Cash Flow Statement — Accountancy STD 12 Commerce — Question

A limited company made Credit Sales of ₹ 4,00,000 during the financial period. If the collection period is 36 days and year is assumed to be 360 days, calculate:

1. Trade Receivables Turnover Ratio.
2. Average Trade Receivables.
3. Trade Receivables at the end when Trade Receivables at the end are more than that in the beginning by ₹ 6,000.

X Ltd. issued 50,000 shares of ₹ 10 each at a premium of ₹ 2 per share payable as follows:
₹. 3 on Application
₹ 6 on Allotment (including premium) and
₹ 3 on call.
Applications were received for 75,000 shares and pro-rata allotment was made as follows:
To the applicants of 40,000 shares, 30,000 shares were issued and for the rest 20,000 shares were issued. All moneys due were received except the ‘allotment and call money from Ram who had applied for 1,200 shares (out of the group of 40,000 shares). All his shares were forfeited. The forfeited shares were re-issued for ₹ 8 per share fully paid-up.
Pass necessary journal entries for the above transactions.

SRCC Ltd. has issued on 1st April, 2016, 20,000, 12% Debentures of ₹ 100 each redeemable by draw of lots as under:

During the year ended on 31st March, 2017	:	15%
During the year ended on 31st March, 2018	:	25%
During the year ended on 31st March, 2019	:	15%
During the year ended on 31st March, 2020	:	25%
During the year ended on 31st March, 2021	:	20%

How much minimum investment or deposit should be made by SRCC Ltd. as per Companies Act, 2013 before redemption of debentures? When should it be made?

1. R.P. Ltd. forfeited 1,500 shares of Rahim of ₹ 10 each issued at a premium of ₹ 3 per share for non-payment of allotment and first call money. Rahim had applied for 3,000 shares. On these shares, amount was payable as follows:

On application	-	₹ 3 per share
On allotment (including premium)	-	₹ 5 per share
On first call	-	₹ 3 per share
On final call	-	Balance

Final call has not been called up. 1,000 of the forfeited shares were reissued for ₹ 8,500 as fully paid-up.

Record the necessary journal entries for the above transactions in the books of R.P. Ltd.

2. Max Ltd. forfeited 500 shares of ₹ 100 each for non-payment of first call of ₹ 20 per share and final call of ₹ 25 per share. 250 of these shares were re-issued at ₹ 50 per share fully paid-up. Pass the necessary journal entries in the books of Max Ltd. for forfeiture and re-issue of shares. Also prepare the Share Forfeiture Account.

Prepare Cash-Flow Statement from the following Balance Sheets of Mr. Kapoor as at 31st March ________ . Additional Information:

1. There was neither any drawings nor any capital addition during the year.
2. There was no purchase/ sale of fixed assets.

Following is the Balance Sheet of Akash Ltd. as on 31st March, 2014:
Notes to Accounts:

Additional Information:

1. Tax paid during the year amounted to ₹ 16,000.
2. Machine with a net book value of ₹ 10,000 (Accumulated Depreciation ₹ 40,000) was sold for ₹ 2,000.

Prepare Cash Flow Statement.

AXN Ltd. invited applications for issuing 1,00,000 equity shares of ₹ 10 each at a premium of ₹ 6 per share. The amount was payable as follows:
On Application ₹ 4 per share (including ₹ 2 premium).
On Allotment ₹ 5 per share (including ₹ 2 premium).
On First Call ₹ 4 per share (including ₹ 2 premium).
On Second and Final Call – Balance Amount.
The issue was fully subscribed.
Kumar the holder of 400 shares did not pay the allotment money and Ravi the holder of 1,000 shares paid his entire share money alongwith allotment money. Kumar’s shares were forfeited immediately after allotment. Afterwards first call was made. Gupta a holder of 300 shares failed to pay the first call money and Gopal a holder of 600 shares paid the second call money also alongwith first call. Gupta’s shares were forfeited immediately after the first call. Second and final call was made afterwards. The whole amount due on second call was received. All the forfeited shares were re-issued at ₹ 9 per share fully paid up.
Pass necessary Journal Entries for the above transactions in the books of the company.

Nitro Paints Ltd. invited applications for issuing 1,60,000 equity shares of ₹ 10 each at a premium of ₹ 3 per share.
The amount was payable as follow:

On Application	-	₹ 6 per share (including premium ₹ 1),
On Allotment	-	₹ 3 per share (including premium ₹ 1),
The balance	-	On First and Final call

Applications for 1,80,000 shares were received. Applications for 10,000 shares were rejected and pro rata allotment was made to the remaining applicants. Over payment received on application was adjusted towards sums due on allotment. All calls were made and were duly received except allotment and final call from Aditya who was allotted 3,200 shares. His shares were forfeited. Half of the forfeited shares were reissued for ₹ 43,000 as fully paid-up.
Pass necessary journal entries for the above transactions in the books of Nitro Paints Ltd.

Following information is extracted from the statement of profit and loss of gold coin Ltd. for the year ended 31st march 2015:

prepare comparative statement of profit and loss.

X Ltd. issued 12,000; 8% Debentures of ​₹ 100 each at a discount of 5% payable as 25% on application; 20% on allotment and balance after three months.
Pass Journal entries.