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
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