Advanced Accounting - May Rtp 2023 RTP

P, Q and R are sharing profits and losses in the ratio 5:3:2. Due to finding of frauds committed by R during the year, it was decided to dissolve the partnership on 31st March, 2022. As on 31st March, 2022 their Balance Sheet was as under: Equity & Liabilities Amount (`) Assets Partner's Capital A/c Amount (`) Plant & Machinery 6,00,000 P 4,50,000 Stock 4,27,500 Q 4,50,000 Investments 1,45,000 R - Debtors 2,10,000 General reserve 1,20,000 72,500 Trade creditors 2,35,000…

M/s Happy Makers is a partnership firm consisting of Mr. Happy, Mr. Yuvi and Mr. Mohan who share profits and losses in the ratio of 2:2:1 and Global Ltd. is a company doing similar business. PAPER – 5 : ADVANCED ACCOUNTING 7 Following is the summarized Balance Sheet of the firm and that of the company as at 31.3.2022: M/s Happy Global Ltd. Assets Makers (`) Equity & Liabilities Equity share capital: Equity shares ` 10 each Plant Machinery M/s…

A Limited grants 5,000 options to its employees on 1.04.2018 at ` 90/-, when the market price was ` 150/-. The vesting period is 3 years. The maximum exercise period is one year. 4,500 options were exercised on 31.03.2022, the remaining options lapsed. Journalize the transactions, if the face value of equity shares is ` 10/- per share. 8 INTERMEDIATE EXAMINATION: MAY, 2023 Buy Back of Securities

Pay Limited provides you with the following information as at 31 st March, 2022: (` in Lakhs) Share Capital: Authorised Issued: 11% Redeemable preference shares of ` 100 each fully paid Equity shares of ` 10 each fully paid Reserves and surplus: Capital reserve Securities premium Revenue reserves Profit and loss account Current liabilities and provisions Fixed assets: cost Less: Accumulated depreciation Non-current investments at cost (Market value` 400 Lakhs) Current assets (i) 300 125 175 35 105 460 50…

Explain the meaning of equity shares with differential rights. Also explain the conditions under Rule 4 under Companies (Share Capital and Debentures) Rules, 2014, to deal with equity shares with differential rights. Amalgamation of Companies

The following information is being provided by VT Ltd. and MG Ltd. as on 31 st March, 2022: Particulars VT Ltd. (`) MG Ltd. (`) Equity Shares of ` 10 each 12,00,000 6,00,000 10% Pref. Shares of ` 100 each 4,00,000 2,00, PAPER – 5 : ADVANCED ACCOUNTING 9 Reserve and Surplus 6,00,000 4,00,000 12% Debentures 4,00,000 3,00,000 Trade Payables 5,00,000 3,00,000 Fixed Assets 14,00,000 5,00,000 Investment 1,60,000 1,60,000 Inventory Trade Receivables 4,80,000 8,40,000 6,40,000 4,20,000 Cash at Bank 2,20,000…

The following information is being provided by Fortunate Ltd. as on 31 st March, 2022. Particulars Amount (`) Authorized and Issued Share Capital (a) 15,000 8% Preference shares of ` 50 each 7,50,000 (b) 18,750 Equity shares of ` 50 each 9,37,500 Profit and Loss Account (Dr. balance) 5,63,750 Trade Payables 7,16,250 2,58,750 Other Liabilities Building at cost less depreciation 43,750 5,00,000 Plant at cost less depreciation 3,35,000 Trademarks and goodwill at cost 3,97,500 Inventory Trade Receivables 5,00,000 4,10,000 (Note…

BT Ltd. went into Voluntary Liquidation on 31 st March, 2022. It provides the following information on that date: Liabilities In ` Issued & Subscribed Capital 10,000 12% cumulative preference shares of ` 100 each, fully paid 10,00,000 10,000 Equity Shares of ` 100 each 75 per share paid up 7,50,000 20,000 Equity Shares of ` 100 each 60 per share paid up 12,00,000 Profit & Loss Account (Dr. balance) 5,25,000 12% Debentures (Secured by a floating charge) 10,00,000 Interest…