CBSE(NCERT) GRADE 12 ACCOUNTANCY 2022 COMPARTMENT SET2

Geeta, Seeta and Meeta were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. On 31st March, 2022, Meeta retired from the firm. The balance sheet of the firm showed that goodwill appeared at $\lt$70,000. Additional information was as under: (i) On 31st March, 2022, Geeta's capital was $\lt$7,000. (ii) On 31st March, 2021, Geeta's capital was $\lt$4,000. (iii) On 31st March, 2022, Seeta's capital was $\lt$8,000. (iv) On 31st March, 2021, Seeta's capital was $\lt$3,000. Calculate the amount of goodwill to be credited to the retiring partner's account on the basis of average profits of the last 5 years, without opening goodwill account.

(a) Receipts and Payments Account of Asha Health Club showed $\lt$70,000 as subscriptions received for the year ended 31st March, 2022. The additional information was as under: (i) Subscriptions received in advance as on 31st March, 2022 were $\lt$7,000. (ii) Subscriptions received in advance as on 31st March, 2021 were $\lt$4,000. (iii) Outstanding subscriptions as on 31st March, 2022 were $\lt$8,000. (iv) Outstanding subscriptions as on 31st March, 2021 were $\lt$3,000. Calculate the amount of subscriptions to be credited to the Income and Expenditure Account for the year ended 31st March, 2022. OR (b) From the following particulars taken out from the Cash Book of Gem Club, prepare a Receipts and Payments Account for the year ended 31st March, 2022: Opening Balance: Cash in Hand $15,000$ Cash at Bank $12,000$ Subscriptions $1,02,000$ Investments Purchased $15,000$ Rent Outstanding $6,000$ Entrance Fees Collected (including $10,000$ for the previous year) $36,000$ Closing Balance: Cash in Hand $15,000$

L, M and R were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. The firm closes its books on 31st March every year. On 31st August, 2021, L died. The partnership deed provided that a deed will be calculated on the basis of average profits of the previous two years. The profits for the years ended 31st March, 2020 and 31st March, 2021 were $\lt$5,00,000 and $\lt$7,00,000 respectively. Calculate L's share of profits up to the date of death and pass necessary journal entry on the same date in the books of the firm.

(a) BX Ltd. took over a building worth $\lt$3,00,000, machinery worth $\lt$2,00,000, furniture worth $\lt$30,000$ and its liabilities of $\lt$40,000$ from PQ & Company for a purchase consideration of $\lt$6,00,000. BX Ltd. paid the purchase consideration by issuing 11% debentures of $\lt$100 each at a premium of 20%. Pass necessary journal entries for the above transactions in the books of BX Ltd. OR (b) XZ Ltd. invited applications for issuing 5000, 9% debentures of $\lt$100 each. The amount was payable as follows: On application $\lt$40$ per debenture On allotment balance of application money was payable. The application for 2000 debentures was received and these applications were treated as under: The applicants who were allotted debentures in proportion to their applications were given the balance amount on allotment. Prepare necessary journal entries for the issue of debentures.

BX Ltd. took over a building worth $3,00,000, machinery worth $2,00,000, furniture worth $30,000 and its liabilities of $40,000 from PQ & Company for a purchase consideration of $6,00,000. BX Ltd. paid the purchase consideration by issuing 11% debentures of $100 each at a premium of 20%. Pass necessary journal entries for the above transactions in the books of BX Ltd.

XZ Ltd. invited applications for issuing 5000, 9% debentures of $100 each. The amount was payable as follows: On application $40 per debenture; On allotment balance. Applications for 10,000 debentures were received. Applications for 2000 debentures were rejected and the application money of these applicants was refunded to them. Pro-rata allotment was made to the remaining applicants. Excess application money received with those applications against which pro-rata allotment was made was adjusted towards amount due on allotment. Pass the necessary journal entries for the issue of debentures in the books of XZ Ltd.

From the following Receipts and Payments Account of Laxmi Club, prepare Income and Expenditure Account for the year ended 31st March, 2022: Receipts and Payments Account of Laxmi Club for the year ended 31st March, 2022 Receipts Amount $ Payments Amount $ To Balance b/d Cash 40,000 Bank 70,000 1,10,000 To Subscriptions 5,30,000 To Entrance Fee 46,000 To Life Membership Fee 40,000 To Interest on Fixed Deposit 13,500 To Donations 1,20,000 To Locker Rent 28,000 By Printing and Stationery 65,000 By Electricity Bill 54,000 By Municipal Tax 35,000 By Insurance Premium 10,000 By Furniture 2,00,000 By Fixed Deposits 3,00,000 By Balance c/d Cash 1,03,500 Bank 1,20,000 2,23,500 8,87,500 8,87,500 Additional Information: The club has 500 members, each paying an annual subscription of $1,000.

(a) Ravi, Mohan and Pandey were partners in a firm sharing profits and losses in the ratio of 7 : 8 : 9. On 31st March, 2022, their Balance Sheet was as follows: Balance Sheet of Ravi, Mohan and Pandey as at 31st March, 2022 Liabilities Amount $ Assets Amount $ Creditors 1,41,000 Bank 27,000 Stock 91,000 Debtors 2,10,000 General Reserve 24,00

Ravi, Mohan and Pandey were partners in a firm sharing profits and losses in the ratio of 7 : 8 : 9. On 31st March, 2022, their Balance Sheet was as follows: Balance Sheet of Ravi, Mohan and Pandey as at 31st March, 2022 Liabilities: Creditors $1,41,000$; General Reserve $24,000$; Capitals: Ravi $3,00,000$, Mohan $4,00,000$, Pandey $8,43,000$; Profit and Loss Account (Loss of 2021-22) $90,000$. Assets: Bank $27,000$; Stock $91,000$; Debtors $2,10,000$ less Provision for doubtful debts $10,000$; Machinery $3,00,000$; Land and Building $10,00,000$. On 31st March, 2022, Mohan retired from the firm on the following terms: (i) Goodwill of the firm was valued at $4,80,000$. (ii) Mohan's share of goodwill was adjusted through his capital account without opening goodwill account. (iii) Debtors of $10,000$ will be written off and a provision of 10% for bad and doubtful debts will be created on debtors. (iv) Machinery will be depreciated by 10% and land and building will be appreciated by 5%. (v) The balance in Mohan's capital account will be transferred to his loan account. Prepare Revaluation Account and Capital Account on Mohan's retirement.

Pass the necessary journal entries for the issue of 9% debentures in the following cases: (a) Issued $5,00,000$ 9% debentures of $100$ each at par, redeemable at par, after three years. (b) Issued 4,000 9% debentures of $100$ each at a discount of 3%, redeemable at a premium of 10% after five years. (c) Issued 10,000 9% debentures of $100$ each issued at a premium of 20%, redeemable at a premium of 10% after five years.

Give the Group of Accounts as per Tally software.

(a) From the following Statement of Profit and Loss of Kalyan Ltd. prepare a Comparative Statement of Profit and Loss for the year ended 31st March, 2022: Particulars | Note No. | 2021-22 | 2020-21 Revenue from Operations | | 52,00,000 | 40,00,000 Employee Benefit Expenses | | 12,00,000 | 8,00,000 Other Expenses | | 24,00,000 | 20,00,000 Tax Rate 50% OR (b) From the following information, prepare a Common Size Statement of Profit and Loss for the year ended 31st March, 2021 and 31st March, 2022: Particulars | Note No. | 2021-22 | 2020-21 Revenue from Operations | | 10,00,000 | 4,00,000 Employee Benefit Expenses | | 4,00,000 | 1,60,000 Other Expenses | | 20,000 | 20,000 Tax Rate 50%

From the following Balance Sheet of PP Ltd. as at 31st March, 2022, calculate Cash Flows from Operating Activities: PP Ltd. Balance Sheet as at 31st March, 2022 Particulars | Note No. | 31st March, 2022 | 31st March, 2021 I Equity and Liabilities: 1. (a) Share Capital | 1 | 70,00,000 | 50,00,000 (b) Reserves and Surplus | 2 | 10,00,000 | 8,00,000 2. Non-Current Liabilities Long-term Borrowings | 3 | 20,00,000 | 15,00,000 3. Current Liabilities (a) Trade Payables | | 2,00,000 | 1,00,000 (b) Short-term Provisions | 4 | 50,000 | 80,000 Total | | 1,02,50,000 | 74,80,000 II Assets: 1. Non-Current Assets (a) Fixed Assets (i) Tangible Assets | 5 | 65,00,000 | 40,00,000 (ii) Intangible Assets | 6 | 2,00,000 | 3,00,000 (b) Long-term Loans and Advances | | 10,00,000 | 15,00,000 2. Current Assets (a) Inventories | | 6,00,000 | 7,00,000 (b) Trade Receivables | | 5,00,000 | 3,00,000 (c) Cash and Cash Equivalents | | 14,50,000 | 6,80,000 Total | | 1,02,50,000 | 74,80,000

Explain three types of vouchers and two methods of voucher numbering used in Tally software.

What is provided under Payroll accounting while preparation of a Salary Bill? State any two points.

Gateway.