Give one point of distinction between Reserve Capital and Capital Reserve. Post category:Accountancy Reading time:1 mins read SOLUTION Reserve Capital is created out of uncalled capital whereas capital reserve is created out of capital profits. 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 PostDifferentiate between Called-up Share Capital’ and ‘Paid-up Share Capital’. (C.B.S.E.2016 Comptt. Delhi) Next PostCan a Company issue a share having face value of Rs. 10 at Rs. 97 You Might Also Like X Ltd. has a Current Ratio of 3.5: 1 and Quick Ratio of 2: 1. If the Inventories is Rs. 24,000; calculate total Current Liabilities and Current Assets. August 12, 2022 A and B were partners sharing profits and losses as to 7/11th to A and 4/11th to B. They dissolved the partnership on 30th May, 2018. As on that date their capitals were: A Rs. 7,000 and B Rs. 4,000. There were also due on Loan A/c to A Rs. 4,500 and to B Rs. 750. The other liabilities amounted to Rs. 5,000. The assets proved to have been undervalued in the last Balance Sheet and actually realised Rs. 24,000. Prepare necessary accounts showing the final settlement between partners. July 26, 2022 Bharat Ltd. invited applications for issuing 2,00,000 Equity Shares of Rs. 10 each. The amount was payable as: On application Rs. 3 per share, on allotment Rs. 5 per share and on first and final call Rs. 2 per share. Applications for 3,00,000 shares were received and pro rata allotment was made to all the applicants on the following basis: Applicants for 2,00,000 shares were allotted 1,50,000 shares on pro rata basis. Applicants for 1,00,000 shares were allotted 50,000 shares on pro rata basis. Bajaj, who was allotted 3,000 shares out of group applying for 2,00,000 shares failed to pay the allotment money. His shares were forfeited immediately after allotment. Sharma, who had applied for 2,000 shares out of the group applying for 1,00,000 shares failed to pay the first and final call. His shares were also forfeited. Out of the forfeited shares 3,500 shares were reissued as fully paid-up @ Rs. 8 per share. The reissued shares included all the forfeited shares of Bajaj. Give necessary journal entries to record the above transactions. July 15, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
X Ltd. has a Current Ratio of 3.5: 1 and Quick Ratio of 2: 1. If the Inventories is Rs. 24,000; calculate total Current Liabilities and Current Assets. August 12, 2022
A and B were partners sharing profits and losses as to 7/11th to A and 4/11th to B. They dissolved the partnership on 30th May, 2018. As on that date their capitals were: A Rs. 7,000 and B Rs. 4,000. There were also due on Loan A/c to A Rs. 4,500 and to B Rs. 750. The other liabilities amounted to Rs. 5,000. The assets proved to have been undervalued in the last Balance Sheet and actually realised Rs. 24,000. Prepare necessary accounts showing the final settlement between partners. July 26, 2022
Bharat Ltd. invited applications for issuing 2,00,000 Equity Shares of Rs. 10 each. The amount was payable as: On application Rs. 3 per share, on allotment Rs. 5 per share and on first and final call Rs. 2 per share. Applications for 3,00,000 shares were received and pro rata allotment was made to all the applicants on the following basis: Applicants for 2,00,000 shares were allotted 1,50,000 shares on pro rata basis. Applicants for 1,00,000 shares were allotted 50,000 shares on pro rata basis. Bajaj, who was allotted 3,000 shares out of group applying for 2,00,000 shares failed to pay the allotment money. His shares were forfeited immediately after allotment. Sharma, who had applied for 2,000 shares out of the group applying for 1,00,000 shares failed to pay the first and final call. His shares were also forfeited. Out of the forfeited shares 3,500 shares were reissued as fully paid-up @ Rs. 8 per share. The reissued shares included all the forfeited shares of Bajaj. Give necessary journal entries to record the above transactions. July 15, 2022