Accountancy 4 Marks Question

Sumit, Amit and Vinit are partners sharing profit in the ratio of 5 : 3 : 2. Their Balance Sheet as on March 31, 2017 was as follows:

Balance Sheet of Sunit, Amit and Vinit as on March 31, 2017
Liabilities		Amount ₹	Assets	Amount ₹
Capitals:			Machinery	80,000
Sumit	40,000		Investments	1,50,000
Amit	50,000		Stock	10,000
Vinit	40,000	1,50,000	Debtors	35,000
Profit and Loss		10,000	Cash at bank	15,000
Mr. Amit's loan		40,000
Sundry creditors		90,000
		2,90,000		2,90,000

The firm was dissolved on that date. Amit took over his wife's loan. One of the Creditors for ₹ 2,600 did not claim the amount. Assets realised as follows:
i. Machinery was sold for ₹ 70,000,
ii. Investments with book value of ₹ 1,00,000 were given to Creditors in full settlement of their account. The remaining Investments were taken over by Vinit at an agreed value of ₹ 45,000,
iii. Stock was sold for ₹ 11,000 and Debtors for ₹ 3,000 proved to be bad,
iv. Realisation expenses were ₹ 1,500.
Prepare ledger accounts to close the books of the firm.

Starline Ltd. issued 10,000 shares of ₹ 10 each, payable as ₹ 3 on application, ₹ 4 on allotment, ₹ 2 on first call and balance on second and final call. Out of the total shares, 500 shares were forfeited.
Calculate the Maximum Permissible Discount and Minimum Reissue Price at the time of reissue in each of the following cases:
Case 1. If shares were forfeited for non-payment of Second and Final Call.
Case 2. If shares were forfeited for non-payment of First Call and Second and Final Call.
Case 3. If shares were forfeited for non-payment of Allotment, First Call and Second and Final Call.
Case 4. If shares were forfeited for non-payment of Allotment and First Call. Second and Final Call is not yet made.
Case 5. If shares were forfeited for non-payment of First Call. Second and Final Call is not yet made.