CBSE(NCERT) GRADE 12 ACCOUNTANCY 2022 SET6

Aman, Naman and Neel were partners in a firm sharing profits in the ratio of $1:2:1$. Neel retires and he surrenders $\frac{3}{2}$rd of his share in favour of Aman and the remaining share in favour of Naman. Calculate the new profit sharing ratio of Aman and Naman.

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.

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 | $9{,}000$ | $6{,}000$

Pass necessary journal entries for the issue of Debentures in the following cases: (i) Y Ltd. issued $5{,}00{,}000$, $9\%$ Debentures of $100$ each at par redeemable at a premium of $10\%$ after three years. (ii) Z Ltd. issued 4500, $9\%$ Debentures of $100$ each at a discount of $10\%$ redeemable at a premium of $5\%$ after three years.

(a) 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. OR (b) Pass necessary journal entries for the issue of Debentures in the following cases: (i) Y Ltd. issued $5,00,000, 9% Debentures of $100 each at par redeemable at a premium of 10% after three years. (ii) Z Ltd. issued 4500, 9% Debentures of $100 each at a discount of 10% redeemable at a premium of 5% after three years.

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 adjustments for reserves, revaluation of assets and reassessment of liabilities, Girdhari's capital account showed a balance of $5{,}00{,}000$. Mohan and Shyam agreed to pay $5{,}90{,}000$ in full settlement of Girdhari's claim. Calculate the value of goodwill of the firm and pass necessary journal entry for accounting of goodwill without opening Goodwill Account on the retirement of Girdhari.

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, the capital 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.

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%.

(a) 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 : Prepare Revaluation Account and Z's Capital Account, transferring the amount due to his loan account.

(b) 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 : 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 rea

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

(a) How is Net Salary calculated? Explain. OR (b) by giving examples.

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

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.

From the following Balance Sheet of Sheetal Ltd. as at 31st March, 2022, prepare Comparative Balance Sheet: