adv a/c ipcc... grp 2 nov 2010

tnq                        

Thank you very much sir.

I have some query regarding........

1. I think that in Qs.1 it is not specifically said that debentures are cancelled on last day of the year[31/03/2010].According to me,they are cancelled immediately.
2. In Qs.5, there is some wrong in PC calculation.

Plz check it out and reply as soon as possible.

Originally posted by : Akshay Shah
	Thank you very much sir. I have some query regarding........ I think that in Qs.1 it is not specifically said that debentures are cancelled on last day of the year[31/03/2010].According to me,they are cancelled immediately. In Qs.5, there is some wrong in PC calculation. Plz check it out and reply as soon as possible.

 yup...... in ques. 5  there is printing error........ its not wrong..... total of PC is printed wrong

@ akshay ........... i m student........ i also gave ipcc nov 2010 attempt

so to whom u r calling sir

ok. ...

what about Qs.1?

@ akshay .... u plz check the question again

it is specifically said that its cancelled on 31.3.20120

(i) Rama Limited issued 8% Debentures of Rs. 3,00,000 in earlier year on which interest is payable half yearly on 31st

March and 30th September. The company has power to purchase its own debentures in the open market for

cancellation thereof. The following purchases were made during the financial year 2009-10 and cancellation made on

31st March 2010  :

(a) On 1st April Rs.50,000 nominal value purchased for Rs. 49,450, ex-interest.

(b) On 1st September Rs.30,000 nominal value purchased for Rs.30,250 cum interest.

Show the Journal Entries (without narrations) for the transactions held in the year 2009-10.