What entry (debit or credit) would you make to: (a) increase revenue (b) decrease in expense, (c) record drawings (d) record the fresh capital introduced by the owner. Classifying: After recording the transactions they are classified. The profit and loss account of Roy Limited is given here under, Question 2. Sohan, who had 3,000 shares, failed to pay the first and final call. The nature/type of enterprise can change altogether the category into which a particular activity may be classified. Do you agree? Question 4. Capital has credit balance, if capital increases, then it is credited. Give reason in support of your answer. On Application 3 per share (including premium 1) The primary goal of corporate finance is to maximize or increase shareholder value. 60,000. 20,000 = Rs. Cash Method. The steps other than rejecting applications that a company can take in case of over subscription are On 10,000 shares 6 per share Answer: Question 33. 2. Step 8- Total of account is to be written on either sides. All these shares were forfeited and later on re-issued at 18,000 as fully paid. If company allots 50,000 shares to applicants of 75,000 shares, it is pro-rata allotment in proportion of 2 : 3. 2,82,000, Computation of Net Sales:-Net Sales = Sales Sales ReturnNet Sales = Rs. 35,000. Pass necessary journal entries in the books of Alfa Ltd for the above transactions. L.F.- Page number of ledger account when entry is posted. 4. Allotment was made to the applicants as follows. Note Debtors and creditors account can also be prepared to calculate cash receipt or cash paid. What is meant by calls-in-advance? Prepare accounting equation on the basis of the following: This site is owned and operated by Big Blue Interactive, LLC. (e) A plot of land had been purchased for investment purposes and let out for commercial use and rent received Rs.30,000. The official journal of the American College of Radiology, JACR informs its readers of timely, pertinent, and important topics affecting the practice of diagnostic radiologists, interventional radiologists, medical physicists, and radiation oncologists. 40,000 are borrowed on the basis of a promissory, The rate of dividend may vary from year to year and on the availability of profits. (All India 2014) Answer: Cash flows are classified and presented into operating activities (either using the 'direct' or 'indirect' method), investing activities or financing activities, with the latter two categories generally The forfeited shares were re-issued at 15 per share fully paid-up. 46 on page 336 and 337. Answer: Question 34. 15,000. If a transaction has a decreasing effect on a liability, then this decrease is recorded as debit. Compute cash from operations from Application for 1,90,000 shares were received. Answer: Question 52. Shrey paid the first call alongwith the final call. On Allotment 2 per shares Difference between issued capital and subscribed share capital is WebRepublicans are winning Latino votes because we want American Dream, not some Marxist, Latinx dream that delivers equal misery. Dividend: A dividend is a distribution of a portion of a company's earnings, decided by the board of directors, paid to a class of its shareholders. The amount was payable as follows Real gross domestic product (GDP) increased at an annual rate of 2.9 percent in the third quarter of 2022, in contrast to a decrease of 0.6 percent in the second quarter. 4. (Delhi 2015) 0 + Rs. Question 3. His shares were immediately forfeited. Also, these interesting concepts of accounting make it a very scoring subject. In this example, the company was also required to buy a new Machinery worth Rs. who perform an in depth analysis as per the requirement of the stakeholders. WebRepublicans are winning Latino votes because we want American Dream, not some Marxist, Latinx dream that delivers equal misery. Answer: Question 93. On second and final call : Balance amount On application and allotment (-) 4 per share (including premium 1) : Identifying the business transactions from various sources is the first step of accounting.it involves observing all business activities and identifying those which are considered as financial transactions. Amount not received on first and final call = 6,000 (8,000 -2,000), 2. Students can clear their doubts or raise any queries in these masterclasses. All calls were made. : It refers to those which fall due for payment in a relatively longer period. Why is the evidence provided by source Afterwards the first and final call was made. number in accounts ensures that recording in the books of original entry has been posted or not. The amount was payable as follows It is the part of operating activity as expenditure. WebThe chapter contains lot of questions which can be very helpful for Class 11 commerce students of Accountancy and will also help build a strong concepts which will be really helpful in your career. The Class 11 Accountancy Chapter 1 Revision Notes are prepared by professional teachers in easy language. Capital Expenditure: It refers to expenditure,the benefit of which is received during more than one year. By selling these properties, a corporation generates profit but not by holding them for a longer time as stock. (b) If the net profits made during the year are Rs. Transactions of M/s. (Delhi 2015) Question 24. Answer: Question 80. (a) Number of shares re-issued (Paid-up value per share Re-issue price per share) Refer to Q. no. The amount per share was payable as follows 6,000; Purchase Rs. Answer: Raju, a shareholder holding 100 shares, also failed to pay the allotment money. Once entered, they are only Ashok, a shareholder, holding 5,000 shares failed to pay the allotment and the call money. Depreciation charged during the year was Rs. Cash sales worth Rs 1,000, supported by cash memo According to Section 2(84) of the Companies Act, 2013, Share means a share in the capital of a company and includes share. 2,00,000. The three examples of revenue are as follows: 2. Increase in revenue is credited as it increases the capital. (b) Redeemable preference shares Samyeshs shares were forfeited immediately after the final call. Accrual basis of accounting is more accurate than the cash basis of accounting. (i) Hotel (ii) Film production house On final call: 8 per share (including 5 premium) The accountancy syllabus in class 11 is carefully tailored to educate the students with basic concepts and theories of accountancy. Gopal, who applied for 600 shares, paid his entire share money with application. Journalise the following transactions in the books of Himanshu: One can also study the NCERT Notes in order to know the Accountancy Class 11 Exam pattern accurately. Working Notes: Question 70. 40,000 are borrowed on the basis of a promissory, His shares were forfeited. Question 1. The main purpose of this branch is to record the business transactions in a systematic manner, to ascertain profit or loss and to present the financial position of the business with the help of a balance sheet. Cash2.) What is meant by employee stock option plan? Out of these, 150 shares were re-issued to Naresh as 70 paid-up for 80 per share. 8 on page 290. Question 5 (B): Calculate Closing Stock from the following: Solution 5 (B): Computation of Closing Stock:-Cost of goods sold = Opening Stock + Purchases + Direct Expenses Closing StockClosing Stock = Opening Stock + Purchases + Direct Expenses COGSClosing Stock = Rs. The amount was payable as follows (iv) Moreover a cash flow statement is prepared to know about the requirenTent of cash in future. Also prepare notes to accounts for the same. The students get a glimpse of the subjects just after they step into class 11. 3. Of course, the credit amount has to be paid off, preferably with the sales proceeds. If assets increase, they are debited and if assets decrease, they are credited. This suggests liabilities on the left side and assets on the right side. WebSolution 2: Point in Mind DK Goel Solutions Class 11 Chapter 9 :- The first entry in the Journal is passed to record closing balances of the previous year.It is called the opening entry. An accountant of a company can make a complete record of transactions in the accounts book. Bad Debts: It refers to the amount that debtor has not paid even after repeated reminders and has no intention of paying in the future. WebThe latest Lifestyle | Daily Life news, tips, opinion and advice from The Sydney Morning Herald covering life and relationships, beauty, fashion, health & wellbeing (i) Useful in short-term financial planning. (iv) Outstanding expenses increased by Rs. It refers to the amount of goods bought by business for resale or use in production.it can be of cash or credit. Pass necessary journal entries for the above transactions in the books of EF Ltd by opening callS-in-arrears account. 9,36,000Closing Stock = Rs. 1,50,000, Computation of Sales:-Cost of goods sold = Sales + Gross ProfitSales = Cost of goods sold + Gross ProfitSales = Rs. All assets have debit balance. X Ltd invited applications for issuing 5,00,000 equity shares of 10 each at par. These answers have been developed based on the latest Class 11 DK Goel Accountancy book used by commerce stream students issued for current year and the questions given in each chapter. : It is the amount used in order to produce and sell goods and services. 1,11,000 were received on account of allotment. Differentiate between issued share capital and subscribed share capital. Jain holding 800 shares failed to pay the allotment money. 8. 2. It is credited with the amount of sales of goods and debited with the opening stock of goods along with the direct expenses related to the sales made. As explained in DK Goel Solutions class 11 Chapter 21, Indirect expenses are the costs that are not directly linked with the core business operations of a company. What amount will be received at the time of allotment? Afterwards the second and final call was made and was duly received. 2. Date- Date of transaction is recorded in the order of their occurrence. Capital Reserve = 13,200, Question 91. All India 2016 13,60,000 + Rs. Indirect Method :Following is the indirect method formula which is used to calculate cash flow from operating activities. Important questions can help students to prepare for their final exams. Answer Bookkeeping is the beginning of accounting and forms the base for accounting. Just scroll down and read through the answers provided below, Students can refer below for solutions for all questions given in your DK Goel Accountancy Textbook for Class 11 in Chapter 21, Short Answer Questions for DK Goel Solutions Class 11 Chapter 21. Cash Method. L Ltd forfeited 470 equity shares of 20 each issued at a premium of 3 per share for the non-payment of allotment money of 8 (including premium 3) and first call of 5 per share. Madhur who was allotted 2,400 shares failed to pay the first and final call. Pass necessary journal entries for the above transactions in the books of the company. On application and allotment 8 per share (including premium 8) WebJudicial Watch, Inc. is a conservative, non-partisan educational foundation, which promotes transparency, accountability and integrity in government, politics and the law. Example-Advertisement. On first call: 7 per share (including 5 premium) It helps in verifying the transaction during the auditing process. Later on, these shares were re-issued for 4,000 as fully paid-up. Go through these Class 12 Accountancy Chapter 6 Accounting for Share Capital Class 12 Important Questions and Answers Solutions & Previous Year Questions to 3,60,000 Rs. Your accounting method includes not only your overall method of accounting, but also the accounting treatment you use for any material item. 5,00,000 for the year ended March 31, 2007. NCERT Solutions For Class 11 Financial Accounting Recording of Transactions-I Short Answer Type Questions Q1. Afterwards the first call was made. Answer Added to. On application and allotment 4 per share Prop 30 is supported by a coalition including CalFire Firefighters, the American Lung Association, environmental organizations, electrical workers and businesses that want to improve Californias air quality by fighting and preventing wildfires and reducing air pollution from vehicles. Sundram to whom 7,000 shares were allotted failed to pay the allotment money. Maximum amount of discount that can be allowed at the time of re-issue is the amount forfeited on re-issued shares, i.e. Question 13. Cash purchase of goods worth Rs 400, supported by cash memo Pass necessary journal entries for the above transactions in the books of Shyam Ltd. (Delhi 2012) Out of these 235 shares were re-issued at 19 each fully paid. (i) Purchased furniture for 2,50,000 from M/s Furniture Mart. Students can download all important questions for Class 11 Accounting Chapter 1 from Vedantu. The cash accounting method is the simplest method. Answer: Apart from revision notes, we also have solutions for all subjects and interactive online classes. Give journal entries to record the following transaction of forfeiture and re-issue of shares and open share forfeiture account. The very elementary concepts of accounting are introduced in the first chapter of Class 11 Accountancy. Answer : The forfeited shares were re-issued at 9 per share, as 6 per share paid-up. NCERT Solutions for Class 11 Computer Science (Python) A cash flow statement helps in determining the various causes for change in the cash balances during an accounting period. (All India 2014) Capital Reserve = 1,120, Question 77. B, who was allotted 3,000 shares, failed to pay the first and final call money. 60 on application Profit: It is the excess of total revenue over total expense of a business. Pass necessary journal entries in the books of Radha Mohan Ltd for the above transactions. Question 7. WebFormal theory. On application 3 per share Subscribed Share Capital: As per AS-3, Cash equivalents means short term highly liquid investments that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value. (iii) Calculation of Amount Transferred to Capital Reserve WebAbout Our Coalition. Answer : The fundamental steps in the accounting process are diagrammatically presented below. On application 3 per share (iii) A cash flow statement is also prepared to determine the liquidity position of the organisation. Pass necessary journal entries in the books of Z Ltd. (Delhi 2011) The amount per share was payable as follows On first and final call 10 per share Is reserve capital a part of unsubscribed capital or uncalled capital? 9,000, Computation of Net Purchases:-Net Purchases = Purchases Purchases ReturnNet Purchases = Rs. It refers to any expenditure,the full benefit of which is received during one accounting period.ex-salaries,rent. Applications for 3,20,000 shares were received. (ii) Investing Activities: These are the acquisition and disposal of long-term assets, other investments not included in cash equivalents. Accountancy is one of the core subjects in the commerce curriculum. (d) Share premium account Seema paid allotment money alongwith the first call. For example, instead of utilising the assets, if a business takes credit amount for expansion, then liabilities are helpful in this case. His shares were forfeited. Pass necessary journal entries for the above transactions in the books of BMY Ltd. (All India 2015) [IAS 7.7-8], Cash flows must be analysed between operating, investing and financing activities. Applications for 15,00,000 shares were received and pro-rata allotment was made to all the applicants. This publication was updated on April 11, 2022, to address the SECs March 30, 2022, proposed rule on special-purpose acquisition companies, which is discussed in further detail below. (b) increased Why I Focus on Social Media Marketing Over SEO; The easiest way to get more blog traffic; How I grew my email subscriber list to 873,049 subscribers; Amazon SEO Tutorial For Beginners; Do Minimalist Website Designs Help or Hurt Your SEO? Pass necessary journal entries for the above transactions in the books of KS Ltd. (Delhi 2016) Accountancy is one of the core subjects in the commerce curriculum. and also it is not entered in the books of accounts. Answer: (All India 2017) Answer Yes, the nature or type of an enterprise can change altogether the category into which a particular activity may be classified. (i) Share capital in the balance sheet of the company as per Schedule III, Part I of the Companies Act, 2013. Afterwards, first and final call was made and was duly received. On allotment : 20 It is treated as sale of investment. NCERT Solutions for Class 6, 7, 8, 9, 10, 11 and 12, NCERT Solutions CBSE Sample Papers AccountancyClass 12 Accountancy, Question 1. On Application 2 per share Applications for 96,000 shares were received. Source document in accounting is important because of the below given reasons. 1. NOTE Calls-in-arrears will be shown only of Rams holding because Shyams shares have been forfeited. The amount was payable as follows To Bank Loan A/c (All India (C) 2014) 0 Rs. Accounting is an important topic that gives important information to the companies for making economic decisions. SK Ltd invited applications for issuing 3,20,000 equity shares of 10 each at a premium of 5 per share. 18 After recording the transactions they are classified. After payment for building in cash, the balance of building account will be transferred to creditors for building account. (Delhi 2017) Shares allotted to Kumar = \(\frac { 80,000 }{ 90,000 }\) x 1,800 = 1,600 shares 90,000 Question 4: Calculate Gross Profit on the basis of the following information: Solution 4:Computation of Gross Profit:-Gross Profit = Net Sales COGS (Cost of goods sold)Gross Profit = Rs. 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Out of these, the company issued 12,000 shares of 200 each at a premium of 10%. 20,000 Rs. (a) Invested Rs 4,00,000 cash and office equipment with Rs 1,50,000 in a business called Bobbie Consulting. Solve as Q. no. Shares were allotted to the remaining applicants on a pro-rata basis and excess money received with applications was transferred towards sums due on allotment and calls, if any. Operating profit refers to the profits earned by a company from its core business operations, which excludes interest and tax deductions. Answer: Question 67. What is meant by pro-rata allotment of shares? 15,00,000; Sales Rs. Ans. Answer: Q7. On first and final call 10 (including 5 premium) Answer : NCERT SolutionsAccountancyBusiness StudiesIndian Economic DevelopmentCommerce, Filed Under: Class 11 Financial Accounting, RD Sharma Class 11 Solutions Free PDF Download, NCERT Solutions for Class 12 Computer Science (Python), NCERT Solutions for Class 12 Computer Science (C++), NCERT Solutions for Class 12 Business Studies, NCERT Solutions for Class 12 Micro Economics, NCERT Solutions for Class 12 Macro Economics, NCERT Solutions for Class 12 Entrepreneurship, NCERT Solutions for Class 12 Political Science, NCERT Solutions for Class 11 Computer Science (Python), NCERT Solutions for Class 11 Business Studies, NCERT Solutions for Class 11 Entrepreneurship, NCERT Solutions for Class 11 Political Science, NCERT Solutions for Class 11 Indian Economic Development, NCERT Solutions for Class 10 Social Science, NCERT Solutions For Class 10 Hindi Sanchayan, NCERT Solutions For Class 10 Hindi Sparsh, NCERT Solutions For Class 10 Hindi Kshitiz, NCERT Solutions For Class 10 Hindi Kritika, NCERT Solutions for Class 10 Foundation of Information Technology, NCERT Solutions for Class 9 Social Science, NCERT Solutions for Class 9 Foundation of IT, PS Verma and VK Agarwal Biology Class 9 Solutions, NCERT Solutions For Class 11 Financial Accounting Recording of Transactions-I, NCERT Solutions for Class 10 ScienceChapter 1, NCERT Solutions for Class 10 ScienceChapter 2, Periodic Classification of Elements Class 10, NCERT Solutions for Class 10 ScienceChapter 7, NCERT Solutions for Class 10 ScienceChapter 8, NCERT Solutions for Class 10 ScienceChapter 9, NCERT Solutions for Class 10 ScienceChapter 10, NCERT Solutions for Class 10 ScienceChapter 11, NCERT Solutions for Class 10 ScienceChapter 12, NCERT Solutions for Class 10 ScienceChapter 13, NCERT Solutions for Class 10 ScienceChapter 14, NCERT Solutions for Class 10 ScienceChapter 15, NCERT Solutions for Class 10 ScienceChapter 16, CBSE Previous Year Question Papers Class 12, CBSE Previous Year Question Papers Class 10. Afterwards the first and final call was made. His shares were forfeited. Download the NCERT CBSE Revision Notes PDF to have a detailed sense of the chapter for a better understanding. 3,00,000 in long term debt. These included all the forfeited shares of Reema. 6,80,000 Rs. 0 + Rs. (i) Based on historical cost principle. This gives a clear picture of the companys financial status of a specific accounting year and helps the firm to make better financial decisions. On first and final call Balance amount Answer: Applications for 10,000 shares were rejected and pro-rata allotment was made to the remaining applicants on the following basis It involves recording them in a journal and keeping a systematic record of all of them. All the forfeited shares were re-issued to Mohit for 9,000 as fully paid-up. Go through these Class 12 Accountancy Chapter 6 Accounting for Share Capital Class 12 Important Questions and Answers Solutions & Previous Year Questions to score good marks in the board examination. Purchase return: When purchased goods are returned to suppliers, it is referred to as purchase return. A shareholder Ram, who was allotted 2,000 shares, failed to pay the allotment money. NCERT Solutions For Class 11 Financial Accounting Recording of Transactions-I Short Answer Type Questions Q1. 60,000) was sold for Rs. When the company issues new shares, it records a cash inflow from financing, and when it repurchases shares, pays dividends or pays off debt, it records a cash outflow. Q11. Under subscription means that number of shares applied for is less than the number of shares issued. Interest on investment was received on March 31, 2011. Objectives of Cash Flow Statement (b) 12% Financial statements should contain previous year data so that it can be compared with current year so that current performance be compared with past performance. Vipin Traders are given below. This will increase the amount of the creditors, which in turn will increase the total liabilities of the business. On first call 3 per share Credit Amount- Amount of credit account is written. The only condition is that the amount of discount allowed on the re-issue of forfeited shares must not exceed the amount forfeited on such shares. (ii) Y Ltd forfeited 180 shares of 10 each, 8 called-up, issued at a premium of 2 per share to R for non-payment of allotment money of 5 per share (including premium). IAS 7 Statement of Cash Flows requires an entity to present a statement of cash flows as an integral part of its primary financial statements. Income also means excess of revenue over its cost during an accounting period. Question 56. Question 47. Shares issued for consideration other than cash are paid through WebJudicial Watch, Inc. is a conservative, non-partisan educational foundation, which promotes transparency, accountability and integrity in government, politics and the law. The issue was fully subscribed and all the amount due was received except the first and final call money on 500 shares allotted to Balaram. (i) Can these shares be re-issued? Applications were received for 70,000 shares. WebThe latest Lifestyle | Daily Life news, tips, opinion and advice from The Sydney Morning Herald covering life and relationships, beauty, fashion, health & wellbeing Are you preparing for Exams? DN Ltd issued 50,000 shares of 10 each payable as 2 per share on application, 3 per share on allotment and 5 on first and final call. As was the case with cash from operations, we can have both positive and negative adjustments to cash flow depending on the financing activities the company is engaged during the year. (b) Related to investing activity. Applications for 50,000 shares 90% Answer: Question 57. Classification refers to the grouping of all the transactions of same nature at one place. It is a T Shaped proforma. Solution 3: The benefit gained from the companys regular operational operations is operating profit. Rs. (b) 50 25,000. A shareholder, who had applied for 6,000 shares did not pay the first, and second and final call. Relevance: Accounting information must be relevant to the objectives of enterprise. Even though a business should ideally have a greater amount of assets than liabilities, liabilities are not always a disadvantage. WebA collateralized debt obligation (CDO) is a type of structured asset-backed security (ABS). Solve as Q no. Give reason in support of your answer. Classification refers to the grouping of all the transactions of same nature at one place. His shares were forfeited. (c) asset, Question 104. Accounting is an art of recording, classifying and summarizing the monetary transactions in an efficient manner and interpreting the results. On first call 4 per share (including 2 premium). Real gross domestic product (GDP) increased at an annual rate of 2.9 percent in the third quarter of 2022, in contrast to a decrease of 0.6 percent in the second quarter. (b) Paid Rs. It is of 2 types: Cash Discount and Trade Discount. WebMSTC Data Centre shall be relocated from its present location to New Town Kolkata during the period from 6th August 2021 to 8th August 2021. 60 on allotment (including premium) (c) Charge depreciation @ 10% p.a for two month on machine costing Rs 30,000. Summarising: It is the process of putting the balances of all accounts at one place i.e. And free from errors. basis for industry classification from the 2017 North American Industry Classification System (NAICS) to NAICS 2022. Out of the above events, only those events that can be expressed in monetary terms, are recorded in the books of accounts. (100 7) = 700. ABC Ltd received application money on its issued share capital, which account is debited while recording this transaction? Question 97. Webpjcas18 11/25/2022 6:32 pm : 1548: 86: pjcas18 12/8/2022 6:01 pm - - - - - - - - - - - - Page: 1: Part of the USA Today Sports Media Group BigBlueInteractive SM provides news, analysis, and discussion on the New York Football Giants. Answer : The evidence provided by the source document is important in the following manners: If a company capitalizes an investment, then that outflow of money does not show up on the income statement. with that of previous years and helps businessmen to make decisions. Half of the forfeited shares were re-issued @ 8 per share fully paid-up. Question 7. (All India (C) 2015) Pass necessary journal entries for the above transactions in the books of the company. (All India (C) 2014) On application 2 per share Example In this example, lets say X Company purchased a new computer system for Rs. Afterwards final call was made, Ganesh, who had applied for 2,700 shares failed to pay the final call. The official source for NFL news, video highlights, fantasy football, game-day coverage, schedules, stats, scores and more. Answer: Answer : Trade Discount: This is a type of discount allowed by the sellers to their customers at a fixed percentage on the list price of goods. On allotment 6 per share (including premium 3 per share) There are two methods viz Direct Method and Indirect Method for the preparation of cash flow statement. (All India (C) 2016) Question 9: When assets are listed in order of their liquidity in a Balance Sheet, which should be listed first Buildings or Cash in hand? Our offered Introduction to Accounting PDF is structured and written by experts with many years of experience in teaching. Also prepare notes to accounts. 3,30,000 Rs. Pass necessary journal entries for the above transactions in the books of L Ltd. (Delhi (C) 2014) What is meant by a share? Accounting, which has been called the "language of business", measures the results of an organization's economic activities and conveys this WebHow the EU budget works: where the money comes from and how it is spent, the EU as a borrower on the capital markets, spending and revenue by programme and by country, and the EU's focus on performance-based budgeting. Out of these, 15 shares were re-issued to Naresh as 7 per share paid-up for 8 per share. Satyam, the holder of 500 shares failed to pay the first and final call. State the maximum amount of discount at which these shares can be re-issued. 4. And free from errors. In the case of over subscription, it is not possible to allot shares to all applicants. However, the non-monetary events are not recorded in accounts; for example, promotion of manger cannot be recorded but increment in salary can be recorded at the time when salary is paid or due. Sahajs shares were forfeited and subsequently re-issued to Geeta for 60 per share, 50 per share paid-up. Record the journal entries for forfeiture and re-issue of shares in the following cases It refers to those persons whose business buys goods on credit and payment has not been done yet. Ravi who applied for 1,500 shares was allotted = 75,000 x \(\frac { 1500 }{ 100000 }\) = 1,125 shares The Revised Accounting Standard-3 has made it mandatory for all listed companies to prepare and present a cash flow statement along with other financial statements on annual basis. 60,000. To provide accounting information to various interested parties like owners, creditors, banks, employees etc. Question 28. Applications for 58,000 shares were received. Question 12: What do you mean by Contingent Liabilities? The primary goal of corporate finance is to maximize or increase shareholder value. The purpose of entering J.F. Direct Method Format: Cash flow from operating activities is calculated by direct method as follows On first call 8 per share (including premium of 5) 6,00,000.Solution 1 Trading Account for the year ended March 31,2017. For example, furniture purchased and payment made by cheque. 1,40,000 (depreciation provided thereon Rs. Answer: Question 88. 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