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M.38 Management Accounting (Section B)—ISC XII

(b) JOURNAL
Date Particulars L.F. Dr. (`) Cr. (`)
(i) Samar’s Capital A/c ...Dr. 1,17,200
To Realisation A/c 1,17,200
(Being the Debtors of ` 1,20,000 taken over by Samar)
Cash/Bank A/c [` 1,24,200 – ` 1,20,000) × 50/100] ...Dr. 2,100
To Realisation A/c 2,100
(Being the remaining debtors sold to debt collecting agency)
(ii) Bhanwar’s Capital A/c ...Dr. 72,000
To Realisation A/c 72,000
(Being Sundry Assets book value of ` 80,000, i.e., ` 72,000 × 100/90 taken by Bhanwar)
Pratap’s Capital A/c [(` 1,17,000 – ` 80,000) × 80/100] ...Dr. 29,600
To Realisation A/c 29,600
(Being the remaining Sundry Assets taken over by Pratap)

8. Lotus Ltd.
BALANCE SHEET as at 31st March, 2020 (` in ”000)
Particulars Note No. `
I. EQUITY AND LIABILITIES
1. Shareholders’ Funds
(a) Share Capital 1 150
(b) Reserves and Surplus 90
2. Share Application Money Pending Allotment 5
3. Non-Current Liabilities
(a) Long-term Borrowings 2 200
(b) Long-term Provisions 10
4. Current Liabilities
(a) Short-term Borrowings 45
(b) Trade Payables 10
(c) Other Current Liabilities 3 5
(d) Short-term Provisions 4 45
Total 560
II. ASSETS
1. Non-Current Assets
(a) Fixed Assets—Tangible 5 300
(b) Non-Current Investments 100
2. Current Assets
(a) Current Investments 25
(b) Inventories 10
(c) Trade Receivables 40
(d) Cash and Cash Equivalents 6 30
(e) Short-term Loans and Advances 7 50
(f) Other Current Assets 8 5
Total 560