CBSE 12th Accountancy Question Paper 2022 (Set 3)

Journal entry on payment of unrecorded creditor at 10% discount: $ \text{Unrecorded Creditor A/c Dr. } 40,000 \quad\text{To Cash/Bank A/c } 36,000 \quad\text{To Amar A/c } 4,000 $ Since the creditor of $40,000$ was paid at a discount of 10%, the actual payment made was $36,000$. As Amar paid it on behalf of the firm, his capital account is credited with $4,000$ (the gain to the firm).

Old profit-sharing ratio of A, B and C = $1:1:1$. C’s share on retirement = $\frac{1}{3}$. This share is acquired by A and B in the ratio $3:2$. So, C’s share acquired by A = $\frac{1}{3} \times \frac{3}{5} = \frac{1}{5}$ and by B = $\frac{1}{3} \times \frac{2}{5} = \frac{2}{15}$. New share of A = old share + acquired share $= \frac{1}{3} + \frac{1}{5} = \frac{8}{15}$ New share of B = old share + acquired share $= \frac{1}{3} + \frac{2}{15} = \frac{7}{15}$ Therefore, the new profit-sharing ratio of A and B is $8:7$.

Sports material consumed = Opening stock + Purchases - Closing stock First, Purchases = Cash paid + Opening creditors - Closing creditors $= 90,000 + 8,000 - 10,000 = 88,000$ Now, Sports material consumed: $= 40,000 + 88,000 - 20,000 = 1,08,000$ Hence, the amount of sports material to be written in the Income and Expenditure Account is $\boxed{\text{₹}1,08,000}$.

Sports material consumed for the year ended 31st March, 2021 is calculated as follows: Purchases of sports material $= \text{Cash paid} + \text{Opening creditors} - \text{Closing creditors}$ $= 90,000 + 8,000 - 10,000 = 88,000$ Sports material consumed $= \text{Opening stock} + \text{Purchases} - \text{Closing stock}$ $= 40,000 + 88,000 - 20,000 = 1,08,000$ Therefore, the amount of sports material consumed is $\boxed{\text{₹}1,08,000}$.

Purchase consideration = $\text{₹}27,00,000$ Assets taken over = $\text{₹}25,00,000$ Liabilities taken over = $\text{₹}7,80,000$ Net assets taken over = $25,00,000 - 7,80,000 = 17,20,000$ Goodwill/Premium on purchase = $27,00,000 - 17,20,000 = 9,80,000$ Value of debentures issued = Purchase consideration = $\text{₹}27,00,000$ Issue price of debentures = 90% of face value. Hence, face value of debentures issued: $\frac{27,00,000}{0.9} = 30,00,000$ Number of debentures issued = $\frac{30,00,000}{100} = 30,000$ Journal entries in the books of Khandelwal Ltd.: 1. For purchase of business: $$ \text{Assets A/c Dr. } 25,00,000 \\ \text{Goodwill A/c Dr. } 9,80,000 \\ \quad\text{To Liabilities A/c } 7,80,000 \\ \quad\text{To Sharma Ltd. A/c } 27,00,000 $$ 2. For issue of debentures to Sharma Ltd. at 10% discount: $$ \text{Sharma Ltd. A/c Dr. } 27,00,000 \\ \text{Discount on Issue of Debentures A/c Dr. } 3,00,000 \\ \quad\text{To 10% Debentures A/c } 30,00,000 $$ The discount on issue of debentures is $10\%$ of face value, i.e. $\text{₹}3,00,000$.