Professional Documents
Culture Documents
Accountancy
Class 12th
6 6.5 1
1. (i) (a) Interest on Neena’s drawings = ( 10,000 × 12 ) × × = ` 3,900 Or (ii) (b) 4 months
6 9 100 12 2
2. (d) Interest on loan = 6,00,000 × × = ` 27,000
100 12
3. (i) (a) debited, goodwill
9,00,000
Or (ii) (b) No. of debentures issued = = 10,000 debentures
( 100 − 10 )
4. (d) Savita’s share = ` 90,000 ; Guarantee = ` 100
, ,000 ; Deficiency = 100
, ,000 − 90,000 = ` 10,000
5. (b) Profit and Loss Appropriation Account
Dr for the year ended....... Cr
Particulars Amt (`) Particulars Amt (`)
To Interest on Capital By Net Profit 3,00,000
Kavita 60,000
Savita 40,000
Madhu 20,000 1,20,000
To Profit transferred to
Kavita (1,80,000 × 1/3) 60,000
( − ) Guarantee to Savita (10,000) 50,000
Savita (1,80,000 × 1/2) 90,000
( + ) Deficiency from Kavita 10,000 1,00,000
Madhu (1,80,000 × 1/6) 30,000
3,00,000 3,00,000
Working Notes
1. Adjusted Old Capitals of Continuing Partners after All Adjustments
Vivek = ` 3,60,000; Vinod = ` 1,40,000
2. Total Capital of New Firm
Balance in Vivek’s Capital Account after All Adjustments = 3,60,000
Balance in Vinod’s Capital Account after All Adjustments = 1,40,000
` 5,00,000
3. Calculation of New Capital of Continuing Partners
Vivek = 5,00,000 × 3/ 5 = ` 3,00,000; Vinod = 5,00,000 × 2 / 5 = ` 2,00,000
4. Calculation of Cash to be Brought in or Withdrawn by the Continuing Partners
Particulars Vivek (`) Vinod (`)
I. New Capital 3,00,000 2,00,000
II. Existing Capital 3,60,000 1,40,000
Cash to be Brought in (Paid-off) (I − II) (60,000) 60,000
18. JOURNAL
Date Particulars LF Amt (Dr) Amt (Cr)
Working Notes
1. Calculation of Change in Profit Share of Partners
Sacrifice/(Gain) = Old Share − New Share
2 4 10 − 12 2 1 2 5− 6 1
Anu = − = = Gain; Manu = − = = Gain
6 10 30 30 6 10 30 30
2 3 10 − 9 1 1 1 5− 3 2
Tanu = − = = Sacrifice; Kanu = − = = Sacrifice
6 10 30 30 6 10 30 30
2. Share of Goodwill
2 1
Anu = 120
, ,000 × = ` 8,000 ; Manu = 120
, ,000 × = ` 4,000
30 30
1 2
Tanu = 120
, ,000 × = ` 4,000 ; Kanu = 120
, ,000 × = ` 8,000
30 30
Or (ii) JOURNAL
Date Particulars LF Amt (Dr) Amt (Cr)
Sundry Assets A/c Dr 60,00,000
To Sundry Liabilities A/c 10,00,000
To Vendor Co. 45,00,000
To Capital Reserve A/c (Balancing figure) 5,00,000
(Being business purchased from Vendor Co.)
Vendor Co. Dr 45,00,000
To 10% Debentures A/c (36,000 × 100) 36,00,000
To Securities Premium Reserve A/c (36,000 × 25) 9,00,000
(Being the issue of debentures at premium)
Working Note
Amount Due to Vendor Co. 45,00,000
Number of Debentures Issued = = = 36,000
Issue Price per Debenture 125(100 + 25)
20. (i) Capital employed = ` 150
, ,000
Average profit = ` 23,500
Normal Rate of Return 10
Normal Profit = Capital Employed × = 150
, ,000 × = ` 15,000
100 100
14
Working Notes
1. Sudhir’s Share of Goodwill
Average profit = ` 180
, ,000
Goodwill = Average Profit × Number of Years’ Purchase = 180
, ,000 × 2.5 = ` 4,50,000
15
2
Sudhir’s share = 4,50,000 × , ,000 ;
= ` 180 Gaining ratio of Deepak and Naveen = 2 : 1
5
2 1
Deepak will contribute = 180
, ,000 × = ` 120 , ,000 ; Naveen will contribute = 180
, ,000 × = ` 60,000
3 3
7 3
2. Interest on capital = 160
, ,000 × × = ` 2,800
100 12
3. Sudhir’s Share of Profit of Current Year (10th April to 30th June)
Sales for the year ending 31st March, 2022 = ` 4,00,000
Profit for the year ending 31st March, 2022 = ` 100 , ,000
100
, ,000
Percentage of profits = × 100 = 25%
4,00,000
Sales from 1st April to 30 June = ` 150
, ,000
25 2
Profit = 150
, ,000 × = ` 37,500 ; Sudhir’s share = 37,500 × = ` 15,000
100 5
2
4. General reserve = 100
, ,000 × = ` 40,000
5
2
5. Advertisement suspense account = 120 , ,000 × = ` 48,000
5
23. (i) (a) JOURNAL
Date Particulars LF Amt (Dr) Amt (Cr)
Share Capital A/c (75 × 6) Dr 450
Securities Premium Reserve A/c (75 × 4) Dr 300
To Share Forfeiture A/c (75 × 2) 150
To Share Allotment A/c (75 × 8) 600
(Being shares forfeited)
Bank A/c (75 × 15) Dr 1,125
To Share Capital A/c (75 × 10) 750
To Securities Premium Reserve A/c (75 × 5) 375
(Being shares reissued)
Share Capital A/c Dr 150
To Capital Reserve 150
(Being balance transferred to capital reserve)
(b) JOURNAL
Date Particulars LF Amt (Dr) Amt (Cr)
Share Capital A/c (1,200 × 50) Dr 60,000
To Share Forfeiture A/c (1,200 × 40) 48,000
To Share Final Call A/c (1,200 × 10) 12,000
(Being shares forfeited)
Bank A/c ( 900 × 45 ) Dr 40,500
Share Forfeiture A/c (900 × 5) Dr 4,500
To Share Capital A/c (900 × 50) 45,000
(Being shares reissued)
Share Capital A/c Dr 31,500
To Capital Reserve A/c 31,500
(Being balance transferred to capital reserve)
Working Note
Profit on 1,200 shares = ` 48,000
48,000
Profit on 900 shares = × 900 = ` 36,000
1200
,
Capital reserve = 36,000 − 4,500 = ` 31,500
16
Or (ii) JOURNAL
Date Particulars Amt (Dr) Amt (Cr)
(a) Bank A/c (40,000 × 40) Dr 16,00,000
To Share Application A/c 16,00,000
(Being share application money received)
(b) Share Application A/c Dr 16,00,000
To Share Capital A/c (30,000 × 30) 9,00,000
To Securities Premium Reserve A/c (30,000 ×10) 3,00,000
To Share Allotment A/c 2,00,000
To Bank A/c (5,000 × 40) 2,00,000
(Being money received on application transferred to share capital account and
securities premium on allotment and rest adjusted as well as refunded)
(c) Share Allotment A/c (30,000 × 30) Dr 9,00,000
To Share Capital A/c (30,000 × 20) 6,00,000
To Securities Premium Reserve A/c ( 30,000 × 10 ) 3,00,000
(Being amount due on allotment)
(d) Bank A/c Dr 6,86,000
Calls-in-arrears A/c Dr 14,000
To Share Allotment A/c 7,00,000
(Being allotment money received)
(e) Share Capital A/c (600 × 50) Dr 30,000
Securities Premium Reserve A/c Dr 6,000
To Share Forfeiture A/c 22,000
To Calls-in-arrears A/c 14,000
(Being shares forfeited)
(f) Share First Call A/c (30,000 × 30) Dr 9,00,000
To Share Capital A/c 9,00,000
(Being first call made due)
(g) Bank A/c Dr 9,00,000
To Share First Call A/c 9,00,000
(Being first call money received)
Working Notes
30,000
1. Number of shares allotted to Yogesh = × 700 = 600
35,000
Excess amount received from him on application
700 shares − 600 shares = 100 shares × 40 = ` 4,000
2. Allotment money due from Yogesh (600 × 30 ) = 18,000
(−) Excess received on application = (4,000)
Allotment money not received = 14,000
Working Notes
1. Total Combined Adjusted Capital of Old Partners
Adjusted capital of Yuv = 1,43,500
Adjusted capital of Veer = 69,500
= ` 2,13,000
2. Total Capital of New Firm
Total Capital = Combined Adjusted Old Capital of Old Partners × Reciprocal of Proportion of Share of Old Partners
4
= 2,13,000 × = ` 2,84,000
3
3. Proportionate Capital of New Partner
1
New Partner’s Capital = Total Capital × Proportion of Share of New Partner = 2,84,000 × = ` 71000
,
4
Or (ii) JOURNAL
Date Particulars LF Amt (Dr) Amt (Cr)
(a) Aayushman’s Capital A/c Dr 1,20,000
Sabhya’s Capital A/c Dr 4,80,000
To Reyansh’s Capital A/c 6,00,000
(Being Reyansh’s share of goodwill credited to him by debiting gaining
partners in their gaining ratio)
(b) Revaluation A/c Dr 40,000
To Unrecorded Creditors A/c 40,000
(Being unrecorded creditors taken into account)
(c) Bad Debts A/c Dr 30,000
To Sundry Debtors’ A/c 30,000
(Being bad debts written-off)
Provision for Doubtful Debts A/c Dr 20,000
Revaluation A/c Dr 10,000
To Bad Debts A/c 30,000
(Being part of bad debts met from provision for doubtful debts and balance
debited to revaluation account)
(d) General Reserve A/c Dr 1,20,000
To Reyansh’s Capital A/c 60,000
To Aayushman’s Capital A/c 36,000
To Sabhya’s Capital A/c 24,000
(Being general reserve transferred to partners’s capital account)
18
Working Notes
1. Calculation of Gaining Ratio
Gaining Ratio = New Ratio − Old Ratio
2 3 4− 3 1 3 2 6−2 4
Aayushman = − = = ; Sabhya = − = = ⇒ Gaining ratio = 1 : 4
5 10 10 10 5 10 10 10
2. Calculation of Reyansh’s Share of Goodwill
Firm’s goodwill = ` 12,00,000
5
Reyansh’s share of goodwill = 12,00,000 × = ` 6,00,000, to be contributed by Aayushman and Sabhya in their
10
gaining ratio of 1 : 4.
Aayushman = 6,00,000 × 1 / 5 = ` 120
, ,000.
Sabhya = 6,00,000 × 4 / 5 = ` 4,80,000
3. Dr Revaluation Account Cr
Particulars Amt (`) Particulars Amt (`)
To Unrecorded Creditors 40,000 By Loss transferred to Capital A/cs
To Bad Debts 10,000 Reyansh 25,000
Aayushman 15,000
Sabhya 10,000 50,000
50,000 50,000
To Bank A/c (Realisation Expenses) 7,000 By Aadish’s Capital A/c (Stock) 20,000
By Shreyansh’s Capital A/c
(Investment) (15,000 − 1,500) 13,500
By Loss transferred to Capital A/c
Aadish 3,000
Shreyansh 2,000 5,000
2,92,000 2,92,000
26. JOURNAL
Date Particulars LF Amt (Dr) Amt (Cr)
(i) Bank A/c (10,000 × 105) Dr 10,50,000
To Debenture Application and Allotment A/c 10,50,000
(Being the debenture application money received)
Debenture Application and Allotment A/c Dr 10,50,000
To 9% Debentures A/c (10,000 × 100) 10,00,000
To Securities Premium Reserve A/c (10,000 × 5) 50,000
(Being debentures issued at premium and redeemable at par)
(ii) Bank A/c (10,000 × 100) Dr 10,00,000
To Debenture Application and Allotment A/c 10,00,000
(Being the application money received)
Debenture Application and Allotment A/c Dr 10,00,000
Loss on Issue of Debentures A/c Dr 1,00,000
To 10% Debentures A/c (10,000 × 100) 10,00,000
To Premium on Redemption of Debentures A/c (10,000 × 10) 1,00,000
(Being debentures issued at par and redeemable at premium)
(iii) Bank A/c (10,000 × 90) Dr 90,00,000
To Debenture Application and Allotment A/c 90,00,000
(Being the application money received)
Debenture Application and Allotment A/c Dr 90,00,000
Discount on Issue of Debentures A/c (10,000 × 10) Dr 1,00,000
Loss on Issue of Debentures A/c (10,000 × 5) Dr 50,000
To 9% Debentures A/c (10,000 × 100) 10,00,000
To Premium on Redemption of Debentures A/c 50,000
(Being debentures issued at discount and redeemable at premium)
27. (i) (d) Cost of Revenue from Operations = Revenue from Operations − Gross Profit
Or (ii) (a) Only I
28. (d) Proprietors’ Funds = Non-current Assets − Long-term Borrowings = 40,00,000 − 25,00,000 = ` 15,00,000
29. (i) (c) Financing activity Or (ii) (a) Investing activity
30. (c) Issue of equity shares and redemption of debentures are shown under financing activity. Cash received from
debtors and cash paid against trade payables being current assets and current liabilities are shown under operating
activities.
Working Notes
1. Calculation of Net Profit before Tax
Particulars Amt (`)
Balance of Reserves and Surplus on 31st March, 2022 75,000
( − ) Balance of Reserves and Surplus on 31st March, 2021 (3,60,000)
(2,85,000)
( + ) Provision for Tax 74,000
(2,11,000)
10
2. Interest on debentures = 2,40,000 × = ` 24,000
100
3. Dr Provision for Tax Account Cr
Particulars Amt (`) Particulars Amt (`)
To Bank A/c (Payment made) 80,000 By Balance b/d 2,10,000
To Balance c/d 2,04,000 By Statement of Profit and Loss 74,000
(Provision made)
2,84,000 2,84,000