Page 151 - MA12

Model Test Papers M.57

Gain (Profit) on Cancellation of Own Debentures A/c ...Dr. 2,100
To Capital Reserve A/c 2,100
(Being the transfer of gain (profit) on cancellation of own debentures to
Capital Reserve)
2020
March 31 Interest on Debentures A/c ...Dr. 3,500
To Debentureholders’ A/c 3,500
(Being the interest due on ` 70,000 @ 10% p.a. for 6 months)
March 31 Debentureholders’ A/c ...Dr. 3,500
To Bank A/c 3,500
(Being the payment made to debentureholders)
March 31 Statement of Profit and Loss ...Dr. 8,500
To Interest on Debentures A/c (Note) 8,500
(Being the interest on debentures transferred to Statement of Profit
and Loss)
Note: Interest on Debentures (30th September, 2019) (` 1,00,000 × 10/100 × 6/12) ` 5,000
Interest on Debentures (31st March, 2020) (` 70,000 × 10/100 × 6/12) ` 3,500
Total Interest for the year ended 31st March, 2020 ` 8,500
(b)
S. No. Items Major Head Sub-head
(i) Long-term Borrowings Non-current Liabilities Long-term Borrowings
(ii) Trade Payables Current Liabilities Trade Payables
(iii) Provision for Tax Current Liabilities Short-term Provisions
(iv) Patents Non-current Assets Fixed Assets—Intangible Assets
(v) Accrued Income Current Assets Other Current Assets
(vi) Calls-in-Advance Current Liabilities Other Current Liabilities

7.
Dr. REVALUATION ACCOUNT Cr.
Particulars ` Particulars `
To Machinery A/c 60,000 By Building A/c 60,000
To Bad Debts A/c (WN 1) 7,000 By Loss transferred to:
Amal’s Capital A/c 2,000
Bimal’s Capital A/c 3,000
Kamal’s Capital A/c 2,000 7,000
67,000 67,000

Dr. PARTNERS’ CAPITAL ACCOUNTS Cr.
Particulars Amal Bimal Kamal Particulars Amal Bimal Kamal
` ` ` ` ` `
To Goodwill A/c 6,000 9,000 6,000 By Balance b/d 2,00,000 3,00,000 2,00,000
To Advertisement By General Reserve A/c 20,000 30,000 20,000
Expenditure A/c 4,000 6,000 4,000 By Workmen Compen-
To Revaluation A/c (Loss) 2,000 3,000 2,000 Reserve A/c 2,000 3,000 2,000
To Amal’s Capital A/c (WN 2) ... 20,000 20,000 By Bimal’s Capital A/c (WN 2) 20,000 ... ...
To Bank A/c 50,000 ... ... By Kamal’s Capital A/c (WN 2) 20,000 ... ...
To Amal’s Loan A/c 2,00,000 ... ... By Bank A/c (Bal. Fig.) ... 1,05,000 1,10,000
To Balance c/d (WN 3) ... 4,00,000 3,00,000
2,62,000 4,38,000 3,32,000 2,62,000 4,38,000 3,32,000