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प्रश्न
Select the most appropriate answer from the alternatives given below and rewrite the sentence:
The balance of depreciation account is transferred to ______
पर्याय
Manufacturing A/c
Trading A/c
Profit & Loss A/c
Balance sheet
उत्तर
The balance of depreciation account is transferred to Profit & Loss A/c.
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संबंधित प्रश्न
Short Answer Question
What is meant by Calls-in-Advance?
Long Answer Question
Describe the provision of law relating to ‘Calls-in-Arrears’ and ‘Calls-in-Advance’
Citizen Watches Ltd. invited applications for 50,000 shares of ₹ 10 each payable ₹ 3 on application, ₹ 4 on allotment, and balance on first and final call. Applications were received for 60,000 shares. Applications were accepted for 50,000 shares and remaining applications were rejected. All calls were made and received except First and Final call on 500 shares . Pass the journal entries in the books of Citizen Watches Ltd.
Z Ltd . purchased furniture costing ₹ 2,20,000 from C.D Ltd. The payment was to be made by issue of 9% Preference Shares of ₹ 100 each ata premium of ₹ 10 per share . Pass necessary Journal entries in the books of Z Ltd.
JJK Ltd. invited applications for issuing 50,000 equity shares of ₹ 10 each at par. The amount was payable as follows:
| On Application | --- | ₹ 2 per share, |
| On Allotment | --- | ₹ 4 per share; and |
| On First and Final call | --- | Balance Amount. |
The issue was oversubscribed three times. Applications for 30% shares were rejected and money refunded .Allotment was made to the remaining applicants as follows:
| Category | No . of Shares Applied | No. of Shares Allotted |
| I | 80,000 | 40,000 |
| II | 25,000 | 10,000 |
Excess money paid by the applicants who were allotted shares was adjusted towards sums due on allotment .
Deepak, a shareholder belonging to Category I , who had applied for 1,000 shares ,failed to pay the allotment money. Raju, a shareholder holding 100 shares, also failed to pay the allotment money. Raju belonged to Category II. Shares of both Deepak and Raju were forfeited immediately after allotment . Afterwards, first and final call was made and was duly received . The forfeited shares of Deepak and Raju were reissued at ₹11 per share fully paid-up.
Pass necessary journal entries for the above transactions in the books of company.
Give the meaning of 'Calls-in-Advance'.
Answer in One Sentence only:
Where is the profit or loss on sale of asset is transferred?
State whether the following statement is True or False with reasons:
Balance of depreciation account is transferred to Profit & Loss A/c.
On Jan 01, 2016 Rao sold goods ₹ 10,000 to Reddy. Half of the payment was made immediately and for the remaining half Rao drew a bill of exchange upon Reddy payable after 30 days. Reddy accepted the bill and returned it to Rao. On the due date Rao presented the bill to Reddy and received the payment. Journalise the above transactions in the books Rao and prepare of Rao’s account in the books of Reddy.
What should be deducted from subscribed share capital while preparing notes to account in the balance sheet.
When any shareholder fails to pay the amount due on allotment or on any of the calls, such amount is known as ______
What is the rate of interest on calls in advance if an article of association of the company is silent?
When applications for more shares of a company are received than the number of shares offered to the public for a subscription it is called ______?
What the director can do in the case of pro-rata allotment for the excess amount received is more than the amount due on allotment of shares?
Where number of shares applied for Subscription is less thah the number for which applications have been invited for subscription this situation is called?
For which of the following purposes the amount of securities premium can be utilized?
What would be the Journal entries for shares issued at a premium called at the time of application?
Right shares are the shares, which:
ESOP offered by company will create/retain ______.
Premium on issue of shares is shown on which side of the Balance sheet?
Premium on issue of shares can be used for:
Based on below information you are required to answer the following question:
Sangita Limited invited applications for issuing 60,000 shares of ₹ 10 each at par. The amount was payable as follows:
On Application ₹ 2 per share
On Allotment ₹ 3 per share
On First and Final Call ₹ 5 per share
Applications were received for 92,000 shares. Allotment was made on the following basis:
- To applicants for 40,000 shares - Full
- To applicants for 50,000 shares - 40%
- To applicants for 2,000 shares - Nil
₹ 1,08,000 was realised on account of allotment (excluding the amount carried from application money) and ₹ 2,50,000 on account of call.
The directors decided to forfeit shares of those applicants to whom full allotment was made and on which allotment money was overdue.
The above case shows which of the following case of subscription?
Based on below information you are required to answer the following question:
Sangita Limited invited applications for issuing 60,000 shares of ₹ 10 each at par. The amount was payable as follows:
On Application ₹ 2 per share
On Allotment ₹ 3 per share
On First and Final Call ₹ 5 per share
Applications were received for 92,000 shares. Allotment was made on the following basis:
- To applicants for 40,000 shares - Full
- To applicants for 50,000 shares - 40%
- To applicants for 2,000 shares - Nil
₹ 1,08,000 was realised on account of allotment (excluding the amount carried from application money) and ₹ 2,50,000 on account of call.
The directors decided to forfeit shares of those applicants to whom full allotment was made and on which allotment money was overdue.
How many shares will be issued for the applicants on 50,000 shares?
| Nitya, Shreya and Ishita are partners in a firm. They share profits in the ratio of 5 : 3 : 2. Their fixed capitals are ₹ 1,80,000; ₹ 1,60,000 and ₹ 2,00,000 respectively. For the year ending 31st March 2022, Nitya withdrew ₹ 7,500 at the end of every quarter. |
The average number of months for which interest on drawings will be calculated will be:
|
Rudra, Dev and Shiv were partners in a firm sharing profits in the ratio of 5 : 3 : 2. Their fixed capitals were ₹ 6,00,000, ₹ 4,00,000 and ₹ 2,00,000 respectively. Besides his capital Shiv had given a loan of ₹ 75,000 to the firm. Their partnership deed provided for the following:
During the year Rudra withdrew ₹ 50,000 at the end of each quarter; Dev withdrew ₹ 50,000 in the beginning of each half year and Shiv withdrew ₹ 70,000 at the end of each half year. The profit of the firm for the year ended 31-3-2022 before allowing interest on Shiv's loan was ₹ 7,06,750. |
What will the amount of interest on drawings of the partners?
On 1st April 2015, Farid of Nasik purchased a Motor Car for ₹ 55,000. The scrap value of the Motor Car was estimated at ₹ 10,000 and its estimated life is 10 years. The Registration charges of the Motor Car was ₹ 5,000.
Show Motor Car Account for first four years, assuming that the books of accounts are closed on 31st March every year.
