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
? ? ? ?
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