Scribd
Upload
90 views2 pages

Accounts Test 16 Q1720423181

Ca foundation accounts mock test papers

Uploaded by

bhonagiriadvita
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
90 views2 pages

Accounts Test 16 Q1720423181

Ca foundation accounts mock test papers

Uploaded by

bhonagiriadvita
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 2

CA (FOUNDATION)

ACCOUNTING

CHAPTER : REDEMPTION OF
PREFERENCE SHARES AND
DEBENTURES

CHAPTER-WISE TEST - 16 MARKS- 30

QUESTION PAPER DURATION- 50 MINUTES

INSTRUCTIONS:

1. All the questions are compulsory.

2. Properly mention Test no. on First Page and Page no. on every
answersheet.
3. Working Notes are compulsory wherever required in support of your
solution.
4. Do not copy any solution from material.
5. Attempt as much as you know to fairly judge your performance.
6. Please upload your Answer Sheet Horizontally.
7. Copy once get evaluated by Evaluator cannot be re-uploaded by the
student.
8. Always Check correct Test No. of your subject while uploading
answer sheet.
9. Handwriting should be clean

LEGAL: Material provided by caexamtestseries is subject to copyright. No part of this


publication may be reproduced, distributed, or transmitted in any form or by any means,
including photocopying, recording, or other electronic or mechanical methods, without the
prior written permission of the publisher. For permission requests, write to the publisher,
addressed “Attention: Permissions Coordinator,” at info@caexams.in. Content is
continuously tracked via barcode. In any person caught of copyright infringement, strong
legal action will be taken.

www.caexams.in PAGE 1
Q1. The Balance Sheet of Pixel Ltd. as on 31.12.2021 is given below:
Liabilities Rs. in Assets Rs. in
Lakh Lakh
Share Capital: Fixed Assets 140
10,00,000 Equity shares of Rs.10 each 100 Investments 40
1,00,000 Redeemable Pref. shares of 100 Stock 46
Rs.100 each
Less: Call-in-arrears on 20,000 shares (4) Debtors 30
Security premium account 15 Bank 30
Reserve 30
Profit and Loss account 15
Creditors 30
286 286
On 1st Jan 2022, fixed assets costing Rs.40 Lakh were sold for Rs.32 Lakh. It was decided that on 1st Feb 2022, company
issued sufficient number of equity shares at par so as to finance redemption and to leaving a balance of Rs.10 Lakh in the
reserve. All the payments were made except to a holder of 10,000 shares who could not be traced. The company also made
bonus issue to the existing equity shareholders in the ratio of 1: 10 as on 31.12.2021. You are required to pass the necessary
journal entries. (10 Marks)

Q2. On 1st April 2017. H Ltd. issued 442, 10% Debentures of Rs.1000 each at a discount of 10% redeemable at a premium
of 5% after 4 years. It was decided to create a Sinking Fund for the purposes of accumulating sufficient funds to redeem
the Debentures and to invest in some radily convertible securities yielding 10% interest p.a. Reference to the table shows
that Rs.1.00 p.a. at 10% compound interest amounts to Rs.4.641 in 4 years. Investments are to be made in the Bonds of
Rs.1000 each available at par.
On 31st March 2021, the investments realised Rs.3,40,000 and debentures were redeemed. The bank balance as
on that date was Rs.50,000.
Required: Prepare Debenture Redemption Fund Account and Debenture Redemption Fund Investments Account for 4
years. (10 Marks)

Q3. On 01.01.2015 E Ltd. issued 500, 10% Debentures of Rs.100 each, at a discount of 10% redeemable at a premium of
10%.
Required: Show the ‘Loss on Issue of Debentures A/c’, if (i) such debentures are redeemable after 4 years, and (ii) such
debentures are redeemable by equal annual drawings in 4 years. E Ltd. follows calendar year as it accounting year.
(10 Marks)

www.caexams.in PAGE 2

You might also like

pFad - Phonifier reborn

Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.

Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.


Alternative Proxies:

Alternative Proxy

pFad Proxy

pFad v3 Proxy

pFad v4 Proxy