CBSE(NCERT) GRADE 12 ACCOUNTANCY 2022 SET4

P, Q and R were partners in a firm sharing profits and losses in the ratio of $3:4:1$. On 31st March, 2022, R retired. R surrendered $\frac{1}{3}$rd of his share in favour of P and the remaining share in favour of Q. Calculate the new profit sharing ratio of P and Q.

A, B and C were partners in a firm sharing profits and losses in the ratio of $7 : 2 : 1$. The firm closes its books on 31st March every year. On 30th March, 2022, C was admitted and the new profit sharing ratio was agreed to be calculated on the basis of the profit of the previous year. The profit of the firm for the year ended 31st March, 2022 was $16,00,000$. Calculate the amount of profit to be shared by C.

Young Cricket Club received $48,000$ as subscriptions during the year ended 31st March, 2022. Out of these subscriptions received, $8,000$ belonged to the year 2020-21 and $6,000$ belonged to the year 2022-23. On 31st March, 2022 subscriptions of $12,000$ were still outstanding. During the previous year subscriptions of $16,000$ were received in advance. Prepare Subscriptions Account showing the amount of subscriptions to be credited to Income and Expenditure Account for the year ended 31st March, 2022.

During the year ended 31st March, 2022 Alfa Club paid $37,000$ to creditors for purchase of stationery. From the following additional information regarding stationery, calculate the amount of stationery to be debited to the Income and Expenditure Account for the year ended 31st March, 2022. Additional Information: Details | April 1, 2021 | March 31, 2022 Stock of Stationery | 7,000 | 11,000 Creditors for Stationery | 9,000 | 6,000

Mohan, Girdhari and Shyam were partners in a firm sharing profits and losses in the ratio of $4 : 3 : 2$. On 31st March, 2022, Girdhari retired. After making all adjustments on account of reserves, revaluation of assets and reassessment of liabilities, Girdhari's capital account stood at $5,00,000$. Mohan and Shyam agreed to pay Girdhari $5,90,000$ in full settlement of his claim. Calculate the value of goodwill of the firm and pass the necessary journal entry raising goodwill account.

X Ltd. invited applications for issuing 15,000 8% Debentures of $100$ each. The amount was payable as follows: On Application $20$ per Debenture On Allotment Balance Applications for 30,000 Debentures were received. Applications for 5,000 Debentures were rejected and the application money was refunded to the applicants. Pro rata allotment was made to the remaining applicants. Excess money received with applications was adjusted towards sums due on allotment. The remaining allotment money was duly received. Pass necessary journal entries for the above transactions in the books of X Ltd.

From the following Receipts and Payments Account of Adarsh Club for the year ended 31st March, 2022, prepare an Income and Expenditure Account for the year ended 31st March, 2022: Receipts and Payments Account of Adarsh Club for the year ended 31st March, 2022 Receipts Amount $ Payments Amount Balance b/d Salaries 49,000 Cash 20,000 Printing and Stationery 32,000 Bank 67,500 87,500 Honorarium 25,000 Subscriptions: 6% Fixed Deposit on 1.1.2022 2,70,000 2020-21 15,000 2021-22 2,00,000 Balance c/d 2022-23 30,000 Cash 26,500 Sale of old furniture (Book value $10,000) 8,500 Bank 50,000 76,500 Sale of old newspapers 2,500 Hire of ground 47,500 Locker Rent 11,500 Donations for Sports fund 50,000 4,52,500 4,52,500 The club has 1,500 members each paying an annual subscription of $150.

X, Y and Z were partners in a firm sharing profits and losses in the ratio of 3 : 3 : 4. On 31st March, 2022 their Balance Sheet was as follows: Balance Sheet of X, Y and Z as at 31st March, 2022 Liabilities Amount Assets Amount Sundry Creditors 34,000 Bank 1,74,000 Bills Payable 29,000 Sundry Debtors 2,00,000 General Reserve 2,00,000 Bills Receivable 26,000 Capitals: Stock 1,50,000 X 3,00,000 Furniture 1,28,000 Y 3,00,000 Machinery 2,00,000 Z 4,00,000 Land and Building 3,85,000 12,63,000 12,63,000 On the above date, Z retired on the following terms: (i) A provision of 3% on debtors will be created for bad and doubtful debts. (ii) Stock will be reduced by $5,000 and furniture by $2,000. (iii) Land and building will be brought up to $4,00,000 and machinery will be brought down to $1,80,000. Prepare Revaluation Account and Z's Capital Account, transferring the amount due to his loan account.

Sonu, Monu and Ashu were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. On 31st March, 2022 their Balance Sheet was as follows: Balance Sheet of Sonu, Monu and Ashu as at 31st March, 2022 Liabilities Amount Assets Amount Creditors 35,000 Bank 22,000 General Reserve 25,000 Stock 25,000 Capitals: Sonu 50,000 Debtors 20,000 Less: Provision for bad debts 2,000 18,000 Monu 30,000 Furniture 15,000 Ashu 20,000 1,00,000 Land and Building 80,000 1,60,000 1,60,000 On the above date, the firm was dissolved on the following terms: (i) Land and Building realised for $85,000, Furniture realised for $6,000 and Debtors realised full amount. (ii) Stock was taken over by Sonu at book value. There was an unrecorded asset which was taken over by Ashu for $3,000. (iii) Monu agreed to bear all realisation expenses. For his services Monu was paid $2,000. Actual expenses on realisation amounted to $2,200. (iv) Creditors were paid at 2% less. Prepare Realisation Account.

On the above date, the firm was dissolved on the following terms: (i) Land and Building realised for < 85,000, Furniture realised for < 6,000 and Debtors realised full amount. (ii) Stock was taken over by Sonu at book value. There was an unrecorded asset which was taken over by Ashu for < 3,000. (iii) Monu agreed to bear all realisation expenses. For his services Monu was paid < 2,000. Actual expenses on realisation amounted to < 2,200. (iv) Creditors were paid at 2% less. Prepare Realisation Account.

B Ltd. purchased Building worth $3,00,000, Plant worth $2,80,000 and Furniture worth $20,000 from C Ltd. for a purchase consideration of $6,30,000. B Ltd. paid the purchase consideration by issuing 9% debentures of $100 each. Pass necessary journal entries in the books of B Ltd. for the acquisition of assets and issue of debentures when: (a) Debentures were issued at par. (b) Debentures were issued at a premium of 25%. (c) Debentures were issued at a discount of 10%.

Balance Sheet of Shree Ltd. as at 31st March, 2022: 3 Balance Sheet of Shree Ltd. as at 31st March, 2022 Particulars Note No. 31.3.2022 < 31.3.2021 < I Equity and Liabilities : 1. Shareholders Share Capital 40,00,000 30,00,000 2. Non-Current Liabilities Long-term Borrowings 20,00,000 15,00,000 3. Current Liabilities Trade Payables 20,00,000 5,00,000 Total 80,00,000 50,00,000 II Assets : 1. Non-Current Assets Fixed Assets (a) Tangible Assets 20,00,000 15,00,000 (b) Intangible Assets 40,00,000 10,00,000 2. Current Assets Inventories 20,00,000 25,00,000 Total 80,00,000 50,00,000 OR

(b) From the following Balance Sheet of Jeevan Ltd. as at 31st March, 2022, prepare a Comparative Balance Sheet : 3 Balance Sheet of Jeevan Ltd. as at 31st March, 2022 Particulars Note No. 31.3.2022 < 31.3.2021 < I Equity and Liabilities : 1. Shareholders Share Capital 15,00,000 10,00,000 2. Non-Current Liabilities Long-term Borrowings 6,00,000 5,00,000 3. Current Liabilities Trade Payables 12,00,000 10,00,000 Total 33,00,000 25,00,000 II Assets : 1. Non-Current Assets Fixed Assets (a) Tangible Assets 18,00,000 12,00,000 (b) Intangible Assets 10,00,000 8,00,000 2. Current Assets Cash and Cash Equivalents 5,00,000 5,00,000 Total 33,00,000 25,00,000

Name and explain the accounts involved in Accounts Group Profit and Loss Account.