CBSE Question Paper 2018 class 12 Accountancy

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CBSE Question Paper 2018 class 12 Accountancy conducted by Central Board of Secondary Education, New Delhi in the month of March 2018. CBSE previous year question papers with solution are available in myCBSEguide mobile app and cbse guide website. The Best CBSE App for students and teachers is myCBSEguide which provides complete study material and practice papers to cbse schools in India and abroad.

CBSE Question Paper 2018 class 12 Accountancy

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Class 12 Accountancy list of chapters

Accountancy Part I

1. Accounting for Not-for-Profit Organisation
2. Accounting for Partnership: Basic Concepts
3. Reconstitution of a Partnership Firm – Admission of a Partner
4. Reconstitution of Partnership Firm – Retirement/Death of a Partner
5. Dissolution of Partnership Firm

Accountancy Part II

1. Accounting for Share Capital
2. Issue and Redemption of Debentures
3. Financial Statements of a Company
4. Analysis of Financial Statements
5. Accounting Ratios
6. Cash Flow Statement

CBSE Question Paper 2018 class 12 Accountancy

Time allowed : 3 hours
Maximum Marks: 80

General Instructions :

1. This question paper contains two parts – A and B.
2. Part A is compulsory for all.
3. Part B has two options – Analysis of Financial Statements and Computerised Accounting.
4. Attempt only one option of Part B.
5. All parts of a question should be attempted at one place.

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PART A
(Accounting for Partnership Firms and Companies)

1. Amit and Beena were partners in a firm sharing profits and losses in the ratio of 3: 1. Chaman was admitted as a new partner for ^th share in the profits. Chaman acquired ^th of his share from Amit.
   How much share did Chaman acquire from Beena? (1)
   Ans. Share of profit acquired by Chaman from Aman
   Therefore, share of profit acquired by Chaman from Beena
   OR

   Share of profit acquired by Chaman from Beena

2. Neetu, Meetu and Teetu were partners in a firm. On 1^st January, 2018, Meetu retired. On Meetu’s retirement the goodwill of the firm was valued at ₹ 4,20,000.
   Pass necessary journal entry for the treatment of goodwill on Meetu’s retirement. (1)
   Ans.

   Books of the firm Journal
   Date	Particulars	LF	Dr (₹)	Cr (₹)
   2018 Jan.1	Neetu’s capital A/c		70,000
   	Teetu’s Capital A/c		70,000
   	To Meetu’s Capital A/c			1,40,000
   	(Being Meetu’s share of goodwill credited in her capital account by debiting Neetu’s and Teetu’s capital account in the gaining ratio)

3. Distinguish between ‘Dissolution of partnership’ and ‘Dissolution of partnership firm’ on the basis of settlement of assets and liabilities. (1)
   Ans.

   Basis	Dissolution of partnership	Dissolution of a partnership firm
   Settlement of assets and liabilities	Assets and liabilities are revalued and new balance sheet is drawn	Assets are sold and liabilities are paid off

4. Ritesh and Hitesh are childhood friends. Ritesh is a consultant whereas Hitesh is an architect. They contributed equal amounts and purchased a building for ₹ 2 crores. After a year, they sold it for ₹ 3 crores and shared the profits equally. Are they doing the business in partnership?
   Give reason in support of your answer. (1)
   Ans.No, they are not doing business in partnership because they are not involved in doing sale and purchase of land/ plot on a regular basis/ Mere co-­‐ownership of a property does not amount to partnership.
5. Is ‘Reserve Capital’ a part of ‘Unsubscribed Capital’ or ‘Uncalled Capital’? (1)
   Ans. Reserve Capital is a part of Uncalled Capital.
6. Give the meaning of ‘Debentures issued as Collateral Security’. (1)
   Ans.When the company issues debentures to the lenders as an additonal/ secondary security, in addition to other assets already pledged/ some primary security. Such issue of debentures is called debentures issued as a collateral security.
7. Jayant, Kartik and Leena were partners in a firm sharing profits and losses in the ratio of 5 : 2 : 3. Kartik died and Jayant and Leena decided to continue the business. Their gaining ratio was 2 : 3.
   Calculate the new profit sharing ratio of Jayant and Leena. (3)
   Ans.Jayant’s gain
   Leena’s gain
   Jayant’s new share
   Leena’s new share
   New profit sharing ratio of Jayant and Leena = 29:21 or
8. What is meant by a ‘Share’? Give any two differences between ‘Preference Shares’ and ‘Equity Shares’. (3)
   Ans.A share refers to the unit into which the total share capital of the company is divided.
   OR
   A share means a share in the share capital of the company and includes stock.
   Differences between ‘Preference Shares’ and ‘Equity Shares’:
   i. Preference Shares are shares which carry a prefrential right at the time of payment of dividend and at the time of repayment of capital.
   ii. Equity shares are shares which do not carry a prefrential right at the time of payment of dividend and at the time of repayment of capital.
   OR
   Differences between ‘Preference Shares’ and ‘Equity Shares’: (Any two)

   	Preference Shares	Equity Shares
   (i)	Share which enjoys preferential right at the time of payment of dividend/ Dividend is paid on preference shares before it is paid on equity shares.	Shares which do not enjoy preferential right at the time of payment of dividend/ Dividend is paid on equity shares after it is paid on preference shares.
   (ii)	Enjoy preferential right at the time of repayment of capital.	Do not enjoy preferential right at the time of repayment of capital.
   (iii)	Rate of dividend may be fixed.	Rate of dividend is proposed every year by the directors and approved by the shareholders.
   (iv)	Preference shares may be converted into equity shares if the terms of issue provide for it.	Equity shares are not convertible.
   (v)	Preference shareholders have voting rights in special circumstances.	Equity shareholders have voting rights in all circumstances.
   (vi)	Preference shareholders do not have the right to participate in the management of the company.	Equity shareholders have the right to participate in the management of the company.
   (vii)	Arrears on cumulative preference shares are paid before dividend is paid on equity shares.	If dividend is not declared during the year, it is not accumulated to be paid the coming years.

9. NK Ltd., a truck manufacturing company, is registered with an authorised capital of ₹ 1,00,00,000 divided into equity shares of ₹ 100 each. The subscribed and paid up capital of the company is ₹ 50,00,000.
   The company decided to open technical schools in the Jhalawar district of Rajasthan to train the specially abled children of the area. It is planning to provide them employment in its various production units and industries in the neighborhood area.
   To meet the capital expenditure requirements of the project, the company offered 20,000 shares to the public for subscription. The shares were fully subscribed and paid.
   Present the share capital in the Balance Sheet of the company as per theprovisions of Schedule III of the Companies Act, 2013.
   Also identify any two values that the company wants to communicate. (3)
   Ans.

   Balance Sheet of NK Ltd. As at ………………..(As per revised schedule III)
   Particular	Note No.	Amount ₹ Current year
   Equity & Liabilities
   I. Shareholders’ funds:
   a) Share Capital	1	70,00,000

   Notes to Accounts :

   Particular	₹
   1. Share Capital
   Authorised Capital :
   1,00,000 equity shares of ₹ 100 each	1,00,00,000
   Issued Capital
   70,000 equity shares of ₹ 100 each	70,00,000
   Subscribed Capital
   Subscribed and fully paid
   70,000 shares of ₹ 100 each	70,00,000

   Values (Any two):
   (i) Concern for the specially abled.
   (ii) Creation of job opportunities.
   (iii) Development of backward regions.

10. Complete the following journal entries left blank in the books of VK Ltd. : (3)
    

    VK Ltd. Journal
    Date	Particular	L.F.	Debit Amount ₹	Credit Amount ₹
    2018	……………………. Dr		……………
    February 01	……………………….			……………
    	(Purchased own 500, 9% debentures of ₹ 100 each at ₹ 97 each for immediate cancellation)
    February 01	……………………. Dr		……………
    	……………………….			……………
    	……………………….			……………
    	(Cancelled own debentures)
    …………….	……………………. Dr		……………
    	……………………….			……………
    	(…………………………)

    Ans.

    VK Ltd. Journal
    Date	Particular	L.F.	Debit Amount ₹	Credit Amount ₹
    2018	Own Debentures A/c Dr.		48,500
    February 01	To Bank A/c			48,500
    	(Purchased own 500, 9% debentures of ₹ 100 each at ₹ 97 each for immediate cancellation)
    February 01	9% Debentures A/c Dr.		50,000
    	To Own Debentures A/c			48,500
    	To Profit on redemption of Debentures A/c/ Gain on cancellation of Debentures A/c			1,500
    	(Cancelled own debentures)
    February 01	Profit on redemption of Debentures A/c / Gain on cancellation of Debentures A/c Dr.		1,500
    	To Capital reserve A/c			1,500
    	(Profit on redemption transferred to capital reserve)

11. Banwari, Girdhari and Murari are partners in a firm sharing profits and losses in the ratio of 4: 5: 6. On 31^st March, 2014, Girdhari retired. On that date the capitals of Banwari, Girdhari and Murari before the necessary adjustments stood at ₹ 2,00,000, ₹ 1,00,000 and ₹ 50,000 respectively. On Girdhari’s retirement, goodwill of the firm was valued at ₹ 1,14,000. Revaluation of assets and re-assessment of liabilities resulted in a profit of ₹ 6,000. General Reserve stood in the books of the firm at ₹ 30,000.
    The amount payable to Girdhari was transferred to his loan account. Banwari and Murari agreed to pay Girdhari two yearly instalments of ₹ 75,000 each including interest @ 10% p.a. on the outstanding balance during the first two years and the balance including interest in the third year. The firm closes its books on 31st March every year.
    Prepare Girdhari’s loan account till it is finally paid showing the working notes clearly. (4)
    Ans.

    Dr.	Girdhari’s Loan Account				Cr.
    Date	Particular	Amount (₹)	Date	Particular	Amount (₹)
    2015 Mar. 31	To Bank A/c	75,000	2014 Apr. 1	By Girdhari’s Capital A/c	1,50,000
    Mar. 31	To balance c/d	90,000	2015 Mar. 31	By Interest A/c	15,000
    		1,65,000			1,65,000
    2016 Mar. 31	To Bank A/c	75,000	2015 Apr. 1	By balance b/d	90,000
    Mar. 31	To balance c/d	24,000	Mar. 31	By interest A/c	9,000
    		99,000			99,000
    2017 Mar. 31	To Bank A/c	26,400	2016 Apr. 1	By balance b/d	24,000
    			2017 Mar. 31	By Interest A/c	2,400
    		26,400			26,400

    Working Notes:

    Calculation of amount payable to Girdhari:	₹
    Girdhari’s Capital	1,00,000
    Share of goodwill	38,000
    Share of Revaluation profit	2,000
    Share of General reserve	10,000
    	1,50,000

12. Asha and Aditi are partners in a firm sharing profits and losses in the ratio of 3:2. They admit Raghav as a partner for ^th share in the profits of the firm. Raghav brings ₹ 6,00,000 as his capital and his share of goodwill in cash. Goodwill of the firm is to be valued at two years’ purchase of average profits of the last four years.
    The profits of the firm during the last four years are given below :

    Year	Profit (₹)
    2013 – 14	3,50,000
    2014 – 15	4,75,000
    2015 – 16	6,70,000
    2016 – 17	7,45,000

    The following additional information is given :

    1. To cover management cost an annual charge of ₹ 56,250 should be made for the purpose of valuation of goodwill.
    2. The closing stock for the year ended 31.3.2017 was overvalued by
       ₹ 15,000.
       Pass necessary journal entries on Raghav’s admission showing the working notes clearly. (4)

    Ans.

    Journal
    Date	Particular		LF	Dr. Amount (₹)	Cr. Amount (₹)
    	Bank A/c	Dr.		8,50,000
    	To Raghav’s Capital A/c				6,00,000
    	To Premium for goodwill A/c				2,50,000
    	(Being capital and premium brought in by Raghav)
    	Premium for goodwill A/c	Dr.		2,50,000
    	To Asha’s Capital A/c				1,50,000
    	To Aditi’s Capital A/c				1,00,000
    	(Being premium for goodwill credited to the capital accounts of Asha and Aditi in the sacrificing ratio)

    Working Notes:
    Calculation of goodwill:
    Profits
    2013–14 = ₹3,50,000 – ₹56,250 = ₹2,93,750
    2014–15 = ₹4,75,000 – ₹56,250 = ₹4,18,750
    2015–16 = ₹6,70,000 – ₹56,250 = ₹6,13,750
    2016–17 = ₹7,45,000 – ₹56,250 – ₹15,000 = ₹6,73,750
    Goodwill of the firm
    = ₹10,00,000
    Raghav’s share of goodwill = ¼ × ₹10,00,000 = ₹2,50,000
    OR
    Calculation of goodwill:
    Total Profits of four years = ₹3,50,000 + ₹4,75,000 + ₹6,70,000 + ₹7,30,000 = ₹22,25,000
    Average Profits = ₹ 5,56,250 – ₹ 56,250 = ₹ 5,00,000
    Goodwill of the firm = ₹ 5,00,000 × 2 = ₹10,00,000
    Raghav’s share of goodwill = ¼ × ₹10,00,000 = ₹2,50,000

13. Pranav, Karan and Rahim were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. On 31st March, 2017 their Balance Sheet was as follows :
    Balance Sheet of Pranav, Karan and Rahim as on 31.3.2017

    Liabilities	Amount ₹	Assets	Amount ₹
    Creditors	3,00,000	Fixed Assests	4,50,000
    General Reserve	1,50,000	Stock	1,50,000
    Capitals		Debtors	2,00,000
    Pranav 2,00,000		Bank	1,50,000
    Karan 2,00,000
    Rahim 1,00,000	5,00,000
    	9,50,000		9,50,000

    Karan died on 12.6.2017. According to the partnership deed, the legal representatives of the deceased partner were entitled to the following :

    1. Balance in his Capital Account.
    2. Interest on Capital @ 12% p.a.
    3. Share of goodwill. Goodwill of the firm on Karan’s death was valued at ₹ 60,000.
    4. Share in the profits of the firm till the date of his death, calculated on the basis of last year’s profit. The profit of the firm for the year ended 31.3.2017 was ₹ 5,00,000.
       Prepare Karan’s Capital Account to be presented to his representatives. (6)

    Ans.

    Karan’s Capital A/c
    Particular	Amt (₹)	Particular	Amt (₹)
    To Karan’s Executors’s A/c	3,28,800	By Balance b/d	2,00,000
    (Balancing figure)		By Interest on Capital A/c	4,800
    		By P & L Suspense A/c	40,000
    		By Pranav’s Capital A/c	16,000
    		By Rahim’s Capital A/c	8,000
    		By General Reserve A/c	60,000
    	3,28,800		3,28,800

    Working Notes:
    Interest on Capital ₹2,00,000 = ₹4,800
    Share of Profits = ₹40,000
    Share of goodwill ₹60,000 = ₹24,000
    Share of General Reserve ₹1,50,000 = ₹60,000

14. Chander and Damini were partners in a firm sharing profits and losses equally. On 31^st March, 2017 their Balance Sheet was as follows :
    Balance Sheet of Chander and Damini as on 31.3.2017

    Liabilities	Amount ₹	Assets	Amount ₹
    Sundry Creditors	1,04,000	Cash at Bank	30,000
    Capitals		Bills Receivable	45,000
    Chander 2,50,000		Debtors	75,000
    Damini 2,16,000	4,66,000	Furniture	1,10,000
    		Land and Building	3,10,000
    	5,70,000		5,70,000

    On 1.4.2017, they admitted Elina as a new partner for ^rd share in the profits on the following conditions :

    1. Elina will bring ₹ 3,00,000 as her capital and ₹ 50,000 as her share of goodwill premium, half of which will be withdrawn by Chander and Damini.
    2. Debtors to the extent of ₹ 5,000 were unrecorded.
    3. Furniture will be reduced by 10% and 5% provision for bad and doubtful debts will be created on bills receivables and debtors.
    4. Value of land and building will be appreciated by 20%.
    5. There being a claim against the firm for damages, a liability to the extent of ₹ 8,000 will be created for the same.
       Prepare Revaluation Account and Partners’ Capital Accounts. (6)

    Ans.

    Dr.	Revaluation A/c		Cr.
    Particular	Amount (₹)	Particular	Amount (₹)
    To Furniture A/c	11,000	By Debtors A/c	5,000
    To Provision for doubtful debts on debtors A/c	4,000	By Land and building A/c	62,000
    To provision for doubtful debts on B/R A/c	2,250
    To Claim for damages A/c	8,000
    To profit transferred to Partners’ Capital A/cs
    Chander 20,875
    Damini 20,875	41,750
    	67,000		67,000

    IF AN EXAMINEE HAS COMBINED PROVISION FOR DOUBTFUL DEBTS ON DEBTORS AND BILLS RECEIVABLE AND SHOWS ₹6,250 FOR THE SAME IN THE REVALUATION A/C, FULL CREDIT MAY BE GIVEN

    By Revaluation A/c

    Dr	Partners’ Capital Accounts						Cr
    Particulars	Chander (₹)	Damini (₹)	Elina (₹)	Particulars	Chander (₹)	Damini (₹)	Elina (₹)
    To Bank A/c	12,500	12,500	–	By Balance b/d	2,50,000	2,16,000
    To Balance c/d	2,83,375	2,49,375	3,00,000	By Bank A/c	–	–	3,00,000
    				By premium for goodwill A/c	25,000	25,000
    				20,875	20,875

15. On 1st April, 2014, KK Ltd. invited applications for issuing 5,000 10% debentures of ₹ 1,000 each at a discount of 6%. These debentures were repayable at the end of 3rd year at a premium of 10%. Applications for 6,000 debentures were received and the debentures were allotted on pro-rata basis to all the applicants. Excess money received with applications was refunded.
    The directors decided to transfer the minimum amount to Debenture Redemption Reserve on 31.3.2016. On 1.4.2016, the company invested the necessary amount in 9% bank fixed deposit as per the provisions of the Companies Act, 2013. Tax was deducted at source by bank on interest @ 10% p.a.
    Pass the necessary journal entries for issue and redemption of debentures. Ignore entries relating to writing off loss on issue of debentures and interest paid on debentures. (6)
    Ans.

    KK Ltd. Journal
    Date	Particular		LF	Dr. (₹)	Cr. (₹)
    2014	Bank A/c	Dr.		56,40,000
    Apr 1	To Debenture Application & Allotment A/c				56,40,000
    	(Being application money received on 6,000 debentures)
    Apr 1	Debenture Application & Allotment A/c	Dr.		56,40,000
    	Discount on Issue of Debentures A/c	Dr.		3,00,000
    	Loss on Issue of Debentures A/c	Dr..		5,00,000
    	To 10% Debentures A/c				50,00,000
    	To Premium on Redemption of Debentures A/c				5,00,000
    	To Bank A/c				9,40,000
    	(Being transfer of application money to debenture account issued at discount of 6%, redeemable at premium of 10%, balance refunded)
    	OR
    	Debenture Application & Allotment A/c	Dr.		56,40,000
    	Loss on Issue of Debentures A/c	Dr.		8,00,000
    	To 10% Debentures A/c				50,00,000
    	To Premium on Redemption of Debentures A/c				5,00,000
    	To Bank A/c				9,40,000
    	(Being transfer of application money to debenture account issued at discount of 6%, redeemable at premium of 10%, balance refunded)
    2016	Surplus in Statement of Profit and Loss	Dr.		12,50,000
    Mar 31	To Debenture Redemption Reserve A/c				12,50,000
    	(Being Debenture Redemption Reserve created equal to 25% of the face value of debentures)
    2016	Debenture Redemption Investments A/c	Dr.		7,50,000
    Apr 1	To Bank A/c				7,50,000
    	(Being Debenture Redemption Investments purchased equal to 15% of face value of debentures)
    2017	Bank A/c	Dr.		60,750
    Mar 31	TDS Collected/ TDS receivable A/c	Dr.		6,750
    	To Interest on Debenture Redemption Investments A/c				67,500
    	(Being interest received on Debenture Redemption Investments and tax deducted at source @ 10%)
    “	Bank A/c	Dr.		7,50,000
    	To Debenture Redemption Investments A/c				7,50,000
    	(Being Debenture Redemption Investments sold)
    “	10% Debentures A/c	Dr.		50,00,000
    	Premium on Redemption of Debentures A/c	Dr.		5,00,000
    	To Debenture holders A/c				55,00,000
    	(Being Debentures due for redemption at a premium of 10%)
    “	Debenture holders A/c	Dr.		55,00,000
    	To Bank A/c				55,00,000
    	(Being Debenture holders paid)
    “	Debenture Redemption Reserve A/c	Dr.		12,50,000
    	To General Reserve A/c				12,50,000
    	(Being Debenture Redemption Reserve transferred to general reserve)

17. Srijan, Raman and Manan were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. On 31^st March, 2017 their Balance Sheet was as follows:
    Balance Sheet of Srijan, Raman and Manan as on 31.3.2017

    Liabilities	Amount ₹	Assets	Amount ₹
    Capitals :		Capital : Manan	10,000
    Srijan 2,00,000		Plant	2,20,000
    Raman 1,50,000	3,50,000	Investments	70,000
    Creditors	75,000	Stock	50,000
    Bills Payable	40,000	Debtors	60,000
    Outstanding Salary	35,000	Bank	10,000
    		Profit and Loss Account	80,000
    	5,00,000		5,00,000

    On the above date they decided to dissolve the firm.

    1. Srijan was appointed to realise the assets and discharge the liabilities. Srijan was to receive 5% commission on sale of assets (except cash) and was to bear all expenses of realisation.
    2. Assets were realised as follows
       

       	(₹)
       Plant	85,000
       Stock	33,000
       Debtors	47,000

    3. Investments were realised at 95% of the book value.
    4. The firm had to pay ₹ 7,500 for an outstanding repair bill not provided for earlier.
    5. A contingent liability in respect of bills receivable, discounted with the bank had also materialised and had to be discharged for ₹ 15,000.
    6. Expenses of realisation amounting to ₹ 3,000 were paid by Srijan.
       Prepare Realisation Account, Partners’ Capital Accounts and Bank Account. (8)

    Ans.

    Dr.		Realisation A/c			Dr.
    Particular		Amount (₹)	Particular		Amount (₹)
    To sundry assests:			By sundry liabilities:
    Plants	2,20,000		Creditors	75,000
    Investments	70,000		Bills Payable	40,000
    Stock	50,000		Outstanding salary	35,000	1,50,000
    Debtors	60,000	4,00,000	By Bank A/c:
    To Bank A/c:			Plant	85,000
    Creditors	75,000		Stock	33,000
    Bills Payable	40,000		Debtors	47,000
    Outsanding expenses	7,500		Investments	66,500	2,31,500
    Contingent liability	15,000		By Loss transferred to Partners’ Capital A/c:
    Outstanding salary	35,000	1,72,500	Srijan	81,030
    To Srijan’s Capital A/c			Raman	81,030
    ‐commission		11,575	Manan	40,515	2,02,575
    		5,84,075			5,84,075

    Dr.	Partners’ Capital A/c						Cr.
    Particular	Srijan (₹)	Raman (₹)	Manan (₹)	Particular	Srijan (₹)	Raman (₹)	Manan (₹)
    To Balance b/d	….	….	10,000	By Balance b/d	2,00,000	1,50,000	….
    To Profit and Loss A/c	32,000	32,000	16,000	By Realisation A/c	11,575	….	….
    To Realisation A/c	81,030	81,030	40,515
    To Bank A/c	98,545	36,970	….	By Bank A/c	….	….	66,515
    	2,11,575	1,50,000	66,515		2,11,575	1,50,000	66,515

    Dr.	Bank A/c		Cr.
    Liabilities	Amt (₹)	Assets	Amt (₹)
    To Balance b/d	10,000	By Realisation A/c	1,72,500
    To Realisation A/c	2,31,500	By Srijan’s capital A/c	98,545
    To Manan’s capital A/c	66,515	By Raman’s capital A/c	36,970
    	3,08,015		3,08,015

    OR

    Moli, Bhola and Raj were partners in a firm sharing profits and losses in the ratio of 3 : 3 : 4. Their partnership deed provided for the following :
    i. Interest on capital @ 5% p.a.
    ii. Interest on drawing @ 12% p.a.
    iii. Interest on partners’ loan @ 6% p.a.
    iv. Moli was allowed an annual salary of ₹ 4,000; Bhola was allowed a commission of 10% of net profit as shown by Profit and Loss Account and Raj was guaranteed a profit of ₹ 1,50,000 after making all the adjustments as provided in the partnership agreement.
    Their fixed capitals were Moli : ₹ 5,00,000; Bhola : ₹ 8,00,000 and Raj : ₹ 4,00,000. On 1st April, 2016 Bhola extended a loan of ₹ 1,00,000 to the firm. The net profit of the firm for the year ended 31st March, 2017 before interest on Bhola’s loan was ₹ 3,06,000.
    Prepare Profit and Loss Appropriation Account of Moli, Bhola and Raj for the year ended 31^st March, 2017 and their Current Accounts assuming that Bhola withdrew ₹ 5,000 at the end of each month, Moli withdrew ₹ 10,000 at the end of each quarter and Raj withdrew ₹ 40,000 at the end of each half year. (8)
    Ans.

    Dr.Profit and Loss Appropriation A/c for the year ended 31^st March 2017Cr.ParticularAmount
    (₹)ParticularsAmount
    (₹)To Interest on Capital:
    By Profit and Loss A/c3,00,000Moli’s Current A/c25,000
    (3,06,000 – 6,000)
    Bhola’s Current A/c40,000
    By Interest on Drawings:
    Raj’s Current A/c20,00085,000Moli’s Current A/c1,800
    To Salary:
    Bhola’s Current A/c3,300
    Moli’s Current A/c4,000Raj’s Current A/c2,4007,500To Commisssion:

    Bhola’s Current A/c30,000

    To profits transferred to:

    Moli’s Current A/c56,550

    Less guarantee(37,300)19,250

    Bhola’s Current A/c56,550

    Less guarantee(37,300)19,250

    Raj’s Current A/c75,400

    Add: from Moli37,300

    Add: from Bhola37,3001,50,000

    3,07,500
    3,07,500

    Dr.	Partner’s Current Accounts						Cr.
    Particulars	Moli (₹)	Bhola (₹)	Raj (₹)	Particular	Moli (₹)	Bhola (₹)	Raj (₹)
    To Drawings A/c	40,000	60,000	80,000	By Interest on capital A/c	25,000	40,000	20,000
    To Interest on Drawings A/c	1,800	3,300	2,400	By Salary A/c	4,000	—	—
    To Balance c/d	6,450	25,950	87,600	By Commission A/c	—	30,000	—
    				By P&L Appropriation A/c-­‐share of profit	19,250	19,250	1,50,000
    	48,250	89,250	1,70,000		48,250	89,250	1,70,000

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Accountancy Question Paper 2018 with solution

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