Commerce Exam  >  Commerce Notes  >  Additional Study Material for Commerce  >  CBSE Accountancy Past year paper Delhi (Set - 1) Solution - 2015, Class 12

CBSE Accountancy Past year paper Delhi (Set - 1) Solution - 2015, Class 12 | Additional Study Material for Commerce PDF Download

Download, print and study this document offline
Please wait while the PDF view is loading
 Page 1


  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 1 – 2015 Solution 
 
     
CBSE 
Class XII Accountancy 
Delhi Board Paper Set 1– 2015 Solution 
 
SECTION A 
1. Answer : 
The correct answer is option (b). 
According to provisions of Indian Partnership Act, 1932 the profits and losses are to be shared equally 
among the partners.  
 
2. Answer : 
The accountant has passed the wrong accounting treatment. According to AS 26, during the admission 
of a partner, if the new partner contributes some amount towards his share of goodwill, then such 
goodwill should be immediately distributed among the sacrificing partners in their sacrificing ratio. It 
cannot be shown as an asset in the books of the firm until such goodwill is purchased. 
 
3. Answer : 
The correct answer is option (b). 
When a partner retires, the balance of accumulated profits and losses is transferred among all the 
partners in the old ratio. Here, debit balance of `12,000 in the Profit and Loss Account will be debited 
(being a loss) to the capital accounts of Hari, Ram and Sharma equally. 
 
4. Answer : 
Journal 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
      
 Profit and Loss Suspense A/c Dr.  2,350  
 -------- To Verma’s Capital A/c    2,350 
 (Being Verma’s share of profit dispensed through his capital 
Account) 
    
      
 
5. Answer : 
Shares cancelled due to the non-payment of calls due is known as forfeiture of shares. 
 
6. Answer : 
The correct answer is option (c) 
Details ` 
Amount due on allotment (95,000 ?4) 3,80,000 
 Less : Allotment not received on 500 shares 2,000 
 Add : First and final call money received on 750 shares (750 ? 3) 2,250 
Net Amount Received on Allotment 3,80,250 
 
7. Answer : 
As per the Section 78 of the Companies Act of 1956, the amount of securities premium can be used by 
the company:  
a. To issue fully paid bonus shares to the members. 
b. To write-off preliminary expenses of the company. 
c. To buy-back its own shares or other securities. 
 
 
Page 2


  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 1 – 2015 Solution 
 
     
CBSE 
Class XII Accountancy 
Delhi Board Paper Set 1– 2015 Solution 
 
SECTION A 
1. Answer : 
The correct answer is option (b). 
According to provisions of Indian Partnership Act, 1932 the profits and losses are to be shared equally 
among the partners.  
 
2. Answer : 
The accountant has passed the wrong accounting treatment. According to AS 26, during the admission 
of a partner, if the new partner contributes some amount towards his share of goodwill, then such 
goodwill should be immediately distributed among the sacrificing partners in their sacrificing ratio. It 
cannot be shown as an asset in the books of the firm until such goodwill is purchased. 
 
3. Answer : 
The correct answer is option (b). 
When a partner retires, the balance of accumulated profits and losses is transferred among all the 
partners in the old ratio. Here, debit balance of `12,000 in the Profit and Loss Account will be debited 
(being a loss) to the capital accounts of Hari, Ram and Sharma equally. 
 
4. Answer : 
Journal 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
      
 Profit and Loss Suspense A/c Dr.  2,350  
 -------- To Verma’s Capital A/c    2,350 
 (Being Verma’s share of profit dispensed through his capital 
Account) 
    
      
 
5. Answer : 
Shares cancelled due to the non-payment of calls due is known as forfeiture of shares. 
 
6. Answer : 
The correct answer is option (c) 
Details ` 
Amount due on allotment (95,000 ?4) 3,80,000 
 Less : Allotment not received on 500 shares 2,000 
 Add : First and final call money received on 750 shares (750 ? 3) 2,250 
Net Amount Received on Allotment 3,80,250 
 
7. Answer : 
As per the Section 78 of the Companies Act of 1956, the amount of securities premium can be used by 
the company:  
a. To issue fully paid bonus shares to the members. 
b. To write-off preliminary expenses of the company. 
c. To buy-back its own shares or other securities. 
 
 
  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 1 – 2015 Solution 
 
     
8. Answer : 
Profit and Loss Appropriation Account 
for the year ended March 2014 
Dr.   Cr. 
Particulars  ` Particulars  ` 
To Interest on Capital A/c   By Profit and Loss A/c  7,800 
 Jay 4,800     
 Vijay 3,000 7,800    
  7,800   7,800 
      
         
: Calculation of Interest on Capital
9
On Jay's Capital = 80,000 7,200
100
9
On Vijay's Capital = 50,000 4,500
100
Total Interest = 7,200 + 4,500 = 11,700
: Calculation of Proportin
??
??
Working Notes :
WN 1
WN 2 ate Interest on Capital
7,200
Proportionate Interest on Jay = 7,800 4,800
11,700
4,500
Proportionate Interest to Vijay = 7,800 3,000
11,700
??
??
 
Note: Interest on Capital is to be treated as an appropriation of profits and is to be provided to the 
extent of available profits i.e. 7,800. 
 
9. Answer : 
Balance Sheet Extract 
Particulars 
Note 
No 
` 
I. Equity and Liabilities   
 1. Shareholder’s Funds   
 a. Share Capital 1 4,97,500 
 b. Reserve and Surplus 2 2,50,000 
Total  7,47,500 
   
II. Assets   
 2. Current Assets   
 a) Cash and Equivalents 3 7,47,500 
   
Total  7,47,500 
 
 
 
 
Page 3


  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 1 – 2015 Solution 
 
     
CBSE 
Class XII Accountancy 
Delhi Board Paper Set 1– 2015 Solution 
 
SECTION A 
1. Answer : 
The correct answer is option (b). 
According to provisions of Indian Partnership Act, 1932 the profits and losses are to be shared equally 
among the partners.  
 
2. Answer : 
The accountant has passed the wrong accounting treatment. According to AS 26, during the admission 
of a partner, if the new partner contributes some amount towards his share of goodwill, then such 
goodwill should be immediately distributed among the sacrificing partners in their sacrificing ratio. It 
cannot be shown as an asset in the books of the firm until such goodwill is purchased. 
 
3. Answer : 
The correct answer is option (b). 
When a partner retires, the balance of accumulated profits and losses is transferred among all the 
partners in the old ratio. Here, debit balance of `12,000 in the Profit and Loss Account will be debited 
(being a loss) to the capital accounts of Hari, Ram and Sharma equally. 
 
4. Answer : 
Journal 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
      
 Profit and Loss Suspense A/c Dr.  2,350  
 -------- To Verma’s Capital A/c    2,350 
 (Being Verma’s share of profit dispensed through his capital 
Account) 
    
      
 
5. Answer : 
Shares cancelled due to the non-payment of calls due is known as forfeiture of shares. 
 
6. Answer : 
The correct answer is option (c) 
Details ` 
Amount due on allotment (95,000 ?4) 3,80,000 
 Less : Allotment not received on 500 shares 2,000 
 Add : First and final call money received on 750 shares (750 ? 3) 2,250 
Net Amount Received on Allotment 3,80,250 
 
7. Answer : 
As per the Section 78 of the Companies Act of 1956, the amount of securities premium can be used by 
the company:  
a. To issue fully paid bonus shares to the members. 
b. To write-off preliminary expenses of the company. 
c. To buy-back its own shares or other securities. 
 
 
  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 1 – 2015 Solution 
 
     
8. Answer : 
Profit and Loss Appropriation Account 
for the year ended March 2014 
Dr.   Cr. 
Particulars  ` Particulars  ` 
To Interest on Capital A/c   By Profit and Loss A/c  7,800 
 Jay 4,800     
 Vijay 3,000 7,800    
  7,800   7,800 
      
         
: Calculation of Interest on Capital
9
On Jay's Capital = 80,000 7,200
100
9
On Vijay's Capital = 50,000 4,500
100
Total Interest = 7,200 + 4,500 = 11,700
: Calculation of Proportin
??
??
Working Notes :
WN 1
WN 2 ate Interest on Capital
7,200
Proportionate Interest on Jay = 7,800 4,800
11,700
4,500
Proportionate Interest to Vijay = 7,800 3,000
11,700
??
??
 
Note: Interest on Capital is to be treated as an appropriation of profits and is to be provided to the 
extent of available profits i.e. 7,800. 
 
9. Answer : 
Balance Sheet Extract 
Particulars 
Note 
No 
` 
I. Equity and Liabilities   
 1. Shareholder’s Funds   
 a. Share Capital 1 4,97,500 
 b. Reserve and Surplus 2 2,50,000 
Total  7,47,500 
   
II. Assets   
 2. Current Assets   
 a) Cash and Equivalents 3 7,47,500 
   
Total  7,47,500 
 
 
 
 
  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 1 – 2015 Solution 
 
     
Note No Particulars  ` 
1. Share  Capital   
 Authorised Share Capital   
  1,00,000 shares of 10 each  10,00,000 
 Issued Share Capital   
  50,000 Equity Shares of 10 each  5,00,000 
 Subscribed Called-up and Paid up Share Capital   
  50,000 Shares of 10 each 5,00,000  
  Less : Calls – in – arrears (500 shares of 5) 2,500 4,97,500 
    
2. Reserve and Surplus   
 Securities Premium  2,50,000 
    
3. Cash and Cash Equivalents   
 Cash at Bank  7,47,500 
    
 
10. Answer : 
Journal 
In the books of Sangam Woolens Ltd 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
      
 Machinery A/c Dr.  5,00,000  
 -------- To Vendor    5,00,000 
 (Being machinery purchased)     
      
 Vendor Dr.  5,00,000  
 -------- To Equity Share Capital    4,00,000 
 -------- To 9% Debentures A/c    1,00,000 
 (Being issued 40,000 equity shares and 1,000 debentures to 
the vendor) 
    
      
Values involved in the above scenario 
(i) Creation for employment opportunities 
(ii) Working for social welfare 
 
11. Answer : 
 
Dev’s Capital Account 
Dr.   Cr. 
Particulars ` Particulars ` 
To Drawings A/c 15,000 By Balance b/d 77,000 
To Profit and Loss A/c 22,800 By Interest on Capital A/c 2,310 
To Dev’s Executors A/c 51,935 By Profit and Loss Suspense A/c 10,425 
    
 89,735  89,735 
    
 
Page 4


  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 1 – 2015 Solution 
 
     
CBSE 
Class XII Accountancy 
Delhi Board Paper Set 1– 2015 Solution 
 
SECTION A 
1. Answer : 
The correct answer is option (b). 
According to provisions of Indian Partnership Act, 1932 the profits and losses are to be shared equally 
among the partners.  
 
2. Answer : 
The accountant has passed the wrong accounting treatment. According to AS 26, during the admission 
of a partner, if the new partner contributes some amount towards his share of goodwill, then such 
goodwill should be immediately distributed among the sacrificing partners in their sacrificing ratio. It 
cannot be shown as an asset in the books of the firm until such goodwill is purchased. 
 
3. Answer : 
The correct answer is option (b). 
When a partner retires, the balance of accumulated profits and losses is transferred among all the 
partners in the old ratio. Here, debit balance of `12,000 in the Profit and Loss Account will be debited 
(being a loss) to the capital accounts of Hari, Ram and Sharma equally. 
 
4. Answer : 
Journal 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
      
 Profit and Loss Suspense A/c Dr.  2,350  
 -------- To Verma’s Capital A/c    2,350 
 (Being Verma’s share of profit dispensed through his capital 
Account) 
    
      
 
5. Answer : 
Shares cancelled due to the non-payment of calls due is known as forfeiture of shares. 
 
6. Answer : 
The correct answer is option (c) 
Details ` 
Amount due on allotment (95,000 ?4) 3,80,000 
 Less : Allotment not received on 500 shares 2,000 
 Add : First and final call money received on 750 shares (750 ? 3) 2,250 
Net Amount Received on Allotment 3,80,250 
 
7. Answer : 
As per the Section 78 of the Companies Act of 1956, the amount of securities premium can be used by 
the company:  
a. To issue fully paid bonus shares to the members. 
b. To write-off preliminary expenses of the company. 
c. To buy-back its own shares or other securities. 
 
 
  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 1 – 2015 Solution 
 
     
8. Answer : 
Profit and Loss Appropriation Account 
for the year ended March 2014 
Dr.   Cr. 
Particulars  ` Particulars  ` 
To Interest on Capital A/c   By Profit and Loss A/c  7,800 
 Jay 4,800     
 Vijay 3,000 7,800    
  7,800   7,800 
      
         
: Calculation of Interest on Capital
9
On Jay's Capital = 80,000 7,200
100
9
On Vijay's Capital = 50,000 4,500
100
Total Interest = 7,200 + 4,500 = 11,700
: Calculation of Proportin
??
??
Working Notes :
WN 1
WN 2 ate Interest on Capital
7,200
Proportionate Interest on Jay = 7,800 4,800
11,700
4,500
Proportionate Interest to Vijay = 7,800 3,000
11,700
??
??
 
Note: Interest on Capital is to be treated as an appropriation of profits and is to be provided to the 
extent of available profits i.e. 7,800. 
 
9. Answer : 
Balance Sheet Extract 
Particulars 
Note 
No 
` 
I. Equity and Liabilities   
 1. Shareholder’s Funds   
 a. Share Capital 1 4,97,500 
 b. Reserve and Surplus 2 2,50,000 
Total  7,47,500 
   
II. Assets   
 2. Current Assets   
 a) Cash and Equivalents 3 7,47,500 
   
Total  7,47,500 
 
 
 
 
  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 1 – 2015 Solution 
 
     
Note No Particulars  ` 
1. Share  Capital   
 Authorised Share Capital   
  1,00,000 shares of 10 each  10,00,000 
 Issued Share Capital   
  50,000 Equity Shares of 10 each  5,00,000 
 Subscribed Called-up and Paid up Share Capital   
  50,000 Shares of 10 each 5,00,000  
  Less : Calls – in – arrears (500 shares of 5) 2,500 4,97,500 
    
2. Reserve and Surplus   
 Securities Premium  2,50,000 
    
3. Cash and Cash Equivalents   
 Cash at Bank  7,47,500 
    
 
10. Answer : 
Journal 
In the books of Sangam Woolens Ltd 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
      
 Machinery A/c Dr.  5,00,000  
 -------- To Vendor    5,00,000 
 (Being machinery purchased)     
      
 Vendor Dr.  5,00,000  
 -------- To Equity Share Capital    4,00,000 
 -------- To 9% Debentures A/c    1,00,000 
 (Being issued 40,000 equity shares and 1,000 debentures to 
the vendor) 
    
      
Values involved in the above scenario 
(i) Creation for employment opportunities 
(ii) Working for social welfare 
 
11. Answer : 
 
Dev’s Capital Account 
Dr.   Cr. 
Particulars ` Particulars ` 
To Drawings A/c 15,000 By Balance b/d 77,000 
To Profit and Loss A/c 22,800 By Interest on Capital A/c 2,310 
To Dev’s Executors A/c 51,935 By Profit and Loss Suspense A/c 10,425 
    
 89,735  89,735 
    
 
  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 1 – 2015 Solution 
 
     
                    
: Calculation of Interest on Capital
12 3
77,000 2,310
100 12
: Calculation of Share of Profit
2,04,000 1,80,000 90,000 57,000
Average Profits = 1,04,250
4
3
Dev's Share = 1,04,250  
12
? ? ?
? ? ?
?
?
Working Notes :
WN1
WN 2
2
10,425
5
: Calculation of Share of Debit balance in P&L A/c
2
57,000 22,800
5
??
??
WN 3
 
12. Answer : 
Journal 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
 Gupta’s Capital A/c Dr.  1,20,000  
 --------- To Kumar’s Capital A/c    60,000 
 --------- To Kavita’s Capital A/c    60,000 
 (Being goodwill adjusted at the time of change in profit 
sharing ratio) 
    
      
 
Working Note: 
WN 1 Calculation of Gaining Ratio 
Old Ratio = 1:1:1 
New Ratio = 1:2:1 
Gaining Ratio = New Ratio – Old Ratio 
1 1 3 4 1
Kumar = (sacrifice)
4 3 12 12
2 1 6 4 2
Gupta = (Gain)
4 3 12 12
1 1 3 4 1
Kavita = (Sacrifice)
4 3 12 12
?
? ? ? ?
?
? ? ?
?
? ? ? ?
 
Only Gupta is gaining, Kumar and Kavita are sacrificing in the ratio of 1:1. 
 Calculation of Goodwill of the firm
Sum of years of profit
Average Profit = 
Number of years
4,00,000 4,80,000 7,33,000 33,000 2,20,000
                              =
5
                               = 
? ? ? ?
WN2
18,00,000
3,60,000
5
?
 
Goodwill is calculated on the basis of two years purchase of last 5 years average profit 
Goodwill = 2 ? Average Profit 
                  = 2 ? 3, 60,000 = 7, 20,000 
1
Amount of goodwill to be adjusted = 7,20,000 60,000
12
?? 
Page 5


  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 1 – 2015 Solution 
 
     
CBSE 
Class XII Accountancy 
Delhi Board Paper Set 1– 2015 Solution 
 
SECTION A 
1. Answer : 
The correct answer is option (b). 
According to provisions of Indian Partnership Act, 1932 the profits and losses are to be shared equally 
among the partners.  
 
2. Answer : 
The accountant has passed the wrong accounting treatment. According to AS 26, during the admission 
of a partner, if the new partner contributes some amount towards his share of goodwill, then such 
goodwill should be immediately distributed among the sacrificing partners in their sacrificing ratio. It 
cannot be shown as an asset in the books of the firm until such goodwill is purchased. 
 
3. Answer : 
The correct answer is option (b). 
When a partner retires, the balance of accumulated profits and losses is transferred among all the 
partners in the old ratio. Here, debit balance of `12,000 in the Profit and Loss Account will be debited 
(being a loss) to the capital accounts of Hari, Ram and Sharma equally. 
 
4. Answer : 
Journal 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
      
 Profit and Loss Suspense A/c Dr.  2,350  
 -------- To Verma’s Capital A/c    2,350 
 (Being Verma’s share of profit dispensed through his capital 
Account) 
    
      
 
5. Answer : 
Shares cancelled due to the non-payment of calls due is known as forfeiture of shares. 
 
6. Answer : 
The correct answer is option (c) 
Details ` 
Amount due on allotment (95,000 ?4) 3,80,000 
 Less : Allotment not received on 500 shares 2,000 
 Add : First and final call money received on 750 shares (750 ? 3) 2,250 
Net Amount Received on Allotment 3,80,250 
 
7. Answer : 
As per the Section 78 of the Companies Act of 1956, the amount of securities premium can be used by 
the company:  
a. To issue fully paid bonus shares to the members. 
b. To write-off preliminary expenses of the company. 
c. To buy-back its own shares or other securities. 
 
 
  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 1 – 2015 Solution 
 
     
8. Answer : 
Profit and Loss Appropriation Account 
for the year ended March 2014 
Dr.   Cr. 
Particulars  ` Particulars  ` 
To Interest on Capital A/c   By Profit and Loss A/c  7,800 
 Jay 4,800     
 Vijay 3,000 7,800    
  7,800   7,800 
      
         
: Calculation of Interest on Capital
9
On Jay's Capital = 80,000 7,200
100
9
On Vijay's Capital = 50,000 4,500
100
Total Interest = 7,200 + 4,500 = 11,700
: Calculation of Proportin
??
??
Working Notes :
WN 1
WN 2 ate Interest on Capital
7,200
Proportionate Interest on Jay = 7,800 4,800
11,700
4,500
Proportionate Interest to Vijay = 7,800 3,000
11,700
??
??
 
Note: Interest on Capital is to be treated as an appropriation of profits and is to be provided to the 
extent of available profits i.e. 7,800. 
 
9. Answer : 
Balance Sheet Extract 
Particulars 
Note 
No 
` 
I. Equity and Liabilities   
 1. Shareholder’s Funds   
 a. Share Capital 1 4,97,500 
 b. Reserve and Surplus 2 2,50,000 
Total  7,47,500 
   
II. Assets   
 2. Current Assets   
 a) Cash and Equivalents 3 7,47,500 
   
Total  7,47,500 
 
 
 
 
  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 1 – 2015 Solution 
 
     
Note No Particulars  ` 
1. Share  Capital   
 Authorised Share Capital   
  1,00,000 shares of 10 each  10,00,000 
 Issued Share Capital   
  50,000 Equity Shares of 10 each  5,00,000 
 Subscribed Called-up and Paid up Share Capital   
  50,000 Shares of 10 each 5,00,000  
  Less : Calls – in – arrears (500 shares of 5) 2,500 4,97,500 
    
2. Reserve and Surplus   
 Securities Premium  2,50,000 
    
3. Cash and Cash Equivalents   
 Cash at Bank  7,47,500 
    
 
10. Answer : 
Journal 
In the books of Sangam Woolens Ltd 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
      
 Machinery A/c Dr.  5,00,000  
 -------- To Vendor    5,00,000 
 (Being machinery purchased)     
      
 Vendor Dr.  5,00,000  
 -------- To Equity Share Capital    4,00,000 
 -------- To 9% Debentures A/c    1,00,000 
 (Being issued 40,000 equity shares and 1,000 debentures to 
the vendor) 
    
      
Values involved in the above scenario 
(i) Creation for employment opportunities 
(ii) Working for social welfare 
 
11. Answer : 
 
Dev’s Capital Account 
Dr.   Cr. 
Particulars ` Particulars ` 
To Drawings A/c 15,000 By Balance b/d 77,000 
To Profit and Loss A/c 22,800 By Interest on Capital A/c 2,310 
To Dev’s Executors A/c 51,935 By Profit and Loss Suspense A/c 10,425 
    
 89,735  89,735 
    
 
  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 1 – 2015 Solution 
 
     
                    
: Calculation of Interest on Capital
12 3
77,000 2,310
100 12
: Calculation of Share of Profit
2,04,000 1,80,000 90,000 57,000
Average Profits = 1,04,250
4
3
Dev's Share = 1,04,250  
12
? ? ?
? ? ?
?
?
Working Notes :
WN1
WN 2
2
10,425
5
: Calculation of Share of Debit balance in P&L A/c
2
57,000 22,800
5
??
??
WN 3
 
12. Answer : 
Journal 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
 Gupta’s Capital A/c Dr.  1,20,000  
 --------- To Kumar’s Capital A/c    60,000 
 --------- To Kavita’s Capital A/c    60,000 
 (Being goodwill adjusted at the time of change in profit 
sharing ratio) 
    
      
 
Working Note: 
WN 1 Calculation of Gaining Ratio 
Old Ratio = 1:1:1 
New Ratio = 1:2:1 
Gaining Ratio = New Ratio – Old Ratio 
1 1 3 4 1
Kumar = (sacrifice)
4 3 12 12
2 1 6 4 2
Gupta = (Gain)
4 3 12 12
1 1 3 4 1
Kavita = (Sacrifice)
4 3 12 12
?
? ? ? ?
?
? ? ?
?
? ? ? ?
 
Only Gupta is gaining, Kumar and Kavita are sacrificing in the ratio of 1:1. 
 Calculation of Goodwill of the firm
Sum of years of profit
Average Profit = 
Number of years
4,00,000 4,80,000 7,33,000 33,000 2,20,000
                              =
5
                               = 
? ? ? ?
WN2
18,00,000
3,60,000
5
?
 
Goodwill is calculated on the basis of two years purchase of last 5 years average profit 
Goodwill = 2 ? Average Profit 
                  = 2 ? 3, 60,000 = 7, 20,000 
1
Amount of goodwill to be adjusted = 7,20,000 60,000
12
?? 
  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 1 – 2015 Solution 
 
     
13. Answer : 
(i) Calculation of New Profit sharing Ratio of Sahil, Charu and Tanu for the year 2012 – 13 
Old Ratio of Sahil and Charu = 4:3 
Tanu was admitted for 1/5
th
 share, which was acquired by her equally from Sahil and Charu 
 
1 1 1
Sahil = 
5 2 10
1 1 1
Charu = 
5 2 10
SacrificingShare
??
??
 
New Profit Share = Old Ratio – Sacrificing Share 
4 1 40 7 33
Sahil = 
7 10 70 70
3 1 30 7 23
Charu = 
7 10 70 70
1 1 2 14
Tanu = 
10 10 10 70
or
?
? ? ?
?
? ? ?
??
 
Therefore, New Profit Sharing Ratio of Sahil, Charu and Tanu = 33:23:14 
 
(ii) Calculation of New Profit Sharing Ratio of Sahil, Charu, Tanu and Puneet 
Old Ratio of Sahil, Charu and Tanu = 33:23:14 
Puneet was admitted for 1/7
th
 share, which he acquired from Sahil and Charu in the ratio of 7:3 
1 7 7
Sahil = 
7 10 10
1 3 3
Charu = 
7 10 70
SacrificingShare
??
??
 
New Profit Share = Old Share  Sacrificing Share
33 7 26
Sahil = 
70 70 70
23 3 20
Charu = 
70 70 70
14
Tanu = 
70
7 3 10
Puneet = 
70 70 70
?
??
??
??
 
Therefore, New Profit Sharing Ratio of Sahil, Charu Tanu and Puneet = 26:20:14:10 
 
 
 
 
 
 
 
 
 
Read More
4 videos|168 docs

Top Courses for Commerce

4 videos|168 docs
Download as PDF
Explore Courses for Commerce exam

Top Courses for Commerce

Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
10M+ students study on EduRev
Related Searches

Viva Questions

,

Extra Questions

,

shortcuts and tricks

,

past year papers

,

CBSE Accountancy Past year paper Delhi (Set - 1) Solution - 2015

,

Summary

,

MCQs

,

CBSE Accountancy Past year paper Delhi (Set - 1) Solution - 2015

,

mock tests for examination

,

practice quizzes

,

Class 12 | Additional Study Material for Commerce

,

Free

,

study material

,

Important questions

,

Class 12 | Additional Study Material for Commerce

,

Semester Notes

,

video lectures

,

Sample Paper

,

Class 12 | Additional Study Material for Commerce

,

Exam

,

CBSE Accountancy Past year paper Delhi (Set - 1) Solution - 2015

,

Previous Year Questions with Solutions

,

ppt

,

pdf

,

Objective type Questions

;