Page 1
CBSE XII | Accountancy
Delhi Board Paper Set 1 – 2016 Solution
CBSE
Class XII Accountancy
Delhi Board Paper Set 1– 2016 Solution
SECTION A
1. Answer :
A partnership firm can have minimum two and maximum 50 partners as per the new Companies Act,
2013 and vide Rule 10 of the companies (Miscellaneous) Rules, 2014.
2. Answer :
Profit Sharing Ratio of A,B and C = 3:2:1
11
D's Share = (acquired th share each from B and C)
8 16
3
A's Share = (retained original share)
6
2 1 13
B's new share =
6 16 48
1 1 5
C's new share =
6 16 48
New Ratio of
??
??
3 13 5 1
A,B,C and D = : : : or 24:13:5:6
6 48 48 8
3. Answer :
Basis Dissolution of Partnership Dissolution of Firm
Economic Relationship
Economic relationship continues
and changes between the
partners
Economic Relationship ends
amongst all the partners
4. Answer :
As per Section 71 (4) of the Companies Act, 2013 and Companies (Share Capital and Debentures) Rules,
2014, every company issuing Debentures is required to create Debenture Redemption Reserve of
atleast an amount equal to 25% of the value of debentures issued at the time of redemption of
debentures.
5. Answer :
In the books of Kamini Ltd
Journal
Date Particulars L.F.
Dr.
`
Cr.
`
2016 Equity Share First Call A/c Dr. 3,00,000
Jan 01 -------- To Equity Share Capital A/c 3,00,000
(Being first Call money due on 1,00,000 equity
shares @ `3 each)
Bank A/c Dr. 3,03,500
Calls – in – Arrears A/c Dr. 1,500
-------- To Equity Share First Call A/c 3,00,000
-------- To Calls – in – Advance A/c 5,000
(Being amount received on first call except 500
shares @ `3 each and second and final call
received in advance @ `5 each on 1,000 shares)
Page 2
CBSE XII | Accountancy
Delhi Board Paper Set 1 – 2016 Solution
CBSE
Class XII Accountancy
Delhi Board Paper Set 1– 2016 Solution
SECTION A
1. Answer :
A partnership firm can have minimum two and maximum 50 partners as per the new Companies Act,
2013 and vide Rule 10 of the companies (Miscellaneous) Rules, 2014.
2. Answer :
Profit Sharing Ratio of A,B and C = 3:2:1
11
D's Share = (acquired th share each from B and C)
8 16
3
A's Share = (retained original share)
6
2 1 13
B's new share =
6 16 48
1 1 5
C's new share =
6 16 48
New Ratio of
??
??
3 13 5 1
A,B,C and D = : : : or 24:13:5:6
6 48 48 8
3. Answer :
Basis Dissolution of Partnership Dissolution of Firm
Economic Relationship
Economic relationship continues
and changes between the
partners
Economic Relationship ends
amongst all the partners
4. Answer :
As per Section 71 (4) of the Companies Act, 2013 and Companies (Share Capital and Debentures) Rules,
2014, every company issuing Debentures is required to create Debenture Redemption Reserve of
atleast an amount equal to 25% of the value of debentures issued at the time of redemption of
debentures.
5. Answer :
In the books of Kamini Ltd
Journal
Date Particulars L.F.
Dr.
`
Cr.
`
2016 Equity Share First Call A/c Dr. 3,00,000
Jan 01 -------- To Equity Share Capital A/c 3,00,000
(Being first Call money due on 1,00,000 equity
shares @ `3 each)
Bank A/c Dr. 3,03,500
Calls – in – Arrears A/c Dr. 1,500
-------- To Equity Share First Call A/c 3,00,000
-------- To Calls – in – Advance A/c 5,000
(Being amount received on first call except 500
shares @ `3 each and second and final call
received in advance @ `5 each on 1,000 shares)
CBSE XII | Accountancy
Delhi Board Paper Set 1 – 2016 Solution
6. Answer :
Journal
Date Particulars L.F.
Dr.
`
Cr.
`
Nusrat’s Current A/c Dr. 300
-------- To Interest on Drawings A/c 300
(Being interest charged on drawings to Nusrat’s
current A/c)
7. Answer :
Journal
Date Particulars L.F.
Dr.
`
Cr.
`
(a) Bank A/c (365 ? `1000) Dr. 3,65,000
-------- To Debenture Application A/c 3,65,000
(Being debenture application money received)
Debenture Application A/c Dr. 3,65,000
Loss on Issue of Debentures A/c (365 ? `1000) Dr. 36,500
-------- To 9% Debentures A/c 3,65,000
-------- To Premium on Redemption of Debentures A/c
(365 ? `100)
36,500
(Being debentures issued at par, redeemable at
premium)
(b) Bank A/c (365 ? `940) Dr. 3,43,100
-------- To Debenture Application A/c 3,43,100
(Being debenture application money received)
Debenture Application A/c Dr. 3,43,100
Loss on Issue of Debenture A/c (365 ? `110) Dr. 40,150
-------- To 9% Debentures A/c 3,65,000
-------- To Premium on Redemption of Debenture A/c
(365 ? `50)
18,250
(Being debenture issued at discount redeemable at a
premium)
8. Answer :
Valuation of goodwill is also arises in the following cases:
(i) When the partnership firm is sold to some other concern on going concern basis.
(ii) When two firms amalgamate that is merger or acquisition of two businesses.
(iii) When the existing partners in the firm jointly agree to change the profit sharing ratio between
them.
Page 3
CBSE XII | Accountancy
Delhi Board Paper Set 1 – 2016 Solution
CBSE
Class XII Accountancy
Delhi Board Paper Set 1– 2016 Solution
SECTION A
1. Answer :
A partnership firm can have minimum two and maximum 50 partners as per the new Companies Act,
2013 and vide Rule 10 of the companies (Miscellaneous) Rules, 2014.
2. Answer :
Profit Sharing Ratio of A,B and C = 3:2:1
11
D's Share = (acquired th share each from B and C)
8 16
3
A's Share = (retained original share)
6
2 1 13
B's new share =
6 16 48
1 1 5
C's new share =
6 16 48
New Ratio of
??
??
3 13 5 1
A,B,C and D = : : : or 24:13:5:6
6 48 48 8
3. Answer :
Basis Dissolution of Partnership Dissolution of Firm
Economic Relationship
Economic relationship continues
and changes between the
partners
Economic Relationship ends
amongst all the partners
4. Answer :
As per Section 71 (4) of the Companies Act, 2013 and Companies (Share Capital and Debentures) Rules,
2014, every company issuing Debentures is required to create Debenture Redemption Reserve of
atleast an amount equal to 25% of the value of debentures issued at the time of redemption of
debentures.
5. Answer :
In the books of Kamini Ltd
Journal
Date Particulars L.F.
Dr.
`
Cr.
`
2016 Equity Share First Call A/c Dr. 3,00,000
Jan 01 -------- To Equity Share Capital A/c 3,00,000
(Being first Call money due on 1,00,000 equity
shares @ `3 each)
Bank A/c Dr. 3,03,500
Calls – in – Arrears A/c Dr. 1,500
-------- To Equity Share First Call A/c 3,00,000
-------- To Calls – in – Advance A/c 5,000
(Being amount received on first call except 500
shares @ `3 each and second and final call
received in advance @ `5 each on 1,000 shares)
CBSE XII | Accountancy
Delhi Board Paper Set 1 – 2016 Solution
6. Answer :
Journal
Date Particulars L.F.
Dr.
`
Cr.
`
Nusrat’s Current A/c Dr. 300
-------- To Interest on Drawings A/c 300
(Being interest charged on drawings to Nusrat’s
current A/c)
7. Answer :
Journal
Date Particulars L.F.
Dr.
`
Cr.
`
(a) Bank A/c (365 ? `1000) Dr. 3,65,000
-------- To Debenture Application A/c 3,65,000
(Being debenture application money received)
Debenture Application A/c Dr. 3,65,000
Loss on Issue of Debentures A/c (365 ? `1000) Dr. 36,500
-------- To 9% Debentures A/c 3,65,000
-------- To Premium on Redemption of Debentures A/c
(365 ? `100)
36,500
(Being debentures issued at par, redeemable at
premium)
(b) Bank A/c (365 ? `940) Dr. 3,43,100
-------- To Debenture Application A/c 3,43,100
(Being debenture application money received)
Debenture Application A/c Dr. 3,43,100
Loss on Issue of Debenture A/c (365 ? `110) Dr. 40,150
-------- To 9% Debentures A/c 3,65,000
-------- To Premium on Redemption of Debenture A/c
(365 ? `50)
18,250
(Being debenture issued at discount redeemable at a
premium)
8. Answer :
Valuation of goodwill is also arises in the following cases:
(i) When the partnership firm is sold to some other concern on going concern basis.
(ii) When two firms amalgamate that is merger or acquisition of two businesses.
(iii) When the existing partners in the firm jointly agree to change the profit sharing ratio between
them.
CBSE XII | Accountancy
Delhi Board Paper Set 1 – 2016 Solution
9. Answer :
Sandesh Ltd
Journal
Date Particulars L.F.
Dr.
`
Cr.
`
(i) Sundry Assets A/c Dr. 7,00,000
-------- To Sundry Liabilities A/c 2,00,000
-------- To Sanchar Ltd A/c 4,59,500
-------- To Capital Reserve A/c 40,500
(Being assets and liabilities purchased of Sanchar
Ltd)
(ii) Sanchar Ltd Dr. 4,59,500
-------- To Equity Share Capital A/c 4,10,000
-------- To Securities Premium A/c 41,000
-------- To Bank A/c 8,500
(Being 41,000 Equity Shares issued of `10 each at a
premium of `1 per share and 8,500 by bank draft)
?
WN1:Calculation of Number of Equity Shares
Purchase Consideration
Number of Shares Issued =
Issue Price
4,51,000
= 41,000 equity shares
11
Working Notes :
10. Answer :
In the books of X Ltd
Journal
Date Particulars L.F.
Dr.
`
Cr.
`
Bank A/c Dr. 3,00,00,000
-------- To Equity Share Application & Allotment A/c 3,00,00,000
(Being amount received on 20, 00,000 equity shares
@ `10 each at a premium of 50%)
Equity Share Application & Allotment A/c Dr. 3,00,00,000
-------- To Equity Share Capital A/c 75,00,000
-------- To Securities Premium A/c 37,50,000
-------- To Bank A/c 1,87,50,000
(Being application money is transferred to share
capital and excess amount refunded)
The following are the two values that X Ltd. Wants to propagate.
1. Employment opportunities in the backward areas.
2. Value of Equality by allotting shares on pro-rata basis to 19,50,000 shareholders.
Page 4
CBSE XII | Accountancy
Delhi Board Paper Set 1 – 2016 Solution
CBSE
Class XII Accountancy
Delhi Board Paper Set 1– 2016 Solution
SECTION A
1. Answer :
A partnership firm can have minimum two and maximum 50 partners as per the new Companies Act,
2013 and vide Rule 10 of the companies (Miscellaneous) Rules, 2014.
2. Answer :
Profit Sharing Ratio of A,B and C = 3:2:1
11
D's Share = (acquired th share each from B and C)
8 16
3
A's Share = (retained original share)
6
2 1 13
B's new share =
6 16 48
1 1 5
C's new share =
6 16 48
New Ratio of
??
??
3 13 5 1
A,B,C and D = : : : or 24:13:5:6
6 48 48 8
3. Answer :
Basis Dissolution of Partnership Dissolution of Firm
Economic Relationship
Economic relationship continues
and changes between the
partners
Economic Relationship ends
amongst all the partners
4. Answer :
As per Section 71 (4) of the Companies Act, 2013 and Companies (Share Capital and Debentures) Rules,
2014, every company issuing Debentures is required to create Debenture Redemption Reserve of
atleast an amount equal to 25% of the value of debentures issued at the time of redemption of
debentures.
5. Answer :
In the books of Kamini Ltd
Journal
Date Particulars L.F.
Dr.
`
Cr.
`
2016 Equity Share First Call A/c Dr. 3,00,000
Jan 01 -------- To Equity Share Capital A/c 3,00,000
(Being first Call money due on 1,00,000 equity
shares @ `3 each)
Bank A/c Dr. 3,03,500
Calls – in – Arrears A/c Dr. 1,500
-------- To Equity Share First Call A/c 3,00,000
-------- To Calls – in – Advance A/c 5,000
(Being amount received on first call except 500
shares @ `3 each and second and final call
received in advance @ `5 each on 1,000 shares)
CBSE XII | Accountancy
Delhi Board Paper Set 1 – 2016 Solution
6. Answer :
Journal
Date Particulars L.F.
Dr.
`
Cr.
`
Nusrat’s Current A/c Dr. 300
-------- To Interest on Drawings A/c 300
(Being interest charged on drawings to Nusrat’s
current A/c)
7. Answer :
Journal
Date Particulars L.F.
Dr.
`
Cr.
`
(a) Bank A/c (365 ? `1000) Dr. 3,65,000
-------- To Debenture Application A/c 3,65,000
(Being debenture application money received)
Debenture Application A/c Dr. 3,65,000
Loss on Issue of Debentures A/c (365 ? `1000) Dr. 36,500
-------- To 9% Debentures A/c 3,65,000
-------- To Premium on Redemption of Debentures A/c
(365 ? `100)
36,500
(Being debentures issued at par, redeemable at
premium)
(b) Bank A/c (365 ? `940) Dr. 3,43,100
-------- To Debenture Application A/c 3,43,100
(Being debenture application money received)
Debenture Application A/c Dr. 3,43,100
Loss on Issue of Debenture A/c (365 ? `110) Dr. 40,150
-------- To 9% Debentures A/c 3,65,000
-------- To Premium on Redemption of Debenture A/c
(365 ? `50)
18,250
(Being debenture issued at discount redeemable at a
premium)
8. Answer :
Valuation of goodwill is also arises in the following cases:
(i) When the partnership firm is sold to some other concern on going concern basis.
(ii) When two firms amalgamate that is merger or acquisition of two businesses.
(iii) When the existing partners in the firm jointly agree to change the profit sharing ratio between
them.
CBSE XII | Accountancy
Delhi Board Paper Set 1 – 2016 Solution
9. Answer :
Sandesh Ltd
Journal
Date Particulars L.F.
Dr.
`
Cr.
`
(i) Sundry Assets A/c Dr. 7,00,000
-------- To Sundry Liabilities A/c 2,00,000
-------- To Sanchar Ltd A/c 4,59,500
-------- To Capital Reserve A/c 40,500
(Being assets and liabilities purchased of Sanchar
Ltd)
(ii) Sanchar Ltd Dr. 4,59,500
-------- To Equity Share Capital A/c 4,10,000
-------- To Securities Premium A/c 41,000
-------- To Bank A/c 8,500
(Being 41,000 Equity Shares issued of `10 each at a
premium of `1 per share and 8,500 by bank draft)
?
WN1:Calculation of Number of Equity Shares
Purchase Consideration
Number of Shares Issued =
Issue Price
4,51,000
= 41,000 equity shares
11
Working Notes :
10. Answer :
In the books of X Ltd
Journal
Date Particulars L.F.
Dr.
`
Cr.
`
Bank A/c Dr. 3,00,00,000
-------- To Equity Share Application & Allotment A/c 3,00,00,000
(Being amount received on 20, 00,000 equity shares
@ `10 each at a premium of 50%)
Equity Share Application & Allotment A/c Dr. 3,00,00,000
-------- To Equity Share Capital A/c 75,00,000
-------- To Securities Premium A/c 37,50,000
-------- To Bank A/c 1,87,50,000
(Being application money is transferred to share
capital and excess amount refunded)
The following are the two values that X Ltd. Wants to propagate.
1. Employment opportunities in the backward areas.
2. Value of Equality by allotting shares on pro-rata basis to 19,50,000 shareholders.
CBSE XII | Accountancy
Delhi Board Paper Set 1 – 2016 Solution
11. Answer :
??
1
R's Share in Profit = 4,00,000 50,000
8
Minimum Guaranteed Profitr to R = 75,000
Deficiency = 25,000 (75,000 - 50,000)
Deficiency to be borne by P and Q in the ratio of 3:2
Amount to be b
Working Notes :
??
??
? ? ?
??
3
orne by P = 25,000 15,000
5
2
Amount to be borne by Q = 25,000 10,000
5
5
P's Profit Share = 3,25,000 2,03,125
8
3
& Q's Profit Share = 3,25,000 1,21,875
8
12. Answer :
Journal
Date Particulars L.F.
Dr.
`
Cr.
`
Vikas’s Capital A/c Dr. 12,000
Vishal’s Capital A/c Dr. 12,000
-------- To Vaibhav’s Capital A/c 24,000
(Being adjustment of goodwill done in gaining ratio)
Vikas’s Capital A/c Dr. 20,000
Vishal’s Capital A/c Dr. 20,000
Vaibhav’s Capital A/c Dr. 10,000
------- To Profit and Loss A/c 50,000
(Being debit balance in P & L A/c written off among
all partners in old ratio)
Profit and Loss Suspense A/c Dr. 11,250
-------- To Vaibhav’s Capital A/c 11,250
(Being Vaibhav’s share of profit up to date of death
dispensed through P&L Suspense A/c)
Profit and Loss Appropriation Account
for the year ended March 31,2015
Dr. Cr.
Particulars ` Particulars `
To Profit transferred to : By Profit and Loss A/c 4,00,000
P’s Capital A/c 2,03,125
Q’s Capital A/c 1,21,875
R’s Capital A/c 75,000 4,00,000
4,00,000 4,00,000
Page 5
CBSE XII | Accountancy
Delhi Board Paper Set 1 – 2016 Solution
CBSE
Class XII Accountancy
Delhi Board Paper Set 1– 2016 Solution
SECTION A
1. Answer :
A partnership firm can have minimum two and maximum 50 partners as per the new Companies Act,
2013 and vide Rule 10 of the companies (Miscellaneous) Rules, 2014.
2. Answer :
Profit Sharing Ratio of A,B and C = 3:2:1
11
D's Share = (acquired th share each from B and C)
8 16
3
A's Share = (retained original share)
6
2 1 13
B's new share =
6 16 48
1 1 5
C's new share =
6 16 48
New Ratio of
??
??
3 13 5 1
A,B,C and D = : : : or 24:13:5:6
6 48 48 8
3. Answer :
Basis Dissolution of Partnership Dissolution of Firm
Economic Relationship
Economic relationship continues
and changes between the
partners
Economic Relationship ends
amongst all the partners
4. Answer :
As per Section 71 (4) of the Companies Act, 2013 and Companies (Share Capital and Debentures) Rules,
2014, every company issuing Debentures is required to create Debenture Redemption Reserve of
atleast an amount equal to 25% of the value of debentures issued at the time of redemption of
debentures.
5. Answer :
In the books of Kamini Ltd
Journal
Date Particulars L.F.
Dr.
`
Cr.
`
2016 Equity Share First Call A/c Dr. 3,00,000
Jan 01 -------- To Equity Share Capital A/c 3,00,000
(Being first Call money due on 1,00,000 equity
shares @ `3 each)
Bank A/c Dr. 3,03,500
Calls – in – Arrears A/c Dr. 1,500
-------- To Equity Share First Call A/c 3,00,000
-------- To Calls – in – Advance A/c 5,000
(Being amount received on first call except 500
shares @ `3 each and second and final call
received in advance @ `5 each on 1,000 shares)
CBSE XII | Accountancy
Delhi Board Paper Set 1 – 2016 Solution
6. Answer :
Journal
Date Particulars L.F.
Dr.
`
Cr.
`
Nusrat’s Current A/c Dr. 300
-------- To Interest on Drawings A/c 300
(Being interest charged on drawings to Nusrat’s
current A/c)
7. Answer :
Journal
Date Particulars L.F.
Dr.
`
Cr.
`
(a) Bank A/c (365 ? `1000) Dr. 3,65,000
-------- To Debenture Application A/c 3,65,000
(Being debenture application money received)
Debenture Application A/c Dr. 3,65,000
Loss on Issue of Debentures A/c (365 ? `1000) Dr. 36,500
-------- To 9% Debentures A/c 3,65,000
-------- To Premium on Redemption of Debentures A/c
(365 ? `100)
36,500
(Being debentures issued at par, redeemable at
premium)
(b) Bank A/c (365 ? `940) Dr. 3,43,100
-------- To Debenture Application A/c 3,43,100
(Being debenture application money received)
Debenture Application A/c Dr. 3,43,100
Loss on Issue of Debenture A/c (365 ? `110) Dr. 40,150
-------- To 9% Debentures A/c 3,65,000
-------- To Premium on Redemption of Debenture A/c
(365 ? `50)
18,250
(Being debenture issued at discount redeemable at a
premium)
8. Answer :
Valuation of goodwill is also arises in the following cases:
(i) When the partnership firm is sold to some other concern on going concern basis.
(ii) When two firms amalgamate that is merger or acquisition of two businesses.
(iii) When the existing partners in the firm jointly agree to change the profit sharing ratio between
them.
CBSE XII | Accountancy
Delhi Board Paper Set 1 – 2016 Solution
9. Answer :
Sandesh Ltd
Journal
Date Particulars L.F.
Dr.
`
Cr.
`
(i) Sundry Assets A/c Dr. 7,00,000
-------- To Sundry Liabilities A/c 2,00,000
-------- To Sanchar Ltd A/c 4,59,500
-------- To Capital Reserve A/c 40,500
(Being assets and liabilities purchased of Sanchar
Ltd)
(ii) Sanchar Ltd Dr. 4,59,500
-------- To Equity Share Capital A/c 4,10,000
-------- To Securities Premium A/c 41,000
-------- To Bank A/c 8,500
(Being 41,000 Equity Shares issued of `10 each at a
premium of `1 per share and 8,500 by bank draft)
?
WN1:Calculation of Number of Equity Shares
Purchase Consideration
Number of Shares Issued =
Issue Price
4,51,000
= 41,000 equity shares
11
Working Notes :
10. Answer :
In the books of X Ltd
Journal
Date Particulars L.F.
Dr.
`
Cr.
`
Bank A/c Dr. 3,00,00,000
-------- To Equity Share Application & Allotment A/c 3,00,00,000
(Being amount received on 20, 00,000 equity shares
@ `10 each at a premium of 50%)
Equity Share Application & Allotment A/c Dr. 3,00,00,000
-------- To Equity Share Capital A/c 75,00,000
-------- To Securities Premium A/c 37,50,000
-------- To Bank A/c 1,87,50,000
(Being application money is transferred to share
capital and excess amount refunded)
The following are the two values that X Ltd. Wants to propagate.
1. Employment opportunities in the backward areas.
2. Value of Equality by allotting shares on pro-rata basis to 19,50,000 shareholders.
CBSE XII | Accountancy
Delhi Board Paper Set 1 – 2016 Solution
11. Answer :
??
1
R's Share in Profit = 4,00,000 50,000
8
Minimum Guaranteed Profitr to R = 75,000
Deficiency = 25,000 (75,000 - 50,000)
Deficiency to be borne by P and Q in the ratio of 3:2
Amount to be b
Working Notes :
??
??
? ? ?
??
3
orne by P = 25,000 15,000
5
2
Amount to be borne by Q = 25,000 10,000
5
5
P's Profit Share = 3,25,000 2,03,125
8
3
& Q's Profit Share = 3,25,000 1,21,875
8
12. Answer :
Journal
Date Particulars L.F.
Dr.
`
Cr.
`
Vikas’s Capital A/c Dr. 12,000
Vishal’s Capital A/c Dr. 12,000
-------- To Vaibhav’s Capital A/c 24,000
(Being adjustment of goodwill done in gaining ratio)
Vikas’s Capital A/c Dr. 20,000
Vishal’s Capital A/c Dr. 20,000
Vaibhav’s Capital A/c Dr. 10,000
------- To Profit and Loss A/c 50,000
(Being debit balance in P & L A/c written off among
all partners in old ratio)
Profit and Loss Suspense A/c Dr. 11,250
-------- To Vaibhav’s Capital A/c 11,250
(Being Vaibhav’s share of profit up to date of death
dispensed through P&L Suspense A/c)
Profit and Loss Appropriation Account
for the year ended March 31,2015
Dr. Cr.
Particulars ` Particulars `
To Profit transferred to : By Profit and Loss A/c 4,00,000
P’s Capital A/c 2,03,125
Q’s Capital A/c 1,21,875
R’s Capital A/c 75,000 4,00,000
4,00,000 4,00,000
CBSE XII | Accountancy
Delhi Board Paper Set 1 – 2016 Solution
Vaibhav’s Capital A/c Dr. 4,05,250
-------- To Vaibhav’s Executor A/c 4,05,250
(Being amount due to Vaibhav transferred to his
Executor A/c)
Working Notes:
WN 1: Calculation of Vaibhav’s Share of Goodwill
Vaibhav's Share of Goodwill = Firm's Goodwill His Profit Share
1
= 1,20,000 24,000
5
?
??
24,000 will be borne by gaining partners in gaining ratio
Since, nothing is specified; it is assumed that continuing partners gain in their old profit sharing ratio of
2:2
2
Vikas's gain = 24,000 12,000
4
2
Vishal's gain = 24,000 12,000
4
??
??
: Calculation of Share of Debit balance in P&L A/c
2
Vikas's Share = 50,000 20,000
5
2
Vishal's Share = 50,000 20,000
5
1
Vaibhav's Share = 50,000 10,000
5
??
??
??
WN 2
: Calculation of Share in Profit (earned during the year)
Vaibhav's Share = Average Profits Number of Months Vaibhav Remained His Profit Share
91
= 75,000 11,250
12 5
Calculation of
??
? ? ?
WN 3
WN 4: Amount transferred to Vaibhav's Executor A/c
Amount due to Vaibhav = Capital + Credit Items - Debit Items
= 3,80,000 + 24,000 - 10,000 + 11,250= 4,05,250
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