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Use of Firm’s property will be used first to Net free property of the
Property pay the firm’s debts partner will be used for the
firm’s debts
4. 52,000 – 10,000 Life Membership Fees + 4,000 + 18,500 – 8,500 – 5,000 = 51,000
OR
Balance Sheet (Extract)
Liabilities Amount Assets Amount
Prize Fund: 10% Prize Fund Investment 5,00,000
Opening Balance 5,00,000 Interest Accrued on Prize Fund 15,000
Add: Donation 1,00,000 Investment
Add: Interest Received 35,000
Add: Accrued Interest 15,000
Less: Prize Awarded (3,50,000) 3,00,000
ULTIMATE BOOK OF ACCOUNTANCY CLASS 12th CBSE
5. Entry
7. Entries
(i) Bank Dr. 80,000 and Credit Realisation A/c 80,000
(ii) Cash/Bank A/c Dr. 4,000 and Realisation A/c Cr. 4,000
(iii) Realisation A/c Dr. 39,500 and Bank A/c Cr. 39,500
(iv) Realisation A/c Dr. 5,000 and Bank A/c Cr. 5,000
(v) Realisation A/c Dr. 69,000 and Bank A/c Cr. 69,000
OR
Revaluation Account
OR
Common Size Statement of Profit and Loss
Particulars Note 31st 31st % %
No. March March Change Change
2021 2022 2021 2022
(i) Revenue from Operations 20,00,000 30,00,000 100% 100%
(ii) Add: Other Income 4,00,000 3,60,000 20% 12%
(iii) Total Revenue 24,00,000 33,60,000 120% 112%
Less: Expenses 10,00,000 12,00,000 50% 40%
(iv) Profit before Tax 14,00,000 21,60,000 70% 72%
(v) Tax 5,60,000 10,80,000 28% 36%
(vi) Profit after Tax (iii-iv) 8,40,000 10,80,000 42% 36%
ULTIMATE BOOK OF ACCOUNTANCY CLASS 12th CBSE