Question
From the following information, prepare a Comparative Statement of Profit:
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Briefly explain the meaning and significance of any two of the following ratios:
- Gross Profit Ratio.
- Inventory Turnover Ratio.
- Current Ratio.
On $1.4.2015$ PPR Ltd. issued $1500, 10\%$ debentures of ₹ $100$ each at a discount of $3\%$, redeemable at a premium of $8\%$ after three years. The company closes its books on $31^{st}$ March every year. Interest on $10%$ debentures is payable on $30^{th}$ September and $31^{st}$ March. Rate of tax deducted at source is $10%$.
Pass necessary journal entries for the issue of $10\%$ debentures and interest for the year ended $31.3.2016$.
→Pass necessary journal entries for the issue of $10\%$ debentures and interest for the year ended $31.3.2016$.
‘Subham Ltd.’ invited applications for issuing 12,000 equity shares of ₹ 10 each at a premium of ₹ 3 per share. The amount was payable as follows:
Excess money received with applications was adjusted towards sums due on first call. All calls were made and were duly received except the first call and second and final call on 120 shares allotted to Vibhu. His shares were forfeited. The forfeited shares were reissued at the maximum permissible discount as per the provisions of the Companies Act, 1956.
Pass necessary Journal Entries for the above transactions in the books of the company.
On application and allotment – ₹ 6 per share. (Including Premium)
On first call – ₹ 4 per share.
On second and final call – The balance.
Applications for 18,000 shares were received and pro-rata allotment was made to all the applicants.Excess money received with applications was adjusted towards sums due on first call. All calls were made and were duly received except the first call and second and final call on 120 shares allotted to Vibhu. His shares were forfeited. The forfeited shares were reissued at the maximum permissible discount as per the provisions of the Companies Act, 1956.
Pass necessary Journal Entries for the above transactions in the books of the company.
From the information given below, prepare a Common Size Statement of Profit & Loss of Relay Ltd:
Calculate the amount of Opening Trade Receivables and Closing Trade Receivables from the following:
You are informed that Closing Trade Receivables were three times than that in the beginning. Cash Revenue from Operations being 25% of Credit Revenue from Operations.
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Trade Receivables Turnover Ratio
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10 times
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Cost of Revenue from Operations
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₹ 7,00,000
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G.P. Ratio
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30% of Revenue from Operations
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What is meant by a debenture? Explain the different types of debentures?
Z Ltd. was registered with an authorised capital of ₹ 60,00,000 divided in 60,000 equity shares of ₹ 100 each. Company issued 25,000 equity shares at a premium of ₹ 20 per share, payable as follows: ₹ 30 on Application; ₹ 45 on Allotment (including premium); ₹ 20 on first call and ₹ 25 on Second and Final Call.
All shares were subscribed and all the money was duly received. Share issue expenses amounted to ₹ 40,000 which were fully written off against Securities Premium.
Prepare necessary Journal Entries and Bank Account in the books of the Company.
All shares were subscribed and all the money was duly received. Share issue expenses amounted to ₹ 40,000 which were fully written off against Securities Premium.
Prepare necessary Journal Entries and Bank Account in the books of the Company.
What is meant by Comparative Financial Statements? Explain their objectives.
Prepare a Comparative Statement of profit from the following:
Sumit Machine Ltd issued 50,000 shares of ₹ 100 each at discount of 5%. The shares were payable ₹ 25 on application, ₹ 40 on allotment and ₹ 30 on first and final call. The issue were fully subscribed and money were duly received except the final call on 400 shares. The discount was adjusted on allotment.