Revision Sheet - 2023 - 2024

SYJC
REVISION SHEET
1 Partnership Final Accounts

Q.1 Sonali and Vaishali are in partnership sharing profits and losses in the ratio of 3:2. Following is
the Trial Balance as on 31st March, 2020. You are required to prepare Trading and Profit and
Loss A/c for the year ending 31st March, 2020 and the Balance Sheet as on that date after
considering the following adjustments.
Particulars Debit (`) Particulars Credit (`)
Drawings: Capital A/cs.:
- Sonali 5,000 - Sonali 1,50,000
- Vaishali 2,500 - Vaishali 1,00,000
Buildings 2,00,000 Sales 7,55,000
Plant and Machinery 60,000 Return Outwards 10,000
Cash at Bank 6,000 Sundry Creditors 1,26,000
Purchases 4,75,000 Unpaid Salaries 1,000
Return Inward 15,500 Discount 500
Carriage Inward 3,500 R.B.D.D. 7,500
Opening Stock 1,10,000
Wages 60,000
Sundry Debtors 1,75,000
Salaries 25,000
Postage and Telegrams 2,000
Insurance 4,000
Bad Debts 2,500
Rent 1,000
Carriage Outward 3,000
11,50,000 11,50,000
Additional Information:
1) Stock on 31st March, 2020 was valued at ` 80,000.
2) Goods worth ` 10,000 were destroyed by fire and insurance company had admitted claim
for ` 8,000 only.
3) Prepaid Insurance ` 1,000.
4) Depreciate Building by 5% and Plant and Machinery by 10%.
5) Partners are allowed interest @ 5% p.a. on their capitals.
6) Maintain Reserve for doubtful debts @ 5% on debtors.
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Q.2 Following is the Trial Balance of Vinod and Vikas sharing profit and losses equally. Prepare a
Trading and Profit and Loss A/c for the year ended 31 st March, 2020 and a Balance Sheet as on
that date after considering the adjustments given below:
Trial Balance as on 31st March, 2020
Stock (1-4-2019) 44,000 Bank Loan 32,000
Purchases 1,70,000 Sales 3,20,000
Return Inwards 10,000 Sundry Creditors 40,000
Carriage 4,000 Commission 4,000
Motive Power 6,000 Capital A/cs.:
Wages 56,000 - Vinod 1,00,000
Trade Expenses 4,000 - Vikas 80,000
Sundry Debtors 72,000
Salaries 38,000
Insurance 2,400
Postage 3,600
Office Expenses 25,000
Plant and Machinery 60,000
Advertising 8,000
Office Rent (for 10
months) 10,000
Furniture 16,000
Drawings:
- Vinod 14,000
- Vikas 6,000
Building 24,000
Cash in hand 3,000
5,76,000 5,76,000
1) Stock on 31-03-2020 was valued at cost price ` 80,000 and market price ` 72,000.
2) Depreciate Plant and Machinery and Building at 20% and 10% respectively.
3) Insurance has been paid for one year ending 30-09-2020.
4) Goods withdrawn by Vinod amounting to ` 10,000 during the year were not recorded in the
books.
5) Bad debts were ` 2,000 and R.D. D. is to be created at 5% on debtors.
6) Goods of ` 6,000 were purchased on 30th March, 2020 and also included in the closing
stock, but the purchase was not recorded in the books of account.
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Q.3 From the following Trial Balance of M/s Sachin and Sunil, partners in a firm sharing profits and
losses in the ratio 3:2, you are required to prepare Trading and Profit and Loss A/c for the year
ended on 31st March, 2020 and Balance Sheet as on that date after taking into consideration the
additional information given below:
Trial Balance as on 31st March, 2020.
Particulars Debit (`) Credit (`)
Sundry Debtors and Creditors 45,800 72,700
Bills Receivable and Bills Payable 28,200 40,000
Purchased and Sales 98,500 1,10,000
Returns Inward 2,000
Salaries and Wages 26,000
Carriage Outward 1,800
Insurance Premium 2,200
Postage and Telegram 1,750
Plant and Machinery 70,000
Advertisement (for 3 years) 3,000
Cash in Hand 1,850
Import Duty 2,100
Opening stock 12,000
Bad Debts 1,000
Printing and Stationery 2,400
Leasehold Premises 80,000
Dividend Received 1,500
Reserve for Doubtful Debts 4,400
10% Bank Loan (Taken on 1.10.2019) 60,000
Capitals Accounts:
- Sachin 45,000
- Sunil 45,000
3,78,600 3,78,600
1) Closing stock was valued at ` 25,000.
2) Uninsured goods worth ` 8,000 were stolen from the godown.
3) Unused Postage Stamps of ` 250.
4) Leasehold Premises is to be run for 10 years w.e.f. 1.10.2019.
5) Depreciate Plant and Machinery at 10% p.a.
6) Our customer Mr. Pradip become insolvent and could not pay his debts of ` 800 out of
remaining debtors 5% likely to be bad.
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Q.4 From the following Trial Balance of Kale and Gore, you are required to prepare Trading and
Profit and Loss A/c for the year ended on 31st March, 2020 and Balance Sheet as on that date
after taking into consideration the additional information given below:
Opening Stock 30,000 Bills Payable 12,000
Purchase 50,000 Sundry Creditors 30,000
Return Inwards 2,000 Capital Accounts:
Carriage Inwards 500 - Kale 50,000
Wages 1,500 - Gore 75,000
Sundry Debtors 40,000 Sales 70,000
Insurance (for 3 years) 6,000 Return outward 2,500
(w.e.f.1-7-2019) Wages outstanding 1,600
Salaries 2,500 Commission 400
Sundry Expenses 500 Discount 500
Bills Receivable 5,000
Drawings:
- Kale 1,500
- Gore 2,500
Machinery 30,000
(Purchased on 1-10-19)
Buildings 53,000
Addition to Building 7,000
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(on 1 April, 2019)
Carriage outwards 1,000
Rent 700
Advertisement 2,300
Cash in hand 6,000
2,42,000 2,42,000
1) Kale and Gore share Profits and Losses in their Capital proportion.
2) Closing Stock was valued at cost ` 40,000 and at market price ` 50,000.
3) Goods worth ` 10,000 were destroyed by Fire and Insurance Company admitted a claim of
` 6,500 only.
4) Outstanding expenses – Rent – ` 300, Advertisement – ` 700
5) Goods of ` 1,000 were taken over by Kale for his personal use, were not recorded in the
Books of Accounts.
6) Depreciate Machinery and Building at 10% p.a.
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Q.5 Raja and Rani are partners sharing profits and losses equally. From the following Trial Balance
of the firm, prepare Trading Account, Profit & Loss Account for the year ending 31 st March,
2021 and Balance Sheet as on that date.
Stock 20,000 Current A/cs:
Purchases 1,30,200 - Raja 2,000
Sales Returns 500 - Rani 2,000
Debtors 20,000 Capital A/cs:
Wages 6,000 - Raja 15,000
Royalties 1,000 - Rani 15,000
Furniture 5,000 Sales 1,70,500
Machinery 30,000 Purchase Returns 3,200
Salary 3,000 Interest on P.F.
Provident Fund Investment 200
Contribution 500 Provident Fund 2,000
Advertisement (for 4 4,000 Reserve for Doubtful
years) Debts 500
P.F. Investment 2,000 Creditors 20,000
Insurance 500 Commission 300
Cash 3,000
Drawings:
- Raja 3,500
- Rani 1,500
2,30,700 2,30,700
1) Closing Stock: Cost Price ` 25,000, Market Price ` 30,000.
2) Raja has taken goods worth ` 500 for his personal use.
3) Goods amounted to ` 3,000 were sold and dispatched on 27th March, 2021, but no entry was
made in the Sales book.
4) Write off bad debts ` 1,000 and provide reserve for doubtful debts at 1% on net sales.
5) Prepaid Insurance ` 150.
6) Depreciate Furniture by 15%, Machinery by 20%.
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2 Accounts of Not for Profit Concern
Q.1 Rang Sharada Kendra, Satara gives you the following information for the year ended on 31 st
March, 2020.
Receipts & Payments A/c. For the year ended 31st March, 2020
Receipts ` Payments `
To Balance b/d. 30,000 By Salaries 40,000
To Subscription 50,000 By Printing & Stationery 10,000
To Donations 50,000 By Commission 5,000
To Entrance Fees 40,000 By Rent 20,000
To Interest 10,000 By Electricity Charges 15,000
By Furniture (1/4/2019) 80,000
By Balance c/d. 10,000
1,80,000 1,80,000
1) Outstanding Rent was ` 2,000.
2) Subscription includes ` 10,000 as subscription received in advance and subscription
outstanding for current year was ` 5,000.
3) Depreciate furniture @ 10% p.a.
4) 50% of entrance fees are to be capitalized.
5) Capital Fund on 1st April, 2019 was ` 30,000.
You are required to prepare, Income & Expenditure Account for the year ended 31 st March,
2020 and Balance Sheet as on that date.
Q.2 From the following Receipts and Payments Account of Lifeline Charitable Hospital, Chiplun,
prepare Income and Expenditure Account for the year ended 31 st March, 2020 and Balance
Sheet as on that date.
To Balance b/d. 12,000 By Medicines 20,000
To Subscription By Honorarium to Doctors 1,50,000
- 2018-19 15,000 By Ambulance Repairs 88,000
- 2019-20 1,90,000 By Medical Equipment 60,000
- 2020-21 30,000 By Furniture 50,000
To Donation for Building 1,10,000 By Rent 1,20,000
To Donation 50,000 By Printing & Stationery 10,000
To Hospital Receipts 3,00,000 By Electricity Charges 70,000
By Balance c/d. 1,39,000
7,07,000 7,07,000
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1) Outstanding subscription for 2019-20 is ` 10,000.
2) Medical Equipment and Furniture were purchased on 1st October, 2019 and both the assets
were to be depreciated @ 20% p.a.
3) Staff salaries for current year is outstanding ` 15,000.
4) On 1st April, 2019 the hospital had the following Assets and Liabilities:
Land - ` 5,00,000; Investment - ` 1,00,000;
Bank Loan - ` 4,00,000; Ambulance - ` 2,05,000
5) Capital Fund on 1 April, 2019 was ` 4,32,000.
st
Q.3 From the following Receipts and Payments Account of Vidya Kanya Shala, Kolhapur, prepare
Income and Expenditure Account for the year ended 31 st March, 2020 and Balance Sheet as on
that date.
To Balance b/d. By Salaries
- Cash in Hand 15,950 - Teaching Staff 8,50,500
- Cash at Bank 1,00,070 - Office Staff 1,81,000
To Interest 20,500 By Electricity 51,900
To Endowment Fund 51,000 By Books 57,800
To Library Fees 25,800 By Furniture 45,000
To Donation 6,36,000 By Stationery 19,950
To Tuition Fees 11,20,000 By Fixed Deposits 7,50,000
st
To Term Fees 2,00,900 (31 March, 2020)
To Admission Fees 55,000 By Balance c/d.
To Sundry Receipts 6,930 - Cash in Hand 13,500
- Cash at Bank 2,62,500
22,32,150 22,32,150
1) Following balances were appear as on:
Particulars 1st April, 2019 31st March, 2020
Books 5,50,000 5,50,000
Furniture 2,15,000 2,00,000
Building Fund 9,35,000 ?
Fixed Deposits 8,00,000 ?
Capital Fund 7,46,020 ?
2) 50% of Donation is for Building fund and rest treated as revenue receipts.
3) Outstanding Tuition Fess ` 20,000.
4) Interest of ` 4,500 due but not received.
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Q.4 Following is the Balance Sheet and Receipts and Payments A/c of the Memorial Hospital,
Sawantwadi. Prepare Income and expenditure A/c for the year ended 31 st March, 2020 and
balance sheet as on that date.
Balance Sheet As On 31st March, 2019
Liabilities ` Assets `
Capital fund 10,04,000 Cash in Hand 6,000
Outstanding Expenses: Cash at Bank 34,000
- Salaries 22,000 Land and Building 8,00,000
- Medical bill 6,000 Furniture 70,000
Equipment 1,20,000
Outstanding Subscription 2,000
10,32,000 10,32,000
To Balance b/d. By Salaries (including of 1,10,000
- Cash in Hand 6,000 the previous year)
- Cash at Bank 34,000 By Medicines 52,000
To Subscription 1,30,000 By Equipment purchased 20,000
( include ` 2,000 received By Taxes 3,000
for previous year) By General Expenses 8,600
To Sale of Furniture 20,000 By Balance c/d.
(Book value ` 30,000) - Cash in Hand 15,400
To Donation (Revenue) 44,000 - Cash at Bank 50,000
To Life Membership Fees 25,000
2,59,000 2,59,000
1) Outstanding subscription ` 12,000.
2) Capitalize the amount of Life Membership Fees.
3) Prepaid Taxes ` 500
4) Outstanding Salary ` 12,000
5) Write off depreciation ` 20,000 from Land and Building and ` 30,000 from Equipment.
6) Outstanding medicine bill as on 1.4.09 is still due.
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Q.5 From the following Receipts and Payments Account of Royal Sports Club, Nashik, prepare
Income and Expenditure Account for the year ended 31 st March, 2020 and Balance Sheet as on
that date.
To Balance b/d 2,980 By Upkeep of Ground 19,000
To Subscription 27,200 By Wages 4,720
To Entrance Fees 1,040 By Salary 14,000
To Life Membership Fees 10,000 By Ground Rent 420
To Interest on Investment 1,680 By Printing Bill 1,860
To Proceeds from Matches 10,360 By Postage 380
By Sports Equipment 10,000
By Balance c/d. 2,880
53,260 53,260
1) Ledger balances of the Club as on 31.3.2019 were: Club house and ground ` 80,000,
Investment ` 37,280, Furniture ` 12,800, Outstanding subscription ` 1,200.
2) Printing includes ` 400, Upkeep of Ground includes ` 1,000 and Subscription includes `
800 for the previous year.
3) Entrance fees are to be capitalized.
4) Provide 10% depreciation on furniture.
5) Subscriptions outstanding for the current year were ` 2,000.
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3 Admission of Partner
Q.1 The Balance Sheet of Nandu and Madhu as on 31st March, 2020 is set out below, they share
profits and losses in the ratio of 2:1.
Balance Sheet As On 31st March, 2020
Capitals: Building 20,000
- Nandu 40,000 Furniture 6,000
- Madhu 30,000 Stock 12,000
General Reserve 24,000 Debtors 60,000
Creditors 16,000 Cash 6,000
Profit & Loss A/c. 6,000
1,10,000 1,10,000
They agreed to admit Raghu as a partner into the firm on the following term;
1) Raghu to bring `12,000 capital and `9,000 as a goodwill which is to be retained in the
business. He will be entitled to 1/4th share of profits of the firm.
2) 50% of General Reserve is to be remain as Reserve for Doubtful Debts.
3) Furniture is to be depreciated by 5%.
4) Stock is to be a revalued at `13,000.
5) Creditors of `1,000 are not likely to claim and hence should be written off.
6) Rent of `400 due not received has not been recorded in the books.
Prepare Profit & Loss Adjustment Account, Partners’ Capital Account and Balance sheet of the
new firm.
Q.2 Joshi and Bapat were partners and shared the profits in the ratio of 3/5 th& 2/5th. On 31st March,
2020, their Balance Sheet was as follows:
Balance Sheet as on 31st March, 2020
Capital Account Building 44,000
- Joshi 72,000 Plant 30,000
- Bapat 48,000 Stock 17,000
Sundry Creditors 30,000 Debtors 45,000
Reserve Fund 10,000 Less: R.D.D 500 44,500
Investment 24,000
Bank 500
1,60,000 1,60,000
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On 1st April, 2020, Mr. Apte was admitted to partnership on the following terms:
1) He should bring `40,000 as his capital for his 1/5thshare.
2) Valuation of the goodwill of the firm was to be made at twice the average profit of the last
three years. The profits were: 2017-18- `32,000, 2018-19- `54,000 and 2019-20- `49,000.
Apte is to bring the Goodwill in cash equal to his share.
3) Before admitting Apte, R.D.D was to be raised up-to `1,000.
4) Appreciate Building by 5%.
5) Closing stock was to be valued at `15,000.
new firm.
Q.3 Indu and Chandu are partners sharing profits and losses in the proportion of 2/3 and 1/3. Their
Balance Sheet is as follows:
Balance Sheet as at 31st March, 2020
Capitals : Office Equipment 10,000
- Indu 96,000 Stock 84,000
- Chandu 64,000 Debtors 63,000
General Reserve 18,000 Less: R.D.D 3,000 60,000
Profit and Loss A/c. 6,000 Furniture 20,000
Sundry Creditors 80,000 Building 1,00,000
Indira’s Loan A/c. 26,000 Cash 16,000
2,90,000 2,90,000
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On 1 April, 2020Bandu is admitted in the partnership on the following terms:
1) Bandu should bring in cash ` 48,000 as capital for 1/5 share in future profits.
2) Capital account balances of all the partners be adjusted in their profit sharing ratio by
making adjustments in their Current A/c.
3) Reserve for doubtful debts be maintained at ` 1,800 only.
4) Goodwill a/c be raised in the books of firm for ` 18,000.
5) Building is revalued at ` 1,12,000 and the value of stock be reduced by ` 6,000.
Prepare Revaluation Account, Partners’ Capital Account and Balance sheet of the new firm.
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Q.4 Sharad and Varad in partnership sharing profits and losses in the ratio of 3:1. Their Balance
Sheet on 31st March. 2020 is as follows:
Balance Sheet as at 31st March, 2020
Capital A/cs.: Building 1,20,000
- Sharad 1,20,000 Stock 80,000
- Varad 1,00,000 Sundry Debtors 62,000
Current A/cs.: Cash 8,000
- Sharad 6,000 Profit & Loss A/c. 10,000
- Varad 4,000
General Reserve 8,000
Creditors 42,000
2,80,000 2,80,000
st
The partners decided to admit Narad in the partnership on 1 April. 2020 on the following
terms:
1) He should bring ` 80,000 as his Capital for 1/4thshare in future profits and ` 40,000 as his
share of Goodwill.
2) Building is found overvalued by 20% and Stock is found undervalued by 20% in the books.
These assets are to be adjusted at their proper value.
3) ` 2,000 to be maintained as Reserve for Doubtful Debts.
Prepare Revaluation Account, Partners’ Capital Account and Balance sheet of the new firm.
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4 Retirement of Partner
Q.1 Mahesh, Ganesh and Umesh are the partners sharing profits and losses 2:2:1
Sundry Creditors 30,000 Land 60,000
General Reserves 20,000 Freehold Property 54,000
Capital A/cs: Investment 8,000
- Mahesh 60,000 Sundry Debtors 40,000
- Ganesh 60,000 Less: R.D.D 2,000 38,000
- Umesh 30,000 Closing Stock 30,000
Cash 10,000
2,00,000 2,00,000
st
Umesh retires from the partnership firm on 31 March, 2020 on the following terms:
1) Goodwill of the firm is to be valued at thrice the average profit for the preceding five years.
Profits were: 2015-16 – ` 12,000; 2016-17 – ` 40,000; 2017-18 – ` 30,000; 2018-19
– ` 18,000; 2019-20 – ` 20,000.
2) Reserve for bad debts be made up to 10% on sundry debtors.
3) Assets are valued as: Freehold Property ` 60,000; Investments ` 10,000; Closing Stock `
28,000.
4) ` 6,000 are paid to Umesh in cash and the balance of its capital account be transferred to his
loan account.
new firm.
Q.2 Following is the balance sheet of Gopi, Madhav and Ram on 31-03-2020. They share profits
and losses as 4:2:1.
Capital Accounts: Goodwill 10,000
- Gopi 30,000 Stock 15,000
- Madhav 20,000 Debtors 11,000
- Ram 15,000 Land & Building 20,000
Bills Payable 2,000 Machinery 26,500
General Reserve 10,500 Motor Van 7,000
92,500 92,500
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On the same date Gopi retires from the business and the following adjustments are to be made.
1) The firms goodwill is to be revalued at ` 24,000.
2) The assets and liabilities are to be valued as under:
Stock ` 12,000; Land and Building ` 22,600; Debtors ` 10,500; Machinery ` 25,000 and
Creditors ` 14,000.
3) Madhav is to bring in ` 20,000 and Ram is to bring in ` 5,000 as additional capitals.
4) Gopi is to be paid ` 16,200 in cash and the balance on his capital is to be transferred to his
loan account.
Prepare Profit and Loss Adjustment A/c, Capital A/cs and the Balance Sheet of the new firm
after Gopi’s retirement.
Q.3 The Balance Sheet of Mama, Kaka and Baba who shared Profits and Losses as 2/5 th, 3/10th and
3/10th was as follows on 31st March, 2020
Sundry Creditors 48,000 Cash at Bank 18,000
Reserve Fund 25,000 Sundry Debtors 20,000
Capital Accounts: Less: R.D.D. 2,000 18,000
- Mama 80,000 Stock 50,000
- Kaka 60,000 Motor Van 16,000
- Baba 49,000 Plant and Machinery 70,000
Land and Building 90,000
2,62,000 2,62,000
Kaka retired on that date on the following terms:
1) Goodwill of the firm to be valued at average of the last five years. 2015-16 - ` 70,000;
2016-17 - ` 60,000, 2017-18 - ` 50,000; 2018-19 – (` 40,000) and 2019-20 - ` 40,000.
2) Plant and Machinery to be depreciated by 10% and Motar Van by 12.5%.
3) Stock to be appreciated by 10% and Land & Building by 20%.
4) Reserve for Doubtful debts was no longer necessary.
5) Mama and Baba will Share the future profits and losses of new firm in the ratio of 2:1
respectively.
6) It was decided that goodwill should not appear in books of the new firm and the amount
payable to Kaka should be transferred to his loan account after paying him a sum of `
10,000 as part payment.
Pass necessary journal entries to effect the above transactions.
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Q.4 Sandip, Vijay and Arun are the partners in a firm sharing profits and losses in the proportion of
3:1:1 respectively. Their Balance Sheet as on 31st March, 2020 was as shown below:
General Reserve 10,000 Goodwill 11,500
Capital Accounts: Land and Building 15,000
- Sandip 25,000 Machinery 7,000
- Vijay 20,000 Stock 10,000
- Arun 10,000 Motor Van 20,000
Bills Payable 5,000 Debtors 12,000
78,000 78,000
st
On 31 March, 2020 Arun was retired and following adjustments have been agreed upon:
1) Sandip and Vijay contribute additional capital of ` 10,000 and ` 5,000 respectively.
2) Assets and liabilities were revalued as follows:
Debtors ` 10,000, Stock ` 9,000, Land and Building ` 25,000, Machinery ` 6,000, Motor
Van ` 19,000 and Creditors ` 6,000.
3) Goodwill was revalued ` 10,000.
4) Balance of Arun capital account is transferred to his loan A/c.
Give journal entries in the books of new firm.
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5 Death of Partner
Q.1 Smita, Sangita and Savita were partners sharing profit and losses in the ratio of 2:2:1.
Capital A/cs.: Plants and Machinery 41,850
- Smita 30,000 Investment 22,500
- Sangita 22,500 Stock 18,000
- Savita 30,000 Sundry Debtors 15,600
Sundry Creditors 16,500 Less: R.D.D. 600 15,000
Outstanding Expenses 4,500 Cash 6,150
1,03,500 1,03,500
Sangita died on 1st July, 2020. The following adjustments were made in the books of the firm:
1) Investments worth ` 15,000 were taken over by Savita and remaining Investments were
sold at a profit of ` 1,000.
2) Goodwill of the firm was valued at ` 15,000.
3) R.D.D. is no longer required.
4) Stock was valued at ` 22,500 and Plant and Machinery was depreciated by 10%.
5) A contingent liability for compensation ` 535 is to be provided.
6) The deceased partner’s share in profit up-to the date of death was to be calculated on the
basis of last year’s profit which was ` 12,000.
You are required to prepare Revaluation A/c, Partners’ Capital A/cs and Balance Sheet after
considering the above adjustments.
Q.2 Rajan, Mandar & Amar were equal partners in a firm.

Capitals: Goodwill 12,000
- Rajan 24,000 Machinery 32,000
- Mandar 18,000 Stock 22,000
- Amar 16,000 Sundry Debtors 18,000
Creditors 12,000 Bank 16,000
Reserve Fund 18,000
Profit & Loss A/c. 12,000
1,00,000 1,00,000
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On 1st October, 2020 Amar died and following adjustments were made.
1) Goodwill of the firm was appreciated by ` 7,200, however only Amar’s share in the
appreciated value was raised in the books.
2) R.D.D. to be maintain at 5% on Debtors.
3) Stock is valued at ` 20,000 and Machinery at ` 29,800.
4) Amar was to be given his share in the profit upto the date of death on the estimated profit
based on previous year’s profit ` 24,000.
5) Amount due to Amar was transferred to his executor’s loan account.
You are required to prepare Revaluation A/c, Partners’ Capital A/cs and Balance Sheet after
considering the above adjustments.
Q.3 Alok ,Ali and Jolly were partners in a business sharing profits and losses in the ratio of 3:1:1.
Capitals: Sundry Debtors 50,000
- Alok 60,000 Plant and Machinery 60,000
- Ali 50,000 Cash at bank 50,000
- Jolly 44,000 Stock in hand 40,000
General Reserve 16,000
Sundry Creditors 30,000
2,00,000 2,00,000
st
Jolly died on 31 December, 2020 and the Partnership Deed provided that:
1) His share of goodwill will be calculated from goodwill of the firm which is to be equal to 2
years purchase of the average profits of the last 4 years. The net profits for the last 4 years
were: 2016-17 - ` 1,60,000, 2017-18 - ` 1,20,000, 2018-19 - ` 80,000, 2019-20 - ` 40,000.
2) The deceased Partner to be given his share of profit to the date of his death on the basis of
profits of the previous year.
3) The drawings of Jolly up-to the date of his death amounted to ` 18,000.
4) Interest on Capital at 10% p.a. is to be allowed and 6% p.a. to be charged on drawing.
5) Plant and Machinery to be revalued at ` 70,000 and Stock at ` 38,000.
6) Reserve for Doubtful Debts of ` 2,000 to be created.
Prepare
a) Jolly’s Capital A/c.
b) Show necessary working notes.
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Q.4 Gopal, Girish and Ganesh were partners sharing profits and losses in the ratio of their capitals.
Capitals: Land and Building 26,000
- Gopal 50,000 Investments 18,000
- Girish 30,000 Furniture 29,000
- Ganesh 20,000 Sundry Debtors 40,000
Sundry Creditors 36,800 Less: R.D.D. 2,000 38,000
General Reserve 12,000 Stock 20,000
Pradip’s Loan 30,000 Motor Lorry 37,600
Bills Payable 17,200 Cash at Bank 27,400
1,96,000 1,96,000
Gopal died on 1st August, 2020
1) Gopal’s share of goodwill is to be calculated at two times the average profits of the last 5
years. Profits and Losses for the last 5 years ended on 31 st March were: 2016 - Profits `
12,000, 2017 - Loss ` 6,000, 2018 - Profit ` 10,000, 2019 - Profit ` 20,000, 2020 - Profit `
24,000.
2) The deceased partner is to be given his share of profit to the date of his death based on the
average profits of last 3 years.
3) The assets and liabilities were revalued as under: Land and Building be depreciated by 20%.
Motor Lorry be appreciated by ` 4,000; Stock to be revalued at ` 15,000 and Furniture at `
40,000, Bills Payable to be valued at ` 16,000, R.D.D. on debtors to be maintained at 10%.
4) Gopal has withdrawn ` 3,000 up-to the date of his death. Interest on Capitals at 10% per
annum is allowed and ` 200 is to be charged on drawings.
You are required to prepare Gopal’s Capital A/c.
: 18 :
SYJC
6 Dissolution of Partnership Firm

Q.1 Paresh and Mahesh are partners in a firm. They share profits and losses equally.
Capital Accounts: Cash at Bank 18,000
- Paresh 1,50,000 Stock 75,000
- Mahesh 1,50,000 Furniture 90,000
General Reserve 30,000 Investments 30,000
Loan from Paresh 3,000 Machinery 90,000
Bills Payable 6,000 Building 45,000
Creditors 30,000 Debtors 24,000
Less: R.D.D. 3,000 21,000
3,69,000 3,69,000
st
They decided to dissolve the partnership on 31 March, 2020.
1) Paresh took over Investments at ` 27,600.
2) Mahesh took over Furniture at ` 84,000.
3) The other assets were realized as follows:
Stock ` 73,500, Debtors ` 22,500, Machinery ` 84,000 and Building ` 42,000.
4) The Creditors were paid at a discount of ` 900 and other liabilities were paid in full.
5) Dissolution expenses were ` 4,200.
Pass necessary journal entries in the books of firm.
Q.2 Akbar and Birbal were partners sharing profits and losses in the ratio 2:1 respectively.
Capital Accounts: Furniture 45,000
- Akbar 75,000 Building 22,500
- Birbal 75,000 Stock 37,500
Current Accounts: Machinery 45,000
- Akbar 1,500 Debtors 10,500
- Birbal 750 Investments 15,000
General Reserve 15,000 Cash at Bank 9,000
Sundry Creditors 15,000
Bills Payable 2,250
1,84,500 1,84,500
: 19 :
SYJC
They decided to dissolve the partnership on 31st March, 2020.

1) Akbar took over investments at ` 13,800.
2) Birbal agreed to take over Furniture at ` 42,000 and meet the Bills Payable.
3) The realizations were Stock ` 36,750. Debtors ` 11,250, Machinery ` 42,000, Building `
50,000.
4) The creditors were paid off at a discount of ` 450.
5) Realization expenses were ` 2,150.
Prepare necessary ledger accounts.
Q.3 Ajay, Vijay and Sanjay are partners. They share profits and losses equally.
Capital Accounts: Cash at Bank 5,000
- Ajay 25,000 Stock 15,000
- Vijay 15,000 Machinery 25,000
Reserve Fund 9,000 Debtors 11,000
Creditors 15,000 Less: R.D.D. 1,000 10,000
Bills Payable 5,000 Bills Receivable 9,000
Sanjay’s Capital A/c. 5,000
69,000 69,000
On the above date it was decided to dissolve the firm:
1) The assets realised were as: Stock ` 12,500; Machinery ` 15,000; Debtors ` 8,500; Bills
Receivable ` 7,200.
2) Creditors were paid at a discount of 2% and Bills payable were paid in full.
3) Realization expenses amounted to ` 2,500.
4) Sanjay were declared insolvent and 50 paise in a rupee could be recovered from his private
estate.
Prepare Realisation A/c., Partners’ Capital A/c., and Bank A/c.
Q.4 Manda, Nanda and Kunda were partners in a firm sharing profits and losses in the ratio 3:2:1
respectively.
Capital Accounts: Building 80,000
- Manda 65,000 Stock 20,000
- Nanda 15,000 Debtors 60,000
Creditors 95,000 Cash at Bank 5,000
Kunda’s Capital A/c. 10,000
1,75,000 1,75,000
: 20 :
SYJC
On the above date it was decided to dissolve the firm:

1) Assets realized as: Building ` 50,000; Stock ` 12,000 and Debtors ` 34,000.
2) Realization expenses of ` 2,000 paid by Manda.
3) Nanda and Kunda both became insolvent and could realized ` 3,000 and ` 8,000 from their
private estate.
Close the books of accounts of the firm.
Q.5 Xavier, Yasin and Zuber were partners in a firm sharing profits and losses in the ratio 2:2:1
respectively.
Capital Accounts: Building 18,900
- Xavier 9,800 Machinery 26,700
- Yasin 9,100 Stock 12,500
- Zuber 6,100 Debtors 16,900
Creditors 50,000 Bank 11,000
Bills Payable 20,000 Profit & Loss A/c. 9,000
95,000 95,000
Due to weak financial position of the partners, the firm is dissolved.
1) The assets realized as: Building ` 10,300; Machinery ` 17,500; Stock ` 4,200; Debtors `
9,700.
2) Realization expenses amounted to ` 1,700.
3) All partners became insolvent. Xavier and Yasin contribute ` 2,000 and ` 3,000
respectively from their private estate.
Close the books of accounts of the firm.
: 21 :
SYJC
7 Bills of Exchange
Q.1 Prabhakar sold goods worth Rs.20,000 to Shrikant on 15th March, 2020. On same date Shrikant
paid ` 5,000 by cheque and accept bill of exchange for balance amount for 2 months. On 18th
March, 2020, Prabhakar endorse this bill to Smita. On due date Smita inform Prabhakar that
Shrikant’s acceptance became dishonoured and noting charges paid ` 200. Shrikant paid `
7,000 plus noting charges and accept a fresh bill for balance amount plus interest @ 18% p.a.
for two months. One month before due date of fresh bill Shrikant retire his acceptance at a
discount of ` 140.
Pass Journal entries in the books of Prabhakar and prepare Prabhakar’s A/c. in the books of
Shrikant.
Q.2 On 14th May, 2020 Rohit sold goods on credit to Devidas for ` 30,000. On the same date Rohit
draws a bill on Devidas for ` 30,000 at 3 months. Devidas accepted it and returned to Rohit. On
17th June, 2020, Rohit discounted the bill with his bank @ 10% p.a. On due date Devidas find
himself unable to make payment of the bill and requests Rohit to renew it. Rohit accepted the
proposal on the condition that Devidas should pay ` 10,000 along with interest @ 12% p.a in
cash and should accepted a new bill for the balance at 2 months. These arrangements were
carried through.
Give Journal entries in the books of Rohit and prepare Rohit’s A/c. in the books of Devidas.
Q.3 Chanda accepted a bill for ` 12,000 drawn by Nanda at 3 months. Nanda endorse this bill to
Kunda. Before the due date Chanda approached Nanda for renewal of the bill. Nanda agreed on
the condition that ` 6,000 be paid immediately together with interest on the remaining amount
at 18% p.a. for 4 months and for the balance Chanda should accept a new bill for 4 months.
These arrangements were carried through. But afterwards Chanda became insolvent and only
25% of the amount could be recovered from her estate.
Give Journal entries in the books of Nanda.
Q.4 Journalise the following transactions in the books of Kailash:

a) Sandeep informs Kailash that Vilas’s acceptance for ` 8,000 endorsed to Sandeep has been
dishonoured. Noting charges amounted to ` 200.
b) Kalpana renews her acceptance to Kailash for ` 7,500 by paying ` 3,500 in cash and
accepting a fresh bill for the balance plus interest at 10% p.a. for 3 months.
c) Uma retired her acceptance to Kailash for ` 3,000 by paying ` 2,900 by RTGS.
d) Bank informed that Anita’s acceptance for ` 6,000 sent to bank for collection had been
dishonoured and bank deducted charges ` 100 from our account.
: 22 :
SYJC
Q.5 Journalise the following transactions in the books of Mahesh:

a) Nilesh informs Mahesh that Rajesh’s acceptance for ` 12,000 endorsed to Nilesh has been
dishonoured. Noting charges amounted to ` 250.
b) Ramakant renews his acceptance to Mahesh for ` 5,000 by paying ` 2,000 in cash and
accepting a fresh bill for the balance plus interest at 12% p.a. for 3 months.
c) Kiran retired his acceptance to Mahesh for ` 2,000 by paying ` 1,900 in cash.
d) Bank informed Mahesh that Rajan’s acceptance for ` 8,000 sent to bank for collection had
been dishonoured and bank deducted charges ` 100 from our account.
: 23 :
SYJC
8 Company Accounts-Issue of Shares
Q.1 Khandelwal Co. Ltd made an issue of 40,000 equity shares of ` 20 each, payable as follows:
Application: ` 5 per share Allotment: ` 10 per share
First call: ` 3 per share Second and Final call: ` 2 per share.
The company received applications for 45,000 shares of which applications for 5,000 shares
were rejected and the money refunded. All the shareholders paid upto second call except
Sachin, the allotee of 2,000 shares, failed to pay final call. His shares were forfeited. Pass
journal entries for the above transactions in the books of Khandelwal Co. Ltd.
Q.2 Milind and Co. Ltd. issued 20,000 equity shares of ` 100 each, issued at ` 120 payable as
under:
On Application - ` 20 per share. On Allotment - ` 55 per share.
On first call - ` 25 per share. On second call - ` 20 per share.
The company received applications for 30,000 equity shares. Applications for 20,000 shares
were accepted and allotted shares. Applications for 10,000 shares were rejected and refunded in
full. The money due on allotment and both the call was received full. The expenses of issue
amounted to ` 5,000. Pass necessary journal entries in the books of the company.
Q.3 Yogeshwari Co. Ltd. Ambajogi made an issue of 20,000 equity shares of ` 20 each, issued at `
24 payable as follows:
Application ` 5 per share, Allotment ` 14 per shares
First call ` 3 per shares, Second and Final call ` 2 per share.
The company received applications for 25,000 shares of which application for 5,000 shares
were rejected and money refunded. All the shareholders paid up-to second and final call, except
Dhiraj, the allotee of 200 shares who failed to pay both the calls. His shares were forfeited. Pass
journal entries in the books of Yogeshwari Co. ltd. Ambajogai.
Q.4 Kisan Co. Ltd Miraj, issued RS. 50,000 shares at par ` 10 each, payable ` 3 on application, ` 4
on allotment and the balance on the final call. All the shares were fully subscribed and paid
except a shareholder Mr. D Kapse having RS. 1,000 shares could not pay the final call. Mr. D
Kapse paid the call-in-arrear amount together with interest after four months of due date of final
call. Company charged interest on the arrears received as per table ‘A’. Pass journal entries to
record these transactions assuming that call-in-arrear and interest money received from Mr. D.
Kapse in the books of Kisan Co. Ltd. Miraj.
: 24 :
SYJC
Q.5 Modern Chemicals Co. Ltd. Made an issue of 60,000 shares of ` 20 each payable as follows:
On application ` 5 per share On allotment ` 8 per share
On first call ` 4 per share On second call ` 3 per share
The company received applications for 65,000 shares of which applications for 5,000 shares
were rejected and money refunded. All the shareholders paid up to second call except one
shareholder, Mr. Bhupendra, the allotee of 100 shares, who did not pay the amount of the
second call. Give Journal Entries in the books of Modern Chemicals Co., Ltd.
: 25 :
SYJC
9 Analysis of Financial Statements
Q.1 From the following Income Statements of Ultra Ltd. Prepare Comparative Income Statement.
Particulars 2019-20 2020-21
Sales 5,00,000 8,00,000
Less: Cost of Goods Sold 2,50,000 3,20,000
Gross Profit 2,50,000 4,80,000
Less: Operating Expenses 1,10,000 1,60,000
Net Profit Before Tax 1,40,000 3,20,000
Less: Provision for Tax 40,000 1,20,000
Net Profit After Tax 1,00,000 2,00,000
Q.2 From the following Balance Sheet of Rolta Ltd. Prepare Comparative Balance Sheet.
Particulars 2019-20 2020-21 Particulars 2019-20 2020-21
Share Capital 6,00,000 8,00,000 Fixed Assets 8,00,000 10,00,000
Reserves 3,00,000 4,50,000 Investments 1,00,000 1,50,000
Secured Loans 1,00,000 1,50,000 Current Assets 3,00,000 5,00,000
Unsecured Loans 50,000 25,000
Current Liabilities 1,50,000 2,25,000
12,00,000 16,50,000 12,00,000 16,50,000
Q.3 From the following Income Statements of U-Mumba Ltd. prepare Common Size Income
Statement.
Particulars 2019-20 2020-21
Sales 8,00,000 12,00,000
Less: Cost of Goods Sold 3,20,000 6,00,000
Gross Profit 4,80,000 6,00,000
Less: Operating Expenses 2,40,000 2,40,000
Net Profit Before Tax 2,40,000 3,60,000
Less: Provision for Tax 60,000 90,000
Net Profit After Tax 1,80,000 2,70,000
: 26 :
SYJC
Q.4 From the following Balance Sheets of Novo Ltd. Prepare Cash Flow Statement.
Liabilities 2019-20 2020-21 Assets 2019-20 2020-21
Share Capital 5,00,000 6,50,000 Building 4,80,000 4,50,000
Profit & Loss A/c. 1,25,000 2,00,000 Debtors 2,75,000 3,30,000
10% Bank Loan 1,35,000 50,000 Stock 1,10,000 1,55,000
Creditors 1,40,000 1,60,000 Cash/Bank 35,000 1,25,000
9,00,000 10,60,000 9,00,000 10,60,000
Q.5 From the following information, calculate Current Ratio and Quick Ratio.
Particulars `
Sundry Debtors 2,20,000
Stock 1,80,000
Bills Receivable 55,000
Prepaid Expenses 25,000
Cash & Bank Balance 60,000
Sundry Creditors 1,17,500
Bills Payable 50,000
Bank Overdraft 12,500
Q.6 From the following Income Statement, Calculate Gross Profit Ratio, Net Profit Ratio, Operating
Profit Ratio and Operating Ratio.
Particulars `
Gross Sales 21,00,000
Less: Sales Returns 1,00,000
Net Sales 20,00,000
Less: Cost of Goods Sold 15,30,000
Gross Profit 4,70,000
Less: Operating Expenses 1,75,000
Operating Profit 2,95,000
Add: Non-Operating Income 30,000
3,25,000
Less: Non-Operating Expenses 5,000
Net Profit Before Tax 3,20,000
Less: Provision for Tax 1,45,000
Net Profit After Tax 1,75,000

: 27 :

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SYJC

1 Partnership Final Accounts

2 Accounts of Not for Profit Concern

Q.2 Rajan, Mandar & Amar were equal partners in a firm.

6 Dissolution of Partnership Firm

They decided to dissolve the partnership on 31st March, 2020.

On the above date it was decided to dissolve the firm:

Q.4 Journalise the following transactions in the books of Kailash:

Q.5 Journalise the following transactions in the books of Mahesh:

8 Company Accounts-Issue of Shares

9 Analysis of Financial Statements

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