Board Paper of Class 12-Commerce 2022 Accountancy Term-II Delhi(Set 3) - Solutions

Present the following information in the Balance Sheet of Wisdom Club as at 31st March, 2021:
 

Particulars	Amount (₹)
Prize fund (1st April, 2020) Prize fund Investment (1st April, 2020) Prizes awarded	4,80,000 4,80,000 1,50,000

VIEW SOLUTION

Distinguish between Dissolution of Partnership' and 'Dissolution of Partnership Firm' on the basis of:
(i) Closure of books
(ii) Termination of business VIEW SOLUTION

David, Dolly and Divya are partners in a firm sharing profits and losses in the ratio 3 : 2 : 1. Divya retired from the firm and David and Dolly decided to share future profits & losses in the ratio 3 : 2. At the time of Divya's retirement, the goodwill of the firm was valued at ₹ 90,000.
Pass the necessary journal entry for treatment of goodwill without opening goodwill account on Divya's retirement. VIEW SOLUTION

Radhey Ltd. took over assets of ₹14,00,000 and liabilities of ₹6,00,000 of Krishna Ltd. Radhey Ltd. paid the purchase consideration by issuing 10,000, 8% Debentures of ₹100 each at a premium of 10%.
Pass necessary journal entries in the books of Radhey Ltd.

OR

Amay Ltd. invited applications for issuing 10,000, 8% debentures of ₹100 each. The amount was payable as follows:
₹30 on application and ₹70 on allotment. The public applied for 12,000 debentures. Applications for 8,000 debentures were accepted in full; applications for 3,000 debentures were allotted 2,000 debentures and the remaining applications were rejected. All money was duly received.
Pass the necessary journal entries in the books of the company for the above transactions. VIEW SOLUTION

As per Receipts and Payments Account of Kala Club for the year ended 31^st March, 2021, subscriptions received were ₹4,00,000.
Additional Information:

	₹
Subscriptions Outstanding on 1.4.2020	1,00,000
Subscriptions Outstanding on 31.3.2021	70,000
Subscriptions received in advance on 1.4.2020	50,000
Subscriptions received in advance on 31.3.2021	80,000

OR

From the following information, calculate the amount of stationery to be shown in Income and Expenditure Account for the year ended 31^st March, 2021:

Particulars	1st April, 2020 (₹)	31st March, 2021 (₹)
Creditors for Stationery	5,600	12,800
Stock of Stationery	25,000	35,000

During the year ended 31^st March, 2021 payment made to Creditors amounted ₹62,800. Stationery purchased during the year was ₹2,00,000. VIEW SOLUTION

Madhu, Shilpi and Renuka were partners in a firm sharing profits in the ratio 2:2:1. The firm closes its books on 31^st March every year. Shilpi died on 30^th June, 2021. On Shilpi's death, the goodwill of the firm was valued at ₹30,000. On Shilpi's death, her share in the profits of the firm till the date of her death was to be calculated on the basis of previous year's profit which was ₹60,000.

(i) Calculate Shilpi's share in the profits of the firm till her death.

(ii) Pass necessary journal entries for the treatment of goodwill without opening goodwill account and Shilpi's share of profit till the date of her death.

VIEW SOLUTION

‘Receipts and Payments Account’ of Indian Youth Club for the year ended 31st March, 2021
Receipts		Amount (₹)	Payments		Amount (₹)
To Balance b/d:			By Salaries		3,60,000
Cash	25,000		By Printing & Stationery		19,000
Bank	2,85,000	3,10,000	By Printer		40,000
To Subscriptions		4,00,000	By Investments		80,000
(including ₹40,000			By Balance c/d:
for year ending 31.3.2022)			Cash	12,000
To Interest on investments		1,000	Bank	2,00,000	2,12,000
		7,11,000			7,11,000

VIEW SOLUTION

Anu, Bhanu and Charu were partners in a firm sharing profits in the ratio of 2 : 2 : 1. Anu decided to retire from the firm on 31^st March, 2021. The balance sheet of the firm on that date was as follows:
​

Balance Sheet of Anu, Bhanu and Charu as on 31st March, 2021
Liabilities		Amount (₹)	Assets		Amount (₹)
Creditors		24,000	Bank		10,000
Profit & Loss A/c		5,000	Debtors	20,000
			Less: Provision for Doubtful Debts	–400	19,600
Capitals:			Stock		27,000
Anu	31,000		Investments		10,000
Bhanu	30,000		Patents		2,400
Charu	22,000	83,000	Premises		43,000
		1,12,000			1,12,000

​On retirement of Anu, following terms were agreed upon:
(i) Anu sold her share of premium for goodwill to Bhanu for ₹6,000 and to Charu for ₹3,000.
(ii) Provision for doubtful debts was to be raised to 5% on debtors.
(iii) Patents were considered as valueless.
(iv) Anu was paid ₹9,600 through a cheque and balance was transferred to her loan A/c.
Prepare Revaluation Account and Anu's Capital Account on her retirement.

OR

Give the necessary journal entries for the following transactions on dissolution of the firm of Sonu and Monu on 31^st March, 2021, after transfer of various assets (other than cash and bank balance) and the third party liabilities to Reaslisation Account. They shared profits and losses in the ratio of 2 : 1.
(i) Sonu agreed to take over the firm's goodwill (not recorded in the books of the firm) at a valuation of ₹40,000.
(ii) Bills payable of ₹30,000 falling due on 30^th April, 2021 were discharged at ₹29,550.
(iii) Stock worth ₹8,00,000 was taken over by partner, Sonu at 10% discount.
(iv) Creditors of ₹2,00,000 accepted machinery valued at ₹2,20,000 in full settlement of their claim.
(v) Expenses of realisation ₹10,000 were paid by partner, Sonu. VIEW SOLUTION

Pass journal entries relating to issue of debentures for the following transactions:
(a) Issued 8,000, 10% debentures of ₹100 each at a discount of 10%, redeemable at 5% premium.
(b) Issued 4,000, 12% debentures of ₹100 each at 10% premium, redeemable at 6% premium.
(c) Issued ₹1,00,000, 9% debentures of ₹100 each at par redeemable at par.
(d) Issued ₹5,00,000, 9% debentures of ₹100 each at 10% premium redeemable at par.
(e) Issued 6,000, 9% debentures of ₹100 each at a discount of 10% redeemable at par. VIEW SOLUTION