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M.336                                                An Aid to Accountancy—CBSE XII

                                                             Or
                          X, Y and Z are in partnership sharing profits and losses in the ratio of 3 : 2 : 1. On
                          1st April, 2018, Y retires. On that date the Balance Sheet was:
                     Liabilities                          `     Assets                             `

                     Bills Payable                       80,000   Cash                             15,000
                     Creditors                          1,20,000   Debtors                         70,000
                     Capital A/cs:                              Stock                             2,30,000
                     X                        2,40,000          Vehicles                          1,90,000
                     Y                        2,00,000          Building                          2,50,000
                     Z                        1,60,000   6,00,000   Profit and Loss A/c            45,000
                                                        8,00,000                                  8,00,000

                          The terms were:
                          (a)  Goodwill of the firm is valued at ` 1,50,000.
                          (b)  New ratio between X and Z will be 3 : 2.
                          (c)  Stock to be valued at ` 2,54,000.
                          (d)  Vehicles to be valued at 10% less than the book value.
                          (e)  Building to be valued at 10% more than the book value.
                          (f)  Total capital of the newly constituted firm is to be same as total capital of the firm
                             before retirement and capitals of X and Z are to be in the new profit-sharing ratio,
                             adjustments are to be made in cash.
                          Prepare Revaluation Account, Partners’ Capital Accounts and the Balance Sheet of
                          new firm.                                                                  (8)
                      17.  Moonlight Ltd. issued for subscription 50,000 Equity Shares of ` 10 each at a premium
                          of ` 2 per share payable as under:
                            On Application           :  ` 2;
                            On Allotment             :  ` 5 per share (Including premium); and
                            On First and Final Call  :  ` 5 per share.
                          Applications were received for 60,000 shares. Allotment was made on pro rata basis to
                          all the applicants. Money received in excess on application was applied towards amount
                          due on allotment. A to whom 500 shares were allotted, failed to pay the allotment and
                          call money. B to whom 2,000 shares were allotted, failed to pay the first and final call.
                          The shares of A and B were subsequently forfeited after the first and final call was
                          made. All the forfeited shares of B were reissued at ` 7 per share as fully paid.
                          Pass Journal entries in the books of company to record the above transactions.
                                                             Or
                          Sunshine Ltd. invited applications for 30,000 Equity Shares of ` 100 each at a premium
                          of ` 20 each. The amount was payable as follows:
                            On Application                   :  ` 40 (Including premium of ` 10);
                            On Allotment                     :  ` 50 (Including premium of ` 10); and
                            On First and Final Call          :  Balance.
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