A company was incorporated on 30 June 2010 to acquire the business of Veer Singh as from 1 January 2010. The accounts for the year ended 31 December 2010 disclosed the following: There was a gross profit of Rs.14,40,000 The sales for the year amounted to Rs.72,00,000, of which Rs.32,40,000 were for the first 6 months. The expenses debited to profit and loss account included: […]

X Ltd. was registered on 1 January 2010 to buy the business of M/s Y Brothers as on 1 October 2009 and the Certificate of Commencement of Business on 1 February 2010. The accounts of the company for the period of 12 months ended 30 September 2010 disclosed the net profit of Rs.1,25,000 after having charged the following amounts: Salary: Rs.30,000 (There were four employees […]

Riddhima Co. Ltd. was incorporated on 30 September 2009 to take over the business of M/s Parul & Co. as from 1 April 2009. The financial accounts of the business for the year ended 31 March 2010 disclosed the following information: Particulars Sales: April to September 3,60,000 October to March 5,40,000 9,00,000 Less: Purchases: April to September 2,25,000 October to March 3,60,000 5,85,000 Gross Profit […]

Byhagya Ltd. was incorporated on 1 March 2010 and received the Certificate of Commencement of Business on 1 April 2010. The company acquired the business of Viswas with effect from 1 November 2009. From the following figures relating to the year ending October 2010, find out the profits available for dividend. Sales for the year were Rs.30,00,000; Out of which sales up to 1 March […]

Below are two balance sheets for Throup Ltd for the most recent and the previous year’s trading periods. Throup Ltd Balance Sheets at financial year end Year ended 31 December 2015 Year ended 31 December 2016 £ £ £ £ £ £ Non-current assets Cost Dep. NBV Cost Dep. NBV Property 180,000 10,000 170,000 180,000 14,000 166,000 Equipment and machinery 23,000 4,500 18,500 44,000 11,310 […]

X Ltd. was incorporated on 1 April 2010 with an authorized capital of 20,000 equity shares of Rs.100 each to take over the running business of Y Ltd. from 1 January 2010. The following is the summarized profit and loss account for the year ended 31 December 2010. Particulars Sales: 1 January 2010 to 31 March 2010 24,000 1 April 2010 to 31 December 2010 […]

Bond details: Face value 100.00 Issue price 100.00 Maturity 15-Feb-X4 Rate of Interest 10.00 Currency GBP Coupon dates (until Coupon date FX rate Settle date FX rate maturity) Previous coupon 15-Feb-X2 .64715 18-Feb-X2 .62649 Coupon date-1 15-Aug-X2 .65113 18-Aug-X2 .65501 Coupon date-2 15-Feb-X3 .61900 18-Feb-X3 .62846 Coupon date-3 15-Aug-X3 .62649 18-Aug-X3 .62861 Coupon date-4 15-Feb-X4 .53043 18-Feb-X4 .52938 Day count ActuaV365 Transaction details Particulars Wade […]

Jasemine Company Ltd. was formed to take over a running business with effect from 1 April 2009. The company was incorporated on 1 August 2009, and the Certificate of Commencement of Business was received on 1 October 2009. The following profit and loss account has been prepared for the year ended 31 March 2010. Profit and Loss Account for the Year Ended 31 March 2010 […]

Bond details: Face value 100.00 Issue price 100.00 Maturity 15-Feb-X4 Rate of interest 10.00 Currency JPY Coupon dates (until Coupon date FX rate Settle date FX rate maturity) Previous coupon 15-Sep-X2 122.25 18-Sep-X2 121.50 Coupon date-1 15-Mar-X2 129.00 18-Mar-X2 131.33 Coupon date-2 15-Sep-X3 121.70 18-Sep-X3 121.50 Coupon date-3 15-Mar-X3 118.32 18-Mar-X3 118.87 Coupon date-4 15-Sep-X4 110.31 18-Sep-X4 106.82 Day count Actual/365 365 Transaction details Particulars […]

A public limited was incorporated on 1 October 2009 to take over a business as a going concern as from 1 April 2009. The purchase price of the business for such acquisition was fixed on the basis of the balance sheet of the firm as at 31 March 2009 but the agreement provided that the vendors would get 80% of the profits earned prior to […]