MOCK PRE BOARD ACCOUNTANCY. Marking
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1 MOCK PRE BOARD ACCOUNTANCY Marking 1. No entry is required, as the expenses are to be borne by the partner. 2. The discounted Bill of Exchange which is dishonored is a liability that will have to be met by the firm. This amount will be debited to Revaluation A/c at the time of retirement of a partner. 3. At the time of reconstitution of a partnership firm, if partners decide to retain assets and liabilities at their existing values and not at the revalued amounts, the adjustment is made through a single adjusting entry through Capital Accounts or Current Accounts by debiting the gaining partner and crediting the sacrificing partner. 4. Interest on Loan payable to Z = 50,000 x 6/100 x 4/12 = 1,000 Total loss incurred 62, = 63,000 to be borne by all partners equally. Each partner will be debited with 21,000 (loss) 5. The holder of debentures as collateral security is not entitled to receive any interest on such debentures. However, in the event of the company's failure to meet its obligation of re-payment of loan amount, the holder of such debentures may exercise his right to claim interest from the company on such debentures held by him. 6. Values highlighted: (i) The company plans to promote equitable and balanced development of the country. (ii) It provides financial support by recruiting the local people. (iii) It helps to improve the standard of living of people living in the rural areas. (any one) 7. Equity shares issued by the Company towards consideration other than cash is disclosed under Subscribed Capital fully paid up or partly paid up as the Case may be in the Notes to Accounts on `Share Capital'. Note to Accounts: 1. Share Capital Authorised Capital. Equity shares of 100 each Issued Capital..
2 Equity shares of 100 each Subscribed Capital Subscribed and fully paid Equity 100 each (Out of the above, 50,000 shares have been issued for consideration other than cash).. 8. Statement showing Adjustment Right of Goodwill before Retirement (1:2:3) Adjustment required Adjustment as per journel entry New Ratio Reena Richa Rhea 15,000 (Cr.) 30,000 (Cr.) 45,000 (Cr.) 60,000 () Nil 30,000 (Cr.) 45,000 () 30,000 (Cr.) 15,000 (Cr.) 60,000-30,000 Therefore, New Ratio between Reena and Rhea is 2:1. Values highlighted: By serving at the specially abled home, Richa shows her caring attitude towards the under privileged people in our society. 9. In the books of Aradhana Ltd. Journal Date L.F. () Cr. () Share First Call A/c To Equity Share Capital A/c (Being First Call money due on 50,000 3 per share Calls in Arrears A/c 1,52, To Equity Share First Call A/c To Calls-in-Advance A/c 3,600 (Being first call money received except on 250 shares and second Call money received for 1,200 shares) Share Second and Final Call A/c To Equity Share Capital A/c (Being Final Call Money due on 50,000 3 per Share) Calls-in-Arrears A/c Calls-in-Advance A/c To Share Second and Final Call A/c (Being final call money received except on 250 shares and calls in advance of 1,200 shares adjusted) 1,45, ,600
3 10. In the book of K Ltd. Journal Date L.F. () Cr. () Surplus, i.e. Balance in Statement of Profit and Loss A/c 1,00,000 To Debenture Redemption Reserve A/c 1,00,000 (Being the requisite Debenture Redemption Reserve created) Own Debenture A/c 3,80,000 To 3,80,000 (Being purchase of 2,000 own 10% Debentures from the open 190 per debenture) 10% Debenture A/c 4,00,000 To Own Debentures A/c To Gain on Cancellation of Own Debenture A/c 3,80,000 20,000 (Being 2,000 own debentures purchased from open market cancelled) Gain on Cancellation of Own Debenture A/c 20,000 To Capital Reserve A/c (Being transfer of Capital gain on redemption to capital reserve) Debenture Redemption Reserve A/c 1,00,000 To General Reserve A/c 1,00,000 (Being debenture redemption reserve transferred to general reserve after redemption) 11. Profit and Loss A/c For the year ending 31 st March, 2015 (extract) Cr. To Interest on Loan 2,700 By Net Profit 54,000 To Profits transferred to P/L Appropriation A/c 51,300 54,000 54,000 Profit and Loss Appropriation A/c For the year ending 31 st March, 2015 Cr. To Interest on Capital: By Net Profit 51,300 Anju s Capital A/c Manju s Capital A/c Vinita s Capital A/c To Commission: Vinita s Capital A/c To Profit Transferred to : Anju s Capital A/c 9,000 7,000 5,000 2,565 9,405 By Interest on drawings: Anju s Capital A/c Manju s Capital A/c
4 Manju s Capital A/c Vinita s Capital A/c 9,405 9,405 51,780 51, Amount due to O on his retirement = 32,600 Amount payable to O on his retirement 75% x 32,600 = 24,450 Amount payable to O after one year 8, % = 489, i.e., 8, = 8,639 Shortage of cash to be brought in by M and N Amount payable to O Existing cash balance + Minimum cash balance required = 24,450-13, ,000 = 21,450 Total Capital of the new firm after O's retirement. Capital Balance of M and N after all adjustments 54, ,300 = 1,02, ,450 (shortage of cash) = 1,23,650 Required Capital of M and N in the new ratio (1:1) after retirement = 61, 825 each Calculation of cash to be brought in by M and N: New Capital - Existing Capital M = 61,825 54,900 = 6,925 N = 61,825 47,300 = 14, (a) Calculation of Goodwill Goodwill = Average Profits x No. of years purchase Average Profits = Total Profits/No. of years Profits Amount () Year 1 56,000 (57,000 3, ,000) Year 2 74,000 Year3 89,000 (92,000 3,000) Year 4 1,34,000 (1,16, ,000) 3,53,000
5 Average Profits = 3,53,000/4 = 88,250 Goodwill = 88,250 x 2 = 1,76,500 (a) In the books of Bhavna, Brijesh and Gunjan Journal Journal Date L.F. () Cr. () Profit and Loss A/c 64,000 To Profit and Loss Appropriation A/c 64,000 (Being profit earned during the year transferred to P/L Appropriation A/c) Profit and Loss Appropriation A/c 64,000 32,000 16,000 16,000 To Bhavna Capital A/c To Brijesh Capital A/c To Gunjan Capital A/c (Being profits transferred in profit sharing ratio i.e. 2:1:1) Bhavna Capital Account Brijesh Capital A/c To Gunjan Capital A/c (Being deficit of the guaranteed amount contributed equally by old partners) 2,000 2,000 4, In the books of Khanak Ltd. Journal Date L.F. () Cr. () ,50,000 Apr 01 To Debenture Application and Allotment A/c (Being the amount of debentures received on application) 9,50,000 Debenture Application and Allotment A/c 9,50,000 Loss on issue of debentures A/c To 10% Debentures A/c To Premium on redemption of debentures A/c 10,00,000 1,00,000 (Being the debenture application A/c transferred to debentures A/c and loss on issue of debentures recorded) 2016 March 31 10% Debentures A/c Premium on redemption of debentures A/c To Debenture holders A/c (Being the amount due to debentureholders of 2,500; % Debentues) Debentureholders A/c To Equity share capital A/c To Securities Premium Reserve A/c (Being 22,000 the equity shares issued at a premium of 25% for the redemption of 2,500 debentures) 2,50,000 25,000 2,75,000 2,75,000 2,20,000 55,000
6 Workings Notes: Number of Equity Shares issued = 2,75, = 22, Realisaton A/c Cr. To Sundry Assets: By Outstanding Expenses 12,000 Debtors 38,000 By Creditors 34,000 Stock 52,000 By Employee Provident Fund 12,000 Furniture 20,000 By Bank Loan 70,000 Machinery 33,000 1,43,000 By Bank To Puja s Capital (Commission) 1,000 Debtors 33,000 To Bank Stock 19,800 52,800 Bank Loan 73,000 By Purnam s Capital (Furniture) 18,000 Outstanding Exp 12,000 By Puja s Capital (Stock) 22,800 Employee P. Fund 12,000 By Loss transferred: Expenses 800 Punam s Capital A/c 12,120 97,800 Puja s Capital Ac/ 8,080 2,41,800 2,41,800 Partners Capital A/c Cr. To Realisaiton A/c (Furniture) To Realisation A/c (Stock) To Profit and Loss A/c To Realisation A/c (Loss) Punam Puja Punam Puja 18,000 - By Balance b/d 50,000 30,000-22,800 By Realisation A/c - 1,000 21,600 14,400 (Commission) 12,120 8,080 1,720 14,280 51,720 45,280 By 51,720 45,280 Cr. 29,000 By Realisation A/c (Liabilities) 97,800 52,800 1,720 14,280 To Balance b/d To Realisation A/c (Assets) To Punam s Capital A/c To Puja s Capital A/c 97,800 97,800 No entry has been made for payment to Creditors as they have accepted Machinery in full settlement of their claim.
7 16. Revaluation A/c Cr. To Bad Debts To Provision on Debtors 2,000 4,000 By Investments By Revaluation (Loss): 5,000 To Outstanding Salary 16,000 Abha 10,625 Ritu 6,375 17,000 22,000 22,000 Partners Capital A/c Cr. To Revaluation A/c To Investments A/c To Goodwill A/c To Current A/c To Balance c/d Abha Ritu Sonal Abha Ritu Sonal 10,625 6,375 - By Balance b/d 3,20,000 1,90,000-18,750 11,250 By - - 1,20,000 65,000 39,000 By Sonal s Current A/c 16,000 8,000-92,875 44,125 By Reserve A/c 43,750 26,250-2,20,000 1,40,000 1,20,000 By WCF A/c 15,000 9,000 By Profit & Loss A/c 12,500 7,500 4,07,250 2,40,750 1,20,000 4,07,250 2,40,750 1,20,000 Bills Payable Creditors Salary Outstanding Workmen Compensation claim Current Account: Abha 92,875 Ritu 44,125 Capital Account: Abha 2,20,000 Ritu 1,40,000 Sonal 1,20,000 Balance Sheet of the new firm Liabilities Assets 22,000 45,000 16,000 16,000 1,37,000 Cash Bank Debtors 80,000 Less: Provison 4,000 Stock Investments Furniture Machinery Sonal s Current A/c 12,000 2,03,000 76,000 66,000 35,000 75,000 2,25,000 24,000 4,80,000 7,16,000 7,16,000 Working Notes: 1. Goodwill of the firm = 96,000 Sonal s share of goodwill = ¼ of 96,000 = 24, Bank Balance: 83, ,20,000 = 2,03, Adjustment of Capital Sonal Capital for 1/4 th share = 1,20,000 Total Capital of the new firm = 4,80,000 New Ratio:
8 Abha s Old share 5/8 Abha s sacrifice 2/3 of ¼ = 2/12 Abha s New share = 5/8 2/12 = 11/24 Ritu s old share 3/8 Ritu s Sacrifice 1/3 of ¼ = 1/12 Ritu s new share = 3/8 1/12 = 7/24 Sonal s share = 6/24 New ratio = 11:7:6 Abha s Capital = 11/24 x 4,80,000 = 2,20,000 Ritu s Capital = 7/24 x 4,80,000 = 1,40,000 Revaluation A/c Cr. To Provision for debtors To Workmen Compensation Claim To Investment To Provision for Bills discounted 525 1,500 3,000 2,000 By Stock By Loss transferred: Megha s Capital a/c Anita s Capital a/c Richa s Capital a/c 3,600 1,713 1, ,025 7,025 Or Partners Capital A/c Cr. To Goodwill A/c To Anita s Capital A/c To Revaluation A/c (Loss) To Cash A/c To Anita s Loan A/c To Balance c/d Megha Anita Richa Megha Anita Richa 15,000 9,000 6,000 By Balance b/d 70,000 50,000 40,000 4,000-2,000 By General Reserve 11,000 6,600 4,400 1,713 1, By Megha s Capital (Goodwill) - 4, ,000 - By Richa s Capital (Goodwill) - 2, ,573 - By Cash A/c 14,000-6,000 1,05,000-45,000 By Current A/c 30,713-3,285 1,25,713 62,600 53,685 1,25,713 62,600 53,685 Creditors Bill Payable Workmen Compensation claim Provision for bill discounted Anita s Loan a/c Capital A/c Megha 1,05,000 Richa 45,000 Balance Sheet of the New firm Liabilities Assets 20,000 49,000 10,000 1,500 2,000 32,573 Cash at hand (22, ,000) Debtors 25,000 Less: Provision 3,525 21,475 Stock Furniture Machinery Megha s Current a/c 21,600 20,000 70,000 30,713 Richa s Current a/c 3,285 2,16,073 2,16,073
9 Working Notes: Calculation of New Ratio: Gaining Ratio = 4000:2000 or 2:1 Megha s new share = 5/10 + 2/10 = 7/10 Richa s new share = 2/10 + 1/10 = 3/10 New Ratio of Megha and Richa is 7:3. Capital of the firm = Megha s Capital 7/10 of = 1,05,000 Richa s Capital 3/10 of = 45, In the books of Rajesh Ltd. Journal Journal Date L.F. () Cr. () 9,20,000 To Equity Share Application A/c 9,20,000 (Being application money received on 2,30,000 4 per share) Equity Share Application A/c 9,20,000 To Equity Share Capital A/c 4,00,000 To Equity share Allotment A/c 2,90,000 To 2,30,000 (Being application money on 1,00,000 shares transferred to share Capital, excess money adjusted towards allotment, refund of rejected shares and excess after adjustment for allotment) Equity share allotment A/c To Equity share Capital A/c To Securities Premium A/c (Being money due on 5 per share including premium of 2 Per share) To Equity Share Allotment A/c (Being balance amount received on allotment) Equity Share First & Final Call A/c To Equity share Capital A/c (Being First & final call amount due on 1,00,000 3 per share) 5,00,000 2,10,000 3,00,000 3,00,000 2,00,000 2,10,000 3,00,000
10 To Equity Share First Call A/c (Being First & final call amount received except on 1,500 share) Share Capital A/c To Share First & Final Call A/c To Share Forfeited A/c (Being 1,500 shares forfeited for non-payment of first and final call) Share forfeited A/c To Equity Share Capital A/c (Being re-issue of 750 forfeited 9 per share fully paid) Share Forfeited A/c To Capital Reserve A/c (Being Profit on reissue of 750 forfeited shares transferred to Capital Reserve) 2,95,500 15,000 6, ,500 2,95,500 4,500 10,500 7,500 4,500 Or In the books of Raghav Ltd. Journal Date L.F. () Cr. () To Equity Share Application A/c (Being application money received on 90,000 5 per share) 4,50,000 4,50,000 Equity Share Application A/c To Equity Share Capital A/c To Securities Premium A/c To Equity Share Allotment A/c To (Being application money on 50,000 shares transferred to share Capital and Securities Premium, excess money on 25,000 shares adjusted towards allotment, refund of 15,000 applications rejected) Equity share allotment A/c To Equity share Capital A/c To Securities Premium A/c (Being money due on 5 per share including premium of 2 Per share) To Equity Share Allotment A/c (Being allotment money received after adjustment of excess money transferred and adjusting non-payment on 1,2000 shares held by Ritu) Share Capital A/c Securities Premium A/c 4,50,000 2,50,000 1,22,000 7,200 2,400 1,00,000 1,25,000 75,000 1,00,000 1,22,000
11 To Share Allotment A/c To Share Forfeited A/c (Being 1,2000 shares forfeited for non-payment of allotment Money due) Equity Share First Final Call A/c To Equity share Capital A/c (Being First & final call amount received due on 48,800 4 per share) To Equity Share Final Call A/c (Being First & Final call amount received except on 1,200 shares) Share Capital A/c To Share First & Final Call A/c To Share Forfeited A/c (Being 1,200 shares forfeited for non-payment of first and final call) To Equity Share Capital A/c To Securities Premium A/c (Being re-issue of 600 forfeited 12 per share fully paid) (Ritu s Shares) Share forfeited A/c To Equity Share Capital A/c (Being re-issue of 600 forfeited 9 per share fully paid) (Manju s shares) Share Forfeited A/c To Capital Reserve A/c (Being Profit on reissue of 1,200 forfeited shares transferred to Capital Reserve) (Ritu 600 shares 3,300 0 = 3,300) (Manju 600 shares 3, = 3,000) 1,95,200 1,90,400 12,000 7,200 5, ,300 3,000 6,600 1,95,200 4,800 7,200 6,000 1,200 6,000 6, (i) The payment of installment for the purchase of machinery is categorized under investing activity. (ii) Interest paid on instalments is categorized under financing activity. 19. Provision for Doubtful debts will be added to Operating Activities while preparing Cash Flow Statement. 20. Provision for Income Tax Account Cr. To (bal fig) Being payment made) To Balance c/d (Given) 1,75,000 2,10,000 By Balance b/d (given) By Statement of P & L (Provision made in 2017) (Given) 2,35,000 3,85,000 3,85, Return on Investment = Net Profit before Interest and Tax Capital Employed 100
12 = 22,00,000 1,60,00, = 13.75% Working Notes: Calculation of Net profit before Tax: Net Profit after Interest and Tax 12,00,000 Add: Interest on 10% Debentures 2,00,000 Net Profit after Tax 14,00,000 Add: Tax = 12,00, ,00,000 Net Profit before Interest and Tax 22,00,000 Debt to Equity Ratio = Debt = 20,00,000 = 1: 7 Equity 1,40,00,000 Working notes: Debt = 10% Debentures = 20,00,000 Equity = Capital Employed Debt = 1,60,00,000 20,00,000 = 1,40,00, (a) Item Effect on Current Ratio Reason (i) No Change Issue of bonus shares will not change current assets or current liabilities. Therefore, current ratio will not change (ii) No Change Redemption of Preference shares by issue of new shares will not change current assets. Therefore, current ratio will not change. (iii) Decline Purchase of computer on credit which will be paid within two months will increase current liabilities. However, current assets will not change. Therefore, current ratio will decline (iv) Improve Sale of goods at a profit will increase current assets. However, current liabilities will remain same. Therefore, current ratio will improve (b) Operating Ratio = Cost of Revenue from Operations +Operating Expenses Revenue from Operations,i.e.,Net Sales 100 Cost of Revenue from Operations = ( 5,60,000 x 92/100) 91,000 = 5,15,200 91,000 = 4,24, Cash Flow Statement
13 For the year ended March 31, 2015 Sr. No. I. Cash Flow from Operating Activities: Net Profit before Tax & Extraordinary Items (Note 1) 16,800 Adjustment for non cash and non-operating Items: Add: Depreciation 48,000 Goodwill written off 24,000 Provision for Doubtful Debts 4,000 Loss on sale of Investments 8,000 Interest on 12% Debentures 14,400 Less: Interest on 10% Govt. Bonds (2,400) Operating Profit before Working Capital changes 1,12,800 Change in Current Assets & Current Liabilities Increase in Inventories (8,000) Increase in Trade Receivables (92,000) Increase in Trade Payables 20,000 Net Cash used in Operating Activities before Tax 32,800 Less: Tax Paid (4,800) Net Cash Flow from Operating Activities 28,000 28,000 II. III. IV. V. VI. Cash Flow from Investing Activities: Proceeds from sale of Investments Interest on Investments Purchase of Investments Purchase of Machinery Net Cash used in Investing Activities Cash Flow from Financing Activities: Issue of Share Capital Issue of Debentures Interest paid on Debentures Net Cash Inflow from Financing Activities Net Increase in Cash and Equivalent (I +II+III) Cash and Cash Equivalent at the beginning of the year Cash and Cash Equivalent at the end of the period (IV+V) 16,000 2,400 (64,000) (1,20,000) (1,65,600) 80,000 80,000 (14,400) 1,45,600 (1,65,600) 1,45,600 8,000 96,000 1,04,000 Working Notes: 1. Profit for the year ( 56,000 52,000) 4,000 Add: Transfer to Reserve ( 80, ,000) 8,000 Add: Tax Paid 4,800 16,800
14 10% Govt. Bonds A/c Cr. To Balance b/d To (Purchases) (Balancing Figure) 24,000 64,000 By (Sales Proceeds) By loss on Sale By Balance b/d 16,000 8,000 64,000 88,000 88,000 Machinery A/c Cr. To Balance b/d To (Purchases) 2,64,000 1,20,000 By Depreciation A/c By Balance b/d 48,000 3,36,000 (Balancing Figure) 3,84,000 3,84,000
SOLUTIONS. 6. Capital reserve = `6,00,000 `5,93,500 = `6, Journal Date Particulars L.F. Dr. (`) Cr. (`) C s current A/c Dr.
Part A (ACCOUNTING FOR PARTNERSHIP FIRMS AND COMPANIES) 1. Loss on realisation = `1,95,000 2. New Profit Sharing Ratio: 20:11:9 3. Interest on drawing = 54000 15/100 3/12 = `2,025 4. i) For issuing fully
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