{"id":17610,"date":"2018-06-28T18:20:31","date_gmt":"2018-06-28T12:50:31","guid":{"rendered":"http:\/\/mycbseguide.com\/blog\/?p=17610"},"modified":"2019-01-19T15:30:19","modified_gmt":"2019-01-19T10:00:19","slug":"cbse-question-paper-2018-class-12-accountancy","status":"publish","type":"post","link":"https:\/\/mycbseguide.com\/blog\/cbse-question-paper-2018-class-12-accountancy\/","title":{"rendered":"CBSE Question Paper 2018 class 12 Accountancy"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_76 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/mycbseguide.com\/blog\/cbse-question-paper-2018-class-12-accountancy\/#Previous_Year_Question_Paper_%E2%80%93_Download_in_PDF\" >Previous Year Question Paper \u2013 Download in PDF<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/mycbseguide.com\/blog\/cbse-question-paper-2018-class-12-accountancy\/#Class_12_Accountancy_list_of_chapters\" >Class 12 Accountancy list of chapters<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/mycbseguide.com\/blog\/cbse-question-paper-2018-class-12-accountancy\/#Accountancy_Part_I\" >Accountancy Part I<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/mycbseguide.com\/blog\/cbse-question-paper-2018-class-12-accountancy\/#Accountancy_Part_II\" >Accountancy Part II<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/mycbseguide.com\/blog\/cbse-question-paper-2018-class-12-accountancy\/#CBSE_Question_Paper_2018_class_12_Accountancy\" >CBSE Question Paper 2018 class 12 Accountancy<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/mycbseguide.com\/blog\/cbse-question-paper-2018-class-12-accountancy\/#Accountancy_Question_Paper_2018_with_solution\" >Accountancy Question Paper 2018 with solution<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/mycbseguide.com\/blog\/cbse-question-paper-2018-class-12-accountancy\/#CBSE_Question_Paper_2018\" >CBSE Question Paper 2018<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Previous_Year_Question_Paper_%E2%80%93_Download_in_PDF\"><\/span>Previous Year Question Paper \u2013 Download in PDF<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>CBSE Question Paper 2018 class 12 Accountancy<\/strong> 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.<\/p>\n<p style=\"text-align: center;\"><strong>CBSE Question Paper 2018 class 12 Accountancy<\/strong><\/p>\n<p style=\"text-align: center;\"><strong><a class=\"button\" href=\"https:\/\/mycbseguide.com\/dashboard\/#\/home\">Download as PDF<\/a><\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignright\" src=\"https:\/\/media-mycbseguide.s3.ap-south-1.amazonaws.com\/images\/blog\/Class%2012%20Accountancy%20Book%27\" alt=\"CBSE Question Paper 2018 class 12 Accountancy\" width=\"116\" height=\"154\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Class_12_Accountancy_list_of_chapters\"><\/span>Class 12 Accountancy list of chapters<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Accountancy_Part_I\"><\/span><strong>Accountancy Part I<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ol>\n<li>Accounting for Not-for-Profit Organisation<\/li>\n<li>Accounting for Partnership: Basic Concepts<\/li>\n<li>Reconstitution of a Partnership Firm \u2013 Admission of a Partner<\/li>\n<li>Reconstitution of Partnership Firm \u2013 Retirement\/Death of a Partner<\/li>\n<li>Dissolution of Partnership Firm<\/li>\n<\/ol>\n<h3><span class=\"ez-toc-section\" id=\"Accountancy_Part_II\"><\/span><strong>Accountancy Part II<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ol>\n<li>Accounting for Share Capital<\/li>\n<li>Issue and Redemption of Debentures<\/li>\n<li>Financial Statements of a Company<\/li>\n<li>Analysis of Financial Statements<\/li>\n<li>Accounting Ratios<\/li>\n<li>Cash Flow Statement<\/li>\n<\/ol>\n<h2><span class=\"ez-toc-section\" id=\"CBSE_Question_Paper_2018_class_12_Accountancy\"><\/span>CBSE Question Paper 2018 class 12 Accountancy<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>Time allowed :<\/strong> 3 hours<br \/>\n<strong>Maximum Marks:<\/strong> 80<\/p>\n<p><strong>General Instructions :<\/strong><\/p>\n<ol start=\"1\">\n<li>This question paper contains two parts &#8211; <strong>A<\/strong> and <strong>B<\/strong>.<\/li>\n<li>Part <strong>A<\/strong> is <strong>compulsory<\/strong> for all.<\/li>\n<li>Part <strong>B<\/strong> has two options \u2013 Analysis of Financial Statements and Computerised Accounting.<\/li>\n<li>Attempt <strong>only one<\/strong> option of Part <strong>B<\/strong>.<\/li>\n<li>All parts of a question should be attempted at one place.<\/li>\n<\/ol>\n<hr \/>\n<p style=\"text-align: center;\"><strong> PART A<\/strong><br \/>\n<strong>(Accounting for Partnership Firms and Companies)<\/strong><\/p>\n<ol start=\"1\">\n<li><strong>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 <span class=\"cke_widget_wrapper cke_widget_inline cke_widget_selected\" tabindex=\"-1\" contenteditable=\"false\" data-cke-widget-wrapper=\"1\" data-cke-filter=\"off\" data-cke-display-name=\"math\" data-cke-widget-id=\"26\"><span class=\"math-tex cke_widget_element\" data-cke-survive=\"1\" data-cke-widget-data=\"%7B%22math%22%3A%22%7Btex%7D%5C%5Cfrac%7B1%7D%7B6%7D%7B%2Ftex%7D%22%2C%22classes%22%3A%7B%22math-tex%22%3A1%7D%7D\" data-cke-widget-upcasted=\"1\" data-cke-widget-keep-attr=\"0\" data-widget=\"mathjaxlatex\"><img decoding=\"async\" src=\"https:\/\/elpiscart.com\/cgi-bin\/mathtex.cgi?\\frac{1}{6}\" \/><\/span><img decoding=\"async\" class=\"cke_reset cke_widget_mask\" src=\"data:image\/gif;base64,R0lGODlhAQABAPABAP\/\/\/wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==\" \/><span class=\"cke_reset cke_widget_drag_handler_container\"><img loading=\"lazy\" decoding=\"async\" class=\"cke_reset cke_widget_drag_handler\" title=\"Click and drag to move\" draggable=\"true\" src=\"data:image\/gif;base64,R0lGODlhAQABAPABAP\/\/\/wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==\" width=\"15\" height=\"15\" data-cke-widget-drag-handler=\"1\" \/><\/span><\/span><sup>th<\/sup> share in the profits. Chaman acquired <span class=\"cke_widget_wrapper cke_widget_inline cke_widget_selected\" tabindex=\"-1\" contenteditable=\"false\" data-cke-widget-wrapper=\"1\" data-cke-filter=\"off\" data-cke-display-name=\"math\" data-cke-widget-id=\"25\"><span class=\"math-tex cke_widget_element\" data-cke-survive=\"1\" data-cke-widget-data=\"%7B%22math%22%3A%22%7Btex%7D%5C%5Cfrac%7B2%7D%7B5%7D%7B%2Ftex%7D%22%2C%22classes%22%3A%7B%22math-tex%22%3A1%7D%7D\" data-cke-widget-upcasted=\"1\" data-cke-widget-keep-attr=\"0\" data-widget=\"mathjaxlatex\"><img decoding=\"async\" src=\"https:\/\/elpiscart.com\/cgi-bin\/mathtex.cgi?\\frac{2}{5}\" \/><\/span><img decoding=\"async\" class=\"cke_reset cke_widget_mask\" src=\"data:image\/gif;base64,R0lGODlhAQABAPABAP\/\/\/wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==\" \/><span class=\"cke_reset cke_widget_drag_handler_container\"><img loading=\"lazy\" decoding=\"async\" class=\"cke_reset cke_widget_drag_handler\" title=\"Click and drag to move\" draggable=\"true\" src=\"data:image\/gif;base64,R0lGODlhAQABAPABAP\/\/\/wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==\" width=\"15\" height=\"15\" data-cke-widget-drag-handler=\"1\" \/><\/span><\/span><sup>th<\/sup> of his share from Amit.<br \/>\nHow much share did Chaman acquire from Beena? (1)<\/strong><br \/>\n<strong>Ans.<\/strong> Share of profit acquired by Chaman from Aman <span class=\"cke_widget_wrapper cke_widget_inline cke_widget_selected\" tabindex=\"-1\" contenteditable=\"false\" data-cke-widget-wrapper=\"1\" data-cke-filter=\"off\" data-cke-display-name=\"math\" data-cke-widget-id=\"24\"><span class=\"math-tex cke_widget_element\" data-cke-survive=\"1\" data-cke-widget-data=\"%7B%22math%22%3A%22%7Btex%7D%20%3D%20%5C%5Cfrac%7B1%7D%7B6%7D%20%5C%5Ctimes%20%5C%5Cfrac%7B2%7D%7B5%7D%20%3D%20%5C%5Cfrac%7B2%7D%7B%7B30%7D%7D%7B%2Ftex%7D%22%2C%22classes%22%3A%7B%22math-tex%22%3A1%7D%7D\" data-cke-widget-upcasted=\"1\" data-cke-widget-keep-attr=\"0\" data-widget=\"mathjaxlatex\"><img decoding=\"async\" src=\"https:\/\/elpiscart.com\/cgi-bin\/mathtex.cgi? = \\frac{1}{6} \\times \\frac{2}{5} = \\frac{2}{{30}}\" \/><\/span><img decoding=\"async\" class=\"cke_reset cke_widget_mask\" src=\"data:image\/gif;base64,R0lGODlhAQABAPABAP\/\/\/wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==\" \/><span class=\"cke_reset cke_widget_drag_handler_container\"><img loading=\"lazy\" decoding=\"async\" class=\"cke_reset cke_widget_drag_handler\" title=\"Click and drag to move\" draggable=\"true\" src=\"data:image\/gif;base64,R0lGODlhAQABAPABAP\/\/\/wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==\" width=\"15\" height=\"15\" data-cke-widget-drag-handler=\"1\" \/><\/span><\/span><br \/>\nTherefore, share of profit acquired by Chaman from Beena <span class=\"cke_widget_wrapper cke_widget_inline cke_widget_selected\" tabindex=\"-1\" contenteditable=\"false\" data-cke-widget-wrapper=\"1\" data-cke-filter=\"off\" data-cke-display-name=\"math\" data-cke-widget-id=\"23\"><span class=\"math-tex cke_widget_element\" data-cke-survive=\"1\" data-cke-widget-data=\"%7B%22math%22%3A%22%7Btex%7D%20%3D%20%5C%5Cfrac%7B1%7D%7B6%7D%20-%20%5C%5Cfrac%7B2%7D%7B%7B30%7D%7D%20%3D%20%5C%5Cfrac%7B3%7D%7B%7B30%7D%7D%20%3D%20%5C%5Cfrac%7B1%7D%7B%7B10%7D%7D%7B%2Ftex%7D%22%2C%22classes%22%3A%7B%22math-tex%22%3A1%7D%7D\" data-cke-widget-upcasted=\"1\" data-cke-widget-keep-attr=\"0\" data-widget=\"mathjaxlatex\"><img decoding=\"async\" src=\"https:\/\/elpiscart.com\/cgi-bin\/mathtex.cgi? = \\frac{1}{6} - \\frac{2}{{30}} = \\frac{3}{{30}} = \\frac{1}{{10}}\" \/><\/span><img decoding=\"async\" class=\"cke_reset cke_widget_mask\" src=\"data:image\/gif;base64,R0lGODlhAQABAPABAP\/\/\/wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==\" \/><span class=\"cke_reset cke_widget_drag_handler_container\"><img loading=\"lazy\" decoding=\"async\" class=\"cke_reset cke_widget_drag_handler\" title=\"Click and drag to move\" draggable=\"true\" src=\"data:image\/gif;base64,R0lGODlhAQABAPABAP\/\/\/wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==\" width=\"15\" height=\"15\" data-cke-widget-drag-handler=\"1\" \/><\/span><\/span><\/p>\n<div><strong>OR<\/strong><\/div>\n<p>Share of profit acquired by Chaman from Beena <span class=\"cke_widget_wrapper cke_widget_inline cke_widget_selected\" tabindex=\"-1\" contenteditable=\"false\" data-cke-widget-wrapper=\"1\" data-cke-filter=\"off\" data-cke-display-name=\"math\" data-cke-widget-id=\"22\"><span class=\"math-tex cke_widget_element\" data-cke-survive=\"1\" data-cke-widget-data=\"%7B%22math%22%3A%22%7Btex%7D%20%3D%20%5C%5Cfrac%7B3%7D%7B5%7D%20%5C%5Ctimes%20%5C%5Cfrac%7B1%7D%7B6%7D%20%3D%20%5C%5Cfrac%7B3%7D%7B%7B30%7D%7D%20%3D%20%5C%5Cfrac%7B1%7D%7B%7B10%7D%7D%7B%2Ftex%7D%22%2C%22classes%22%3A%7B%22math-tex%22%3A1%7D%7D\" data-cke-widget-upcasted=\"1\" data-cke-widget-keep-attr=\"0\" data-widget=\"mathjaxlatex\"><img decoding=\"async\" src=\"https:\/\/elpiscart.com\/cgi-bin\/mathtex.cgi? = \\frac{3}{5} \\times \\frac{1}{6} = \\frac{3}{{30}} = \\frac{1}{{10}}\" \/><\/span><img decoding=\"async\" class=\"cke_reset cke_widget_mask\" src=\"data:image\/gif;base64,R0lGODlhAQABAPABAP\/\/\/wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==\" \/><span class=\"cke_reset cke_widget_drag_handler_container\"><img loading=\"lazy\" decoding=\"async\" class=\"cke_reset cke_widget_drag_handler\" title=\"Click and drag to move\" draggable=\"true\" src=\"data:image\/gif;base64,R0lGODlhAQABAPABAP\/\/\/wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==\" width=\"15\" height=\"15\" data-cke-widget-drag-handler=\"1\" \/><\/span><\/span><\/li>\n<li><strong>Neetu, Meetu and Teetu were partners in a firm. On 1<sup>st<\/sup> January, 2018, Meetu retired. On Meetu\u2019s retirement the goodwill of the firm was valued at \u20b9 4,20,000.<br \/>\nPass necessary journal entry for the treatment of goodwill on Meetu\u2019s retirement. (1)<br \/>\nAns.<\/strong><\/p>\n<table class=\"responsive\" border=\"1\" width=\"549\" cellspacing=\"0\" cellpadding=\"3\">\n<tbody>\n<tr>\n<td colspan=\"5\"><strong>Books of the firm<br \/>\nJournal<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Date <\/strong><\/td>\n<td><strong>Particulars <\/strong><\/td>\n<td><strong>LF <\/strong><\/td>\n<td><strong>Dr (\u20b9) <\/strong><\/td>\n<td><strong>Cr (\u20b9) <\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"4\">2018<br \/>\nJan.1<\/td>\n<td>Neetu\u2019s capital A\/c<\/td>\n<td><\/td>\n<td>70,000<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>Teetu\u2019s Capital A\/c<\/td>\n<td><\/td>\n<td>70,000<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>To Meetu\u2019s Capital A\/c<\/td>\n<td><\/td>\n<td><\/td>\n<td>1,40,000<\/td>\n<\/tr>\n<tr>\n<td>(Being Meetu\u2019s share of goodwill credited in her capital account by debiting Neetu\u2019s and Teetu\u2019s capital account in the gaining ratio)<\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/li>\n<li><strong>Distinguish between \u2018Dissolution of partnership\u2019 and \u2018Dissolution of partnership firm\u2019 on the basis of settlement of assets and liabilities. (1)<br \/>\nAns.<\/strong><\/p>\n<table class=\"responsive\" border=\"1\" cellspacing=\"0\" cellpadding=\"3\">\n<tbody>\n<tr>\n<td><strong>Basis <\/strong><\/td>\n<td><strong>Dissolution of partnership <\/strong><\/td>\n<td><strong>Dissolution of a partnership firm <\/strong><\/td>\n<\/tr>\n<tr>\n<td>Settlement of assets and liabilities<\/td>\n<td>Assets and liabilities are revalued and new balance sheet is drawn<\/td>\n<td>Assets are sold and liabilities are paid off<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/li>\n<li><strong>Ritesh and Hitesh are childhood friends. Ritesh is a consultant whereas Hitesh is an architect. They contributed equal amounts and purchased a building for \u20b9 2 crores. After a year, they sold it for \u20b9 3 crores and shared the profits equally. Are they doing the business in partnership?<br \/>\nGive reason in support of your answer. (1)<br \/>\nAns.<\/strong>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-\u00ad\u2010ownership of a property does not amount to partnership.<\/li>\n<li><strong>Is \u2018Reserve Capital\u2019 a part of \u2018Unsubscribed Capital\u2019 or \u2018Uncalled Capital\u2019? (1)<br \/>\nAns.<\/strong> Reserve Capital is a part of <u>Uncalled Capital<\/u>.<\/li>\n<li><strong>Give the meaning of \u2018Debentures issued as Collateral Security\u2019. (1)<br \/>\nAns.<\/strong>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.<\/li>\n<li><strong>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.<br \/>\nCalculate the new profit sharing ratio of Jayant and Leena. (3)<br \/>\nAns.<\/strong>Jayant\u2019s gain <span class=\"cke_widget_wrapper cke_widget_inline cke_widget_selected\" tabindex=\"-1\" contenteditable=\"false\" data-cke-widget-wrapper=\"1\" data-cke-filter=\"off\" data-cke-display-name=\"math\" data-cke-widget-id=\"21\"><span class=\"math-tex cke_widget_element\" data-cke-survive=\"1\" data-cke-widget-data=\"%7B%22math%22%3A%22%7Btex%7D%20%3D%20%5C%5Cfrac%7B2%7D%7B5%7D%20%5C%5Ctimes%20%5C%5Cfrac%7B2%7D%7B%7B10%7D%7D%20%3D%20%5C%5Cfrac%7B4%7D%7B%7B50%7D%7D%7B%2Ftex%7D%22%2C%22classes%22%3A%7B%22math-tex%22%3A1%7D%7D\" data-cke-widget-upcasted=\"1\" data-cke-widget-keep-attr=\"0\" data-widget=\"mathjaxlatex\"><img decoding=\"async\" src=\"https:\/\/elpiscart.com\/cgi-bin\/mathtex.cgi? = \\frac{2}{5} \\times \\frac{2}{{10}} = \\frac{4}{{50}}\" \/><\/span><img decoding=\"async\" class=\"cke_reset cke_widget_mask\" src=\"data:image\/gif;base64,R0lGODlhAQABAPABAP\/\/\/wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==\" \/><span class=\"cke_reset cke_widget_drag_handler_container\"><img loading=\"lazy\" decoding=\"async\" class=\"cke_reset cke_widget_drag_handler\" title=\"Click and drag to move\" draggable=\"true\" src=\"data:image\/gif;base64,R0lGODlhAQABAPABAP\/\/\/wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==\" width=\"15\" height=\"15\" data-cke-widget-drag-handler=\"1\" \/><\/span><\/span><br \/>\nLeena\u2019s gain <span class=\"cke_widget_wrapper cke_widget_inline cke_widget_selected\" tabindex=\"-1\" contenteditable=\"false\" data-cke-widget-wrapper=\"1\" data-cke-filter=\"off\" data-cke-display-name=\"math\" data-cke-widget-id=\"20\"><span class=\"math-tex cke_widget_element\" data-cke-survive=\"1\" data-cke-widget-data=\"%7B%22math%22%3A%22%7Btex%7D%3D%5C%5Cfrac%7B3%7D%7B5%7D%20%5C%5Ctimes%20%5C%5Cfrac%7B2%7D%7B%7B10%7D%7D%20%3D%20%5C%5Cfrac%7B6%7D%7B%7B10%7D%7D%7B%2Ftex%7D%22%2C%22classes%22%3A%7B%22math-tex%22%3A1%7D%7D\" data-cke-widget-upcasted=\"1\" data-cke-widget-keep-attr=\"0\" data-widget=\"mathjaxlatex\"><img decoding=\"async\" src=\"https:\/\/elpiscart.com\/cgi-bin\/mathtex.cgi?=\\frac{3}{5} \\times \\frac{2}{{10}} = \\frac{6}{{10}}\" \/><\/span><img decoding=\"async\" class=\"cke_reset cke_widget_mask\" src=\"data:image\/gif;base64,R0lGODlhAQABAPABAP\/\/\/wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==\" \/><span class=\"cke_reset cke_widget_drag_handler_container\"><img loading=\"lazy\" decoding=\"async\" class=\"cke_reset cke_widget_drag_handler\" title=\"Click and drag to move\" draggable=\"true\" src=\"data:image\/gif;base64,R0lGODlhAQABAPABAP\/\/\/wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==\" width=\"15\" height=\"15\" data-cke-widget-drag-handler=\"1\" \/><\/span><\/span><br \/>\nJayant\u2019s new share <span class=\"cke_widget_wrapper cke_widget_inline cke_widget_selected\" tabindex=\"-1\" contenteditable=\"false\" data-cke-widget-wrapper=\"1\" data-cke-filter=\"off\" data-cke-display-name=\"math\" data-cke-widget-id=\"19\"><span class=\"math-tex cke_widget_element\" data-cke-survive=\"1\" data-cke-widget-data=\"%7B%22math%22%3A%22%7Btex%7D%20%3D%20%5C%5Cfrac%7B5%7D%7B%7B10%7D%7D%20%2B%20%5C%5Cfrac%7B4%7D%7B%7B50%7D%7D%20%3D%20%5C%5Cfrac%7B%7B29%7D%7D%7B%7B50%7D%7D%7B%2Ftex%7D%22%2C%22classes%22%3A%7B%22math-tex%22%3A1%7D%7D\" data-cke-widget-upcasted=\"1\" data-cke-widget-keep-attr=\"0\" data-widget=\"mathjaxlatex\"><img decoding=\"async\" src=\"https:\/\/elpiscart.com\/cgi-bin\/mathtex.cgi? = \\frac{5}{{10}} + \\frac{4}{{50}} = \\frac{{29}}{{50}}\" \/><\/span><img decoding=\"async\" class=\"cke_reset cke_widget_mask\" src=\"data:image\/gif;base64,R0lGODlhAQABAPABAP\/\/\/wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==\" \/><span class=\"cke_reset cke_widget_drag_handler_container\"><img loading=\"lazy\" decoding=\"async\" class=\"cke_reset cke_widget_drag_handler\" title=\"Click and drag to move\" draggable=\"true\" src=\"data:image\/gif;base64,R0lGODlhAQABAPABAP\/\/\/wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==\" width=\"15\" height=\"15\" data-cke-widget-drag-handler=\"1\" \/><\/span><\/span><br \/>\nLeena\u2019s new share <span class=\"cke_widget_wrapper cke_widget_inline cke_widget_selected\" tabindex=\"-1\" contenteditable=\"false\" data-cke-widget-wrapper=\"1\" data-cke-filter=\"off\" data-cke-display-name=\"math\" data-cke-widget-id=\"18\"><span class=\"math-tex cke_widget_element\" data-cke-survive=\"1\" data-cke-widget-data=\"%7B%22math%22%3A%22%7Btex%7D%20%3D%20%5C%5Cfrac%7B3%7D%7B%7B10%7D%7D%20%2B%20%5C%5Cfrac%7B6%7D%7B%7B50%7D%7D%20%3D%20%5C%5Cfrac%7B%7B21%7D%7D%7B%7B50%7D%7D%7B%2Ftex%7D%22%2C%22classes%22%3A%7B%22math-tex%22%3A1%7D%7D\" data-cke-widget-upcasted=\"1\" data-cke-widget-keep-attr=\"0\" data-widget=\"mathjaxlatex\"><img decoding=\"async\" src=\"https:\/\/elpiscart.com\/cgi-bin\/mathtex.cgi? = \\frac{3}{{10}} + \\frac{6}{{50}} = \\frac{{21}}{{50}}\" \/><\/span><img decoding=\"async\" class=\"cke_reset cke_widget_mask\" src=\"data:image\/gif;base64,R0lGODlhAQABAPABAP\/\/\/wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==\" \/><span class=\"cke_reset cke_widget_drag_handler_container\"><img loading=\"lazy\" decoding=\"async\" class=\"cke_reset cke_widget_drag_handler\" title=\"Click and drag to move\" draggable=\"true\" src=\"data:image\/gif;base64,R0lGODlhAQABAPABAP\/\/\/wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==\" width=\"15\" height=\"15\" data-cke-widget-drag-handler=\"1\" \/><\/span><\/span><br \/>\nNew profit sharing ratio of Jayant and Leena = 29:21 or <span class=\"cke_widget_wrapper cke_widget_inline cke_widget_selected\" tabindex=\"-1\" contenteditable=\"false\" data-cke-widget-wrapper=\"1\" data-cke-filter=\"off\" data-cke-display-name=\"math\" data-cke-widget-id=\"17\"><span class=\"math-tex cke_widget_element\" data-cke-survive=\"1\" data-cke-widget-data=\"%7B%22math%22%3A%22%7Btex%7D%5C%5Cfrac%7B%7B29%7D%7D%7B%7B50%7D%7D%3A%5C%5Cfrac%7B%7B21%7D%7D%7B%7B50%7D%7D%7B%2Ftex%7D%22%2C%22classes%22%3A%7B%22math-tex%22%3A1%7D%7D\" data-cke-widget-upcasted=\"1\" data-cke-widget-keep-attr=\"0\" data-widget=\"mathjaxlatex\"><img decoding=\"async\" src=\"https:\/\/elpiscart.com\/cgi-bin\/mathtex.cgi?\\frac{{29}}{{50}}:\\frac{{21}}{{50}}\" \/><\/span><img decoding=\"async\" class=\"cke_reset cke_widget_mask\" src=\"data:image\/gif;base64,R0lGODlhAQABAPABAP\/\/\/wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==\" \/><span class=\"cke_reset cke_widget_drag_handler_container\"><img loading=\"lazy\" decoding=\"async\" class=\"cke_reset cke_widget_drag_handler\" title=\"Click and drag to move\" draggable=\"true\" src=\"data:image\/gif;base64,R0lGODlhAQABAPABAP\/\/\/wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==\" width=\"15\" height=\"15\" data-cke-widget-drag-handler=\"1\" \/><\/span><\/span><\/li>\n<li><strong>What is meant by a \u2018Share\u2019? Give any two differences between \u2018Preference Shares\u2019 and \u2018Equity Shares\u2019. (3)<br \/>\nAns.<\/strong>A share refers to the unit into which the total share capital of the company is divided.<br \/>\n<strong>OR<\/strong><br \/>\nA share means a share in the share capital of the company and includes stock.<br \/>\n<strong>Differences between \u2018Preference Shares\u2019 and \u2018Equity Shares\u2019:<\/strong><br \/>\ni. Preference Shares are shares which carry a prefrential right at the time of payment of dividend and at the time of repayment of capital.<br \/>\nii. 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.<br \/>\n<strong>OR<\/strong><br \/>\nDifferences between \u2018Preference Shares\u2019 and \u2018Equity Shares\u2019: (Any two)<\/p>\n<table class=\"responsive\" border=\"1\" cellspacing=\"0\" cellpadding=\"3\">\n<tbody>\n<tr>\n<td><\/td>\n<td><strong>Preference Shares<\/strong><\/td>\n<td><strong>Equity Shares<\/strong><\/td>\n<\/tr>\n<tr>\n<td>(i)<\/td>\n<td>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.<\/td>\n<td>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.<\/td>\n<\/tr>\n<tr>\n<td>(ii)<\/td>\n<td>Enjoy preferential right at the time of repayment of capital.<\/td>\n<td>Do not enjoy preferential right at the time of repayment of capital.<\/td>\n<\/tr>\n<tr>\n<td>(iii)<\/td>\n<td>Rate of dividend may be fixed.<\/td>\n<td>Rate of dividend is proposed every year by the directors and approved by the shareholders.<\/td>\n<\/tr>\n<tr>\n<td>(iv)<\/td>\n<td>Preference shares may be converted into equity shares if the terms of issue provide for it.<\/td>\n<td>Equity shares are not convertible.<\/td>\n<\/tr>\n<tr>\n<td>(v)<\/td>\n<td>Preference shareholders have voting rights in special circumstances.<\/td>\n<td>Equity shareholders have voting rights in all circumstances.<\/td>\n<\/tr>\n<tr>\n<td>(vi)<\/td>\n<td>Preference shareholders do not have the right to participate in the management of the company.<\/td>\n<td>Equity shareholders have the right to participate in the management of the company.<\/td>\n<\/tr>\n<tr>\n<td>(vii)<\/td>\n<td>Arrears on cumulative preference shares are paid before dividend is paid on equity shares.<\/td>\n<td>If dividend is not declared during the year, it is not accumulated to be paid the coming years.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/li>\n<li><strong>NK Ltd., a truck manufacturing company, is registered with an authorised capital of \u20b9 1,00,00,000 divided into equity shares of \u20b9 100 each. The subscribed and paid up capital of the company is \u20b9 50,00,000.<br \/>\nThe 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.<br \/>\nTo 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.<br \/>\nPresent the share capital in the Balance Sheet of the company as per theprovisions of Schedule III of the Companies Act, 2013.<br \/>\nAlso identify any two values that the company wants to communicate. (3)<br \/>\nAns.<\/strong><\/p>\n<table class=\"responsive\" border=\"1\" cellspacing=\"0\" cellpadding=\"3\">\n<tbody>\n<tr>\n<td colspan=\"3\"><strong>Balance Sheet of NK Ltd.<br \/>\nAs at &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;..(As per revised schedule III)<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Particular<\/strong><\/td>\n<td><strong>Note No.<\/strong><\/td>\n<td><strong>Amount \u20b9 Current year<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Equity &amp; Liabilities<\/strong><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>I. Shareholders&#8217; funds:<\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>a) Share Capital<\/td>\n<td>1<\/td>\n<td><u>70,00,000<\/u><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Notes to Accounts :<\/p>\n<table class=\"responsive\" border=\"1\" cellspacing=\"0\" cellpadding=\"3\">\n<tbody>\n<tr>\n<td><strong>Particular<\/strong><\/td>\n<td><strong>\u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td><u><strong>1. Share Capital<\/strong><\/u><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><u><strong>Authorised Capital :<\/strong><\/u><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>1,00,000 equity shares of \u20b9 100 each<\/td>\n<td><u>1,00,00,000<\/u><\/td>\n<\/tr>\n<tr>\n<td><strong>Issued Capital <\/strong><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>70,000 equity shares of \u20b9 100 each<\/td>\n<td><u>70,00,000<\/u><\/td>\n<\/tr>\n<tr>\n<td><u>Subscribed Capital<\/u><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><u>Subscribed and fully paid<\/u><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>70,000 shares of \u20b9 100 each<\/td>\n<td>70,00,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>Values (Any two):<\/strong><br \/>\n(i) Concern for the specially abled.<br \/>\n(ii) Creation of job opportunities.<br \/>\n(iii) Development of backward regions.<\/li>\n<li><strong>Complete the following journal entries left blank in the books of VK Ltd. : (3)<\/strong><br \/>\n<table class=\"responsive\" border=\"1\" cellspacing=\"0\" cellpadding=\"3\">\n<tbody>\n<tr>\n<td colspan=\"5\"><strong>VK Ltd.<br \/>\nJournal<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Particular<\/strong><\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Debit<br \/>\nAmount<br \/>\n\u20b9<\/strong><\/td>\n<td><strong>Credit<br \/>\nAmount<br \/>\n\u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>2018<\/td>\n<td>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;. Dr<\/td>\n<td><\/td>\n<td>&#8230;&#8230;&#8230;&#8230;&#8230;<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>February 01<\/td>\n<td>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.<\/td>\n<td><\/td>\n<td><\/td>\n<td>&#8230;&#8230;&#8230;&#8230;&#8230;<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td>(Purchased own 500, 9% debentures of \u20b9 100 each at \u20b9 97 each for immediate cancellation)<\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>February 01<\/td>\n<td>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;. Dr<\/td>\n<td><\/td>\n<td>&#8230;&#8230;&#8230;&#8230;&#8230;<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.<\/td>\n<td><\/td>\n<td><\/td>\n<td>&#8230;&#8230;&#8230;&#8230;&#8230;<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.<\/td>\n<td><\/td>\n<td><\/td>\n<td>&#8230;&#8230;&#8230;&#8230;&#8230;<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td>(Cancelled own debentures)<\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>&#8230;&#8230;&#8230;&#8230;&#8230;.<\/td>\n<td>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;. Dr<\/td>\n<td><\/td>\n<td>&#8230;&#8230;&#8230;&#8230;&#8230;<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.<\/td>\n<td><\/td>\n<td><\/td>\n<td>&#8230;&#8230;&#8230;&#8230;&#8230;<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td>(&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;)<\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>Ans. <\/strong><\/p>\n<table class=\"responsive\" border=\"1\" cellspacing=\"0\" cellpadding=\"3\">\n<tbody>\n<tr>\n<td colspan=\"5\"><strong>VK Ltd.<br \/>\nJournal<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Particular<\/strong><\/td>\n<td><strong>L.F.<\/strong><\/td>\n<td><strong>Debit<br \/>\nAmount<br \/>\n\u20b9<\/strong><\/td>\n<td><strong>Credit<br \/>\nAmount<br \/>\n\u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>2018<\/td>\n<td>Own Debentures A\/c Dr.<\/td>\n<td><\/td>\n<td>48,500<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>February 01<\/td>\n<td>To Bank A\/c<\/td>\n<td><\/td>\n<td><\/td>\n<td>48,500<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td>(Purchased own 500, 9% debentures of \u20b9 100 each at \u20b9 97 each for immediate cancellation)<\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>February 01<\/td>\n<td>9% Debentures A\/c Dr.<\/td>\n<td><\/td>\n<td>50,000<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td>To Own Debentures A\/c<\/td>\n<td><\/td>\n<td><\/td>\n<td>48,500<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td>To Profit on redemption of Debentures A\/c\/ Gain on cancellation of Debentures A\/c<\/td>\n<td><\/td>\n<td><\/td>\n<td>1,500<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td>(Cancelled own debentures)<\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>February 01<\/td>\n<td>Profit on redemption of Debentures A\/c \/ Gain on cancellation of Debentures A\/c Dr.<\/td>\n<td><\/td>\n<td>1,500<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td>To Capital reserve A\/c<\/td>\n<td><\/td>\n<td><\/td>\n<td>1,500<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td>(Profit on redemption transferred to capital reserve)<\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/li>\n<li><strong>Banwari, Girdhari and Murari are partners in a firm sharing profits and losses in the ratio of 4: 5: 6. On 31<sup>st<\/sup> March, 2014, Girdhari retired. On that date the capitals of Banwari, Girdhari and Murari before the necessary adjustments stood at \u20b9 2,00,000, \u20b9 1,00,000 and \u20b9 50,000 respectively. On Girdhari\u2019s retirement, goodwill of the firm was valued at \u20b9 1,14,000. Revaluation of assets and re-assessment of liabilities resulted in a profit of \u20b9 6,000. General Reserve stood in the books of the firm at \u20b9 30,000.<br \/>\nThe amount payable to Girdhari was transferred to his loan account. Banwari and Murari agreed to pay Girdhari two yearly instalments of \u20b9 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.<br \/>\nPrepare Girdhari\u2019s loan account till it is finally paid showing the working notes clearly. (4)<br \/>\nAns.<\/strong><\/p>\n<table class=\"responsive\" border=\"1\" cellspacing=\"0\" cellpadding=\"3\">\n<tbody>\n<tr>\n<td><strong>Dr.<\/strong><\/td>\n<td colspan=\"4\" rowspan=\"1\"><strong>Girdhari&#8217;s Loan Account<\/strong><\/td>\n<td><strong>Cr.<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Particular<\/strong><\/td>\n<td><strong>Amount<br \/>\n(\u20b9)<\/strong><\/td>\n<td><strong>Date<\/strong><\/td>\n<td><strong>Particular<\/strong><\/td>\n<td><strong>Amount<br \/>\n(\u20b9)<\/strong><\/td>\n<\/tr>\n<tr>\n<td>2015 Mar. 31<\/td>\n<td>To Bank A\/c<\/td>\n<td>75,000<\/td>\n<td>2014 Apr. 1<\/td>\n<td>By Girdhari&#8217;s Capital A\/c<\/td>\n<td>1,50,000<\/td>\n<\/tr>\n<tr>\n<td>Mar. 31<\/td>\n<td>To balance c\/d<\/td>\n<td>90,000<\/td>\n<td>2015 Mar. 31<\/td>\n<td>By Interest A\/c<\/td>\n<td>15,000<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><u>1,65,000<\/u><\/td>\n<td><\/td>\n<td><\/td>\n<td><u>1,65,000<\/u><\/td>\n<\/tr>\n<tr>\n<td>2016 Mar. 31<\/td>\n<td>To Bank A\/c<\/td>\n<td>75,000<\/td>\n<td>2015 Apr. 1<\/td>\n<td>By balance b\/d<\/td>\n<td>90,000<\/td>\n<\/tr>\n<tr>\n<td>Mar. 31<\/td>\n<td>To balance c\/d<\/td>\n<td>24,000<\/td>\n<td>Mar. 31<\/td>\n<td>By interest A\/c<\/td>\n<td>9,000<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><u>99,000<\/u><\/td>\n<td><\/td>\n<td><\/td>\n<td><u>99,000<\/u><\/td>\n<\/tr>\n<tr>\n<td>2017 Mar. 31<\/td>\n<td>To Bank A\/c<\/td>\n<td>26,400<\/td>\n<td>2016 Apr. 1<\/td>\n<td>By balance b\/d<\/td>\n<td>24,000<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td>2017 Mar. 31<\/td>\n<td>By Interest A\/c<\/td>\n<td>2,400<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><u>26,400<\/u><\/td>\n<td><\/td>\n<td><\/td>\n<td><u>26,400<\/u><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>Working Notes:<\/strong><\/p>\n<table border=\"1\" cellspacing=\"0\" cellpadding=\"3\">\n<tbody>\n<tr>\n<td>Calculation of amount payable to Girdhari:<\/td>\n<td>\u20b9<\/td>\n<\/tr>\n<tr>\n<td>Girdhari\u2019s Capital<\/td>\n<td>1,00,000<\/td>\n<\/tr>\n<tr>\n<td>Share of goodwill<\/td>\n<td>38,000<\/td>\n<\/tr>\n<tr>\n<td>Share of Revaluation profit<\/td>\n<td>2,000<\/td>\n<\/tr>\n<tr>\n<td>Share of General reserve<\/td>\n<td>10,000<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><u>1,50,000<\/u><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/li>\n<li><strong>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 <span class=\"cke_widget_wrapper cke_widget_inline cke_widget_selected\" tabindex=\"-1\" contenteditable=\"false\" data-cke-widget-wrapper=\"1\" data-cke-filter=\"off\" data-cke-display-name=\"math\" data-cke-widget-id=\"16\"><span class=\"math-tex cke_widget_element\" data-cke-survive=\"1\" data-cke-widget-data=\"%7B%22math%22%3A%22%7Btex%7D%5C%5Cfrac%7B1%7D%7B4%7D%7B%2Ftex%7D%22%2C%22classes%22%3A%7B%22math-tex%22%3A1%7D%7D\" data-cke-widget-upcasted=\"1\" data-cke-widget-keep-attr=\"0\" data-widget=\"mathjaxlatex\"><img decoding=\"async\" src=\"https:\/\/elpiscart.com\/cgi-bin\/mathtex.cgi?\\frac{1}{4}\" \/><\/span><img decoding=\"async\" class=\"cke_reset cke_widget_mask\" src=\"data:image\/gif;base64,R0lGODlhAQABAPABAP\/\/\/wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==\" \/><span class=\"cke_reset cke_widget_drag_handler_container\"><img loading=\"lazy\" decoding=\"async\" class=\"cke_reset cke_widget_drag_handler\" title=\"Click and drag to move\" draggable=\"true\" src=\"data:image\/gif;base64,R0lGODlhAQABAPABAP\/\/\/wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==\" width=\"15\" height=\"15\" data-cke-widget-drag-handler=\"1\" \/><\/span><\/span><sup>th<\/sup> share in the profits of the firm. Raghav brings \u20b9 6,00,000 as his capital and his share of goodwill in cash. Goodwill of the firm is to be valued at two years\u2019 purchase of average profits of the last four years.<br \/>\nThe profits of the firm during the last four years are given below :<\/strong><\/p>\n<table class=\"responsive\" border=\"1\" cellspacing=\"0\" cellpadding=\"3\">\n<tbody>\n<tr>\n<td>Year<\/td>\n<td>Profit (\u20b9)<\/td>\n<\/tr>\n<tr>\n<td>2013 \u2013 14<\/td>\n<td>3,50,000<\/td>\n<\/tr>\n<tr>\n<td>2014 \u2013 15<\/td>\n<td>4,75,000<\/td>\n<\/tr>\n<tr>\n<td>2015 \u2013 16<\/td>\n<td>6,70,000<\/td>\n<\/tr>\n<tr>\n<td>2016 \u2013 17<\/td>\n<td>7,45,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>The following additional information is given :<\/strong><\/p>\n<ol start=\"1\">\n<li><strong>To cover management cost an annual charge of \u20b9 56,250 should be made for the purpose of valuation of goodwill.<\/strong><\/li>\n<li><strong>The closing stock for the year ended 31.3.2017 was overvalued by<br \/>\n\u20b9 15,000.<br \/>\nPass necessary journal entries on Raghav\u2019s admission showing the working notes clearly. (4)<\/strong><\/li>\n<\/ol>\n<p><strong>Ans. <\/strong><\/p>\n<table class=\"responsive\" border=\"1\" cellspacing=\"0\" cellpadding=\"3\">\n<tbody>\n<tr>\n<td colspan=\"6\"><strong>Journal<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td colspan=\"2\"><strong>Particular<\/strong><\/td>\n<td><strong>LF<\/strong><\/td>\n<td><strong>Dr. Amount<br \/>\n(\u20b9)<\/strong><\/td>\n<td><strong>Cr. Amount<br \/>\n(\u20b9)<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"4\"><\/td>\n<td>Bank A\/c<\/td>\n<td>Dr.<\/td>\n<td colspan=\"1\" rowspan=\"8\"><\/td>\n<td>8,50,000<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">To Raghav\u2019s Capital A\/c<\/td>\n<td><\/td>\n<td>6,00,000<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">To Premium for goodwill A\/c<\/td>\n<td><\/td>\n<td>2,50,000<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">(Being capital and premium brought in by Raghav)<\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"4\"><\/td>\n<td>Premium for goodwill A\/c<\/td>\n<td>Dr.<\/td>\n<td>2,50,000<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">To Asha\u2019s Capital A\/c<\/td>\n<td><\/td>\n<td>1,50,000<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">To Aditi\u2019s Capital A\/c<\/td>\n<td><\/td>\n<td>1,00,000<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\">(Being premium for goodwill credited to the capital accounts of Asha and Aditi in the sacrificing ratio)<\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>Working Notes:<\/strong><br \/>\nCalculation of goodwill:<br \/>\nProfits<br \/>\n2013\u201314 = \u20b93,50,000 \u2013 \u20b956,250 = \u20b92,93,750<br \/>\n2014\u201315 = \u20b94,75,000 \u2013 \u20b956,250 = \u20b94,18,750<br \/>\n2015\u201316 = \u20b96,70,000 \u2013 \u20b956,250 = \u20b96,13,750<br \/>\n2016\u201317 = \u20b97,45,000 \u2013 \u20b956,250 \u2013 \u20b915,000 = \u20b96,73,750<br \/>\nGoodwill of the firm <span class=\"cke_widget_wrapper cke_widget_inline cke_widget_selected\" tabindex=\"-1\" contenteditable=\"false\" data-cke-widget-wrapper=\"1\" data-cke-filter=\"off\" data-cke-display-name=\"math\" data-cke-widget-id=\"15\"><span class=\"math-tex cke_widget_element\" data-cke-survive=\"1\" data-cke-widget-data=\"%7B%22math%22%3A%22%7Btex%7D%3D%20%5C%5Cfrac%7B%7B2%2C93%2C750%20%2B%204%2C18%2C750%20%2B%206%2C13%2C750%20%2B%206%2C73%2C750%5C%5C%3B%7D%7D%7B4%7D%20%5C%5Ctimes%202%7B%2Ftex%7D%22%2C%22classes%22%3A%7B%22math-tex%22%3A1%7D%7D\" data-cke-widget-upcasted=\"1\" data-cke-widget-keep-attr=\"0\" data-widget=\"mathjaxlatex\"><img decoding=\"async\" src=\"https:\/\/elpiscart.com\/cgi-bin\/mathtex.cgi?= \\frac{{2,93,750 + 4,18,750 + 6,13,750 + 6,73,750\\;}}{4} \\times 2\" \/><\/span><img decoding=\"async\" class=\"cke_reset cke_widget_mask\" src=\"data:image\/gif;base64,R0lGODlhAQABAPABAP\/\/\/wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==\" \/><span class=\"cke_reset cke_widget_drag_handler_container\"><img loading=\"lazy\" decoding=\"async\" class=\"cke_reset cke_widget_drag_handler\" title=\"Click and drag to move\" draggable=\"true\" src=\"data:image\/gif;base64,R0lGODlhAQABAPABAP\/\/\/wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==\" width=\"15\" height=\"15\" data-cke-widget-drag-handler=\"1\" \/><\/span><\/span><br \/>\n= \u20b910,00,000<br \/>\nRaghav\u2019s share of goodwill = \u00bc \u00d7 \u20b910,00,000 = \u20b92,50,000<br \/>\n<strong>OR<\/strong><br \/>\n<strong>Calculation of goodwill:<\/strong><br \/>\nTotal Profits of four years = \u20b93,50,000 + \u20b94,75,000 + \u20b96,70,000 + \u20b97,30,000 = \u20b922,25,000<br \/>\nAverage Profits = \u20b9 5,56,250 \u2013 \u20b9 56,250 = \u20b9 5,00,000<br \/>\nGoodwill of the firm = \u20b9 5,00,000 \u00d7 2 = \u20b910,00,000<br \/>\nRaghav\u2019s share of goodwill = \u00bc \u00d7 \u20b910,00,000 = \u20b92,50,000<\/li>\n<li><strong>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 :<br \/>\nBalance Sheet of Pranav, Karan and Rahim as on 31.3.2017<\/strong><\/p>\n<table class=\"responsive\" border=\"1\" cellspacing=\"0\" cellpadding=\"3\">\n<tbody>\n<tr>\n<td><strong>Liabilities<\/strong><\/td>\n<td><strong>Amount<\/strong><br \/>\n<strong>\u20b9<\/strong><\/td>\n<td><strong>Assets<\/strong><\/td>\n<td><strong>Amount<br \/>\n\u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Creditors<\/td>\n<td>3,00,000<\/td>\n<td>Fixed Assests<\/td>\n<td>4,50,000<\/td>\n<\/tr>\n<tr>\n<td>General Reserve<\/td>\n<td>1,50,000<\/td>\n<td>Stock<\/td>\n<td>1,50,000<\/td>\n<\/tr>\n<tr>\n<td>Capitals<\/td>\n<td><\/td>\n<td>Debtors<\/td>\n<td>2,00,000<\/td>\n<\/tr>\n<tr>\n<td>Pranav 2,00,000<\/td>\n<td><\/td>\n<td>Bank<\/td>\n<td>1,50,000<\/td>\n<\/tr>\n<tr>\n<td>Karan 2,00,000<\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>Rahim 1,00,000<\/td>\n<td>5,00,000<\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td>9,50,000<\/td>\n<td><\/td>\n<td>9,50,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong> Karan died on 12.6.2017. According to the partnership deed, the legal representatives of the deceased partner were entitled to the following :<\/strong><\/p>\n<ol start=\"1\">\n<li><strong>Balance in his Capital Account.<\/strong><\/li>\n<li><strong>Interest on Capital @ 12% p.a.<\/strong><\/li>\n<li><strong>Share of goodwill. Goodwill of the firm on Karan\u2019s death was valued at \u20b9 60,000.<\/strong><\/li>\n<li><strong>Share in the profits of the firm till the date of his death, calculated on the basis of last year\u2019s profit. The profit of the firm for the year ended 31.3.2017 was \u20b9 5,00,000.<br \/>\nPrepare Karan\u2019s Capital Account to be presented to his representatives. (6)<\/strong><\/li>\n<\/ol>\n<p><strong>Ans. <\/strong><\/p>\n<table class=\"responsive\" border=\"1\" cellspacing=\"0\" cellpadding=\"3\">\n<tbody>\n<tr>\n<td colspan=\"4\"><strong>Karan&#8217;s Capital A\/c<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Particular<\/strong><\/td>\n<td><strong>Amt (\u20b9)<\/strong><\/td>\n<td><strong>Particular<\/strong><\/td>\n<td><strong>Amt (\u20b9)<\/strong><\/td>\n<\/tr>\n<tr>\n<td>To Karan&#8217;s Executors&#8217;s A\/c<\/td>\n<td>3,28,800<\/td>\n<td>By Balance b\/d<\/td>\n<td>2,00,000<\/td>\n<\/tr>\n<tr>\n<td>(Balancing figure)<\/td>\n<td><\/td>\n<td>By Interest on Capital A\/c<\/td>\n<td>4,800<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td>By P &amp; L Suspense A\/c<\/td>\n<td>40,000<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td>By Pranav\u2019s Capital A\/c<\/td>\n<td>16,000<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td>By Rahim\u2019s Capital A\/c<\/td>\n<td>8,000<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td>By General Reserve A\/c<\/td>\n<td>60,000<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><u>3,28,800<\/u><\/td>\n<td><\/td>\n<td><u>3,28,800<\/u><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>Working Notes:<\/strong><br \/>\nInterest on Capital <span class=\"cke_widget_wrapper cke_widget_inline cke_widget_selected\" tabindex=\"-1\" contenteditable=\"false\" data-cke-widget-wrapper=\"1\" data-cke-filter=\"off\" data-cke-display-name=\"math\" data-cke-widget-id=\"14\"><span class=\"math-tex cke_widget_element\" data-cke-survive=\"1\" data-cke-widget-data=\"%7B%22math%22%3A%22%7Btex%7D%3D%20%5C%5Cfrac%7B%7B12%7D%7D%7B%7B100%7D%7D%20%5C%5Ctimes%20%5C%5Cfrac%7B%7B73%7D%7D%7B%7B365%7D%7D%20%5C%5Ctimes%7B%2Ftex%7D%22%2C%22classes%22%3A%7B%22math-tex%22%3A1%7D%7D\" data-cke-widget-upcasted=\"1\" data-cke-widget-keep-attr=\"0\" data-widget=\"mathjaxlatex\"><img decoding=\"async\" src=\"https:\/\/elpiscart.com\/cgi-bin\/mathtex.cgi?= \\frac{{12}}{{100}} \\times \\frac{{73}}{{365}} \\times\" \/><\/span><img decoding=\"async\" class=\"cke_reset cke_widget_mask\" src=\"data:image\/gif;base64,R0lGODlhAQABAPABAP\/\/\/wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==\" \/><span class=\"cke_reset cke_widget_drag_handler_container\"><img loading=\"lazy\" decoding=\"async\" class=\"cke_reset cke_widget_drag_handler\" title=\"Click and drag to move\" draggable=\"true\" src=\"data:image\/gif;base64,R0lGODlhAQABAPABAP\/\/\/wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==\" width=\"15\" height=\"15\" data-cke-widget-drag-handler=\"1\" \/><\/span><\/span> \u20b92,00,000 = \u20b94,800<br \/>\nShare of Profits <span class=\"cke_widget_wrapper cke_widget_inline cke_widget_selected\" tabindex=\"-1\" contenteditable=\"false\" data-cke-widget-wrapper=\"1\" data-cke-filter=\"off\" data-cke-display-name=\"math\" data-cke-widget-id=\"13\"><span class=\"math-tex cke_widget_element\" data-cke-survive=\"1\" data-cke-widget-data=\"%7B%22math%22%3A%22%7Btex%7D%20%3D%20%5C%5Cfrac%7B2%7D%7B5%7D%20%5C%5Ctimes%205%2C00%2C000%20%5C%5Ctimes%20%5C%5Cfrac%7B%7B73%7D%7D%7B%7B365%7D%7D%7B%2Ftex%7D%22%2C%22classes%22%3A%7B%22math-tex%22%3A1%7D%7D\" data-cke-widget-upcasted=\"1\" data-cke-widget-keep-attr=\"0\" data-widget=\"mathjaxlatex\"><img decoding=\"async\" src=\"https:\/\/elpiscart.com\/cgi-bin\/mathtex.cgi? = \\frac{2}{5} \\times 5,00,000 \\times \\frac{{73}}{{365}}\" \/><\/span><img decoding=\"async\" class=\"cke_reset cke_widget_mask\" src=\"data:image\/gif;base64,R0lGODlhAQABAPABAP\/\/\/wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==\" \/><span class=\"cke_reset cke_widget_drag_handler_container\"><img loading=\"lazy\" decoding=\"async\" class=\"cke_reset cke_widget_drag_handler\" title=\"Click and drag to move\" draggable=\"true\" src=\"data:image\/gif;base64,R0lGODlhAQABAPABAP\/\/\/wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==\" width=\"15\" height=\"15\" data-cke-widget-drag-handler=\"1\" \/><\/span><\/span> = \u20b940,000<br \/>\nShare of goodwill <span class=\"cke_widget_wrapper cke_widget_inline cke_widget_selected\" tabindex=\"-1\" contenteditable=\"false\" data-cke-widget-wrapper=\"1\" data-cke-filter=\"off\" data-cke-display-name=\"math\" data-cke-widget-id=\"12\"><span class=\"math-tex cke_widget_element\" data-cke-survive=\"1\" data-cke-widget-data=\"%7B%22math%22%3A%22%7Btex%7D%20%3D%20%5C%5Cfrac%7B2%7D%7B5%7D%20%5C%5Ctimes%7B%2Ftex%7D%22%2C%22classes%22%3A%7B%22math-tex%22%3A1%7D%7D\" data-cke-widget-upcasted=\"1\" data-cke-widget-keep-attr=\"0\" data-widget=\"mathjaxlatex\"><img decoding=\"async\" src=\"https:\/\/elpiscart.com\/cgi-bin\/mathtex.cgi? = \\frac{2}{5} \\times\" \/><\/span><img decoding=\"async\" class=\"cke_reset cke_widget_mask\" src=\"data:image\/gif;base64,R0lGODlhAQABAPABAP\/\/\/wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==\" \/><span class=\"cke_reset cke_widget_drag_handler_container\"><img loading=\"lazy\" decoding=\"async\" class=\"cke_reset cke_widget_drag_handler\" title=\"Click and drag to move\" draggable=\"true\" src=\"data:image\/gif;base64,R0lGODlhAQABAPABAP\/\/\/wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==\" width=\"15\" height=\"15\" data-cke-widget-drag-handler=\"1\" \/><\/span><\/span> \u20b960,000 = \u20b924,000<br \/>\nShare of General Reserve <span class=\"cke_widget_wrapper cke_widget_inline cke_widget_selected\" tabindex=\"-1\" contenteditable=\"false\" data-cke-widget-wrapper=\"1\" data-cke-filter=\"off\" data-cke-display-name=\"math\" data-cke-widget-id=\"11\"><span class=\"math-tex cke_widget_element\" data-cke-survive=\"1\" data-cke-widget-data=\"%7B%22math%22%3A%22%7Btex%7D%20%3D%20%5C%5Cfrac%7B2%7D%7B5%7D%20%5C%5Ctimes%7B%2Ftex%7D%22%2C%22classes%22%3A%7B%22math-tex%22%3A1%7D%7D\" data-cke-widget-upcasted=\"1\" data-cke-widget-keep-attr=\"0\" data-widget=\"mathjaxlatex\"><img decoding=\"async\" src=\"https:\/\/elpiscart.com\/cgi-bin\/mathtex.cgi? = \\frac{2}{5} \\times\" \/><\/span><img decoding=\"async\" class=\"cke_reset cke_widget_mask\" src=\"data:image\/gif;base64,R0lGODlhAQABAPABAP\/\/\/wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==\" \/><span class=\"cke_reset cke_widget_drag_handler_container\"><img loading=\"lazy\" decoding=\"async\" class=\"cke_reset cke_widget_drag_handler\" title=\"Click and drag to move\" draggable=\"true\" src=\"data:image\/gif;base64,R0lGODlhAQABAPABAP\/\/\/wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==\" width=\"15\" height=\"15\" data-cke-widget-drag-handler=\"1\" \/><\/span><\/span> \u20b91,50,000 = \u20b960,000<\/li>\n<li><strong>Chander and Damini were partners in a firm sharing profits and losses equally. On 31<sup>st<\/sup> March, 2017 their Balance Sheet was as follows :<br \/>\nBalance Sheet of Chander and Damini as on 31.3.2017<\/strong><\/p>\n<table class=\"responsive\" border=\"1\" cellspacing=\"0\" cellpadding=\"3\">\n<tbody>\n<tr>\n<td><strong>Liabilities <\/strong><\/td>\n<td><strong>Amount \u20b9 <\/strong><\/td>\n<td><strong>Assets <\/strong><\/td>\n<td><strong>Amount \u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Sundry Creditors<\/td>\n<td>1,04,000<\/td>\n<td>Cash at Bank<\/td>\n<td>30,000<\/td>\n<\/tr>\n<tr>\n<td>Capitals<\/td>\n<td><\/td>\n<td>Bills Receivable<\/td>\n<td>45,000<\/td>\n<\/tr>\n<tr>\n<td>Chander 2,50,000<\/td>\n<td><\/td>\n<td>Debtors<\/td>\n<td>75,000<\/td>\n<\/tr>\n<tr>\n<td>Damini 2<u>,16,000<\/u><\/td>\n<td>4,66,000<\/td>\n<td>Furniture<\/td>\n<td>1,10,000<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td>Land and Building<\/td>\n<td>3,10,000<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><u>5,70,000<\/u><\/td>\n<td><\/td>\n<td><u>5,70,000<\/u><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>On 1.4.2017, they admitted Elina as a new partner for <span class=\"cke_widget_wrapper cke_widget_inline cke_widget_selected\" tabindex=\"-1\" contenteditable=\"false\" data-cke-widget-wrapper=\"1\" data-cke-filter=\"off\" data-cke-display-name=\"math\" data-cke-widget-id=\"10\"><span class=\"math-tex cke_widget_element\" data-cke-survive=\"1\" data-cke-widget-data=\"%7B%22math%22%3A%22%7Btex%7D%5C%5Cfrac%7B1%7D%7B3%7D%7B%2Ftex%7D%22%2C%22classes%22%3A%7B%22math-tex%22%3A1%7D%7D\" data-cke-widget-upcasted=\"1\" data-cke-widget-keep-attr=\"0\" data-widget=\"mathjaxlatex\"><img decoding=\"async\" src=\"https:\/\/elpiscart.com\/cgi-bin\/mathtex.cgi?\\frac{1}{3}\" \/><\/span><img decoding=\"async\" class=\"cke_reset cke_widget_mask\" src=\"data:image\/gif;base64,R0lGODlhAQABAPABAP\/\/\/wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==\" \/><span class=\"cke_reset cke_widget_drag_handler_container\"><img loading=\"lazy\" decoding=\"async\" class=\"cke_reset cke_widget_drag_handler\" title=\"Click and drag to move\" draggable=\"true\" src=\"data:image\/gif;base64,R0lGODlhAQABAPABAP\/\/\/wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==\" width=\"15\" height=\"15\" data-cke-widget-drag-handler=\"1\" \/><\/span><\/span><sup>rd<\/sup> share in the profits on the following conditions :<\/strong><\/p>\n<ol start=\"1\">\n<li><strong>Elina will bring \u20b9 3,00,000 as her capital and \u20b9 50,000 as her share of goodwill premium, half of which will be withdrawn by Chander and Damini.<\/strong><\/li>\n<li><strong>Debtors to the extent of \u20b9 5,000 were unrecorded.<\/strong><\/li>\n<li><strong>Furniture will be reduced by 10% and 5% provision for bad and doubtful debts will be created on bills receivables and debtors.<\/strong><\/li>\n<li><strong>Value of land and building will be appreciated by 20%.<\/strong><\/li>\n<li><strong>There being a claim against the firm for damages, a liability to the extent of \u20b9 8,000 will be created for the same.<br \/>\nPrepare Revaluation Account and Partners\u2019 Capital Accounts. (6)<\/strong><\/li>\n<\/ol>\n<p><strong>Ans. <\/strong><\/p>\n<table class=\"responsive\" border=\"1\" cellspacing=\"0\" cellpadding=\"3\">\n<tbody>\n<tr>\n<td><strong>Dr.<\/strong><\/td>\n<td colspan=\"2\" rowspan=\"1\"><strong>Revaluation A\/c<\/strong><\/td>\n<td><strong>Cr.<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Particular<\/strong><\/td>\n<td><strong>Amount (\u20b9)<\/strong><\/td>\n<td><strong>Particular<\/strong><\/td>\n<td><strong>Amount (\u20b9)<\/strong><\/td>\n<\/tr>\n<tr>\n<td>To Furniture A\/c<\/td>\n<td>11,000<\/td>\n<td>By Debtors A\/c<\/td>\n<td>5,000<\/td>\n<\/tr>\n<tr>\n<td>To Provision for doubtful debts on debtors A\/c<\/td>\n<td>4,000<\/td>\n<td>By Land and building A\/c<\/td>\n<td>62,000<\/td>\n<\/tr>\n<tr>\n<td>To provision for doubtful debts on B\/R A\/c<\/td>\n<td>2,250<\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>To Claim for damages A\/c<\/td>\n<td>8,000<\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>To profit transferred to Partners\u2019 Capital A\/cs<\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>Chander 20,875<\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>Damini <u>20,875<\/u><\/td>\n<td>41,750<\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><u>67,000<\/u><\/td>\n<td><\/td>\n<td><u>67,000<\/u><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>IF AN EXAMINEE HAS COMBINED PROVISION FOR DOUBTFUL DEBTS ON DEBTORS AND BILLS RECEIVABLE AND SHOWS \u20b96,250 FOR THE SAME IN THE REVALUATION A\/C, FULL CREDIT MAY BE GIVEN<\/p>\n<p>By Revaluation A\/c<\/p>\n<table class=\"responsive\" border=\"1\" cellspacing=\"0\" cellpadding=\"3\">\n<tbody>\n<tr>\n<td>Dr<\/td>\n<td colspan=\"6\" rowspan=\"1\">Partners&#8217; Capital Accounts<\/td>\n<td>Cr<\/td>\n<\/tr>\n<tr>\n<td>Particulars<\/td>\n<td>Chander<br \/>\n(\u20b9)<\/td>\n<td>Damini<br \/>\n(\u20b9)<\/td>\n<td>Elina<br \/>\n(\u20b9)<\/td>\n<td>Particulars<\/td>\n<td>Chander<br \/>\n(\u20b9)<\/td>\n<td>Damini<br \/>\n(\u20b9)<\/td>\n<td>Elina<br \/>\n(\u20b9)<\/td>\n<\/tr>\n<tr>\n<td>To Bank A\/c<\/td>\n<td>12,500<\/td>\n<td>12,500<\/td>\n<td>&#8211;<\/td>\n<td>By Balance b\/d<\/td>\n<td>2,50,000<\/td>\n<td>2,16,000<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>To Balance c\/d<\/td>\n<td>2,83,375<\/td>\n<td>2,49,375<\/td>\n<td>3,00,000<\/td>\n<td>By Bank A\/c<\/td>\n<td>&#8211;<\/td>\n<td>&#8211;<\/td>\n<td>3,00,000<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td>By premium for goodwill A\/c<\/td>\n<td>25,000<\/td>\n<td>25,000<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td>20,875<\/td>\n<td>20,875<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/li>\n<li><strong>On 1st April, 2014, KK Ltd. invited applications for issuing 5,000 10% debentures of \u20b9 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.<br \/>\nThe 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.<br \/>\nPass 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)<br \/>\nAns.<\/strong><\/p>\n<table class=\"responsive\" border=\"1\" cellspacing=\"0\" cellpadding=\"2\">\n<tbody>\n<tr>\n<td colspan=\"6\"><strong>KK Ltd.<br \/>\nJournal<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Date<\/strong><\/td>\n<td colspan=\"2\"><strong>Particular<\/strong><\/td>\n<td><strong>LF<\/strong><\/td>\n<td><strong>Dr.<br \/>\n(\u20b9)<\/strong><\/td>\n<td><strong>Cr.<br \/>\n(\u20b9)<\/strong><\/td>\n<\/tr>\n<tr>\n<td>2014<\/td>\n<td>Bank A\/c<\/td>\n<td>Dr.<\/td>\n<td colspan=\"1\" rowspan=\"40\"><\/td>\n<td>56,40,000<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>Apr 1<\/td>\n<td colspan=\"2\">To Debenture Application &amp; Allotment A\/c<\/td>\n<td><\/td>\n<td>56,40,000<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td colspan=\"2\">(Being application money received on 6,000 debentures)<\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>Apr 1<\/td>\n<td>Debenture Application &amp; Allotment A\/c<\/td>\n<td>Dr.<\/td>\n<td>56,40,000<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td>Discount on Issue of Debentures A\/c<\/td>\n<td>Dr.<\/td>\n<td>3,00,000<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td>Loss on Issue of Debentures A\/c<\/td>\n<td>Dr..<\/td>\n<td>5,00,000<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td colspan=\"2\">To 10% Debentures A\/c<\/td>\n<td><\/td>\n<td>50,00,000<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td colspan=\"2\">To Premium on Redemption of Debentures A\/c<\/td>\n<td><\/td>\n<td>5,00,000<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td colspan=\"2\">To Bank A\/c<\/td>\n<td><\/td>\n<td>9,40,000<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td colspan=\"2\">(Being transfer of application money to debenture account issued at discount of 6%, redeemable at premium of 10%, balance refunded)<\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td colspan=\"2\"><strong>OR<\/strong><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td>Debenture Application &amp; Allotment A\/c<\/td>\n<td>Dr.<\/td>\n<td>56,40,000<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td>Loss on Issue of Debentures A\/c<\/td>\n<td>Dr.<\/td>\n<td>8,00,000<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td colspan=\"2\">To 10% Debentures A\/c<\/td>\n<td><\/td>\n<td>50,00,000<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td colspan=\"2\">To Premium on Redemption of Debentures A\/c<\/td>\n<td><\/td>\n<td>5,00,000<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td colspan=\"2\">To Bank A\/c<\/td>\n<td><\/td>\n<td>9,40,000<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td colspan=\"2\">(Being transfer of application money to debenture account issued at discount of 6%, redeemable at premium of 10%, balance refunded)<\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td>Surplus in Statement of Profit and Loss<\/td>\n<td>Dr.<\/td>\n<td>12,50,000<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>Mar 31<\/td>\n<td colspan=\"2\" rowspan=\"1\">To Debenture Redemption Reserve A\/c<\/td>\n<td><\/td>\n<td>12,50,000<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td colspan=\"2\">(Being Debenture Redemption Reserve created<br \/>\nequal to 25% of the face value of debentures)<\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>2016<\/td>\n<td>Debenture Redemption Investments A\/c<\/td>\n<td>Dr.<\/td>\n<td>7,50,000<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>Apr 1<\/td>\n<td colspan=\"2\">To Bank A\/c<\/td>\n<td><\/td>\n<td>7,50,000<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td colspan=\"2\">(Being Debenture Redemption Investments purchased equal to 15% of face value of debentures)<\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>2017<\/td>\n<td>Bank A\/c<\/td>\n<td>Dr.<\/td>\n<td>60,750<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>Mar 31<\/td>\n<td>TDS Collected\/ TDS receivable A\/c<\/td>\n<td>Dr.<\/td>\n<td>6,750<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td colspan=\"2\">To Interest on Debenture Redemption Investments A\/c<\/td>\n<td><\/td>\n<td>67,500<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td colspan=\"2\">(Being interest received on Debenture Redemption Investments and tax deducted at source @ 10%)<\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>&#8220;<\/td>\n<td>Bank A\/c<\/td>\n<td>Dr.<\/td>\n<td>7,50,000<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td colspan=\"2\">To Debenture Redemption Investments A\/c<\/td>\n<td><\/td>\n<td>7,50,000<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td colspan=\"2\">(Being Debenture Redemption Investments sold)<\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>&#8220;<\/td>\n<td>10% Debentures A\/c<\/td>\n<td>Dr.<\/td>\n<td>50,00,000<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td>Premium on Redemption of Debentures A\/c<\/td>\n<td>Dr.<\/td>\n<td>5,00,000<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td colspan=\"2\">To Debenture holders A\/c<\/td>\n<td><\/td>\n<td>55,00,000<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td colspan=\"2\">(Being Debentures due for redemption at a premium of 10%)<\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>&#8220;<\/td>\n<td>Debenture holders A\/c<\/td>\n<td>Dr.<\/td>\n<td>55,00,000<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td colspan=\"2\">To Bank A\/c<\/td>\n<td><\/td>\n<td>55,00,000<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td colspan=\"2\">(Being Debenture holders paid)<\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>&#8220;<\/td>\n<td>Debenture Redemption Reserve A\/c<\/td>\n<td>Dr.<\/td>\n<td>12,50,000<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td colspan=\"2\">To General Reserve A\/c<\/td>\n<td><\/td>\n<td>12,50,000<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td colspan=\"2\">(Being Debenture Redemption Reserve transferred to general reserve)<\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/li>\n<li><\/li>\n<li><strong>Srijan, Raman and Manan were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. On 31<sup>st<\/sup> March, 2017 their Balance Sheet was as follows:<br \/>\nBalance Sheet of Srijan, Raman and Manan as on 31.3.2017<\/strong><\/p>\n<table class=\"responsive\" border=\"1\" cellspacing=\"0\" cellpadding=\"2\">\n<tbody>\n<tr>\n<td><strong>Liabilities<\/strong><\/td>\n<td><strong>Amount \u20b9<\/strong><\/td>\n<td><strong>Assets<\/strong><\/td>\n<td><strong>Amount \u20b9<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Capitals :<\/td>\n<td><\/td>\n<td>Capital : Manan<\/td>\n<td>10,000<\/td>\n<\/tr>\n<tr>\n<td>Srijan 2,00,000<\/td>\n<td><\/td>\n<td>Plant<\/td>\n<td>2,20,000<\/td>\n<\/tr>\n<tr>\n<td>Raman <u>1,50,000<\/u><\/td>\n<td>3,50,000<\/td>\n<td>Investments<\/td>\n<td>70,000<\/td>\n<\/tr>\n<tr>\n<td>Creditors<\/td>\n<td>75,000<\/td>\n<td>Stock<\/td>\n<td>50,000<\/td>\n<\/tr>\n<tr>\n<td>Bills Payable<\/td>\n<td>40,000<\/td>\n<td>Debtors<\/td>\n<td>60,000<\/td>\n<\/tr>\n<tr>\n<td>Outstanding Salary<\/td>\n<td>35,000<\/td>\n<td>Bank<\/td>\n<td>10,000<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td>Profit and Loss Account<\/td>\n<td>80,000<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><u>5,00,000<\/u><\/td>\n<td><\/td>\n<td><u>5,00,000<\/u><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>On the above date they decided to dissolve the firm.<\/strong><\/p>\n<ol start=\"1\">\n<li><strong>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.<\/strong><\/li>\n<li><strong>Assets were realised as follows<\/strong><br \/>\n<table class=\"responsive\" border=\"1\" cellspacing=\"0\" cellpadding=\"2\">\n<tbody>\n<tr>\n<td><\/td>\n<td><strong>(\u20b9)<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Plant<\/td>\n<td>85,000<\/td>\n<\/tr>\n<tr>\n<td>Stock<\/td>\n<td>33,000<\/td>\n<\/tr>\n<tr>\n<td>Debtors<\/td>\n<td>47,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/li>\n<li><strong>Investments were realised at 95% of the book value.<\/strong><\/li>\n<li><strong>The firm had to pay \u20b9 7,500 for an outstanding repair bill not provided for earlier.<\/strong><\/li>\n<li><strong>A contingent liability in respect of bills receivable, discounted with the bank had also materialised and had to be discharged for \u20b9 15,000.<\/strong><\/li>\n<li><strong>Expenses of realisation amounting to \u20b9 3,000 were paid by Srijan.<br \/>\nPrepare Realisation Account, Partners\u2019 Capital Accounts and Bank Account. (8)<\/strong><\/li>\n<\/ol>\n<p><strong>Ans. <\/strong><\/p>\n<table class=\"responsive\" border=\"1\" cellspacing=\"0\" cellpadding=\"2\">\n<tbody>\n<tr>\n<td colspan=\"2\" rowspan=\"1\"><strong>Dr.<\/strong><\/td>\n<td colspan=\"3\" rowspan=\"1\"><strong>Realisation A\/c<\/strong><\/td>\n<td><strong>Dr.<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" rowspan=\"1\"><strong>Particular<\/strong><\/td>\n<td><strong>Amount<br \/>\n(\u20b9)<\/strong><\/td>\n<td colspan=\"2\" rowspan=\"1\"><strong>Particular<\/strong><\/td>\n<td><strong>Amount<br \/>\n(\u20b9)<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" rowspan=\"1\"><strong>To sundry assests:<\/strong><\/td>\n<td><\/td>\n<td colspan=\"2\" rowspan=\"1\"><strong>By sundry liabilities:<\/strong><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>Plants<\/td>\n<td>2,20,000<\/td>\n<td><\/td>\n<td>Creditors<\/td>\n<td>75,000<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>Investments<\/td>\n<td>70,000<\/td>\n<td><\/td>\n<td>Bills Payable<\/td>\n<td>40,000<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>Stock<\/td>\n<td>50,000<\/td>\n<td><\/td>\n<td>Outstanding salary<\/td>\n<td><u>35,000<\/u><\/td>\n<td>1,50,000<\/td>\n<\/tr>\n<tr>\n<td>Debtors<\/td>\n<td><u>60,000<\/u><\/td>\n<td>4,00,000<\/td>\n<td colspan=\"2\" rowspan=\"1\"><strong>By Bank A\/c:<\/strong><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" rowspan=\"1\"><strong>To Bank A\/c:<\/strong><\/td>\n<td><\/td>\n<td rowspan=\"1\">Plant<\/td>\n<td rowspan=\"1\">85,000<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>Creditors<\/td>\n<td>75,000<\/td>\n<td><\/td>\n<td>Stock<\/td>\n<td>33,000<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>Bills Payable<\/td>\n<td>40,000<\/td>\n<td><\/td>\n<td>Debtors<\/td>\n<td>47,000<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>Outsanding expenses<\/td>\n<td>7,500<\/td>\n<td><\/td>\n<td>Investments<\/td>\n<td><u>66,500<\/u><\/td>\n<td>2,31,500<\/td>\n<\/tr>\n<tr>\n<td>Contingent liability<\/td>\n<td>15,000<\/td>\n<td><\/td>\n<td colspan=\"2\" rowspan=\"1\"><strong>By Loss transferred to Partners\u2019 Capital A\/c:<\/strong><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>Outstanding salary<\/td>\n<td><u>35,000<\/u><\/td>\n<td>1,72,500<\/td>\n<td rowspan=\"1\">Srijan<\/td>\n<td rowspan=\"1\">81,030<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><strong>To Srijan\u2019s Capital A\/c<\/strong><\/td>\n<td><\/td>\n<td><\/td>\n<td>Raman<\/td>\n<td>81,030<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>\u2010commission<\/td>\n<td><\/td>\n<td>11,575<\/td>\n<td>Manan<\/td>\n<td><u>40,515 <\/u><\/td>\n<td>2,02,575<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><strong>5,84,075<\/strong><\/td>\n<td><\/td>\n<td><\/td>\n<td><strong>5,84,075<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table class=\"responsive\" border=\"1\" cellspacing=\"0\" cellpadding=\"3\">\n<tbody>\n<tr>\n<td><strong>Dr.<\/strong><\/td>\n<td colspan=\"6\" rowspan=\"1\"><strong>Partners&#8217; Capital A\/c<\/strong><\/td>\n<td><strong>Cr.<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Particular<\/strong><\/td>\n<td><strong>Srijan<br \/>\n(\u20b9)<\/strong><\/td>\n<td><strong>Raman<br \/>\n(\u20b9)<\/strong><\/td>\n<td><strong>Manan<br \/>\n(\u20b9)<\/strong><\/td>\n<td><strong>Particular<\/strong><\/td>\n<td><strong>Srijan<br \/>\n(\u20b9)<\/strong><\/td>\n<td><strong>Raman<br \/>\n(\u20b9)<\/strong><\/td>\n<td><strong>Manan<br \/>\n(\u20b9)<\/strong><\/td>\n<\/tr>\n<tr>\n<td>To Balance b\/d<\/td>\n<td>&#8230;.<\/td>\n<td>&#8230;.<\/td>\n<td>10,000<\/td>\n<td>By Balance b\/d<\/td>\n<td>2,00,000<\/td>\n<td>1,50,000<\/td>\n<td>&#8230;.<\/td>\n<\/tr>\n<tr>\n<td>To Profit and Loss A\/c<\/td>\n<td>32,000<\/td>\n<td>32,000<\/td>\n<td>16,000<\/td>\n<td>By Realisation A\/c<\/td>\n<td>11,575<\/td>\n<td>&#8230;.<\/td>\n<td>&#8230;.<\/td>\n<\/tr>\n<tr>\n<td>To Realisation A\/c<\/td>\n<td>81,030<\/td>\n<td>81,030<\/td>\n<td>40,515<\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>To Bank A\/c<\/td>\n<td>98,545<\/td>\n<td>36,970<\/td>\n<td>&#8230;.<\/td>\n<td>By Bank A\/c<\/td>\n<td>&#8230;.<\/td>\n<td>&#8230;.<\/td>\n<td>66,515<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><u><strong>2,11,575<\/strong><\/u><\/td>\n<td><u><strong>1,50,000<\/strong><\/u><\/td>\n<td><u><strong>66,515<\/strong><\/u><\/td>\n<td><\/td>\n<td><u><strong>2,11,575<\/strong><\/u><\/td>\n<td><u><strong>1,50,000<\/strong><\/u><\/td>\n<td><u><strong>66,515<\/strong><\/u><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table class=\"responsive\" border=\"1\" cellspacing=\"0\" cellpadding=\"3\">\n<tbody>\n<tr>\n<td><strong>Dr.<\/strong><\/td>\n<td colspan=\"2\" rowspan=\"1\"><strong>Bank A\/c<\/strong><\/td>\n<td><strong>Cr.<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Liabilities<\/strong><\/td>\n<td><strong>Amt<br \/>\n(\u20b9)<\/strong><\/td>\n<td><strong>Assets<\/strong><\/td>\n<td><strong>Amt<br \/>\n(\u20b9)<\/strong><\/td>\n<\/tr>\n<tr>\n<td>To Balance b\/d<\/td>\n<td>10,000<\/td>\n<td>By Realisation A\/c<\/td>\n<td>1,72,500<\/td>\n<\/tr>\n<tr>\n<td>To Realisation A\/c<\/td>\n<td>2,31,500<\/td>\n<td>By Srijan\u2019s capital A\/c<\/td>\n<td>98,545<\/td>\n<\/tr>\n<tr>\n<td>To Manan\u2019s capital A\/c<\/td>\n<td>66,515<\/td>\n<td>By Raman\u2019s capital A\/c<\/td>\n<td>36,970<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><u><strong>3,08,015<\/strong><\/u><\/td>\n<td><\/td>\n<td><u><strong>3,08,015<\/strong><\/u><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<div><strong>OR<\/strong><\/div>\n<p><strong>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 :<br \/>\ni. Interest on capital @ 5% p.a.<br \/>\nii. Interest on drawing @ 12% p.a.<br \/>\niii. Interest on partners\u2019 loan @ 6% p.a.<br \/>\niv. Moli was allowed an annual salary of \u20b9 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 \u20b9 1,50,000 after making all the adjustments as provided in the partnership agreement.<br \/>\nTheir fixed capitals were Moli : \u20b9 5,00,000; Bhola : \u20b9 8,00,000 and Raj : \u20b9 4,00,000. On 1st April, 2016 Bhola extended a loan of \u20b9 1,00,000 to the firm. The net profit of the firm for the year ended 31st March, 2017 before interest on Bhola\u2019s loan was \u20b9 3,06,000.<br \/>\nPrepare Profit and Loss Appropriation Account of Moli, Bhola and Raj for the year ended 31<sup>st<\/sup> March, 2017 and their Current Accounts assuming that Bhola withdrew \u20b9 5,000 at the end of each month, Moli withdrew \u20b9 10,000 at the end of each quarter and Raj withdrew \u20b9 40,000 at the end of each half year. (8)<br \/>\nAns.<\/strong><\/p>\n<p><strong>Dr.<\/strong><strong>Profit and Loss Appropriation A\/c for the year ended 31<sup>st<\/sup> March 2017<\/strong><strong>Cr.<\/strong><strong>Particular<\/strong><strong>Amount<br \/>\n(\u20b9)<\/strong><strong>Particulars<\/strong><strong>Amount<br \/>\n(\u20b9)<\/strong>To Interest on Capital:<br \/>\nBy Profit and Loss A\/c3,00,000Moli\u2019s Current A\/c25,000<br \/>\n(3,06,000 \u2013 6,000)<br \/>\nBhola\u2019s Current A\/c40,000<br \/>\nBy Interest on Drawings:<br \/>\nRaj\u2019s Current A\/c<u>20,000<\/u>85,000Moli\u2019s Current A\/c1,800<br \/>\nTo Salary:<br \/>\nBhola\u2019s Current A\/c3,300<br \/>\nMoli\u2019s Current A\/c4,000Raj\u2019s Current A\/c<u>2,400<\/u>7,500To Commisssion:<\/p>\n<p>Bhola\u2019s Current A\/c30,000<\/p>\n<p>To profits transferred to:<\/p>\n<p>Moli\u2019s Current A\/c56,550<\/p>\n<p>Less guarantee<u>(37,300)<\/u>19,250<\/p>\n<p>Bhola\u2019s Current A\/c56,550<\/p>\n<p>Less guarantee<u>(37,300)<\/u>19,250<\/p>\n<p>Raj\u2019s Current A\/c75,400<\/p>\n<p>Add: from Moli37,300<\/p>\n<p>Add: from Bhola<u>37,300<\/u>1,50,000<\/p>\n<p><u><strong>3,07,500<\/strong><\/u><br \/>\n<strong><u>3,07,500<\/u><\/strong><\/p>\n<table class=\"responsive\" border=\"1\" cellspacing=\"0\" cellpadding=\"3\">\n<tbody>\n<tr>\n<td><strong>Dr.<\/strong><\/td>\n<td colspan=\"6\" rowspan=\"1\"><strong>Partner&#8217;s Current Accounts<\/strong><\/td>\n<td><strong>Cr.<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Particulars <\/strong><\/td>\n<td><strong>Moli<br \/>\n(\u20b9)<\/strong><\/td>\n<td><strong>Bhola<br \/>\n(\u20b9)<\/strong><\/td>\n<td><strong>Raj<br \/>\n(\u20b9)<\/strong><\/td>\n<td><strong>Particular<\/strong><\/td>\n<td><strong>Moli<br \/>\n(\u20b9)<\/strong><\/td>\n<td><strong>Bhola<br \/>\n(\u20b9)<\/strong><\/td>\n<td><strong>Raj<br \/>\n(\u20b9)<\/strong><\/td>\n<\/tr>\n<tr>\n<td>To Drawings A\/c<\/td>\n<td>40,000<\/td>\n<td>60,000<\/td>\n<td>80,000<\/td>\n<td>By Interest on capital A\/c<\/td>\n<td>25,000<\/td>\n<td>40,000<\/td>\n<td>20,000<\/td>\n<\/tr>\n<tr>\n<td>To Interest on Drawings A\/c<\/td>\n<td>1,800<\/td>\n<td>3,300<\/td>\n<td>2,400<\/td>\n<td>By Salary A\/c<\/td>\n<td>4,000<\/td>\n<td>&#8212;<\/td>\n<td>&#8212;<\/td>\n<\/tr>\n<tr>\n<td>To Balance c\/d<\/td>\n<td>6,450<\/td>\n<td>25,950<\/td>\n<td>87,600<\/td>\n<td>By Commission A\/c<\/td>\n<td>&#8212;<\/td>\n<td>30,000<\/td>\n<td>&#8212;<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td>By P&amp;L Appropriation A\/c-\u00ad\u2010share of profit<\/td>\n<td>19,250<\/td>\n<td>19,250<\/td>\n<td>1,50,000<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><u><strong>48,250<\/strong><\/u><\/td>\n<td><u><strong>89,250<\/strong><\/u><\/td>\n<td><u><strong>1,70,000<\/strong><\/u><\/td>\n<td><\/td>\n<td><strong><u>48,250<\/u><\/strong><\/td>\n<td><strong><u>89,250<\/u><\/strong><\/td>\n<td><strong><u>1,70,000<\/u><\/strong><\/p>\n<p>&nbsp;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/li>\n<\/ol>\n<p style=\"text-align: center;\"><strong>These are first 16 questions only.\u00a0<\/strong><b>To view and download complete question paper with solution<\/b><\/p>\n<p style=\"text-align: center;\"><b><strong><a class=\"button\" href=\"https:\/\/play.google.com\/store\/apps\/details?id=in.techchefs.MyCBSEGuide&amp;referrer=utm_source%3Dmycbse_bottom%26utm_medium%3Dtext%26utm_campaign%3Dmycbseads\">Download myCBSEguide App<\/a><\/strong><\/b><\/p>\n<p style=\"text-align: center;\"><b>the best CBSE App from google playstore\u00a0now or login to our Student Dashboard.<\/b><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Accountancy_Question_Paper_2018_with_solution\"><\/span>Accountancy Question Paper 2018 with solution<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Download class 12 Accountancy question paper with solution from best CBSE App the myCBSEguide. 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