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    2 views12 pages

    TapScanner 12-12-2023-13 54

    Uploaded by

    sarathsivadam

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
    Flag for inappropriate content
    of 12
    1 (@) 2 (@) 3. (6) ©) @) @ © 6. (b) (a) (a) . (c) SOLUTIONS Sacrificing Ratio = % 30,000 : & 10,000 or 3: 1 A’ Sacrificing Share = + B's Sacrificing Share = 4 A’s New Share = 3 — 3 s New Share = 3 ~ 3 B’s New Share = 2 - 1 5” 16 , - 1,20 _ 20 C's New Share = 4x35 = 20 A is incorrect but R is correct. = 9,000 Minimum amount on reissue is the amount not received on such shares earlier (@ 3 per share). So, total amount received on reissue = 3,000(s) x ~ 3 = % 9,000 or % 24,00,000 Loss on Issue of Debentures 2,00,000 (D) x & 15 % 30,00,000 less securities premium (% 6,00,000) = 80,000 Total Loss on Revaluation = > x = 5,000 x = 15,000 Thus, total claim of Workmen Compensation Reserve = % 65,000 + % 15,000 = % 80,000 A need to return @ 2,35,000 to the firm. Partner's Loan Account = 10,00,000 Number of debentures = aia 10,000 Debentures of % 100 each = & 10,00,000 Or ele = 10,000 debentures Interest on debentures is an appropriation of profits. Both Assertion (A) and Reason (R) are correct and Reason (R) is the correct explanation of Assertion (A). 7 2,40,000 Share of Goodwill of G (for 2 share) = @ 1,20,000 (2 7,00,000 - % 5,80,000) Thus, Goodwill of the firm = % 1,20,000 x $ = 7 2,40,000 Or Total ee 0) + % 5,000 = % 13,000 Banu's Share = 4 x % 13,000 = % 6,500 Latest CBSE Sample Paper / 9 (d) % 20.940. [z 71.400 - 24,000 (Interest on 3 10. (c) € 71.400. [(& 62.000 + © 12.500) AL, (c)_ Only (itt) 12. [(6) | PK Lid To Share Capital Alc To Securities Premium A/c To Bank A’c (Being settlement of a mount due to Ve! 14,00,00, (No. of shares issued = for fractional value.) 13. (c) 2,000 Shares [Shares forfeited (excluding premi reserve (¥ 6,000) 4x —x = © 6,000 x = € 2,000 => 2,000 shares] 14, (a) © 24,000. Let Total Capital of the new firm Zs Capital = 3x — (5% of 62,000) capital) ~ 12,500 (salary)] 6,00,030 ndors) 2,727.27. Cash will be paid tum received) (Cr) ~ Shares forfeited (Dr.) = Capital =x x = % 18,000 + % 20,000 + € 10,000 x= €48,000 + 3 x 2 3 x = 48,000 x 3 = % 72,000 x = © 48,000 Hence C’s Capital = 4 x % 72,000 = % 24,000 15. (6) % 40,000. [= 9,000 = 4rx 15 00 * 45, 12 = © 40,000] 4x 15x45 Or (©) Shyam ~ % 2,500; Gopal - % 750; Arjun — Nil. Interest on Shyam’s drawings = % 40,000 x nx Interest on Gopal’s drawings = @ 1. Interest on Arjun’s drawings = Nil interest on capital calculation, 16. (d) 2 1,50,000 Book value of Sundry Assets = & 1, Amount realised from sale of Assets = % 1,70,000 + % 5,000 - & 25,000 15 = 13 = ¥ 2,500 406 5.000 x 1x56 = & 750 as he withdrew money from his capital which will offset 50,000 + % 35,000 - & 8,000 - & 7,000 = = 1,70,000 7 1,50,000 @ wah® EAD Accountancy—12 n Partners Capital Paid | (wrong credit) LE Dr. (@) cr Dr. tamales Capital Ave me Jo Habis Capital Ale (Chander state ot Goodwill debited to the eapitals of 9,000 21,000 30,000 Ratio 67 tm Interest on | Salary Paid 2%) oy Salary Payable| Excess / @) Deficiency v 00 12,000 1,152 (Excess) o o40 384 12,000 11,744 (Deficiency) R 480) 384 eo (excess) Adjustment Journal Entry Date Particulars LE | De® | Cr® P's Capital Ave Dr. 11,648 R’s Capital Ae Dr. 96 Wo O's Capital Ale (Being entry passed for adjustment of interest on capital and 11,744 Or Adjustment Journal Entries Date Particulars LE | Dr@ | cr@ P&L Adjustment Ale Dr. 9,000 To Cheese's Capital Ale 3,000 li Slice’s Capital Ale 6,000 (Being Interest on capital omitted earlier now provided) P&L Adjustment Ale Dr. 5,000 To Cheese's Capital Ale 000 (Being salary omitted earlier now provided) Cheese's Capital Ale Dr. 7,000 e's Capital Ale Dr. 7,000 14,000 To PRL Adjustment Alc | Being Loss on Adjustment transferred to partners) Latest CBSE Sample Paper * i Journal Entries in € 19. el raseoke D 10,00.000 e 60,000, ae in 1,70,000, Goodwill Ae ba "o Liabilities Ae ‘To eathy World Ld Being ests and iby ken on) on 8.0000 Healthy World Led. aa soon | 80.000 arp sue of Debentures AC 0, To 8% Debentures A/c 5 “n ‘To Securities Premium AC 0.000 To Premium on redemption Al To Bank At ; (Being Purchase consideration discharged by issue of Deber tures and in Cash) Or Forfeiture A/c 2 7 scsieanss Amon) Particulars ‘Amount (2) oo eeGRTRIAe ao | Te Share Capital Ae To Capital Reserve Ae 120 ‘To Capital Reserve Ac 80 To Balance c/d (Bal. fig.) 80 — 400 70, o0__| 2. ye Adjusted Prost ©) Weights Product (coding 31st Mare 2020 23,00 1 28,000 2021 36,000 1 36,000, 2022 46,000 2 92,000 2023 53,000. 3 1,59,000, _| Total 7 ‘Adjusted Profits 2020 ®) 2021 @) 2022 @) 2023 (®) Given Profits 28.000 27.000 46.900 53810 adi: Capital Expenditure (Charged to Revenue - 10,000 - - Less Unprovided Depreciation - (1,000) om ww Adjusted Prois RDO 36,000 aan acl Weighted Average Profit = & 3,15,000/7 = © 45,000 Goodwill = ¥ 45,000 x 3 = © 1,35,000 Working Notes: (Depreciation of 2021= 10% of % 10,000 = % 10,000 x 10/100 = & 1,000 (i) Depreciation of 2022 = 10% of % 9000 = % 9,000 x 10/100 = z 00 (iii) Depreciation of 2023 = 10% of & 8,100 = % 8,100 Land Together wieh® EAD Accountancy—12 21, 22. Balance of (Extract of as at Particulars, Amount 1 Equity and Liabilities (1) Shareholders’ Funds (2) Share Capital 1 7.78000 Notes to Accounts: Particulars, Detaits Amount 1. Share Capital Authorised Capital 2,00,000 Equity shares of 10 each Issued Capital 80,000 Equity shares of 10 each Subscribed capital Subscribed and fully paid up 74,000 equity shares of 10 each Subscribed but not fully paid-up 4,000 equity shares of 10 each Less: calls in arrears (4,000 x € 2) Add: Forfeited Shares (2,000 equity shares @ €3) 800,000, 7,40,000 40,000 8,000 32,000 6,000 778,000 Journal in the Books of Sun and Kiran Date T Le] De®) cr @) (a) | Realisation A/e ‘To Sun’s Capital A/c (Being Remuneration and expenses payable to Sun) Dr. 40,000 40,000 (©) | Sun’s Capital A/e Kiran’s Capital A/e To Deferred Advertisement Suspense A/c ner’s capital account in their profit sharing ratio) (Being Advertisement Suspense A/c has been debited in part- Dr, 14,000 Dr. 14,000 28,000 ()_ | Kiran’s Capital A/c To Realisation A/c discount) (Being 1/3 of Stock has been taken over by Kiran at 25% Dr. 30,000 30,000 Bank A/c ‘To Realisation Ale (Being Stock Realised) 25,000 (a) _| Cash/Bank Ave To Realisation A/c of outstanding bill) (Being amount realised from unrecorded assets after payment, Dr. 7,000 7,000 Latest CBSE Sample Paper @ Particulars Dr. (®) Ww (iii) @) i) ii) (viii) (e) Rank Aye Tiy Share Application Ale 12 Application money received) Share Alloument Ale (Bei are Application Ale To Share Capital A/c ‘To Share Allotment Ale To Bank Ale Dr. To Share Capital A/e To Securities Premium Ale (Being allotment due with premium) Bank A/c Ca Calls in Arrears A/c De To Share Allotment A/c (Being allotment received except of Simba) Share First and Final Call A/e Dr. To Share Capital A/e (Being call money due) Bank A/e Dr. Calls in Arrears Ale Dr. ‘To Share First and Final Call A/c (Being call money received except of Simba) Share Capital A/c Dr. Securities Premium A/e Dr. To Share Forfeited A/c To Calls in Arrears A/c (Being Simba’s shares forfeited) (Being gain on re-issue transferred to C: Bank A/c Dr. Share Forfeited A/c Dr. To Share Capital Ale (Being forfeited shares tal Reserve) i 16,00,000 16,00,000 8,00,000 2,85,000 15,000 6,00,000 5,70,000 30,000 1,00,000 15,000 48,000 12,000 30,000 10.00.00) 5,00,009 100,009 4.00.00 | 4.00.00 | 3,00,000 6,00,00) 6,00,000. 70,000 | 45,000 60,000) 30,000, Or Journal Entries in the Books of Shaktimaan Ltd. @ Particulars LF. Dr. (®) Share Application A/c Dr. (Being Application mon Cr ®) To Share Capital Ac To Securities Premium Ale To Share Allotment Ajc 6,00,000 2,00,000 2,00,000 2,00,000 (i - aire Allotment Ae To Shate Capital Ac eae (Being allotment due with premium) “vom (ii) | Share Fitst and Final areal seers Dr 3.000000 co) Say —_——_ b | 15.000 | 15.000 © cae To Share Forfeited AV " nae To Callin Arrears Ac | a (Being Simba’s shares forfeited) | ; (i) | Share Forfeited Ae To Capital Reserve Ac eel (Being gain on | a Dr aan cr Date Partcaars [| Am | Dye : y,| Amoune - Date Particuta roca a ay _ _ © ‘To Share Application By Share Application - a . 7,20,000 Ae 1,20,000 fo Share Allotment A/c 00,000 By Balance cid 12.11,000 To Share First and (Bal. fig.) a Final Call Ale 2,85,000 To Share Capital A/c 20,000 To Securities Premium Ae 13,31,000 24, Journal Entries in the Books of Rajinder, Vijay and Ranvijay Date Particulars Le] De® ce ® (| Revaluation Ale Dr. 52,000 To Prov. For Doubtful Debts Alc 2,000 To Outstanding Bill for Repairs Ale 50,000 (Being increase in PDD and O/S bill accounted) (i) | Accrued Interest Ale Dr. 7,500 Stock Ale Dr. 10,000 To Revaluation Ale 17,500 (Being increase in Stock and Accrued Interest accounted) (iii) | Rajinder’s Current Ale Dr. 20,700 Vijay's Current A/c Dr. 13,800 To Revaluation A/c aay (Being loss on revaluation transferred to partner's current A/c) (@) | Bank Ale pre So | To Investment Ale Se | (Being Iavestment sold at book value) rede. === ale Latest CBSE Sample Paper { a0] " “42,000 | pe Dr. 42,009 (%) | Rajinder’s Current Ale To Stock Ale ; | (Being stock taken over by Rajinder) se 60,00 ee (ri) [General Reserve Ale pais To Rajinder’s Current A/c 0 To Vijay's Current A/c (Being General Reserve distributed) on 30,000 (vii) | Rajinder’s Current Ale 20,000 Se Vijay's Current Ale Dr. 50, To Goodwill A/c (Being Goodwill written off) = 1,60,000 (viii) | Bank Alc 1,00,000 ‘To Ranvijay’s Capital Ale 60,000 To Premium for Goodwill A/c : (Being new partner brings capital and share of goodwill) as (@)_| Premium for Goodwill A/c Be To Rajinder’s Current A/e To Vijay's Current A/e s (Being premium distributed in Sacrificing Ratio) Working Notes: Ba £1,50,000 + % 1,30,000 +2 1,70,000 , _ 4,50, = % 3,00,000 Goodwill of the firm = $130, 0007150000 £1,704 Ba aa eee Vijay’s Share = % 3,00,000 x a = 7 60,000 Or Dr Partners’ Capital A/es Cr MQ@ q i Particulars L® M@ N® Def. Rev. Exp. A/c 20,000 30,000 | Balance b/d 6,25,000 | 4,00,000 5,25,000 Investments Ale =| 50,000 ~ | Revaluation Ale 30,000} 30,000] 45,000 ‘M's Capital A/e 64,000, et 96,000 | L's Capital Ale 7 64,000 - M's Loan Alc ~| 520,000 =| N's Capital Ale ao a (Bal. fig.) FS 16,000 » fig.) Bank A/c 7,09,000 —| 14,76,000 Balance e/d 12,80,000 =| 19,20,000 : (® 32,00,000 in 2: 3) 13,64,000 | _5,90,000 | 20,46,000 13.64000| 5 90,000| 20aco00 Balance Sheet of L and N 4s at March 31, 2023 Machinery Furniture Investments Stock Debtors Less: Provision Bank Land and Building 2,00,000 (10,000) 25, Amount due to Maheep to be tr ae ‘ansferred to executors = 1,15,000 + & 5,000 + % 20,000 + & 60,000 — D Maheep’s Executors Account cr Date Particulars Amount an] Amey | pate Particulars LE 31/03/21 | To Balance c/d 03/21 | ia 1,93,500} 30/06/20 |By Maheep's Cap. Ale \ 31/03/21 |Interest (9 months) wo, 9 (1,80,000 x 1 x 2 106/21 }To Balance (1 Instalmen sa To Bi (1 Instalment) 78,000} 01/04/21 |By Balance b/d \ 193,500) 03/22 |To rig 9 /03/ Fig.) 129,000] 30/06/21 |By Interest (3 months) | 400 31/03/22 | By Interest (9 months) | 10... 9) | (1,80,000 x 795 x 3) — |_ 2,07,000 30/06/22 |To Balance (II Instalment) 78,000] 01/04/22 |By Balance bid J 129300 3 fo Balance c/d (Bal. Fig 29 1/03/23 | To Balance e/d (Bal. Fig.) 1,29,000| 30/06/22 |By interest (3 months) | 3,000 w 9 al (1,80,000 x 95 * | 1,36,500 | 30/06/23 |To Balance (III Instalment) 66,000} 01/04/23 |By Balance b/d (Bal. Fig.) 30/06/23 | By Interest (3 months) \ | 5 10 9 |asso90 %

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