List of top Accountancy Questions on Journal Entries

R Co. Ltd. issued 5,000 shares of Rs. 100 each, payable Rs. 20 on application, Rs. 30 on allotment, Rs. 25 on first call, and Rs. 25 on second & final call. Applications were received for all the shares. Sohan, who was allotted 50 shares, did not pay first and second calls. All other amounts were received. The company forfeited shares held by Sohan and reissued them as fully paid shares for Rs. 3,000. Pass necessary journal entries in the books of the company.

Pass necessary journal entries for the issue of debentures in the books of RN Ltd. for the following transactions:
(i) Issued 1,000, 10% Debentures of ₹100 each at 5% premium, redeemable at a premium of 10% after 5 years.
(ii) Issued 5,000, 10% Debentures of ₹100 each at a premium of 10%, redeemable at par after 5 years.

Journal entry for recording unrecorded computers at the time of admission of a partner is:

Journal entry to be passed for unrecorded assets for preparing Revaluation A/C at the time of Retirement of a partner will be______

Riya, Rita, and Renu were partners in a firm. On 31^st March, 2023, Renu retired. The amount payable to Renu ₹2,17,000 was transferred to her loan account. Renu agreed to receive interest on this amount as per the provisions of the Partnership Act, 1932. The rate at which interest would be paid to Renu is: