Cpt-accounts(pls. solve as soon as possible)

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Ankit Hinduja (Querist)
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28 November 2011 Respected sir, below there are 6 questions , for which my answers do not tally with those given in the books..so please solve my queries.

1.On 1st jan,2010 , vimal sold goods worth Rs.20,000 to renu and drew a bill for 3 months . Renu accepted the bill and returned it to vimal who discounted the bill with the bank on 4th feb. 2010 @15% p.a. the discounting charges will be?
a.750 b.500

2.Gama ltd. issued 10,000 10% debenturs of rs.100 each @ a disc. of 10%. The entire amount is payable on application. application were received for 12,000 debentures. the allotment of debentures was made on 10th oct.2009. the amt. that should be credited to debentures a/c on 10th oct. ,2009
a.9,00,000 b.10,80,000

3.Discount received- Rs.1,000
Provision for discount on creditors- Rs.1,600

it is desirable to maintain a provision for discount on creditors at Rs.1600. the amt. to be credited to P/L a/c ?
a.500

4.3000 shares of Rs. 10 each of Krishna were forfeited by crediting Rs5,000 to share forfeiture a/c . Out of these 1800 shares were re-issued to radhe for Rs. 9 per share. the amt. to be transferred to Capital Red. reserve a/c ?
a.3200 b.1200 c.1800

5.X. Ltd. wad formed as a public ltd. co. with authorized share capital of rs.20,00,000 divided into shares of Rs.10 each . X. ltd. issued fully paid up shares of Rs.10 each at a premium of 20% , in consideration for acquiring assets worth Rs.3,64,800 from M/s Rahim. To record this transaction, share capital needs to be credited by?
a.2,00,000 b.3,04,000 c. 3,80,000

6. Mr. Rajiv was the holder of 200 shares of rs. 10 each in RPG Ltd. upon which Rs. 5
per share has been called up but he had paid only rs 2.5 per share . the company forfeited his shares and afterwords sold them to satbir, credited as Rs. 5 per share paid for Rs.900. the amt. to be transferred to Capital red. reserve.?
a.50 b. 400 c.450

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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28 November 2011 1) b.500 amount of bill * rate of discount* no.of.months before discounted to due date/12

2) a.900000 because the company issued 10000 debentures so excess of 2000 debentures it should be return. But i am also not sure about it.

3) Rs.1000 because the company desires to maintain Rs.1600 provision for discount on creditors by receiving the Rs.1000 discount the provision for discount on creditors decreases by Rs.1000 so same amount has to be credit to P&L

4) a.Rs.3200 because the balance in the shares forfeiture a/c should be transfer to capital redemption reserve account. By re-issue of the forfeiture shares loss should be debit to the shares forfeiture account thus the balance in shares forfeiture account is Rs.3200

5)b.Rs.304000 because actual value of the shares should be credited to capital account. acquiring value of assets(364800)*share value(10)/share value with premium(12)

6)b.400 because the forfeited value is Rs.1500(200.7.5) and the loss on reissue of shares is Rs.1100(200*5.5)which is debited to shares forfeited a/c and the balance Rs.400 transfer to capital redemption reserve a/c

OM SAI SRI SAI JAI JAI SAI

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