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M.392 An Aid to Accountancy—CBSE XII

9. JOURNAL

Date Particulars L.F. Dr. (`) Cr. (`)
2018 Bank A/c ...Dr. 1,36,000
April 1 To Able’s Capital A/c 1,00,000
To Premium for Goodwill A/c 36,000
(Being the amount of premium for goodwill and capital brought in by Able)
April 1 Premium for Goodwill A/c ...Dr. 36,000
To Strong’s Capital A/c (1/10 × ` 36,000) 3,600
To Weak’s Capital A/c (9/10 × ` 36,000) 32,400
(Being the premium for goodwill credited to old partners on the basis of
their sacrificing ratio, i.e., 1 : 9)
April 1 Strong’s Capital A/c ...Dr. 3,600
Weak’s Capital A/c ...Dr. 32,400
To Bank A/c 36,000
(Being the withdrawal of premium money by the partners)

10. AN EXTRACT OF BALANCE SHEET OF LITTLE COMFORTS LTD. as at ...
Particulars Note No. `
I. EQUITY AND LIABILITIES
Shareholders’ Funds
Share Capital 1 1,78,800

Note to Accounts
Particulars `
1. Share Capital
Authorised Capital
50,000 Equity Shares of ` 10 each 5,00,000
Issued Capital
30,000 Equity Shares of ` 10 each 3,00,000
Subscribed Capital
Subscribed but not fully paid-up
29,700 Equity Shares of ` 10 each; ` 6 per share paid-up 1,78,200
Add: Forfeited Shares A/c (300 × ` 2) 600
1,78,800
Or

JOURNAL
Date Particulars L.F. Dr. (`) Cr. (`)
2017
March 31 Surplus, i.e., Balance in Statement of Profit and Loss A/c ...Dr. 12,50,000
To Debentures Redemption Reserve A/c (25% of ` 50,00,000) 12,50,000
(Being the profits transferred to Debentures Redemption Reserve)
April 1 Debentures Redemption Investment A/c ...Dr. 7,50,000
To Bank A/c (15% of ` 50,00,000) 7,50,000
(Being the investment made in fixed deposit as per Companies Act,
2013 earning interest @ 9%)