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M.308 An Aid to Accountancy—CBSE XII

8. From the following information, calculate the amount of subscription outstanding for
the year ending 31st March, 2019:
(i) A club has 200 members each paying an annual subscription of ` 1,000.
(ii) Subscription received during the year: ` 2,05,000.
(iii) Subscription outstanding on 31st March, 2018: ` 40,000.
(iv) Subscription received in advance as at 31st March, 2019: ` 30,000.
(v) Subscription received in advance as at 31st March, 2018: ` 12,000. (3)
9. Young India Ltd. issued 2,000, 10% Debentures of ` 100 each fully paid-up to the promoters
for services to incorporate the company and issued 1,000, 10% Debentures of ` 100 each
fully paid-up to the underwriters for underwriting services. Journalise these transactions.
Or
Star Ltd. purchased the assets of Mars Ltd. for ` 4,00,000 and took over liabilities of
` 70,000 at an agreed value of ` 3,24,000. The payment was made by accepting a draft for
3 months for ` 54,000 and balance by issue of 9% Debentures of ` 100 each at a discount
of 10% redeemable at par. Pass necessary Journal entries in the books of Star Ltd. (3)
10. The authorised capital of Arvind Ltd. is ` 90,00,000 divided into 60,000 shares of
` 150 each. Out of these, company issued 30,000 shares of ` 150 each at a premium of ` 10
per share. The amount was payable as follows: ` 50 per share on application, ` 40 per share
on allotment (including premium), ` 30 per share on first call and balance on second and
final call. Applications were received for 28,000 shares. All the money was duly received.
Prepare an extract of Balance Sheet of Arvind Ltd. as per Schedule III, Part I of the
Companies Act, 2013 showing Share Capital. (3)
11. X and Y are partners in a firm sharing profits in the ratio of 3 : 2. They admitted Z as a
new partner for 1/5th share in future profits. At the time of admission of Z, Investments
appeared at ` 1,00,000 in the Balance Sheet. Half of the Investments to be taken by
X and Y in their profit-sharing ratio at book value. Remaining investments were
valued at ` 62,500. One month after Z’s admission, X and Y decided to allow a salary of
` 50,000 per annum to Z for the extra efforts and time devoted by him to the business.
Pass necessary Journal entries. (4)
12. X, Y and Z were partners in a firm sharing profits in 3 : 2 : 1 ratio. The firm closes its
books on 31st March every year. Y died on 30th June, 2018. On Y’s death, the goodwill
of the firm was valued at ` 90,000. Y’s share in the profit of the firm till the time
of his death was to be calculated on the basis of previous year’s profit which was
` 2,40,000. Calculate Y’s share in the profit of the firm.
Pass necessary Journal entries to adjust Y’s share of Goodwill and Profit. (4)
13. From the following particulars, prepare Income and Expenditure Account of Gandhi
Club for the year ended 31st March, 2018 and Balance Sheet as on that date:
Dr. RECEIPTS AND PAYMENTS ACCOUNT for the year ended 31st March, 2018 Cr.
Receipts ` Payments `
To Balance b/f 33,500 By Salaries 12,000
To Entrance Fees 3,000 By Electric Charges 1,200
To Subscription: By Other Expenses 5,250
Arrears 500 By Fixed Deposit 25,000
Current Year 35,000 By Utensils 2,000
Advance 750 36,250 By Creditors 10,000
To Refreshment 1,000 By Balance c/d 21,500
To Miscellaneous Income 3,200
76,950 76,950