Page 448 - AAAXII

Model Test Papers M.429

3. Calculation of Proportionate Capital of the remaining partners in the new firm:
Total Capital of the firm before the retirement of Aruna = ` 7,00,000
4
Karuna’s Capital in the new firm = ` 7,00,000 × = ` 4,00,000
7
3
Varuna’s Capital in the new firm = ` 7,00,000 × = ` 3,00,000.
7
4. Dr. BANK ACCOUNT Cr.
Particulars ` Particulars `
To Balance b/d 1,00,000 By Aruna’s Capital A/c 50,000
To Karuna’s Capital A/c 1,05,000 By Balance c/d 2,65,000
To Varuna’s Capital A/c 1,10,000
3,15,000 3,15,000

17. In the Books of Sunrise Ltd.
JOURNAL
Date Particulars L.F. Dr. (`) Cr. (`)

Bank A/c ...Dr. 2,70,000
To Equity Shares Application A/c 2,70,000
(Being the shares application money @ ` 10 per share received on 27,000 shares)
Equity Shares Application A/c ...Dr. 2,70,000
To Equity Share Capital A/c 54,000
To Securities Premium Reserve A/c 2,16,000
(Being the application money adjusted)
Equity Shares Allotment A/c ...Dr. 3,24,000
To Equity Share Capital A/c 81,000
To Securities Premium Reserve A/c 2,43,000
(Being the allotment money due on 27,000 shares @ ` 12 per share)
Bank A/c ...Dr. 2,88,000
To Equity Shares Allotment A/c 2,88,000
Or
Bank A/c ...Dr. 2,88,000
Calls-in-Arrears A/c ...Dr. 36,000
To Equity Shares Allotment A/c 3,24,000
(Being the allotment money received except on 3,000 shares)
Equity Shares First and Final Call A/c ...Dr. 4,86,000
To Equity Share Capital A/c 1,35,000
To Securities Premium Reserve A/c 3,51,000
(Being the amount of first and final call due on 27,000 shares)
Bank A/c ...Dr. 3,96,000
To Equity Shares First and Final Call A/c 3,96,000
Or
Bank A/c ...Dr. 3,96,000
Calls-in-Arrears A/c ...Dr. 90,000
To Equity Shares First and Final Call A/c 4,86,000
(Being the first call money received except on 5,000 shares)