Advanced Accounting - Nov Rtp 2023 RTP

Q, R and S are sharing profits and losses in the ratio 3 : 3 : 2 : 1. Frauds committed by R during the year were found out and it was decided to dissolve the partnership on 31st March, 2023 when their Balance Sheet was as under: Liabilities Amount (` ) Assets Amount (` ) Capitals: Building 3,80,000 P 3,00,000 Stock 2,60,000 Q 3,00,000 Investments 1,00,000 R Debtors 1,40,000 S 1,20,000 60,000 R’s current A/c 80,000 General reserve 80,000…

X, Y and Z are partners sharing profits and losses in the ratio 3 : 2 : 1 after allowing interest on capital @ 9% p.a. Their Balance Sheet as at 31st March, 2023 are as follows: Liabilities Assets Capital Accounts: Plant & Machinery X 1,00,000 Fixtures 40,000 Y 60,000 Stock 1,00,000 Z 40,000 2,00,000 Sundry Debtors 60,000 Reserve Fund 2,16,000 1,20,000 Creditors 96,000 4,16,000 4,16,000 They applied for conversion of the firm into a Private Limited Company named XYZ…

Arzoo Limited has its share capital divided into equity shares of ` 10 each. On 1-10-2021, it granted 10,000 employees’ stock options at ` 50 per share, when the market price was ` 120 per share. The fair value of options, calculated using an option pricing model, is ` 70 per option The options were to be exercised between 10th December, 2021 and 31st March, 2022. The employees exercised their options for 8,000 shares only and the remaining options lapsed.…

The following information from Balance Sheet of Z Ltd. as on 31 st March ,2023: ` Lakhs Share Capital: Equity shares of ` 10 each Fully Paid Up 16,000 10% Redeemable Pref. Shares of ` 10 each Fully Paid Up 5, 8 INTERMEDIATE EXAMINATION: NOVEMBER 2023 Reserves & Surplus Capital Redemption Reserve 2,000 Securities Premium 1,600 General Reserve 12,000 Profit & Loss Account 600 Secured Loans: 9% Debentures 10,000 Current Liabilities: Trade payables 4,600 Sundry Provisions 2,000 Fixed Assets Investments…

The following information from Balance Sheet of X Ltd. as at 31 st March, 2023: 4,000 Equity shares of ` 100 each 4,00,000 10% Debentures 2,00,000 Loans 80,000 Trade payables 1,60,000 General Reserve 40,000 Building 1,70,000 Machinery 3,20, PAPER – 5 : ADVANCED ACCOUNTING 9 Inventory 1,10,000 Trade receivables 1,30,000 68,000 Patent 65,000 Share issue Expenses 17,000 Y Ltd. agreed to absorb X Ltd. on the following terms and conditions: (1) Y Ltd. would take over all assets, except bank…

Following information from Balance Sheet of Ruby Limited as on 31 st March, 2023. Amount ` Authorised and Issued equity share capital: 60,000 shares of ` 100 each fully paid 60,00,000 40,000 7% cumulative preference shares of ` 100 each fully paid 40,00,000 General Reserve 12,00,000 Loan from Director 8,80,000 Trade Payables 49,20,000 Outstanding expenses 6,40,000 Bank loan 6,00,000 Patent 8,00,000 Plant & machinery 60,00, 10 INTERMEDIATE EXAMINATION: NOVEMBER 2023 Building 11,00,000 Trade receivables 47,00,000 Inventory 32,60,000 2,40,000 Bank Balance…

Amounts payable in winding-up of a company are as follows: Secured Creditors ` 2,50,000 Workmen's Due ` 5,00,000 Show the payments made and treatment of balance in the following two instances : (i) If the security realized is ` 4,00,000 (ii) If the security realized is ` 2,00,000 NBFCs