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Q.1) How many years must a company do business so that it can issue its shares at a discount? Also state maximum limit if any on such discount.
Q.2) Which type of goodwill can be recorded in the books of account as per AS-10?
Q.3) Name two methods of valuation of goodwill.
Q.4) What do you mean by securities premium?
Q.5) In what ratio is retiring partners share of goodwill adjusted into the accounts of continuing partners?
Q.6) City Finance Ltd. issued 4,00,000 13.5 % Debentures of Rs 500 each . Pass necessary journal entries for issue of Debentures in the following cases :
i) When debentures are issued at par and redeemable at 5 % premium.
ii) When debentures are issued at 5 % premium and redeemable at par.
iii) When debentures are issued at 5 % premium and redeemable at 7 % premium.
Q.7) Give three entries of goodwill brought in by the partner and withdrawn .
Q.8) A Ltd. took over Assets of Rs.12,00,000 and Creditors of Rs.2,00,000 from B Ltd. and issued Equity Shares of Rs. 100 each at a premium of 10 % as purchase consideration.
Q.9) A , B and C were partners in a firm . On 1st April , 2009 their capitals stood at Rs. 50,000 , Rs. 25,000 and Rs. 25,000 resp. As per the provisions of the partnership deed :
i) C was entitled for a salary of Rs. 5000 per month but he was credited with Rs. 500 per month only.
ii) Profits were to be shared in the ratio of capitals. The net profit of the year 2008-09 of Rs. 33,000 was divided equally without providing for the above terms. Pass necessary adjusting entry on 1st April, 2009.
Q.10) Aniket Ltd. redeemed Rs. 30,00,000 , 8 % Debentures issued at a premium of 5 % as follows : Rs. 12,00,000 , 8 % Debentures were converted into Equity Shares of Rs. 100 each issued at a premium of Rs. 25 per share and the balance by purchase in open market at 10 % discount. Pass journal entries for redemption.
Please refer to attached file for CBSE Class 12 Accountancy Sample Papers 2014 (7).