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M.26 An Aid to Accountancy—CBSE XII

7. X Ltd. purchased machinery from Y Ltd. and payment was made as follows:

(i) By issuing 10,000 equity shares of ` 10 each at a premium of 10%;
(ii) By issuing 200, 9% Debentures of ` 100 each at a discount of 10%;
(iii) Balance by accepting a bill of exchange of ` 50,000 payable after one month.

Journalise these transactions in the books of X Ltd. (3)
8. Kavi, Ravi, Kumar and Guru were partners in a firm sharing profits in the ratio of
3 : 2 : 2 : 1. On 1st February, 2018, Guru retired and the new profit-sharing ratio
decided among Kavi, Ravi and Kumar was 3 : 1 : 1. On Guru’s retirement, goodwill of
the firm was valued at ` 3,60,000.
Showing your working notes clearly, pass necessary Journal entry in the books of the
firm for the treatment of goodwill on Guru’s retirement. (3)
9. X and Y are partners sharing profits in the ratio of 3 : 2. The accountant prepared Profit
and Loss Appropriation Account and Partners’ Capital Accounts but forgot to post few
amounts in these accounts. You are required to complete the below given accounts by
posting correct amounts:

PROFIT AND LOSS APPROPRIATION ACCOUNT
Dr. for the year ended 31st March, 2018 Cr.

Particulars ` Particulars `
To Interest on Capital @ 5% p.a.: By Profit and Loss A/c (Net Profit) ?
X 2,500 By Interest on Drawings A/c:
Y 2,000 ? X 120
To Salary A/c: Y 80 200
X 24,000
Y 12,000 ?
To Divisible Profit transferred to
Capital A/cs:
X 17,280
Y ? ?
69,300 69,300

Dr. PARTNERS’ CAPITAL ACCOUNTS Cr.
Particulars X (`) Y (`) Particulars X (`) Y (`)

To Drawings A/c 6,000 4,000 By Balance b/d ? ?
To Interest on Drawings A/c ? ? By Interest on Capital A/c ? ?
To Balance c/d ? ? By Salary A/c ? ?
By Profit and Loss Appropriation A/c ? ?
? ? ? ?

(3)