Page 1
Accountancy – Class XII
Marking Scheme (2019-20)
PART A
(Accounting for Not-for-Profit Organizations, Partnership Firms and Companies)
1 Balance Sheet of ___ NPO. as on ____ Date
Liabilities Amount (?) Assets Amount (?)
Tournament Fund 80,000
Less: Tournament
expenses 14000
_______
66,000
(1)
2 (c) 6% p.a.
(1)
3 iii. for the debts of the firm to the third parties;
i. to each partner proportionately what is due to him/her from the firm for advances as
distinguished from capital (i.e. partner’ loan);
ii. to each partner proportionately what is due to him on account of capital
(1)
4 b) ? 45,000
(1)
5 7 ½ months
(1)
6
Date Particulars L.F. Debit (?) Credit (?)
2018
April,1
Ankit’s capital A/c Dr
Unnati Capital A/c Dr
Aryan’s Capital A/c Dr
To Profit and Loss A/c
(Being Profit and Loss debit
balance distributed at time of
change in profit sharing ratio)
30,250
18,150
12,100
60,500
Journal
(1)
7 Total Capital as per C’s Share (4,00,000 X (5/1)) 20,00,000
Less Actual capital of A,B,C ( 10,00,000 + 4,00,000) 14,00,000
________
Value of firm’s Goodwill 6,00,000
=======
C’s share of Goodwill = 6,00,000X (1/5) = ? 1,20,000
(1/2)
(1/2)
8
Date Particulars L.F Dr Amount
(?)
Dr Amount
(?)
2018
Nov,2
Profit and Loss Suspense A/c Dr.
To Kavleen’s Capital A/c
(Being Kavleen’s share of profit up to the
date of her death transferred to her
capital account)
9,375
9,375
Journal
(1)
9 Journal
Page 2
Accountancy – Class XII
Marking Scheme (2019-20)
PART A
(Accounting for Not-for-Profit Organizations, Partnership Firms and Companies)
1 Balance Sheet of ___ NPO. as on ____ Date
Liabilities Amount (?) Assets Amount (?)
Tournament Fund 80,000
Less: Tournament
expenses 14000
_______
66,000
(1)
2 (c) 6% p.a.
(1)
3 iii. for the debts of the firm to the third parties;
i. to each partner proportionately what is due to him/her from the firm for advances as
distinguished from capital (i.e. partner’ loan);
ii. to each partner proportionately what is due to him on account of capital
(1)
4 b) ? 45,000
(1)
5 7 ½ months
(1)
6
Date Particulars L.F. Debit (?) Credit (?)
2018
April,1
Ankit’s capital A/c Dr
Unnati Capital A/c Dr
Aryan’s Capital A/c Dr
To Profit and Loss A/c
(Being Profit and Loss debit
balance distributed at time of
change in profit sharing ratio)
30,250
18,150
12,100
60,500
Journal
(1)
7 Total Capital as per C’s Share (4,00,000 X (5/1)) 20,00,000
Less Actual capital of A,B,C ( 10,00,000 + 4,00,000) 14,00,000
________
Value of firm’s Goodwill 6,00,000
=======
C’s share of Goodwill = 6,00,000X (1/5) = ? 1,20,000
(1/2)
(1/2)
8
Date Particulars L.F Dr Amount
(?)
Dr Amount
(?)
2018
Nov,2
Profit and Loss Suspense A/c Dr.
To Kavleen’s Capital A/c
(Being Kavleen’s share of profit up to the
date of her death transferred to her
capital account)
9,375
9,375
Journal
(1)
9 Journal
Date Particulars L.F Dr
Amount
(?)
Dr Amount
(?)
2019
April,
1
Investment Fluctuation Reserve A/c Dr.
To Investment A/c
To A’s capital A/c
To B’s Capital A/c
(Being the transfer of excess Investment
Fluctuation reserve to partner’s capital account in
old profit sharing ratio)
60,000
20,000
24,000
16,000
(1)
10 because the claim of the partner against the firm is increased by the amount of liability
assumed.
(1)
11
C’s Share acquired from A and B each =
1
5
X
1
2
=
1
10
A’s Share =
3
5
-
1
10
=
5
10
B’s Share =
2
5
-
1
10
=
3
10
New Profit Sharing ratio of A: B: C is 5:3: 2
Yes, new profit sharing ratio is 5:3:2
1
12 b) ? 2,50,000 (1)
13 Reserve Capital
(1)
14 a) Statement Showing Expenditure on Medicine consumed during the year ending
31
st
March,2019:-
Particulars Amount (?)
Amount paid for medicines during the year
Add: Opening Stock of medicines
Less: Closing stock of medicines
Less: Opening Creditors
Add: Closing creditors
Medicine consumed during the year
2,00,000
50,000
(95,000)
(20,000)
10,000
______
1,45,000
----------
Or
Basis of distinction Income and Expenditure Receipt and Payment Account
Nature It is like as profit and loss account, hence
is a nominal account.
It is the summary of the cash
book, hence a real account.
Nature of Items It records items of Revenue and expense
nature only.
It records receipts and payment
of cash and bank.
Period Items in Income and Expenditure
account relate to the current period.
Receipts and payments items may
relate to preceding and
succeeding periods.
½ X
6
1
1
1
Page 3
Accountancy – Class XII
Marking Scheme (2019-20)
PART A
(Accounting for Not-for-Profit Organizations, Partnership Firms and Companies)
1 Balance Sheet of ___ NPO. as on ____ Date
Liabilities Amount (?) Assets Amount (?)
Tournament Fund 80,000
Less: Tournament
expenses 14000
_______
66,000
(1)
2 (c) 6% p.a.
(1)
3 iii. for the debts of the firm to the third parties;
i. to each partner proportionately what is due to him/her from the firm for advances as
distinguished from capital (i.e. partner’ loan);
ii. to each partner proportionately what is due to him on account of capital
(1)
4 b) ? 45,000
(1)
5 7 ½ months
(1)
6
Date Particulars L.F. Debit (?) Credit (?)
2018
April,1
Ankit’s capital A/c Dr
Unnati Capital A/c Dr
Aryan’s Capital A/c Dr
To Profit and Loss A/c
(Being Profit and Loss debit
balance distributed at time of
change in profit sharing ratio)
30,250
18,150
12,100
60,500
Journal
(1)
7 Total Capital as per C’s Share (4,00,000 X (5/1)) 20,00,000
Less Actual capital of A,B,C ( 10,00,000 + 4,00,000) 14,00,000
________
Value of firm’s Goodwill 6,00,000
=======
C’s share of Goodwill = 6,00,000X (1/5) = ? 1,20,000
(1/2)
(1/2)
8
Date Particulars L.F Dr Amount
(?)
Dr Amount
(?)
2018
Nov,2
Profit and Loss Suspense A/c Dr.
To Kavleen’s Capital A/c
(Being Kavleen’s share of profit up to the
date of her death transferred to her
capital account)
9,375
9,375
Journal
(1)
9 Journal
Date Particulars L.F Dr
Amount
(?)
Dr Amount
(?)
2019
April,
1
Investment Fluctuation Reserve A/c Dr.
To Investment A/c
To A’s capital A/c
To B’s Capital A/c
(Being the transfer of excess Investment
Fluctuation reserve to partner’s capital account in
old profit sharing ratio)
60,000
20,000
24,000
16,000
(1)
10 because the claim of the partner against the firm is increased by the amount of liability
assumed.
(1)
11
C’s Share acquired from A and B each =
1
5
X
1
2
=
1
10
A’s Share =
3
5
-
1
10
=
5
10
B’s Share =
2
5
-
1
10
=
3
10
New Profit Sharing ratio of A: B: C is 5:3: 2
Yes, new profit sharing ratio is 5:3:2
1
12 b) ? 2,50,000 (1)
13 Reserve Capital
(1)
14 a) Statement Showing Expenditure on Medicine consumed during the year ending
31
st
March,2019:-
Particulars Amount (?)
Amount paid for medicines during the year
Add: Opening Stock of medicines
Less: Closing stock of medicines
Less: Opening Creditors
Add: Closing creditors
Medicine consumed during the year
2,00,000
50,000
(95,000)
(20,000)
10,000
______
1,45,000
----------
Or
Basis of distinction Income and Expenditure Receipt and Payment Account
Nature It is like as profit and loss account, hence
is a nominal account.
It is the summary of the cash
book, hence a real account.
Nature of Items It records items of Revenue and expense
nature only.
It records receipts and payment
of cash and bank.
Period Items in Income and Expenditure
account relate to the current period.
Receipts and payments items may
relate to preceding and
succeeding periods.
½ X
6
1
1
1
15 Journal
Date Particulars L.F Dr Amount
(?)
Dr Amount
(?)
September 30,
2019
Ana’s Capital A/c Dr
Pranjal’s Capital A/c Dr
To Danish’s Capital A/c
(Being Danish’s share of goodwill adjusted in capital Accounts
of Ana and Pranjal
18,000
12,000
30,000
September 30,
2019
Profit and Loss Suspense A/c Dr
To Danish’s Capital A/c
(Being Danish’s share of profit up to date of his death
transferred to his capital account)
5,400
5,400
September 30,
2019
Danish’s Capital A/c Dr
To Danish’s Executor’s A/c
(Being amount due to Danish transferred to his executor’s
account)
5,35,400
5,35,400
Working Notes:-
Sales = 2,00,000 + 20% of 2,00,000
= 2,00,000 +40,000
Profit % = 10% - 1% = 9%
Danish’s Share of Profit =? 2,40,000 X 9/100 X 5/10 X 6/12 = ? 5,400
(1)
(1)
(1)
(1)
16
Date Particulars L.F. Dr Amount
(?)
Dr Amount
(?)
2018
March,31
Maanika’s capital A/c Dr.
Bhavi’s Capital A/c Dr.
To Komal’s Capital A/c
(Being the deficiency of
komal met by Maanika and
Bhavi)
2,40,000
1,60,000
4,00,000
Journal
Dr Profit and Loss Appropriation A/c Cr
For the year ended 31
st
March, 2018
Particulars Amount (?) Particulars Amount (?)
To Net Loss
(Profit and Loss A/c)
22,00,000
__________________
22,00,000
================
By Loss transferred to
Maanika’s capital a/c
Bhavi’s capital a/c
Komal’s Capital a/c
12,00,000
8,00,000
2,00,000
_________
22,00,000
==========
Working note:
Loss of the firm : 22,00,000
Komal’s share of loss =22,00,000 X1/11 = 2,00,000
Guaranteed minimum profit=2,00,000
OR
Firm’s Particular’s Alia’s Bhanu’s Chand’s
Dr Cr Dr Cr Dr Cr Dr Cr
80,000 Profits Given 30,000 30,000 20,000
40,000 Salary 18,000 4,000 18,000
40,000 Profit to be credited 15,000 15,000 10,000
(2)
(1 ½
½
Page 4
Accountancy – Class XII
Marking Scheme (2019-20)
PART A
(Accounting for Not-for-Profit Organizations, Partnership Firms and Companies)
1 Balance Sheet of ___ NPO. as on ____ Date
Liabilities Amount (?) Assets Amount (?)
Tournament Fund 80,000
Less: Tournament
expenses 14000
_______
66,000
(1)
2 (c) 6% p.a.
(1)
3 iii. for the debts of the firm to the third parties;
i. to each partner proportionately what is due to him/her from the firm for advances as
distinguished from capital (i.e. partner’ loan);
ii. to each partner proportionately what is due to him on account of capital
(1)
4 b) ? 45,000
(1)
5 7 ½ months
(1)
6
Date Particulars L.F. Debit (?) Credit (?)
2018
April,1
Ankit’s capital A/c Dr
Unnati Capital A/c Dr
Aryan’s Capital A/c Dr
To Profit and Loss A/c
(Being Profit and Loss debit
balance distributed at time of
change in profit sharing ratio)
30,250
18,150
12,100
60,500
Journal
(1)
7 Total Capital as per C’s Share (4,00,000 X (5/1)) 20,00,000
Less Actual capital of A,B,C ( 10,00,000 + 4,00,000) 14,00,000
________
Value of firm’s Goodwill 6,00,000
=======
C’s share of Goodwill = 6,00,000X (1/5) = ? 1,20,000
(1/2)
(1/2)
8
Date Particulars L.F Dr Amount
(?)
Dr Amount
(?)
2018
Nov,2
Profit and Loss Suspense A/c Dr.
To Kavleen’s Capital A/c
(Being Kavleen’s share of profit up to the
date of her death transferred to her
capital account)
9,375
9,375
Journal
(1)
9 Journal
Date Particulars L.F Dr
Amount
(?)
Dr Amount
(?)
2019
April,
1
Investment Fluctuation Reserve A/c Dr.
To Investment A/c
To A’s capital A/c
To B’s Capital A/c
(Being the transfer of excess Investment
Fluctuation reserve to partner’s capital account in
old profit sharing ratio)
60,000
20,000
24,000
16,000
(1)
10 because the claim of the partner against the firm is increased by the amount of liability
assumed.
(1)
11
C’s Share acquired from A and B each =
1
5
X
1
2
=
1
10
A’s Share =
3
5
-
1
10
=
5
10
B’s Share =
2
5
-
1
10
=
3
10
New Profit Sharing ratio of A: B: C is 5:3: 2
Yes, new profit sharing ratio is 5:3:2
1
12 b) ? 2,50,000 (1)
13 Reserve Capital
(1)
14 a) Statement Showing Expenditure on Medicine consumed during the year ending
31
st
March,2019:-
Particulars Amount (?)
Amount paid for medicines during the year
Add: Opening Stock of medicines
Less: Closing stock of medicines
Less: Opening Creditors
Add: Closing creditors
Medicine consumed during the year
2,00,000
50,000
(95,000)
(20,000)
10,000
______
1,45,000
----------
Or
Basis of distinction Income and Expenditure Receipt and Payment Account
Nature It is like as profit and loss account, hence
is a nominal account.
It is the summary of the cash
book, hence a real account.
Nature of Items It records items of Revenue and expense
nature only.
It records receipts and payment
of cash and bank.
Period Items in Income and Expenditure
account relate to the current period.
Receipts and payments items may
relate to preceding and
succeeding periods.
½ X
6
1
1
1
15 Journal
Date Particulars L.F Dr Amount
(?)
Dr Amount
(?)
September 30,
2019
Ana’s Capital A/c Dr
Pranjal’s Capital A/c Dr
To Danish’s Capital A/c
(Being Danish’s share of goodwill adjusted in capital Accounts
of Ana and Pranjal
18,000
12,000
30,000
September 30,
2019
Profit and Loss Suspense A/c Dr
To Danish’s Capital A/c
(Being Danish’s share of profit up to date of his death
transferred to his capital account)
5,400
5,400
September 30,
2019
Danish’s Capital A/c Dr
To Danish’s Executor’s A/c
(Being amount due to Danish transferred to his executor’s
account)
5,35,400
5,35,400
Working Notes:-
Sales = 2,00,000 + 20% of 2,00,000
= 2,00,000 +40,000
Profit % = 10% - 1% = 9%
Danish’s Share of Profit =? 2,40,000 X 9/100 X 5/10 X 6/12 = ? 5,400
(1)
(1)
(1)
(1)
16
Date Particulars L.F. Dr Amount
(?)
Dr Amount
(?)
2018
March,31
Maanika’s capital A/c Dr.
Bhavi’s Capital A/c Dr.
To Komal’s Capital A/c
(Being the deficiency of
komal met by Maanika and
Bhavi)
2,40,000
1,60,000
4,00,000
Journal
Dr Profit and Loss Appropriation A/c Cr
For the year ended 31
st
March, 2018
Particulars Amount (?) Particulars Amount (?)
To Net Loss
(Profit and Loss A/c)
22,00,000
__________________
22,00,000
================
By Loss transferred to
Maanika’s capital a/c
Bhavi’s capital a/c
Komal’s Capital a/c
12,00,000
8,00,000
2,00,000
_________
22,00,000
==========
Working note:
Loss of the firm : 22,00,000
Komal’s share of loss =22,00,000 X1/11 = 2,00,000
Guaranteed minimum profit=2,00,000
OR
Firm’s Particular’s Alia’s Bhanu’s Chand’s
Dr Cr Dr Cr Dr Cr Dr Cr
80,000 Profits Given 30,000 30,000 20,000
40,000 Salary 18,000 4,000 18,000
40,000 Profit to be credited 15,000 15,000 10,000
(2)
(1 ½
½
30,000 33,000 30,000 19,000 20,000 28,000
RECTIFYING JOURNAL ENTRY
Date Particulars L.F. Amount
( ?)
Amount
(?)
31
st
March, 2017
Bhanu’s Capital A/c Dr
To Chand’s Capital A/c
To Alia’s Capital A/c
(Being Salary, profit share incorrectly
distributed, now adjusted)
11,000
3,000
8,000
17 Extract of Balance Sheet of Bliss Products Ltd.
As at ____
Particulars No
te
No
.
Amount
Current
Year
Amount
Previous
Year
I. EQUITY AND LIABILITIES
1. Shareholder’s Fund
a. Share Capital
1
39,70,000
Notes to Accounts:
Note
No.
Particulars Amount (?)
1 Share Capital
Authorized Capital
90,000 Equity shares of ? 100 each
90,00,000
Issued Capital
50,000 Equity shares of ? 100 each
50,00,000
Subscribed Capital
Subscribed and Fully Paid Capital
39,000 Equity shares of ? 100 each 39,00,000
Add: Forfeited Shares (1,000 of ? 70 each) 70,000
39,70,000
½
1
1
1½
18 Journal
Date Particulars L.F. Amount
( ?)
Amount
(?)
Realization A/c Dr
To K’s Capital A/c
(Being wife’s loan discharged by the
partner)
6,000
6,000
Realization A/c Dr
To Bank A/c
(Being balance creditor’s paid at a
discount of 10% after part payment
through furniture)
27,000
27,000
(4)
Page 5
Accountancy – Class XII
Marking Scheme (2019-20)
PART A
(Accounting for Not-for-Profit Organizations, Partnership Firms and Companies)
1 Balance Sheet of ___ NPO. as on ____ Date
Liabilities Amount (?) Assets Amount (?)
Tournament Fund 80,000
Less: Tournament
expenses 14000
_______
66,000
(1)
2 (c) 6% p.a.
(1)
3 iii. for the debts of the firm to the third parties;
i. to each partner proportionately what is due to him/her from the firm for advances as
distinguished from capital (i.e. partner’ loan);
ii. to each partner proportionately what is due to him on account of capital
(1)
4 b) ? 45,000
(1)
5 7 ½ months
(1)
6
Date Particulars L.F. Debit (?) Credit (?)
2018
April,1
Ankit’s capital A/c Dr
Unnati Capital A/c Dr
Aryan’s Capital A/c Dr
To Profit and Loss A/c
(Being Profit and Loss debit
balance distributed at time of
change in profit sharing ratio)
30,250
18,150
12,100
60,500
Journal
(1)
7 Total Capital as per C’s Share (4,00,000 X (5/1)) 20,00,000
Less Actual capital of A,B,C ( 10,00,000 + 4,00,000) 14,00,000
________
Value of firm’s Goodwill 6,00,000
=======
C’s share of Goodwill = 6,00,000X (1/5) = ? 1,20,000
(1/2)
(1/2)
8
Date Particulars L.F Dr Amount
(?)
Dr Amount
(?)
2018
Nov,2
Profit and Loss Suspense A/c Dr.
To Kavleen’s Capital A/c
(Being Kavleen’s share of profit up to the
date of her death transferred to her
capital account)
9,375
9,375
Journal
(1)
9 Journal
Date Particulars L.F Dr
Amount
(?)
Dr Amount
(?)
2019
April,
1
Investment Fluctuation Reserve A/c Dr.
To Investment A/c
To A’s capital A/c
To B’s Capital A/c
(Being the transfer of excess Investment
Fluctuation reserve to partner’s capital account in
old profit sharing ratio)
60,000
20,000
24,000
16,000
(1)
10 because the claim of the partner against the firm is increased by the amount of liability
assumed.
(1)
11
C’s Share acquired from A and B each =
1
5
X
1
2
=
1
10
A’s Share =
3
5
-
1
10
=
5
10
B’s Share =
2
5
-
1
10
=
3
10
New Profit Sharing ratio of A: B: C is 5:3: 2
Yes, new profit sharing ratio is 5:3:2
1
12 b) ? 2,50,000 (1)
13 Reserve Capital
(1)
14 a) Statement Showing Expenditure on Medicine consumed during the year ending
31
st
March,2019:-
Particulars Amount (?)
Amount paid for medicines during the year
Add: Opening Stock of medicines
Less: Closing stock of medicines
Less: Opening Creditors
Add: Closing creditors
Medicine consumed during the year
2,00,000
50,000
(95,000)
(20,000)
10,000
______
1,45,000
----------
Or
Basis of distinction Income and Expenditure Receipt and Payment Account
Nature It is like as profit and loss account, hence
is a nominal account.
It is the summary of the cash
book, hence a real account.
Nature of Items It records items of Revenue and expense
nature only.
It records receipts and payment
of cash and bank.
Period Items in Income and Expenditure
account relate to the current period.
Receipts and payments items may
relate to preceding and
succeeding periods.
½ X
6
1
1
1
15 Journal
Date Particulars L.F Dr Amount
(?)
Dr Amount
(?)
September 30,
2019
Ana’s Capital A/c Dr
Pranjal’s Capital A/c Dr
To Danish’s Capital A/c
(Being Danish’s share of goodwill adjusted in capital Accounts
of Ana and Pranjal
18,000
12,000
30,000
September 30,
2019
Profit and Loss Suspense A/c Dr
To Danish’s Capital A/c
(Being Danish’s share of profit up to date of his death
transferred to his capital account)
5,400
5,400
September 30,
2019
Danish’s Capital A/c Dr
To Danish’s Executor’s A/c
(Being amount due to Danish transferred to his executor’s
account)
5,35,400
5,35,400
Working Notes:-
Sales = 2,00,000 + 20% of 2,00,000
= 2,00,000 +40,000
Profit % = 10% - 1% = 9%
Danish’s Share of Profit =? 2,40,000 X 9/100 X 5/10 X 6/12 = ? 5,400
(1)
(1)
(1)
(1)
16
Date Particulars L.F. Dr Amount
(?)
Dr Amount
(?)
2018
March,31
Maanika’s capital A/c Dr.
Bhavi’s Capital A/c Dr.
To Komal’s Capital A/c
(Being the deficiency of
komal met by Maanika and
Bhavi)
2,40,000
1,60,000
4,00,000
Journal
Dr Profit and Loss Appropriation A/c Cr
For the year ended 31
st
March, 2018
Particulars Amount (?) Particulars Amount (?)
To Net Loss
(Profit and Loss A/c)
22,00,000
__________________
22,00,000
================
By Loss transferred to
Maanika’s capital a/c
Bhavi’s capital a/c
Komal’s Capital a/c
12,00,000
8,00,000
2,00,000
_________
22,00,000
==========
Working note:
Loss of the firm : 22,00,000
Komal’s share of loss =22,00,000 X1/11 = 2,00,000
Guaranteed minimum profit=2,00,000
OR
Firm’s Particular’s Alia’s Bhanu’s Chand’s
Dr Cr Dr Cr Dr Cr Dr Cr
80,000 Profits Given 30,000 30,000 20,000
40,000 Salary 18,000 4,000 18,000
40,000 Profit to be credited 15,000 15,000 10,000
(2)
(1 ½
½
30,000 33,000 30,000 19,000 20,000 28,000
RECTIFYING JOURNAL ENTRY
Date Particulars L.F. Amount
( ?)
Amount
(?)
31
st
March, 2017
Bhanu’s Capital A/c Dr
To Chand’s Capital A/c
To Alia’s Capital A/c
(Being Salary, profit share incorrectly
distributed, now adjusted)
11,000
3,000
8,000
17 Extract of Balance Sheet of Bliss Products Ltd.
As at ____
Particulars No
te
No
.
Amount
Current
Year
Amount
Previous
Year
I. EQUITY AND LIABILITIES
1. Shareholder’s Fund
a. Share Capital
1
39,70,000
Notes to Accounts:
Note
No.
Particulars Amount (?)
1 Share Capital
Authorized Capital
90,000 Equity shares of ? 100 each
90,00,000
Issued Capital
50,000 Equity shares of ? 100 each
50,00,000
Subscribed Capital
Subscribed and Fully Paid Capital
39,000 Equity shares of ? 100 each 39,00,000
Add: Forfeited Shares (1,000 of ? 70 each) 70,000
39,70,000
½
1
1
1½
18 Journal
Date Particulars L.F. Amount
( ?)
Amount
(?)
Realization A/c Dr
To K’s Capital A/c
(Being wife’s loan discharged by the
partner)
6,000
6,000
Realization A/c Dr
To Bank A/c
(Being balance creditor’s paid at a
discount of 10% after part payment
through furniture)
27,000
27,000
(4)
K’s Capital Account Dr
To Realization A/c
(Being unrecorded machine taken over
by a partner)
3,000
3,000
R’s Capital A/c Dr
K’s Capital A/c Dr
S’s Capital A/c Dr
To Profit and Loss A/c
( being debit balance of Profit and Loss
distributed amongst partners)
5,000
5,000
5,000
15,000
19
Dr. Income and Expenditure Account Cr
For the year ended 31
st
March,2019
Expenditure Amount (?) Income Amount (?)
To Advertisement
To Rent, Rates and Taxes
To Repairs
To Printing and Stationery
To Telephone expenses
To Depreciation on furniture
(70000x15/100x9/12)
To excess of Income over
expenditure
13,100
14,000
15,000
16,000
1,000
7,875
34,425
_________
1,01,400
========
By Donations
By Proceeds from
Charity show
By Subscription
By Entrance fees
By Interest on
investments
20,000
16,200
52,000
6,000
7,200
_____
1,01,400
=====
Dr Subscription Account Cr
Particulars Amount (?) Particulars Amount (?)
To Subscription in arrears in the
beginning
6,000 By Subscription in advance at
end
4,000
To Income and Expenditure 52,000 By Receipts and Payments 52,000
To Subscription in advance at end 5,000 By Subscription in arrears at end 7,000
63,000 63,000
(½ X
10) = 5
+ 1
(subs)
20
a)
Journal
Date Particulars L.F Amount
(?)
Amount
(?)
Bank A/c Dr.
To Deb Application and Allotment A/c
(Being the application money received)
1,05,000
1,05,000
Debenture Application and Allotment A/c Dr
Loss on Issue of Debenture A/c Dr
To 12% Debenture A/c
To Security Premium Reserve
To Premium on Redemption A/c
(Being 1,000 debentures issued at a premium of
5% and redeemable at 2% premium)
1,05,000
2,000
100000
5000
2000
Vendor A/c Dr
Discount on issue of Debenture A/c
To 12% Debenture
(Being Debentures issued to vendors at a
9,00,000
1,00,000
10,00,000
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