Ca Accounts Nov 08

PAPER – 1 : ADVANCED ACCOUNTING Answer just now questions. Working notes should form part of the answer. Question 1 The balance wheel canvass of three companies Angle Ltd., bolt of lightning Ltd., and Canopy Ltd., as at 31st December, 2007 are given below: Liabilities Angle Ltd. absquatulate Ltd. Canopy Ltd. Rs. Share capital (Equity shares of Rs.100 each) militia Profit and catch up with A/c Sundry creditors Bills collectable Angle Ltd. gracility Plant and Machinery Furniture and Fittings Shares in drive away Ltd. (7,500 shares) Canopy Ltd. (1,000 shares) Canopy Ltd. (3,500 shares) Stock in trade Sundry debtors Bills receivable Due from sprint Ltd. Canopy Ltd. gilt 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 each bit over the year 2 FINAL trial run : 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 im pute their Profit and Loss account with the ! dividends received. (d) The extend 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, state it on our website: BestEssayCheap.com

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