CBSE Class 12 Accountancy Revision Assignment Set D

CBSE Class 12 Accountancy Revision Assignment Set D. Chapter wise assignments are being given by teachers to students to make them understand the chapter concepts. Its extremely critical for all CBSE students to practice all assignments which will help them in gaining better marks in examinations. All assignments available for free download on the website are developed by the best teachers having many years of teaching experience in CBSE schools all over the country. Students, teachers and parents are advised to download the CBSE study material.

 

1. Bilochpur Ltd. has an outstanding balance of Rs. 4,00,000, 8% Debentures of Rs. 100 each. The Board of Directors decided to purchase 1, 00,000 debentures at a price of Rs. 96 for investment purposes but after few months they took a decision to sell them @ Rs. 99 in the market. Record necessary entries to show above transactions.

2. (a) (i) Z Ltd. purchased a building for Rs. 2,20,000. Half of the payment was made in cash and the balance by issue of 12% debentures at premium of 10% Pass the necessary journal entries in the books of Z Ltd.

(ii) A Ltd. issued Rs. 2,00,000. 12%. Debentures as collateral security. Pass necessary journal entries in the books of A Ltd.

(b) A company had issued 10% Rs. 100 debentures amounting to Rs. 80,000 redeemable at the option of the company by drawing at par or by purchase in the open market. The company decides to redeem Rs. 20,000 debentures by the purchase of Rs. 16,000 debentures in the open market at Rs. 98 each and draw Rs. 4,000 debentures.

Assuming that company had sufficient balance in the Debenture Redemption Reserve before the purchase of own debentures, pass the necessary journal entries in the books of the company.

3. X Ltd. invited applications for 2,00,000 equity shares of Rs. 10 each at a premium of Rs. 2 per share payable as to Rs. 2 on application, Rs. 5 on allotment including premium, Rs. 2 first call & Rs. 3 on final call.

Applications were received for 3,00,000 shares. Applications for 60,000 shares were rejected and pro-rata allotment was made to the remaining applicants. Ram, who applied for 9,600 shares, failed to pay allotment and two calls and Shyam the holder of 12,000 shares, failed to pay two calls. These shares were forfeited. Subsequently, all these shares were reissued at Rs.8 per share as fully paid up. Pass necessary journal entries in the books of X Ltd.

4. Beriwal Ltd. at present is having an equity share capital of Rs. 1, 00,000. The face value of one equity share is Rs. 10.It intends to make further issue of equity as follows:

(I) General public-10,000 equity shares at a discount of Re. 1 per share. Terms of issue:

Application Rs.2, Allotment Rs.2, First and Final Call Rs.5

The shares issued to the public were oversubscribed by 1,000 shares. The directors have refunded the entire excess application money. Jatin holding 200 shares failed to pay the final call and these shares have been forfeited after having notices of forfeited etc. Later these shares were issued to Bobby of maximum discount.

(II) The company acquired assets worth Rs. 9,00,000, the payment was settled by the issue of sufficient number of equity shares at a discount of Re. 1 per share. You are required to

(a) Give journal entrees to record the above Share Capital transactions including forfeiture and reissue.

(b) Give journal entries in respect of purchase of assets.

 

Please click the below link to access CBSE Class 12 Accountancy Revision Assignment Set D


Tags: 

 


Click to View or Download pdf file
Click for more Accountancy Study Material

Latest NCERT & CBSE News

Read the latest news and announcements from NCERT and CBSE below. Important updates relating to your studies which will help you to keep yourself updated with latest happenings in school level education. Keep yourself updated with all latest news and also read articles from teachers which will help you to improve your studies, increase motivation level and promote faster learning

Art Integrated Project work for classes 1 to 10

CBSE Board has decided to introduce Art-Integrated Project work for classes I to X to promote Art-Integrated Learning in schools to make teaching learning Competency-Based and joyful. As part of this, at least one Art-Integrated Project in each subject shall be taken...

Class 10 Datesheet announced

CBSE has announced the date sheet for the remaining class 10 Board Exams, see dates below

Class 10 Board Exams to be held

The CBSE board has announced that there is no change in the decision of conducting the CBSE board exams for the 29 subjects, which were canceled due to coronavirus crisis. So when the lockdown gets relaxed completely, the board will conduct the exams for the students,...

CBSE Boards Answer Sheet Evaluation Class 10 and Class 12

HRD Minister Ramesh Pokhriyal, through a video conference with all the education ministers of the state, discussed the further steps to be taken to smoothen the education process during the Covid-19 lockdown. The most important topic which was discussed repeatedly on...

Procedure for correction in Name and Date of Birth

Procedure for correction in Name and Date of Birth in CBSE records Name Change: Applications regarding changes in name or surname of candidates will be considered provided the changes have been admitted by the Court of law and notified in the Government Gazette before...

CBSE Online Training for Teachers 2020

It is clear that this pandemic has utterly disrupted an education system that many assert was already losing its relevance. Enhancing professional development digitally is a need in the times of COVID-19, where social distancing and remote interactions is the new...

×
Studies Today