CBSE Accountancy Past year paper Delhi (Set - 2) Solution - 2016, Class 12 | Additional Study Material for Commerce PDF Download

 Page 1


  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 2 – 2016 Solution 
 
     
CBSE 
Class XII Accountancy 
Delhi Board Paper Set 2– 2016 Solution 
 
SECTION A 
1. Answer : 
Journal 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
      
 Nusrat’s Current A/c Dr.  300  
 -------- To Interest on Drawings A/c    300 
 (Being interest on drawings to Nusrat’s Current A/c)     
      
 
2. 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. 
 
3. 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
 
 
4. Answer : 
 
In the books of Kamini Ltd 
Journal 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
2016      
Jan 01 Equity Share First Call A/c Dr.  3,00,000  
 -------- 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  
Page 2


  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 2 – 2016 Solution 
 
     
CBSE 
Class XII Accountancy 
Delhi Board Paper Set 2– 2016 Solution 
 
SECTION A 
1. Answer : 
Journal 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
      
 Nusrat’s Current A/c Dr.  300  
 -------- To Interest on Drawings A/c    300 
 (Being interest on drawings to Nusrat’s Current A/c)     
      
 
2. 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. 
 
3. 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
 
 
4. Answer : 
 
In the books of Kamini Ltd 
Journal 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
2016      
Jan 01 Equity Share First Call A/c Dr.  3,00,000  
 -------- 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  
  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 2 – 2016 Solution 
 
     
 -------- 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) 
    
      
 
5. 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 
 
6. 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. 
 
7. Answer : 
Journal 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
      
(a) Bank A/c (975 ? `550) Dr.  5,36,250  
 -------- To Debenture Application A/c    5,36,250 
 (Being debenture application money received)     
      
 Debenture Application A/c Dr.  5,36,250  
 Loss on Issue of Debentures A/c (975 ? `30) Dr.  29,250  
 -------- To 9% Debentures A/c    4,87,500 
 -------- To Premium on Redemption of Debentures A/c (975 ? `30)    29,750 
 --------To Securities Premium A/c (975 ? 50)    48,750 
 (Being debentures issued at premium redeemable at premium)     
      
(b) Bank A/c (975 ? `500) Dr.  4,87,500  
 -------- To Debenture Application A/c    4,87,500 
 (Being debenture application money received)     
      
 Debenture Application A/c Dr.  4,87,500  
 Loss on Issue of Debenture A/c (975 ? `45) Dr.  43,875  
 -------- To 9% Debentures A/c    4,87,500 
 -------- To Premium on Redemption of Debenture A/c (975 ? `45)    43,875 
 (Being debenture issued at par. redeemable at a premium)     
      
 
8. 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%) 
    
Page 3


  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 2 – 2016 Solution 
 
     
CBSE 
Class XII Accountancy 
Delhi Board Paper Set 2– 2016 Solution 
 
SECTION A 
1. Answer : 
Journal 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
      
 Nusrat’s Current A/c Dr.  300  
 -------- To Interest on Drawings A/c    300 
 (Being interest on drawings to Nusrat’s Current A/c)     
      
 
2. 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. 
 
3. 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
 
 
4. Answer : 
 
In the books of Kamini Ltd 
Journal 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
2016      
Jan 01 Equity Share First Call A/c Dr.  3,00,000  
 -------- 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  
  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 2 – 2016 Solution 
 
     
 -------- 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) 
    
      
 
5. 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 
 
6. 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. 
 
7. Answer : 
Journal 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
      
(a) Bank A/c (975 ? `550) Dr.  5,36,250  
 -------- To Debenture Application A/c    5,36,250 
 (Being debenture application money received)     
      
 Debenture Application A/c Dr.  5,36,250  
 Loss on Issue of Debentures A/c (975 ? `30) Dr.  29,250  
 -------- To 9% Debentures A/c    4,87,500 
 -------- To Premium on Redemption of Debentures A/c (975 ? `30)    29,750 
 --------To Securities Premium A/c (975 ? 50)    48,750 
 (Being debentures issued at premium redeemable at premium)     
      
(b) Bank A/c (975 ? `500) Dr.  4,87,500  
 -------- To Debenture Application A/c    4,87,500 
 (Being debenture application money received)     
      
 Debenture Application A/c Dr.  4,87,500  
 Loss on Issue of Debenture A/c (975 ? `45) Dr.  43,875  
 -------- To 9% Debentures A/c    4,87,500 
 -------- To Premium on Redemption of Debenture A/c (975 ? `45)    43,875 
 (Being debenture issued at par. redeemable at a premium)     
      
 
8. 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%) 
    
  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 2 – 2016 Solution 
 
     
      
 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 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. 
 
9. Answer : 
Samachar Ltd 
Journal 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
      
(i) Sundry Assets A/c Dr.  14,00,000  
 -------- To Sundry Liabilities A/c    4,00,000 
 -------- To News Ltd    9,19,000 
 -------- To Capital Reserve A/c    81,000 
 (Being purchase of assets and liabilities of News Ltd)     
      
(ii) News Ltd Dr.  9,19,000  
 -------- To Equity Share Capital A/c    7,21,600 
 -------- To Securities Premium A/c    1,80,400 
 -------- To Bills Payable A/c    17,000 
 (Being 7,216 Equity Shares issued of `100 each at a premium 
of `25 per share and a promissory note of `17,000) 
    
      
?
Working Notes :
WN 1: Calculation of Number of Equity Shares
Purchase Consideration
Number of Shares Issued = 
Issue Price
9,02,000
                                                 = 7,216 equity shares
125
 
 
10. 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. 
 
11. 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)     
Page 4


  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 2 – 2016 Solution 
 
     
CBSE 
Class XII Accountancy 
Delhi Board Paper Set 2– 2016 Solution 
 
SECTION A 
1. Answer : 
Journal 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
      
 Nusrat’s Current A/c Dr.  300  
 -------- To Interest on Drawings A/c    300 
 (Being interest on drawings to Nusrat’s Current A/c)     
      
 
2. 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. 
 
3. 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
 
 
4. Answer : 
 
In the books of Kamini Ltd 
Journal 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
2016      
Jan 01 Equity Share First Call A/c Dr.  3,00,000  
 -------- 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  
  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 2 – 2016 Solution 
 
     
 -------- 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) 
    
      
 
5. 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 
 
6. 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. 
 
7. Answer : 
Journal 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
      
(a) Bank A/c (975 ? `550) Dr.  5,36,250  
 -------- To Debenture Application A/c    5,36,250 
 (Being debenture application money received)     
      
 Debenture Application A/c Dr.  5,36,250  
 Loss on Issue of Debentures A/c (975 ? `30) Dr.  29,250  
 -------- To 9% Debentures A/c    4,87,500 
 -------- To Premium on Redemption of Debentures A/c (975 ? `30)    29,750 
 --------To Securities Premium A/c (975 ? 50)    48,750 
 (Being debentures issued at premium redeemable at premium)     
      
(b) Bank A/c (975 ? `500) Dr.  4,87,500  
 -------- To Debenture Application A/c    4,87,500 
 (Being debenture application money received)     
      
 Debenture Application A/c Dr.  4,87,500  
 Loss on Issue of Debenture A/c (975 ? `45) Dr.  43,875  
 -------- To 9% Debentures A/c    4,87,500 
 -------- To Premium on Redemption of Debenture A/c (975 ? `45)    43,875 
 (Being debenture issued at par. redeemable at a premium)     
      
 
8. 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%) 
    
  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 2 – 2016 Solution 
 
     
      
 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 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. 
 
9. Answer : 
Samachar Ltd 
Journal 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
      
(i) Sundry Assets A/c Dr.  14,00,000  
 -------- To Sundry Liabilities A/c    4,00,000 
 -------- To News Ltd    9,19,000 
 -------- To Capital Reserve A/c    81,000 
 (Being purchase of assets and liabilities of News Ltd)     
      
(ii) News Ltd Dr.  9,19,000  
 -------- To Equity Share Capital A/c    7,21,600 
 -------- To Securities Premium A/c    1,80,400 
 -------- To Bills Payable A/c    17,000 
 (Being 7,216 Equity Shares issued of `100 each at a premium 
of `25 per share and a promissory note of `17,000) 
    
      
?
Working Notes :
WN 1: Calculation of Number of Equity Shares
Purchase Consideration
Number of Shares Issued = 
Issue Price
9,02,000
                                                 = 7,216 equity shares
125
 
 
10. 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. 
 
11. 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)     
  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 2 – 2016 Solution 
 
     
      
 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 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 
    
      
 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
WN2
 
??
? ? ?
 : 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 Am
WN3
WN4 ount 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
 
 
Page 5


  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 2 – 2016 Solution 
 
     
CBSE 
Class XII Accountancy 
Delhi Board Paper Set 2– 2016 Solution 
 
SECTION A 
1. Answer : 
Journal 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
      
 Nusrat’s Current A/c Dr.  300  
 -------- To Interest on Drawings A/c    300 
 (Being interest on drawings to Nusrat’s Current A/c)     
      
 
2. 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. 
 
3. 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
 
 
4. Answer : 
 
In the books of Kamini Ltd 
Journal 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
2016      
Jan 01 Equity Share First Call A/c Dr.  3,00,000  
 -------- 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  
  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 2 – 2016 Solution 
 
     
 -------- 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) 
    
      
 
5. 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 
 
6. 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. 
 
7. Answer : 
Journal 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
      
(a) Bank A/c (975 ? `550) Dr.  5,36,250  
 -------- To Debenture Application A/c    5,36,250 
 (Being debenture application money received)     
      
 Debenture Application A/c Dr.  5,36,250  
 Loss on Issue of Debentures A/c (975 ? `30) Dr.  29,250  
 -------- To 9% Debentures A/c    4,87,500 
 -------- To Premium on Redemption of Debentures A/c (975 ? `30)    29,750 
 --------To Securities Premium A/c (975 ? 50)    48,750 
 (Being debentures issued at premium redeemable at premium)     
      
(b) Bank A/c (975 ? `500) Dr.  4,87,500  
 -------- To Debenture Application A/c    4,87,500 
 (Being debenture application money received)     
      
 Debenture Application A/c Dr.  4,87,500  
 Loss on Issue of Debenture A/c (975 ? `45) Dr.  43,875  
 -------- To 9% Debentures A/c    4,87,500 
 -------- To Premium on Redemption of Debenture A/c (975 ? `45)    43,875 
 (Being debenture issued at par. redeemable at a premium)     
      
 
8. 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%) 
    
  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 2 – 2016 Solution 
 
     
      
 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 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. 
 
9. Answer : 
Samachar Ltd 
Journal 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
      
(i) Sundry Assets A/c Dr.  14,00,000  
 -------- To Sundry Liabilities A/c    4,00,000 
 -------- To News Ltd    9,19,000 
 -------- To Capital Reserve A/c    81,000 
 (Being purchase of assets and liabilities of News Ltd)     
      
(ii) News Ltd Dr.  9,19,000  
 -------- To Equity Share Capital A/c    7,21,600 
 -------- To Securities Premium A/c    1,80,400 
 -------- To Bills Payable A/c    17,000 
 (Being 7,216 Equity Shares issued of `100 each at a premium 
of `25 per share and a promissory note of `17,000) 
    
      
?
Working Notes :
WN 1: Calculation of Number of Equity Shares
Purchase Consideration
Number of Shares Issued = 
Issue Price
9,02,000
                                                 = 7,216 equity shares
125
 
 
10. 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. 
 
11. 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)     
  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 2 – 2016 Solution 
 
     
      
 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 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 
    
      
 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
WN2
 
??
? ? ?
 : 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 Am
WN3
WN4 ount 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
 
 
  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 2 – 2016 Solution 
 
     
12. Answer : 
 
 
??
?
1
R's Share in Profit = 4,00,000 50,000
8
Minimum Guaranteed Profit 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
3
 P = 25,000 
5
Working Notes :
?
??
? ? ?
??
15,000
2
 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
 
 
13. Answer : 
 
In the books of …… 
Journal 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
      
(a) Bank A/c Dr.  20,000  
 --------- To Realisation A/c    20,000 
 (Being creditors paid `20,000 to the firm)     
      
(b) No entry     
      
(c) Realisation A/c Dr.  20,000  
 -------- To Bank A/c    20,000 
 (Being third creditor accepted `20,000 in cash and 
investments of the book value of `65,000 in full settlement 
of his claim) 
    
      
(d) C’s Capital A/c Dr.  4,500  
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