Model Test Paper 4 Fime Allowed: 3 Hours ‘Maximum Marks: 80 General Instructions: sper Model Test Paper 1 = PartA (Accounting for Partnership Firms and Companies) 1, Madhu and Vidhi are partners sharing profits in the ratio of 2 : 3. Their Balance Sheet shows Machinery at % 4,00,000, Stock at € 80,000 and Debtors at % 4,00,000. Chandrika is admitted and new profit-sharing ratio among Madhu, Vidhi and Chandrika is agreed at 2: 2: 1. Machinery is revalued at % 3,40,000 and a provision is made for doubtful debts @ 2%, Madhu’s share in loss on revaluation was € 20,000. Calculate revalued value of stock. (a) % 98,000 (b) 7 1,00,000 (© % 68,000 (@ % 85,000 ( 2, Amit and Vidya are partners sharing profits in the ratio of 3 : 2. They admit Chintan into partnership who takes 1/5th of his share from Amit and 4/25th share from Vidya. New Profit-sharing Ratio and Sacrificing Ratio will be: (@ New Profit-sharing Ratio 14 : 6 : 5 and Sacrificing Ratio 1: 4. (®) New Profit-sharing Ratio 14:5 : 6 and Sacrificing Ratio 1: 4. (©) New Profit-sharing Ratio 12 : 6 : 5 and Sacrificing Ratio 1: 4. (d) New Profit-sharing Ratio 14 : 6 : 5 and Sacrificing Ratio 4 : 1. a 3. 12,000 shares of 100 each were forfeited due to non-payment of allotment money of % 40 per share and first and final call of ¥ 30 per share. Out of the forfeited shares, 9,000 shares were reissued at € 80 per share as fully paid. Which of the following amount of Shares Forfeited Account will be transferred to Capital Reserve? (@ % 90,000 () &1,20,000 (© %3,60,000 (@ %2,70,000 Or Rajesh Ltd. issued 5,000 Equity Shares to public. Amount was called in three instalments. Till 31st March, 2023, only application and allotment money was called and all the shareholders duly paid the amount called. Under which sub-head of share capital will the amount received be shown? (@) Reserve Capital (®) Capital Reserve (© Subscribed but not Fully Paid (@ Subscribed and Fully Paid [1] Scanned with CamScannerM88 Ann tl Cli i! 4. X, Y and Z who are presently sharing profite and losses in the ratio of 5:3 5, decide to share profits and losses in the ratio of 2: 3 : 5 with effect from Let Age 2023, Workmen Compensation Reserve is & 1,20,000 in the Balance Sheet as Bist March, 2023. [At time of reconstitution, certain amount of Claim of Workmen Compensation iy determined. As a result, Y's share in surplus Workmen Compensation Reser % 31,500. Claim for Workmen Compensation is (a) © 12,500. ) 014500. (© © 15,000. (@) % 21,000. Or Xand Y are partners with capitals of € 5,00,000 and ¥ 3,00,000 respectively. Enter payable on capita is 10%. Find the interest on capital for both the partners whex ty profit earned by the firm is € 48,000. (@) %50,000 and ® 30,000 (6) % 30,000 and @ 18,000. (©) % 30,000 and & 50,000 (@ © 18,000 and & 30,000. ie Hina Ltd, purchased the business of Alfa Ltd, and Purchase Consideration is t value of net assets. Total Assets and Liabilities which were taken over were € 22.0.0 and & 4,00,000 respectively. @4,00,000 were paid by cheque and the balance amom: by issue of 8% Debentures of & 100 each issued at premium of 20%. The mumber ¢ debentures issued is (@) 12,000 Debentures. (6) 20,000 Debentures. (© 4,000 Debentures. (@ 22,400 Debentures. Or Assertion (A): Debenture Interest is calculated on issue price and is payable even’ the company incurs loss. Reason (R): Debentures can be issued at parfpremium but not at discount. In the context of above two statements, which ofthe following is correct? (@) Assertion (A) is correct but Reason (R) is incorrect. (0) Both Assertion (A) and Reason (R) are correct, but Reason (R) is net & correct explanation of Assertion (A) (©) Both Assertion (A) and Reason (R) are incorrect. (@) Both Assertion (A) and Reason (R) are correc, and Reason (R) is the core explanation of Assertion (A). a 6. Pick the odd one out: (a) Rent to partner, (0) Manager's Commission. (6 Interest on Partner's Loan, (@ Interest on Partner's Capital. Scanned with CamScannerModel Test Papers M89 7, Bamboo Resorts Ltd, issued for subscription 1,00,000 shares of % 10 each at a premium of € 2 per share, payable & 5 (including premium) as Application Money and balance on allotment. Application Money received was % 30,00,000. % 22,50,000 was refunded because allotment of shares was refused and pro rata allotment was made to remaining applicants. ‘The due amount was duly received. Amount that the company will transfer to Securities Premium Account will be (a) %3,00,000. (b) & 2,00,000. (© %4,00,000. (@ €12,00,000. Q 8. Ajay and Vijay are partners. Ajay withdrew fixed amount from the firm in each quarter for the year ended 81st March, 2023, Interest on drawings is charged @ 10% p.a. which on Ajay’s drawings was % 1,200 for the year. Quarterly drawings of Ajay were (@ 75,000. () %5,500. (© 6,000. @ %6,500. Or Suraj, a partner withdrew % 10,000 p.m. during the middle of each month for the year ended 31st March, 2028. Interest on drawings charged was € 6,000. Rate of interest on drawings charged is @ 8%pa. (0) 9% pa, (©) 10% p.a. @ 7% pa. rt) > Read the following hypothetical situation and answer Q. 9 and Q. 10. ‘Amol and Ameet are partners sharing profits and losses in the ratio of 2: 1. They admit ‘Atul for 1/4th share. For the purpose of admission of Atul, Goodwill of the firm is to be valued on the basis of 2 years’ purchase of Average Super Profit of last four years. ‘The normal rate of return in their business is 12% on capital employed. Balance Sheet of the firm gives following details: « Fixed Assets— 2,10,000 Current Assets—® 1,40,000 * Current Liabilities—® 35,000. Profits of last 4 years ending on 31st March, are: 9, Value of goodwill of the firm on Atul’s admission was (@ % 70,200. (b) %1,05,200, (© %1,40,400. (a) %1,08,000. a 10. Atul brings 60% of his share of goodwill. The accountaccounts to be debited to give effect to goodwill will be (@ Premium for Goodwill A/c ® 21,060. (b) Atul's Current Ale ® 14,040. (©) Both (a) and (6). (@ Premium for Goodwill A/e% 85,100. Le Scanned with CamScannerM90 An Aid to Accountancy cose { 11, A, Band Care partners in a firm sharing profits in the ratio of 3:4: 1. They decsdeg toshare profite equally, w.e/f,, 1st April, 2023. On that date the Profit & Loss Aceamce showed eredit balance of 96,000. Instead of closing the Profit & Loss Account, it se decided to record an adjustment entry and retain the ecoount in the reconstituted farm, ‘The Journal entry will be: (a) Dr. A by 8 4,000 and By € 16,000; Cr. C by % 20,000. (b) Dr. Cy ® 20,000; Cr. A by & 4,000 and B by & 16,000. (c) Dr. Cy ® 20,000; Cr. A by € 16,000 and B by @ 4,000. (d) Dr. A by 8 16,000 and B by & 4,000; Cr. C by % 20,000. 12. Hari Aggarbatti Ltd. issued 50,000, 8% Debentures of € 100 each at a discount of 5%, and redeemable at a premium. Loss on Issue of Debentures was written off 5,00.008 from Securities Premium and Statement of Profit & Loss. What is the premium payable per debenture on redemption? (a) 710 (b) 715 (ts (@ 20 wy 13. Sunstar Ltd. forfeited 900 shares of & 10 each, % 8 called-up issued at a premium af % 2 per share to Vijay for non-payment of allotment money of €5 per share (includinz premium). Out of these few shares were reissued to Sanjay as ¥ 8 called-up for % 10 per share and ¥ 4,000 were transferred to Capital Reserve. How many shares were reissued? (@ 500 Shares (®) 6,000 Shares (© 700 Shares (@) 800 Shares fi] 14. X, Yand Z are partners sharing profits in the ratio of 2: 2: 1. Y retires from the firm. Capital Accounts of X, Y and Z show balances of € 60,000, & 70,000 and 7 50,000 respectively after all adjustments. Y was to be paid in cash brought in by Xand Zin ‘a manner that their capitals are in proportion to new profit-sharing ratio. How much amount X and Z will bring to pay Y? (@ % 50,000 by X and & 20,000 by Z (&) % 60,000 by X and 10,000 by Z (©) € 35,000 by X and & 35,000 by Z (@ % 40,000 by X and % 30,000 by Z [1] 15. Which one of the following items is not transferred to Profit & Loss Appropriation Account? (@ Interest on Partner's Capital (®) Manager's Commission (c) Interest on Drawings (@) Partner's Salary Or In the absence of an agreement as to who will contribute to new partner's share of profit, itis implied that the old partners will contribute @ equally. (®) in the ratio of their capitals. (©) in their old profit-sharing ratio. (@) in the gaining ratio. ao Scanned with CamScannerst Papers: este tet Epes M91 16. Atthe time of dissolution of partnership firm, Journal entry for the settlement of loan advanced by the firm to a partner would be: (a) Loan to Partners A/c Dr. To Bank A/c (b) Bank A/e Dr To Loan to Partner Ale (© Realisation Ale Dr. ‘To Loan to Partner A/c (@ Partner's Capital A/c Dr, ‘To Loan to Partner A/c O) 17. Balance Sheet of Sindhu, Rahul and Kamlesh, who were sharing profits in the ratio of 3: 3: 4 respectively as on 31st March, 2023 was as follows: BALANCE SHEET OF SINDHU, RAHUL AND KAMLESH ‘asat 31st March, 2023 Dons 5 | Assets z ‘ils Payable 20,000 | Cash 32,000 loan 24,000 | Stock 88,000 General Reserve 10,000 } Investments 94,000 Gaptal Alcs: Land and Building 1.20000 Sindhu 120,000 Loanto Sindhu 20000 Fahl 100,000 Kamlesh 80000 | 3,00,000 3354000 354,000 ‘They were doing good business and were interested in its expansion in Chandigarh. For this Sindhu took the responsibility and visited Chandigarh by his own car. While returning, his car met with an accident. After two months of treatment, on 31st July, 2028 he died. The Partnership deed provided for the following on the death of a partner: (@) Goodwill of the firm be valued at two years’ purchase of average profit for the last three years which was € 80,000. (b) Sindhu's share of profit till the date of his death was to be calculated on the basis of sales. Sales for the year ended 31st March, 2023 amounted to % 8,00,000 and that from 1st April to 31st July, 2023 % 3,00,000. Profit for the year ended 31st March, 2023 was % 2,00,000. (©) Interest on capital was to be provided @ 6% p.a. Prepare Sindhu’s Capital Account to be rendered to his executor. (3) Scanned with CamScannerM92 ‘An Aid to Accountancy—CBSE x1 18. Anil, Bhanu and Chandu entered into partnership on Ist April, 2022 to share profits ‘and losses in the ratio of 5 : 3: 2. Anil guaranteed that Chandu’s share of profit, after allowing interest on capital @ 5% p.a., would not be less than % 15,000 in a year. ‘Their capitals were as follows: Anil—Z 1,60,000; Bhanu—R 1,00,000 and Chandu—¥ 80,000. Net Profit for the year ended 31st March, 2023 was ® 79,500. Prepare Profit & Loss Appropriation Account. Or Pranav, Karan and Rahim were partners sharing profits in the ratio of 3 : . Their capitals were & 5,00,000, & 3,00,000 and 2,00,000 respectively as on Ist April, 2024, ‘According to the partnership deed, they were entitled to interest on capital @ 10% p.a. For the year ended 31st March, 2023, profit of € 78,000 was distributed among the partners without providing for interest on capitals. Pass the necessary adjusting entry and show the working. (3 19. Complete the following Journal entries: Date _ | Particulars 5 a ce a | Dr. To . To. i To. (Forfeiture of 1,000 shares of & 10 each, &8called-up, on wich allotment money of and Fist Call of 3 has not been received) |. To. To. (Reissue of 1,000 foreted shares fully pald-upat 11 per share) TO! {Gainon theese of shares transfered to Capital Reserve Account) Or "Pioneer Sports Ltd. took over the business of Healthy World Ltd. having assets of % 10,00,000 and nil liabilities by: () issuing 10,000 8% Debentures of € 100 each at par redeemable after 6 years @7110; and (ii) cheque for & 5,00,000. (@ Pass the Journal entries in the books of Pioneer Sports Ltd. giving the working. | (b) Why the premium payable on redemption of debentures is provided at the time of their allotment and not at the time of redemption of Debentures? & Scanned with CamScannersfodel Test Papers M33 30. A. Band C were partners in a firm sharing profits in the ratio of 3: 2: 1. D was admitted in the firm with 1/4th share in profits, which he got 3/16th from A and Vi6th from B. Total capital of the firm as agreed was & 1,20,000 and D brought cash equivalent to 1/4th of total capital as his capital. Capitals of other partners also had to be adjusted in their profit-sharing ratio by bringing or paying cash. Capitals of A, Band Cafter all adjustments for revaluation of assets and reassessment of liabilities were % 40,000; € 35,000 and € 30,000 respectively. Calculate the new capitals of A, B and C and pass the necessary Journal entries for the above transactions. 13) 31. HP Computers Ltd. is a company incorporated on Ist July, 2021 with authorised capital o£ 2,00,00,000 divided into 20,00,000 Equity Shares of € 10 each. ‘The promoters made efforts in promoting the company incurring expenses from their ‘Their services were recognised by the company and issued 50,000 Equity Shares of € 10 each at par to them. ‘The promoters subscribed 1,00,000 Equity Shares at par paying the amount by cheque. It issued for subscription 10,00,000 Equity Shares at a premium of € 2 each payable €5 on application and balance on allotment. Amount due on allotment was received except on 10,000 Equity Shares held by Karam, which were forfeited. 5,000 Equity Shares out of these were reissued for 10 per share as %8 paid up. Show the share capital in the Balance Sheet of the company prepared as per Schedule IM of the Companies Act, 2013. Wl 2. Radhika, Bani and Chitra were partners ina firm sharing profits and losses in the ratio of 2:3: 1. With effect from 1st April, 2023, they decided to share profits and losses in the ratio of 3: 2: 1. On that date their Balance Sheet showed debit balance of € 24,000 in Profit & Loss Account and a balance of € 1,44,000 in General Reserve. Tt was also agreed that: (a) The goodwill of the firm be valued at € 1,80,000. (®) The Land (having book value of € 3,00,000) will be valued at € 4,80,000. Pass the necessary Journal entries for the above changes. @ 23, Manvet Ltd. invited applications for issuing 10,00,000 equity shares of ¥ 10 each payable as follows: On application and allotment ¥ 4 per share (including premium ¥ 1); on first call %4 per share. On second and final call ® 3 per share. Applications for 15,00,000 shares were received and pro rata allotment was made to all the applicants. Excess application money was adjusted on the amount due on calls. Amount short received was transferred to Calls-in-Arrears Account. A shareholder who had applied for 6,000 shares did not pay the first, and the second and final call. His chares were forfeited. 90% of the forfeited shares were reissued at ® 8 per share fully paid-up. Pass necessary Journal entries for the above transactions in the books of the company. Or Scanned with CamScannerM94 ‘An Aid to Accountancy—CB5E xy | Pushkar Limited invited applications for 30,000 shares of 100 each at 20% preminm | ‘Amount per share was payable as under: On application — %40 (including % 10 premium) On allotment — 730 (including € 10 premium) On first call — to j On second and final call — Balance Applications were received for 40,000 shares and pro rata allotment was made to the applicants for 35,000 shares, the remaining applications being refused allotment, Excess application money was adjusted towards amount due on allotment. Yogesh, who applied for 700 shares, failed to pay the allotment money and his shares were forfeited after allotment. First call was made thereafter and all the money due on first call was received. The second and final call was not made. Forfeited shares were reissued @ ¥ 90 per share, & 80 called-up. Pass necessary Journal entries for the above transactions in the books of Pusiikar Limited. Also prepare Forfeited Shares Account. 6 24, Ram and Shyam were partners in a firm sharing profits and losses in the ratio of 5: 8. They admitted Vijay as a partner for U/3rd share in the profits. Vijay was t contribute € 20,000 as his capital. The Balance Sheet of Ram and Shyam on Ist Ap= 2023 the date of Shyam’s admission was as follows: Liabilities | atm [ses | Capital Alcs: Building . sm Ram 50,000 Machinery ‘Shyam 35,000} 85,000 | Stock General Reserve | 16,000 } Debtors Creditors. 27,000 | Less: Provision for Doubtful Debts ‘Cashat Bank 1,28,000_ Other terms agreed upon were: @ Goodwill of the firm was valued at % 12,000. (ii) Building were to be valued at % 35,000 and Machinery at ¥ 25,000. (iii) The Provision for Doubtful Debts was found to be in excess by 400. (jv) A liability for @ 1,000 included in sundry creditors was not payable. (v) Capitals of the partners be adjusted on the basis of Vijay's contribution of capital in the firm, (vi) Excess or shortfall, if any, to be transferred to Current Accounts. Prepare Partners’ Capital Accounts and the Balance Sheet of the new firm. Or . Scanned with CamScannerModel Test Papers M95 Balance Sheet of Alka, Harpreet and Shreya who were sharing profits and losses in the ratio of 1/2, 1/3 and 1/6 respectively, was as follows on Ist April, 2023: abaibes t snd Creditors | 25.650 Capital Nes: 3200 Me 40,000 72300 Hapreet 25,000 3,500 soe 000] 9750 ‘Profit & Loss A/c 24,000 1,08,400 26. Alka retired from the business on 1st April, 2023 and her share in the firm was to be ascertained on the revaluation of the assets as follows: Stock 20,000; Furniture % 3,000; Machinery % 9,000; Building % 20,000; % 850 was to be provided for doubtful debts. The goodwill of the firm was valued at ® 6,000. Alka was to be paid 11,050 in cash on retirement and the balance in two equal yearly instalments with interest at 9% per annum. Prepare Partners’ Capital Accounts and Alka’s Loan Account until she is paid the amount due to her. (a Madhav, Madhusudan and Mukund were partners in Jagan Nath Associates. They decided to dissolve the firm on 31st March, 2023. Pass necessary Journal entries for the following transactions after various assets (other than cash) and third-party liabilities have been transferred to Realisation Account: @ Old machine fully written off was sold for % 42,000 while a payment of € 6,000 is made to bank for a bill discount being dishonoured. (ii) Madhusudan accepted an unrecorded asset of % 80,000 at % 75,000 and the balance by cheque, against the payment of his loan to the firm of € 1,00,000. (iii) Stock of book value of % 30,000 was taken by Madhav, Madhusudan and Mukund in their profit-sharing ratio. (iv) The firm had paid realisation expenses of T 5,000 on behalf of Mukund. (v) There was a vehicle loan of % 2,00,000 which was paid by surrender of asset to the bank at an agreed value of 1,40,000 and the shortfall was met from firm's Bank Account. {6 On Ist October, 2022, First Computers Ltd. paid M/s Computer Mart % 15,00,000 by cheque and issued 5,000, 9% Debentures of € 50 each at par redeemable at a premium of 10% after four years as purchase consideration for purchase of 40 computers for resale. ‘You are required to: (@) Pass necessary Journal entries for the year ended 31st March, 2023; (b) Prepare account of Computer Mart; and (©) Prepare Loss on Issue of Debentures Account. [6] Scanned with CamScannerie M6 ‘An Aidt Acconntncy—CBSE xy, | PartB (Analysis of Financial Statements) 27. Which of the following is/are Horizontal Analysis? (@) Comparative Income Statement. (b) Comparative Balance Sheet. (© Common-size Balance Sheet. (@ Both (a) & (b). Or Which of the following is not a part of Finance Cost (in Statement of Profit & Loss)? (@) Bank Charges. (b) Interest paid on Debentures. (6 Interest paid on Public Deposits, (@) Loss on Issue of Debentures. [1] 28. On the basis of following information, Capital Employed is: ‘Total Assets: € 8,80,000; Non-current Assets: 4,00,000; Current Ratio = 6 : 1. (@) %6,00,000. (6) €5,00,000. (© %8,00,000. @ 10,00,000. i 29. ‘Dividend Paid’ by a financial enterprise will be shown under which activity in Cash Flow Statement: (@) Operating Activity. (&) Investing Activity. (©) Financing Activity. (@ Both (b) and (0). Or ‘interest received on Investments’ will be shown under which activity in Cash Flow Statement of a non-financial enterprise: ” (@) Investing Activity. (®) Financing Activity. (© Operating Activity. @ Both (b) and (0). ie) 30. From the following information, calculate the inflow of cash by sale of machinery: Particulars SAG IN ener ead MME RR, Hy Fase Bist March, | ST Marc ' ER tel DBs AAS ARNE IE PENS a Be te 2023) | 202% ‘Machinery 00.000] 1500000 Additional Information: i (@ Depreciation charged on Machinery was 2,00,000. i (ii) Machinery purchased during the year € 1,50,000. | (ii) Part of Machinery sold at a profit of € 60,000. \ @ %5,00,000. (6) 75,10,000. © %4,50,000 (@) %5,20,000. a Scanned with CamScannerdel Tat Papers Mo7 41. Classify the following items under Major heads and sub-heads (if any) in the Balance Sheet of a company as per Schedule III of the Companies Act, 2013: (i Accrued Income, (i) Current Maturities of Long-term Debts, (iii) Premium on Redemption of Debentures. (iv) Patents. (v) Computer Software under Development. (vi) Security Deposit. (3] gp. (@) A company earns Gross Profit of 25% on cost. For the year ended 31st March, 2023, its Gross Profit was % 5,00,000; Equity Share Capital of the company was 10,00,000; Reserves and Surplus € 2,00,000; Long-term Loans ® 3,00,000 and Non-current Assets were & 10,00,000. Compute the ‘Working Capital Turnover Ratio’ of the company. (6) Y Ltd's profit after interest and tax was % 1,00,000. Its Current Assets were %4,00,000; Current Liabilities % 2,00,000; Fixed Assets & 6,00,000 and 10% Long- term debt % 4,00,000. The rate of tax was 20%. Calculate ‘Return on Investment’ of Y Ltd. (3) 33, From the following information, prepare a Comparative Statement of Profit & Loss: Particulars Bist March, 31st March, 2023 2022 fevenue from Operations %24,00,000 | % 18,00,000 ‘Other Incomes (% of Revenue from Operations) € 15% 25% Expenses (% of Revenue from Operations) 60% 50% ToxRate 40% 40% Or From the information extracted from the Statement of Profit & Loss of K Ltd. for the years ended 31st March, 2022 and 31st March, 2023, prepare a Common-size Statement of Profit & Loss: Note No, | 31st March, | 31st March, 2023, 2022 %4,00,000 | %5,00,000 7240000 | %3,50,000 %1,10,000 | 71,3000 50%, 50% (4 Scanned with CamScannerj | | M98 ‘An Aid to Accountancy—CBSE xq, | 34, Following are the Balance Sheets of Krishna Ltd. as on 31st March, 2023 and 2022. Note No. /31stMarch [ats Particulars aa tabi 1. EQUITY AND LIABILITIES 1, Shareholders’ Funds (a) Share Capital 1 | 14,00,000 | 10,00,000 (0) Reserves and Surplus 2 5,00,000 | 4,00,005 2. Non-Current Liabilities ‘Long-term Borrowings (10% Debentures) 500,000} 140,000 3. Current Liabilities (@) Trade Payables 1,00,000| 60,009 (0) Short-term Provisions 3 80,000} 60,009 Total 25,80,000 | 16,60.000 |, ASSETS 1, Non-Current Assets: Property, Plant and Equipment and intangible Assets: (Property, Plant and Equipment. 4 | 16,00,000 | 9,00,000 (ii) Intangible Assets (Goodwill) 140,000 | 2,00,000 (2. Current Assets (@) Inventories 2,50,000 | 2,00,000 (©) Trade Receivables 5,00,000 | 3,00,000 (© Cash and Cash Equivalents 90,000 60,000 Total 25,80,000 | 16,60,00, Notes to Accounts Particulars [31st March, [31st Marc, 2023 | 202% 1. Share Capital Equity Share Capital 10% Preference Share Capital 2. Reserves and Surplus ‘Surplus, ie, Balance in Statement of Profit & Loss 5,00,000 | 4,00,000 3. Short-term Provisions | Provision for Tax 0,000] 60,000 4, Property Plant and Equipment Machinery 17,60,000 } 10,00,000 Less: Accumulated Depreciation (1,60,000) | (1,00,0008, 16,00,000 9.00000, | Prepare a Cash Flow Statement after taking into account the following adjustments: (® Tax paid during the year was & 70,000. (i) During the year, a machine costing & 1,40,000 (depreciation provided thereon % 60,000) was sold for % 50,000. i (iii) New Debentures have been issued on 1st July, 2022. (iv) 10% Preference Shares were redeemed at par at the end of the year. @ Scanned with CamScanner