CBSE Class 12 Accountancy 2022 — Set 67/1/1

Vimal, Kamal and Nirmal were partners sharing profit losses in the ratio of 3 : 2 : 1. Vimal died on 30th September, 2020. The partnership deed provides that the share of profit of the deceased partner till the date of his death was to be calculated on the basis of the average profits of the last three years. The profit for the last three years were : 2017-18 ₹ 70,000; 2018-19 ₹ 80,000; 2019-20 ₹ (60,000). Calculate Vimal's share of profit till the date of his death and pass necessary journal entry for the same.

(a) Surya Ltd. purchased machinery from Mohan Equipment Ltd. The company paid the vendors by issue of 9% 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. Fill in the blanks in the given below Journal of Surya Ltd. : Journal of Surya Ltd. | Date | Particulars | LF | Debit Amount ₹ | Credit Amount ₹ | | --- | --- | --- | --- | --- | | 2021 Jan. 1 | Machinery A/c. ..... Dr. | | ___ | | | | To ______ | | | ___ | | | (Purchased Machinery for ₹ 12,50,000 from Mohan Equipment Ltd.) | | | | | " 1 | Mohan Equipment Ltd. A/c. ..... Dr. | | ___ | | | | To ______ | | | ___ | | | To Securities Premium Reserve | | | ___ | | | (Issued 8000, 9% Debentures of ₹ 100 each at a premium of 25%). | | | | | " 1 | ______ ..... Dr. | | ___ | | | | To ______ | | | ___ | | | (__________) | | | | OR (b) Sujata Ltd. invited applications for issuing 50,000, 9% debenture of ₹ 100 each at a discount of 10% redeemable at par after five years. The debentures were fully subscribed and all money was duly received. The company had a balance of ₹ 3,00,000 in 'Securities Premium Reserve' which it decided to use for writing off the discount/loss on issue of debentures. It also decided to write off the remaining discount/loss on issue of debentures in the first year. Pass the Journal entries for issue of debentures and for writing off discount/loss on issue of debentures.

(a) Chanda, Tara and Nisha were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. They decided to dissolve the firm on 31st March, 2021. Pass necessary Journal Entries for the following transactions after all assets (other than cash and bank) and third party liabilities have been transferred to Realisation Account. (i) A typewriter completely written off from the books was sold for ₹ 9,000. (ii) Chanda took over stock worth ₹ 96,000 at ₹ 84,000. (iii) Nisha was to get remuneration of ₹ 42,000 for completing the dissolution process. (iv) Creditors of ₹ 23,500 took over all the investments at ₹ 10,000. Remaining amount was paid to them in Cash. (v) Sundry Creditors amounting to ₹ 40,000 were settled at a discount of 10%. OR (b) Heena, Meena and Tina are partners in a firm sharing profits and losses equally. Their Balance Sheet on April 1st, 2020 was as follows : Balance Sheet of Heena, Meena Tina as on 1st April, 2020 | Liabilities | Amount (₹) | Assets | Amount (₹) | | --- | --- | --- | --- | | Bills Payable | 12,000 | Building | 40,000 | | Sundry Creditors | 18,000 | Machinery | 30,000 | | General Reserve | 12,000 | Furniture | 12,000 | | Capitals : Heena | 30,000 | Stock | 22,000 | | Meena | 30,000 | Debtors 20,000 | | | Tina | 28,000 | Less : Provision for doubtful debts 1,000 | 19,000 | | | | Bank | 7,000 | | | 1,30,000 | | 1,30,000 | Tina retired from the firm on the above date and the following was agreed upon : (a) Building was to be appreciated by 20%. (b) Machinery was to be depreciated by ₹ 1,500. (c) Provision for doubtful debts was to be increased to ₹ 1,500. (d) Goodwill was valued at ₹ 21,000 on Tina's retirement and the same was to be treated without opening goodwill account. (e) The balance in Tina's Capital account will be transferred to her Loan account. Prepare Revaluation Account and Partners' Capital Accounts.

Pass journal entries for issue of debentures for the following transactions : (i) Issued 3,000, 11% debentures of ₹ 100 each at par, redeemable at 5% premium. (ii) Issued 4,000, 12% debentures of ₹ 100 each at 5% premium, redeemable at 10% premium. (iii) Issued ₹ 3,00,000, 9% debentures of ₹ 100 each at par redeemable at par. (iv) Issued ₹ 7,00,000, 9% debentures at a discount of 10% redeemable at par. (v) Issued ₹ 10,00,000, 9% debentures of ₹ 100 each at 10% discount redeemable at 5% premium.

Following was the Balance Sheet of Bajaj Ltd. as on 31st March, 2021 : Bajaj Ltd. Balance Sheet as on 31st March, 2021 | Particulars | Note No. | 31.03.2021 (₹) | 31.03.2020 (₹) | | --- | --- | --- | --- | | I. Equity and Liabilities : | | | | | 1. Shareholder's funds : | | | | | (a) Share Capital | | 19,00,000 | 17,00,000 | | (b) Reserves and Surplus | 1 | 6,00,000 | 3,00,000 | | 2. Non-Current Liabilities : | | | | | 12% long term borrowings | | 5,00,000 | 4,00,000 | | 3. Current Liabilities : | | | | | (a) Short term Borrowings | 2 | 1,70,000 | 1,75,000 | | (b) Short term Provisions | 3 | 2,00,000 | 1,65,000 | | Total | | 33,70,000 | 27,40,000 | | II. Assets : | | | | | 1. Non Current Assets : | | | | | Fixed Assets | | | | | (i) Tangible Assets | 4 | 25,00,000 | 21,00,000 | | (ii) Intangible Assets | 5 | 4,00,000 | 3,00,000 | | 2. Current Assets : | | | | | (a) Current Investments | | 1,40,000 | 1,70,000 | | (b) Inventories | | 2,60,000 | 1,30,000 | | (c) Cash and Cash Equivalents | | 70,000 | 40,000 | | Total | | 33,70,000 | 27,40,000 | Notes to Accounts | Note No. | Particulars | 31.03.2021 (₹) | 31.03.2020 (₹) | | --- | --- | --- | --- | | 1 | Reserves Surplus : Surplus i.e. Balance in Statement of Profit and Loss | 6,00,000 | 3,00,000 | | 2 | Short term borrowings : Bank Overdraft | 1,70,000 | 1,75,000 | | 3 | Short term provisions : Provision for tax | 2,00,000 | 1,65,000 | | 4 | Tangible Assets : Machinery | 25,00,000 | 21,00,000 | | 5 | Intangible Assets : Goodwill | 4,00,000 | 3,00,000 | Additional Information : (i) A machine of the book value of ₹ 40,000 was sold for ₹ 50,000. (ii) Depreciation charged on machinery during the year was ₹ 2,00,000. (iii) ₹ 1,00,000, 12% long term borrowings were obtained on 31-3-2021. Calculate cash flows from investing and financing activities.