KENDRIYA VIDYALAYA CME PUNE 31
ACHIEVEMENT TEST II
CLASS XII COMMERCE
MARKS : 25 SUBJECT : ACCOUNTANCY TIME : 1 HR
1. X ltd obtained a loan of Rs 4,50,000 from SBI.The company issued 5500, 9 % Debentures of Rs 100 each as a collateral security for the same. Show how these items will be presented in the Balance sheet of the company. Pass necessary journal entry for it. (3).
2. Mention the main heading of Assets and liabilities as per the company act 1956. (4)
3. X ltd had Rs 10,00,000 9% Debentures due to be redeemed out of profits on 1st October 2009 at a premium of 5%. The company had a Debenture redemption reserve of Rs 4,14,000. Pass necessary journal entries at the time of redemption. (4)
4. From the following information provided, prepare a comparative income statement for the period 2008 and 2009. (4)
2008 2009
Sales 6,00,000 8,00,000
Gross Profit 40% on sales 50% on sales
Administrative expenses 20% on Gross profit 15% on Gross Profit
Income Tax 50% 50%
5. Devi ltd on 1st April 2006 acquired assets of the value of Rs 6,00,000 and liabilities worth Rs 70,000 from P & Co at an agreed value of Rs 5,50,000. Devi ltd issued 12% Debentures of Rs 100 each at a premium of 10% in full satisfaction of purchase consideration. The debentures are redeemable 3 years later at a premium of 5%. Pass necessary entries to record the above including redemption of debentures. (6)
6. Pass necessary journal entries for the following: (4)
a)10,000 12% Debentures of Rs 100 at discount of 5% but redeemable at 5% premium.
b) 1000 12 %Debentures of Rs 100 each issued to a supplier of machinery costing Rs 95,000. The debentures are repayable after 5 years.
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