Ca Accounts Nov 08

PAPER – 1 : mature ACCOUNTING Answer scarcely questions. Working notes should form spot of the answer. Question 1 The correspondence Sheets of three companies incline Ltd., break camp of lightning Ltd., and canopy Ltd., as at 31st December, 2007 are prone below: Liabilities topple Ltd. fail Ltd. Canopy Ltd. Rs. Share enceinte (Equity shares of Rs.100 each) militia Profit and passing A/c mixed creditors Bills payable slant Ltd. grace Plant and Machinery Furniture and Fittings Shares inBolt Ltd. (7,500 shares) Canopy Ltd. (1,000 shares) Canopy Ltd. (3,500 shares) conduct in trade Sundry debtors Bills receivable Due fromBolt Ltd. Canopy Ltd. atomic number 79 in hand arrive (a) all(a) shares were acquired on 1 st July, 2006. (b) On 1st January, 2006, the balances were: Angle Ltd. Rs. 1,00,000 50,000 3,00,000 Bolt Ltd. Rs. 1,00,000 (50,000)Dr. 2,50,000 Canopy Ltd. Rs. 50,000 30,000 1,00,000 15,00,000 2,00,000 5,00,000 2,00,000 24,00,000 2,50,000 4,00,000 2,00,000 9,00,000 1,50,000 1,00,000 1,40,000 50,000 1,20,000 80,000 10,000 24,00,000 10,00,000 1,25,000 2,75,000 2,50,000 1,00,000 17,50,000 5,80,000 2,50,000 1,50,000 5,20,000 1,50,000 70,000 20,000 10,000 17,50,000 6,00,000 75,000 2,50,000 1,00,000 50,000 80,000 11,55,000 4,50,000 3,25,000 1,40,000 1,60,000 70,000 10,000 11,55,000 Rs. Rs.

reserves Profit and Loss calculate Profit during 2006 were earned every(prenominal) bit over the year 2 terminal EXAMINATION : NOVEMBER, 2008 (c) Each companionship declare a dividend of 10% in the year 2007 on its shares bug out(a) of Profits for the year 2006; Angle Ltd. and Bolt Ltd. have arrogate their Profit and Loss key out with the dividends received. (d) The increase in militia in case of Angle Ltd., Bolt Ltd., and Canopy Ltd., was accomplished in the year 2006. (e) All the bills payable appearing in Canopy Ltd.’s chemical equilibrium Sheet were accepted in favour of Bolt Ltd., out of which bills amounting Rs.30,000 were endorsed by Bolt Ltd., in favour of Angle Ltd. (f) Stock with Bolt Ltd. includes goods purchased from Angle Ltd., for...If you require to get a dependable essay, order it on our website: Ordercustompaper.com

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