An Aid to Accountancy = case Ry PartA 1. © 10:5:6 Working Note: Sacrificing Ratio of Shiv and Mohan = €8,000:% 400000 2:1 2.2.4 Shiv Saciice = 5*5=55 zi UG MRR 95 7) [New Profit Share = Old Profit Shae - Sacrificed Profit Share 2. (@) Both Assertion (A) and Reason (R) are correct, and Reason (R) is the correct explanation of Assertion (A). 3. ( © 400 Forfeited amount per share is & 8. = Maximum discount on reissue of forfeited shares is @ 8 per share. ; Minimum amount received on 200 reissued forfeited shares is € 400 (200 x % 2). Note: Reissue price cannot be less than the amount unpaid on frfelted shares. Or @ Number of Debentures Allotted = 420 x 10,000/14,000 = 300 Application Money Received = 420 x % 20 = 8,400 Application Money Adjusted towards 9% Debentures = 300 x % 20 = % 6,000 Balance Application Money adjusted against Allotment Money 8,400 —7 6,000 2,400. 4. (©) 790,000 Working Note: Loss on Revaluation =%750 x g = 32,500 Book Value of Investments = Less: Investment Fluctuation Reserve 7500 Loss on Revaluation 2,500 (Market Value of Investment. Or @ Dr. Interest on Mohan's Loan Account and Cr. Mohan’s Loan Account by € 5,000. Scanned with CamScannerModel Test Papers Mas 5. (a) Debited to Partners’ Capital Accounts in Old Profit-sharing Ratio. 6 (2 % 7.50000. Working Note: Amount payable by issue of 9% Debentures = €9,60,000 - 25% of ¥9.60,000= 87.20.00 No.of Debentures to be tssued = ‘9% Debentures Account is credited by = 7.500 x © 100 = € 7,50,000, Or (@ Capital Reserve is to be credited with & 20,000. Excess of Net Assets (i.e., Assets — Liabilities) acquired over purchase consideration should be credited to Capital Reserve. % 2,90,000 & 3,00,000 - & 10,000) — % 2,70,000 (Debentures) = F 20,000. . (6) Both Assertion (A) and Reason (R) are correct but Reason (R) is not the correct explanation of Assertion (A). Assertion (A) explains how share capital will be shown when Reserve Capital is decided. Reason (R) explains when Reserve Capital can be called. 8. (6) & 16,000 and % 8,000. Note: Mohan’s share of goodwill = 2/5 x % 60,000 = % 24,000 Itis paid by Ram and Sohan in their Gaining Ratio, Le, 2: 1. ). () © 36,000 Working Note: Puneet's Commission = 44,000, which is 10% of Net Profit Commission Payable to Rajesh is 10% on Net Profit after charging all commissions ~+ Rajeshis Commission = @ 440,000~¥ 44000) x 12 = ¥ 36000, 10. (a) € 1,80,000 Working Note: Puneet and Rajesh are equal partners. Divisible Profit = % 4,40,000 ~ & 44,000 ~% 36,000 = € 3,60,000 Share of Profit of Puneet = € 3.60000 2 = 1.80000, 11. (© (5 Gi) and Git) 12, (®) Star Ltd. ‘To Share Capital A/c (3,607 x 100) To Securities Premium A/c (3,607 x 10) To Bank A/c (Note) Note: No.of shares tobe issued = © Shares issued 3,607, Le. & 3,60,700 Securities Premium 3,607 (3,607 x ® 10) = & 36,070 x Payment by cheque = 20% of & 4,96,000 = 99,200 Fraction Amount = (® 4,96,000 ~ 8 3,60,700-% 36,070-% 99,200) = __30 Paid by Cheque 99,230 Scanned with CamScannerM16 ae, 13. (d) 800 shares. Working Note: ‘Amount foreited per share . Less: Discount on Reissue per share Gain on Reissue of per share 13,200_ No.of Shares Reissued = —=7— = 600 shares 14. (©) © 6,000 per quarter. Working Note: Let Total Drawings = Interest on Drawings = Total Drawings x Rate of interest 45 100 2 10 1900 = 3x 45x = 8900x120 _ £108,000 “45 224,000 4 *average Period = 258 4smonths ® =%24,000 Drawings of Tarang per quarter = = 6,000 per quarter 15. (d) % 30,000 Working Note: Total Capital ofthe New Firm = AUhssed CaptalofOldPartners Aand 6) ‘Share of Profit of OldPartners = SORE E1,20,000 34 25 CsCapital = %1,20,000%- = 30,000. Or (©) Varun—% 3,750; Amit—% 1,125; Kesav—Nil. Working Note: Interest on Drawings = Total Drawings x ‘reais, Average Peres — 10 75 Interest on Varuns Drawings = €60,000x20.<22 = 3,750 na re 00" 72 10,6. 100 12 Keshav withdrew % 30,000 from his Capital Account so there is no interest on drawings. Interest on Amit's Drawings = €22,500x: 1125 16, (€) €1,50,000 (Loss) Working Note: Other Assets on the Date of Dissolution = Creditors + Capital - Bank Balance '3,20,000 + € 4,80,000 - € 50,000 = % 7,50,000 Loss on Realisation Account = % 7,50,000 - % 6,00,000 = 1,50,000 (Loss). Scanned with CamScannerModel Test Papers M17 11. JOURNAL Date Particulars Lp] OR | oO ‘ails Capital Alc Dr. 3,900 Cis Capital Alc Dr. 3300 To Bhavya’ Capital Alc 7,200 (Ghavya’s share of goodwill adjusted in the Capital Accounts of gaining partners intheir gaining ratio of 13:11) Calculation of Gaining Ratio: Gain of a Partner = New Profit Share — Old Profit Share a qn 54 45-32 _13 dil’s Gain = 2-4 = o Adil’s Gain 85 72 72 Oris's Gain = 8-2 . 27-16 11 89 72 72 «pipe 13,1 i tio= 2: Ee i Gaining Ratio= 75 : 75 or 13:11 Working Note: Criss gain for ++ = %3,300 24 Aditsgainfor 32 = £3,300 243 = 23,900 Bhavya's Share of Goodwill = % 3,300 +8 3,900 =% 7,200 18. JOURNAL Date _| Particulars ur] o@ | c® Xs Current A/c (Dr. 29,120 Zs Current A/c Dr. 240 To Y's Current A/c 29,360 (Adjusting entry passed for rectification of errors) Working Note: ADJUSTMENT TABLE Particulars x Y z. Total z z z 1. Interest on Capital already credited @ 10% 10,000 8,000 6,000 24,000 IL Amount that should have been credited by way of: Interest on Capital 8,000 6,400 4,800 19,200 Share of Profit (© 24,000 - & 19,200) 3:1:1 2,880 960 960 4800 Salary Credited to Xinstead of ¥, now rectified (30,000) 30,000 en = (19,120) 37,360 5,760 24,000 IM. Difference (1 I) 29,20] 29360 240) De |oveere| 00 Scanned with CamScannerM.18 Or Date _| Particulars KM | cm 2023 April 1] PsCapital Alc Dr. 60,000 Q's Capital Ac Dr 60,000 Rs Capital Ne Dt 60,000 To Profit & Los Adjustment Alc 1200 {share of profit wrongly credited to partners equally before allowing interest on capital and remuneration of partners) Profit & Loss Adjustment A/c Or. 36,000 To R’sCapital A/c 6.0 (Remuneration credited to R’s Capital Account) Profit & Loss Adjustment A/c 30,000 To P’sCapital Ac 15,0 | To OsCapital Vc 75% To R’sCapital Ale 7509 (terest on capitals @ 5% pa. cecited to Partners Capt Accounts) Profit & Loss Adjustment Alc De 1.14000 To P's Capital A/c 45600 To O'sCapital Ae 4500 To A's Capital A/c 2m (Divisible profit after allowing interest on capitals and remuneration credited to Capital Accounts of tespctive prtnersintheratloof2:2:1) 19. in the Books of Sunrise Ltd. . JOURNAL Date _| Particulars tr] o.@ | am ‘Sundry Assets A/c Dr. 25,00,000 Goodwill Ac (Balance Figure) De 1150000 To Sundry Liabilities Alc 42500 To Venus td. - 223500 (Assets and ibis taken over from Venus td) Venus Ltd. De 22,25,000 Loss on Issue of Debentures A/c (20,000 x & 10) Dr +2,00,000 ‘To 9% Debentures A/c 20,00,000 To Securities Premium A/c (20,000 x5) 100,000 To Premium on Redemption of Debentures A (20000 x? 10) 200,000 To Bank Ac 125000 (Purchase consideration discharged by sue o 9% Debentures and cheque) Note: Calculation of Purchase Consideration: z Debentures Issued (20,000 x 105) = 2100000 Payment by Cheque = 125,000 Purchase Consideration 75000 Scanned with CamScannerM19 Model Test Papers Or ‘SHARE FORFEITURE ACCOUNT Oe ‘Particulars 2 To “Share Capital Ac(1,500x€ 2) ‘To Capital Reserve A/c (1,500 x % 2) Jo Capital Reserve Alc (500 x 8 4) Jo Balance cd (500x2 4) 20. Calculation of Adjusted Profits: Year ‘Adjusted Profit © 2019-20 11,42,500 = 7,500 + 5,000), 140,000 2020-21 1,85,000 185,000 2021-22 [2,30,000 - 7,500) 222,500 202-23 12,90,000 + 45,000] 3,35,000 682,500 z Goodwill = Average Profit x No. of Years Purchase = 2,20,625 x 2= F 4,41,250 a. Shyam’s Share of Goodwill = 4,41,250 x 5 = 88,250. JOURNAL Date | Particulars LF] o&®@ | ae Shams Current Ae Dr. 88,250 To Omi Capital Ac (% 88,250 3/5) 52,950 To Shiv’ Capital A/c 88,250 x2/5) 35,300 (Goodwill adjusted on Shyams admission) 21. BALANCE SHEET OF JANTA LTD.as at Particulars 1. EQUITY AND LIABILITIES 1. Shareholders’ Funds Note No. | Current Year @) (a) Share Capital 1 8,78,000 Note to Accounts Particulars z 1. Share Capital Authorised Capital 72,00,000 Equity Shares of % 10 each 20,00,000 Issued Capital 1,00,000 Equity Shares of ® 10 each ‘Subscribed Capital ‘Subscribed and Fully Paid {84000 Equity Shares of € 10 each 8,40,000 ‘Subscribed but Not Fully Paid 4000 equity shares of € 10 each Less: Calls-in-Arreats (4,000 x % 2) 32,000 Forfeited Shares A/c 2000 Equity Shares @ %3 each 6,000 178,000 Scanned with CamScanner4 ia An Aid to Accountancy CBSE y, &. REALISATION ACCOUNT Particulars ‘To Sundry Debtors Alc £65,000 | By Provision for Doubtful Debts A/c To Goodwil A’ 0,000 | By Sundry Creditors Ac To Furniture Alc 1,00,000 | By Employees’ Provident Fund A/c To Building Alc +380,000 | By Bank Loan Mc To Susais Capital Ac Reason Expenses) 2,000 | By Geeta Capital Ac (Goodwill To Bank A‘ (Creditors) 50,000 ‘To Bank A/c (Bank Loan + Interest) 60,000 | By Bank Ac: ‘To Bank A‘c(Employees'Provident Fund) 5000] Debtors Furniture Susan Capital Ne Geeta’ Capital Ac Rashi’s Capital A/c Note: 23, JOURNAL Date _| Particulars By Loss transfered to: By Rashi Capital Ae (Building) {ealised value of furniture (Tangible Asset) is not given. Hence, itis realised at its book value. Bank Ae To Equity Shares Application Al (140,000 x 14) (Application money on 1,40,000 Equity Shares @ & 15 per share and 15,000, 7% Preference Shares @ € 100 per share) Equity Shares Application Ac To Equity Share Capital Ae To Securities Premium A/c (Shares allotted and amount transferred to Share Capital Account and Securities Premium Account) Dr, To 7% Preference Shares Application and Allotment A/c (15,000 x 100) 7% Preference Shares Application and Allotment A/c To Bank Alc ‘Application Money on 7% Preference Shares refunded as minimum subscription isnot received) =Dr. Equity Shares Allotment Ale To Equity Share Capital A/c {Allotment money due on equity shares @ & 10 per share) Bank Alc Calls-in-Arrears A/c To Equity Shares Allotment A/c {Shares allotment money received except on 10,000 Equity Shares) Equity Share Capital Ac To Calls-in-Arrears A/c To Shares Forfeited Ate Dr. =Dr. -De {10,000 Equity Shares of Param forfeited for non-payment of allotment money) Scanned with CamScannerModel Test Dapers Mat Bank A 15000 To. Laqulty hare Capital Ae To Secutities Premium Ac (5,000 & Shares reissued @ C15 per share ay 810 paid-up) ‘Shares Fovtested A/c be To Capital Reserve A/c ‘Amount forfeited on reissued! shares transferred to Capital Reserve) 0.000 78000, $0000 ‘Shares Application Ae ‘ ‘To Share Capital A/c (1,00,000 x 8 3) 300,000 To Shares Allotment A/c (80,000 x 82) 1,60,000 To Bank A/c (20,000x 3) 60,000 + 140,000 ‘Shares Allotment A/C “or 2,00,000 (Allotment money due) Bank A/c (® 200,000 = 1,60,000) To Shares Allotment Ac 40,000 {Allotment money received) Shares First and Final Call A‘c 500,000 To Share Capital A/c 500,000 (First and Final call money due) Bank Ale Dr. 3,58,200 alls in-Advance Ac Dr. 140,000 Callsin-Arrears A/c Dr 11800 To Shares First and Final Call A/c 5,00,000 (First and Final call money received except on 600 shares and Callsin-Advance adjusted) ‘Share Capital A/c =D. 6,000 To Forfeited Shares A/c 4200 To Callsin-Arrears Ale 1,800 (600 shares forfeited for non-payment of call money) Bank A/c (600 x % 9) De 5,400 Forfeited Shares A/c (600 x 1) Dr 600 To Share Capital A/c 6,000 (600 forfeited shares reissued @ € 9 per share as fully pald-up) Forfeited Shares A/c (% 4,200 - € 600) De 3600 To Capital Reserve Alc 3,600 {Gain on reissue transferred to Capital Reserve) Scanned with CamScannerM22 ss Working Notes: 1. Statement showing the Adjustment of Application Money Received Taregoy | shares Shares] Application’ adjustment of APE in ay Nlotted | Money Late ati] ‘ Applied Received | Capital } Allotment | Advance = 20,000 0 60,000 0 0 0 ' 40,000 20000 | 1,20,000 60,000 40,000 20,000 0 20,000 20,000 60,000 60,000 om ul 1,40,000, 60,000 420,000. 1,80,000_ 1,20,000_ 1,20,000_ a , Total 2,20,000 | 1,00,000 | 6,60,000 | 3,00,000_| 1,60,000_|_1,40,000 60,000 Se 40,000 i applied by Defaulter= 2. Total No.of Shares applied by Defaulter= -— 3, Calculation of Call Money due but not received ‘Application Money received from defaulting shareholder (1,400 x & 3) Ae x600 = 1,400 shares. Less: Application Money adjusted (600 x 83) Lay) Excess Application Money ai Less: Excess Application Money adjusted on allotment (600 x 2) 1.20) Excess Application Money adjusted on Fist and Final Call Ta Less: Fistand Final Cll Money due (600 x %5) 30 ‘Amount due but not received on Fist and Final Call 3,000—& 1,200) a) 4, Calculation of Call Money received later on: eta Total all Money due 5:00.00) Less: Surplus Application Money adjusted ‘a0n00 Not received from Defaulter, 1,800 141200 Call money received 358,200 24. JOURNAL Date | Particulars tie] om | cw! = April 1} Bank Ale Dr ‘noo To Neclams Capital Ac 30000 To Premium for Goodwill A/c (8 50,000 x 1/5) = (Capital and Premium for Goodwill ‘brought by Neelam) Premium for Goodwill A/C Dr. rane To Usha’s Capital A/c 6000 To Asha’s Capital A/c 4000 (Premium for goodwill credited to the Capital Accounts of Usha & ‘Asha in the sacrificing ratio 3 :2) (WN 1) Neelam’ Capital A/c Dr. 3,600 ‘To Usha's Capital A/c 2180 To Asha’ Capital A/c 140 {Neelam share in General Reserve adjusted) (WN 2) Revaluation A/c Dr, 12,400 To Stock Ne 3.000 To Patents Alc 7400 To Claim for Damages A/c 2.000 {Decrease in value of asets and increase in bility recorded) Scanned with CamScanner1 Neclarts share of Goode = 250.006 «5 = 002.001 ceded ata ant that er eorfurgumn 2 > 1 Fer Riustment Gerard feserve (De Neclarn’s Capital Account € 3500 fie. 18.000 VS Gr Ushats Capital Account & 2 160 fie. @ 3600 « 35; _Asha’s Capital Account € 1440 ie 03400 x 25, Scanned with CamScannerM24 An Aid to ‘Accountancy ~CBsr, fi KAVYA'S LOAN ACCOUNT 2 ee % [Date | Particulars Date Particulars 202 2 | March 31 | To Balance cd 6,20,000 | March 31 | By Kavya's Capital A/c 2023 2022 March 31 | To Bank A/c (3, 000 + ¥ 62,000) | 3,72,000 | April 1 | By Balance b/d ‘March 31 | To Balance c/d 3,10,000 | 2023 ‘March 31 | By Interest A/c 682,000 2024 2023 March 31 | To Bank A/c 341,000] April 1 | By Balance b/d 2024 March 31 | By Interest A/c L. 25. Riya’s dues to be transferred to her Executor’s Account: =F 2,00,000 (Capital) + % 10,000 (Interest) + % 30,000 (Share of Profit) + % 80,000 (Share. of Goodwill) — & 20,000 (Loan) = 3,00,000. Dn RIVA’S EXECUTOR’S ACCOUNT Date Particulars zt Date Particulars 2021 2020 ‘Mar. 31| To Balance c/d 322,500 | June 30 | By Riya’s Capital A/c 2021 March 31 | By Interest A/c {€ 3,00,000 x 10/100 x 9/12) 3.22500 2021 2021 June 30) To Bank A/c (Ist instalment) 130,000 | April 1 | By Balance bid 1,00,000+ 822,500 +87,500) June 30} By Interest A/c 2022 (© 3,00,000 x 10/100 x 3/12) March 31 | To Balance c/d 2.15,000 | 2022 March 31 | By Interest A/c (© 200,000 x 10/100 x 9/12) 345,000 2022 p20 June 30} To Bank A/c tind Instalment) 1,20,000 | April 1 | By Balance b/d ® 1,00,000 + 15,000 + 85,000), June 30 | By Interest A/c 2023 (% 2,00,000 x 10/100 x 3/12) March 31 | To Balance cfd By Interest A/c 1,00,000 x 10/100 x 9/12) 2023 June 30] To Bank Ac (rd instalment) By Balance b/d By Interest A/c {® 1,00,000 x 10/100 x 3/12) dis Scanned with CamScannerModel Test Papers M25 26. JOURNAL a ee Date _| Particulars re ———————E eee 2022 july 1) Bank Arc 10,40,000 To Debentures Application and Allotment A/c 10,40,000 (Application money received) Debentures Application & Allotment Ac Br] | 10,40,000 Loss on Issue of Debentures A/c Dr, 1,50,000 To 9% Debentures A/c 10,00,000 40,000 To Premium on Redemption of Debentures A/c 1,50,000 (issue of 9% Debentures of € 100 each at a premium of 49% redeemable at premium of 15 per debenture) 23 ine 31 Interest on Debentures A/c (% 10,00,000 x 9/100 x 9/12) Dt 67,500 To Debentureholders' A/c 67,500 (interest due for 9 months) Debentureholders’ A/c Dr 67,500 To Bank Ale 67,500 (Payment of interest) Statement of Profit & Loss (Finance Cost) Dr 67,500 To Interest on Debentures A/c 67,500 (Transfer of Debenture interest) ‘Securities Premium A/c (X 60,000 + % 40,000) ~Dr 1,00,000 Statement of Profit & Loss (Finance Cost) Dr 0,000 To Loss on issue of Debentures A/c 1,50,000 (Loss on ssue of debentures written off) De LOSS ON ISSUE OF DEBENTURES ACCOUNT o Date | Particulars . 2022 July Particulars cae To Premium on Redemption of Debentures A/c By Securities Premium Ale 100,000 By Statement of Profit & Loss PartB 27. (c) To determine operating Efficiency Or Revenue from Operations — Cost of Revenue from Operations (d) Operating Profi 28. (a) Purchase of Stock-in-Trade 8 50,000. Reason: 1. Cost of Revenue from Operations will not change due to increase in Purchase & Closing Inventory. 2. Average inventory will increase due to increase in Closing Inventory. Scanned with CamScannerM26 An Aid to Accountancy CBSE x, 29. (b) Both Assertion (A) and Reason (R) are correct, but Reason (R) is not the Orr, explanation of Assertion (A). Or (d) Short-term Borrowings. 30. (d) % 85,000. Working Note: Particulars t Proceeds from issue of Equity Shares %4,00,000 -®3,00,000) 0.0, Receipt of Securities Premium 100m Proceeds from issue of 10% Debentures (¢4,00,000 - &3,00,000) ion, Redemption of Preference Shares (%1,50,000 -& 1,00,000) (5000, Interest on Debentures ® 300,000 x 10/100) Gog Dividend on Equity Shares (Boney | Dividend on Preference Shares (15200) ‘Cash Flow from Financing Activities ay | 31. S.No. | an ‘Major Head ‘Sub-head @)_| Cheque and Bank Dratin Hand ‘Current Assets ‘Gash & Cash Equivalents (i)_| Lean repayable on Demand Current Lables ‘Short term Borrowings (ii) _| Provision for Retirement Benefits Non-current Liabilities | Long-term Provision ()_| Securities Premium Shareholders Funds _| Reserves and Surplus 7) _| Gopital Advances Non-curent Assets __| Long-term Loans and Advances (vi _ | Sharesin sted Companies ‘Non-Gurrent Assets __| Non-Current Investments 32. (a) Closing Inventory =% 50,000 x 2 =%1,00,000 Opening Inventory + Closing Inventory Average Inventory = 2 aS BeOS 1,00,000 _ ¢ 75,990 Cost of Revenue from Operations ‘Average Inventory Cost of Revenue from Operations 775,000 Cost of Revenue from Operations = & 75,000 x 4 =% 3,00,000 Let Revenue from Operations = 100, Gross Profit = % 20 Cost =% 100 %20=% 80 When Cost is % 80 then Revenue from Operations = % 100 Inventory Turnover Ratio = When Cost is % 3,00,000 then Revenue from Operations = 3,00,000 2 =%3,75,000. Scanned with CamScannerModel Test Papers M27 {b) Let Cost =& 100, Gross Profit = % 25 Revenue from Operations = % 100+ % 125 If Revenue from Operations € 125, Cost = % 100 If Revenue from Operations T 4,00,000, Cast = 2 4,00,000 x Gross Profit = % 3.20,000 x i00> 80,000 Gross Profit oo Prebtt Ratie = = Prt Grees Prefs Ratio = a. tras Operas 33. (COMPARATIVE STATEMENT OF PROFIT & LOSS for the years ended 31st March, 2022 and 2023 IL Revenue from Operations (Note) 2 Epeses (@ Cost of Materials Consumed (@) Other Expenses ‘Total Expenses i Profit before Tax| Tes \ Profit after Tax (i-1V) Note: Particulars RUN-W 2022-23 @ Revenue from Operations, T2pg.000x 2DNN=Tacae0 | T24n000% 300I00= 77.2000 (@ Other Expenses FZ x 107100=T 2AM 29.000 x BID = TARO Or =] a Pe aa BisMarh | sist March] an AB a 25,00.000 [mma] asm] 0 | 3.00000) eacco] 15.00 | rwcacoo] r2ca00] saco | | ‘o|_‘sneo|_se_| 400,000) 520,000] 20.00 [__ccano] 780000] 3000] Profit before Tax (I~ tt) less TREO N, ProfitafterTax Scanned with CamScannerM2s An Aid to Accountancy ~CRSE Xp 34. (CASHFLOW FROM OPERATING ACTIVITES. Net Proc nen) bet Tan ond Extracectinary ems WON 1) Add Degreciation on Machinery (@ 1.44008 - (68,000 trteres on Debertures ® 140008 » 10702 tng | Operating Prof bee Wortong Carta Cues Mat Once Comet Aes: Avert (7 87,000 - 73.5400) Less Decene © Comet abies: ‘Trade Payables (% 62,000 -8 15.000) Cath Generated bom Operators Less Income Tax Ped ‘Cash Used in Operating Activities Working Notes: 1. Calculation of Net Profit before Tax and Extraordinary tems: z ‘Closing Balance of Surplus ie, Balance in Statement of Profit & Loss 75,000 Less: Opening Balance of Surplus, ie, Balance in Statement of Profit & Loss 60,000) @a5,005, ‘Add: Provision for Tax (WN 2) 74,000 Profi/{Loss) before Tax and Extraordinary tems Br,005, 2. Or. PROVISION FORTAX ACCOUNT G [was To Bank A/c (Tax Paid) To Balance cid By Statement of Profit & Loss {Baance Figure) Provision Made) Scanned with CamScanner