03 November 2007
Plz help me solve these probs . I need lucid and clear concepts abt them and their procedures.
Case I A consignee sold goods costing Rs 50k at a profit of Rs 10k . Out of total sales, 30% was credit sale. As per the agreement, the consignee will get 5% ordinary commission, 2% delcredere commission on credit sale, and 3% over-riding commsion on amount in excess in cost price. The amt. of commission is : a) 3540 b) 3840 c) 4500 d) 3000
Case II Sundry debtors of MS Santosh amounts to Rs 25000 and bad debts Rs 3000. Santosh provides for doubtful debt @ 2%, and for discount @1%. The amount of net debtors in B. sheet will be : a) 21560 b) 22k c) 21780 d) 21344
Case III) Light Ltd has 10000 P.shares of Rs 10 each to be redeemed after 5 years. The company forfeited 500 P.S on which final call Rs 2 had not be been paid, after due notice. Remaining shares were redeemed out of reserves of the comp. The amt. to be credited To C.Redemp. Reserve is a) 1lkha c) 95k c) 99k d)99.5k
Cud sb explain me the soln. to the following problems: A) Jadu LTD reissued 2000 shares, which were forfeited by debiting Share forfeiture account by Rs 3000. These shares were reissued at Rs 9 per share. The amt. transferred to Capital reserve a\c wud be a)3000 b) 2000 c)1000 d)none
The solution is “Profit on forfeiture = 3000 - Loss on reissue 1000 = Rs. 2000 transferred to Capital Reserve”. How the loss on reissue became 1000( Rs 1 * no. of shares; no. of shares aint given)
B) Capital introduced by A on 01.04.05 was Rs 3 lakh. Further capital introduced during the year was Rs 50k in mid of year. Mr A withdrew Rs 2000 each month(on first day each). Interest on drawings is charged @ 5% pa. Profits during the year Rs 20000. Capital at the year end is a) 345350 b) 395000 c) 346000
Soln: 350000 – “24650” + 20000 = 345350 How 24650 and why it came? New capital= Old-drawings+Profit + Interest on Drawings (received) , isn’t it?
The number of shares are 2000 and hence loss is Rs. 1 per share and thus Rs. 2000. (10 - 9)
24650 = 24000 Drawings (2000 * 12) + 650 is the interest which is calculated as follows :
Withdrawal is on 1st day of every month and hence 12 withdrawals but 13th will be on the next day after closing of 12 months i.e. 1st January
Thus take 26000 * 5% * 6/12 = Rs. 650
26000 = 13 withdrawals (n+1) 5% = Rate Of Interest 6/12 = Average
Dear Sushant,
This is not the time to overkill but relax and get prepared. I am at one urgent meeting and hence I will answer all your doubts at 11 p.m. today itself. I have done my best to help you out so please do not get frustrated. Good Luck. I hope above explanations are sufficient.
03 November 2007
Dear Sushant, Concentrate on equations and formulas and do well. Do not get entangled in few quesries. Remember few queries and frustration waste your time. You should focus on what you know. I will solve all quries but confidence level of yours should be very high to perform well. My all students who are appearing for tommorrow have only one thing in mind : CHAK DE
04 November 2007
really, if i get low marks, it shall be due to ACC. I think i have lots of blunders esp. i forgot key things to add in some (closing stock " calc"
Is mould counted and scrap things calculated in C.stock?
What is relaion btw JVentures?
What is rate of interest btw shares which have to be redeemed but the amt has not been paid?
economics and maths wer easy (90%+ i hope) But this damn Acc(sorry) sucked out my vital marks?
CAclubindia
