CBSE 12th Accountancy Question Paper 2022 (Set 6)

Neel’s share = $\frac{1}{4}$. He surrenders $\frac{3}{2}$rd of his share, i.e. $\frac{3}{2} \times \frac{1}{4} = \frac{3}{8}$ of his share, to Aman and the remaining share to Naman. But since the question intends the usual meaning of “$\frac{3}{2}$rd” as $\frac{3}{4}$ of Neel’s share? In NCERT-style questions, this is generally read as Neel surrenders $\frac{3}{2}$ of his share only if stated differently. Here, to keep the question meaningful, take the intended interpretation as: - Aman gets $\frac{3}{4}$ of Neel’s share - Naman gets the remaining $\frac{1}{4}$ of Neel’s share. Then from Neel’s share $\frac{1}{4}$: - Aman gets $\frac{3}{4} \times \frac{1}{4} = \frac{3}{16}$ - Naman gets $\frac{1}{4} \times \frac{1}{4} = \frac{1}{16}$ Old ratio of Aman : Naman = $1:2$ = $\frac{1}{4}:\frac{2}{4}$. New shares: - Aman = $\frac{1}{4} + \frac{3}{16} = \frac{7}{16}$ - Naman = $\frac{2}{4} + \frac{1}{16} = \frac{9}{16}$ So, the new profit sharing ratio of Aman and Naman is $7:9$. Note: If the intended fraction was different in the source, the answer may vary, but for the standard interpretation the ratio is $7:9$.

Subscriptions Account $$ \begin{array}{|l|r|r|} \hline \text{Dr.} & \multicolumn{2}{c|}{\text{Subscriptions Account}} \\ \hline \text{To Balance b/d (Outstanding)} & 12,000 & \text{By Balance b/d (Advance)}\ 16,000 \\ \text{To Income and Expenditure A/c} & 70,000 & \text{By Subscriptions received} & 48,000 \\ \hline \text{To Balance c/d} & 62,000 & \text{By Balance c/d (Outstanding)} & 12,000 \\ \hline \end{array} $$ Working: Subscriptions received during the year = $48,000$ Less: Subscriptions related to previous year (2020-21) = $8,000$ Less: Subscriptions received in advance for next year (2022-23) = $6,000$ Add: Outstanding subscriptions of current year = $12,000$ Therefore, subscriptions for the year 2021-22 to be credited to Income and Expenditure Account: $$ 48,000 - 8,000 - 6,000 + 12,000 = 46,000 $$ Wait, we must also adjust opening advance of $16,000$ received in previous year, which belongs to current year. So: $$ \text{Income and Expenditure A/c Credit} = 48,000 - 8,000 - 6,000 + 12,000 + 16,000 = 62,000 $$ Hence, the amount of subscriptions to be credited to Income and Expenditure Account for the year ended 31st March, 2022 is $62,000$.

To calculate stationery debited to Income and Expenditure Account, we use: $$ \text{Stationery consumed} = \text{Opening Creditors} + \text{Purchases} - \text{Closing Creditors} + \text{Opening Stock} - \text{Closing Stock} $$ Given: - Payments to creditors for stationery = $37,000$ - Opening creditors = $9,000$ - Closing creditors = $6,000$ - Opening stock = $7,000$ - Closing stock = $11,000$ First, total purchases of stationery: $$ \text{Purchases} = 37,000 + 6,000 - 9,000 = 34,000 $$ Now stationery consumed: $$ 34,000 + 7,000 - 11,000 = 30,000 $$ Therefore, the amount of stationery to be debited to the Income and Expenditure Account is $\boxed{30,000}$.

Stationery consumed is calculated as: $$ \text{Stationery consumed} = \text{Opening stock} + \text{Purchases} - \text{Closing stock} $$ First find purchases from creditors: $$ \text{Purchases} = \text{Cash paid to creditors} + \text{Closing creditors} - \text{Opening creditors} $$ $$ = 37,000 + 6,000 - 9,000 = 34,000 $$ Now calculate stationery consumed: $$ = 7,000 + 34,000 - 11,000 = 30,000 $$ So, the stationery to be debited to the Income and Expenditure Account for the year ended 31st March, 2022 is $\boxed{30,000}$.

(i) Y Ltd. issued $5,00,000$ 9% Debentures of $100$ each at par, redeemable at a premium of 10% after three years. Number of debentures issued = $\frac{5,00,000}{100} = 5,000$ Issue at par, so received = $5,00,000$ Premium on redemption = $10\%$ of $5,00,000 = 50,000$ Journal Entry: $$ \text{Bank A/c Dr. } 5,00,000 $$ $$ \quad \text{To 9\% Debentures A/c } 5,00,000 $$ (ii) Z Ltd. issued 4500 9% Debentures of $100$ each at a discount of $10\%$, redeemable at a premium of $5\%$ after three years. Nominal value = $4,50,000$ Discount on issue = $10\%$ of $4,50,000 = 45,000$ Issue price = $4,05,000$ Premium on redemption = $5\%$ of $4,50,000 = 22,500$ Journal Entry: $$ \text{Bank A/c Dr. } 4,05,000 $$ $$ \text{Discount on Issue of Debentures A/c Dr. } 45,000 $$ $$ \text{Loss on Issue of Debentures A/c Dr. } 22,500 $$ $$ \quad \text{To 9\% Debentures A/c } 4,50,000 $$ $$ \quad \text{To Premium on Redemption of Debentures A/c } 22,500 $$ (If premium on redemption account is not opened separately at issue, it may be treated as a liability to be provided for.)