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From the Following Statement of Profit and Loss of Navratan Ltd. for the Year Ended 31st March, 2013, Prepare a Comparative Statement of Profit and Loss: - Accountancy

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प्रश्न

From the following Statement of Profit and Loss of Navratan Ltd. for the year ended 31st March, 2013, prepare a Comparative Statement of Profit and Loss: 

Particulars Note No.  2012 – 13
  Rs
  2011 – 12
  Rs
Revenue from operations   8,05,000 6,14,000
Other Incomes   43,000 51,000
Expenses   5,59,000 4,88,000

Rate of income tax was 40%.

उत्तर

                 Comparative Income Statement

              for the year ended March 31, 2012 and 2013

Particulars

2012-2013

(Rs)

2011-2012

(Rs)

Absolute

Change

(Rs)

Percentage

Change

(%)

I. Revenue from Operations

8,05,000

6,14,000

1,91,000

31.11

II. Other Income

43,000

51,000

(8,000)

(15.68)

III. Total Revenue (I + II)

8,48,000

6,65,000

1,83,000

27.52

IV. Expenses

5,59,000

4,88,000

71,000

14.55

Profit before Income Tax (III – IV)

2,89,000

1,77,000

1,12,000

63.28

Less: Income Tax (40%)

1,15,600

70,800

44,800

63.28

Profit after Income Tax

1,73,400

1,06,200

67,200

63.28

 

 

 
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2013-2014 (March) Foreign Set 1

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संबंधित प्रश्न

BBG Ltd. invited applications for issuing 2,00,000 equity shares of Rs 10 each at a premium of Rs 10 per share. The amount was payable as follows:  

On Application − Rs 4 per share (including Rs 2 premium)
On Allotment − Rs 5 per share (including Rs 2 premium)
On First call − Rs 5 per share (including Rs 3 premium)
On Second and final call − Balance amount 

The issue was fully subscribed. Raghu, a shareholder holding 1000 shares, failed to pay the allotment money and Rahim, another shareholder holding 1500 shares, paid his entire share money along with allotment. Raghu's shares were forfeited immediately after allotment. Afterwards, the first call was made Deenanath, a shareholder holding 500 shares, failed to pay the first call money and Dayal, a shareholder holding 600 shares, paid his second call money along with the first call. Deenanath's shares were forfeited immediately after the first call. Later on the second call was made which was duly received.

Pass necessary journal entries for the above transactions in the books of BBG Ltd.


Narain Laxmi Ltd. invited applications for issuing 7500, 12% Debentures of Rs100 each at a premium of Rs 35 per Debenture. The full amount was payable on application.

 

Applications were received for 10,000 Debentures. Applications for 2500 Debentures were rejected and the application money was refunded. Debentures were allotted to the remaining applicants.

 

Pass necessary Journal Entries for the above transactions in the books of Narain Laxmi Ltd.


Shakti Ltd. decided to redeem its 750, 12% Debentures of Rs 100 each. The company purchased 500 Debentures at Rs 94 per Debenture from the open market. The remaining debentures were redeemed out of profits. The company had already made a provision for Debenture Redemption Reserve in its books.

 

Pass necessary Journal Entries in the books of the company for the above transactions.


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Applications were received for 4,000 debentures. Application for 1,000 debentures were rejected and application money was refunded. Debentures were allotted to the remaining applicants.

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Sarvottam Ltd. Decided to redeem its 1250, 12% Debentures of Rs 100 each. It purchased 850 Debentures from the open market at Rs 96 per Debenture. The remaining Debenture were redeemed out of profit. The company has already made a provision for Debenture Redemption Reserve in its books.

Pass necessary Journal entries in the books of the company for the above transaction.


DN Ltd. issued 50,000 shares of Rs 10 each at a discount of 10% payable as Rs 2 per share on application Rs 3 on allotment and Rs 2 each on first and final call. Applications were received for 70,000 shares. It was decided that

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(b) Allot 10,000 shares to Mohan who had applied for a similar number, and

(c) Allot the remaining share on a pro-rata basis.

Mohan failed to pay the allotment money and Sohan who belonged to category (c) and was allotted 3,000 shares, paid both the calls with allotment, Calculate the amount received on allotment.

 


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The debentures where a charge is created on the assets of company.


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The issue of debentures more than face value of debentures


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  4. Issued ₹ 5,00,000, 9% debentures of ₹ 100 each at 10% premium redeemable at par.
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Pass necessary journal entries for the issue of debentures in the following cases:

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  3. Issued 750, 8% debentures of ₹ 100 each at 10% discount redeemable at par.
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  5. Issued 500, 9% debentures of ₹ 100 each at 10% discount redeemable at 10% premium.

Pass necessary journal entries for the issue of debentures in the following cases :

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At what rate of discount did the company issue these Debentures?


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