Arts (English Medium) इयत्ता १२ - CBSE Important Questions for Accountancy

Gini, Bini and Mini were in partnership sharing profits and losses in the ratio of 5:2:2. Their Balance Sheet as at 31st March, 2021 was as follows:

On 31st March, 2021, Gini retired from the firm. All the partners agreed to revalue the assets and liabilities on the following basis:

1. Bad debts amounted to ₹ 5,000. A provision for doubtful debts was to be maintained at 10% on debtors.
2. Partners have decided to write off existing goodwill.
3. Goodwill of the firm was valued at ₹ 54,000 and be adjusted into the Capital Accounts of Bini and Mini, who will share profits in future in the ratio of 5:4.
4. The assets and liabilities valued as: Inventories ₹1,30,000; Machinery ₹ 82,000; Furniture ₹1,95,000 and Building ₹ 6,00,000.
5. Liability of ₹23,000 is to be created on account of Claim for Workmen Compensation.
6. There was an unrecorded investment in shares of ₹ 25,000. It was decided to pay off Gini by giving her unrecorded investment in full settlement of her part payment of ₹ 28,000 and remaining amount after two months.

Prepare Revaluation Account and Partners’ Capital Accounts as on 31st March, 2021.

P, Q and R were partners in a firm sharing profits and losses in the ratio of 4: 3 : 3. P died on 30th June 2021. The partnership deed provided that on the death of a partner, his share in the profits of the firm till the date of his death will be calculated on the basis of the average profits of the last five years. The profits of the last five years were:

The firm closes its books on 31st March every year.

Calculate P's share in the profits of the firm and pass necessary journal entry for the same. 

Pass the necessary journal entries for the following transactions on the dissolution of the partnership firm of Tina and Rina after various assets (other than cash) and external liabilities have been transferred to Realisation Account:

1. An unrecorded asset of ₹ 18,000 was taken over by Tina at ₹ 16,000.
2. Rina agreed to pay her brother's loan of ₹ 23,000.
3. Stock of ₹ 30,000 was taken over by a creditor of ₹  40,000 in full settlement.
4. Expenses of dissolution ₹  40,000 were paid by Rina. 
5. Creditors were paid ₹ 18,800 in full settlement of their account of ₹  20,000.
6. Tina's loan of ₹  15,000 was paid through a cheque.

Pass the necessary journal entries for the following transactions on the dissolution of the partnership firm of Tanay and Mehak after various assets (other than cash) and external liabilities have been transferred to Realisation Account:

1. Creditors of ₹ 60,000 accepted stock valued at ₹ 59,000 in full settlement of their claim.
2. Tanay agreed to pay off his wife's loan of ₹ 12,000.
3. The firm had a debit balance of ₹ 18,000 in the profit and loss account on the date of dissolution. 
4. An unrecorded liability of ₹ 20,000 was paid by partner, Mehak, at a discount of 10%.
5. Tanay's loan of ₹ 4,000 was paid through a cheque.
6. Expenses on dissolution amounted to ₹ 11,000 which were paid by Mehak. 

Manas and Mili are partners in a firm sharing profits in the ratio of 3 : 2. Anita is admitted as a new partner for `1/4`th share in future profits. Capitals of Manas and Mili were ₹ 3,00,000 and ₹ 1,50,000 respectively. Anita brought ₹  2,00,000 as her capital. The value of goodwill of the firm on Anita's admission.

Pass necessary Journal Entries for the following transactions on the dissolution of a partnership firm of Mita and Sonu on 31^st March, 2022 after the various assets other than cash and third party liabilities have been transferred to the Realisation Account.

1. Creditors of ₹ 90,000 took over Land and Building of ₹ 2,00,000 in full settlement of their claim.
2. Sonu took over debtors amounting to ₹ 50,000 at ₹ 40,000.
3. Realisation expenses ₹ 1,800 were paid by Sonu.
4. A machine which was not recorded in the books was taken over by Mita at ₹ 11,000 while its expected market value was ₹ 15,000.
5.  Sortu agreed to pay off his wife's loan of ₹ 20,000.
6. Profit on dissolution amounted at ₹ 50,000.

Nita and Samar are partners in a firm sharing profits in the ratio of 3 : 2. Their fixed capitals were ₹ 90,000 and ₹ 2,10,000 respectively. They admitted Mitali on April 1, 2022 as a new partner for 1/5th share in future profits. Mitali brought ₹ 1,50,000 as her capital. The value of goodwill of the firm of Mitali's admission was ______.

On 1-4-2013 JN Ltd had 10,000, 9% Debentures of 100 each outstanding.

(i) On 1-4-2014 the company purchased in the open market 2000 of its own debentures for 101 each and cancelled the same immediately.

(ii) On 1-4-2015 the company redeemed at par debentures of 4, 00,000 by draw of a lot.

(iii) On 28-2-2016 the remaining debentures were purchased for immediate cancellation for 3, 97,000.

Pass necessary journal entries for the above transactions in the books of the company ignoring debentures redemption reserve and interest on debentures

On 1.4.2013 JJJ Ltd had Rs.1,00,00,000, 10% Debentures of Rs.100 each outstanding.

(i) On 1.4.2014 the company purchased in the open market 30,000 of its own debentures for Rs.99 each and cancelled the same immediately.

(ii) On 28.2.2015 the company redeemed at par debentures of Rs.50, 00,000 by draw of a lot.

(iii) On 31.1.2016 the remaining debentures were purchased for immediate cancellation for Rs.19,99,000.

Ignoring interest on debentures and debenture redemption reserve, pass necessary journal entries for the above transactions in the books of the company.

Pass necessary journal entries in the following cases :

i. Z Ltd redeemed 1500, 12% debentures of Rs.100 each issued at a discount of 6% by converting them into equity shares of Rs.100 each issued at a premium of Rs.25 per share.

ii. X Ltd. converted 1,000, 12% debentures of Rs.100 each issued at a discount of Rs.10 per debenture into equity shares of Rs.100 each Rs.90 paid up.

On 1.4.2013 JMR Ltd. had 20,000, 9% debentures of Rs 100 each outstanding

(i) On 1.4.2014 the company purchased in the open market 6,000 of its own debentures for Rs 98 each and cancelled the same immediately.

(ii) On 28.2.2015 the company redeemed at par debentures of Rs 10, 00,000 by draw of a lot.

(iii) On 1.3.2016 the remaining debentures were purchased for immediate cancellation for Rs 3, 99,000.

Ignoring interest on debentures and debenture redemption reserve, pass necessary journal entries for the above transactions in the books of JMR Ltd.

On 1.4.2013 Roshni Ltd. had Rs 50,00,000, 9% debentures of Rs 100 each outstanding.

(i) On 1.4.2014 the company purchased in the open market 20,000 of its own debentures at Rs 98.50 each and cancelled the same immediately.

(ii) On 1.10.2014 the company redeemed at par debentures of Rs  16,00,000 by draw of a lot.

(iii) On 31.3.2015 the remaining debentures were purchased for immediate cancellation for Rs 9,98,000. Ignoring interest on debentures and debenture redemption reserve.

Pass necessary journal entries for the above transactions in the books of Roshni Ltd.

VKR Ltd. issued 975; 9% Debentures of Rs 500 each on 4-3-2016. Pass necessary journal entries for the issue of debentures under the following situations :

(a) When debentures were issued at a premium of 10% redeemable at a premium of 6%.

(b) When debentures were issued at a par redeemable at 9% premium.

On 1-4-2013 JN Ltd had 5,000, 10% Debentures of 100 each outstanding.

(i) On 1-4-2014 the company purchased in the open market 2000 of its own debentures for 105 each and cancelled the same immediately.

(ii) On 1-4-2015 the company redeemed at par debentures of 1,00,000 by draw of a lot.

(iii) On 28-2-2016 the remaining debentures were purchased for immediate cancellation for 1,97,000

On 1-4-2013 NK Ltd. had 20,000, 11% Debentures of Rs 100 each outstanding.

(i) On 1-4-2014 the company purchased in the open market 4,000 of its own debentures at Rs 102 each and cancelled the same immediately.

(ii) On 1-4.2015 the company redeemed at par debentures of Rs 8, 00,000 by draw of a lot.

(iii) On 28-2-2016 the remaining debentures were purchased for immediate cancellation for Rs 7, 89,900.

Pass necessary journal entries for the above transactions in the books of the company ignoring debenture redemption reserve and interest on debentures.

On 1.4.2015, KVK Ltd. issued 15,000, 9% debentures of Rs 100 each at a discount of 7%, redeemable t a premium of 10% after 10 years. The company closes its books on 31st March every year. Interest on 9%debentures is payable on 30th September and 31st March every year. The rate of tax deducted at source is 10%.

Pass necessary journal entries for the issue of 9% debentures and debenture interest for the year ended 31.3.2016.

Jeevan Dhara Ltd. invited applications for issuing 1,20,000 equity shares of Rs 10 each at a premium of Rs 2 per share. The amount was payable as follows:

Applications for 1,50,000 share were received. Shares were allotted to all the applicants on pro-rata basis. Excess money received on applications was adjusted towards sums due on allotment. All calls were made. Manu who has applied for 3,000 shares failed to pay the amount due on an allotment and first and final call. Madhur who was allotted 2,400 shares failed to pay the first and final call. Shares of both Manu and Madhur were forfeited. The forfeited shares were re-issued at Rs 9 per share as fully paid up. Pass necessary journal entries for the above transactions in the books of Jeevan Dhara Ltd.

'Subham Ltd.' invited applications for issuing 12,000 equity shares of Rs 10 each at a premium of Rs  3 per share. The amount was payable as follows:

On application and allotment - Rs 6 per share (Including Premium)
On the first call - Rs 4 per share
On second and final call - the balance

Applications for 18,000 shares were received and pro-rata allotment was made to all the applicants. Excess money received with applications was adjusted towards sums due on the first call. All calls were made and were duly received except the first call and second and final call on 120 shares allotted to Vibhu. His shares were forfeited. The forfeited shares were reissued at the maximum permissible discount as per the provisions of the Companies Act, 1956.

Pass necessary Journal Entries for the above transactions in the books of the company

Pass the necessary journal entries for an issue of 1,000, 7% Debentures of `100 each in the following cases:

1) Issued at 5% premium redeemable at a premium of 10%.

2) Issued at a discount of 5% redeemable at par.

Taneja Constructions Ltd. has an outstanding balance of Rs 5,00,000, 7% debentures of Rs 100 each redeemable at a premium of 10%. According to the terms of redemption, the company redeemed 30% of the above debentures by converting them into shares of Rs 50 each at a premium of 20%. Record the entries for the redemption of debentures in the books of Taneja Constructions Ltd.