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financial accounting

Questions and Answers of Financial Accounting

From the following balance sheet, calculate solvency group ratio. Liabilities Equity Share Capital Preference Share Capital General Reserves Securities premium P & L Account Debentures Secured Bank
EBIT of a company for the year is ₹9 lakh and capital structure of the company includes equity share capital (face value ₹10 each) of ₹30 lakh, 10% debentures of ₹10 lakh and 12% preference
A company is selling 30,000 units of its product @ ₹40 per unit, variable cost per unit is ₹22 and total operating fixed cost of the company is ₹1,80,000. Calculate operating leverage and show
By using the income statement of Example 7 and the following balance sheet, calculate investment-based profitability ratios. Particulars Equity Share Capital (face value 10) 10% Preference Share
The following facts have been extracted from the annual accounts of Zavit Ltd:Net sales ₹30 lakh, EBIT ₹6 lakh, equity net worth ₹18 lakh, long-term debt 6 lakh, short-term interest bearing
Prepare fund flow statement and carry out inferences.Additional information:(i) Investments costing ₹8,000 were sold during the year 2009–10 for ₹8,500.(ii) Provision for tax made during the
DXL Ltd issued 10% bonds of face value ₹50,000 on April 1, 2006 at a market price of ₹46,960. DXL Ltd categorized these bonds to be ‘held-till-maturity’. Show how the difference between
The balance sheet of DXI Ltd for the year 2009–10 disclosed ₹5,60,000 as liability for derivative contract expiring in next six months from the date of balance sheet. In the next financial year,
The manufacturer of automatic gear scooters gives a warranty of three years on every scooter for the repair or replacement of the scooters that fail to perform as per the specifi cation. The past
Continuing with Example 3. If in case the each scooter can raise only one claim during the period of three year. During the year 2010–11, 350 scooters were repaired at a cost of ₹2,700 each and
XY bank gives guarantee in the favour of MM bank for loan taken by MM of ₹20 lakh. As on 2007–08 the financial position of MM is sound and there is not internal or external indicator indicating
The average age of employees of a company is 55 years the retirement age is 60 years. The defined benefit plan introduced in the current year envisages payment of extra-retirement benefit equal to
Sunshine Limited (SL) invited application for the issue of 1,00,00,000 equity shares of face value ₹ 10 each issued at par for cash all the shares were subscribed for and issued as per the rules.
On February 14, 2011, Deepak Limited (DL) entered into a contract for buying two lot of call option with product series ‘CA, Tata Motors (1700), 1200, April 2011, 30’ and sold one lot of put
TTKS Limited issued (i) 30,000, 12% redeemable preference shares of face value ₹ 100 each at 10% premium, (ii) 50,000, 14% non-redeemable preference shares of face value ₹ 10 each at a premium
XL Limited (XXL) has issued 20,000 10% debentures of face value ₹ 100 each, each debenture is convertible into two equity shares after 12 months from the date of issue of debenture. Rate of
On April 1, 2000 Simplox Limited (SL) issued 10% convertible debentures of face value ₹ 200 each. Each debenture is convertible into four equity shares after five years from the date of issue. Had
On April 1, 2010 a co-operative society has 300 members each contributing 200 units of face value ₹ 10 each. The bye-laws of the society provide that on account of redemption of units number of
On January 1, 2010 Subodh Limited (SL) purchased a futures with quantity 200 shares of XYZ @ 120 per share with twelve months to expiry. On March 31, 2010 market spot market price of XYS is ₹ 140
Sachkhand Enterprises (SE) buys the following option contract on Feb. 4, 2011 from Naam Enterprises (NE):(i) CA, RIL (300), April 2011, 1,050, @ ₹ 29.(ii) PA, Tata Motor (500), April 2011, 1,250, @
Sunshine Hotels Limited (SHL) extends boarding and lodging facility to the business executives of multinational companies for which it receives payment in the US dollar ($). On January 1, 2011 it
Diamond Jewellers Limited (DJL) has its foreign business operation in USA. The foreign business division disclosed jewellery costing US $ 10,000 as closing stock. The exchange rate on the date of
Convert the following trial balance of New York branch (NYB) of B Limited (BL) in Mumbai. Closing stock with the branch was $ 600 B Limited showed NYB's account with Rs. 40,000 debit balance. In the
Taking the data of Example 10, show how exchange difference is to be recognized.Data from Example 10Sunshine Hotels Limited (SHL) extends boarding and lodging facility to the business executives of
On April 1, 2009 Wizex Limited (WL) issued foreign currency denominated debentures worth 1,00,000 US $ the debentures with initial exchange rate ₹45 per dollar, these are redeemable in four equal
Ding Dong Limited (DDL) buys a call option to buy a fix number of its own shares on expiry of the option. It also buys a call option to buy a share of its subsidiary on expiry of the option. Show how
Show how financial liabilities, equity or financial asset is to be recognized in each of the following cases:(i) A co-operative society has 500 members each holding 100 units of ₹10 each. The
On April 1, 2000 Simplox Limited (SL) issued 10% convertible debentures of face value ₹200 each. Each debenture is convertible into four equity shares after five years from the date of issue.Had SL
Taking the data of Example 9, if on the expiry, i.e., on last Thursday April 28, 2011 premium is ₹75 and ₹8, respectively. Then accounting will be as follows:Data from Example 9Sachkhand
X Ltd invited application to issue 20,000 equity shares of face value ₹10 each at par. The complete amount is to be paid with the application. The company received application for (a) 20,000
Dee Cee Ltd invited application to issue 10,000 equity shares of face value ₹10 each at par. The amount to be paid as to ₹4 at the time of application, ₹2.50 on allotment, and the remaining
The following are the balance sheets of AB Limited as on 31st March, 2010, which has two distinct business segments i.e. ‘Division A’ and ‘Division B’. On 31st March, 2010, it was decided to
On 1st April, 2010, Dubar Limited acquired the assets and liabilities of Super Limited.Dubar and Super agreed for the following scheme of business acquisition:(i) Dubar not to take investment of
On April 1, 2010 Gussain Limited (GL) purchased 30% equity shares of George Huss Limited (GHL) at a cost of ₹1,80,000. The equity of GHL Limited on this date comprised(a) Equity share capital
Jay Pee Ltd invited application to issue 10,000 equity shares of face value ₹10 each at par. The amount to be paid as to ₹3 at the time of application, ₹2 on allotment, and the remaining amount
J.J. Ltd invited application to issue 20,000 equity shares of face value ₹10 each at par. The amount to be paid as to ₹5 at the time of application, ₹3 on allotment, ₹1 per share on first
J.K. Ltd invited application to issue 30,000 equity shares of face value ₹10 each at 10% premium. The amount to be paid as to ₹6 at the time of application, ₹4 (including premium) on allotment,
M.M. Ltd invited application to issue 12,000 equity shares of face value ₹10 each at 10% discount. The amount to be paid as to ₹3 at the time of application, ₹2 on allotment, and remaining
Taking the data of Example 6, if shares of both the defaulting shareholder are forfeited as per rules and further reissued at ₹8.50 per share as fully paid, show entries relating to forfeiture and
If in Example 7, only 400 shares relating to first defaulter are reissued then show how the entries should be passed.Data from Example 7Taking the data of Example 6, if shares of both the defaulting
Show the following items in the balance sheet as on March 31, 2010:Authorized share capital of the company is 2,00,000 equity shares of face value ₹10 each. .Out of these, 1,50,000 shares were
Show the following items in the balance sheet as on March 31, 2011. Authorized share capital of the company is 5,00,000 equity shares of face value ₹10 each. Out of these, 3,00,000 shares were
Jay Pee Ltd invited application to issue 10,000 9% preference shares of face value ₹10 each at par. The amount to be paid as to ₹3 at the time of application, ₹2 on allotment, and the remaining
On March 31, 2010, a company has 5,000 ₹100 14% preference shares. The preference shareholder can opt for any of the two options for the redemption of these shares. The options are (i) Redemption
On March 31, 2010 2,000 ₹100 redeemable preference were outstanding. These are due for redemption at premium of 5%. The company issued necessary equity shares at par to provide for the redemption
J.K. Ltd invited application to issue 3,000 12% redeemable debentures of face value ₹100 each at par. The amount to be paid are ₹ 60 at the time of application, ₹30 on allotment, ₹10 per
X Limited has 20,000; ₹100 each, 12% debentures on April 1, 2010. The terms of issue provide that every year 1/5 of debentures to be redeemed at par by annual drawings. In the year 2010–11, the
On April 1, 2010 X Limited has 10,000; ₹100 each, 12% debentures. The terms of issue provide that every year 1/5 of debentures to be redeemed by making purchase from open market. During the year
On April 1, 2010, X Limited has 10,000; ₹100 each, 12% debentures. The terms of issue provide that every year 1/5 of debentures to be redeemed by making purchase from open market. During the year
Debentures of face value ₹100 each are having a coupon rate 12% p.a. have a provision for interest payment every year on September 30 and March 31. The following were the market prices:(i) On July
On July 1, 2008, Dewee Limited issued 30,000 10% debentures of face value ₹100 each at par.After 18 months from the date of issue, each debenture is to be converted into four equity shares of face
On April 1, 2007, Vycity Limited issued 2,000 ₹100 9% debentures at a premium of 10%. Debentures have a maturity of four years. To provide for the redemption of debentures, the company created
Taking the data of Example 21, show necessary accounts regarding redemption of debentures.Data from Example 21On April 1, 2007, Vycity Limited issued 2,000 ₹100 9% debentures at a premium of 10%.
J.K. Ltd invited application to issue 30,000 equity shares of face value ₹10 each at par. The amount to be paid as to ₹6 at the time of application, ₹3 on allotment, Re. 1 per share on first
ABC Ltd was registered with an authorized share capital of ₹5,00,000 divided into 50,000 equity shares of face value of ₹10 each. Out of this on December 1, the company issued 30,000 shares that
M.N. Ltd invited application to issue 10,000 equity shares of face value ₹10 each at 20% premium. The amount to be paid as to ₹5 (including ₹1 of premium) at the time of application, ₹5
The balance sheets of Hanging Limited (HL) and Flat Limited (FL) on 31st March, 2011 are as follows:On the balance sheet date, HL acquired the business of FL for which it agrees to pay the following
By taking the data of Example 4, assume that the clause (iv) is replaced with the clause “HL is to issue additional number of shares if market price of its shares falls below ₹21 by the end of
(i) Keeping the data of Example 5 and inserting the following provision, show how it should be recognized by HL.(ii) The fair value of assets can be assessed on the date of business combination but
Dhanlaxmi Limited has two divisions. Namely Dhan and Laxmi. On 1st April, 2010, it decided to create a new company to which it will pass on the plant and machinery worth ₹1,00,000 and sundry
Taking the data of Example 7, if Dhanlaxmi transfers all the debentures along with the plant and machinery and creditors mentioned therein and Rooplaxmi issues the shares of only ` 50,000 then how
DD Limited and SS Limited amalgamated on 1st April, 2010. All the assets and liabilities of both the companies were acquired by newly established company DS Limited. Following was the balance sheet
On 1st April, 2011, Dickins Limited (DL) acquired the business of Ceepee Limited (CL) by acquiring all the assets and liabilities at the book value it agreed to discharge the purchase consideration
Taking the data of Example 10 under ‘amalgamation in the nature of merger’, show how realization account and equity shareholder’s account will appear in the books of CL and post amalgamation
Taking the data of Example 9 & 10 and assuming that amalgamation is in the nature of purchase and that after the amalgamation acquirer is required to maintain statutory reserves, show how these will
The following are the balance sheets of A and B as on 31st March, 2010:Goodwill of A and B is to be valued at ₹60,000 and ₹20,000, respectively. A purchased B on the basis of intrinsic value of
Taking the data of Example 1, if we consider that GL purchased 30% equity of GHL at a cost of ₹2,15,000 and there was no difference between the book value and fair value of the assets. Then show
Gee Limited (GL) is an associate of Jee Pee Limited (JPL). During the year, GL sold goods of selling price ₹3,00,000 to JPL. On March 31, 2011 closing stock of JPL comprised stock amounting to
Gee Limited (GL) is an associate of Jee Pee Limited (JPL). During the year, JPL sold goods of selling price ₹3,00,000 to GL. On March 31, 2011, closing stock of GL comprised stock amounting to
Suppose in Example 4, JPL sold a machinery to GL on which it earned a profit of ₹60,000. The useful life of the asset is ten years. JPL holds 45% equity in GL. Show how unrealized profit is to be
On October 1, 2010 Hanging Limited (HL) acquired 1,800 equity shares of ₹10 each of Flat Limited (FL) at a total market value of ₹ 25,500. The balance sheet of both the companies on March 31,
X and Z are running their separate business and enter into a joint venture namely XZ by contribution capital in 2:3, respectively. During the course of business, Z sells a building of ₹6,00,000 and
From the following balance sheet, prepare consolidated balance sheet of Dinesh Limited, which has one subsidiary namely Deepak Limited:Deepak Limited had a credit balance of ₹45,000 in its profit
Hari Limited acquired all the shares of Shyam Limited on April 1, 2010 and the balance sheet of both the companies as on March 31, 2011 is as follows:The profit and loss account of Shyam Limited has
The following are the profit and loss accounts of Healthy Limited (HL) and Sick Limited (SL) for the year ending March 31, 2010:Additional Information:The following additional information is
Hari Limited acquired all the shares of Shyam Limited on April 1, 2010 and the balance sheet of both the companies as on March 31, 2011 is as follows:The profit and loss account of Shyam Limited has
From the following balance sheet, prepare consolidated balance sheet of Simple Limited (SL) that has one subsidiary namely ML.ML had a credit balance of ₹45,000 in its profit and loss account as on
On April 1, 2010 Hemant Limited (HL) acquired 1,650 equity shares of ₹10 each of Fuel Limited (FL) at a total market value of ₹ 29,000. The balance sheet of both the companies on March 31, 2011
From the following balance sheet, prepare consolidated balance sheet of Ram Limited (RL) that has one subsidiary namely Mohan Limited (ML).ML had a credit balance of ₹45,000 in its profit and loss
Hari Limited (HL) acquired 90% shares of Shyam Limited (SL) on April 1, 2010 and the balance sheet of both the companies as on March 31, 2011 is as follows:The profit and loss account of Shyam
Jindal Aluminum Limited (JAL) acquired a machinery from Jagson Enterprises (JE) for a lease term of four years, which covers almost complete economic life of the asset. The lease commences on April
Taking the data of Example 1, apportion the total lease payments between finance charge and outstanding liability.Data from Example 1Jindal Aluminum Limited (JAL) acquired a machinery from Jagson
Zigna Limited (ZL) acquired machinery from Alok Healthcare (AH) on operating lease for a period of three years. The lease rent payable by ZL are ₹50,000; ₹1,10,000 and ₹1,40,000 during three
Jagat Limited (JL), a lease finance company, leased a transport vehicle to Zig-Zag Transport Company (ZRL) the initial cost of the vehicle on April 1, 2008 is ₹12,00,000. The lessee, ZRL has agreed
Using the data of Example 4, allocate the receivable from finance lease as to finance income and reduction in principal amount of the receivables to be recognized by the lessor over the lease term of
Murti Finance and Leasing (MFL) buys passenger vehicles and gives these passenger vehicles on lease to corporate clients. It purchased 10 cars costing ₹6,00,000 each on April 1, 2007 and provided
Simson Limited (SL) has a mining equipment with carrying amount ₹1,20,000 and useful life of the equipment is 5 years. On April 1, 2006 SL enters into a package deal with a Sigma Finance Limited
On April 1, 2009, a company is having an asset at a carrying amount ₹9,50,000 with fair value ₹11,00,000 and it has entered into a package deal with one of the finance companies to sell the
Deepak Enterprises (DE) acquired a machinery from Jagat Enterprises (JE) for a lease term of five years that covers almost complete economic life of the asset. The lease commences on April 1, 2009
Taking the data of Example 9, apportion the total lease payments between finance charge and outtanding liability for lessee.Data from Example 9Deepak Enterprises (DE) acquired a machinery from Jagat
ZEN Limited (ZL) acquired a machinery from Ashok Healthcare (AH) on operating lease for a period of three years. The lease rent payable by ZL are ₹2,10,000; ₹1,20,000 and ₹2,40,000 during three
On April 1, 2010, X Limited had 1,00,000 equity shares and it has profit after tax attributable to equity shareholders of ₹5,00,000. During the year 2010–11 on July 1, 2010, it issued 20,000 new
A company has 3,600 equity shares on April 1, 2010 on August 31, 2010 company issued 1,200more shares and on February 1, 2011 it bought back 600 shares. Calculate weighted averagenumber of equity
Aman Limited (AL) purchased goods worth ₹ 3,20,000 and ₹ 1,80,000 from Rajiv Limited (RL) on cash and for one-month credit, respectively. AL accepted a bill of exchange of two months’ duration
PAT on April 1, 2010 is ₹1,20,000 with outstanding weighted average number of shares 50,000 of face value ₹10 each and fair value per share for the year 2010–11 is ₹20 per share. Weighted
A company has profit after tax of ₹10,00,000 on April 1, 2011 with number of shares outstanding 5,00,000 of face value ₹10 each fully paid. On this date, there were 10,000 12% convertible
Profit after tax attributable to equity shares on March 31, 2010 is ₹18,00,000 and on March 31, 2011 is ₹60,00,000. The number of shares outstanding on March 31, 2010 was 40,00,000. On October 1,
On April 1, 2010 Jee Limited (JL) has 180 crore shares outstanding of face value ₹10 fully paid up. On January 31, 2011, it issued 60 crore more shares of face value ₹10 and ₹5 paid up.
Pass necessary journal entries in the journal for the following transactions: Date April 1 April 2 April 3 April 6 April 7 April 8 April 9 April 10 April 11 April 15 April 18 April 22 April 26 April
Pass necessary journal entries in the journal for the following transactions: Date 2010 Transaction Deepak started business with cash 4,50,000 and machinery worth * 3,50,000 Deposited cash into bank

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