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Model Test Papers M.137

Or

In the Books of Spectrum Ltd.
JOURNAL
Date Particulars L.F. Dr. (`) Cr. (`)
2018
March 31 Interest on Debentures A/c ...Dr. 10,000
To Debentureholders’ A/c 9,000
To TDS Payable A/c 1,000
(Being the half yearly interest due on 2,000; 10% Debentures and
tax deducted at source @ 10%)
March 31 Debentureholders’ A/c ...Dr. 9,000
To Bank A/c 9,000
(Being the interest paid to debentureholders)
March 31 TDS Payable A/c ...Dr. 1,000
To Bank A/c 1,000
(Being the TDS deposited with tax authorities)
March 31 Statement of Profit and Loss ...Dr. 20,000
To Interest on Debentures A/c 20,000
(Being the interest on debentures transferred to Statement of
Profit and Loss)
11. Total Capital of New Firm = Adjusted capital of all partners
= ` 66,000 (B) + ` 1,41,000 (C) + ` 1,81,000(A) = ` 3,88,000.

CALCULATION OF CASH TO BE BROUGHT IN OR PAID OFF
Particulars B (`) C (`)
(i) New Capital (` 3,88,000 in the ratio of 2 : 3) 1,55,200 2,32,800
(ii) Adjusted Old Capital 66,000 1,41,000
(iii) Cash to be brought (i – ii) 89,200 91,800

JOURNAL
Date Particulars L.F. Dr. (`) Cr. (`)
(i) Bank A/c ...Dr. 1,81,000
To B’s Capital A/c 89,200
To C’s Capital A/c 91,800
(Being the cash brought in by partners)
(ii) A’s Capital A/c ...Dr. 1,81,000
To Bank A/c 1,81,000
(Being the payment made to A on his retirement)
12. JOURNAL
Date Particulars L.F. Dr. (`) Cr. (`)

(i) Bank A/c ...Dr. 4,00,000
To Shyam’s Capital A/c 4,00,000
(Being the capital brought by Shyam)