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ISC Class XII Prelims 2023 : Accounts (Hutchings High School & Junior College, Pune)

4 pages, 44 questions, 0 questions with responses, 0 total responses,

Dhruvi Solanki
Hutchings High School & Junior College, Pune
Class 12 Commerce

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The marks for each question is given in [] brackets. Section B or Section C. Section Ais compulsory. The students are allowed to attempt either SECTION A(60 Marks) Answer all questions (lx10 = 10] Question 1 application money ofE3 has i. A company forfeited 4,000 shares of 10 each on which has been been paid. Out of these 2,000 shares were reissued as fully paid up and 4,000 transferred to capital reserve. Calculate the rate at which shares were reissued. c. 11 per share a. 10 per share d. 8 per share b. 9 per share ii. When debentures are issued at a discount and are redeemable at a premium, which of the following accounts is debited at the time of issue? debentures Accounts c. Loss on issue of a. 9% Debentures Account d. Securities Premium Reserve Account b. Premium on redemption of debentures Account on redemption of Debentures? iii.Which of the following can be used towrite off discount c. Share Forfeiture Alc a. Investment Fluctuation Reserve d. Debenture Redemption Reserve b. General Reserve iv. Assertion (A): BillsPayable is recorded under the Heading Current Liabilities and subheading Trade Receivables Reason (R): Bills Payable are payable within a year. a. Both Assertion and Reason are correct, and Reason is the correct explanation for Assertion. b. Both Assertion and Reason are correct, but Reason is not the correct explanation for Assertion. C. Assertion is false and Reason is true. d. Assertion is true and Reason is false. V. Preference Shareholders are: c. Owners of a company d. Officers of a company a. Creditors of a company b. Lenders of a company vi. Robin Lid is a listed company having 2,000 debentures of {50 each. What is the amount of Debenture Redemption Reserve to be created by the company? vii. Mukbang Ltd. had purchased the business of Flogger Ltd. for aconsideration of t6,60,000. The net assets of the business were worth 6,80,000. It issued 11% Debentures of?100 at a discount of 4%. What will be the closing entry to write off Capital Losses faced by the company? viii. Name the head and sub-head under which Premium on Redemption of Debentures' is shown in the Balance Sheet as per Schedule III of the Companies Act, 2013. ix. Sharul Ltd. decided to raise finance for the business by issuing 12%Debentures of 100 each to the General public at a discount of 5%. The company received applications for only 40% of the Debentures to be issued, can the company still issue these debentures. State with reason. x. HariOm Ltd. at the AGM raised a proposal to give outthe dividends to the public before providing interest on the 8% Debentures that the company was having. The proposal was supported by 75% of the owners but the company still did not go ahead with the proposa. Give reason to support the decision. Question 2 (3] Mathias was a shareholder of 2500 shares in a company which had issued 40,000 equity shares of 50 each at a premium of 3each. Mathias failed to pay 14 on these shares. The final call is yet to be made of Z8. His shares were forfeited and 80% of the shares were re-issued at a premium of 1. Pass journal entries to record forfeiture and re-issue of these shares. OR

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