Page 1 Sample Question Paper Accountancy (055): Class XII: 2017-18 Time: 3 Hours Maximum Marks: 80 General Instructions: 1) This question paper contains two parts- A and B. 2) Part A is compulsory for all. 3) Part B has two options- ‘Analysis of Financial Statements’ and ‘Computerised Accounting’. 4) Attempt any one option of Part B. 5) All parts of a question should be attempted at one place. Part A (Accounting for Partnership Firms and Companies) 1. Six friends started a partnership business by investing Rs. 2,00,000 each. They decided to share profit equally. Name the terms by which they will be called individually and collectively. 1 Solution: Individually: Partners ½ Collectively: Firm ½ 2. A, B and C were partners in a firm sharing profits in the ratio of 3 : 2 : 1. B was guaranteed a profit of Rs. 2,00,000. During the year the firm earned a profit of Rs. 84,000. Calculate the net amount of Profit / Loss transferred to the capital accounts of A and C.1 Solution: Net Amount of Loss transferred to: A’s Capital Account: Rs. 87,000 ½ C’s Capital Account: Rs. 29,000 ½ 3. H, P and S were partners in a firm sharing profits in the ratio of 4 : 3 : 3. On August 1, 2017, P died. His 20 % share was acquired by H and remaining by S. Calculate the new profit sharing ratio. 1 Solution: Ratio of H, P and S is 4 : 3 : 3 H’s Gain = 3/10 X 20 /100 = 3 /50 H’s new share = H’s old share + H’s Gain = 4/10 + 3/50 = 23/50 ½ S’s Gain = 3/10 X 80 /100 = 12 /50 S’s new share = S’s old share + S’s Gain = 3/10 + 12/50 = 27/50 ½ New Profit sharing Ratio of H and S is 23 : 27 Page 2 Sample Question Paper Accountancy (055): Class XII: 2017-18 Time: 3 Hours Maximum Marks: 80 General Instructions: 1) This question paper contains two parts- A and B. 2) Part A is compulsory for all. 3) Part B has two options- ‘Analysis of Financial Statements’ and ‘Computerised Accounting’. 4) Attempt any one option of Part B. 5) All parts of a question should be attempted at one place. Part A (Accounting for Partnership Firms and Companies) 1. Six friends started a partnership business by investing Rs. 2,00,000 each. They decided to share profit equally. Name the terms by which they will be called individually and collectively. 1 Solution: Individually: Partners ½ Collectively: Firm ½ 2. A, B and C were partners in a firm sharing profits in the ratio of 3 : 2 : 1. B was guaranteed a profit of Rs. 2,00,000. During the year the firm earned a profit of Rs. 84,000. Calculate the net amount of Profit / Loss transferred to the capital accounts of A and C.1 Solution: Net Amount of Loss transferred to: A’s Capital Account: Rs. 87,000 ½ C’s Capital Account: Rs. 29,000 ½ 3. H, P and S were partners in a firm sharing profits in the ratio of 4 : 3 : 3. On August 1, 2017, P died. His 20 % share was acquired by H and remaining by S. Calculate the new profit sharing ratio. 1 Solution: Ratio of H, P and S is 4 : 3 : 3 H’s Gain = 3/10 X 20 /100 = 3 /50 H’s new share = H’s old share + H’s Gain = 4/10 + 3/50 = 23/50 ½ S’s Gain = 3/10 X 80 /100 = 12 /50 S’s new share = S’s old share + S’s Gain = 3/10 + 12/50 = 27/50 ½ New Profit sharing Ratio of H and S is 23 : 27 4. How is dissolution of partnership different from dissolution of partnership firm? 1 Solution: In case of dissolution of partnership, the firm continue to do business but with a changed agreement. In case of dissolution of partnership firm, the firm ceases to exist, the assets of the firm are realised and its liabilities are discharged. 1 5. Why are irredeemable debentures also known as perpetual debentures?1 Solution: Irredeemable debentures are called perpetual debentures because these are not repayable during the life span of the company. 1 6. Distinguish between shares and debentures on the basis of convertibility.1 Solution: Shares cannot be converted into debentures or any other security whereas the debentures can be converted into shares or new debentures if the terms so provide. 1 7. K K Limited obtained a loan of Rs. 10,00,000 from State Bank of India @ 9 % interest. The company issued Rs. 15,00,000, 9 % debentures of Rs. 100/- each, in favour of State Bank of India as collateral security. Pass necessary Journal entries for the above transactions: (i) When company decided not to record the issue of 9 % Debentures as collateral security. (ii) When company decided to record the issue of 9 % Debentures as collateral security. 3 Solution: (i) K K Limited Journal Date Particulars L F Dr. Amount (Rs.) Cr. Amount (Rs.) Bank Account Dr. To Bank Loan Account (Obtained loan from State Bank of India @ 9 %.) 10,00,000 10,00,000 1 (ii) K K Limited Journal 1+1 Date Particulars L F Dr. Amount (Rs.) Cr. Amount (Rs.) Bank Account Dr. To Bank Loan Account ( Obtained loan from State Bank of India @ 9 %.) 10,00,000 15,00,000 10,00,000 15,00,000 Debenture Suspense Account Dr. To 9 % Debentures Account (Issued 9 % Debentures as collateral security in favour of State Bank of India) Page 3 Sample Question Paper Accountancy (055): Class XII: 2017-18 Time: 3 Hours Maximum Marks: 80 General Instructions: 1) This question paper contains two parts- A and B. 2) Part A is compulsory for all. 3) Part B has two options- ‘Analysis of Financial Statements’ and ‘Computerised Accounting’. 4) Attempt any one option of Part B. 5) All parts of a question should be attempted at one place. Part A (Accounting for Partnership Firms and Companies) 1. Six friends started a partnership business by investing Rs. 2,00,000 each. They decided to share profit equally. Name the terms by which they will be called individually and collectively. 1 Solution: Individually: Partners ½ Collectively: Firm ½ 2. A, B and C were partners in a firm sharing profits in the ratio of 3 : 2 : 1. B was guaranteed a profit of Rs. 2,00,000. During the year the firm earned a profit of Rs. 84,000. Calculate the net amount of Profit / Loss transferred to the capital accounts of A and C.1 Solution: Net Amount of Loss transferred to: A’s Capital Account: Rs. 87,000 ½ C’s Capital Account: Rs. 29,000 ½ 3. H, P and S were partners in a firm sharing profits in the ratio of 4 : 3 : 3. On August 1, 2017, P died. His 20 % share was acquired by H and remaining by S. Calculate the new profit sharing ratio. 1 Solution: Ratio of H, P and S is 4 : 3 : 3 H’s Gain = 3/10 X 20 /100 = 3 /50 H’s new share = H’s old share + H’s Gain = 4/10 + 3/50 = 23/50 ½ S’s Gain = 3/10 X 80 /100 = 12 /50 S’s new share = S’s old share + S’s Gain = 3/10 + 12/50 = 27/50 ½ New Profit sharing Ratio of H and S is 23 : 27 4. How is dissolution of partnership different from dissolution of partnership firm? 1 Solution: In case of dissolution of partnership, the firm continue to do business but with a changed agreement. In case of dissolution of partnership firm, the firm ceases to exist, the assets of the firm are realised and its liabilities are discharged. 1 5. Why are irredeemable debentures also known as perpetual debentures?1 Solution: Irredeemable debentures are called perpetual debentures because these are not repayable during the life span of the company. 1 6. Distinguish between shares and debentures on the basis of convertibility.1 Solution: Shares cannot be converted into debentures or any other security whereas the debentures can be converted into shares or new debentures if the terms so provide. 1 7. K K Limited obtained a loan of Rs. 10,00,000 from State Bank of India @ 9 % interest. The company issued Rs. 15,00,000, 9 % debentures of Rs. 100/- each, in favour of State Bank of India as collateral security. Pass necessary Journal entries for the above transactions: (i) When company decided not to record the issue of 9 % Debentures as collateral security. (ii) When company decided to record the issue of 9 % Debentures as collateral security. 3 Solution: (i) K K Limited Journal Date Particulars L F Dr. Amount (Rs.) Cr. Amount (Rs.) Bank Account Dr. To Bank Loan Account (Obtained loan from State Bank of India @ 9 %.) 10,00,000 10,00,000 1 (ii) K K Limited Journal 1+1 Date Particulars L F Dr. Amount (Rs.) Cr. Amount (Rs.) Bank Account Dr. To Bank Loan Account ( Obtained loan from State Bank of India @ 9 %.) 10,00,000 15,00,000 10,00,000 15,00,000 Debenture Suspense Account Dr. To 9 % Debentures Account (Issued 9 % Debentures as collateral security in favour of State Bank of India) 8. P, Q and R were partners sharing profits in the ratio of 2 : 2 : 1. The firm closes its books on March 31 every year. On June 30, 2017, R died. The following information is provided on R’s death: (i) Balance in his capital account in the beginning of the year was Rs. 6,50,000. (ii) He withdrew Rs. 60,000 on May 15, 2017 for his personal use. On the date of death of a partner the partnership deed provided for the following: (a) Interest on capital @ 10 % per annum. (b) Interest on drawings @ 12 % per annum. (c) His share in the profit of the firm till the date of death, to be calculated on the basis of the rate of Net Profit on Sales of the previous year, which was 25 %. The Sales of the firm till June 30, 2017 were Rs. 6,00,000. Prepare R’s Capital Account on his death to be presented to his executors.3 Solution: R’s Capital Account Date 2017 Particulars JF Amount (Rs) Date 2017 Particulars JF Amount (Rs) Jun 30 Jun 30 Jun 30 To Drawings A/C To Interest on Drawings A/C To R’s Executor’s A/c 60,000 900 6,35,350 Apr 1 Jun 30 Jun 30 By Balance b/d By Interest on Capital A/c By Profit & Loss Suspense A/C 6,50,000 16,250 30,000 6,96,250 6,96,250 ½ X 6 = 3 Note: ½ mark may be deducted if the dates are not correctly recorded. 9. M M Limited is registered with an Authorised capital of Rs. 200 Crores divided into equity shares of Rs. 100 each. On 1 st April 2016 the Subscribed and Called up capital of the company is Rs. 10,00,00,000. The company decided to help the unemployed youth of the naxal affected areas of Andhra Pradesh, Chhattisgarh and Odisha by opening 100 ‘Skill Development Centres’. The company also decided to provide free medical services to the villagers of these states by starting mobile dispensaries. To meet the capital expenditure of these activities the company further issued 1,00,000 equity shares during financial year 2016-17. These shares were fully subscribed and paid. Present the share capital of the company in its Balance Sheet. Also identify any two values that the company wants to propagate. 3 Solution: M M Limited Balance Sheet as at ……………………………(Rs. In Crores) Particulars Note Number 31-03-2017 Rs. 31-03-2016 Rs. I. Equity and Liabilities 1. Shareholders’ Funds a) Share Capital 1 11 10 1 Page 4 Sample Question Paper Accountancy (055): Class XII: 2017-18 Time: 3 Hours Maximum Marks: 80 General Instructions: 1) This question paper contains two parts- A and B. 2) Part A is compulsory for all. 3) Part B has two options- ‘Analysis of Financial Statements’ and ‘Computerised Accounting’. 4) Attempt any one option of Part B. 5) All parts of a question should be attempted at one place. Part A (Accounting for Partnership Firms and Companies) 1. Six friends started a partnership business by investing Rs. 2,00,000 each. They decided to share profit equally. Name the terms by which they will be called individually and collectively. 1 Solution: Individually: Partners ½ Collectively: Firm ½ 2. A, B and C were partners in a firm sharing profits in the ratio of 3 : 2 : 1. B was guaranteed a profit of Rs. 2,00,000. During the year the firm earned a profit of Rs. 84,000. Calculate the net amount of Profit / Loss transferred to the capital accounts of A and C.1 Solution: Net Amount of Loss transferred to: A’s Capital Account: Rs. 87,000 ½ C’s Capital Account: Rs. 29,000 ½ 3. H, P and S were partners in a firm sharing profits in the ratio of 4 : 3 : 3. On August 1, 2017, P died. His 20 % share was acquired by H and remaining by S. Calculate the new profit sharing ratio. 1 Solution: Ratio of H, P and S is 4 : 3 : 3 H’s Gain = 3/10 X 20 /100 = 3 /50 H’s new share = H’s old share + H’s Gain = 4/10 + 3/50 = 23/50 ½ S’s Gain = 3/10 X 80 /100 = 12 /50 S’s new share = S’s old share + S’s Gain = 3/10 + 12/50 = 27/50 ½ New Profit sharing Ratio of H and S is 23 : 27 4. How is dissolution of partnership different from dissolution of partnership firm? 1 Solution: In case of dissolution of partnership, the firm continue to do business but with a changed agreement. In case of dissolution of partnership firm, the firm ceases to exist, the assets of the firm are realised and its liabilities are discharged. 1 5. Why are irredeemable debentures also known as perpetual debentures?1 Solution: Irredeemable debentures are called perpetual debentures because these are not repayable during the life span of the company. 1 6. Distinguish between shares and debentures on the basis of convertibility.1 Solution: Shares cannot be converted into debentures or any other security whereas the debentures can be converted into shares or new debentures if the terms so provide. 1 7. K K Limited obtained a loan of Rs. 10,00,000 from State Bank of India @ 9 % interest. The company issued Rs. 15,00,000, 9 % debentures of Rs. 100/- each, in favour of State Bank of India as collateral security. Pass necessary Journal entries for the above transactions: (i) When company decided not to record the issue of 9 % Debentures as collateral security. (ii) When company decided to record the issue of 9 % Debentures as collateral security. 3 Solution: (i) K K Limited Journal Date Particulars L F Dr. Amount (Rs.) Cr. Amount (Rs.) Bank Account Dr. To Bank Loan Account (Obtained loan from State Bank of India @ 9 %.) 10,00,000 10,00,000 1 (ii) K K Limited Journal 1+1 Date Particulars L F Dr. Amount (Rs.) Cr. Amount (Rs.) Bank Account Dr. To Bank Loan Account ( Obtained loan from State Bank of India @ 9 %.) 10,00,000 15,00,000 10,00,000 15,00,000 Debenture Suspense Account Dr. To 9 % Debentures Account (Issued 9 % Debentures as collateral security in favour of State Bank of India) 8. P, Q and R were partners sharing profits in the ratio of 2 : 2 : 1. The firm closes its books on March 31 every year. On June 30, 2017, R died. The following information is provided on R’s death: (i) Balance in his capital account in the beginning of the year was Rs. 6,50,000. (ii) He withdrew Rs. 60,000 on May 15, 2017 for his personal use. On the date of death of a partner the partnership deed provided for the following: (a) Interest on capital @ 10 % per annum. (b) Interest on drawings @ 12 % per annum. (c) His share in the profit of the firm till the date of death, to be calculated on the basis of the rate of Net Profit on Sales of the previous year, which was 25 %. The Sales of the firm till June 30, 2017 were Rs. 6,00,000. Prepare R’s Capital Account on his death to be presented to his executors.3 Solution: R’s Capital Account Date 2017 Particulars JF Amount (Rs) Date 2017 Particulars JF Amount (Rs) Jun 30 Jun 30 Jun 30 To Drawings A/C To Interest on Drawings A/C To R’s Executor’s A/c 60,000 900 6,35,350 Apr 1 Jun 30 Jun 30 By Balance b/d By Interest on Capital A/c By Profit & Loss Suspense A/C 6,50,000 16,250 30,000 6,96,250 6,96,250 ½ X 6 = 3 Note: ½ mark may be deducted if the dates are not correctly recorded. 9. M M Limited is registered with an Authorised capital of Rs. 200 Crores divided into equity shares of Rs. 100 each. On 1 st April 2016 the Subscribed and Called up capital of the company is Rs. 10,00,00,000. The company decided to help the unemployed youth of the naxal affected areas of Andhra Pradesh, Chhattisgarh and Odisha by opening 100 ‘Skill Development Centres’. The company also decided to provide free medical services to the villagers of these states by starting mobile dispensaries. To meet the capital expenditure of these activities the company further issued 1,00,000 equity shares during financial year 2016-17. These shares were fully subscribed and paid. Present the share capital of the company in its Balance Sheet. Also identify any two values that the company wants to propagate. 3 Solution: M M Limited Balance Sheet as at ……………………………(Rs. In Crores) Particulars Note Number 31-03-2017 Rs. 31-03-2016 Rs. I. Equity and Liabilities 1. Shareholders’ Funds a) Share Capital 1 11 10 1 Notes to Accounts: Note Number 1 (Rs. In Crores) Particulars 31-03-2017 Rs. Share Capital: Authorised Capital 2,00,00,000 Equity Shares of Rs. 100 each Issued Capital 11,00,000 Equity shares of Rs. 100 each Subscribed Capital Subscribed and Fully paid 11,00,000 Equity shares of Rs. 100 each Share Capital 200 11 11 11 1 Values: Generation of Employment opportunities in backward areas. Providing Healthcare/Medical facilities in rural areas. Or any other value 1 10. V K Limited purchased machinery from Modern Equipment Manufacturers Limited. The company paid the vendors by issue of some equity shares and debentures and the balance through an acceptance in their favour payable after three months. The accountant of the company, while Journalising the above mentioned transactions, left some items blank. You are required to fill in the blanks.3 V K Limited Journal Date Particulars L F Dr. Amount (Rs.) Cr. Amount (Rs.) Machinery Account Dr. To ……………………………………………………… (Purchased machinery for Rs. 7,00,000 from Modern Equipment Manufacturers Limited ) …………………… ……………….. ………………… …………………. …………………… …………………… ……………………. …………………….. …………………… ……………………… Modern Equipment Manufacturers Ltd. A/C Dr. Loss on Issue of 9 % Debentures Account Dr. To …………………………………………………….. To …………………………………………………….. To Securities Premium Reserve Account To Premium on Redemption of Debentures A/C (Issued Rs. 1,00,000 9 % debentures at a discount of 10 % redeemable at a premium of 10 % and 50,000 equity shares of Rs. 10 each issued at a premium of 15 %) ………………………………………………. Dr. To ……………………………………………… (…………………………………………………………………………) Page 5 Sample Question Paper Accountancy (055): Class XII: 2017-18 Time: 3 Hours Maximum Marks: 80 General Instructions: 1) This question paper contains two parts- A and B. 2) Part A is compulsory for all. 3) Part B has two options- ‘Analysis of Financial Statements’ and ‘Computerised Accounting’. 4) Attempt any one option of Part B. 5) All parts of a question should be attempted at one place. Part A (Accounting for Partnership Firms and Companies) 1. Six friends started a partnership business by investing Rs. 2,00,000 each. They decided to share profit equally. Name the terms by which they will be called individually and collectively. 1 Solution: Individually: Partners ½ Collectively: Firm ½ 2. A, B and C were partners in a firm sharing profits in the ratio of 3 : 2 : 1. B was guaranteed a profit of Rs. 2,00,000. During the year the firm earned a profit of Rs. 84,000. Calculate the net amount of Profit / Loss transferred to the capital accounts of A and C.1 Solution: Net Amount of Loss transferred to: A’s Capital Account: Rs. 87,000 ½ C’s Capital Account: Rs. 29,000 ½ 3. H, P and S were partners in a firm sharing profits in the ratio of 4 : 3 : 3. On August 1, 2017, P died. His 20 % share was acquired by H and remaining by S. Calculate the new profit sharing ratio. 1 Solution: Ratio of H, P and S is 4 : 3 : 3 H’s Gain = 3/10 X 20 /100 = 3 /50 H’s new share = H’s old share + H’s Gain = 4/10 + 3/50 = 23/50 ½ S’s Gain = 3/10 X 80 /100 = 12 /50 S’s new share = S’s old share + S’s Gain = 3/10 + 12/50 = 27/50 ½ New Profit sharing Ratio of H and S is 23 : 27 4. How is dissolution of partnership different from dissolution of partnership firm? 1 Solution: In case of dissolution of partnership, the firm continue to do business but with a changed agreement. In case of dissolution of partnership firm, the firm ceases to exist, the assets of the firm are realised and its liabilities are discharged. 1 5. Why are irredeemable debentures also known as perpetual debentures?1 Solution: Irredeemable debentures are called perpetual debentures because these are not repayable during the life span of the company. 1 6. Distinguish between shares and debentures on the basis of convertibility.1 Solution: Shares cannot be converted into debentures or any other security whereas the debentures can be converted into shares or new debentures if the terms so provide. 1 7. K K Limited obtained a loan of Rs. 10,00,000 from State Bank of India @ 9 % interest. The company issued Rs. 15,00,000, 9 % debentures of Rs. 100/- each, in favour of State Bank of India as collateral security. Pass necessary Journal entries for the above transactions: (i) When company decided not to record the issue of 9 % Debentures as collateral security. (ii) When company decided to record the issue of 9 % Debentures as collateral security. 3 Solution: (i) K K Limited Journal Date Particulars L F Dr. Amount (Rs.) Cr. Amount (Rs.) Bank Account Dr. To Bank Loan Account (Obtained loan from State Bank of India @ 9 %.) 10,00,000 10,00,000 1 (ii) K K Limited Journal 1+1 Date Particulars L F Dr. Amount (Rs.) Cr. Amount (Rs.) Bank Account Dr. To Bank Loan Account ( Obtained loan from State Bank of India @ 9 %.) 10,00,000 15,00,000 10,00,000 15,00,000 Debenture Suspense Account Dr. To 9 % Debentures Account (Issued 9 % Debentures as collateral security in favour of State Bank of India) 8. P, Q and R were partners sharing profits in the ratio of 2 : 2 : 1. The firm closes its books on March 31 every year. On June 30, 2017, R died. The following information is provided on R’s death: (i) Balance in his capital account in the beginning of the year was Rs. 6,50,000. (ii) He withdrew Rs. 60,000 on May 15, 2017 for his personal use. On the date of death of a partner the partnership deed provided for the following: (a) Interest on capital @ 10 % per annum. (b) Interest on drawings @ 12 % per annum. (c) His share in the profit of the firm till the date of death, to be calculated on the basis of the rate of Net Profit on Sales of the previous year, which was 25 %. The Sales of the firm till June 30, 2017 were Rs. 6,00,000. Prepare R’s Capital Account on his death to be presented to his executors.3 Solution: R’s Capital Account Date 2017 Particulars JF Amount (Rs) Date 2017 Particulars JF Amount (Rs) Jun 30 Jun 30 Jun 30 To Drawings A/C To Interest on Drawings A/C To R’s Executor’s A/c 60,000 900 6,35,350 Apr 1 Jun 30 Jun 30 By Balance b/d By Interest on Capital A/c By Profit & Loss Suspense A/C 6,50,000 16,250 30,000 6,96,250 6,96,250 ½ X 6 = 3 Note: ½ mark may be deducted if the dates are not correctly recorded. 9. M M Limited is registered with an Authorised capital of Rs. 200 Crores divided into equity shares of Rs. 100 each. On 1 st April 2016 the Subscribed and Called up capital of the company is Rs. 10,00,00,000. The company decided to help the unemployed youth of the naxal affected areas of Andhra Pradesh, Chhattisgarh and Odisha by opening 100 ‘Skill Development Centres’. The company also decided to provide free medical services to the villagers of these states by starting mobile dispensaries. To meet the capital expenditure of these activities the company further issued 1,00,000 equity shares during financial year 2016-17. These shares were fully subscribed and paid. Present the share capital of the company in its Balance Sheet. Also identify any two values that the company wants to propagate. 3 Solution: M M Limited Balance Sheet as at ……………………………(Rs. In Crores) Particulars Note Number 31-03-2017 Rs. 31-03-2016 Rs. I. Equity and Liabilities 1. Shareholders’ Funds a) Share Capital 1 11 10 1 Notes to Accounts: Note Number 1 (Rs. In Crores) Particulars 31-03-2017 Rs. Share Capital: Authorised Capital 2,00,00,000 Equity Shares of Rs. 100 each Issued Capital 11,00,000 Equity shares of Rs. 100 each Subscribed Capital Subscribed and Fully paid 11,00,000 Equity shares of Rs. 100 each Share Capital 200 11 11 11 1 Values: Generation of Employment opportunities in backward areas. Providing Healthcare/Medical facilities in rural areas. Or any other value 1 10. V K Limited purchased machinery from Modern Equipment Manufacturers Limited. The company paid the vendors by issue of some equity shares and debentures and the balance through an acceptance in their favour payable after three months. The accountant of the company, while Journalising the above mentioned transactions, left some items blank. You are required to fill in the blanks.3 V K Limited Journal Date Particulars L F Dr. Amount (Rs.) Cr. Amount (Rs.) Machinery Account Dr. To ……………………………………………………… (Purchased machinery for Rs. 7,00,000 from Modern Equipment Manufacturers Limited ) …………………… ……………….. ………………… …………………. …………………… …………………… ……………………. …………………….. …………………… ……………………… Modern Equipment Manufacturers Ltd. A/C Dr. Loss on Issue of 9 % Debentures Account Dr. To …………………………………………………….. To …………………………………………………….. To Securities Premium Reserve Account To Premium on Redemption of Debentures A/C (Issued Rs. 1,00,000 9 % debentures at a discount of 10 % redeemable at a premium of 10 % and 50,000 equity shares of Rs. 10 each issued at a premium of 15 %) ………………………………………………. Dr. To ……………………………………………… (…………………………………………………………………………) Solution: V K Limited Journal 1 + 1 +1 = 3 11. E, F and G were partners in a firm sharing profits in the ratio of 2 : 2 : 1. On March 31, 2017, their firm was dissolved. On the date of dissolution, the Balance Sheet of the firm was as follows: Balance Sheet as at March 31, 2017 Liabilities Rs. Assets Rs. Capitals: E 1,30,000 F 1,00,000 Creditors Outstanding Expenses 2,30,000 45,000 17,000 G’s Capital Profit & Loss Account Land & Building Furniture Machinery Debtors Bank 500 10,000 1,00,000 50,000 90,000 36,500 5,000 2,92,000 2,92,000 Date Particulars L F Dr. Amount (Rs.) Cr. Amount (Rs.) Machinery Account Dr. To Modern Equipment Manufacturers Limited (Purchased machinery for Rs. 7,00,000 from Modern Equipment Manufacturers Limited ) 7,00,000 6,65,000 20,000 35,000 7,00,000 1,00,000 5,00,000 75,000 10,000 35,000 Modern Equipment Manufacturers Ltd. A/C Dr. Loss on Issue of 9 % Debentures Account Dr. To 9 % Debentures Account To Equity Share Capital Account To Securities Premium Reserve Account To Premium on Redemption of Debentures A/C (Issued Rs. 1,00,000 9 % debentures at a discount of 10 %,redeemable at a premium of 10 % and 50,000 equity shares of Rs. 10 each issued at a premium of 15 %) Modern Equipment Manufacturers Ltd. A/C Dr. To Bills Payable Account (Acceptance given to Modern Equipment Manufacturers Limited)Read More
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