REHDON COLLEGE – Grade XII
DASHAIN HOMEWORK-2074
PRINCIPLE OF ACCOUNTING
Attempt all
the questions:
1.
Write any three
features of a company? 3
2.
What is
memorandum of association? 2
3.
Mention any three
advantages of public Limited Company. 3
4.
What is
forfeiture of share? 3
5.
State any three
objectives of cost accounting. 3
6.
What is fixed
cost? Explain with its example. 3
7.
Write differences
between piece rate and time rate wage payment system. 3
8.
What is bin card? 2
9.
Surya Company Limited
issued 5000 equity shares of Rs. 100 each at a discount of Rs. 10 per share. The
amount was payable as under:
On application Rs. 20, on allotment Rs. 40 and first
and final call is not called yet.
Required: Journal entries for application and
allotment 3
10.
a. A company limited issued 2000 shares of Rs.
100 each at a premium of 10% to purchase the following assets and liabilities.
Machineries Rs.
1,00,000 Furniture Rs.
40,000
Stock Rs.
60,000 Account paybale Rs.
20,000
Required: Journal for purchase of business. 3
b. The following assets and liabilities have been took
over by ABC company.
Plant & Machinery Rs.
150,000 Vehicle Rs. 2,00,000
Office Furniture Rs.
40,000 Book debt Rs. 50,000
Business premises Rs.
60,000 Bills Payable Rs. 50,000
The payment has been made by issuing 4000 equity
shares at 10% discount.
Required: Necessary journal entries 3
11.
ABC Company Limited
issued 10,000 shares of Rs. 100 each at 10 % premium payable as on share
application Rs. 20, on share allotment Rs. 50 and on share first and final call
Rs. 40. The public applied for 8,000 shares and these shares were allotted. All
the money was received.
Required: Journal entries 3
12.
Gauri Company Limited
forfeited 1000 shares of Rs. 100 each of a share holder for non payment of
final call money of Rs. 25 per share. Out of the forfeited shares, 600 shares
were reissued at Rs. 70 per share as fully paid.
Required: Journal entries for i. Forfeiture ii.
Reissue iii. Transfer 4.5
13.
a) Laxmi Company
Limited issued 5000 shares of Rs. 100 each payable as Rs. 40 on application,
Rs. 30 on allotment, Rs. 30 on first and final call.
Applications were received for 8000 shares and
allotment were made on the following basis.
To applicants for 3000 shares Full
To applicants for 4000 shares Pro rata
To applicants for 1000 shares Nil
The excess amount paid on application is to be
adjusted against amount due on allotment and subsequent calls. The shares were
fully called and paid up except one sharehloder who applied 100 shares were
failed to pay on first and final call and his shares were forfeited.
Required: Journal entries for a. allotment b.
first and final call
c. forfeiture 6
b) A Public Company was registered with a share
capital of Rs. 5,00,000 divided into 50,000 shares of Rs. 10 each. The company
issued 40,000 equity shares of Rs. 10 each at par payable as under.
On share application Rs. 4
On share allotment Rs. 3
On share first and final call Rs. 3
Applications were received for 64,000 equity shares
from the public. The directors decided to allot as follows
Group Share applied Share alloted
I 20,000 full
II 40,000 pro rata
III 4000 Nil
Excess application money to be adjusted against due on
allotment and all the dues were collected in time except two shareholder allotted 8000 shares from pro
rata allotment and 1000 shares from full allotment failed to pay first and
final call.
Required: Journal entries for allotment, first
&final call and forfeiture 6
14.
Y Company Limited
issued 10,000 shares of Rs. 10 each at a premium of 10% for public
subscription. All the shares were applied for and allotment was made in full
Required: Journal entries 3
15.
Saugbhgya Co.
Limited Was registered with an authorized capital of Rs. 4,00,000 divided into
4000 shares of rs. 100 each. The company issued 3000 shares at 10% premium. The
money was payable Rs. 30 on application Rs. 50 on allotment and balance on
first and final call. All the money was duly received except Mr. Ajit a
shareholder who held 500 shares failed to pay allotment and call money. Mr.
Prajeet, another shareholder who held 750 shares paid entire balance of share
money with the amount of allotment.
Required: Journal Entries 7
16.
A Company
forfeited 500 shares of Rs. 100 each which were issued at 10% discount (Rs. 70
per share called up after adjusting discount) for non payment of first call
money Rs. 30 per share. Final call Rs. 20 has not called yet. Out of these
forfeited shares only 400 shares were re
issued at Rs. 50 per share fully paid as Rs. 70 per share after adjusting
discount of Rs. 10 per share.
Required: Journal entries for
a. Share forfeiture b.
Re issue c. Transfer 4.5
17.
The following
information are given:
Annual requirement 6000 units
Ordering
cost per order Rs 500
Cost
per unit Rs. 30
Carrying
cost per unit 20% of unit value.
Required:
a. Economic order quantity
b. Number of orders 3
18.
The detail of
material purchased by a manufacturing company are as follows:
Average consumption per day: 3000 units
Working days in a year 300 days
Ordering cost per purchase Rs. 100
Carrying cost per unit are
Insurance Rs. 0.75, return on investment Rs. 0.25,
storage cost Rs. 0.50,
rent of
warehouse Rs. 1.80 and store staffing charge Rs. 0.70
Required: a. EOQ b. Total cost at EOQ 4
19.
following
information are given:
Lead time: maximum 6 days
Minimum
4 days
Re ordering quantity 3000 units
Daily consumption: maximum 500 units, minimum 400
units
Required: a.
Reorder level b.
Maximum stock level
c. Minimum stock level d. Average stock level 6
20.
Following
information are given to you:
Following purchased were made:
Magh 1 Opening stock 500 units @ Rs. 10
per unit
5 Receipt from vendor 600 units @
Rs. 10.50 per unit
7 Issued 800 units
10 Return from work order 50 units
18 Receipts from vendor 1000 units @ Rs.
11 per unit
20
Return to Vendor 20 units (Purchased from 5th Magh)
28 Receipts from vendor 500 units @ Rs.
12 per unit
29 Store verification found surplus 5
units
Required: Store ledger under
FIFO method.
8
21.
The following
information is available in respect of an items of a material.
April 3 Purchased 600 units @ Rs. 8 per unit
April 7 Issued 350 units
April 11 Purchased 1200 units @ Rs. 7 per unit
April 13 issued 1000 units
April 15 Return to supplier 150 units from the lot of 11th
April.
April 18 Issued 500 units
April 27 Shortage 200 units.
April 29 Transfer from X department to Y department 100
units
Required: Store Ledger under LIFO
Method. 8
22.
Following
information are provided relating to wages
Output
produced by a worker 600 units
Time
allowed for 5 units of output is 1 hour
Wages
rate per hour Rs. 120
Required:
calculate wage amount of the worker by using both
methods. (Piece rate and Time rate payment system) 3+3
Attempt all the questions:
1.
What do you mean
by company? 3
2.
What is article
of association? 3
3.
Write any three
differences between public and private limited company. 3
4.
What is capital
reserve? 2
5.
Write any three
limitation of cost accounting. 3
6.
Define semi variable cost with its example. 3
7.
What do you mean
by piece rate wage payment system. 3
8.
What do you mean
by perpetual inventory system? 2
9.
A Company Limited
issued 10,000 equity shares of Rs. 10 each at a discount of Rs. 1 per share.
The amount was payable as under:
On application Rs. 2, on allotment Rs. 4 and first and
final call is not called yet.
Required: Journal entries for application and
allotment 3
10.
a. Moonlight Company limited issued 5000
shares of Rs. 100 each at a discount of 10% to purchase the following assets
and liabilities.
Plant Rs.
50,000 Pipe and fittings Rs. 40,000
Loan Payable Rs.
60,000 Supplier Rs. 20,000
Required: Journal for purchase of business. 3
b. The following assets and liabilities have been took
over by ABC company.
Plant & Machinery Rs.
150,000 Vehicle Rs. 2,00,000
Office Furniture Rs.
40,000 Book debt Rs. 50,000
Business premises Rs.
60,000 Bills receivable Rs. 50,000
The payment has been made by issuing 4000 equity
shares at 10% premium.
Required: Necessary journal entries 3
11.
Saurya Airline issued 5,000 shares of Rs. 50 each at 10 %
premium payable as on share application Rs. 20, on share allotment Rs. 30 and rest
on share first and final call. The public applied for 4,000 shares and these
shares were allotted. All the money was received.
Required: Journal entries 3
12.
An Auto Company
Limited forfeited 10,000 shares of Rs. 100 each of a share holder paid
application money of Rs. 40 only. Out of
the forfeited shares, 6000 shares were reissued at Rs. 90 per share as fully
paid.
Required: Journal entries for i. Forfeiture ii.
Reissue iii. Transfer 4.5
13.
a) Bibhuti
Company Limited issued 5000 shares of Rs. 100 each payable as Rs. 40 on
application, Rs. 30 on allotment, Rs. 30 on first and final call.
Applications were received for 8000 shares and
allotment were made on the following basis.
To applicants for 3000 shares Full
To applicants for 4000 shares Pro rata
To applicants for 1000 shares Nil
The excess amount paid on application is to be
adjusted against amount due on allotment and subsequent calls. The shares were
fully called and paid up except one sharehloder who alloted 100 shares were
failed to pay on first and final call and his shares were forfeited.
Required: Journal entries for a. allotment b.
first and final call
c. forfeiture 6
b) A Public Company was registered with a share
capital of Rs. 5,00,000 divided into 50,000 shares of Rs. 10 each. The company
issued 40,000 equity shares of Rs. 10 each at par payable as under.
On share application Rs. 4
On share allotment Rs. 3
On share first and final call Rs. 3
Applications were received for 64,000 equity shares
from the public. The directors decided to allot as follows
Group Share applied Share alloted
A 20,000 full
B 40,000 pro rata
C 4000 Nil
Excess application money to be adjusted against due on
allotment and all the dues were collected in time except two shareholder applied 8000 shares from pro
rata allotment and 1000 shares from full allotment failed to pay first and
final call.
Required: Journal entries for allotment, first
&final call and forfeiture 6
14.
Y Company Limited
issued 50,000 shares of Rs. 100 each at a discount of 10% for public subscription.
All the shares were applied for and allotment was made in full
Required: Journal entries 3
15.
Suprim Co.
Limited Was registered with an authorized capital of Rs. 40,00,000 divided into
40,000 shares of Rs. 100 each. The company issued 30,000 shares at 10% premium.
The money was payable Rs. 30 on application Rs. 50 on allotment and balance on
first and final call. All the money was duly received except a shareholder who
held 1500 shares failed to pay allotment and call money. Another shareholder
who held 500 shares paid entire balance of share money with the amount of
allotment.
Required: Journal Entries 7
16.
A Company
forfeited 200 shares of Rs. 100 each which were issued at 10% discount (Rs. 70
per share called up after adjusting discount) for non payment of first call
money Rs. 30 per share. Final call Rs. 20 has not called yet. Out of these
forfeited shares only 150 shares were re
issued at Rs. 50 per share fully paid as Rs. 70 per share after adjusting
discount of Rs. 10 per share.
Required: Journal entries for
a. Share forfeiture b.
Re issue c. Transfer 4.5
17.
The following
information are given:
Annual requirement 12,000 units
Cost
for placing an order Rs 200
Procurement
cost per unit Rs. 50
Carrying
cost per unit 10% of unit value.
Required:
a. Economic order quantity
b. Number of orders 3
18.
The detail of
material purchased by a manufacturing company are as follows:
Consumption per day: 4000 units to 6000 units
Working days in a year 250 days
Ordering cost per order Rs. 250
Carrying cost per unit are
Insurance Rs. 0.75, return on investment Rs. 0.25,
storage cost Rs. 0.50,
and store staffing charge Rs. 0.50
Required: a. EOQ b. Total cost at EOQ 4
19.
following
information are given:
Re order period: 4 to 6 days
Re ordering quantity 6000 units
Daily consumption: maximum 500 units, minimum 400
units
Required: a.
Reorder level b.
Maximum stock level
c. Minimum stock level d. Average stock level 6
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