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M.468 An Aid to Accountancy—CBSE XII

Or
Lalit, Mohan and Nath were partners in a firm sharing profits in the ratio of 2 : 1 : 1.
On 1st April, 2018, their Balance Sheet was as follows:

BALANCE SHEET OF LALIT, MOHAN AND NATH
as at 1st April, 2018
Liabilities ` Assets `
Capital A/cs: Land 8,00,000
Lalit 6,00,000 Building 6,00,000
Mohan 4,80,000 Furniture 2,40,000
Nath 4,80,000 15,60,000 Debtors 4,00,000
General Reserve 4,40,000 Less: Provision for Doubtful Debts 20,000 3,80,000
Workmen Compensation Reserve 3,60,000 Stock 4,40,000
Creditors 2,40,000 Cash 1,40,000
26,00,000 26,00,000

On the above date Nath retired. The following was agreed:
(i) Goodwill of the firm was valued at ` 6,00,000.
(ii) Land was to be appreciated by 40% and Building was to be depreciated by ` 1,00,000.
(iii) Furniture was to be depreciated by ` 30,000.
(iv) Liability against Workmen Compensation Reserve was determined at ` 1,60,000.
(v) Due to shortage of funds in firm, Nath agreed that amount payable to him be
transferred to his Loan Account.
(vi) Capitals of Lalit and Mohan were to be adjusted in their new profit-sharing ratio
and for this purpose Current Accounts of the partners will be opened.
Prepare Revaluation Account, Partners’ Capital Accounts and the Balance Sheet of
the new firm. (8)
17. Ruchi Ltd. issued 1,00,000 Equity Shares of ` 10 each at a premium of 20% payable
as follows:
On application — ` 2.50 per share,
On allotment — ` 4.50 per share, and
On first and final call — balance.
Applications were received for 2,40,000 Equity Shares. Applications for 40,000 shares
were rejected and pro rata allotment was made to the remaining applicants.
Renu who had applied for 800 shares did not pay the allotment and final call money, as
a result her shares were forfeited. Later on 80% of the forfeited shares were reissued
at ` 8 per share fully paid-up.
Pass necessary Journal entries for the above mentioned transactions in the books of
the company.
Or

Shakti Ltd. issued a prospectus inviting applications for 50,000 Equity Shares of
` 10 each at a premium of 20%, payable ` 5 on application (including ` 2 as premium),
` 4 on allotment and the balance on first and final call.