Page 1
CBSE XII | Accountancy
All India Board Paper Set 3 – 2018 Solution
CBSE
Class XII Accountancy
All India Board Paper Set 3– 2018 Solution
SECTION A
1. 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.
2. Answer :
Reserve Capital is a part of “Uncalled Capital”.
3. 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.
4. 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
?
? ? ?
?
? ? ? ?
5. 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.
6. 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)
Page 2
CBSE XII | Accountancy
All India Board Paper Set 3 – 2018 Solution
CBSE
Class XII Accountancy
All India Board Paper Set 3– 2018 Solution
SECTION A
1. 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.
2. Answer :
Reserve Capital is a part of “Uncalled Capital”.
3. 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.
4. 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
?
? ? ?
?
? ? ? ?
5. 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.
6. 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)
CBSE XII | Accountancy
All India Board Paper Set 3 – 2018 Solution
7. 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.
8. 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.
9. 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
Page 3
CBSE XII | Accountancy
All India Board Paper Set 3 – 2018 Solution
CBSE
Class XII Accountancy
All India Board Paper Set 3– 2018 Solution
SECTION A
1. 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.
2. Answer :
Reserve Capital is a part of “Uncalled Capital”.
3. 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.
4. 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
?
? ? ?
?
? ? ? ?
5. 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.
6. 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)
CBSE XII | Accountancy
All India Board Paper Set 3 – 2018 Solution
7. 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.
8. 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.
9. 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
CBSE XII | Accountancy
All India Board Paper Set 3 – 2018 Solution
10. 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)
11. 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
? ? ?
Page 4
CBSE XII | Accountancy
All India Board Paper Set 3 – 2018 Solution
CBSE
Class XII Accountancy
All India Board Paper Set 3– 2018 Solution
SECTION A
1. 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.
2. Answer :
Reserve Capital is a part of “Uncalled Capital”.
3. 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.
4. 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
?
? ? ?
?
? ? ? ?
5. 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.
6. 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)
CBSE XII | Accountancy
All India Board Paper Set 3 – 2018 Solution
7. 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.
8. 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.
9. 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
CBSE XII | Accountancy
All India Board Paper Set 3 – 2018 Solution
10. 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)
11. 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
? ? ?
CBSE XII | Accountancy
All India Board Paper Set 3 – 2018 Solution
2. Interest for Year 2
10
90,000 9,000
100
? ? ?
3. Interest for Year 1
10
24,000 2,400
100
? ? ?
12. 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)
13. Answer :
In the books of Chander & Damini
Revaluation Account
Dr. Cr
Particulars ` Particulars `
To Furniture 11,000 By Debtors 5,000
To Provision for bad & Doubtful debts 6,250 By Land and Building 62,000
To Claim for Damages 8,000
To Profit transferred to:
Chander’s Capital 20,875
Damini’s Capital 20,875 41,750
67,000 67,000
Page 5
CBSE XII | Accountancy
All India Board Paper Set 3 – 2018 Solution
CBSE
Class XII Accountancy
All India Board Paper Set 3– 2018 Solution
SECTION A
1. 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.
2. Answer :
Reserve Capital is a part of “Uncalled Capital”.
3. 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.
4. 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
?
? ? ?
?
? ? ? ?
5. 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.
6. 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)
CBSE XII | Accountancy
All India Board Paper Set 3 – 2018 Solution
7. 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.
8. 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.
9. 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
CBSE XII | Accountancy
All India Board Paper Set 3 – 2018 Solution
10. 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)
11. 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
? ? ?
CBSE XII | Accountancy
All India Board Paper Set 3 – 2018 Solution
2. Interest for Year 2
10
90,000 9,000
100
? ? ?
3. Interest for Year 1
10
24,000 2,400
100
? ? ?
12. 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)
13. Answer :
In the books of Chander & Damini
Revaluation Account
Dr. Cr
Particulars ` Particulars `
To Furniture 11,000 By Debtors 5,000
To Provision for bad & Doubtful debts 6,250 By Land and Building 62,000
To Claim for Damages 8,000
To Profit transferred to:
Chander’s Capital 20,875
Damini’s Capital 20,875 41,750
67,000 67,000
CBSE XII | Accountancy
All India Board Paper Set 3 – 2018 Solution
In the books of Chander, Damini & Elina
Partner’s Capital Account
Dr. Cr.
Particulars Chander Damini Elina Particulars Chander Damini Elina
To Bank A/c 12,500 12,500 By Balance b/d 2,50,000 2,16,000
To Balance c/d 2,83,375 2,49,375 3,00,000 By Bank A/c 3,00,000
By Premium for Goodwill A/c 25,000 25,000
By Revaluation A/c 20,875 20,875
2,95,875 2,61,875 3,00,000 2,95,875 2,61,875 3,00,000
14. 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
-------- 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
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