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Model Test Papers M.265

2018
Oct. 1 Bank A/c ...Dr. 3,00,000
To Debentures Redemption Investment A/c 3,00,000
(Being the investment made as required by the Companies Act, 2013,
now encashed)
Oct. 1 9% Debentures A/c ...Dr. 20,00,000
Premium on Redemption of Debentures A/c ....Dr. 1,00,000
To Debentureholders’ A/c 21,00,000
(Being the amount due to debentureholders on redemption)
Oct. 1 Debentureholders’ A/c ...Dr. 21,00,000
To Bank A/c 21,00,000
(Being the amount due to debentureholders paid)
Oct. 1 Debentures Redemption Reserve A/c ...Dr. 20,00,000
To General Reserve A/c 20,00,000
(Being the Debentures Redemption Reserve transferred to General Reserve)
Note: As debentures are redeemable fully out of profits, an amount equal to the Nominal (Face) Value of
debentures to be redeemed will be transferred to Debentures Redemption Reserve.

Particulars `
Debentures Redemption Reserve (DRR) required (100% of ` 20,00,000) 20,00,000
Less: Existing Balance of DRR 10,35,000
Amount to be transferred to DRR 9,65,000

11. (i) Calculation of Gaining Ratio: Gain of a Partner = New Share – Old Share

5 4 13
A’s Gain = - = ;
8 9 72
3 2 11
C’s Gain = - =
8 9 72
13 11
Thus, Gaining Ratio of A and C = : = 13 : 11.
72 72
(ii)
Dr. PARTNERS’ CAPITAL ACCOUNTS Cr.
Particulars A (`) B (`) C (`) Particulars A (`) B (`) C (`)
To B’s Capital A/c 39,000 ... 33,000 By Balance b/d 2,19,500 1,14,000 1,16,500
(Goodwill) By A’s Capital A/c ... 39,000 ...
To Revaluation A/c (Loss) 12,000 9,000 6,000 By C’s Capital A/c ... 33,000 ...
To Cash/Bank A/c 21,500 ... ... By General Reserve A/c 28,000 21,000 14,000
(Bal. Fig.) By Cash/Bank A/c (Bal. Fig.) ... ... 13,500
To B’s Loan A/c ... 1,98,000 ...
To Balance c/d* 1,75,000 ... 1,05,000
2,47,500 2,07,000 1,44,000 2,47,500 2,07,000 1,44,000

*New Capital (` 2,80,000 in the ratio of 5 : 3) A ` 1,75,000 and C ` 1,05,000.