Board Paper of Class 12-Commerce 2019 Accountancy Abroad(Set 3) - Solutions
General Instructions:
(i) This question paper contains two parts A and B.
(ii) Part A is compulsory for all.
(iii) Part B has two options: Analysis of Financial Statements and Computerized Accounting.
(iv) Attempt only one option of Part B.
(v) All parts of a question should be attempted at one place.
- Question 1
A and B were partners in a firm sharing profits in the ratio of 3 : 2. C and D were admitted as new partners. A sacrificed th of his share in favour of C and B sacrificed 50% of his share in favour of D. Calculate the new profit sharing ratio of A, B, C and D. VIEW SOLUTION
- Question 2
Distinguish between 'Reconstitution of Partnership' and 'Dissolution of Partnership Firm' on the basis of 'Closure of books'.ORVIEW SOLUTION
State the basis of calculating the amount of profit payable to the legal representative of a deceased partner in the year of death.
- Question 3
What is meant by 'Issue of Debentures as Collateral Security'?
ORVIEW SOLUTION
State the provision of the Companies Act, 2013 for the creation of Debenture Redemption Reserve.
- Question 4
Differentiate between 'Receipt and Payments Account' and 'Income and Expenditure Account' on the basis of 'Period'.ORVIEW SOLUTION
What is meant by 'Life membership fees'?
- Question 5
Dev withdrew ₹ 10,000 on 15th day of every month. Interest on drawings was to be charged @ 12% per annum. Calculate interest on Dev's drawings. VIEW SOLUTION
- Question 6
State any two situation when a partnership firm may be compulsorily dissolved VIEW SOLUTION
- Question 7
What is meant by 'over-subscription' of shares ? With the help of an example, briefly explain the alternatives available for allotment of shares in case of over-subscription.ORVIEW SOLUTION
What is meant by 'Forfeiture of shares' ? When does 'gain on forfeited shares' arise and when is it transferred to capital reserve ?
- Question 8
Devi, Dayal and Daya were partners in a firm sharing profits in the ratio of 2 : 1 : 2. On 31st March, 2018, they admitted Divya as a new partner for th share in the profits. Their new profit sharing ratio was 1 : 2 : 1 : 1. Divya brought ₹ 5,00,000 as her capital and ₹ 50,000 for her share of goodwill premium.
Pass necessary journal entries for the above transactions in the books of the firm on Divya's admission. VIEW SOLUTION
- Question 9
From the follwing informaiton, calculate the amount of stationery consumed by 'shree Club' for the year ended 31st March, 2018.
Particulars31.3.2017₹31.3.2018₹Balance of stationery 24,000 29,500Creditors for stationery 2,09,000 1,95,000During the year creditors were paid ₹ 3,00,000
VIEW SOLUTION
- Question 10
On 1st April, 2018, R.J. Ltd issued ₹ 10,00,000, 9 % debentures of ₹ 100 each at a discount of 10%. These debentures were redeemable at a premium of 5% after four years.
Pass necessary journal entries for the issue of debentures and prepare 9% Debentures Account. VIEW SOLUTION
- Question 11
J, K and L were partners in a firm sharing profits in the ratio of 4 : 5 : 1. On 31st March, 2018 their firm was dissolved. On this date the Balance Sheet showed a balance of ₹ 1,34,000 in debtors account and a balance of ₹ 14,000 in provision for bad debts account. Both the accounts were closed by transferring their balances to realisation account. ₹ 4,000 of the debtors became bad and nothing could be realised from them on dissolution. K agreed to look after the dissolution work for which he was allowed a remuneration of ₹ 16,000. K also agreed to bear dissolution expenses for which he was allowed a lumpsum payment of ₹ 4,000. Actual dissolution expenses were ₹ 6,500 and the same were paid from the firm's cash. Loss on dissolution amounted to ₹ 37,000.
Pass necessary journal entries for the above transactions in the books of the firm on its dissolution VIEW SOLUTION
- Question 12
E, F and G were partners in a firm sharing profits in the ratio of 3 : 3 : 4. Their respective fixed capitals were E ₹ 3,00,000; F ₹ 4,00,000 and G ₹ 5,00,000. The partnership deed provided for allowing interest on capital @ 12% p.a. even if it results into a loss to the firm. The net profit of the firm for the year ended 31st March, 2018 was ₹ 2,10,000.
Pass necessary journal entries for allowing interest on capital and division of profit/loss in the books of the firm. VIEW SOLUTION
- Question 13
Pass necessary rectifying journal entries for the following omissions committed while preparing Profit and Loss Appropriation Account. You are also required to show your workings clearly.
(i) A, B and C were partners sharing profits and losses equally. Their fixed capitals were A ₹ 4,00,000; B ₹ 5,00,000 and C ₹ 6,00,000. The partnership deed provided that interest on partners' capital will be allowed @ 10% per annum. The same was omitted.
(ii) P, Q and R were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. Their partnership deed provided that interest on partners' drawings will be charged @ 18% p.a. Interest on the partners' drawings was ₹ 1,000, ₹ 500 and ₹ 2,000 respectively.
The same was omitted. VIEW SOLUTION
- Question 14
A, B and C were partners sharing profits and losses in the ratio of 2 : 2 : 1. Their Balance Sheet as at 31st March, 2018 was as follows:
Balance Sheet of A, B and C as on 31st March, 2018
Liabilities
Amount
(₹)
Assets
Amount
(₹)
Capitals :
Cash at Bank
3,00,000
Sundry Debtors
1,95,000
A
7,50,000
Less: Provision for Bad Debts
5,000
1,90,000
B
3,00,000
C
2,50,000
13,00,000
Stock
3,00,000
Creditors
2,00,000
Fixed Assets
7,10,000
15,00,000
15,00,000
On the above date they dissolved the firm and following amounts were realised :
Fixed Assets ₹ 6,75,000: Stock ₹ 3,39,000: Debtors ₹ 1,35,000; Creditors were paid ₹ 1,85,000 in full settlement of their claim. Expenses on Realisation amounted to ₹ 19,000. Pass the necessary journal entries on the dissolution of the firm.
OR
P, Q and R were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. On 31st March, 2018 their Balance Sheet was as follows:
Balance Sheet of P, Q and R as at 31st March, 2018:Balance Sheet of P, Q and R as at 31st March, 2018
Liabilities
Amount
₹
Assets
Amount
₹
Creditors :
50,000
Cash in Hand
40,000
General Reserve 60,000 Cash at Bank 2,00,000 Capital : P
2,00,000
Stock
50,000
Q3,00,000 Debtors 60,000 R
3,00,000
8,00,000
Fixed Assets
5,60,000
9,10,000
15,00,000
On the above date the firm was reconstituted and it was decided that:
(i) The new profit sharing ratio will be 2 : 2 : 1.
(ii) Bad debts ₹ 6,000 were to be written off and a provision of ₹ 3,000 was to be made for bad and doubtful debts.
(iii) The capital of the partners will be adjusted in the new firm in their profit sharing ratio. For this, partners' current accounts will be
opened.
Pass the necessary journal entries on the reconstitution of the firm. VIEW SOLUTION
- Question 15
From the following Receipts and Payments Account and additional information of Swachh Bharat Club, New Delhi for the year ended 31st March, 2018, prepare Income and Expenditure Account and Balance Sheet.
Receipts and Payments Account of Swachh Bharat Club for the year ended 31st march, 2018 Particulars
Amount
(₹)
Particulars
Amount
(₹)
By Campaign Expenses
1,30,000
To Balance b/d
By Office rent
40,000
Cash
20,000
By Salary
10,000
Bank
40,000
60,000
By Furniture hire rent
12,000
By Advertisement
15,000
To Subscriptions
1,80,000
By Fixed deposit
2,00,000
To Sale of old
(On 1.8.2017 @12% p.a)
furniture (book value ₹ 3,000)
2,000
To Life Membership fees
30,000
By Balance c/d
To Government grants
2,00,000
Cash
25,000
Bank
40,000
65,000
4,72,000
4,72,000
Additional Information:
Assets on 1.4.2017 were : Books ₹ 50,000; Computers ₹ 75,000. Liabilities and Capital fund on 1.4.2017 were : Creditors ₹ 60,000; Capital fund ₹ 1,28,000. VIEW SOLUTION
- Question 16
S Ltd. invited applications for issuing 1,00,000 equity shares of ₹ 10 each. The shares were issued at a premium of ₹ 5. The amount was payable as follows:
On Application and Allotment − ₹ 8 per share (including premium ₹ 3) On the First and Final call − Balance including premium
(I) Applicants for 80,000 shares were allotted 60,000 shares, and
(II) Applicants for 60,000 shares were allotted 40,000 shares.
Excess amount received on application and allotment was to be adjusted against sums due on call. X, who belonged to the first category and was allotted 300 shares, failed to pay the first and final call money. Y, who belonged to the second category and was allotted 200 shares, also failed to pay the first and final call money. Their shares were forfeited. The forfeited shares were reissued @ ₹ 12 per share as fully paid-up.
Pass necessary journal entries for the above transactions in the books of the company.
ORVIEW SOLUTION
Jain Ltd. invited applications for issuing 1,12,000 equity shares of ₹ 10 each at par. The amount per share was payable as follows :
On Application − ₹1 On Allotment − ₹2 On First call − ₹3 On Second and Final call − ₹4
Applications for 1,00,000 shares were received. Shares were fully allotted to all the applicants. Ramesh failed to pay his allotment money which was ₹ 2,000. His shares were forfeited immediately. Suresh did not pay the first call on 500 shares applied by him. His shares were forfeited after the first call. The forfeited shares of Ramesh and Suresh were re-issued at ₹ 9 per share fully paid up. Afterwards the second and final call was made and was duly received.
Pass necessary journal entries for the above transactions in the books of Jain Ltd.
- Question 17
G, E and F were partners in a firm sharing profits in the ratio of 7 : 2 : 1. The Balance Sheet of the firm as at 31st March, 2018, was as follows:
Balance Sheet of G, E and F as on 31st March, 2018
Liabilities
Amount
₹
Assets
Amount
₹
Capitals :
Cash
90,000
G1,40,000 Sundry Debtors 24,000 E
40,000
Stock
14,000
F
20,000
2,00,000
Machinery
80,000
Land and Building
1,20,000
Creditors
28,000
General Reserve 40,000 Loan from E 60,000 3,28,000
3,28,000
E retired on the above date. On E's retirement the following was agreed upon:
(i) Land and Building were revalued at ₹ 1,88,000, Machinery at ₹ 76,000 and Stock at ₹ 10,000 and goodwill of the firm was valued at ₹ 90,000.
(ii) A provision of 2.5% was to be created on debtors for doubtful debts.
(iii) The net amount payable to E was transferred to his loan account to be paid later on.
(iv) Total capital of the new firm was fixed at ₹ 2,40,000 which will be adjusted according to their new profit sharing ratio by opening current accounts.
Prepare Revaluation Account, Partners' Capital Accounts and the Balance Sheet of reconstituted firm.
OR
A and B were partners sharing profits and losses in the ratio of 3: 2. Their Balance Sheet as at 31st March, 2018, was as follows:Balance Sheet of A and B
as at 31st March, 2018LiabilitiesAmount(Rs)AssetsAmount(Rs)Capital:Cash8,000A1,04,000Sundry Debtors37,600B52,0001,56,000Less: Provision for doubtful debts1,60036,000Creditors1,54,000Stock60,000Employees’ Provident Fund16,000Prepaid Insurance6,000Workmen Compensation Fund10,000Plant and Machinery76,000Contingency Reserve10,000Building1,40,000Furniture20,0003,46,0003,46,000
C was admitted as a new partner and brought ₹ 64,000 as capital and ₹ 15,000 for his share of goodwill premium. The new profit sharing ratio was 5 : 3 : 2.
On C's admission the following was agreed upon :
(i) Stock was to be depreciated by 5%.
(ii) Provision for doubtful debts was to be made at ₹ 2,000.
(iii) Furniture was to be depreciated by 10%.
(iv) Building was valued at ₹ 1,60,000.
(v) Capitals of A and B were to be adjusted on the basis of C's capital by bringing or paying of cash as the case may be.
Prepare Revaluation Account, Partners' Capital Accounts and the Balance Sheet of reconstituted firm. VIEW SOLUTION
-
Board Paper of Class 12-Commerce 2022 Accountancy Term-II Delhi(Set 1) - Solutions
-
Board Paper of Class 12-Commerce 2022 Accountancy Term-II Delhi(Set 2) - Solutions
-
Board Paper of Class 12-Commerce 2022 Accountancy Term-II Delhi(Set 3) - Solutions
-
Board Paper of Class 12-Commerce 2021 Accountancy Term-I Delhi(Set 4) (Series : SSJ/2)- Solutions
-
Board Paper of Class 12-Commerce 2021 Accountancy Term-I Delhi(Set 4) (Series : SSK/3)- Solutions
-
Board Paper of Class 12-Commerce 2020 Accountancy Delhi(Set 1) - Solutions
-
Board Paper of Class 12-Commerce 2020 Accountancy Delhi(Set 2) - Solutions
-
Board Paper of Class 12-Commerce 2020 Accountancy Delhi(Set 3) - Solutions
-
Board Paper of Class 12-Commerce 2020 Accountancy All India(Set 2) - Solutions
-
Board Paper of Class 12-Commerce 2019 Accountancy Delhi(Set 1) - Solutions
-
Board Paper of Class 12-Commerce 2019 Accountancy Delhi(Set 2) - Solutions
-
Board Paper of Class 12-Commerce 2019 Accountancy Delhi(Set 3) - Solutions
-
Board Paper of Class 12-Commerce 2019 Accountancy All India(Set 1) - Solutions
-
Board Paper of Class 12-Commerce 2018 Accountancy Delhi(SET 1) - Solutions
-
Board Paper of Class 12-Commerce 2018 Accountancy Delhi(SET 2) - Solutions
-
Board Paper of Class 12-Commerce 2018 Accountancy Delhi(SET 3) - Solutions
-
Board Paper of Class 12-Commerce 2018 Accountancy All India(SET 1) - Solutions
-
Board Paper of Class 12-Commerce 2018 Accountancy All India(SET 2) - Solutions
-
Board Paper of Class 12-Commerce 2018 Accountancy All India(SET 3) - Solutions
-
Board Paper of Class 12-Commerce 2018 Accountancy Abroad(SET 1) - Solutions
-
Board Paper of Class 12-Commerce 2018 Accountancy Abroad(SET 2) - Solutions
-
Board Paper of Class 12-Commerce 2018 Accountancy Abroad(SET 3) - Solutions
-
Board Paper of Class 12-Commerce 2017 Accountancy Delhi(SET 1) - Solutions
-
Board Paper of Class 12-Commerce 2017 Accountancy Delhi(SET 2) - Solutions
-
Board Paper of Class 12-Commerce 2017 Accountancy Delhi(SET 3) - Solutions
-
Board Paper of Class 12-Commerce 2017 Accountancy All India(SET 1) - Solutions
-
Board Paper of Class 12-Commerce 2017 Accountancy All India(SET 2) - Solutions
-
Board Paper of Class 12-Commerce 2017 Accountancy All India(SET 3) - Solutions
-
Board Paper of Class 12-Commerce 2017 Accountancy Abroad(SET 1) - Solutions
-
Board Paper of Class 12-Commerce 2017 Accountancy Abroad(SET 2) - Solutions
-
Board Paper of Class 12-Commerce 2017 Accountancy Abroad(SET 3) - Solutions
-
Board Paper of Class 12-Commerce 2016 Accountancy Delhi(SET 1) - Solutions
-
Board Paper of Class 12-Commerce 2016 Accountancy Delhi(SET 2) - Solutions
-
Board Paper of Class 12-Commerce 2016 Accountancy Delhi(SET 3) - Solutions
-
Board Paper of Class 12-Commerce 2016 Accountancy All India(SET 1) - Solutions
-
Board Paper of Class 12-Commerce 2016 Accountancy All India(SET 2) - Solutions
-
Board Paper of Class 12-Commerce 2016 Accountancy All India(SET 3) - Solutions
-
Board Paper of Class 12-Commerce 2016 Accountancy Abroad(SET 1) - Solutions
-
Board Paper of Class 12-Commerce 2016 Accountancy Abroad(SET 2) - Solutions
-
Board Paper of Class 12-Commerce 2016 Accountancy Abroad(SET 3) - Solutions
-
Board Paper of Class 12-Commerce 2015 Accountancy Delhi(SET 1) - Solutions
-
Board Paper of Class 12-Commerce 2015 Accountancy Delhi(SET 2) - Solutions
-
Board Paper of Class 12-Commerce 2015 Accountancy Delhi(SET 3) - Solutions
-
Board Paper of Class 12-Commerce 2015 Accountancy All India(SET 1) - Solutions
-
Board Paper of Class 12-Commerce 2015 Accountancy All India(SET 2) - Solutions
-
Board Paper of Class 12-Commerce 2015 Accountancy All India(SET 3) - Solutions
-
Board Paper of Class 12-Commerce 2015 Accountancy Abroad(SET 1) - Solutions
-
Board Paper of Class 12-Commerce 2015 Accountancy Abroad(SET 3) - Solutions
-
Board Paper of Class 12-Commerce 2014 Accountancy Delhi(SET 1) - Solutions
-
Board Paper of Class 12-Commerce 2014 Accountancy Delhi(SET 2) - Solutions
-
Board Paper of Class 12-Commerce 2014 Accountancy Delhi(SET 3) - Solutions
-
Board Paper of Class 12-Commerce 2014 Accountancy All India(SET 1) - Solutions
-
Board Paper of Class 12-Commerce 2014 Accountancy All India(SET 2) - Solutions
-
Board Paper of Class 12-Commerce 2014 Accountancy All India(SET 3) - Solutions
-
Board Paper of Class 12-Commerce 2014 Accountancy Abroad(SET 1) - Solutions
-
Board Paper of Class 12-Commerce 2013 Accountancy Delhi(SET 1) - Solutions
-
Board Paper of Class 12-Commerce 2013 Accountancy Delhi(SET 2) - Solutions
-
Board Paper of Class 12-Commerce 2013 Accountancy Delhi(SET 3) - Solutions
-
Board Paper of Class 12-Commerce 2013 Accountancy All India(SET 2) - Solutions
-
Board Paper of Class 12-Commerce 2012 Accountancy Delhi(SET 1) - Solutions
-
Board Paper of Class 12-Commerce 2012 Accountancy Delhi(SET 2) - Solutions
-
Board Paper of Class 12-Commerce 2012 Accountancy Delhi(SET 3) - Solutions
-
Board Paper of Class 12-Commerce 2012 Accountancy All India(SET 1) - Solutions
-
Board Paper of Class 12-Commerce 2012 Accountancy All India(SET 2) - Solutions
-
Board Paper of Class 12-Commerce 2011 Accountancy Delhi(SET 1) - Solutions
-
Board Paper of Class 12-Commerce 2011 Accountancy Delhi(SET 2) - Solutions
-
Board Paper of Class 12-Commerce 2011 Accountancy All India(SET 1) - Solutions
-
Board Paper of Class 12-Commerce 2011 Accountancy All India(SET 2) - Solutions
-
Board Paper of Class 12-Commerce 2010 Accountancy Delhi(SET 1) - Solutions
-
Board Paper of Class 12-Commerce 2010 Accountancy All India(SET 1) - Solutions
-
Board Paper of Class 12-Commerce 2009 Accountancy Delhi(SET 1) - Solutions
-
Board Paper of Class 12-Commerce 2009 Accountancy All India(SET 1) - Solutions
-
Board Paper of Class 12-Commerce 2008 Accountancy Delhi(SET 1) - Solutions
-
Board Paper of Class 12-Commerce 2008 Accountancy All India(SET 1) - Solutions