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M.476 An Aid to Accountancy—CBSE XII

10. AN EXTRACT OF BALANCE SHEET OF JAYANTI LTD. as at ...
Particulars Note No. `
I. EQUITY AND LIABILITIES
Shareholders’ Funds
Share Capital 1 4,48,000
Note to Accounts
Particulars `
1. Share Capital
Authorised Capital
1,00,000 Equity Shares of ` 10 each 10,00,000
Issued Capital
50,000 Equity Shares of ` 10 each 5,00,000
Subscribed Capital
Subscribed and fully paid-up
44,000 Equity Shares of ` 10 each 4,40,000
Add: Forfeited Shares A/c (1,000 Shares × ` 8) 8,000
4,48,000
Or
JOURNAL OF VISHAL LTD.
Date Particulars L.F. Dr. (`) Cr. (`)
(i) Sundry Assets A/c ...Dr. 4,00,000
To Sundry Liabilities A/c 70,000
To Gopala Ltd. 3,24,000
To Capital Reserve A/c (Balancing Figure) 6,000
(Being the assets and liabilities purchased and gain recorded)
(ii) Gopala Ltd. ...Dr. 3,24,000
Discount on Issue of Debentures A/c ...Dr. 36,000
To 10% Debentures A/c 3,60,000
(Being 3,600; 10% debentures issued against purchase consideration)
Note: Number of Debentures to be issued = ` 3,24,000 ÷ ` 90 = 3,600 debentures.
11.
Dr. JAIPAUL’S CAPITAL ACCOUNT Cr.
Particulars ` Particulars `
To Goodwill A/c (` 3,00,000 × 2/5) 1,20,000 By Balance b/d 2,50,000
To Advertisement Expenditure A/c (` 50,000 × 2/5) 20,000 By General Reserve A/c (` 3,00,000 × 2/5) 1,20,000
To Jaipaul’s Executors’ A/c (Balancing Figure) 4,41,583 By Interest on Capital A/c (WN 1) 6,250
By Profit and Loss Suspense A/c (WN 2) 13,333
By Jassal’s Capital A/c (WN 3) 1,28,000
By Jyoti’s Capital A/c (WN 3) 64,000
5,81,583 5,81,583
Working Notes:
1. Interest on Jaipaul’s Capital:
2.5 12
@ 12% on ` 2,50,000 for 2.5 months = ` 2,50,000 × × = ` 6,250.
12 100
2. Calculation of Jaipaul’s Share of Profit (Till the date of his death):
` 1,50,000 ` + 1,90,000 `
+ 1,70,000 `
+ 1,30,000
(a) Average Profit = = ` 1,60,000.
4
2.5
(b) Profit till the date of Death = 1,60,000` ¥ = 33,333(Approx.).`
12
(c) Jaipaul’s Share of Profit = ` 33,333 × 2/5 = ` 13,333.