CBSE(NCERT) GRADE 12 ACCOUNTANCY 2022 COMPARTMENT SET3

State any two characteristics of Income and Expenditure Account.

Sharad, Sharma, Singh and Shree were partners in a firm sharing profits and losses in the ratio of $4:3:2:1$. The firm closes its books on 31st March every year. On 31st March, 2022 Shree retired and his share was taken over by Sharad, Sharma and Singh in the ratio of $2:3:4$. Calculate the new profit sharing ratio of the remaining partners after retirement.

Verma, Dharma and Karma were partners in a firm sharing profits and losses in the ratio of $4:3:3$. The firm closes its books on 31st March every year. On 31st March, 2022, the goodwill of the firm was valued at $2,70,000$. Pass the necessary journal entries to record the retirement without opening goodwill account.

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.

A, B and C were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. The firm closes its books on 31st March every year. On 30th June, 2021 A died. The partnership deed provided that on the death of a partner, his share in the profits of the firm in the year of his death will be calculated on the basis of the average profits of the past two years. The profits of the firm for the last two years were as follows: Year Profit 2019 2020 70,000 (loss) 2020 2021 2,70,000 pass necessary journal entry for this on the same date.

Receipts and Payments Account of Asha Health Club showed < 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 < 7,000. (ii) Subscriptions received in advance as on 31st March, 2021 were < 4,000. (iii) Subscriptions outstanding as on 31st March, 2022 were < 8,000. (iv) Subscriptions outstanding as on 31st March, 2021 were < 3,000. Calculate the amount of subscriptions to be credited to Income and Expenditure Account for the year ended 31st March, 2022.

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 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 Payments Amount 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.

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

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 Creditors 1,41,000 General Reserve 24,000 Capitals: Ravi 3,00,000 Mohan 4,00,000 Pandey 8,43,000 15,43,000 Assets Amount Bank 27,000 Stock 91,000 Debtors 2,10,000 Less: Provision for doubtful debts 10,000 2,00,000 Machinery 3,00,000 Land and Building 10,00,000 Profit and Loss Account (Loss of 2021 22) 90,000 17,08,000 17,08,000 On 31st March, 2022, Mohan retired from the firm on the following terms:

Group of Accounts as per Tally software.

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 24,000 Less: Provision for doubtful debts 10,000 2,00,000 Capitals: Ravi 3,00,000 Machinery 3,00,000 Mohan 4,00,000 Land and Building 10,00,000 Pandey 8,43,000 15,43,000 Profit and Loss Account (Loss of 2021-22) 90,000 17,08,000 17,08,000 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 will be adjusted in 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) Mohan's share of profit up to the date of retirement was transferred to his loan account. Prepare Revaluation Account and Capital Account on Mohan's retirement from the firm in the books of the firm.

From the following Statement of Profit and Loss of RJ Ltd., prepare a Comparative Statement of Profit and Loss for the year ended 31st March, 2022 :

(a) State the steps in constructing Bank Reconciliation Statement in Tally software. OR (b) of accounting software.

B, C and D were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. On 31st March, 2022 their Balance Sheet was as follows: Balance Sheet of B, C and D as at 31st March, 2022 Liabilities Amount Assets Amount Sundry Creditors 1,20,000 Bank 17,000 Debtors 2,00,000 Profit and Loss A/c 2,000 Less: Provision for bad debts 5,000 1,95,000 Capitals: B 13,00,000 Stock 4,50,000 C 2,00,000 Furniture 60,000 D 2,00,000 17,00,000 Land and Building 11,00,000 18,22,000 18,22,000 On the above date the firm was dissolved. The Assets were realised and the Liabilities were paid off as follows: (i) Debtors were sold to a debt collection agency at 10% less than the book value. (ii) Stock of $2,00,000$ was taken over by B at $90,000$ less than its book value and the remaining stock realised $1,80,000$. (iii) Furniture was taken over by C at $65,000$. (iv) Creditors were paid at a discount of $10\%$ in full settlement. (v) Land and Building were realised for $18,00,000$. (vi) B was appointed to carry out the dissolution work for which he was to be paid $40,000$. Prepare Realisation Account.

From the following Balance Sheet of PP Ltd. as at 31st March, 2022, calculate Cash Flows from Operating Activities :

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