CBSE Class 12 Accountancy 2022 — Set 67/2/1

Ramesh, Rajesh and Raman are partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. On 30th June, 2021, Ramesh died. Sales for the year ended 31st March, 2021 were ₹ 12,00,000 and profits were ₹ 1,20,000. The sales for the period from 1st April, 2021 to 30th June, 2021 amounted to ₹ 4,00,000. Accounts are closed on 31st March every year. Calculate Ramesh's share of profit till the date of his death and pass the necessary journal entry for the same in the books of the firm.

(a) Khandelwal Ltd. took over assets of Sharma Ltd. of ₹ 25,00,000 and liabilities amounting to ₹ 7,80,000 for a purchase consideration of ₹ 27,00,000. The payment to Sharma Ltd. was made by issuing 10% Debentures of ₹ 100 each at a discount of 10%. Pass the necessary journal entries for the above transactions in the books of Khandelwal Ltd. OR (b) Explain the meaning of issue of debentures as collateral security with the help of an example.

(a) A and B are partners sharing profits and losses equally. On 31st March, 2021, they decided to dissolve their firm. On the date of dissolution, their Balance Sheet was as under : Balance Sheet of A and B as at 31st March, 2021 | Liabilities | Amount ₹ | Assets | Amount ₹ | | --- | --- | --- | --- | | Creditors | 3,00,000 | Bank | 3,00,000 | | A's Loan | 60,000 | Stock | 2,40,000 | | Mrs. A's Loan | 70,000 | Furniture | 2,00,000 | | Capitals : A 2,30,000 | | Plant and Machinery | 1,00,000 | | B 2,30,000 | 4,60,000 | Profit and Loss A/c | 50,000 | | | 8,90,000 | | 8,90,000 | The assets were realised and liabilities were paid as under : (i) Creditors were paid at 20% less. (ii) Furniture was taken over by A for ₹ 1,80,000 and Plant and Machinery was sold for ₹ 80,000. (iii) B took over the stock at ₹ 1,80,000. (iv) A promised to pay Mrs. A's loan. (v) Realisation expenses of ₹ 20,000 were paid by B. Prepare Realisation Account. OR (b) Vidit, Vinay and Siya were partners in a firm. On 31st March, 2021, their Balance Sheet was as follows : Balance Sheet of Vidit, Vinay and Siya as at 31st March, 2021 | Liabilities | Amount ₹ | Assets | Amount ₹ | | --- | --- | --- | --- | | Creditors | 72,000 | Cash | 28,000 | | Bank Loan | 18,000 | Stock | 46,000 | | General Reserve | 18,000 | Debtors | 34,000 | | Capitals : | | Building | 30,000 | | Vidit 48,000 | | Plant and Machinery | 66,000 | | Vinay 16,000 | | | | | Siya 32,000 | 96,000 | | | | | 2,04,000 | | 2,04,000 | On the above date, Vinay retired and it was agreed that : (i) The value of stock will be reduced by ₹ 10,000. (ii) Plant and Machinery will be valued at ₹ 80,000. (iii) An amount of ₹ 4,500 included in creditors is not likely to be claimed. (iv) Debtors to be valued at ₹ 30,000. (v) Amount due to Vinay will be transferred to Vinay's Loan Account. Prepare Revaluation Account and Vinay's Capital Account.

Pass the necessary journal entries in the books of Pankaj Limited for the issue of Debentures in the following cases : (a) Issued 7500, 10% Debentures of ₹ 100 each at a discount of ₹ 10,000 redeemable at a premium of 5%. (b) Issued 5000, 10% Debentures of ₹ 100 each at a premium of 10% redeemable at a premium of 10%. (c) Issued 1000, 9% Debentures of ₹ 100 each at par redeemable at par. (d) Issued ₹ 2,00,000, 9% Debentures of ₹ 100 each at a discount of 10% redeemable at par. (e) Issued 5000, 9% Debentures of ₹ 100 each at 20% premium redeemable at par.

Calculate 'Cash Flows from Operating Activities' for the year ended 31st March, 2021 from the following Balance Sheet of Raman Ltd. as at 31st March, 2021 : Balance Sheet of Raman Ltd. as at 31st March, 2021 | Particulars | Note No. | 31.3.2021 ₹ | 31.3.2020 ₹ | | --- | --- | --- | --- | | I – Equity and Liabilities : | | | | | 1. Shareholders' Funds | | | | | (a) Share Capital | | 7,50,000 | 7,00,000 | | (b) Reserves and Surplus | 1 | 1,25,000 | 55,000 | | 2. Non-Current Liabilities | | | | | Long-term Borrowings | | 1,00,000 | 62,500 | | 3. Current Liabilities | | | | | (a) Short-term Borrowings | 2 | 6,000 | 5,000 | | (b) Trade Payables | | 7,500 | 41,500 | | (c) Short-term Provisions | 3 | 9,000 | 5,500 | | Total | | 9,97,500 | 8,69,500 | | II – Assets : | | | | | 1. Non-Current Assets — Fixed Assets | | | | | (a) Tangible Assets | 4 | 9,30,000 | 8,05,000 | | (b) Intangible Assets | 5 | 25,000 | 15,000 | | 2. Current Assets | | | | | (a) Current Investments | | 4,000 | 2,500 | | (b) Inventories | | 18,500 | 29,500 | | (c) Trade Receivables | | 13,000 | 11,500 | | (d) Cash and Cash Equivalents | | 7,000 | 6,000 | | Total | | 9,97,500 | 8,69,500 | Notes to Accounts : | Note No. | Particulars | 31.3.2021 ₹ | 31.3.2020 ₹ | | --- | --- | --- | --- | | 1 | Reserves and Surplus (Balance in Statement of Profit and Loss) | 1,25,000 | 55,000 | | 2 | Short-term Borrowings — Bank Overdraft | 6,000 | 5,000 | | 3 | Short-term Provisions — Provision for Tax | 9,000 | 5,500 | | 4 | Tangible Assets — Machinery | 10,00,000 | 8,50,000 | | 4 | Tangible Assets — Accumulated Depreciation | (70,000) | (45,000) | | 4 | Tangible Assets — Total | 9,30,000 | 8,05,000 | | 5 | Intangible Assets — Patents | 25,000 | 15,000 | Additional Information : Tax paid during the year amounted to ₹ 6,500.