A/c doubt plz help

Akash (CA Final Article Assistant)   (1671 Points)

27 May 2011  

 

 

Plz solve the followin problems thanx in advance


1.  The profits for 1998-99 are2,000; for 1999-2000 is26,100 and for 2000-01 is

Rs. 31,200. Closing stock for 1999-2000 and 2000-01 includes the defective items of

Rs. 2,200 and6,200 respectively which were considered as having market value

NIL. Calculate goodwill on average profit method.


2.D Ltd. issued 2,00,000 shares of 100 each at a premium of 20 per share payable as

follows:

On application 20

On allotment 50 (including premium)

On first call 30

On second and final call 20

Applications were received for 3,00,000 shares and pro rata allotment was made to applicants

of 2,40,000 shares. Money excess received on application was employed on account of sum

due on allotment as part of share capital. E, to whom 4,000 shares were allotted, failed to pay

the allotment money and on his subsequent failure to pay the first call, his shares were forfeited

and F, the holder of 6,000 shares failed to pay the two calls and his shares were forfeited after

the second call. Of the forfeited shares, 8,000 shares were reissued to G at a discount of 10%, the

whole of E’s forfeited shares being reissued.

 


a)Amount transferred to Share forfeiture account at the time of forfeiting E’s

shares

b)Amount transferred to Share forfeiture account at the time of forfeiting F’s

shares

c)Net balance in Securities Premium Account

d)Net balance in Share Forfeiture Account



thanx in advance