CBSE(NCERT) GRADE 12 ACCOUNTANCY 2022 SET5

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 June, 2022, A died. According to the partnership deed, the share of profits of a deceased partner is 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 share of profit of A for his death year.

Anisha, Divya and Lata are partners sharing profits in the ratio of $2:2:1$. Divya retires and her share is taken up by Anisha and Lata in the ratio of $3:2$. Calculate the new profit sharing ratio of Anisha and Lata.

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, $5,00,000 stood at. 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 for the treatment of goodwill by raising goodwill account.

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

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.

Pass necessary journal entry for the issue of Debentures in the following case: Y Ltd. issued $5,00,000$, 9% Debentures of $100 each at par redeemable at a premium of 10% after three years.

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 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.

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 $<$ Sundry Creditors 34,000 Bills Payable 29,000 General Reserve 2,00,000 Capitals: X 3,00,000 Y 3,00,000 Z 4,00,000 10,00,000 Assets Amount $<$ Bank 1,74,000 Sundry Debtors 2,00,000 Bills Receivable 26,000 Stock 1,50,000 Furniture 1,28,000 Machinery 2,00,000 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.

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.

Satnam Ltd. purchased Building worth < 5,00,000, Plant worth < 4,60,000 and Furniture worth < 2,20,000 from Gurnam Ltd. for a purchase consideration of < 12,60,000. Satnam Ltd. paid the purchase consideration by issuing 10% debentures of < 100 each. Pass the necessary journal entries in the books of Satnam Ltd. for the acquisition of assets and issue of 10% debentures when: (a) Debentures were issued at par. (b) Debentures were issued at premium of 25%. (c) Debentures were issued at a discount of 10%.

(a) From the following Statement of Profit and Loss of Sharda Ltd. for the year ended 31st March, 2022, prepare Comparative Statement of Profit and Loss: Statement of Profit and Loss of Sharda Ltd. for the year ended 31st March, 2022 Particulars 2021 22 2020 21 Revenue from Operations 15,00,000 10,00,000 Other Income 3,00,000 2,00,000 Expenses 8,00,000 8,00,000 Income Tax Rate 40% OR (b) From the following Statement of Profit and Loss of Alpha Ltd. for the year ended 31st March, 2022, prepare Common Size Statement of Profit and Loss: Statement of Profit and Loss of Alpha Ltd. for the year ended 31st March, 2022 Particulars 2021 22 2020 21 Revenue from Operations 20,00,000 25,00,000 Employee Benefit Expenses 15,00,000 18,00,000 Other Expenses 3,00,000 2,00,000 Income Tax Rate 40%

(a) Explain, how total earnings are calculated.

(b) How are numbers assigned to vouchers? Explain.

From the following Balance Sheet of Anuradha Ltd. as at 31st March, 2022, calculate Cash from Operating Activities: Balance Sheet of Anuradha Ltd. as at 31st March, 2022 Particulars Note No. 31.3.2022 31.3.2021 I Equity and Liabilities : 1. Shareholders (a) Share Capital 1 3,00,000 2,50,000 (b) Reserves and Surplus 2 1,50,000 1,00,000 2. Non-Current Liabilities Long-term Borrowings 3 75,000 25,000 3. Current Liabilities (a) Trade Payables 25,000 50,000 (b) Other Current Liabilities 4 50,000 75,000 Total 6,00,000 5,00,000 II Assets : 1. Non-Current Assets Fixed Assets (a) Tangible Assets 5 4,50,000 2,74,000 (b) Intangible Assets 6 24,000 26,000 2. Current Assets (a) Inventories 76,000 1,00,000 (b) Trade Receivables 20,000 10,000 (c) Cash and Cash Equivalents 30,000 90,000 Total 6,00,000 5,00,000

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

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