CBSE Accountancy Past year paper Delhi (Set - 3) Solution - 2015, Class 12 | Additional Study Material for Commerce PDF Download

 Page 1


  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 3 – 2015 Solution 
 
     
CBSE 
Class XII Accountancy 
Delhi Board Paper Set 3– 2015 Solution 
 
SECTION A 
1. Answer: 
The correct answer is option (b). 
When a partner retires, the balance of accumulated profits and losses is transferred among all the 
partners in the old ratio. Here, debit balance of `12,000 in the Profit and Loss Account will be debited 
(being a loss) to the capital accounts of Hari, Ram and Sharma equally. 
 
2. Answer : 
Journal 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
 Profit and Loss Suspense A/c Dr.  2,350  
 -------- To Verma’s Capital A/c    2,350 
 (Being Verma’s share of profit dispensed through his capital 
account) 
    
      
 
3. Answer : 
Shares cancelled due to the non-payment of calls due is known as forfeiture of shares. 
 
4. Answer: 
The correct answer is option (c) 
Details ` 
Amount due on allotment (95,000 ?4) 3,80,000 
 Less : Allotment not received on 500 shares 2,000 
 Add : First and final call money received on 750 shares (750 ? 3) 2,250 
Net Amount Received on Allotment 3,80,250 
 
 
5. Answer : 
The correct answer is option (b). 
According to provisions of Indian Partnership Act, 1932 the profits and losses are to be shared equally 
among the partners. 
 
6. Answer : 
The accountant has passed the wrong accounting treatment. According to AS 26, during the admission 
of a partner, if the new partner contributes some amount towards his share of goodwill, then such 
goodwill should be immediately distributed among the sacrificing partners in their sacrificing ratio. It 
cannot be shown as an asset in the books of the firm until such goodwill is purchased. 
 
7. Answer : 
As per the Section 78 of the Companies Act of 1956, the amount of securities premium can be used by 
the company:  
a. To issue fully paid bonus shares to the members. 
b. To write-off preliminary expenses of the company. 
c. To buy-back its own shares or other securities. 
8. Answer : 
Page 2


  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 3 – 2015 Solution 
 
     
CBSE 
Class XII Accountancy 
Delhi Board Paper Set 3– 2015 Solution 
 
SECTION A 
1. Answer: 
The correct answer is option (b). 
When a partner retires, the balance of accumulated profits and losses is transferred among all the 
partners in the old ratio. Here, debit balance of `12,000 in the Profit and Loss Account will be debited 
(being a loss) to the capital accounts of Hari, Ram and Sharma equally. 
 
2. Answer : 
Journal 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
 Profit and Loss Suspense A/c Dr.  2,350  
 -------- To Verma’s Capital A/c    2,350 
 (Being Verma’s share of profit dispensed through his capital 
account) 
    
      
 
3. Answer : 
Shares cancelled due to the non-payment of calls due is known as forfeiture of shares. 
 
4. Answer: 
The correct answer is option (c) 
Details ` 
Amount due on allotment (95,000 ?4) 3,80,000 
 Less : Allotment not received on 500 shares 2,000 
 Add : First and final call money received on 750 shares (750 ? 3) 2,250 
Net Amount Received on Allotment 3,80,250 
 
 
5. Answer : 
The correct answer is option (b). 
According to provisions of Indian Partnership Act, 1932 the profits and losses are to be shared equally 
among the partners. 
 
6. Answer : 
The accountant has passed the wrong accounting treatment. According to AS 26, during the admission 
of a partner, if the new partner contributes some amount towards his share of goodwill, then such 
goodwill should be immediately distributed among the sacrificing partners in their sacrificing ratio. It 
cannot be shown as an asset in the books of the firm until such goodwill is purchased. 
 
7. Answer : 
As per the Section 78 of the Companies Act of 1956, the amount of securities premium can be used by 
the company:  
a. To issue fully paid bonus shares to the members. 
b. To write-off preliminary expenses of the company. 
c. To buy-back its own shares or other securities. 
8. Answer : 
  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 3 – 2015 Solution 
 
     
Profit and Loss Appropriation Account 
for the year ended March 2014 
Dr.   Cr. 
Particulars  ` Particulars  ` 
To Interest on Capital A/c   By Profit and Loss A/c  7,800 
 Jay 4,800     
 Vijay 3,000 7,800    
  7,800   7,800 
      
      
: Calculation of Interest on Capital
9
On Jay's Capital = 80,000 7,200
100
9
On Vijay's Capital = 50,000 4,500
100
Total Interest = 7,200 + 4,500 = 11,700
: Calculation of Proportin
??
??
Working Notes :
WN 1
WN 2 ate Interest on Capital
7,200
Proportionate Interest on Jay = 7,800 4,800
11,700
4,500
Proportionate Interest to Vijay = 7,800 3,000
11,700
??
??
 
      Note: Interest on Capital is to be treated as an appropriation of profits and is to be provided to the 
extent of available profits i.e. `7,800. 
 
9. Answer : 
 
Balance Sheet Extract 
Sun Pharma India Ltd. 
Particulars 
Note 
No 
` 
I. Equity and Liabilities   
1. Shareholder’s Funds   
 a. Share Capital 1 49,90,000 
 b. Reserve and Surplus 2 20,00,000 
Total  69,90,000 
   
II. Assets   
2. Current Assets   
 a. Cash and Equivalents 3 69,90,000 
   
Total  69,90,000 
 
 
 
Note  
No 
Particulars  ` 
Page 3


  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 3 – 2015 Solution 
 
     
CBSE 
Class XII Accountancy 
Delhi Board Paper Set 3– 2015 Solution 
 
SECTION A 
1. Answer: 
The correct answer is option (b). 
When a partner retires, the balance of accumulated profits and losses is transferred among all the 
partners in the old ratio. Here, debit balance of `12,000 in the Profit and Loss Account will be debited 
(being a loss) to the capital accounts of Hari, Ram and Sharma equally. 
 
2. Answer : 
Journal 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
 Profit and Loss Suspense A/c Dr.  2,350  
 -------- To Verma’s Capital A/c    2,350 
 (Being Verma’s share of profit dispensed through his capital 
account) 
    
      
 
3. Answer : 
Shares cancelled due to the non-payment of calls due is known as forfeiture of shares. 
 
4. Answer: 
The correct answer is option (c) 
Details ` 
Amount due on allotment (95,000 ?4) 3,80,000 
 Less : Allotment not received on 500 shares 2,000 
 Add : First and final call money received on 750 shares (750 ? 3) 2,250 
Net Amount Received on Allotment 3,80,250 
 
 
5. Answer : 
The correct answer is option (b). 
According to provisions of Indian Partnership Act, 1932 the profits and losses are to be shared equally 
among the partners. 
 
6. Answer : 
The accountant has passed the wrong accounting treatment. According to AS 26, during the admission 
of a partner, if the new partner contributes some amount towards his share of goodwill, then such 
goodwill should be immediately distributed among the sacrificing partners in their sacrificing ratio. It 
cannot be shown as an asset in the books of the firm until such goodwill is purchased. 
 
7. Answer : 
As per the Section 78 of the Companies Act of 1956, the amount of securities premium can be used by 
the company:  
a. To issue fully paid bonus shares to the members. 
b. To write-off preliminary expenses of the company. 
c. To buy-back its own shares or other securities. 
8. Answer : 
  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 3 – 2015 Solution 
 
     
Profit and Loss Appropriation Account 
for the year ended March 2014 
Dr.   Cr. 
Particulars  ` Particulars  ` 
To Interest on Capital A/c   By Profit and Loss A/c  7,800 
 Jay 4,800     
 Vijay 3,000 7,800    
  7,800   7,800 
      
      
: Calculation of Interest on Capital
9
On Jay's Capital = 80,000 7,200
100
9
On Vijay's Capital = 50,000 4,500
100
Total Interest = 7,200 + 4,500 = 11,700
: Calculation of Proportin
??
??
Working Notes :
WN 1
WN 2 ate Interest on Capital
7,200
Proportionate Interest on Jay = 7,800 4,800
11,700
4,500
Proportionate Interest to Vijay = 7,800 3,000
11,700
??
??
 
      Note: Interest on Capital is to be treated as an appropriation of profits and is to be provided to the 
extent of available profits i.e. `7,800. 
 
9. Answer : 
 
Balance Sheet Extract 
Sun Pharma India Ltd. 
Particulars 
Note 
No 
` 
I. Equity and Liabilities   
1. Shareholder’s Funds   
 a. Share Capital 1 49,90,000 
 b. Reserve and Surplus 2 20,00,000 
Total  69,90,000 
   
II. Assets   
2. Current Assets   
 a. Cash and Equivalents 3 69,90,000 
   
Total  69,90,000 
 
 
 
Note  
No 
Particulars  ` 
  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 3 – 2015 Solution 
 
     
1. Share  Capital   
 Authorised Share Capital   
  1,00,000 shares of 100 each  1,00,00,000 
 Issued Share Capital   
  50,000 Equity Shares of 100 each  50,00,000 
 Subscribed Called-up and Paid up Share Capital   
  49,500 Shares of 100 each 49,50,000  
  Add : Shares Forfeited (500 shares ? 80) 40,000 49,90,000 
    
2. Reserve and Surplus   
 Securities Premium (50,000 ? 40)  20,00,000 
    
3. Cash and Cash Equivalents   
 Cash at Bank  69,90,000 
    
 
10. Answer : 
Journal 
In the books of Sangam Woolens Ltd 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
      
 Machinery A/c Dr.  5,00,000  
 -------- To Vendor A/c    5,00,000 
 (Being machinery purchased)     
      
 Vendor A/c Dr.  5,00,000  
 -------- To Equity Share Capital    4,00,000 
 -------- To 9% Debentures A/c    1,00,000 
 (Being issued 40,000 equity shares and 1,000 debentures to 
the vendor) 
    
      
Values involved in the above scenario 
(i) Employment opportunities. 
(ii) Working for social welfare. 
 
11. Answer : 
 
Honey’s Capital Account 
Dr.   Cr. 
Particular ` Particular ` 
To Executor A/c 81,350 By Balance b/d 30,000 
  By Interest on Capital A/c 1,350 
  By Profit and Loss Suspense A/c 40,000 
  By General Reserve A/c 10,000 
 81,350  81,350 
    
            
Page 4


  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 3 – 2015 Solution 
 
     
CBSE 
Class XII Accountancy 
Delhi Board Paper Set 3– 2015 Solution 
 
SECTION A 
1. Answer: 
The correct answer is option (b). 
When a partner retires, the balance of accumulated profits and losses is transferred among all the 
partners in the old ratio. Here, debit balance of `12,000 in the Profit and Loss Account will be debited 
(being a loss) to the capital accounts of Hari, Ram and Sharma equally. 
 
2. Answer : 
Journal 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
 Profit and Loss Suspense A/c Dr.  2,350  
 -------- To Verma’s Capital A/c    2,350 
 (Being Verma’s share of profit dispensed through his capital 
account) 
    
      
 
3. Answer : 
Shares cancelled due to the non-payment of calls due is known as forfeiture of shares. 
 
4. Answer: 
The correct answer is option (c) 
Details ` 
Amount due on allotment (95,000 ?4) 3,80,000 
 Less : Allotment not received on 500 shares 2,000 
 Add : First and final call money received on 750 shares (750 ? 3) 2,250 
Net Amount Received on Allotment 3,80,250 
 
 
5. Answer : 
The correct answer is option (b). 
According to provisions of Indian Partnership Act, 1932 the profits and losses are to be shared equally 
among the partners. 
 
6. Answer : 
The accountant has passed the wrong accounting treatment. According to AS 26, during the admission 
of a partner, if the new partner contributes some amount towards his share of goodwill, then such 
goodwill should be immediately distributed among the sacrificing partners in their sacrificing ratio. It 
cannot be shown as an asset in the books of the firm until such goodwill is purchased. 
 
7. Answer : 
As per the Section 78 of the Companies Act of 1956, the amount of securities premium can be used by 
the company:  
a. To issue fully paid bonus shares to the members. 
b. To write-off preliminary expenses of the company. 
c. To buy-back its own shares or other securities. 
8. Answer : 
  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 3 – 2015 Solution 
 
     
Profit and Loss Appropriation Account 
for the year ended March 2014 
Dr.   Cr. 
Particulars  ` Particulars  ` 
To Interest on Capital A/c   By Profit and Loss A/c  7,800 
 Jay 4,800     
 Vijay 3,000 7,800    
  7,800   7,800 
      
      
: Calculation of Interest on Capital
9
On Jay's Capital = 80,000 7,200
100
9
On Vijay's Capital = 50,000 4,500
100
Total Interest = 7,200 + 4,500 = 11,700
: Calculation of Proportin
??
??
Working Notes :
WN 1
WN 2 ate Interest on Capital
7,200
Proportionate Interest on Jay = 7,800 4,800
11,700
4,500
Proportionate Interest to Vijay = 7,800 3,000
11,700
??
??
 
      Note: Interest on Capital is to be treated as an appropriation of profits and is to be provided to the 
extent of available profits i.e. `7,800. 
 
9. Answer : 
 
Balance Sheet Extract 
Sun Pharma India Ltd. 
Particulars 
Note 
No 
` 
I. Equity and Liabilities   
1. Shareholder’s Funds   
 a. Share Capital 1 49,90,000 
 b. Reserve and Surplus 2 20,00,000 
Total  69,90,000 
   
II. Assets   
2. Current Assets   
 a. Cash and Equivalents 3 69,90,000 
   
Total  69,90,000 
 
 
 
Note  
No 
Particulars  ` 
  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 3 – 2015 Solution 
 
     
1. Share  Capital   
 Authorised Share Capital   
  1,00,000 shares of 100 each  1,00,00,000 
 Issued Share Capital   
  50,000 Equity Shares of 100 each  50,00,000 
 Subscribed Called-up and Paid up Share Capital   
  49,500 Shares of 100 each 49,50,000  
  Add : Shares Forfeited (500 shares ? 80) 40,000 49,90,000 
    
2. Reserve and Surplus   
 Securities Premium (50,000 ? 40)  20,00,000 
    
3. Cash and Cash Equivalents   
 Cash at Bank  69,90,000 
    
 
10. Answer : 
Journal 
In the books of Sangam Woolens Ltd 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
      
 Machinery A/c Dr.  5,00,000  
 -------- To Vendor A/c    5,00,000 
 (Being machinery purchased)     
      
 Vendor A/c Dr.  5,00,000  
 -------- To Equity Share Capital    4,00,000 
 -------- To 9% Debentures A/c    1,00,000 
 (Being issued 40,000 equity shares and 1,000 debentures to 
the vendor) 
    
      
Values involved in the above scenario 
(i) Employment opportunities. 
(ii) Working for social welfare. 
 
11. Answer : 
 
Honey’s Capital Account 
Dr.   Cr. 
Particular ` Particular ` 
To Executor A/c 81,350 By Balance b/d 30,000 
  By Interest on Capital A/c 1,350 
  By Profit and Loss Suspense A/c 40,000 
  By General Reserve A/c 10,000 
 81,350  81,350 
    
            
  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 3 – 2015 Solution 
 
     
           
Working Notes :
WN1 : Calculation of Interest on Honey's Capital
69
Interest on Capital = 30,000 1,350
100 12
WN2 : Calculation of Honey's Share of Profit
Rate of Profit
Profits = Sales 
100
              = 
? ? ?
?
20
6,00,000 1,20,000
100
1
Honey's Share in Profits = 1,20,000 40,000
3
WN3 : Calculation of Honey's Share in General Reserve
1
Honey's Share in General Reserve = 30,000 10,000
3
??
??
??
 
 
12. Answer : 
 
Journal 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
 Gupta’s Capital A/c Dr.  1,20,000  
 --------- To Kumar’s Capital A/c    60,000 
 --------- To Kavita’s Capital A/c    60,000 
 (Being goodwill adjusted at the time of change in profit 
sharing ratio) 
    
 
Working Note: 
WN 1 Calculation of Gaining Ratio 
Old Ratio = 1:1:1 
New Ratio = 1:2:1 
Gaining Ratio = New Ratio – Old Ratio 
1 1 3 4 1
Kumar = (sacrifice)
4 3 12 12
2 1 6 4 2
Gupta = (Gain)
4 3 12 12
1 1 3 4 1
Kavita = (Sacrifice)
4 3 12 12
?
? ? ? ?
?
? ? ?
?
? ? ? ?
 
Only Gupta is gaining, Kumar and Kavita are sacrificing in the ratio of 1:1 
 
 Calculation of Goodwill of the firm
Sum of years of profit
Average Profit = 
Number of years
4,00,000 4,80,000 7,33,000 33,000 2,20,000
                              =
5
                               =
? ? ? ?
WN 2
18,00,000
 3,60,000
5
?
 
Goodwill is calculated on the basis of two years purchase of last 5 years average profit 
Page 5


  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 3 – 2015 Solution 
 
     
CBSE 
Class XII Accountancy 
Delhi Board Paper Set 3– 2015 Solution 
 
SECTION A 
1. Answer: 
The correct answer is option (b). 
When a partner retires, the balance of accumulated profits and losses is transferred among all the 
partners in the old ratio. Here, debit balance of `12,000 in the Profit and Loss Account will be debited 
(being a loss) to the capital accounts of Hari, Ram and Sharma equally. 
 
2. Answer : 
Journal 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
 Profit and Loss Suspense A/c Dr.  2,350  
 -------- To Verma’s Capital A/c    2,350 
 (Being Verma’s share of profit dispensed through his capital 
account) 
    
      
 
3. Answer : 
Shares cancelled due to the non-payment of calls due is known as forfeiture of shares. 
 
4. Answer: 
The correct answer is option (c) 
Details ` 
Amount due on allotment (95,000 ?4) 3,80,000 
 Less : Allotment not received on 500 shares 2,000 
 Add : First and final call money received on 750 shares (750 ? 3) 2,250 
Net Amount Received on Allotment 3,80,250 
 
 
5. Answer : 
The correct answer is option (b). 
According to provisions of Indian Partnership Act, 1932 the profits and losses are to be shared equally 
among the partners. 
 
6. Answer : 
The accountant has passed the wrong accounting treatment. According to AS 26, during the admission 
of a partner, if the new partner contributes some amount towards his share of goodwill, then such 
goodwill should be immediately distributed among the sacrificing partners in their sacrificing ratio. It 
cannot be shown as an asset in the books of the firm until such goodwill is purchased. 
 
7. Answer : 
As per the Section 78 of the Companies Act of 1956, the amount of securities premium can be used by 
the company:  
a. To issue fully paid bonus shares to the members. 
b. To write-off preliminary expenses of the company. 
c. To buy-back its own shares or other securities. 
8. Answer : 
  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 3 – 2015 Solution 
 
     
Profit and Loss Appropriation Account 
for the year ended March 2014 
Dr.   Cr. 
Particulars  ` Particulars  ` 
To Interest on Capital A/c   By Profit and Loss A/c  7,800 
 Jay 4,800     
 Vijay 3,000 7,800    
  7,800   7,800 
      
      
: Calculation of Interest on Capital
9
On Jay's Capital = 80,000 7,200
100
9
On Vijay's Capital = 50,000 4,500
100
Total Interest = 7,200 + 4,500 = 11,700
: Calculation of Proportin
??
??
Working Notes :
WN 1
WN 2 ate Interest on Capital
7,200
Proportionate Interest on Jay = 7,800 4,800
11,700
4,500
Proportionate Interest to Vijay = 7,800 3,000
11,700
??
??
 
      Note: Interest on Capital is to be treated as an appropriation of profits and is to be provided to the 
extent of available profits i.e. `7,800. 
 
9. Answer : 
 
Balance Sheet Extract 
Sun Pharma India Ltd. 
Particulars 
Note 
No 
` 
I. Equity and Liabilities   
1. Shareholder’s Funds   
 a. Share Capital 1 49,90,000 
 b. Reserve and Surplus 2 20,00,000 
Total  69,90,000 
   
II. Assets   
2. Current Assets   
 a. Cash and Equivalents 3 69,90,000 
   
Total  69,90,000 
 
 
 
Note  
No 
Particulars  ` 
  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 3 – 2015 Solution 
 
     
1. Share  Capital   
 Authorised Share Capital   
  1,00,000 shares of 100 each  1,00,00,000 
 Issued Share Capital   
  50,000 Equity Shares of 100 each  50,00,000 
 Subscribed Called-up and Paid up Share Capital   
  49,500 Shares of 100 each 49,50,000  
  Add : Shares Forfeited (500 shares ? 80) 40,000 49,90,000 
    
2. Reserve and Surplus   
 Securities Premium (50,000 ? 40)  20,00,000 
    
3. Cash and Cash Equivalents   
 Cash at Bank  69,90,000 
    
 
10. Answer : 
Journal 
In the books of Sangam Woolens Ltd 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
      
 Machinery A/c Dr.  5,00,000  
 -------- To Vendor A/c    5,00,000 
 (Being machinery purchased)     
      
 Vendor A/c Dr.  5,00,000  
 -------- To Equity Share Capital    4,00,000 
 -------- To 9% Debentures A/c    1,00,000 
 (Being issued 40,000 equity shares and 1,000 debentures to 
the vendor) 
    
      
Values involved in the above scenario 
(i) Employment opportunities. 
(ii) Working for social welfare. 
 
11. Answer : 
 
Honey’s Capital Account 
Dr.   Cr. 
Particular ` Particular ` 
To Executor A/c 81,350 By Balance b/d 30,000 
  By Interest on Capital A/c 1,350 
  By Profit and Loss Suspense A/c 40,000 
  By General Reserve A/c 10,000 
 81,350  81,350 
    
            
  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 3 – 2015 Solution 
 
     
           
Working Notes :
WN1 : Calculation of Interest on Honey's Capital
69
Interest on Capital = 30,000 1,350
100 12
WN2 : Calculation of Honey's Share of Profit
Rate of Profit
Profits = Sales 
100
              = 
? ? ?
?
20
6,00,000 1,20,000
100
1
Honey's Share in Profits = 1,20,000 40,000
3
WN3 : Calculation of Honey's Share in General Reserve
1
Honey's Share in General Reserve = 30,000 10,000
3
??
??
??
 
 
12. Answer : 
 
Journal 
Date Particulars  L.F. 
Dr. 
` 
Cr. 
` 
 Gupta’s Capital A/c Dr.  1,20,000  
 --------- To Kumar’s Capital A/c    60,000 
 --------- To Kavita’s Capital A/c    60,000 
 (Being goodwill adjusted at the time of change in profit 
sharing ratio) 
    
 
Working Note: 
WN 1 Calculation of Gaining Ratio 
Old Ratio = 1:1:1 
New Ratio = 1:2:1 
Gaining Ratio = New Ratio – Old Ratio 
1 1 3 4 1
Kumar = (sacrifice)
4 3 12 12
2 1 6 4 2
Gupta = (Gain)
4 3 12 12
1 1 3 4 1
Kavita = (Sacrifice)
4 3 12 12
?
? ? ? ?
?
? ? ?
?
? ? ? ?
 
Only Gupta is gaining, Kumar and Kavita are sacrificing in the ratio of 1:1 
 
 Calculation of Goodwill of the firm
Sum of years of profit
Average Profit = 
Number of years
4,00,000 4,80,000 7,33,000 33,000 2,20,000
                              =
5
                               =
? ? ? ?
WN 2
18,00,000
 3,60,000
5
?
 
Goodwill is calculated on the basis of two years purchase of last 5 years average profit 
  
 
CBSE XII  |  Accountancy 
Delhi Board Paper Set 3 – 2015 Solution 
 
     
Goodwill = 2 ? Average Profit 
                  = 2 ? 3, 60,000 = 7, 20,000 
1
Amount of goodwill to be adjusted = 7,20,000 60,000
12
?? 
13. Answer : 
Realisation Account 
Dr.   Cr. 
Particulars  ` Particulars  ` 
To Stock A/c  10,000 By Provision for Bad debts A/c  5,000 
To Debtors A/c  25,000 By Sundry Creditors A/c  16,600 
To Plant and Machinery A/c  40,000 By Bills Payables A/c  3,400 
   By Mortgage Loan A/c  15,000 
To Bank A/c   By Bank A/c   
 Sundry Creditors 16,000   Stock 6,700  
 Bills Payables 3,400   Debtors 12,500  
 Mortgage Loan 15,000 34,400  Plant and Machinery 36,000 55,200 
   By Bank A/c (unrecorded assets realised)  6,220 
To Bank A/c (outstanding 
repairs) 
 400 By Loan transferred to :   
    Bora’s Capital A/c 5,000  
To Bank A/c (exp)  620  Singh’s Capital A/c 3,000  
    Ibrahim’s Capital A/c 1,000 9,000 
      
  1,10,420   1,10,420 
      
 
 
Partner’s Capital Account 
Dr. Cr. 
Particulars Bora Singh Ibrahim Particulars Bora Singh Ibrahim 
To Realisation A/c 5,000 3,000 1,000 By Balance b/d 22,000 18,000 10,000 
To Bank A/c 19,500 16,500 9,500 By General Reserve A/c 2,500 1,500 500 
 24,500 19,500 10,500  24,500 19,500 10,500 
        
 
 
Bank Account 
Dr.   Cr. 
Particulars ` Particulars  ` 
To Balance b/d 19,500 By Realisation A/c (liabilities)  34,400 
To Realisation A/c (assets 
realized) 
55,200 By Realisation A/c 
(outstanding repairs) 
 400 
To Realisation A/c 
(unrecorded assets realized) 
6,200 By Realisation A/c (exp)  620 
  By Partner’s Capital A/c   
   Bora 19,500  
   Singh 16,500  
   Ibrahim 9,500 45,500 
 80,920   80,920