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How to prepare financial statement in the Tally?
A Company Ltd. issued 4,000 debentures of Rs. 100 each at par. These debentures were redeemed after 5 years at 10% premium.
Required: Entries for issue and redemption of debentures.
Write in brief the meaning of convertible debentures.
What do you understand by debenture?
Write the features of variable cost.
Prepare adjustment entry of accrued commission Rs. 28,000.
XYZ Company issued 10,000 shares of Rs. 100 each at Rs. 10 premium payable as under:
On application: Rs. 30
On allotment: Rs. 40 (with premium)
On first and final call: Rs. 40
Applications were received for 16,000 shares. No allotment was made to applicants for 4,000 shares. Rest was allotted on pro-rata basis. All calls were duly made and received except one shareholder holding 400 shares paid the full value of shares on allotment.
Required: Journal Entries
(a) Share application
(b) Share allotment
(c) Share first and final call
A company issued 15,000 shares @ Rs. 100 each at Rs. 10 discount, payable as under:
On application: Rs. 20
On allotment: Rs. 40
On first and final call: Rs. 30
Application were received for 25,000 shares. The BoD decided to allot 10,000 shares in full, 10,000 shares were allotted on pro-rata basis and rest application were rejected. Excess application money were adjusted on allotment. All calls money were duly received except of 500 shares in final call.
Required: Journal entry
(a) Share application
(b) Share allotment
(c) Share first and final call
Write the meaning of software in accounting. Explain any three advantages of software system.
Write the meaning of variable cost with examples.
Transaction related to 10% debenture of Rs. 100 each are as given below:
i. 10,000 debentures issued at 10% discount
ii. Redeemed 10,000 debenture at par
Required: Entries for issue and redemption of debenture.
Define direct wages.
Differentiate between fixed and variable cost.
Mention any two differences between direct cost and indirect cost.
What is piece rate system of wages payment?
What are the purposes of preparing worksheet?
A limited company issued 10,000 shares of Rs. 100 each, amount payable as under:
On application → Rs. 35
On allotment → Rs. 40
On first and final call → Rs. 25
Application were received for 15,000 shares and allotted to 12,000 applicants on pro-rata basis and rest were rejected. Excess application money were adjusted on allotment. All call money were duly received except on 500 shares on first and final call.
Required: Journal entries for:
(a) Share application
(b) Share allotment
(c) First and final call
Explain the feature of accounting software.
What do you mean by private limited company? Mention the features of a private limited company.
Mention any four limitation of Computerized Accounting System.