CBSE Accountancy Past year paper Delhi (Set - 2) Solution - 2018, Class 12 | Additional Study Material for Commerce PDF Download

 Page 1


  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 2 – 2018 Solution 
 
     
CBSE 
Class XII Accountancy 
Delhi Board Paper Set 2– 2018 Solution 
 
SECTION A 
1. Answer : 
Meetu’s Share in Profits: 1/3 (as the profit sharing ratio is not given, it is assumed to be equal). 
Goodwill of the firm = `4,20,000 
Meetu's share of Goodwill = 4,20,000 
1
3
? = `1,40,000 
Journal 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
2018      
Jan 1 Neetu's Capital A/c Dr.  70,000  
 Teetu's Capital A/c Dr.  70,000  
 -------- To Meetu's Capital A/c    1,40,000 
 (Being goodwill adjusted in 1:1)     
      
 
2. Answer : 
1
Share of Chaman
6
2 1 2
Share acquired from Amit
5 6 30
Share acquired from Beena = Share of Chaman Acquired from Amit 
1 2 3 1
6 30 30 10
?
? ? ?
?
? ? ? ?
 
 
3. Answer : 
Reserve Capital is a part of “Uncalled Capital”. 
 
4. Answer : 
Loans taken are majorly secured by mortgage of the assets known as prime or principal security. Security 
given in addition to the prime or principal security is termed as Collateral Security. If the borrower is not 
able to pay the principal amount or interest on loan amount, then the lender has the right to recover the 
dues from the sale of primary security and in case if the primary security is not sufficient to recover the 
amount of debt, then the collateral security can be used to recover the due amount.  
 
5. Answer : 
Basis  Dissolution of partnership  Dissolution of firm 
Settlements of Assets 
and Liabilities 
Assets and Liabilities are revalued 
and the gain or loss is distributed to 
all partners in old ratio. 
Assets of the firm are realised and 
liabilities are settled. Balance amount, 
if any is distributed among all partners. 
 
6. Answer : 
No, the relationship between Ritesh and Hitesh cannot be called as Partnership but would be they 
regarded as the co-owners. This is because, Partnership requires the partners to conduct the business on 
a regular basis and share the profits from the same whereas in this case this is a one-time activity.
 
Page 2


  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 2 – 2018 Solution 
 
     
CBSE 
Class XII Accountancy 
Delhi Board Paper Set 2– 2018 Solution 
 
SECTION A 
1. Answer : 
Meetu’s Share in Profits: 1/3 (as the profit sharing ratio is not given, it is assumed to be equal). 
Goodwill of the firm = `4,20,000 
Meetu's share of Goodwill = 4,20,000 
1
3
? = `1,40,000 
Journal 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
2018      
Jan 1 Neetu's Capital A/c Dr.  70,000  
 Teetu's Capital A/c Dr.  70,000  
 -------- To Meetu's Capital A/c    1,40,000 
 (Being goodwill adjusted in 1:1)     
      
 
2. Answer : 
1
Share of Chaman
6
2 1 2
Share acquired from Amit
5 6 30
Share acquired from Beena = Share of Chaman Acquired from Amit 
1 2 3 1
6 30 30 10
?
? ? ?
?
? ? ? ?
 
 
3. Answer : 
Reserve Capital is a part of “Uncalled Capital”. 
 
4. Answer : 
Loans taken are majorly secured by mortgage of the assets known as prime or principal security. Security 
given in addition to the prime or principal security is termed as Collateral Security. If the borrower is not 
able to pay the principal amount or interest on loan amount, then the lender has the right to recover the 
dues from the sale of primary security and in case if the primary security is not sufficient to recover the 
amount of debt, then the collateral security can be used to recover the due amount.  
 
5. Answer : 
Basis  Dissolution of partnership  Dissolution of firm 
Settlements of Assets 
and Liabilities 
Assets and Liabilities are revalued 
and the gain or loss is distributed to 
all partners in old ratio. 
Assets of the firm are realised and 
liabilities are settled. Balance amount, 
if any is distributed among all partners. 
 
6. Answer : 
No, the relationship between Ritesh and Hitesh cannot be called as Partnership but would be they 
regarded as the co-owners. This is because, Partnership requires the partners to conduct the business on 
a regular basis and share the profits from the same whereas in this case this is a one-time activity.
 
  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 2 – 2018 Solution 
 
     
7. Answer : 
A company is an entity incorporated by a group of persons through the process of law and has a share 
capital divided into shares, the owners of which are referred to as members or shareholders. Share here 
refers to a unit into which the share capital of a company is divided. It includes the stock of the company 
and represents ownership claims on business. 
Basis of 
Difference 
Preference Shares Equity Shares 
Voting Rights  Preference shareholders have voting 
rights only in special circumstances 
Equity shareholders have voting rights in all the 
circumstances. 
Rate of 
Dividend  
Fixed rate of dividend is received  Rate of dividend is decided by the board every 
year and is approved by the shareholders. 
 
 
8. Answer : 
5
Jayant's Share (Old)
10
2 2 4
Jayant's Gain
5 10 50
Jayant's New Share Jayant's Old Share Jayant's Gain
5 4 29
10 50 50
3
Leena's Share (Old)
10
3 2 6
Leena's Gain
5 10 50
Leena's New Share Leena's Old Share Leena'
?
? ? ?
??
? ? ?
?
? ? ?
?? s Gain 
3 6 21
10 50 50
? ? ?
 
Thus, the New Profit Sharing Ratio of Jayant and Leena would be 29 : 21 
 
9. Answer : 
VK Ltd. 
Journal 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
2018      
Feb 1 Own Debenture A/c Dr.  48,500  
 ------- To cash and Bank A/c    48,500 
 (Purchased own 500, 9% debentures of `100 each at 
`97 each for immediate cancellation) 
    
      
Feb 1 9% Debentures A/c Dr.  50,000  
 --------- To Own Debenture A/c    48,500 
 --------- To Gain on cancellation of Own Debenture A/c    1,500 
 (Cancelled own debentures)     
      
March 31 Gain on cancellation of Own Debenture A/c Dr.  1,500  
 --------- To Capital Reserve A/c    1,500 
 (Gain on cancellation transferred to capital Reserve)     
 
 
 
 
Page 3


  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 2 – 2018 Solution 
 
     
CBSE 
Class XII Accountancy 
Delhi Board Paper Set 2– 2018 Solution 
 
SECTION A 
1. Answer : 
Meetu’s Share in Profits: 1/3 (as the profit sharing ratio is not given, it is assumed to be equal). 
Goodwill of the firm = `4,20,000 
Meetu's share of Goodwill = 4,20,000 
1
3
? = `1,40,000 
Journal 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
2018      
Jan 1 Neetu's Capital A/c Dr.  70,000  
 Teetu's Capital A/c Dr.  70,000  
 -------- To Meetu's Capital A/c    1,40,000 
 (Being goodwill adjusted in 1:1)     
      
 
2. Answer : 
1
Share of Chaman
6
2 1 2
Share acquired from Amit
5 6 30
Share acquired from Beena = Share of Chaman Acquired from Amit 
1 2 3 1
6 30 30 10
?
? ? ?
?
? ? ? ?
 
 
3. Answer : 
Reserve Capital is a part of “Uncalled Capital”. 
 
4. Answer : 
Loans taken are majorly secured by mortgage of the assets known as prime or principal security. Security 
given in addition to the prime or principal security is termed as Collateral Security. If the borrower is not 
able to pay the principal amount or interest on loan amount, then the lender has the right to recover the 
dues from the sale of primary security and in case if the primary security is not sufficient to recover the 
amount of debt, then the collateral security can be used to recover the due amount.  
 
5. Answer : 
Basis  Dissolution of partnership  Dissolution of firm 
Settlements of Assets 
and Liabilities 
Assets and Liabilities are revalued 
and the gain or loss is distributed to 
all partners in old ratio. 
Assets of the firm are realised and 
liabilities are settled. Balance amount, 
if any is distributed among all partners. 
 
6. Answer : 
No, the relationship between Ritesh and Hitesh cannot be called as Partnership but would be they 
regarded as the co-owners. This is because, Partnership requires the partners to conduct the business on 
a regular basis and share the profits from the same whereas in this case this is a one-time activity.
 
  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 2 – 2018 Solution 
 
     
7. Answer : 
A company is an entity incorporated by a group of persons through the process of law and has a share 
capital divided into shares, the owners of which are referred to as members or shareholders. Share here 
refers to a unit into which the share capital of a company is divided. It includes the stock of the company 
and represents ownership claims on business. 
Basis of 
Difference 
Preference Shares Equity Shares 
Voting Rights  Preference shareholders have voting 
rights only in special circumstances 
Equity shareholders have voting rights in all the 
circumstances. 
Rate of 
Dividend  
Fixed rate of dividend is received  Rate of dividend is decided by the board every 
year and is approved by the shareholders. 
 
 
8. Answer : 
5
Jayant's Share (Old)
10
2 2 4
Jayant's Gain
5 10 50
Jayant's New Share Jayant's Old Share Jayant's Gain
5 4 29
10 50 50
3
Leena's Share (Old)
10
3 2 6
Leena's Gain
5 10 50
Leena's New Share Leena's Old Share Leena'
?
? ? ?
??
? ? ?
?
? ? ?
?? s Gain 
3 6 21
10 50 50
? ? ?
 
Thus, the New Profit Sharing Ratio of Jayant and Leena would be 29 : 21 
 
9. Answer : 
VK Ltd. 
Journal 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
2018      
Feb 1 Own Debenture A/c Dr.  48,500  
 ------- To cash and Bank A/c    48,500 
 (Purchased own 500, 9% debentures of `100 each at 
`97 each for immediate cancellation) 
    
      
Feb 1 9% Debentures A/c Dr.  50,000  
 --------- To Own Debenture A/c    48,500 
 --------- To Gain on cancellation of Own Debenture A/c    1,500 
 (Cancelled own debentures)     
      
March 31 Gain on cancellation of Own Debenture A/c Dr.  1,500  
 --------- To Capital Reserve A/c    1,500 
 (Gain on cancellation transferred to capital Reserve)     
 
 
 
 
  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 2 – 2018 Solution 
 
     
10. Answer : 
Balance Sheet (Extract ) 
Particular Note No. Current year 
` 
Previous year  
` 
I. Equity and Liabilities    
1. Shareholders' Funds    
(a) Share capital 1 70,00,000 50,00,000 
    
Total  70,00,000 50,00,000 
NOTES TO ACCOUNT 
 Particulars ` 
1 Share Capital  
 ---Authorised Capital  
 ---1,00,000 Equity Shares of `100 each 1,00,00,000 
 ---Issued share Capital  
 70,000 Equity Shares of `100 each  70,00,000 
 subscribed fully paid-up capital  
 70,000 Equity Shares of `100 each; Fully Called up 70,00,000 
Values involved are: 
(a) Generation of Employment  
(b) Social-upliftment by showing concerns for the differently-abled children. 
 
11. Answer : 
Computation of Adjusted Profit: 
Journal 
In the books of  Z Ltd 
Year  Profit (`) Adjustments  
Adjusted Profit 
(`) 
2013-14 `3,50,000 – `56,250 for Management Cost  2,93,750 
2014-15 `4,75,000 – `56,250 for Management Cost  4,18,750 
2015-16 `6,70,000 – `56,250 for Management Cost  6,13,750 
 `7,45,000 – `56,250 for Management Cost 6,88,750  
2016-17     – `15,000 overvaluation of closing Stock (15,000) 6,73,750 
 Total Profit   20,00,000 
20,00,000
Average Profit 5,00,000
4
??
`
` 
Goodwill Average Profit No. of years purchase 5,00,000 2 10,00,000
1
Raghav's Share of Goodwill 10,00,000 2,50,000 
4
? ? ? ? ?
? ? ?
``
``
 
In the books of Asha, Aditi & Raghav 
Journal 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
2017      
Apr. 1 Cash A/c Dr.  8,50,000  
 -------- To Raghav’s Capital A/c    6,00,000 
 -------- To Premium for Goodwill A/c    2,50,000 
 (Being Raghav’s Capital and share of goodwill brought in cash)     
      
Apr. 1 Premium for Goodwill A/c Dr.  2,50,000  
 -------- To Asha’s Capital A/c    1,50,000 
 -------- To Aditi’s Capital A/c    1,00,000 
 (Being Goodwill distributed among sacrificing partners in the 
ratio 3:2) 
    
 
Page 4


  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 2 – 2018 Solution 
 
     
CBSE 
Class XII Accountancy 
Delhi Board Paper Set 2– 2018 Solution 
 
SECTION A 
1. Answer : 
Meetu’s Share in Profits: 1/3 (as the profit sharing ratio is not given, it is assumed to be equal). 
Goodwill of the firm = `4,20,000 
Meetu's share of Goodwill = 4,20,000 
1
3
? = `1,40,000 
Journal 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
2018      
Jan 1 Neetu's Capital A/c Dr.  70,000  
 Teetu's Capital A/c Dr.  70,000  
 -------- To Meetu's Capital A/c    1,40,000 
 (Being goodwill adjusted in 1:1)     
      
 
2. Answer : 
1
Share of Chaman
6
2 1 2
Share acquired from Amit
5 6 30
Share acquired from Beena = Share of Chaman Acquired from Amit 
1 2 3 1
6 30 30 10
?
? ? ?
?
? ? ? ?
 
 
3. Answer : 
Reserve Capital is a part of “Uncalled Capital”. 
 
4. Answer : 
Loans taken are majorly secured by mortgage of the assets known as prime or principal security. Security 
given in addition to the prime or principal security is termed as Collateral Security. If the borrower is not 
able to pay the principal amount or interest on loan amount, then the lender has the right to recover the 
dues from the sale of primary security and in case if the primary security is not sufficient to recover the 
amount of debt, then the collateral security can be used to recover the due amount.  
 
5. Answer : 
Basis  Dissolution of partnership  Dissolution of firm 
Settlements of Assets 
and Liabilities 
Assets and Liabilities are revalued 
and the gain or loss is distributed to 
all partners in old ratio. 
Assets of the firm are realised and 
liabilities are settled. Balance amount, 
if any is distributed among all partners. 
 
6. Answer : 
No, the relationship between Ritesh and Hitesh cannot be called as Partnership but would be they 
regarded as the co-owners. This is because, Partnership requires the partners to conduct the business on 
a regular basis and share the profits from the same whereas in this case this is a one-time activity.
 
  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 2 – 2018 Solution 
 
     
7. Answer : 
A company is an entity incorporated by a group of persons through the process of law and has a share 
capital divided into shares, the owners of which are referred to as members or shareholders. Share here 
refers to a unit into which the share capital of a company is divided. It includes the stock of the company 
and represents ownership claims on business. 
Basis of 
Difference 
Preference Shares Equity Shares 
Voting Rights  Preference shareholders have voting 
rights only in special circumstances 
Equity shareholders have voting rights in all the 
circumstances. 
Rate of 
Dividend  
Fixed rate of dividend is received  Rate of dividend is decided by the board every 
year and is approved by the shareholders. 
 
 
8. Answer : 
5
Jayant's Share (Old)
10
2 2 4
Jayant's Gain
5 10 50
Jayant's New Share Jayant's Old Share Jayant's Gain
5 4 29
10 50 50
3
Leena's Share (Old)
10
3 2 6
Leena's Gain
5 10 50
Leena's New Share Leena's Old Share Leena'
?
? ? ?
??
? ? ?
?
? ? ?
?? s Gain 
3 6 21
10 50 50
? ? ?
 
Thus, the New Profit Sharing Ratio of Jayant and Leena would be 29 : 21 
 
9. Answer : 
VK Ltd. 
Journal 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
2018      
Feb 1 Own Debenture A/c Dr.  48,500  
 ------- To cash and Bank A/c    48,500 
 (Purchased own 500, 9% debentures of `100 each at 
`97 each for immediate cancellation) 
    
      
Feb 1 9% Debentures A/c Dr.  50,000  
 --------- To Own Debenture A/c    48,500 
 --------- To Gain on cancellation of Own Debenture A/c    1,500 
 (Cancelled own debentures)     
      
March 31 Gain on cancellation of Own Debenture A/c Dr.  1,500  
 --------- To Capital Reserve A/c    1,500 
 (Gain on cancellation transferred to capital Reserve)     
 
 
 
 
  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 2 – 2018 Solution 
 
     
10. Answer : 
Balance Sheet (Extract ) 
Particular Note No. Current year 
` 
Previous year  
` 
I. Equity and Liabilities    
1. Shareholders' Funds    
(a) Share capital 1 70,00,000 50,00,000 
    
Total  70,00,000 50,00,000 
NOTES TO ACCOUNT 
 Particulars ` 
1 Share Capital  
 ---Authorised Capital  
 ---1,00,000 Equity Shares of `100 each 1,00,00,000 
 ---Issued share Capital  
 70,000 Equity Shares of `100 each  70,00,000 
 subscribed fully paid-up capital  
 70,000 Equity Shares of `100 each; Fully Called up 70,00,000 
Values involved are: 
(a) Generation of Employment  
(b) Social-upliftment by showing concerns for the differently-abled children. 
 
11. Answer : 
Computation of Adjusted Profit: 
Journal 
In the books of  Z Ltd 
Year  Profit (`) Adjustments  
Adjusted Profit 
(`) 
2013-14 `3,50,000 – `56,250 for Management Cost  2,93,750 
2014-15 `4,75,000 – `56,250 for Management Cost  4,18,750 
2015-16 `6,70,000 – `56,250 for Management Cost  6,13,750 
 `7,45,000 – `56,250 for Management Cost 6,88,750  
2016-17     – `15,000 overvaluation of closing Stock (15,000) 6,73,750 
 Total Profit   20,00,000 
20,00,000
Average Profit 5,00,000
4
??
`
` 
Goodwill Average Profit No. of years purchase 5,00,000 2 10,00,000
1
Raghav's Share of Goodwill 10,00,000 2,50,000 
4
? ? ? ? ?
? ? ?
``
``
 
In the books of Asha, Aditi & Raghav 
Journal 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
2017      
Apr. 1 Cash A/c Dr.  8,50,000  
 -------- To Raghav’s Capital A/c    6,00,000 
 -------- To Premium for Goodwill A/c    2,50,000 
 (Being Raghav’s Capital and share of goodwill brought in cash)     
      
Apr. 1 Premium for Goodwill A/c Dr.  2,50,000  
 -------- To Asha’s Capital A/c    1,50,000 
 -------- To Aditi’s Capital A/c    1,00,000 
 (Being Goodwill distributed among sacrificing partners in the 
ratio 3:2) 
    
 
  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 2 – 2018 Solution 
 
     
12. Answer : 
Capital of Girdhari = `1,00,000 
Girdhari's Share of Goodwill = 1,14,000 
5
15
? = 38,000  
Girdhari's Share in Revaluation Profit = 6,000 
5
15
? = 2,000 
Girdhari's Share in General Reserve = 30,000 
5
15
? = 10,000 
Total Amount Payable to Girdhari = `1,00,000 + ` 38,000 + ` 2,000 + ` 10,000 = `1,50,000 
 
In books of Banwari & Murari  
Girdhari's  Loan Account 
Dr.     Cr. 
Date Particulars ` Date Particulars ` 
2015   2014   
March 31 To Cash and Bank A/c  75,000 April 1 By Girdhari's Capital A/c  1,50,000 
March 31 To Balance c/d 90,000 2015   
   March 31 By Interest A/c  15,000 
  1,65,000   1,65,000 
2016   2015   
March 31 To Cash and Bank A/c  75,000 April 1 By Balance b/d  90,000 
March 31 To Balance c/d 24,000 2016   
   March 31 By Interest A/c 9,000 
  99,000   99,000 
2016   2016   
March 31 To Cash and Bank A/c  26,400 April 1 By Balance b/d  24,000 
   2016   
   March 31 By Interest A/c 2,400 
  26,400   26,400 
Working Notes: 
1. Interest for Year 1
10
1,50,000 15,000
100
? ? ? 
2. Interest for Year 2
10
90,000 9,000
100
? ? ? 
3. Interest for Year 1
10
24,000 2,400
100
? ? ? 
 
13. Answer : 
In the books of KK Ltd. 
Journal 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
2014      
Apr 1 Bank A/c Dr.  56,40,000  
 -------- To Debenture Application & Allotment A/c    56,40,000 
 (Being debenture application money received @ `940 on 
6,000 debentures) 
    
      
Apr 1 Debenture Application & Allotment A/c Dr.  56,40,000  
 Loss on Issue of Debentures A/c (3,00,000 + 5,00,000) Dr.  8,00,000  
 -------- To 10% Debenture A/c    50,00,000 
Page 5


  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 2 – 2018 Solution 
 
     
CBSE 
Class XII Accountancy 
Delhi Board Paper Set 2– 2018 Solution 
 
SECTION A 
1. Answer : 
Meetu’s Share in Profits: 1/3 (as the profit sharing ratio is not given, it is assumed to be equal). 
Goodwill of the firm = `4,20,000 
Meetu's share of Goodwill = 4,20,000 
1
3
? = `1,40,000 
Journal 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
2018      
Jan 1 Neetu's Capital A/c Dr.  70,000  
 Teetu's Capital A/c Dr.  70,000  
 -------- To Meetu's Capital A/c    1,40,000 
 (Being goodwill adjusted in 1:1)     
      
 
2. Answer : 
1
Share of Chaman
6
2 1 2
Share acquired from Amit
5 6 30
Share acquired from Beena = Share of Chaman Acquired from Amit 
1 2 3 1
6 30 30 10
?
? ? ?
?
? ? ? ?
 
 
3. Answer : 
Reserve Capital is a part of “Uncalled Capital”. 
 
4. Answer : 
Loans taken are majorly secured by mortgage of the assets known as prime or principal security. Security 
given in addition to the prime or principal security is termed as Collateral Security. If the borrower is not 
able to pay the principal amount or interest on loan amount, then the lender has the right to recover the 
dues from the sale of primary security and in case if the primary security is not sufficient to recover the 
amount of debt, then the collateral security can be used to recover the due amount.  
 
5. Answer : 
Basis  Dissolution of partnership  Dissolution of firm 
Settlements of Assets 
and Liabilities 
Assets and Liabilities are revalued 
and the gain or loss is distributed to 
all partners in old ratio. 
Assets of the firm are realised and 
liabilities are settled. Balance amount, 
if any is distributed among all partners. 
 
6. Answer : 
No, the relationship between Ritesh and Hitesh cannot be called as Partnership but would be they 
regarded as the co-owners. This is because, Partnership requires the partners to conduct the business on 
a regular basis and share the profits from the same whereas in this case this is a one-time activity.
 
  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 2 – 2018 Solution 
 
     
7. Answer : 
A company is an entity incorporated by a group of persons through the process of law and has a share 
capital divided into shares, the owners of which are referred to as members or shareholders. Share here 
refers to a unit into which the share capital of a company is divided. It includes the stock of the company 
and represents ownership claims on business. 
Basis of 
Difference 
Preference Shares Equity Shares 
Voting Rights  Preference shareholders have voting 
rights only in special circumstances 
Equity shareholders have voting rights in all the 
circumstances. 
Rate of 
Dividend  
Fixed rate of dividend is received  Rate of dividend is decided by the board every 
year and is approved by the shareholders. 
 
 
8. Answer : 
5
Jayant's Share (Old)
10
2 2 4
Jayant's Gain
5 10 50
Jayant's New Share Jayant's Old Share Jayant's Gain
5 4 29
10 50 50
3
Leena's Share (Old)
10
3 2 6
Leena's Gain
5 10 50
Leena's New Share Leena's Old Share Leena'
?
? ? ?
??
? ? ?
?
? ? ?
?? s Gain 
3 6 21
10 50 50
? ? ?
 
Thus, the New Profit Sharing Ratio of Jayant and Leena would be 29 : 21 
 
9. Answer : 
VK Ltd. 
Journal 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
2018      
Feb 1 Own Debenture A/c Dr.  48,500  
 ------- To cash and Bank A/c    48,500 
 (Purchased own 500, 9% debentures of `100 each at 
`97 each for immediate cancellation) 
    
      
Feb 1 9% Debentures A/c Dr.  50,000  
 --------- To Own Debenture A/c    48,500 
 --------- To Gain on cancellation of Own Debenture A/c    1,500 
 (Cancelled own debentures)     
      
March 31 Gain on cancellation of Own Debenture A/c Dr.  1,500  
 --------- To Capital Reserve A/c    1,500 
 (Gain on cancellation transferred to capital Reserve)     
 
 
 
 
  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 2 – 2018 Solution 
 
     
10. Answer : 
Balance Sheet (Extract ) 
Particular Note No. Current year 
` 
Previous year  
` 
I. Equity and Liabilities    
1. Shareholders' Funds    
(a) Share capital 1 70,00,000 50,00,000 
    
Total  70,00,000 50,00,000 
NOTES TO ACCOUNT 
 Particulars ` 
1 Share Capital  
 ---Authorised Capital  
 ---1,00,000 Equity Shares of `100 each 1,00,00,000 
 ---Issued share Capital  
 70,000 Equity Shares of `100 each  70,00,000 
 subscribed fully paid-up capital  
 70,000 Equity Shares of `100 each; Fully Called up 70,00,000 
Values involved are: 
(a) Generation of Employment  
(b) Social-upliftment by showing concerns for the differently-abled children. 
 
11. Answer : 
Computation of Adjusted Profit: 
Journal 
In the books of  Z Ltd 
Year  Profit (`) Adjustments  
Adjusted Profit 
(`) 
2013-14 `3,50,000 – `56,250 for Management Cost  2,93,750 
2014-15 `4,75,000 – `56,250 for Management Cost  4,18,750 
2015-16 `6,70,000 – `56,250 for Management Cost  6,13,750 
 `7,45,000 – `56,250 for Management Cost 6,88,750  
2016-17     – `15,000 overvaluation of closing Stock (15,000) 6,73,750 
 Total Profit   20,00,000 
20,00,000
Average Profit 5,00,000
4
??
`
` 
Goodwill Average Profit No. of years purchase 5,00,000 2 10,00,000
1
Raghav's Share of Goodwill 10,00,000 2,50,000 
4
? ? ? ? ?
? ? ?
``
``
 
In the books of Asha, Aditi & Raghav 
Journal 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
2017      
Apr. 1 Cash A/c Dr.  8,50,000  
 -------- To Raghav’s Capital A/c    6,00,000 
 -------- To Premium for Goodwill A/c    2,50,000 
 (Being Raghav’s Capital and share of goodwill brought in cash)     
      
Apr. 1 Premium for Goodwill A/c Dr.  2,50,000  
 -------- To Asha’s Capital A/c    1,50,000 
 -------- To Aditi’s Capital A/c    1,00,000 
 (Being Goodwill distributed among sacrificing partners in the 
ratio 3:2) 
    
 
  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 2 – 2018 Solution 
 
     
12. Answer : 
Capital of Girdhari = `1,00,000 
Girdhari's Share of Goodwill = 1,14,000 
5
15
? = 38,000  
Girdhari's Share in Revaluation Profit = 6,000 
5
15
? = 2,000 
Girdhari's Share in General Reserve = 30,000 
5
15
? = 10,000 
Total Amount Payable to Girdhari = `1,00,000 + ` 38,000 + ` 2,000 + ` 10,000 = `1,50,000 
 
In books of Banwari & Murari  
Girdhari's  Loan Account 
Dr.     Cr. 
Date Particulars ` Date Particulars ` 
2015   2014   
March 31 To Cash and Bank A/c  75,000 April 1 By Girdhari's Capital A/c  1,50,000 
March 31 To Balance c/d 90,000 2015   
   March 31 By Interest A/c  15,000 
  1,65,000   1,65,000 
2016   2015   
March 31 To Cash and Bank A/c  75,000 April 1 By Balance b/d  90,000 
March 31 To Balance c/d 24,000 2016   
   March 31 By Interest A/c 9,000 
  99,000   99,000 
2016   2016   
March 31 To Cash and Bank A/c  26,400 April 1 By Balance b/d  24,000 
   2016   
   March 31 By Interest A/c 2,400 
  26,400   26,400 
Working Notes: 
1. Interest for Year 1
10
1,50,000 15,000
100
? ? ? 
2. Interest for Year 2
10
90,000 9,000
100
? ? ? 
3. Interest for Year 1
10
24,000 2,400
100
? ? ? 
 
13. Answer : 
In the books of KK Ltd. 
Journal 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
2014      
Apr 1 Bank A/c Dr.  56,40,000  
 -------- To Debenture Application & Allotment A/c    56,40,000 
 (Being debenture application money received @ `940 on 
6,000 debentures) 
    
      
Apr 1 Debenture Application & Allotment A/c Dr.  56,40,000  
 Loss on Issue of Debentures A/c (3,00,000 + 5,00,000) Dr.  8,00,000  
 -------- To 10% Debenture A/c    50,00,000 
  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 2 – 2018 Solution 
 
     
 -------- To Premium on Redemption of Debenture A/c    5,00,000 
 -------- To Bank A/c (1000*940)    9,40,000 
 (Being debentures allotted at a discount of 6% to be 
redeemable at a 10% premium. Excess refunded.) 
    
      
2016      
Mar 31 Balance in Statement of Profit & Loss A/c Dr.  12,50,000  
 -------- To Debenture Redemption Reserve A/c    12,50,000 
 (Being DRR created at 25%)     
      
Apr 1 Debenture Redemption Investment A/c Dr.  7,50,000  
 -------- To Bank A/c     7,50,000 
 (Being DRI in 9% Fixed deposit @ 15% of Debenture Face 
Value) 
    
      
2017      
Mar 31 10% Debenture A/c Dr.  50,00,000  
 Premium on Redemption of Debentures A/c Dr.  5,00,000  
 -------- To Debentureholders A/c    55,00,000 
 (Being debenture and premium repayment due)     
      
Mar 31 Bank A/c Dr.  8,10,750  
 Income Tax Paid A/c  Dr.  6,750  
 -------- To Debenture Redemption Investment A/c    7,50,000 
 -------- To Interest on Debenture Redemption Investment A/c    67,500 
 (Being DRI matured and 9% Interest received thereon. Tax 
Deducted at source being 10% of the interest)  
    
      
Mar 31 Debentureholders A/c Dr.  55,00,000  
 -------- To Bank A/c    55,00,000 
 (Being amount paid to Debentureholders)     
      
Mar 31 Debenture Redemption Reserve A/c Dr.  12,50,000  
 -------- To General Reserve A/c    12,50,000 
 (Being DRR transferred to General Reserve)     
 
14. Answer :  
In the books of Pranav, Karan & Rahim 
Karan’s Capital Account 
Dr.  Cr 
Date Particulars ` Date Particulars ` 
2017      
Jun 12 Karan’s Executors A/c 3,28,800 Jun 12 Balance b/d 2,00,000 
   Jun 12 Interest on Capital A/c (WN 1) 4,800 
   Jun 12 Pranav's Capital (Goodwill) (WN 2) 16,000 
   Jun 12 Rahim's Capital (Goodwill) (WN 2) 8,000 
   Jun 12 Profit Loss Suspense A/c (WN3)  40,000 
   Jun 12 General Reserve A/c 60,000 
  3,28,800   3,28,800 
Working Notes: 
1. Interest on capital
12 73
2,00,000 4,800
100 365
? ? ? ? 
2. Karan’s Goodwill
2
60,000 24,000
5
? ? ? 
3. Profit till the date of death 
73 2
5,00,000 40,000
365 5
? ? ? ?