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M.464 An Aid to Accountancy—CBSE XII

Pass the necessary Journal entries for issue of debentures and writing off loss and
prepare Loss on Issue of Debentures Account. (3)
8. Rich and Poor are partners sharing profits in the ratio of 3 : 2 in a firm, which provides
technical services to industrial enterprises. They admitted Wealthy in the firm for
1/5th share in the profits. Wealthy, an MBA, would help them to expand their business.
Wealthy is given a guarantee that his share of profit in any year will not be less than
` 5,00,000. Deficiency, if any, will be borne by Rich and Poor equally. Loss for the year
ended on 31st March, 2018, was ` 25,00,000.
Pass necessary Journal entries in the books of the firm. (3)
9. From the following information, calculate the amount of medicines to be debited
to the Income and Expenditure Account of National Hospital for the year ended
31st March, 2018:
`
Stock of medicines as on 1st April, 2017 2,47,000
Stock of medicines as on 31st March, 2018 3,69,000
Creditors for medicines as on 1st April, 2017 17,85,000
Creditors for medicines as on 31st March, 2018 19,37,000
Paid to creditors for medicines during the year ended 31st March, 2018 20,00,000
(3)
10. Jayanti Ltd. has an authorised capital of `10,00,000 divided into equity shares of
` 10 each. The company invited applications for 50,000 shares. Applications for 45,000
shares were received. All calls were made and duly received except the final call of
` 2 per share on 1,000 shares and these shares were forfeited. Show how share
capital will be shown in the Balance Sheet of the company as per Schedule III of the
Companies Act, 2013?
Or
Vishal Ltd. purchased the assets of Gopala Ltd. for ` 4,00,000 and took over liabilities
of ` 70,000 at an agreed consideration of ` 3,24,000. The payment was made by issue
of 10% Debentures of ` 100 each at a discount of 10%. Pass necessary Journal entries
in the books of Vishal Ltd. (3)
11. The Balance Sheet of Jassal, Jaipaul and Jyoti who are partners sharing profit in the
ratio of 2 : 2 : 1, as on 31st March, 2018 is as follows:
Liabilities ` Assets `
Creditors 3,00,000 Goodwill 3,00,000
Employees’ Provident Fund 1,00,000 Fixed Assets 6,00,000
General Reserve 3,00,000 Stock 1,00,000
Jassal’s Capital 3,00,000 Sundry Debtors 2,00,000
Jaipaul’s Capital 2,50,000 Cash at Bank 1,50,000
Jyoti’s Capital 1,50,000 Advertisement Expenditure 50,000
14,00,000 14,00,000

Jaipaul died on 15th June, 2018. According to the Deed, his legal representatives were
entitled to:
(a) Balance in Capital Account.
(b) Share of goodwill valued at three times the average profit of the past four
years’ profits.