CBSE Past Year Paper (Part -1) - 2011(Delhi(SET -1)), Accounts, Class 12 - Commerce PDF Download
CBSE Past Year Paper (Part -1) - 2011(Delhi(SET -1))
Q1 :
What is the basis for preparing an Income and Expenditure Account in the case of Not-for-Profit Organisation.
(1)
Answer :
Income and Expenditure Account is prepared on Accrual Basis of Accounting. As per this basis, all incomes and expenses related to the current year (whether received/paid or not) of revenue nature are recorded in the Income and Expenditure Account.
Q2 :
Distinguish between Fixed and Fluctuating Capitals Accounts.
(1)
Answer :
|
Basis |
Fixed Capital |
Fluctuating Capital |
|
Capital Balance |
Generally, the capital balance of the partner remains unchanged except in case where capital is withdrawn or additional capital is introduced. |
Under this method, capital balance of the partners keeps on changing from year to year. |
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Number of Accounts |
In this method, two separate accounts are maintained namely, Partners' Capital Account and Partners' Current Account. |
In this method, only one account is maintained i.e. Partners' Capital Account. |
Q3 :
State the two main rights that a newly admitted partner acquires in the firm.
(1)
Answer :
On the admission, the new partner acquires the following two rights.
- Right to share the future profits of the firm
- Right to share in the assets of the firm
Q4 :
How does the market situation affect the value of goodwill of a firm?
(1)
Answer :
Market situation of a business is one of the factor that affects the goodwill of a firm. If a firm is operating in a monopoly market with no close substitutes, then there will be more goodwill of the firm.
Q5 :
Pass the necessary Journal entry when 10,000 debentures of Rs 100 each are issued as collateral security against a Bank loan of Rs 8,00,000
(1)
Answer :
|
Journal |
|||||
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Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
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Debenture Suspense A/c |
Dr. |
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10,00,000 |
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To Debentures A/c |
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10,00,000 |
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(Issue of 10,000 debentures of Rs 100 each as |
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collateral security against the bank loan of Rs 8,00,000) |
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Q6 :
From the following information of a club show the amounts of match expenses and match fund in the Financial Statement of the Club for the year ended on 31st March, 2009 and 31st March, 2010.
(3)
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Details |
Amount Rs |
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Match expenses (Paid during the year 2009-2010) |
30,000 |
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Match Fund (as on 31-3-2009) |
17,000 |
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Donation for Match Fund (Received during the year 2009 – 2010) |
9,000 |
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Proceeds from the sale of match tickets (Received during the year 2009-2010) |
3,000 |
Answer :
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Balance Sheet as on March 31, 2009 |
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Liabilities |
Amount Rs |
Assets |
Amount Rs |
|
Match Fund |
17,000 |
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Balance Sheet as on March 31, 2010 |
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Liabilities |
Amount Rs |
Assets |
Amount Rs |
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Match Fund |
17,000 |
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Add: Donation for Match Fund |
9,000 |
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26,000 |
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Add: Proceeds from sale of match tickets |
3,000 |
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29,000 |
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Less: Match Expenses (Note) |
29,000 |
NIL |
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Income and Expenditure Account for the year ended March 31, 2010 |
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Dr. |
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Cr. |
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Expenditure |
Amount Rs |
Income |
Amount Rs |
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To Match Expenses (Note) |
1,000 |
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Note: Match expenses are Rs 30,000 out of which Rs 29,000 are met through match fund and remaining expenses of Rs 1,000 are debited to Income and Expenditure Account.
Q7 :
Y Ltd. purchased furniture costing Rs 1,35,000 from AB Ltd. The payment was made by issue of Equity Shares of Rs 10 each at a discount of Re 1 per share. Pass necessary Journal entries in the books of Y Ltd.
(3)
Answer :
|
Journal of Y Ltd. |
|||||
|
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
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Furniture A/c |
Dr. |
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1,35,000 |
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To AB Ltd. |
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1,35,000 |
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(Furniture purchased) |
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AB Ltd. |
Dr. |
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1,35,000 |
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Discount on Issue of Equity Share A/c |
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15,000 |
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To Equity Share Capital A/c |
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1,50,000 |
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(Issue of 15,000 equity shares of Rs 10 each at a discount of Re 1 per share) |
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Working Note:
Q8 :
X Ltd. redeemable 100, 6% Debentures of Rs 100 each by converting them into Equity Shares of Rs 100 each. The 6% Debentures were redeemable at 10% premium for which the Equity Shares were issued at 25% premium. Pass the necessary Journal entries for the redemption of above mentioned debentures in the books of X Ltd.
(3)
Answer :
|
Journal of Y Ltd. |
|||||
|
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
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6% Debenture A/c |
Dr. |
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10,000 |
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Premium on Redemption of Debentures A/c |
Dr. |
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1,000 |
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To Debentureholders' A/c |
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11,000 |
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(Being amount due to debentures holder) |
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Debenturesholders' A/c |
Dr. |
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11,000 |
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To Equity Share Capital A/c |
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8,800 |
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To Securities Premium A/c |
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2,200 |
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(Issue of 88 shares of Rs 100 each at premium of 25%) |
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Working Note:
Q9 :
A and B are partners in a firm sharing profits and losses in the ratio of 3 : 2. The following was the Balance Sheet of the firm as on 31 3-2010.
(4)
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Liabilities |
Amount Rs |
Assets |
Amount Rs |
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Capitals: |
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Sundry Assets |
80,000 |
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A |
60,000 |
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B |
20,000 |
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80,000 |
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80,000 |
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The profits Rs 30,000 for the year ended 31-3-2010 were divided between the partners without allowing interest on capital @ 12% p.a. and salary to A @ Rs 1,000 per month. During the year A withdrew Rs 10,000 and B Rs 20,000.
Pass the necessary adjustment journal entry and show your working clearly.
Answer :
|
Journal |
|||||
|
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
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B's Capital A/c |
Dr. |
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5,280 |
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To A's Capital A/c |
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5,280 |
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(Interest on capital and salary to A not charged, now adjusted) |
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Working Notes:
WN1Calculation of Capital at the beginning
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Particulars |
A |
B |
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Capital at the end |
60,000 |
20,000 |
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Add: Drawings |
10,000 |
20,000 |
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70,000 |
40,000 |
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Add: Profit (3 : 2) |
(18,000) |
(12,000) |
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Capital in the beginning |
52,000 |
28,000 |
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WN2
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Statement Showing Adjustment |
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Particulars |
A |
B |
Total |
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Interest on Capital at 12% |
6,240 |
3,360 |
9,600 |
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Salary to A (Rs 1,000 x 12) |
12,000 |
- |
12,000 |
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18,240 |
3,360 |
21,600 |
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For sharing above loss ( 3 : 2) |
(12,960) |
(8,640) |
(30,000) |
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Net Effect |
5,280 (Cr.) |
5,280 (Dr.) |
NIL |
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Q10 :
A business has earned average profits of Rs 1,00,000 during the last few years and the normal rate of return in similar business is 10%.
Find out the value of Goodwill by
(i) Capitalisation of super profit method and
(ii) Super profit method if the goodwill is valued at 3 years purchase of super profit.
The assets of the business were Rs 10,00,000 and its external liabilities Rs 1,80,000.
(4)
Answer :
(i)Capitalisation of Super Profit Method
Super Profit = Average Profit - Normal Profit
Average Profit = Rs 1,00,000
Capital Employed = Assets - Liabilities
= 10,00,000 -1,80,000 = Rs 8,20,000
Super Profit = 1,00,000 -82,000 = Rs 18,000
(ii)Super Profit Method
Goodwill = Super Profit x No. of Years of Purchase
= 18,000 x 3 = Rs 54,000
Q11 :
Pass the necessary Journal entries of the issues and redemption of Debentures in the following cases:
(i) 10,000, 10% Debentures of Rs 120 each issued at 5% premium, repayable at par.
(ii) 20,000, 9% Debentures of Rs 200 each issued at 20% premium, repayable at 30% premium.
(4)
Answer :
|
Journal |
|||||
|
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
(i) |
At the time of Issue of Debentures |
|
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Bank A/c (10,000 debentures x Rs 126) |
Dr. |
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12,60,000 |
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To 10% Debentures Application A/c |
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12,60,000 |
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(Application money received) |
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10% Debentures Application A/c (10,000 debentures x Rs 126) |
Dr. |
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12,60,000 |
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To 10% Debentures A/c (10,000 debentures x Rs 6) |
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12,00,000 |
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To Securities Premium A/c (10,000 debentures x Rs 120) |
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60,000 |
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(Issue of 10% Debentures at 5% premium and repayable at par) |
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At the time of Redemption |
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10% Debentures A/c |
Dr. |
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12,00,000 |
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To Debenturesholders' A/c |
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12,00,000 |
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(Amount due to debenturesholders) |
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Debenturesholders' A/c |
Dr. |
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12,00,000 |
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To Bank A/c |
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12,00,000 |
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(Amount paid to debenturesholders) |
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(ii) |
At the time of Issue of Debentures |
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Bank A/c (20,000 debentures x Rs 240) |
Dr. |
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48,00,000 |
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To 9% Debentures Application A/c |
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48,00,000 |
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(Application money received) |
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9% Debentures Application A/c (20,000 debentures x Rs 240) |
Dr. |
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48,00,000 |
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Loss on Issue of Debentures A/c (20,000 debentures x Rs 60) |
Dr. |
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12,00,000 |
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To 9% Debentures A/c (20,000 debentures x Rs 200) |
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40,00,000 |
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To Securities Premium A/c (20,000 debentures x Rs 40) |
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8,00,000 |
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To Premium on Redemption on Debentures A/c (20,000 debentures x Rs 60) |
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12,00,000 |
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(Issue of 9% Debentures at 20% premium repayable at 30% premium) |
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At the time of Redemption |
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9% Debentures A/c |
Dr. |
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40,00,000 |
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Premium on Redemption of Debentures A/c |
Dr. |
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12,00,000 |
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To Debenture holders A/c |
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52,00,000 |
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(Amount due to debentures holders) |
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Debenture holders A/c |
Dr. |
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52,00,000 |
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To Bank A/c |
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52,00,000 |
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(Amount paid to debentures holders on redemption) |
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Q12 :
From the following items of Receipts and Payments Account of Young Ladies Club, prepare an Income and Expenditure Account for the year ended 31-3-2010.
(6)
|
Particulars |
Amount Rs |
|
Salaries paid |
50,000 |
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Lighting and Heating |
5,000 |
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Printing and Stationery (Including Rs 500 for the previous year) |
3,500 |
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Subscription received (Including Rs 2,000 received in advance |
40,000 |
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and Rs 5,000 for the previous year) |
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Net proceeds of Refreshment Room |
45,000 |
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Miscellaneous Expenses |
16,000 |
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Interest paid on Loan of half year |
1,200 |
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Rent and Rates (Including Rs 1,000 prepaid) |
7,500 |
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Locker rent received |
4,500 |
dditional Information:
Subscriptions in arrears on 31-3-2010 were Rs 8,000 and half year's interest on loan was also outstanding.
Answer :
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Income and Expenditure Account for the year ended March 31, 2010 |
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Dr. |
|
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Cr. |
|||
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Expenditure |
Amount Rs |
Income |
Amount Rs |
|||
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Salaries |
50,000 |
Subscription |
40,000 |
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||
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Lighting and Heating |
5,000 |
Less: Subscription received in advance |
2,000 |
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Printing and Stationery |
3,500 |
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Subscription arrear previous year |
5,000 |
(7,000) |
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Less: Outstanding for previous year |
(500) |
3,000 |
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33,000 |
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Miscellaneous Expenses |
16,000 |
Add: Subscription Arrear (31.3.2010) |
8,000 |
41,000 |
||
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Interest on loan |
1,200 |
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Net proceeds of Refreshment Room |
45,000 |
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Add: Outstanding |
1,200 |
2,400 |
Locker Rent Received |
4,500 |
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Rent and Rates |
7,500 |
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Less: Prepaid |
(1,000) |
6,500 |
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Surplus (i.e. Excess of Income over |
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Expenditure) |
7,600 |
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90,500 |
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90,500 |
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Q13 :
Pass the necessary Journal entries for the following transaction on the dissolution of the firm of P and Q after the various assets (Other than cash) and outside liabilities have been transferred to Realisation Account.
(i) Bank Loan Rs 12,000 was paid.
(ii) Stock worth Rs 16,000 was taken over by Partner Q.
(iii) Partner P paid a creditor Rs 4,000
(iv) An assets not appearing in the books of accounts realized Rs 1,200.
(v) Expenses of realisation Rs 2,000 were paid by partner Q.
(vi) Profit on realization Rs 36,000 was distributed between P and Q in 5 : 4 ratio.
(6)
Answer :
|
Journal |
|||||
|
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
(i) |
Realisation A/c |
Dr. |
|
12,000 |
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To Bank A/c |
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12,000 |
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(Payment of bank loan made) |
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(ii) |
Q's Capital A/c |
Dr. |
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16,000 |
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To Realisaiton A/c |
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16,000 |
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(Stock taken over by Q) |
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(iii) |
Realisation A/c |
Dr. |
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4,000 |
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To P's Capital A/c |
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4,000 |
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(Creditors paid by P) |
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(iv) |
Cash/Bank A/c |
Dr. |
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1,200 |
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To Realisation A/c |
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1,200 |
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(Unrecorded assets realised) |
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(v) |
Realisation A/c |
Dr. |
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2,000 |
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To Q's Capital A/c |
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2,000 |
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(Dissolution expenses paid by Q) |
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(vi) |
Realisation A/c |
Dr. |
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36,000 |
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To P's Capital A/c |
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20,000 |
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To Q's Capital A/c |
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16,000 |
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(Profit on realisation distributed among partners in their profit sharing ratio i.e. 5 : 4) |
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FAQs on CBSE Past Year Paper (Part -1) - 2011(Delhi(SET -1)), Accounts, Class 12 - Commerce
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