11.

BG. Ltd. issued 2,000, 12% debentures of Rs 100 each on 1^st April 2012. The issue was fully subscribed. According to the terms of issue, interest on the debentures is payable half-yearly on 30^th September and 31^st March and the tax deducted at source is 10%. Pass necessary journal entries related to the debenture interest for the half-yearly ending 31^st March 2013 and transfer of interest on debentures of the year to the Statement of Profit & Loss.

Pass necessary journal entries in the following cases:
(i) Z Ltd redeemed 1500, 12% debentures of Rs 100 each issued at a discount of 6% by converting them into equity shares of Rs 100 each issued at a premium of Rs 25 per share.
(ii) X Ltd. converted 1,000, 12% debentures of Rs 100 each issued at a discount of Rs 10 per debenture into equity shares of Rs 100 each Rs 90 paid up.

On 1^st April, 2012, Vivek Ltd. Was formed with an authorized capital of Rs 1,00,00,000 divided into 2,00,000 equity shares of Rs 50 each. The company issued prospectus inviting applications for 1,80,000 shares. The issue price was payable as under:
On Application: Rs 15
On Allotment : Rs 20
On Call : Balance amount
The issue was fully subscribed and the company allotted shares to all the applicants. The company did not make the call during the year.
 

Show the following:
(a) Share capital in the Balance Sheet of the company as per revised Schedule-VI, Part-I of the Companies Act, 1956.
(b) Also prepare 'Notes to Accounts' for the same.

Pass necessary journal entries for the following transactions in the books of Rajan Ltd.
Rajan Ltd. purchased machinery of Rs 7,20,000 from Kundan Ltd. The payment was made to Kundan Ltd. by issue of equity shares of Rs 100 each at 10% discount.

Pass necessary journal entries for the following transactions in the books of Rajan Ltd.
Rajan Ltd. purchased a running business from Vikas Ltd. for a sum of Rs 2,50,000 payable as Rs 2,20,000 in fully paid equity shares of Rs 10 each and balance by a bank draft. The assets and liabilities consisted of the following:
Plant & Machinery Rs 90,000; Building Rs 90,000; Sundry Debtors Rs 30,000; Stock Rs 50,000; Cash Rs 20,000; Sundry Creditors Rs 20,000.

What is meant by 'Cash Equivalents' while preparing Cash Flow Statement?

State the objective of preparing 'Cash Flow Statement'.

State any one limitation of 'Analysis of Financial Statements'.

Under which major sub-headings the following items will be placed in the Balance Sheet of a company as per revised Schedule-VI, Part-I of the Companies Act, 1956:
(i) Accrued Incomes
(ii) Loose Tools
(iii) Provision for employees benefits
(iv) Unpaid dividend
(v) Short-term loans
(vi) Long-term loans.

From the following 'Statement of Profit & Loss' for the year ended 31^st March, 2013, prepare a 'Comparative Statement of Profit & Loss' of Good Service Ltd. 

 Rate of income tax was 50%.