CBSE 12th Accountancy Question Paper 2022 (Set 1)

Goodwill of the firm = $₹1,80,000$. Since the partners share profits in the ratio $3:2:1$, the gaining ratio of the remaining partners will be their old ratio, i.e. $A:B = 3:2$. On retirement of C, goodwill is adjusted without opening a goodwill account by debiting the capital accounts of the continuing partners in their gaining ratio and crediting the retiring partner’s capital account. C's share in goodwill = $₹1,80,000 \times \frac{1}{6} = ₹30,000$ A's share of goodwill = $₹1,80,000 \times \frac{3}{5} = ₹1,08,000$ B's share of goodwill = $₹1,80,000 \times \frac{2}{5} = ₹72,000$ Journal entry: $A\ Account\ Dr.\ \ ₹1,08,000$ $B\ Account\ Dr.\ \ ₹72,000$ $\quad To\ C\ Account\ \ ₹1,80,000$ Thus, goodwill is adjusted by debiting A and B in the ratio $3:2$ and crediting C’s capital account with $₹1,80,000$.

The data required to prepare the Receipts and Payments Account of Gem Club is not included in the question excerpt. Hence the numerical account cannot be prepared here. If the figures are provided, the account should be presented in the following standard format: Receipts and Payments Account for the year ended 31st March, 2022 Dr. Cr. Receipts Amount ($₹$) Payments Amount ($₹$) To Balance b/d XXX By Balance b/d XXX To Subscriptions XXX By Salaries XXX To Donations XXX By Rent XXX To Entrance fees XXX By Printing and stationery XXX To Sale of old newspapers XXX By Postage XXX To Interest received XXX By Purchase of sports equipment XXX To Sale of assets XXX By Repairs XXX To Miscellaneous receipts XXX By Balance c/d XXX To Balance c/d XXX Only cash and bank items are recorded in Receipts and Payments Account.

Receipts and Payments Account of Asha is a summary of all cash and bank receipts and payments during the accounting year. Since the question statement is incomplete and no figures are provided here, the account cannot be prepared numerically. For the full solution, the Receipts and Payments Account must be shown in the following format: Receipts and Payments Account for the year ended 31st March, 20XX Dr. Cr. Receipts Amount ($₹$) Payments Amount ($₹$) To Balance b/d XXX By Balance b/d XXX To Subscriptions XXX By Salaries XXX To Donations XXX By Rent XXX To Entrance fees XXX By Printing and stationery XXX To Sale of assets XXX By Postage XXX To Interest and dividend XXX By Purchase of assets XXX To Sale of old newspapers XXX By Miscellaneous expenses XXX To Life membership fees XXX By Balance c/d XXX To Balance c/d XXX Note: Only actual cash and bank transactions are recorded in this account, whether they relate to the current year or not. Non-cash items such as depreciation are not included.

Purchase consideration = $₹6,00,000$. BX Ltd. is paying by issuing 11% debentures of face value $₹100$ each at a premium of 20%, so issue price per debenture = $₹120$. Number of debentures issued = $\frac{6,00,000}{120} = 5,000$ debentures. Journal entries in the books of BX Ltd.: 1. For assets and liabilities taken over: $Building A/c\ Dr.\ ₹3,00,000$ $Machinery A/c\ Dr.\ ₹2,00,000$ $Furniture A/c\ Dr.\ ₹30,000$ $\quad To\ Sundry\ Liabilities\ A/c\ ₹40,000$ $\quad To\ PQ & Co.\ A/c\ ₹4,90,000$ (Being assets and liabilities taken over from PQ & Co.) 2. For discharge of purchase consideration by issue of debentures at premium: $PQ\ &\ Co.\ A/c\ Dr.\ ₹6,00,000$ $\quad To\ 11\%\ Debentures\ A/c\ ₹5,00,000$ $\quad To\ Securities\ Premium\ A/c\ ₹1,00,000$ (Being purchase consideration discharged by issue of 5,000 debentures of $₹100$ each at 20% premium.) Note: Since debentures are issued at a premium, the face value recorded in Debentures A/c is $₹5,00,000$ and premium in Securities Premium A/c is $₹1,00,000$.

Issue: 5,000 debentures of $₹100$ each. Application money: $₹40$ per debenture. Allotment money = balance $₹60$ per debenture. Applications received for 10,000 debentures. Applications rejected for 2,000 debentures, so application money refunded for $2,000 \times ₹40 = ₹80,000$. Remaining applications = 8,000 debentures. Since only 5,000 debentures were issued, pro-rata allotment ratio = $5,000:8,000 = 5:8$. Thus, applicants were allotted $\frac{5}{8}$ of their applications. Debentures allotted against valid applications = 5,000. Application money received on these = $5,000 \times ₹40 = ₹2,00,000$. Money required on application for allotted debentures = also $₹2,00,000$. Therefore, excess application money received on pro-rata allotment = Nil. Final answer: Excess application money received with those applications against which pro-rata allotment was made = $₹0$. If the question expects an adjustment entry, then: $Bank A/c\ Dr.\ ₹4,00,000$ $\quad To\ 9\%\ Debentures\ Application\ A/c\ ₹4,00,000$ $9\%\ Debentures\ Application\ A/c\ Dr.\ ₹4,00,000$ $\quad To\ 9\%\ Debentures\ A/c\ ₹5,00,000$ $\quad To\ Debentures\ Allotment\ A/c\ ₹3,00,000$ $\quad To\ Bank A/c\ ₹80,000$ But since application money exactly matches the required amount for 5,000 debentures, there is no excess to carry forward.