Name any two sub-line items (sub-headings) under which “Current Liabilities” shall be classified in a Company’s Balance Sheet. Post category:Accountancy Reading time:1 mins read SOLUTION (i) Short-term Borrowings; (ii) Trade Payables. Please Share This Share this content Opens in a new window X Opens in a new window Facebook Opens in a new window Pinterest Opens in a new window LinkedIn Opens in a new window Viber Opens in a new window VK Opens in a new window Reddit Opens in a new window Tumblr Opens in a new window Viadeo Opens in a new window WhatsApp Read more articles Previous PostName any two sub-line items (sub-headings) under which “Non-Current Liabilities” shall be classified in a Company’s Balance Sheet. Next PostName any two sub-line items (sub-headings) under which “Non-Current Assets” shall be classified in the Balance Sheet of a Company. You Might Also Like Midee Ltd. invited applications for issuing 27,000 shares of Rs. 100 each payable as follows Rs. 50—per share on application; Rs. 10—per share on allotment and Balance—on First and Final call. Applications were received for 40,000 shares. Full allotment was made to the applicants of 7,000 shares. The remaining applicants were allotted 20,000 shares on pro-rata basis. Excess money received on applications was adjusted towards allotment and call. Asha, holding 600 shares was belonged to the category of applicants to whom full allotment was made, paid the call money at the time of allotment. Ankur, who belonged to the category of applicants to whom shares were allotted on pro rata basis did not pay anything after application on his 200 shares. Ankur’s shares were forfeited after the First and Final call. These shares were later reissued at Rs. 105 per share as fully paid-up. Pass necessary journal entries in the books of Midee Ltd. for the above transactions, by opening Calls-in-Arrears and Calls-in-Advance Accounts wherever necessary. July 14, 2022 Light Lamps Ltd. issued 50,000 shares of Rs. 10 each as fully paid-up to the promoters for their services to set-up the company. It also issued 2,000 shares of Rs. 10 each credited as fully paid-up to the underwriters of shares for their services. journalise these transactions July 14, 2022 Calculate Trade Payables Turnover Ratio for the year 2018-19 in each of the alternative cases: Case 1 : Closing Trade Payables Rs. 45,000; Net Purchases Rs. 3,60,000; Purchases Return Rs. 60,000; Cash Purchases Rs. 90,000. Case 2: Opening Trade Payables Rs. 15,000; Closing Trade Payables Rs. 45,000; Net Purchases Rs. 3,60,000. Case 3: Closing Trade Payables Rs. 45,000; Net Purchases Rs. 3,60,000. Case 4: Closing Trade Payables (including Rs. 25,000 due to a supplier of machinery) Rs. 55,000; Net Credit Purchases Rs. 3,60,000. August 16, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
Midee Ltd. invited applications for issuing 27,000 shares of Rs. 100 each payable as follows Rs. 50—per share on application; Rs. 10—per share on allotment and Balance—on First and Final call. Applications were received for 40,000 shares. Full allotment was made to the applicants of 7,000 shares. The remaining applicants were allotted 20,000 shares on pro-rata basis. Excess money received on applications was adjusted towards allotment and call. Asha, holding 600 shares was belonged to the category of applicants to whom full allotment was made, paid the call money at the time of allotment. Ankur, who belonged to the category of applicants to whom shares were allotted on pro rata basis did not pay anything after application on his 200 shares. Ankur’s shares were forfeited after the First and Final call. These shares were later reissued at Rs. 105 per share as fully paid-up. Pass necessary journal entries in the books of Midee Ltd. for the above transactions, by opening Calls-in-Arrears and Calls-in-Advance Accounts wherever necessary. July 14, 2022
Light Lamps Ltd. issued 50,000 shares of Rs. 10 each as fully paid-up to the promoters for their services to set-up the company. It also issued 2,000 shares of Rs. 10 each credited as fully paid-up to the underwriters of shares for their services. journalise these transactions July 14, 2022
Calculate Trade Payables Turnover Ratio for the year 2018-19 in each of the alternative cases: Case 1 : Closing Trade Payables Rs. 45,000; Net Purchases Rs. 3,60,000; Purchases Return Rs. 60,000; Cash Purchases Rs. 90,000. Case 2: Opening Trade Payables Rs. 15,000; Closing Trade Payables Rs. 45,000; Net Purchases Rs. 3,60,000. Case 3: Closing Trade Payables Rs. 45,000; Net Purchases Rs. 3,60,000. Case 4: Closing Trade Payables (including Rs. 25,000 due to a supplier of machinery) Rs. 55,000; Net Credit Purchases Rs. 3,60,000. August 16, 2022