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Issue and Redemption of Debentures — Accountancy STD 12 Commerce — Question

CBSE BoardEnglish MediumSTD 12 CommerceAccountancyIssue and Redemption of Debentures1 Mark
Question
Statement I: Interest is paid by company on Debentures issued as collateral security.
Statement II: Interest on debentures issued as collateral security is paid on nominal of debentures.
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Answer

(B)

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Mohit and Sonu are equal partner Their capitals as on 1st April, 2020 are 1,00,000 and 2,00,000 respectively. Profits for the year 2020-21 were ₹ 90,000. As per the agreement, interest on capitals was ₹ 10,000 and ₹ 20,000 respectively and interest on drawings was ₹ 6,000 and ₹ 10,000 respectively. Mohit's salary was ₹ 2,000 p.m. and Sonu's salary was ₹ 5,000 p.a.
Accountant, however, committed the mistake and credited the profit in the capital ratio, Without interest on capitals, drawings and salary.
Q.1. With what amount was Sonu's account credited with initially?
(a) ₹ 45,000 $\quad$(b) ₹ 30,000
(c) ₹ 60,000 $\quad$(d) ₹ 90,000
Q.2. What was the total salary required to be credited?
i.   ₹ 70,000
ii.  ₹ 84,000
iii. ₹ 29,000
iv. ₹ 48,000
(a) Option (iv) $\quad$(b) Option (ii)
(c) Option (i)   $\quad$(d) Option (iii)
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Ankit, Mohit and Vinod were partners in a firm sharing profits equally. On 1st April, 2020, their capitals stood at ₹ 2,00,000, ₹ 1,50,000 and ₹ 1,00,000 respectively. As per the provisions of Partnership Deed:
i. Ankit was entitled to a salary of ₹ 2,500 p.m.
ii. Partners were entitled to interest on capital @ 10% p.a.
The net profit for the year ended 31st March, 2021, ₹ 1,50,000 was distributed among the partners without providing for the above items.
Q.1. What is the amount of interest on capital of Mohit?
(a) ₹ 20,000 $\quad$(b) ₹ 10,000
(c) ₹ 15,000 $\quad$(d) ₹ 30,000
Q.2. What is the amount of distributable profit for the partners after providing salary and interest on capital to the partners?
(a) ₹ 25,000 each $\quad$(b) ₹ 15,000 each
(c) ₹ 50,000 each $\quad$(d) ₹ 10,000 each
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Statement I: Securities Premium Reserve can be used for issue of fully paid bonus shares and for distribution of dividend in cash.
Statement II: Balance of securities premium Reserve may be transferred to General Reserve Account.
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Statement I: The profits and losses of the firm are distributed among the partners in an agreed ratio.
Statement II: If the partnership deed is silent, the firm's profits and losses are to be shared in the ratio of capital by all the partners.
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Statement I: The business of a partnership concern may be carried on by all the partners or any of them acting for all.
Statement ll: There exists a relationship of mutual agency between all the partners.
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Statement l: Interest on Capital is generally provided when the unegual partners contribute amounts of capitals but share profits equally.
Statement ll: Interest on capital is also provided where the capital contribution is same but profit sharing is unequal.
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Statement I: Called up capital means the share capital called up by the company on the subscribed shares.
Statement II: Calls not yet made by the shareholders but received in advance is shown as Paid up capital.
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A, B and C are partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. Their capitals(Fixed) are ₹ 1,00,000, ₹ 80,000 and ₹ 70,000 respectively. For the year 2018-19, interest on capital was to be credited to them @ 9% p.a. instead of 12%.
Q.1. What was the net amount should be credited to partner B?
(a) ₹ 2,400 $\quad$(b) ₹ 1,200
(c) ₹ 1,500 $\quad$(d) ₹ 1,800
Q.2. What was the net amount should be credited to partner C?
(a) ₹ 2,100 $\quad$(b) ₹ 1,700
(c) ₹ 2,000 $\quad$(d) ₹ 1,800
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Statement I: As per terms of issue, debenture may be redeemed at par, at premium or at a discount.
Statement II: Premium on redemption of debentures is shown under Security Premium in Balance Sheet.
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Statement I: Charging interest on drawings discourages excessive amounts of drawings by the partners.
Statement ll: When the partners withdraw different amounts of money at different time intervals, the interest is calculated using the product method.
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