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Page 1
ANSWER KEY - SAMPLE QUESTION PAPER 2022-23
SUBJECT ACCOUNTANCY 055
CLASS XII
S.NO Question Marks
Part A
(Accounting for Partnership Firms and Companies)
1. a) 41: 7: 12 1
2. c) Both (A) and (R) are incorrect 1
3. b) ? 4 per share
OR
d) Non – Redeemable Debentures
1
4. a) Samiksha’s Capital A/c. Dr.
To Arshiya’s Capital A/c.
To Divya’s Capital A/c
9,000
6,000
3,000
Or
d) Share of Loss Sohan –? 1,180 Mohan – ? 1,770
1
5. d) ? 3,00,000 1
6. c) 6%
OR
b) 5%
1
7. c) ? 30,000 1
8. d) ?70,500
Or
d) A ? 50,000; B ? 50,000 and C ? 50,000
1
9. c) ? 36,000 1
10. a) ? 1,80,000 1
11. c) (iii) ; (ii) ; (i); (iv) 1
12. b) ? 21,000
1
13. b) Providing for Premium payable on Redemption of Debentures.
1
14. c) ? 50,000
1
15. d) 5,000
Or
d) 12% p.a
1
16. d) ? 30,000 (loss) 1
17
Journal Entry
Date Particulars L.F. Dr.
Amount
Cr.
Amount
3
(1 + 2)
Page 2
ANSWER KEY - SAMPLE QUESTION PAPER 2022-23
SUBJECT ACCOUNTANCY 055
CLASS XII
S.NO Question Marks
Part A
(Accounting for Partnership Firms and Companies)
1. a) 41: 7: 12 1
2. c) Both (A) and (R) are incorrect 1
3. b) ? 4 per share
OR
d) Non – Redeemable Debentures
1
4. a) Samiksha’s Capital A/c. Dr.
To Arshiya’s Capital A/c.
To Divya’s Capital A/c
9,000
6,000
3,000
Or
d) Share of Loss Sohan –? 1,180 Mohan – ? 1,770
1
5. d) ? 3,00,000 1
6. c) 6%
OR
b) 5%
1
7. c) ? 30,000 1
8. d) ?70,500
Or
d) A ? 50,000; B ? 50,000 and C ? 50,000
1
9. c) ? 36,000 1
10. a) ? 1,80,000 1
11. c) (iii) ; (ii) ; (i); (iv) 1
12. b) ? 21,000
1
13. b) Providing for Premium payable on Redemption of Debentures.
1
14. c) ? 50,000
1
15. d) 5,000
Or
d) 12% p.a
1
16. d) ? 30,000 (loss) 1
17
Journal Entry
Date Particulars L.F. Dr.
Amount
Cr.
Amount
3
(1 + 2)
1.02.22 Profit and Loss Suspense A/c Dr.
To Sara’s Capital A/c
(Being Sara’s share of profit allowed till
the date of her death)
30,000
30,000
Workings: Profit % to sales turnover for the year ended 31
st
March,2021=1,20,000/10,00,000 X100= 12%
Estimated sales for the year ended 31
st
March,2022=? 10,00,000+20% of ? 10,00,000 = ?
12,00,000
Estimated sales till 01
st
February,2022 = ? 12,00,000 x 10/12 = ? 10,00,000
Profit percentage 12-2=10%
Profit amount till 01
st
February, 2022 = 10% of ? 10,00,000 = ? 1,00,000
Sara’s share of profit till 1
st
February,2022= 1,00,000 X 3 = ? 30,000
10
18
Dr. Profit and Loss Appropriation A/c for the year ending on 31
st
March, 2022 Cr.
Particulars Amount (?) Particulars Amount (?)
To Interest on Capital:
Amay’s Current A/c
Anmol’s Current A/c
Rohan’s Current A/c
To Partners’ Current A/c:
Amay 53,000
Anmol 40,000
Rohan 27,000**
9,000
4,500
4,500
1,20,000
By Profit and Loss A/c 1,38,000
1,38,000 1,38,000
3
(1/2 x6)
** Guarantee met for 9 months.
Or
Journal Entry
Date Particulars L.F Debit (?) Credit (?)
(i) Ajay’s Capital A/c Dr.
To Manish’s Capital A/c
To Sachin’s Capital A/c
(Adjustment entry passed)
52,000
4,000
48,000
Working Notes
Particulars Ajay Manish Sachin Firm
Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
Profits taken
back
1,00,000 60,000 40,000 2,00,000
Interest on
Capital to be
credited
48,000 64,000 88,000 2,00,000
1,00,000 48,000 60,000 64,000 40,000 88,000 2,00,000 2,00,000
52,000 (Dr.) 4,000 (Cr.) 48,000 (Cr.)
Or
3
(1+2)
19. Books of Anthony Ltd.
Journal Entries
Date Particulars L.F Debit (?) Credit (?)
3
Page 3
ANSWER KEY - SAMPLE QUESTION PAPER 2022-23
SUBJECT ACCOUNTANCY 055
CLASS XII
S.NO Question Marks
Part A
(Accounting for Partnership Firms and Companies)
1. a) 41: 7: 12 1
2. c) Both (A) and (R) are incorrect 1
3. b) ? 4 per share
OR
d) Non – Redeemable Debentures
1
4. a) Samiksha’s Capital A/c. Dr.
To Arshiya’s Capital A/c.
To Divya’s Capital A/c
9,000
6,000
3,000
Or
d) Share of Loss Sohan –? 1,180 Mohan – ? 1,770
1
5. d) ? 3,00,000 1
6. c) 6%
OR
b) 5%
1
7. c) ? 30,000 1
8. d) ?70,500
Or
d) A ? 50,000; B ? 50,000 and C ? 50,000
1
9. c) ? 36,000 1
10. a) ? 1,80,000 1
11. c) (iii) ; (ii) ; (i); (iv) 1
12. b) ? 21,000
1
13. b) Providing for Premium payable on Redemption of Debentures.
1
14. c) ? 50,000
1
15. d) 5,000
Or
d) 12% p.a
1
16. d) ? 30,000 (loss) 1
17
Journal Entry
Date Particulars L.F. Dr.
Amount
Cr.
Amount
3
(1 + 2)
1.02.22 Profit and Loss Suspense A/c Dr.
To Sara’s Capital A/c
(Being Sara’s share of profit allowed till
the date of her death)
30,000
30,000
Workings: Profit % to sales turnover for the year ended 31
st
March,2021=1,20,000/10,00,000 X100= 12%
Estimated sales for the year ended 31
st
March,2022=? 10,00,000+20% of ? 10,00,000 = ?
12,00,000
Estimated sales till 01
st
February,2022 = ? 12,00,000 x 10/12 = ? 10,00,000
Profit percentage 12-2=10%
Profit amount till 01
st
February, 2022 = 10% of ? 10,00,000 = ? 1,00,000
Sara’s share of profit till 1
st
February,2022= 1,00,000 X 3 = ? 30,000
10
18
Dr. Profit and Loss Appropriation A/c for the year ending on 31
st
March, 2022 Cr.
Particulars Amount (?) Particulars Amount (?)
To Interest on Capital:
Amay’s Current A/c
Anmol’s Current A/c
Rohan’s Current A/c
To Partners’ Current A/c:
Amay 53,000
Anmol 40,000
Rohan 27,000**
9,000
4,500
4,500
1,20,000
By Profit and Loss A/c 1,38,000
1,38,000 1,38,000
3
(1/2 x6)
** Guarantee met for 9 months.
Or
Journal Entry
Date Particulars L.F Debit (?) Credit (?)
(i) Ajay’s Capital A/c Dr.
To Manish’s Capital A/c
To Sachin’s Capital A/c
(Adjustment entry passed)
52,000
4,000
48,000
Working Notes
Particulars Ajay Manish Sachin Firm
Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
Profits taken
back
1,00,000 60,000 40,000 2,00,000
Interest on
Capital to be
credited
48,000 64,000 88,000 2,00,000
1,00,000 48,000 60,000 64,000 40,000 88,000 2,00,000 2,00,000
52,000 (Dr.) 4,000 (Cr.) 48,000 (Cr.)
Or
3
(1+2)
19. Books of Anthony Ltd.
Journal Entries
Date Particulars L.F Debit (?) Credit (?)
3
(i) Assets A/c Dr.
Goodwill A/c Dr.
To Liabilities A/c
To Mithoo Ltd. A/c
(Business purchased of Mithoo Ltd.
comprising of Assets and Liabilities)
23,50,000
50,000
6,00,000
18,00,000
(ii) Mithoo Ltd. A/c Dr.
Loss on Issue of Debentures A/c Dr.
To 9% Debentures A/c
To Premium on Redemption of
Debentures A/c
(Debentures issued to Mithoo Ltd. at
Discount, redeemable at Premium)
18,00,000
3,00,000
20,00,000
1,00,000
OR
Books of Random Ltd.
Journal Entries
Date Particulars L.F Debit (?) Credit (?)
(i) Assets A/c Dr.
To Liabilities A/c
To Mature Ltd. A/c
To Capital Reserve A/c
(Business purchased of Mithoo Ltd.
comprising of Assets and Liabilities)
45,00,000
6,40,000
36,00,000
2,60,0
0
(ii) Mature Ltd. A/c Dr.
To Bank A/c
To 12% Preference Share Capital A/c
To Securities Premium A/c
(Debentures issued to Mithoo Ltd. at
Discount, redeemable at Premium)
36,00,000
1,50,000
30,00,000
4,50,000
No. of Shares = 34,50,000/115 = 30,000 shares @ 100 + 15 each
20.
Sol
Journal Entry
Date Particulars L.F. Dr.
Amount
Cr.
Amount
1.4.20 Nobita’s Capital A/c Dr.
To Doremon’s Capital A/c
(Being goodwill adjusted at the time of
change in profit sharing ratio)
26,667
26,667
3
(1+2)
Workings:
(i) Calculation of gaining ratio and sacrificing ratio:
Doremon’s gain or sacrifice = 3/6-2/6= 1/6 (sacrifice)
Shinchan’s gain or sacrifice = 2/6-2/6 =0
Nobita’s gain or sacrifice = 1/6 – 2/6 = -1/6 (gain)
(ii) Calculation of goodwill:
Page 4
ANSWER KEY - SAMPLE QUESTION PAPER 2022-23
SUBJECT ACCOUNTANCY 055
CLASS XII
S.NO Question Marks
Part A
(Accounting for Partnership Firms and Companies)
1. a) 41: 7: 12 1
2. c) Both (A) and (R) are incorrect 1
3. b) ? 4 per share
OR
d) Non – Redeemable Debentures
1
4. a) Samiksha’s Capital A/c. Dr.
To Arshiya’s Capital A/c.
To Divya’s Capital A/c
9,000
6,000
3,000
Or
d) Share of Loss Sohan –? 1,180 Mohan – ? 1,770
1
5. d) ? 3,00,000 1
6. c) 6%
OR
b) 5%
1
7. c) ? 30,000 1
8. d) ?70,500
Or
d) A ? 50,000; B ? 50,000 and C ? 50,000
1
9. c) ? 36,000 1
10. a) ? 1,80,000 1
11. c) (iii) ; (ii) ; (i); (iv) 1
12. b) ? 21,000
1
13. b) Providing for Premium payable on Redemption of Debentures.
1
14. c) ? 50,000
1
15. d) 5,000
Or
d) 12% p.a
1
16. d) ? 30,000 (loss) 1
17
Journal Entry
Date Particulars L.F. Dr.
Amount
Cr.
Amount
3
(1 + 2)
1.02.22 Profit and Loss Suspense A/c Dr.
To Sara’s Capital A/c
(Being Sara’s share of profit allowed till
the date of her death)
30,000
30,000
Workings: Profit % to sales turnover for the year ended 31
st
March,2021=1,20,000/10,00,000 X100= 12%
Estimated sales for the year ended 31
st
March,2022=? 10,00,000+20% of ? 10,00,000 = ?
12,00,000
Estimated sales till 01
st
February,2022 = ? 12,00,000 x 10/12 = ? 10,00,000
Profit percentage 12-2=10%
Profit amount till 01
st
February, 2022 = 10% of ? 10,00,000 = ? 1,00,000
Sara’s share of profit till 1
st
February,2022= 1,00,000 X 3 = ? 30,000
10
18
Dr. Profit and Loss Appropriation A/c for the year ending on 31
st
March, 2022 Cr.
Particulars Amount (?) Particulars Amount (?)
To Interest on Capital:
Amay’s Current A/c
Anmol’s Current A/c
Rohan’s Current A/c
To Partners’ Current A/c:
Amay 53,000
Anmol 40,000
Rohan 27,000**
9,000
4,500
4,500
1,20,000
By Profit and Loss A/c 1,38,000
1,38,000 1,38,000
3
(1/2 x6)
** Guarantee met for 9 months.
Or
Journal Entry
Date Particulars L.F Debit (?) Credit (?)
(i) Ajay’s Capital A/c Dr.
To Manish’s Capital A/c
To Sachin’s Capital A/c
(Adjustment entry passed)
52,000
4,000
48,000
Working Notes
Particulars Ajay Manish Sachin Firm
Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
Profits taken
back
1,00,000 60,000 40,000 2,00,000
Interest on
Capital to be
credited
48,000 64,000 88,000 2,00,000
1,00,000 48,000 60,000 64,000 40,000 88,000 2,00,000 2,00,000
52,000 (Dr.) 4,000 (Cr.) 48,000 (Cr.)
Or
3
(1+2)
19. Books of Anthony Ltd.
Journal Entries
Date Particulars L.F Debit (?) Credit (?)
3
(i) Assets A/c Dr.
Goodwill A/c Dr.
To Liabilities A/c
To Mithoo Ltd. A/c
(Business purchased of Mithoo Ltd.
comprising of Assets and Liabilities)
23,50,000
50,000
6,00,000
18,00,000
(ii) Mithoo Ltd. A/c Dr.
Loss on Issue of Debentures A/c Dr.
To 9% Debentures A/c
To Premium on Redemption of
Debentures A/c
(Debentures issued to Mithoo Ltd. at
Discount, redeemable at Premium)
18,00,000
3,00,000
20,00,000
1,00,000
OR
Books of Random Ltd.
Journal Entries
Date Particulars L.F Debit (?) Credit (?)
(i) Assets A/c Dr.
To Liabilities A/c
To Mature Ltd. A/c
To Capital Reserve A/c
(Business purchased of Mithoo Ltd.
comprising of Assets and Liabilities)
45,00,000
6,40,000
36,00,000
2,60,0
0
(ii) Mature Ltd. A/c Dr.
To Bank A/c
To 12% Preference Share Capital A/c
To Securities Premium A/c
(Debentures issued to Mithoo Ltd. at
Discount, redeemable at Premium)
36,00,000
1,50,000
30,00,000
4,50,000
No. of Shares = 34,50,000/115 = 30,000 shares @ 100 + 15 each
20.
Sol
Journal Entry
Date Particulars L.F. Dr.
Amount
Cr.
Amount
1.4.20 Nobita’s Capital A/c Dr.
To Doremon’s Capital A/c
(Being goodwill adjusted at the time of
change in profit sharing ratio)
26,667
26,667
3
(1+2)
Workings:
(i) Calculation of gaining ratio and sacrificing ratio:
Doremon’s gain or sacrifice = 3/6-2/6= 1/6 (sacrifice)
Shinchan’s gain or sacrifice = 2/6-2/6 =0
Nobita’s gain or sacrifice = 1/6 – 2/6 = -1/6 (gain)
(ii) Calculation of goodwill:
CALCULATIONOF NORMAL PROFIT
Year Ended Profit/ Loss Adjustments Normal Profit
31
st
March,2019 50,000 ---- 50,000
31
st
March,2020 1,20,000 ----- 1,20,000
31
st
March,2021 1,80,000 ----- 1,80,000
31
st
March,2022 (70,000) 50,000-10,000 (30,000)
Total 3,20,000
Goodwill =Average Profits X No. of years Purchase
Average Profits = Total Normal Profits/Number of years
= 3,20,000/4 = 80,000
Goodwill= 80,000 X 2= ?1,60,000
A’s share of goodwill= 1,60,000 X 1/6= ?26,667
21. Books of Altaur Ltd.
Balance Sheet (Extract) as at …..
Particulars Note No. Current Year (?) Previous Year (?)
EQUITY AND LIABILITIES
Shareholders’ Funds
Share Capital
1
63,25,000
Nil
Notes to Accounts
1. Share Capital Amount (?)
Authorised Share Capital
25,00,000 Equity Shares @ ? 10 each
1,50,000 9% Preference Shares @ ? 100 each
2,50,00,000
1,50,00,000
4,00,00,000
Issued Share Capital
8,00,000 Equity Shares @ ? 10 each
80,
00,000
Subscribed Share Capital
(i) Subscribed and Fully Paid up --------
(ii) Subscribed but not Fully Paid up
8,00,000 Equity Shares @ ? 8 each 64,00,000
(-) Calls in Arrears** (75,000)
63,25,000
4
(1+3)
22. Journal Entries in the Books of Charu, Dhwani, Iknoor and Paavni
Date Particulars L.F. Dr.
Amount
Cr.
Amount
(i) Dhwani’s Loan A/c Dr.
To Bank A/c
To Realisation A/c
(Dhwani’s Loan of ? 50,000 settled at ?
42,000)
50,000
42,000
8,000
(ii) Paavni’s Loan A/c Dr.
To Realisation A/c
40,000
40,000
4
Page 5
ANSWER KEY - SAMPLE QUESTION PAPER 2022-23
SUBJECT ACCOUNTANCY 055
CLASS XII
S.NO Question Marks
Part A
(Accounting for Partnership Firms and Companies)
1. a) 41: 7: 12 1
2. c) Both (A) and (R) are incorrect 1
3. b) ? 4 per share
OR
d) Non – Redeemable Debentures
1
4. a) Samiksha’s Capital A/c. Dr.
To Arshiya’s Capital A/c.
To Divya’s Capital A/c
9,000
6,000
3,000
Or
d) Share of Loss Sohan –? 1,180 Mohan – ? 1,770
1
5. d) ? 3,00,000 1
6. c) 6%
OR
b) 5%
1
7. c) ? 30,000 1
8. d) ?70,500
Or
d) A ? 50,000; B ? 50,000 and C ? 50,000
1
9. c) ? 36,000 1
10. a) ? 1,80,000 1
11. c) (iii) ; (ii) ; (i); (iv) 1
12. b) ? 21,000
1
13. b) Providing for Premium payable on Redemption of Debentures.
1
14. c) ? 50,000
1
15. d) 5,000
Or
d) 12% p.a
1
16. d) ? 30,000 (loss) 1
17
Journal Entry
Date Particulars L.F. Dr.
Amount
Cr.
Amount
3
(1 + 2)
1.02.22 Profit and Loss Suspense A/c Dr.
To Sara’s Capital A/c
(Being Sara’s share of profit allowed till
the date of her death)
30,000
30,000
Workings: Profit % to sales turnover for the year ended 31
st
March,2021=1,20,000/10,00,000 X100= 12%
Estimated sales for the year ended 31
st
March,2022=? 10,00,000+20% of ? 10,00,000 = ?
12,00,000
Estimated sales till 01
st
February,2022 = ? 12,00,000 x 10/12 = ? 10,00,000
Profit percentage 12-2=10%
Profit amount till 01
st
February, 2022 = 10% of ? 10,00,000 = ? 1,00,000
Sara’s share of profit till 1
st
February,2022= 1,00,000 X 3 = ? 30,000
10
18
Dr. Profit and Loss Appropriation A/c for the year ending on 31
st
March, 2022 Cr.
Particulars Amount (?) Particulars Amount (?)
To Interest on Capital:
Amay’s Current A/c
Anmol’s Current A/c
Rohan’s Current A/c
To Partners’ Current A/c:
Amay 53,000
Anmol 40,000
Rohan 27,000**
9,000
4,500
4,500
1,20,000
By Profit and Loss A/c 1,38,000
1,38,000 1,38,000
3
(1/2 x6)
** Guarantee met for 9 months.
Or
Journal Entry
Date Particulars L.F Debit (?) Credit (?)
(i) Ajay’s Capital A/c Dr.
To Manish’s Capital A/c
To Sachin’s Capital A/c
(Adjustment entry passed)
52,000
4,000
48,000
Working Notes
Particulars Ajay Manish Sachin Firm
Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
Profits taken
back
1,00,000 60,000 40,000 2,00,000
Interest on
Capital to be
credited
48,000 64,000 88,000 2,00,000
1,00,000 48,000 60,000 64,000 40,000 88,000 2,00,000 2,00,000
52,000 (Dr.) 4,000 (Cr.) 48,000 (Cr.)
Or
3
(1+2)
19. Books of Anthony Ltd.
Journal Entries
Date Particulars L.F Debit (?) Credit (?)
3
(i) Assets A/c Dr.
Goodwill A/c Dr.
To Liabilities A/c
To Mithoo Ltd. A/c
(Business purchased of Mithoo Ltd.
comprising of Assets and Liabilities)
23,50,000
50,000
6,00,000
18,00,000
(ii) Mithoo Ltd. A/c Dr.
Loss on Issue of Debentures A/c Dr.
To 9% Debentures A/c
To Premium on Redemption of
Debentures A/c
(Debentures issued to Mithoo Ltd. at
Discount, redeemable at Premium)
18,00,000
3,00,000
20,00,000
1,00,000
OR
Books of Random Ltd.
Journal Entries
Date Particulars L.F Debit (?) Credit (?)
(i) Assets A/c Dr.
To Liabilities A/c
To Mature Ltd. A/c
To Capital Reserve A/c
(Business purchased of Mithoo Ltd.
comprising of Assets and Liabilities)
45,00,000
6,40,000
36,00,000
2,60,0
0
(ii) Mature Ltd. A/c Dr.
To Bank A/c
To 12% Preference Share Capital A/c
To Securities Premium A/c
(Debentures issued to Mithoo Ltd. at
Discount, redeemable at Premium)
36,00,000
1,50,000
30,00,000
4,50,000
No. of Shares = 34,50,000/115 = 30,000 shares @ 100 + 15 each
20.
Sol
Journal Entry
Date Particulars L.F. Dr.
Amount
Cr.
Amount
1.4.20 Nobita’s Capital A/c Dr.
To Doremon’s Capital A/c
(Being goodwill adjusted at the time of
change in profit sharing ratio)
26,667
26,667
3
(1+2)
Workings:
(i) Calculation of gaining ratio and sacrificing ratio:
Doremon’s gain or sacrifice = 3/6-2/6= 1/6 (sacrifice)
Shinchan’s gain or sacrifice = 2/6-2/6 =0
Nobita’s gain or sacrifice = 1/6 – 2/6 = -1/6 (gain)
(ii) Calculation of goodwill:
CALCULATIONOF NORMAL PROFIT
Year Ended Profit/ Loss Adjustments Normal Profit
31
st
March,2019 50,000 ---- 50,000
31
st
March,2020 1,20,000 ----- 1,20,000
31
st
March,2021 1,80,000 ----- 1,80,000
31
st
March,2022 (70,000) 50,000-10,000 (30,000)
Total 3,20,000
Goodwill =Average Profits X No. of years Purchase
Average Profits = Total Normal Profits/Number of years
= 3,20,000/4 = 80,000
Goodwill= 80,000 X 2= ?1,60,000
A’s share of goodwill= 1,60,000 X 1/6= ?26,667
21. Books of Altaur Ltd.
Balance Sheet (Extract) as at …..
Particulars Note No. Current Year (?) Previous Year (?)
EQUITY AND LIABILITIES
Shareholders’ Funds
Share Capital
1
63,25,000
Nil
Notes to Accounts
1. Share Capital Amount (?)
Authorised Share Capital
25,00,000 Equity Shares @ ? 10 each
1,50,000 9% Preference Shares @ ? 100 each
2,50,00,000
1,50,00,000
4,00,00,000
Issued Share Capital
8,00,000 Equity Shares @ ? 10 each
80,
00,000
Subscribed Share Capital
(i) Subscribed and Fully Paid up --------
(ii) Subscribed but not Fully Paid up
8,00,000 Equity Shares @ ? 8 each 64,00,000
(-) Calls in Arrears** (75,000)
63,25,000
4
(1+3)
22. Journal Entries in the Books of Charu, Dhwani, Iknoor and Paavni
Date Particulars L.F. Dr.
Amount
Cr.
Amount
(i) Dhwani’s Loan A/c Dr.
To Bank A/c
To Realisation A/c
(Dhwani’s Loan of ? 50,000 settled at ?
42,000)
50,000
42,000
8,000
(ii) Paavni’s Loan A/c Dr.
To Realisation A/c
40,000
40,000
4
(Paavni’s Loan of ? 40,000 settled by
giving an unrecorded asset)
(iii) Realisation A/c Dr.
To Loan to Charu A/c
(Loan to Charu was settled by payment to
Charu’s brother Loan)
60,000
60,000
(iv) Iknoor’s Loan A/c Dr.
To Realisation A/c
To Bank A/c
(Iknoor’s Loan of ? 80,000 and
Machinery was given as part payment and
rest through bank)
80,000
60,000
20,000
23. Books of OTUA Ltd.
Journal Entries
Date Particulars L.F Debit (?) Credit (?)
(i) Bank A/c Dr.
To Equity Share Application A/c
(Application money received on 85,000
shares)
34,00,000
34,00,000
(ii) Equity Share Application A/c Dr.
To Equity Share Capital A/c
To Equity Share Allotment A/c
To Bank A/c
(Application money transferred to share
capital, share allotment and refunded)
34,00,000
24,00,000
6,00,000
4,00,000
(iii) Equity Share Allotment A/c Dr.
To Equity Share Capital A/c
To Securities Premium A/c
(Allotment due on 60,000 shares with
Premium)
51,00,000
36,00,000
15,00,000
(iv) Bank A/c Dr.
Calls in Arrears A/c Dr.
To Equity Share Allotment A/c
(Allotment received on 56,000 shares)
42,00,000
3,00,000
45,00,000
(v) Equity Share Capital A/c Dr.
Securities Premium A/c Dr.
To Share Forfeited A/c
To Calls in Arrears A/c
(4,000 shares forfeited for non-payment of
allotment money)
4,00,000
1,00,000
2,00,000
3,00,000
Bank A/c Dr.
Share Forfeited A/c Dr.
To Equity Share Capital A/c
(3,000 shares re-issued @ ? 80 per share)
2,40,000
60,000
3,00,000
Share Forfeited A/c Dr.
To Capital Reserve A/c
90,000
90,000
6
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