In subparts (i) to (iv) chose the correct option and in subparts (v) to (x) answer the questions as instructed

(i) A firm has an unrecorded liability for workmen compensation of ₹ 10,000. The firm was not prudent enough to create a workmen compensation reserve.
How will this liability be treated in the books of the firm at the time of retirement of a partner?

1. By debiting it to the capital accounts of all the partners
2. By crediting it to Revaluation A/c
3. By debiting it to Revaluation A/c
4. By debiting it to Workmen Compensation Reserve A/c

(ii) Neptune Ltd., an unlisted manufacturing company has to redeem its 3,000, 7% Debentures of ₹ 100 each on 30^th September, 2022.
As per the provisions of the Companies Act, 2013, on which date should the company invest in specified securities?

(a) On or before 30^th September, 2021
(b) On or before 30^th September, 2022
(c) On or before 30^th April, 2021
(d) On or before 30^th April, 2022

(iii) When a partnership firm dissolves, its losses including deficiencies of capital are to be paid first out of:

(a) The profits of the firm
(b) The capitals of the partners
(c) From the partners individually in their profit-sharing ratio
(d) From the proceeds from sale of assets

(iv) A company forfeits 1,000 shares of ₹ 10 each. It had received ₹ 6,000 on these shares. What is the maximum discount that can be allowed by the company on the reissue of 400 shares?

(a) ₹ 4,000
(b) ₹ 400
(c) ₹ 1,600
(d) ₹ 2,400

(v) What is the accounting treatment of Employees Provident Fund appearing in the Balance Sheet of a partnership firm at the time of dissolution of the firm?

(vi) Give any one important feature of non- purchased goodwill.

(vii) Mention the heading and sub-heading under which Calls-in Arrears and Calls-in Advance are shown in the Balance Sheet of a company prepared as per Schedule III of the Companies Act,2013.

(viii) Give any one difference between Securities Premium Reserve and Premium on Redemption of Debentures.

(ix) Joy and Deb were partners sharing profits & losses in the ratio of 2:1. They admitted Gopi into partnership for 1/5 share. At the time of Gopi’s admission, Furniture (book value ₹ 2,50,000) was reduced by 40% and Machinery (book value ₹ 1,50,000) was reduced to 40%
What was the net decrease in value of assets?

(x) Gabby Ltd. (a listed NBFC) has 30,000, 5% Debentures of ₹100 each due for redemption at par on 31st March, 2022. The Debenture Redemption Investment which was purchased on 30th April, 2021, was realized on the date of redemption at 102% less 0·5% brokerage, and the debentures were redeemed.
You are required to calculate the sale price of the Debenture Redemption Investment.

Solution

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