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M.54 An Aid to Accountancy—CBSE XII
8. State any three circumstances other than (i) admission of a new partner; (ii) retirement
of a partner, and (iii) death of a partner, when need for valuation of goodwill of a firm
may arise. (3)
9. C India Ltd. purchased machinery from B India Ltd. Payment to B India Ltd. was
made as follows:
(i) By issuing 10,000 equity shares of ` 10 each at a premium of 20%.
(ii) By issuing 1,000, 9% Debentures of ` 100 each at a discount of 5%.
(iii) Balance by giving a bank draft of ` 37,000.
Pass necessary Journal entries in the books of C India Ltd. for the purchase of
machinery and payment to B India Ltd.
Or
Fill in the blanks in the following Journal:

JOURNAL OF X LTD.
Date Particulars L.F. Dr. (`) Cr. (`)
Sundry Assets A/c ...Dr. 18,00,000
To Sundry Creditors A/c 2,00,000
To ? ?
To ? ?
(Being the business of Rohan & Co. purchased for a consideration
of ` 15,00,000)
? ...Dr. ?
? ...Dr. ?
To 9% Debentures A/c ?
(Being the payment made to Rohan & Co. by issue of?; 9% Debentures
of ` 150 each at a discount of ` 50 per debenture)
(3)

10. Compute the Salaries that will be shown in the Income and Expenditure Account for
the year ended 31st March, 2018 from the following information:

1st April, 2017 (`) 31st March, 2018 (`)
Outstanding Salaries 19,000 14,000
Prepaid Salaries 5,600 10,400
Salaries paid during the year ended 31st March, 2018 ` 2,97,800. (3)
11. P and Q were partners in a firm sharing profits in the ratio of 5 : 3. On 1st April,
2017 they admitted a specially abled person R as a new partner for 1/8th share
in the profits with a guaranteed profit of ` 75,000. The new profit-sharing ratio
between P and Q will remain the same but they agreed to bear any deficiency on
account of guarantee to R in the ratio of 3 : 2. The profit of the firm for the year ended
31st March, 2018 was ` 4,00,000.
Prepare Profit and Loss Appropriation Account of P, Q and R for the year ended
31st March, 2018. (4)