Accountancy 3 Marks Question

DCM Ltd issued 50,000 shares of ₹ 10 each payable as ₹ 2 per share on application, ₹ 3 per share on allotment and ₹ 5 on first and final call. Applications were received for 70,000 shares. It was decided that:
a. to refuse allotment to the applicants for 10,000 shares,
b. to allot 20,000 shares to Mohit who had applied for similar number, and
c. to allot the remaining shares on pro rata basis
Mohit failed to pay the allotment money and Sachin who belonged to Category C and was allotted 3,000 shares paid the call money with allotment.
Calculate the amount received on allotment.

Y Ltd. purchased Machinery Rs. 55,000 from Z Ltd. 10% was paid by Y Ltd. by accepting a Bill of Exchange in favour of Z Ltd. and the balance was paid by issue of 9% Debentures of Rs. 100 each at par, redeemable after five years.
Pass necessary Journal entries in the books of Y Ltd.

Sharma and Verma were partners in a firm sharing profits and losses in the ratio of 3 : 2. Their fixed capitals were ₹ 14,00,000 and ₹ 10,00,000 respectively. The partnership deed provided for the following:
i. Interest on capital @ 10% per annum.
ii. Interest on drawings @ 12% per annum.
During the year ended 31.03.2023, Sharma withdrew ₹ 2,00,000 and Verma withdrew ₹ 1,00,000. After preparing the accounts for the year ended 31.03.2023, it was realised that interest on capital was not allowed and interest on drawings was not charged.
Showing your working notes clearly pass necessary journal entries in the books of the firm to rectify the above error.

The partnership agreement between Maneesh and Girish provides that:
i. Profits will be shared equally;
ii. Maneesh will be allowed a salary of ₹400 p.m;
iii. Girish who manages the sales department will be allowed a commission equal to 10% of the net profits, after allowing Maneesh's salary;
iv. 7% interest will be allowed on partner's fixed capital;
v. 5% interest will be charged on partner's annual drawings;
vi. The fixed capitals of Maneesh and Girish are ₹1,00,000 and ₹80,000, respectively. Their annual drawings were ₹16,000 and ₹14,000, respectively. The net profit for the year ending March 31, 2015, amounted to ₹40,000.
Prepare firm's Profit and Loss Appropriation Account.

Aman, Bobby and Chandani were partners in a firm sharing profits and losses in the ratio of 5 : 4 : 1. From 1^st April, 2022 they decided to share profits equally. The revaluation of assets and re-assessment of liabilities resulted in a loss of ₹ 5,000. The goodwill of the firm on its reconstitution was valued at ₹ 1,20,000. The firm had a balance of ₹ 20,000 in General Reserve.
Showing your workings clearly pass necessary journal entries on the reconstitution of the firm.