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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
Class 12 Accountancy list of chapters
Accountancy Part I
- Accounting for Not-for-Profit Organisation
- Accounting for Partnership: Basic Concepts
- Reconstitution of a Partnership Firm – Admission of a Partner
- Reconstitution of Partnership Firm – Retirement/Death of a Partner
- Dissolution of Partnership Firm
Accountancy Part II
- Accounting for Share Capital
- Issue and Redemption of Debentures
- Financial Statements of a Company
- Analysis of Financial Statements
- Accounting Ratios
- Cash Flow Statement
CBSE Question Paper 2018 class 12 Accountancy
Time allowed : 3 hours
Maximum Marks: 80
General Instructions :
- This question paper contains two parts – A and B.
- Part A is compulsory for all.
- Part B has two options – Analysis of Financial Statements and Computerised Accounting.
- Attempt only one option of Part B.
- All parts of a question should be attempted at one place.
PART A
(Accounting for Partnership Firms and Companies)
- 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
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 BeenaORShare of profit acquired by Chaman from Beena
th share in the profits. Chaman acquired th of his share from Amit. - Neetu, Meetu and Teetu were partners in a firm. On 1st 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
JournalDate Particulars LF Dr (₹) Cr (₹) 2018
Jan.1Neetu’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) - 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 - 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. - Is ‘Reserve Capital’ a part of ‘Unsubscribed Capital’ or ‘Uncalled Capital’? (1)
Ans. Reserve Capital is a part of Uncalled Capital. - 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. - 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 - 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. - 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. - Complete the following journal entries left blank in the books of VK Ltd. : (3)
VK Ltd.
JournalDate 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.
JournalDate 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) - Banwari, Girdhari and Murari are partners in a firm sharing profits and losses in the ratio of 4: 5: 6. On 31st 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 - 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
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 :
- To cover management cost an annual charge of ₹ 56,250 should be made for the purpose of valuation of goodwill.
- 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 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. - 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 31.3.2017Liabilities 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 :
- Balance in his Capital Account.
- Interest on Capital @ 12% p.a.
- Share of goodwill. Goodwill of the firm on Karan’s death was valued at ₹ 60,000.
- 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 - Chander and Damini were partners in a firm sharing profits and losses equally. On 31st March, 2017 their Balance Sheet was as follows :
Balance Sheet of Chander and Damini as on 31.3.2017Liabilities 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 :- 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.
- Debtors to the extent of ₹ 5,000 were unrecorded.
- Furniture will be reduced by 10% and 5% provision for bad and doubtful debts will be created on bills receivables and debtors.
- Value of land and building will be appreciated by 20%.
- 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 - 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.
JournalDate 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) - Srijan, Raman and Manan 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 Srijan, Raman and Manan as on 31.3.2017Liabilities 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.
- 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.
- Assets were realised as follows
(₹) Plant 85,000 Stock 33,000 Debtors 47,000 - Investments were realised at 95% of the book value.
- The firm had to pay ₹ 7,500 for an outstanding repair bill not provided for earlier.
- A contingent liability in respect of bills receivable, discounted with the bank had also materialised and had to be discharged for ₹ 15,000.
- 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 ORMoli, 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 31st 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 31st 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
3,07,500Dr. 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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