Advanced Accounting - May Rtp 2022 RTP

(a) The firm of M/s Om has four partners - A,B,C & D and as of 31 st March, 2021, its Balance Sheet stood as follows: Equity and Liabilities Capital A/cs: Assets 50,000 A B 2,00,000 2,00,000 Building Office equipment 2,50,000 1,25,000 C 1,00,000 Computers Debtors 70,000 4,00,000 A B 50,000 Stocks 1,50,000 Cash at Bank Current A/cs: C Loan from NBFC 1,10,000 5,00,000 Current Liabilities 70,000 13,80,000 3,00,000 75,000 Other Current Assets Current A/c: D 22,600 87,400 13,80,000 The…

U and V were in partnership with sharing of profit and loss equally. The firm's Balance sheet as at 31/12/2021 (for 9 months) was: Equity and Liabilities Assets Partners’ Capital Accounts: U 1,50,000 Plant Building 1,85,000 1,00,000 Debtors 85,000 V 1,80,000 3,30,000 Sundry Creditors 90,000 Stock 56,000 Bank Overdraft 83,000 Profit & Loss A/c (Dr. balance) Partners’ Drawings Accounts: 60,000 U V Total 5,03,000 Total 8,000 9,000 17,000 5,03,000 The operations of the business were carried on till 31/03/2022. U…

(b) Noor Ltd. has its share capital divided into equity shares of ` 10 each. On 1.1.2021 it granted 4,000 employee stock options at ` 40 per share, when the market price was ` 60 per share. Fair value per option was ` 20. The options were to be exercised between 15 th March, 2021 and 31 st March, 2021. The employees exercised their options for 2,500 shares only and the remaining options lapsed. The company closes its books on…

Ltd. (an unlisted company) gives the following information as on 31.3.2021: Particulars Amount (`) Equity shares of ` 10 each, fully paid up 13,50,000 Share option outstanding Account Revenue Reserve 4,00,000 15,00,000 Securities Premium Profit & Loss Account 2,50,000 1,25,000 Capital Reserve Unpaid dividends 2,00,000 1,00,000 12% Debentures (Secured) Advance from related parties (Long term - Unsecured) 18,75,000 10,00,000 Current maturities of long term borrowings Application money received for allotment due for refund 16,50,000 2,00,000 Property, plant and equipment 46,50,000…

(a) Explain the conditions for equity shares with differential rights under the Companies (Share Capital and Debentures) Rules. (b) L,M,N and O hold Equity capital in the proportion of 30:30:20:20 in Hill Ltd. X, Y, Z and K hold preference share capital in the proportion of 40:30:20:10. You are required to identify the voting rights of shareholders in case of resolution of winding up of the company if the paid-up capital of the company is ` 60 Lakh and preference…

The following are the Balance Sheets of Aakash Limited and Ganga Limited as at March 31, 2021: Particulars I. No. Aakash Limited Ganga Limited (a) Share Capital 1 80,00,000 20,00,000 (b) Reserves and Surplus 2 (3,24,00,000) 56,00,000 (2) Non-Current Liabilities: (a) Secured Loans 3 3,20,00,000 1,60,00,000 (b) Unsecured Loans 4 1,72,00,000 56,00,000 36,00,000 2,04,00,000 56,00,000 5,08,00,000 3,28,00,000 68,00,000 1,36,00,000 Equity and Liabilities: (1) Shareholder's Funds: (3) Current Liabilities: (a) Trade Payables (b) Other Current Liabilities Total II. 5 Assets: (1)…