CBSE Set Qa2 Accounts Sample Test Papers For Class 12th for students online
Accounts
Class - XII (CBSE)
You are on Set no 1 Answer 7 to 8
Q 7
(a) M and N are Partners in a firm. M has given a loan of Rs. 8,000 to the firm
on 1 April, 1994. The partnership deed is silent upon the question of provision
of interest on partner's loan. Compute the amount of interest payable on the
loan advanced by M to the firm assuming the books are closed on 31 December each
year.
(b) P, R and S are in partnership sharing profits in the ratio of 4 : 3 : 1
respectively. It is provided in the partnership deed that, on the death of any
partner, his share of goodwill is to be valued at half of the profits credited
to his account during the previous four completed years. R dies on January,
1997. The firm's profit for the last four years 1993 : Rs. 1,20,000, 1994 : Rs.
80,000, 1995 : Rs. 40,000, 1996 : Rs. 80,000, Determine the amount that should
be credited to R in respect of his share of goodwill. (Marks 3 + 3)
Ans7) a) In the absence of partnership deed, the partners' are entitled
to receive interest on loan @ 6% p.a. M gave a loan of 8000 on 1.4.94 and the
books closes on 31st Dec.
... Interest on M's loan = 8000 x 6/100 x 9/12 = Rs. 360
b) Calculation of R's share of goodwill :
Total firms' profits for the last four years =120000 + 80000 + 40000 + 80000
=
320000
R's share of profits = 320000 x 3/8
=
120000
... R's share of goodwill = 1/2(profits credited to him)
= 1/2(120000)
=
Rs. 60000
Q 8
K Limited has been registered with an authorised capital of Rs. 2,00,000 divided
into 2000 shares of Rs. 100 each of which, 1000 shares were offered for public
subscription at a premium of Rs. 5 per share, payable as under :
Rs
on application 10
on allotment 25 (including premium)
on first call 40
on final call 30
Applications were received for 1800 shares, of which applications for 300 shares
were rejected outright; the rest of the applications were allotted 1000 shares
on pro-rata basis. Excess application money was transferred to allotment.
All the monies were duly received except from Sundar, holder of 100 shares, who
failed to pay allotted and first call money. His shares were later forfeited,
and reissued to Shyam at Rs. 60 per share Rs. 70 paid up. Final call has not
been made.
Pass necessary Cash Book and Journal entries in the books of K Limited.
OR
M Ltd. issued on 1 January, 1992 1000 12% debentures of Rs. 100 each
repayable at the end of 3 years at a premium of 5%. It was decided to create a
sinking fund for the redemption of debentures. The investment are expected to
earn interest at 5% p.a.
Reference to the sinking fund table shows that Re. 0.3i7209 invested at 5% p.a.
amounts to Re. 1 at the end of three years, the investments were sold at Rs.
70,000 and the debentures were redeemed. Prepare Debentures account, Sinking
Fund account and Sinking Fund Investment account for the three years.
(Marks 10)
Ans 8 Working notes :
1000 x 100 at 105 (10, 20 + 5, 40, 30)
Applied for
Allotted
300
1500 Pro rata 1000
1800
1000
Sundar was allotted = 100 shares
Applied for = 100 x 1500/1000 = 150
... Paid application money = 1500
Due on application
= 1000
Surplus received 500
Due on allotment on his shares = 2500
Already received = 500
Not received = 2000
Total amount payable on allotment = 25000
Less : Transfered from application = 5000
(500 x 10)
Less :
Not paid by sunder = 2000
18000
K Ltd.
Journal
| Date | Particulars | LF | Amt (Dr.) | Amt (Cr.) |
|
Share Application A/C ......................
Dr
To Share Capital A/C To share Allotment A/C (Being share application money transferred to share capital and excess money adjusted to allotment) Share Allotment A/C ......................Dr To Share Capital A/C To Share Premium A/C (Being amount due on allotment on 1000 shares @ 25 per share, 5 for premium) Share first call A/C...................... Dr To Share Capital A/C (Being amount due on first call on 1000 shares @ 40/share) Share Capital A/C ......................Dr Share Premium A/C ....................Dr To Share forfeited A/C To Share Allotment A/C To Share first call A/C (Being 100 shares forfeited for non payment of allotment & first call) Share forfeited A/C ...................Dr To Share Capital A/C (Being discount of Rs. 10 per share on re-issue of 100 shares debited to share forfeited A/C) Share forfeited A/C ....................Dr To Capital Reserve (Being profit on re-issue of 100 shares transferred to capital Reserves) |
15000 25000 40000 7000 500 1000 500 |
10000 5000 20000 5000 40000 1500 2000 4000 1000 500 |
Books of K Ltd.
Cash Book
(Bank column only)
| To Share
Application A/C To Share Allotment A/C To Share First call A/C To Share Capital A/C |
18000 18000 36000 6000 |
By Share App
A/C By balance c/d |
3000 75000 |
| 78000 | 78000 |
OR
Working notes :
Value of debentures = 100000
To be redeemed at 5% premium = 5000
Hence, total amount required on redemption of debentures = 105000
Amount to be set aside annually = 105000 x 0.31209
=
33306.94
=
33307
| Dr | 12% Debenture A/C | Cr | |||
| Date | Particulars | Amt | Date | Particulars | Amt |
| 1992 31 Dec 1993 31 Dec 1994 31 Dec |
To balance c/d To balance c/d To Bank A/C |
100000 100000 100000 100000 100000 100000 |
1992 1 Jan 1993 1 Jan 1994 1 Jan |
By Bank A/C By balance b/d By balance b/d |
100000 100000 100000 100000 100000 100000 |
Sinking Fund Account
| Dr | Cr | ||||
| Date | Particulars | Amt | Date | Particulars | Amt |
| 1992 31 Dec 1993 31 Dec 1994 31 Dec |
To balance c/d To balance c/d To General Reserve (transfer) |
|
1992 1 Jan 1993 1 Jan 1993 31 Dec 31 Dec 1994 1 Jan 31 Dec 31 Dec 31 Dec |
By P/L Appropriate A/C By balance b/d By Bank A/C (Int on sinking fund investment) By P/L Appropriation By balance c/d By Bank A/C (Int on sinking fund investment) By P/L Appropriation By Sinking fund Investment A/C (Profit on sale of Investment) |
|
Sinking Fund Investment A/C
| Dr | Cr | ||||
| Date | Particulars | Amt | Date | Particulars | Amt |
| 1992 31 Dec 1993 1 Jan 31 Dec 1994 1 Jan 31 Dec |
To Bank c/d To balance b/d To Bank A/C To balance b/d To Sinking fund A/C |
|
1992 31 Dec 1993 31 Dec 1994 31 Dec |
By balance c/d By balance c/d By Bank A/C |
|
|
Boarding Schools By State
|
Boarding Schools Top Cities
|
Boarding Schools By Board
|