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Model Test Papers M.501

Or

JOURNAL
Date Particulars L.F. Dr. (`) Cr. (`)
(i) Sundry Assets A/c ...Dr. 2,00,000
Goodwill A/c (Balancing Figure) ...Dr. 10,000
To Sundry Liabilities A/c 50,000
To Samay Ltd. 1,60,000
(Being the business of Samay Ltd. purchased)
(ii) Samay Ltd. ...Dr. 1,60,000
To 10% Debentures A/c 1,60,000
(Being 1,600; 10% Debentures of ` 100 each issued at par against
purchase price)
Note: Number of Debentures to be issued = ` 1,60,000 ÷ ` 100 = 1,600 Debentures.

10. Dhyan Chand Sports Club
Dr. INCOME AND EXPENDITURE ACCOUNT for the year ending 31st March, 2018 Cr.
Expenditure ` Income `
By Interest on General Fund Investments 80,000

BALANCE SHEET
as at 31st March, 2018
Liabilities ` Assets `
Sports Fund: Sports Fund Investments 3,50,000
Balance on 1st April, 2017 3,50,000 General Fund Investments 8,00,000
Add: Interest on Sports Fund Invt. 40,000
Donations for Sports Fund 1,50,000
5,40,000
Less: Sports Prizes Awarded 1,00,000
Expenses on Sports
Events 40,000 4,00,000
General Fund 8,00,000

11.
Dr. SURESH’S CAPITAL ACCOUNT Cr.
Particulars ` Particulars `

To Drawings A/c 27,500 By Balance b/d 2,00,000
To Suresh’s Executors’ A/c 2,35,500 By Interest on Capital A/c 6,667
(Balancing Figure) (` 2,00,000 × 10/100 × 4/12)
By Profit and Loss Suspense A/c (Profit) 11,333
By Mahesh’s Capital A/c (` 45,000 × 3/5) 27,000
By Naresh’s Capital A/c (` 45,000 × 2/5) 18,000
2,63,000 2,63,000