued at a discount of 6% into equity shares of Rs. 10 each. issued at a premium of 25%. Discount on issue of debentures has not yet been written off Shcnhing you working notes clearly pass necessary Journal Entries on consersion of debentures into equity shares. Amar, Ram. Mohan and Sohan were pat•tners in a finn sharing profits in the ratio : 2 : 2 :1. On 31st January, 2017 Sohan retiled. On Sohan's retirement the gaodv.i!l of the firm was valued at Rs. 70.000. The new profit sharing ratio benveen Amar. Ram and Mohan was agreed as 5 : I : l. Showing your working notes clearly. pass necessary .loumai Entry for the treatment goodwill in the books ofthe firm on Sohan's retirement. 1.10, Z Ltd. purchased machinery from K Ltd. Z. Ltd. paid Ltd. as follov.s : By issuing 5,000 equity shares of Rs. 10 each at premium of 300,G (ii) By issuing 1000.8% Debentures of Rs. 100 each at a discount of 10%. (iii) Balance by giving a promissory note of Rs. 48,000 payable after two months. Pass necessary joufnal entries for the purchase of machinery and payment to K Ltd. the books of Z Ltd. Akash Ltd. is registered with an authorized Capital of Rs. divided fullv paid up share capital of the comp

Dear Student,

In this case, the maximum amount of discount at which these shares can be reissued is Rs.6. Because total shares were issued at Rs. 10 each and shareholder did not pay for the First call at Rs.2 per share and final call is yet to be made.
Therefore, the amount forfeited on these shares is Rs.6.


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