DELHI PUBLIC SCHOOL RUBY PARK, KOLKATA

UNIT TEST- II, 2015-16

Time: I hour CLASSXI
Subject : Accountancy Maximum Marks : 25
Mention two differences between 'Premium on issue of debenture' and 'Premium on redemption of
What is an Operating Cycle? debenture'. (1)
3. On |-4-2014, RV Ltd. issued 5,00,000,8% debentures of00 cach at a (1)
after 5 years. The amount was payable as follows :
discount of 6% redeemable at a premium of 10%
On application S50 per debenture and balance on allotment.
Record the necessary journal entries for the issue of dcbentures in the books of the company.
4. X Ltd. obtained a loan of 4,00,000 from IDBI Bank. The (3)
company issued 5,000 debentures of 100 cach as a collateral
security for the same.
Show how these items will be presented in the Balance Sheet of the
company. Give notes to accounts also. (3)
P.T.0.

5. State the major hcads and sub-heads under which the following items will be shown in the financial statements of
acompany as per revised schedule llof The Companies Act,2013:
i)Mining Rights i) Loans repayable on demand iii) Share issue Expenses (to be writen off within 12 months).
iv) Cash Credit, v) Discount Allowed vi) Salary and Wages. (3)
6. Saraswati Lid. decided to redeem its Is,50,000 debentures at a premium of 10% out of profits on 31" March 2015.
Company had a balance of ?17,05,000 in its statement of profit and loss. Investment in fixed deposit in a bank was made
in due course which earn interest @8% p.a.. Bank deducted the tax at 10%.
Pass jounal cntries in the books of Saraswati Ltd for the redemption of debentures. (6)
7. On Ist April,2013, Relaxo Ltd. purchased assets of S,00,000 and took over liabilities of T90,000 of Gayatri Ltd.at an
agreed value of 3,80,000. It issued to the vendor 9% Debentures of T100 cach at 5% discount in full settlement of the
purchase price. Give Journal Entries (3)
8. Acompany had 5,000, 10% Debentures of Ti00 cach. On 31" March,2014, it purchased 1,000 of its own debentures at
95 in the open market for immediate cancellation and incurred expenses of? 350. It purchased another 2,000 debentures
at 96 and kept them as investment. On 31" March,2015; half of these were cancellcd and rest were sold at 10S incurring
expenses of s00. Give journalentries assuming that all legal requirenments were followed. (5)

1oals 200eier.