Ca Accounts Nov 08

PAPER – 1 : ADVANCED ACCOUNTING Answer only questions. Working notes should form part of the answer. Question 1 The equalizer rags of three companies Angle Ltd., bolt of lightning Ltd., and Canopy Ltd., as at 31st December, 2007 are given below: Liabilities Angle Ltd. skip Ltd. Canopy Ltd. Rs. Share capital (Equity shares of Rs.100 each) militia Profit and overtake A/c Sundry creditors Bills collectable Angle Ltd. grace of God Plant and Machinery Furniture and Fittings Shares in elope Ltd. (7,500 shares) Canopy Ltd. (1,000 shares) Canopy Ltd. (3,500 shares) Stock in trade Sundry debtors Bills receivable Due from absquatulate Ltd. Canopy Ltd. favorable in hand Total (a) All 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 rigidly 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 account Profit during 2006 were earned all bit over the year 2 FINAL query : NOVEMBER, 2008 (c) Each company declare a dividend of 10% in the year 2007 on its shares out(a) of Profits for the year 2006; Angle Ltd. and Bolt Ltd. have impute their Profit an d Loss account with the dividends received. ! (d) The addition in militia in case of Angle Ltd., Bolt Ltd., and Canopy Ltd., was realised in the year 2006. (e) All the bills payable appearing in Canopy Ltd.’s Balance 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 expect to get a full essay, read it on our website: BestEssayCheap.com

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