Particulars | Amt (Rs.) |
Subscriptions | |
2016-17 | 1,000 |
2017-18 | 28,000 |
2018-19 | 500 |
On 31 st March, 2016 | 1,800 12% Debentures |
On 31st March, 2017 | 3,600 12% Debentures |
On 31st March, 2018 | 3,600 12% Debentures |
Date | Particulars | LF | Amt (Dr) | Amt (Cr) | |
Share Capital A/c \[\left( 600\times 8 \right)\] | Dr | 4,800 | |||
To Share First Call A/c \[\left( 600\times 3 \right)\] | 1,800 | ||||
To ............... | .... | ||||
(Being 600 shares forfeited) | |||||
.............. | Dr | ... | |||
............... | Dr | ... | |||
To ............... | .... | ||||
(Being 200 shares re-issued at Rs. 7, Rs. 8 called-up) | |||||
............... | Dr | ... | |||
To.......... | ... | ||||
(Being balance transferred to capital reserve) |
(a) Profit shall be divided in the ratio of 2 : 2 : 1. |
(b) Amit's share of profit guaranteed to be not less than Rs. 1,25,000 in any year. |
(c) Ramit gives guarantee to the effect that the gross fee earned by him for the firm shall not be less than average fees of preceding four years when he was carrying on the profession alone. |
(d) Their capital accounts shall be fixed. |
Liabilities | Amt (Rs.) | Assets | Amt (Rs.) | ||
Sundry Creditors | 4,80,000 | Cash at Bank | 6,00,000 | ||
Loan from Mrs A | 2,08,000 | Stock | 96,000 | ||
Loan from Mrs B | 1,60,000 | Sundry Debtors | 3,20,000 | ||
Reserve | 3,20,000 | (-) Provision for | |||
Investment Fluctuation Fund | 16,000 | Doubtful Debts | (32,000) | 2,88,000 | |
Capital A/cs | Investments | 1,60,000 | |||
A | 3,20,000 | Fixed Assets | 6,24,000 | ||
B | 3,20,000 | 6,40,000 | Advertisement Suspense A/c | 8,000 | |
Profit and Loss A/c | 48,000 | ||||
18,24,000 | 18,24,000 |
(i) Debtors falling due on 1st February, 2019 were realised at a discount of 6% p.a. |
(ii) Creditors falling due on 30th April, 2018 were paid at a discount of 6% p.a. |
(iii) A promised to pay off Mrs As Loan and took the stock at 10% discount. |
(iv) B took half the investments at 10% discount. |
(v) Fixed assets realised Rs. 11,36,000 and investment realised Rs. 72,000. |
(vi) There was an old furniture which has been written off completely from the books, B agreed to take the same for Rs. 4,800. |
(vii) Realisation expenses were Rs. 32,000 paid by A. |
You are required to prepare the realisation account, bank account and capital accounts of the partners. |
Liabilities | Amt (Rs.) | Assets | Amt (Rs.) | |
Sundry Creditors | 2,60,000 | Cash and Bank | 20,000 | |
Bills Payable | 70,000 | Cash in Hand | 10,000 | |
Reserves | 70,000 | Debtors | 40,000 | |
Profit and Loss A/c | 40,000 | Stock | 2,00,000 | |
Capital A/cs | Tangible Fixed Assets | 2,60,000 | ||
P | 96,000 | Goodwill | 50,000 | |
Q | 64,000 | 1,60,000 | Advertisement Expenditure | 20,000 |
6,00,000 | 6,00,000 |
Receipts | Amt (Rs.) | Payment | Amt (Rs.) |
To Balance b/d | 1,82,000 | By Salaries | 1,66,000 |
To Subscriptions | 1,80,000 | By Stationery | 32,000 |
To Tournament Fund | 1,64,000 | By Rent | 48,000 |
To Interest (Investment) | 65,000 | By Telephone Expenses | 8,000 |
To Donations | 1,12,000 | By Sports Material | 78,000 |
To Sale of Concert Tickets | 2,47,000 | By 6% Investments | 5,00,000 |
By Miscellaneous Expenses | 24,000 | ||
By Concert Expenses | 58,000 | ||
By Balance c/d | 36,000 | ||
9,50,000 | 9,50,000 |
(i) Subscription include Rs. 22,000 for 2016 - 17 and Rs. 8,000 for 2018 - 19. |
(ii) Stock of stationery on 31st March, 2017 and 2018 was Rs. 4,200 and Rs. 6,400 respectively. |
(iii) Stock of sports material at the beginning and end of the year were Rs. 18,000 and Rs. 31,000 respectively. |
(iv) Rent includes Rs. 4,000 paid for March, 2017, Rent for March, 2018 is outstanding. |
(v) Telephone expenses include Rs. 3,000 as quarterly rent upto 31st May, 2018. |
(vi) The value of building as on 31st March, 2017 was Rs. 8,00,000 and you are required to write-off depreciation @ 5%. |
(vii) The value of investments on 31st March, 2017 was Rs. 10,00,000 and the club made similar additional investment during the year on 1st October, 2017. |
Liabilities | Amt (Rs.) | Assets | Amt (Rs.) | |
Creditors | 4,00,000 | Cash | 60,000 | |
Bills Payable | 80,000 | Bank | 1,00,000 | |
General Reserve | 80,000 | Debtors | 1,20,000 | |
Profit and Loss | 40,000 | Building | 4,00,000 | |
Outstanding Expenses | 40,000 | Machinery | 2,00,000 | |
Capital A/cs | Investment | 80,000 | ||
A | 2,00,000 | Patent | 40,000 | |
B | 2,00,000 | 4,00,000 | Goodwill | 40,000 |
10,40,000 | 10,40,000 |
(a) C comes for l/5th share and brings capital Rs. 1,60,000 and premium for goodwill Rs. 40,000. |
(b) Building increased by 20%. |
(c) Outstanding expenses valued at Rs. 50,000. |
(d) Make 5% provision for discount on creditors. |
(e) Make 10% provision for doubtful debts and 5% provision for discount on debtors. |
(f) Capitals of A and B adjusted in new ratio on the basis of C's capital and difference adjusted in current account. |
(g) Half premium withdrawn by old partners. |
Liabilities | Amt (Rs.) | Assets | Amt (Rs.) | ||
Creditors | 2,00,000 | Cash in Hand | 80,000 | ||
Bank Overdraft | 1,00,000 | Debtors | 82,000 | ||
Reserves | 60,000 | (-) Provision for doubtful Debts | (2,000) | 80,000 | |
Expenses Due | 40,000 | Land and Building | 4,00,000 | ||
Capital A/cs | Machinery | 40,000 | |||
A | 80,000 | ||||
B | 80,000 | ||||
C | 40,000 | 2,00,000 | |||
6,00,000 | 6,00,000 |
(a) B takes retirement. |
(b) New ratio of A and C is 1 : 1. |
(c) Goodwill of the firm Rs. 1,20,000. |
(d) Make 5% provision for debtors. |
(e) Building increased by 10%. |
(f) Make provision for claim for damages of Rs. 12,000. |
(g) Rs. 20,000 paid to B in cash. Balance transferred to his loan account. |
(h) Capital of new firm Rs. 4,00,000, difference adjusted through current accounts. |
Rs. 7 on application (including Rs. 2 premium) |
Rs. 4 on allotment (including Rs. 2 premium) |
Rs. 3 on first call (including Rs. 2 premium) |
Rs. 4 on second and final call (including Rs. 2 premium) |
Particulars | Note No. | 31st March, 2017 Amt (Rs.) | |
I. | EQUITY AND LIABILITIES | ||
1. Shareholders' Funds | |||
(a) Share Capital | 1 | 16,50,000 | |
(b) Reserves and Surplus (Balance of Statement of Profit and Loss) | 3,75,000 | ||
2. Non-current Liabilities | |||
12% Debentures | 12,00,000 | ||
3. Current Liabilities | |||
Trade Payables | 5,10,000 | ||
Total | 37,35,000 | ||
II. | ASSETS | ||
1. Non-current Assets | |||
(a) Fixed Assets | 2 | 28,50,000 | |
(b) Non-current Investment | 3 | 2,25,000 | |
2. Current Assets | 6,60,000 | ||
Total | 37,35,000 |
Particulars | 2017 Amt (Rs.) | |
1. | Share Capital | |
Equity Share Capital | 15,00,000 | |
Preference Share Capital | 1,50,000 | |
16,50,000 | ||
2. | Tangible Fixed Assets | |
Fixed Assets | 34,50,000 | |
(-) Depreciation | (60,00,000) | |
28,50,000 | ||
3. | Non-current Investment | |
10% Trade Investment | 1,50,000 | |
10% Other Investment (Face value Rs. 1,06,000) | 75,000 | |
2,25,000 |
Particulars | Note No. | 2017 ? 18 (Rs.) | 2016 ? 17 (Rs.) | |
I. | EQUITY AND LIABILITIES | |||
1. Shareholder's Funds | ||||
(a) Share Capital | 9,00,000 | 8,25,000 | ||
(b) Reserve and Surplus | 1 | 2,25,000 | 1,50,000 | |
2. Non-Current Liabilities | ||||
Long-term Borrowing | ||||
3. Current Liabilities | ||||
(a) Trade Payables | 1,34,250 | 1,53,000 | ||
(b) Short-term Provision | 37,500 | 57,750 | ||
Total | 14,76,750 | 13,13,250 | ||
II. | ASSETS | |||
1. Non-current Assets | ||||
Fixed Assets | ||||
(a) Tangible Assets | 2 | 8,02,500 | 6,37,500 | |
(b) Intangible Assets | 3 | 30,000 | 84,000 | |
2. Current Assets | ||||
(a) Current Investments | 1,80,000 | 1,12,500 | ||
(b) Inventories | 96,750 | 90,750 | ||
(c) Trade Receivables | 1,27,500 | 1,07,250 | ||
(d) Cash and Cash Equivalents | 2,40,000 | 2,81,250 | ||
Total | 14,76,750 | 13,13,250 |
Particulars | 2017 ? 18 (Rs.) | 2016 ? 17 (Rs.) | |
1. | Reserve and Surplus | ||
Surplus i.e. Balance in Statement of Profit and Loss | 2,25,000 | 1,50,000 | |
2. | Tangible Assets | ||
Machinery | 9,52,500 | 7,50,000 | |
(-) Accumulated Depreciation | (1,50,000) | (1,12,500) | |
8,02,500 | 6,37,500 | ||
3. | Intangible Assets | ||
Goodwill | 30,000 | 84,000 |
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