Plz solve the followin problems thanx in advance
1. The profits for 1998-99 are Rs. 2,000; for 1999-2000 is Rs. 26,100 and for 2000-01 is
Rs. 31,200. Closing stock for 1999-2000 and 2000-01 includes the defective items of
Rs. 2,200 and Rs. 6,200 respectively which were considered as having market value
NIL. Calculate goodwill on average profit method.
2.D Ltd. issued 2,00,000 shares of Rs.100 each at a premium of Rs.20 per share payable as
follows:
On application Rs.20
On allotment Rs.50 (including premium)
On first call Rs.30
On second and final call Rs.20
Applications were received for 3,00,000 shares and pro rata allotment was made to applicants
of 2,40,000 shares. Money excess received on application was employed on account of sum
due on allotment as part of share capital. E, to whom 4,000 shares were allotted, failed to pay
the allotment money and on his subsequent failure to pay the first call, his shares were forfeited
and F, the holder of 6,000 shares failed to pay the two calls and his shares were forfeited after
the second call. Of the forfeited shares, 8,000 shares were reissued to G at a discount of 10%, the
whole of E’s forfeited shares being reissued.
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