CBSE Class 12 Accountancy 2022 — Set 67/4/1

Mohan, Girdhari and Shyam were partners in a firm sharing profits and losses in the ratio of 4 : 3 : 2. On 31st March, 2022, Girdhari retired. After making all adjustments on account of reserves, revaluation of assets and reassessment of liabilities, the balance in Girdhari's Capital Account stood at ₹ 5,00,000. Mohan and Shyam agreed to pay Girdhari ₹ 5,90,000 in full settlement of his claim. Calculate the value of goodwill of the firm and pass the necessary journal entry for the treatment of goodwill on Girdhari's retirement without raising goodwill account.

(a) X Ltd. invited applications for issuing 15,000 8% Debentures of ₹ 100 each. The amount was payable as follows : On Application – ₹ 20 per Debenture On Allotment – Balance Applications for 30,000 Debentures were received. Applications for 5,000 Debentures were rejected and the application money was refunded to the applicants. Prorata allotment was made to the remaining applicants. Excess money received with applications was adjusted towards sums due on allotment. The remaining allotment money was duly received. Pass necessary journal entries for the above transactions in the books of X Ltd. OR (b) Pass necessary journal entries for the issue of Debentures in the following cases : (i) Y Ltd. issued ₹ 5,00,000, 9% Debentures of ₹ 100 each at par redeemable at a premium of 10% after three years. (ii) Z Ltd. issued 4500, 9% Debentures of ₹ 100 each at a discount of 10% redeemable at a premium of 5% after three years.

(a) X, Y and Z were partners in a firm sharing profits and losses in the ratio of 3 : 3 : 4. On 31st March, 2022 their Balance Sheet was as follows : Balance Sheet of X, Y and Z as at 31st March, 2022 | Liabilities | Amount ₹ | Assets | Amount ₹ | | --- | --- | --- | --- | | Sundry Creditors | 34,000 | Bank | 1,74,000 | | Bills Payable | 29,000 | Sundry Debtors | 2,00,000 | | General Reserve | 2,00,000 | Bills Receivable | 26,000 | | Capitals : X 3,00,000; Y 3,00,000; Z 4,00,000 | 10,00,000 | Stock | 1,50,000 | | | | Furniture | 1,28,000 | | | | Machinery | 2,00,000 | | | | Land and Building | 3,85,000 | | | 12,63,000 | | 12,63,000 | On the above date, Z retired on the following terms : (i) A provision of 3% on debtors will be created for bad and doubtful debts. (ii) Stock will be reduced by ₹ 5,000 and furniture by ₹ 2,000. (iii) Land and building will be brought up to ₹ 4,00,000 and machinery will be brought down to ₹ 1,80,000. Prepare Revaluation Account and Z's Capital Account, transferring the amount due to his loan account. OR (b) Sonu, Monu and Ashu were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. On 31st March, 2022 their Balance Sheet was as follows : Balance Sheet of Sonu, Monu and Ashu as at 31st March, 2022 | Liabilities | Amount ₹ | Assets | Amount ₹ | | --- | --- | --- | --- | | Creditors | 35,000 | Bank | 22,000 | | General Reserve | 25,000 | Stock | 25,000 | | | | Debtors 20,000; Less : Provision for bad debts 2,000 | 18,000 | | Capitals : Sonu 50,000; Monu 30,000; Ashu 20,000 | 1,00,000 | Furniture | 15,000 | | | | Land and Building | 80,000 | | | 1,60,000 | | 1,60,000 | On the above date, the firm was dissolved on the following terms : (i) Land and Building realised for ₹ 85,000, Furniture realised for ₹ 6,000 and Debtors realised full amount. (ii) Stock was taken over by Sonu at book value. There was an unrecorded asset which was taken over by Ashu for ₹ 3,000. (iii) Monu agreed to bear all realisation expenses. For his services Monu was paid ₹ 2,000. Actual expenses on realisation amounted to ₹ 2,200. (iv) Creditors were paid at 2% less. Prepare Realisation Account.

B Ltd. purchased Building worth ₹ 3,00,000, Plant worth ₹ 2,80,000 and Furniture worth ₹ 20,000 from C Ltd. for a purchase consideration of ₹ 6,30,000. B Ltd. paid the purchase consideration by issuing 9% debentures of ₹ 100 each. Pass necessary journal entries in the books of B Ltd. for the acquisition of assets and issue of debentures when : (a) Debentures were issued at par. (b) Debentures were issued at a premium of 25%. (c) Debentures were issued at a discount of 10%.

From the following Balance Sheet of Anuradha Ltd. as at 31st March, 2022, calculate Cash from Operating Activities : Balance Sheet of Anuradha Ltd. as at 31st March, 2022 | Particulars | Note No. | 31.3.2022 ₹ | 31.3.2021 ₹ | | --- | --- | --- | --- | | I – Equity and Liabilities : | | | | | 1. Shareholders' Funds (a) Share Capital | 1 | 3,00,000 | 2,50,000 | | (b) Reserves and Surplus | 2 | 1,50,000 | 1,00,000 | | 2. Non-Current Liabilities — Long-term Borrowings | 3 | 75,000 | 25,000 | | 3. Current Liabilities (a) Trade Payables | | 25,000 | 50,000 | | (b) Other Current Liabilities | 4 | 50,000 | 75,000 | | Total | | 6,00,000 | 5,00,000 | | II – Assets : | | | | | 1. Non-Current Assets — Fixed Assets (a) Tangible Assets | 5 | 4,50,000 | 2,74,000 | | (b) Intangible Assets | 6 | 24,000 | 26,000 | | 2. Current Assets (a) Inventories | | 76,000 | 1,00,000 | | (b) Trade Receivables | | 20,000 | 10,000 | | (c) Cash and Cash Equivalents | | 30,000 | 90,000 | | Total | | 6,00,000 | 5,00,000 | Notes of Accounts : | Note No. | Particulars | 31.3.2022 ₹ | 31.3.2021 ₹ | | --- | --- | --- | --- | | 1. | Share Capital — Equity Share Capital | 3,00,000 | 2,50,000 | | 2. | Reserves and Surplus — Surplus (Balance in the Statement of Profit and Loss) | 1,50,000 | 1,00,000 | | 3. | Long-term Borrowings — 12% Debentures | 75,000 | 25,000 | | 4. | Other Current Liabilities — Outstanding Rent | 50,000 | 75,000 | | 5. | Tangible Assets — (a) Land and Building 4,00,000 / 2,00,000; (b) Furniture 50,000 / 74,000; Total 4,50,000 / 2,74,000 | | | | 6. | Intangible Assets — Patents | 24,000 | 26,000 | Additional Information : (i) ₹ 50,000, 12% Debentures were issued on 31st March, 2022. (ii) During the year ₹ 24,000 was charged as depreciation on furniture.