12 Accountancy sp04 230604 170905

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Class 12 - Accountancy
Sample Paper - 04 (2022-23)
Maximum Marks: 80
Time Allowed: : 3 hours
General Instructions:
1. This question paper contains 34 questions. All questions are compulsory.

2. This question paper is divided into two parts, Part A and B.
3. Part - A is compulsory for all candidates.
4. Part - B has two options i.e. (i) Analysis of Financial Statements and (ii) Computerised Accounting. Students must
attempt only one of the given options.
5. Question 1 to 16 and 27 to 30 carries 1 mark each.
6. Questions 17 to 20, 31and 32 carries 3 marks each.
7. Questions from 21 ,22 and 33 carries 4 marks each
8. Questions from 23 to 26 and 34 carries 6 marks each
9. There is no overall choice. However, an internal choice has been provided in 7 questions of one mark, 2 questions of three
marks, 1 question of four marks and 2 questions of six marks.
Part A:- Accounting for Partnership Firms and Companies
1. On 31st March 2013 closing capital of A, B and C showed a balance of Rs. 20,000, Rs.18,000 and Rs.12,000
respectively. The profit for the year ended was Rs.36,000 and partners drawings had been A Rs.3,600, B Rs.4,500 and C
Rs.2,700. Calculate opening capital.
a) A= Rs.8,600, B= Rs.10,500 and C= Rs.8,700
b) A= Rs.7,600, B= Rs.11,500 and C= Rs.8200
c) A= Rs.11,600, B= Rs.10,500 and C= Rs.2,700
d) A= Rs.9,500, B= Rs.5,500 and C= Rs.5,600
2. Assertion (A): At the time of admission of a new partner he is required to bring premium or goodwill.
Reason (R): Due to the admission of a new partner, the existing partner's sacrifices their share of profits in favour of the
new partner. So, he has to compensate the existing partners for the loss of their share in super-profits of the firm.
a) Both A and R are true and R is the correct explanation of A.
b) Both A and R are true but R is not the correct explanation of A.
c) A is true but R is false.
d) A is false but R is true.

3. In the case of going concern when business is not to be sold, it becomes necessary to value goodwill whenever the
mutual rights of the partners change. A party which is making a sacrifice must be compensated and that is normally on
the basis of ______.
a) Goodwill
b) Loss
c) Interest
d) Profit
OR
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A firm earns ₹ 1,10,000.The normal rate of return is 10%. The assets of the firm were ₹ 11,00,000 and liabilities ₹
1,00,000. Value of goodwill by the capitalisation of average profit will be
a) ₹ 5,000
b) ₹ 10,000
c) ₹ 2,00,000
d) ₹ 1,00,000
4. Securities premium reserve can be used for many purposes. Among the following for which purpose security premium
reserve cannot be used?
a) Writing off preliminary expenses
b) Buyback of shares
c) Issuing fully paid bonus shares to the shareholders
d) For Working capital
OR
What should be deducted from subscribed share capital while preparing notes to account in the balance sheet.
a) Paid-up value of shares
b) Calls-in-advance
c) Calls-in-arrears
d) Share Forfeiture A/c

5. ZA Limited issued 30,000; 11% Debentures of ₹100 each issued at a premium of 20% redeemable at a premium of 5%
redeemable after 5 years. Calculate the amount payable as premium on redemption of debentures?
a) 1,50,000
b) 6,00,000
c) 7,50,000
d) 4,00,000
6. Choose the current order of priority in settlement of liabilities and capital upon dissolution from items given below:
A. An expense incurred on the realization of assets such as commission, cartage, brokerage etc.
B. All outside creditors
C. Balances in Capital Accounts of partners
D. Partner’s Loan accounts
Correct sequence is
a) A, B, D, C
b) A, C, B, D
c) A, C, D, B
d) A, B, C, D
OR
Pooja (one partner) agreed to pay off her husband’s loan Rs.14,000. What journal entry should take place for the same?
a)
Realisation A/c Dr. 14,000
To Bank A/c 14,000
b)
To Loan A/c 14,000

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c)
Pooja's Capital A/c Dr. 14,000
To Realisation A/c 14,000
d)
To Pooja's Capital A/c 14,000
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7. 20,000 shares having face value Rs.10. Shares are issued for public subscription at a premium of 10%. The full amount
was payable on application. Applications were received for 30,000 shares and pro-rata allotment was made. Find the
amount to be adjusted in securities premium?
a) 1,00,000
b) 10,000
c) 30,000
d) 20,000
8. If we are purchasing assets from the vendor and in payment we are issuing debentures then which account should be
credited while purchasing an asset?
a) Assets A/c
b) Debenture A/c
c) Vendor A/c
d) % Debentures Account
OR
Reliance Ltd issued 4000 10% Debentures of ₹100 each payable as ₹40 on the application and ₹60 on the allotment.
Applications were received for 6000 debentures. Applicants for 500 debentures were sent a letter of regret and money
was returned. The allotment was made proportionately to the remaining applicants. Oversubscription was applied to the
amount due on allotment. All money was duly received. By what amount Debentures Allotment A/c be credited while
passing entry for allotment money received:
a) ₹240000
b) ₹360000
c) ₹330000
d) ₹180000
Question No. 9 to 10 are based on the given text. Read the text carefully and answer the questions:
X, Y and Z are partners sharing profits and losses in the ratio of 5:3:2. From 1st April, 2018, they decided to share profits
and losses equally. The profit and loss account showed a debit balance of ₹ 10,000. The Partnership Deed provides that
in the event of any change in the profit-sharing ratio, the goodwill should be valued at two years' purchase of the average
profit of the preceding five years. The profits and losses of the preceding years ended 31st March, are:
Year 2013-14 2014-15 2015-16 2016-17 2017-18
Profits (₹) 70,000 85,000 45,000 35,000 10,000 (Loss)

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9. Change in the existing agreement of profit sharing ratio is considered as:
a) None of these
b) Reconstitution of a partnership firm
c) Dissolution of a partnership firm
d) Revaluation of a partnership firm

10. State the ratio in which the partners share the accumulated profits when there is a change in the profit-sharing ratio
amongst existing partners:
a) Sacrificing ratio
b) New ratio
c) Old ratio
d) Equal ratio
11. Sona Ltd., issued 10000, 10% debentures of Rs.100 each at a premium of Rs. 5 payable as follows On application Rs.
50, on Allotment Rs. 55 (including premium). All the debentures were subscribed and money was received, What will be
the first journal entry to be recorded in the issue of debentures?
a)
10% Deb Allotment A/c Dr. 5,00,000
To 10% Debenture A/c 5,00,000
b)
Bank A/c Dr. 5,00,000
To Debenture application and allotment A/c 5,00,000
c)
10% Deb Application A/c Dr. 5,00,000

d)
Bank A/c Dr. 5,00,000
To 10% Debenture Application A/c 5,00,000

12. A and B sharing profit in the ratio of 4:3. C is admitted and the balance sheet shows a balance of General Reserve
₹70,000. What amount of General Reserve should be transferred to B’s A/c
a) ₹30,000
b) ₹15,000
c) ₹35,000
d) ₹40,000
13. Calculate the average profit of last four year's profits. The profits of the last four years were:
2008 27000
2009 39000
2010 16000 (loss)
2011 40000
a) ₹10000
b) Rs. 22500
c) ₹30000
d) ₹40000

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14. R, S and T are partners in a firm. They decided to share profits up to Rs. 10,000 in the ratio 30%, 50% and 20%
respectively. Above this amount, profits are shared equally. If the profits of the firm for the year was Rs. 25,600.
Distribute the profit.
a) R= ₹8,200, S= ₹10,200 and T= ₹7,200
b) R= ₹9,200, S= ₹7,200 and T= ₹8,200
c) R= ₹10,200, S= ₹9,200 and T= ₹7,200
d) R= ₹12,200, S= ₹8,200 and T= ₹7,200

15. Which items are not shown in the credit side of the deceased partner’s capital account during the death of a partner?
a) Share of accumulated reserves

b) Share of profit
c) Goodwill share of a deceased partner
d) Share of loss of firm
OR
I case of absence of partnership deed when the balance is paid in an installment to the executor and rate of interest is not
given, rate of interest will be:
a) Rate of Interest will be 6% p.a.
b) Rate of Interest will be 12% p.a.
c) No Interest will be paid
d) Rate of Interest will be 6%

16. A, B and C are partners sharing profits in the ratio of 3:2:1. They admit D for share. C would retain his old share.
1
Calculate C’s sacrifice
a)
1
12
b) 1
15

c) NIL
d)
1
10
17. Virat, Rohit and Shikhar were partners sharing profits in the ratio of 3 : 2 :1. Shikhar retired from the firm on 1st April,
2019 on which date goodwill of the firm was valued at ₹ 2,40,000. Virat and Rohit decided to share future profits
equally from that date. Pass the necessary Journal entries giving effect to goodwill on Shikhar's retirement raising
Goodwill at its current value.
18. A, B and C are partners sharing profits and losses equally. They agree to admit D for equal share. For this purpose
goodwill is to be valued at 3 year’s purchase of average profits of last 5 years which were as follows:
₹
Year ending on 31st March 2013 60,000 (Profit)

Year ending on 31st March 2014 1,50,000 (Profit)
Year ending on 31st March 2015 20,000 (Loss)

On 1st October 2016 a computer costing ₹ 40,000 was purchased and debited to the office expenses account on which
depreciation is to be charged @25% p.a. Calculate the value of goodwill.
Hint: Adjusted profit of 2017 will be: ₹ 1,85,000 + ₹ 40,000 - Depreciation ₹ 5,000 = ₹ 2,20,000.
19. Sunrise Company Ltd. has an equity share capital of Rs. 10,00,000. The company earns a return on investment of 15%
on its capital. The company needed funds for diversification. The finance manager had the following options:

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i. Borrow Rs 5,00,000 @ 15% p.a. from a bank payable in four equal quarterly installments starting from the end of the
fifth year, or
ii. Issue Rs 5,00,000, 9% Debentures of Rs. 100 each redeemable at a premium of 10% after five years.
To increase the return to the shareholders, the company opted for option (ii). Pass the necessary Journal entries for issue
of debentures.
20. A, B and C are partners sharing profit and loss in the ratio of 2 : 5 : 5. From 1st January, 2019, they decided to share
profit and loss in the ratio of 3 : 5 : 7. You are required to fill up the following journal entry:
JOURNAL
Date Particulars L.F. Dr. ₹ Cr. ₹
2019 Jan. 1 A's Capital A/c Dr. -

C's Capital A/c Dr. 90,000
To B's Capital A/c
-
(Adjustment for goodwill due to change in profit sharing ratio)
21. A Company forfeited Rs 100 Equity Shares of 100 each issued at a premium of 50% (to be paid at the time of allotment)
on which first call money of Rs. 30 per equity share was not received, final call of Rs. 20 is yet to be made. These equity
shares were subsequently reissued at Rs. 70 per share at Rs. 80 paid-up.
Give the necessary Journal entries regarding forfeiture and reissue of shares.
22. Sonu and Ashu sharing profits as 3 : 1 and they agree upon dissolution. The Balance Sheet as on March 31, 2017 is as
under:
Balance Sheet of Sonu and Ashu
as on March 31, 2017
Liabilities Amount ₹ Assets Amount ₹
Loan 12,000 Cash at Bank 15,000

Creditors 18,000 Stock 45,000
Capital: Furniture 16,000
Sonu 1,10,000 Debtors 70,000

Ashu 68,000 1,78,000 Plant and Machinery 52,000
Loan to Ashu 10,000
2,08,000 2,08,000
Sonu took over the plant and machinery at an agreed value of ₹ 60,000. Stock and Furniture were sold for ₹ 42,000 and
₹ 13,900 respectively. Debtors were taken over by Ashu at ₹ 69,000. Creditors were paid subject to a discount of ₹ 900.
Sonu agrees to pay the loans. Realisation expenses were ₹ 1,600.
Prepare Realisation Account, Bank Account, and Capital Accounts of the Partners.
23. Eiko Ltd. invited applications for issuing 2,00,000 equity shares of ₹ 10 each at a premium of ₹ 3 per share. The amount
was payable as follows:
On Application ₹ 4 per share
On Allotment ₹ 6 per share (including premium ₹ 3)
On First and Final Call Balance

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Applications were received for 3,00,000 shares and allotment was made on pro-rata basis to all the applicants. Money
overpaid on applications was utilised towards sums due on allotment. Sunil, who applied for 6,000 shares failed to pay
the allotment money while Rishab holding 2,000 shares paid the first and final call money with allotment. Sunil’s shares
were forfeited immediately after allotment. Thereafter, first and final call was made and was duly received. Half of the
forfeited shares were reissued to Varsha as fully paid for ₹ 9 per share.
Pass the necessary journal entries to record the above transactions in the books of Eiko Ltd.
24. A, B and C are partners sharing profits and losses in the ratio of 3: 3: 2. Their balance sheet as at 31st March 2019 was as
follows:
Liabilities ₹ Assets ₹
Sundry Creditors 24,000 Cash at Bank 37,000
General Reserve 36,000 Sundry Debtors 44,000

Capital Accounts: Stock 1,20,000
A 2,00,000 Machinery 1,59,000
B 1,50,000 Building 2,00,000

C 1,50,000 5,00,000
5,60,000 5,60,000
Partners decided that with effect from 1st April 2019, they would share profits and losses in the ratio of 4: 3: 2. It was
agreed that:
i. Stock be valued at ₹ 1,10,000.
ii. Machinery is to be depreciated by 10%.
iii. A provision for doubtful debts is to be made on debtors @ 5%.
iv. Building to be appreciated by 20%.
v. A liability for ₹ 2,500 included in sundry creditors is not likely to arise.
partners agreed that the revised values of assets and liabilities are not to be recorded in the books and they also do not
want to distribute the general reserve. You are required to record the change by passing a single journal entry with
necessary working note. Also, prepare the revised balance sheet.
25. Leena, Madan and Naresh were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 3 . On 31st March, 2015
their balance sheet was as follows
Balance Sheet
as on 31st March, 2015
Liabilities Amount Assets Amount
(Rs) (Rs)
Trade Creditors 1,60,000 Land and Building 10,00,000

Bank Overdraft 44,000 Machinery 5,00,000
Long-term Debts 4,00,000 Furniture 7,00,000
Employee's Provident Fund 76,000 Investments 2,00,000

Capital A/cs Closing Stocks 8,00,000
Leena 12,50,000 Sundry Debtors 4,00,000
Madan 8,00,000 Bank 80,000

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Naresh 10,50,000 31,00,000 Deferred Advertisement 1,00,000

37,80,000
37,80,000
======== =========
On 31st March, 2015, Madan retired from the firm and the remaining partners decided to carry on the business. It was
decided to revalue assets and liabilities as under
i. Land and building be appreciated by Rs 2,40,000 and machinery be depreciated by 10%.
ii. 50% of investments were taken over by the retiring partner at book value.
iii. An old customer Mohit whose account was written off as bad debt had promised to pay Rs 7,000 in settlement of his
full debt of Rs 10,000.
iv. Provision for doubtful debts was to be made at 5% on debtors.
v. Closing stock will be valued at market price which is Rs 1,00,000 less than the book value.
vi. Goodwill of the firm be valued at Rs 5,60,000 and Madan’s share of goodwill be adjusted in the accounts of Leena
and Naresh. Leena and Naresh decided to share future profits and losses in the ratio of 3: 2.
vii. The total capital of the new firm will be Rs 32,00,000 which will be in the proportion of the profit sharing ratio of
Leena and Naresh.
viii. Amount due to Madan was settled by accepting a bill of exchange in his favour payable after 4 months
Prepare revaluation account, partners’ capital accounts and balance sheet of the firm after Madan’s retirement.
26. Govind Ltd. issued 5,000, 12% Debentures of ₹100 each, at par, payable as follows:
On Application ₹20; On Allotment ₹20; On First Call ₹30; and On Final Call ₹30.
The public applied for 6,000 debentures. Applications for 4,500 debentures were accepted in full. Applications for 800
debentures were allotted 500 debentures and applications for 700 debentures were rejected. Money overpaid on
applications was utilized towards allotment.
Pass journal entries assuming that all money due was duly received, except the final call on 200 debentures.
Part B :- Analysis of Financial Statements
27. Vinod Ltd. is carrying on a paper manufacturing business. In the current year, it purchased machinery for Rs.30,00,000;
it paid salaries of Rs. 60,000 to its employees; it required funds for expansion and therefore, issued shares of Rs.
20,00,000. It earned a profit of Rs. 9,00,000 for the current year. Find out cash flows from operating activities.
a) 9,00,000
b) 8,00,000
c) 20,00,000
d) 8,60,000
OR
Vinod Limited sold patents costing ₹ 20,000 in ₹ 22,000. Treatment will be
a) Less 20000 operating activities and add 20,000 in investing activities
b) Less 2000 operating activities and add 22,000 in investing activities
c) Add 2000 operating activities and Less 22,000 in investing activities
d) Less 22000 operating activities and add 20,000 in investing activities

28. Feature of financial analysis is to present the data contained in financial statements in:
a) Comparable form
b) Convenient and rational groups
c) All of these
d) Easy form
29. Which of the following statements are false?

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A. Cash Flow Statement is helpful in the formation of policies.
B. Cash Flow Statement is useful for external analysis
C. Cash Flow Statement is helpful in estimating future cash flow
a) None of these
b) Both A and C
c) Both A and B
d) Both B and C
OR
Which of the following statements are true?

A. Cash flow reveals only the inflow of cash
B. Cash flow reveals only the outflow of cash
C. Cash flow is a substitute for income statement
D. Cash flow statement is not a replacement of funds flow statement.
a) Only D
b) Both B and C
c) Only B
d) Only A
30. External analysis is concerned with __________
a) Financial Institutions
b) Creditors
c) All of these
d) Government
31. Under which sub-headings, the following items will be placed in the balance sheet of a company as per Schedule III, Part
I of the Companies Act, 2013.
i. Accrued incomes
ii. Loose tools
iii. Provision for employees benefits
iv. Unpaid dividend
v. Short-term loans
vi. Long-term loans
32. Calculate Total Assets to Debt Ratio from the following information:
₹ ₹
Long-term Borrowings 18,00,000 Share Capital 10,00,000
Long-term Provisions 2,00,000 Security Premium Reserve 3,00,000
Trade Payables 5,00,000 General Reserve 5,00,000

Surplus i.e., Balance in Statement of Profit and Loss (2,00,000)
33. Calculate Inventory Turnover Ratio from the following information:
Opening Inventory ₹ 40,000; Purchases ₹ 3,20,000; and Closing Inventory ₹ 1,20,000.
State, giving reason, which of the following transactions would (i) increase, (ii) decrease, (iii) neither increase nor
decrease the Inventory Turnover Ratio:
a. Sale of goods for ₹ 40,000 (Cost ₹ 32,000).
b. increase in the value of Closing Inventory by ₹ 40,000.
c. Goods purchased for ₹ 80,000.

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d. Purchases Return ₹ 20,000.
e. goods costing ₹ 10,000 withdrawn for personal use.
f. Goods costing ₹ 20,000 distributed as free samples.
OR
Calculate inventory turnover ratio from the following:
Purchase ₹ 80,000; Opening Inventory ₹ 10,000 and Closing Inventory ₹ 30,000. State, giving reason, which of the
following transactions will (a) increase, (b) decrease or (c) not alter the inventory turnover ratio?
i. Sale of goods for ₹ 10,000 (Cost ₹ 8,000)
ii. Increase in the value of Closing Inventory by ₹ 10,000
iii. Goods purchased for ₹ 20,000
iv. Purchase returns ₹ 5,000
v. Goods costing ₹ 10,000 withdrawn for personal use
vi. Goods costing ₹ 5,000 distributed as free samples
34. From the following balance sheet of BCR Ltd as at 31st March, 2010 and 2011. Prepare a cash flow statement.
Note 31st March, 2010 Amt 31st March, 2011 Amt
Particulars
No. (Rs) (Rs)
I.EQUITY AND LIABILITIES
1.Shareholders' Funds
(a)Equity Share Capital 5,00,000 7,00,000
(b)Reserves and Surplus(Balance in statement of profit
2,00,000 3,50,000
and loss)
2.Current Liabilities
(a)Short-term Borrowings (Bank loan) 1,00,000 50,000
(b)Trade Payable (Creditors) 55,000 52,000

(c)Short-term Provisions 1 80,000 1,20,000
Total 9,35,000 12,72,000
II.ASSETS
1.Non-current Assets
(a)Fixed Assets 2 6,00,000 5,95,000
(b)Non-current Investment - 1,00,000

2.Current Assets
(a)Trade Receivables (Debtors) 80,000 1,47,000
(b)Inventories (Stock) 55,000 1,30,000

(c) Cash and Cash Equivalents (Bank) 2,00,000 3,00,000
Total 9,35,000 12,72,000
Notes to Accounts
Particulars 31st March, 2010 (Rs) 31st March, 2011(Rs)
1.Short-term Provisions

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Provision for Tax 30,000 50,000
Proposed Dividend 50,000 70,000

80,000 1,20,000
2.Fixed Assets
Tangible (Equipment) 5,00,000 5,00,000

Intangible (Patents) 1,00,000 95,000
6,00,000 5,95,000
Additional Information
During the year equipment costing Rs.1,00,000 was purchased. Loss on sale of equipment amounted to Rs.12.000.
Rs.18,000 depreciation was charged on equipment.

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Class 12 - Accountancy
Sample Paper - 04 (2022-23)
Solution
Part A:- Accounting for Partnership Firms and Companies

1. (c) A= Rs.11,600, B= Rs.10,500 and C= Rs.2,700
Explanation: Calculation of opening capital of partners during the year:
Opening Capital = Closing Capital + Drawings during the year - Profit during the year.
A = 20,000 + 3,600 - 12,000 = Rs.11,600
B = 18,000 + 4,500 - 12,000 = Rs.10,500
C = 12,000 + 2,700 - 12,000 = Rs. 2,700

2. (c) A is true but R is false.
Explanation: A is true but R is false.

3. (a) Goodwill
Explanation: Rule: Debit the Gainer partner and credit the sacrificing partner. Whenever there is reconstitution of
partnership the amount of compensation will be equal to the proportionate amount of goodwill.
OR
(d) ₹ 1,00,000
Explanation: ₹ 1,00,000
4. (d) For Working capital
Explanation: A company cannot use securities premium reserve for working capital. It can use securities premium for
the following purpose:
Writing off preliminary expenses, discount for the issue of securities and debentures and for providing a premium
for the redemption of debentures.
Issuing fully paid bonus shares to the shareholders
Buyback of shares
OR
(c) Calls-in-arrears
Explanation: If a shareholder does not pay call amount due on the allotment or any calls then amount not received is
known as call in arrears. Calls in arrears are shown by way of deduction from subscribed not fully paid-up capital while
preparing notes to the account of share capital.
5. (a) 1,50,000
Explanation: The amount payable in the form of premium on redemption will be Premium payable on redemption
No of debentures = 30000
Premium on redemption = 100 × 5% = 5
So premium on redemption = 30,000 × 5 = 1,50,000

6. (a) A, B, D, C
Explanation: The correct order of the payment should be:

A. An expense incurred on the realization of assets such as commission, cartage, brokerage etc.
B. All outside creditors
C. Partner’s Loan accounts
D. Balances in Capital Accounts of partners

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First, the outside liabilities are paid off then the amount due to partner for their loan and then partner's capital balance is
paid off.
OR
(d)

Explanation: When liability is paid off it is debited in the realisation account and since the partner is paying it partner is
credited.
Journal Entry will be:

7. (d) 20,000
Explanation: Security premium amount = 10 × 10%= 1
Amount to be adjusted in securities premium ₹20,000.
i.e. 20,000 Shares × Premium ₹1 = 20,000

8. (c) Vendor A/c
Explanation: When a company purchased assets form an outsider i.e. vendor and payment is not made in cash and it is
settled by issue of debentures in such a case Vendor’s Account is to be credited and the asset is debited.
OR
(d) ₹180000
Explanation: Allotment will be credited with ₹60 × 4000 = 240000
Already excess allotmet amount = 1500 × 40 = 60000
Allotment Received = 2,40,000 - 60,000 = 1,80,000. It is to be credited.

9. a. (b)
Reconstitution of a partnership firm
Explanation: Reconstitution of a partnership firm

10. a. (c)
Old ratio
Explanation: Old ratio

11. (d)
Bank A/c Dr. 5,00,000

Explanation: In the first entry, Application money is received from applicants and such entry is recorded as follows:
Bank A/c Dr. 5,00,000

12. (a) ₹30,000
Explanation: Calculation of amount to be transferred to B's Capital A/c:
Old Ratio of A and B = 4:3
B’s Share of General Reserve = Rs.70,000 × 3
7
= Rs.30,000

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13. (b) Rs. 22500
Explanation: Calculation of Average Profit When loss is given:-
1. Calculation of total profits earned during 4 years:
27,000 + 39,000 – 16,000 + 40,000 = 90,000
2. Average profit = Total Profit / No of Years Purchase = 90,000/4 = 22,500

14. (a) R= ₹8,200, S= ₹10,200 and T= ₹7,200
Explanation:
Calculation of Distribution of Profits During the year:
First Rs. 10,000 of profit will be distributed in 30%, 50% and 20% i.e. 3,000; 5,000 and 2,000
Next 15,600 (25,600 - 10,000) in equal ratio i.e. 5,200 each (15,600 × 1/3).
R’s Share of Profit = 3,000 + 5,200 = Rs. 8,200
S’s Share of Profit = 5,000 + 5,200 = Rs. 10,200
T’s Share of Profit = 2,000 + 5,200 = Rs. 7,200
15. (d) Share of loss of firm
Explanation: Share of loss is not shown in the credit side it is shown in the debit side of the deceased partner’s capital
account. Following items are shown in the credit side of his account:
Share of profit and goodwill
Revaluation profit
Share of reserve and profits
OR
(a) Rate of Interest will be 6% p.a.
Explanation: When the amount due to the retirement is paid in instalments instead of paying it immediately and rate of
interest on partner’s loan is not given in the question, in such a case in absence of partnership deed, according to
Partnership Act, interest will be paid at the rate of 6% p.a.
16. (c) NIL
Explanation: Calculation of C’s Sacrifice:
Old Share = 3 : 2 : 1
New Share = 12 : 8 : 5 : 5
Sacrifice ratio = Old ratio - new ratio
C’s Sacrifice = - = Nil

1 5
6 30
17. JOURNAL ENTRIES
Date Particulars L.F. Dr. (₹) Cr.(₹)
2019
Goodwill A/c Dr. 2,40,000
April 1
To Virat's Capital A/c 1,20,000
To Rohit's Capital A/c 80,000
To Shikhar's Capital A/c 40,000

(Being the Goodwill Account debited with current value of goodwill in old

profit ratio of 3:2:1)
Virat's Capital A/c Dr. 1,20,000

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Rohit's Capital A/c Dr. 1,20,000
To Goodwill A/c 2,40,000

(Being the Goodwill Account written off in new profit-sharing ratio of

continuing partners)
18. Calculation of Average Profits:
Particulars Amount(₹)
31st March 2013 60,000 (Profit)
31st March 2014 1,50,000 (Profit)

31st March 2015 20,000 (Loss)
31st March 2016 2,00,000 (Profit)
31st March 2017 2,20,000 (Profit)(Refer Working Note)
Total 6,10,000
Average Profits = ₹ 6,10,000 + 5 = ₹ 1,22,000
Goodwill = Average Profits × Number of year's purchase
= ₹ 1,22,000 × 3 = ₹ 3,66,000
Note (1):
i. Cost of computer was wrongly debited to office expenses account. After rectification, the profit of 2017 will increase
by ₹ 40,000.
ii. Depreciation on Computer ₹ 5,000 (40,000 × 100
25
×
6
12
) was not charged to Profit and Loss Account of 2017 which
will decrease the profit of 2017 by ₹ 5,000.
Hence, the final profit will be: ₹ 1,85,000 + ₹ 40,000 - ₹ 5,000 = ₹ 2,20,000
19. Since, the company opted for the second option for raising funds, the following journal entries would be passed in the
books of Sunrise company Ltd.
Journal of Sunrise Company Ltd.
Date Particulars L.F. Dr.(Rs) Cr.(Rs)
Bank A/c Dr. 5,00,000
To Debenture Application and Allotment A/c
5,00,000
(Being debenture application money received)
Debenture Application and Allotment A/c Dr. 5,00,000
Loss on an issue of Debentures A/c Dr. 50,000

To 9% Debentures A/c 5,00,000
To Premium on Redemption of Debentures A/c
50,000
(Being issue of debentures at par, redeemable 10% premium)
20. Old Ratio of A, B and C =
2 5 5
: :
12 12 12
New Ratio of A, B and C =
3 5 7
: :
15 15 15
Sacrifice or Gain:
A = (Gain)
2 3 10 − 12 2
− = =
12 15 60 60
25 − 20
B = (Sacrifice)
5 5 5
− = =
12 15 60 60
C = 5
12
−
7
15
=
25 − 28
60
=
3
60
(Gain)

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In the books of ____
JOURNAL
Dr.
Date Particulars L.F. Cr. (₹)
(₹)
2019
Jan.
A's Capital A/c Dr. 60,000
1
C's Capital A/c Dr. 90,000

To B's Capital A/c
(Adjustment for goodwill due to change in profit sharing ratio)(Refer Working 1,50,000
Note)
Working Note:
C's Capital A/c is credited with ₹ 90,000 and he has gained share.
60
Hence, the total value of goodwill must be: ₹ 90,000 × 60
3
= ₹ 18,00,000
A's share of ₹ 18,00,000 = ₹ 60,000
60
B's share of ₹ 18,00,000 = ₹ 1,50,000

5
60
21. In this question first shares are forfieted and than reissued for that the accounting treatement has been done as shown.
Forfieture of the share means the process where the company forfeits the shares of a member or shareholder who fails to
pay the call on shares or instalments of the issue price of his shares within a certain period of time after they fall due.
Journal
Dr. Cr.
Date Particulars L.F.
(Rs.) (Rs.)
Share Capital A/c (100 × Rs. 80) Dr. 8,000
To Forfeited Shares A/c (100 × Rs. 50) 5,000
To Share First call A/c (100× Rs. 30)
(Being the forfeiture of 100 equity shares on which first call money is not 3,000
received)
Bank A/c (100× Rs. 70) Dr. 7,000

Forfeited Shares A/c (100× Rs.10) Dr. 1,000
To Share capital A/c (100× Rs. 80)
8,000
(Being the reissue of 100 equity shares @ 70 per share; 80 paid-up)
Forfeited Shares A/c Dr. 4,000
To Capital Reserve A/c
(Being the gain in respect of 100 forfeited shares issued transferred to capital 4,000
reserve)
22. Books of Sonu and Ashu
Realisation Account
Dr. Cr.

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Particulars Amount ₹ Particulars Amount ₹
Stock 45,000 Loan 12,000
Furniture 16,000 Creditors 18,000

Debtors 70,000 Sonu’s capital (plant & machinery) 60,000
Plant and Machinery 52,000 Ashu’s capital (debtors) 69,000
Bank (creditors) 17,100 Bank:

Sonu’s capital (loan) 12,000 Stock 42,000
Bank (realisation expenses) 1,600 Furniture 13,900 55,900
Profit transferred to:

Sonu’s Capital 900
Ashu’s Capital 300 1,200
2,14,900 2,14,900
Partners Capital Accounts
Dr. Cr.
Date Particulars J.F. Sonu ₹ Ashu ₹ Date Particulars J.F. Sonu ₹ Ashu ₹
Realisation (plant and machinery) 60,000 - Balance b/d 1,10,000 68,000
Realisation (debtors) - 69,000 Realisation (loan) 12,000 -

Bank 62,900 - Realisation (profit) 900 300
Bank - 700
1,22,900 69,000 1,22,900 69,000
Bank Account
Dr. Cr.
Date 2017 Particulars Amount ₹ Date 2017 Particulars Amount ₹

Balance b/d 15,000 Realisation (creditor) 17,100
Realisation (assets realised) 55,900 Realisation (expenses) 1,600
Loan to Ashu 10,000 Sonu’s capital 62,900

Ashu’s capital 700
81,600 81,600
23. Eiko Ltd.
Journal
Date Particulars L.F. Dr. (₹) Cr. (₹)
Bank A/c Dr. 12,00,000

To Equity Share Application A/c 12,00,000

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(Application amount received on 3,00,000 shares)
Equity Share Application A/c Dr. 12,00,000

To Equity Share Capital A/c 8,00,000
To Equity Share Allotment A/c 4,00,000
(Shares allotted and excess application money transferred to share allotment

account)
Equity Share Allotment A/c Dr. 12,00,000

To Securities Premium Reserve A/c 6,00,000
(Amount due on Allotment money including premium)
Bank A/c Dr. 7,90,000

To Calls in Advance A/c 6,000
(Allotment money and calls in advance received)

Alternatively:
Bank A/c Dr. 7,90,000
Calls in arrears A/c Dr. 16,000

To Calls in Advance A/c 6,000
(Allotment money and calls in advance received)

Equity Share Capital A/c Dr. 28,000
Securities Premium Reserve A/c Dr. 12,000
To Share Forfeiture A/c 24,000

To Equity Share Allotment A/c 16,000
(4,000 shares forfeited for non payment of allotment money)
Alternatively:
Equity Share Capital A/c Dr. 28,000
Securities Premium Reserve A/c Dr. 12,000
To Share Forfeiture A/c 24,000

To Calls in arrears A/c 16,000
(4,000 shares forfeited for non payment of allotment money)
Equity Share First and Final call A/c Dr. 5,88,000

(Share First and final call money due)
Bank A/c Dr. 5,82,000

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Calls in Advance A/c Dr. 6,000
To Equity Share First and Final call A/c 5,88,000

(First and final call money received)
Bank A/c Dr. 18,000
Share Forfeiture A/c Dr. 2,000

To Equity Share Capital A/c 20,000
(2,000 shares reissued for ₹9 per share)
Share Forfeiture A/c Dr. 10,000

To Capital Reserve A/c 10,000
(Gain on reissue of forfeited shares transferred to capital reserve)
24. JOURNAL
Date Particulars L.F. Dr. ₹ Cr. ₹
2019
A's Capital A/c Dr. 3,500
April 1
To B's Capital A/c 2,100
To C's Capital A/c 1,400
(Adjustment for revaluation of assets and liabilities and for general reserve on

change in profit sharing ratio)
BALANCE SHEET
(as at 1st April 2019)
Liabilities ₹ Assets ₹
Sundry Creditors 24,000 Cash at Bank 37,000
General Reserve 36,000 Sundry Debtors 44,000

Capital Accounts : Stock 1,20,000
A 1,96,500 Machinery 1,59,000
B 1,52,100 Building 2,00,000

C 1,51,400 5,00,000
5,60,000 5,60,000
Working Note :
Calculation of Net Amount to be adjusted :

PARTICULARS ₹
Loss due to decrease in the value of Stock (10,000)
Loss due to decrease in the value of Machinery (15,900)

Loss due to provision for doubtful debts (2,200) (28,100)

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Profit due to increase in the value of Building 40,000
Profit due to decrease in Sundry Creditors 2,500 42,500
Profit on Revaluation 14,400
+ General Reserve 36,000

Net Amount to be adjusted 50,400
Calculation of Gain/ Sacrifice
Old Ratio of A, B and C = 3: 3: 2
New Ratio of A, B and C = 4: 3: 2
Sacrifice or Gain: Old Share - New Share
A = (Gain)
3 4 5
− =
8 9 72
Share of A = 50,400 × 5
= 3,500 (Dr.)
72
B = (Sacrifice)
3 3 3
− =
8 9 72
Share of B = 50,400 × = 2,100 (Dr.)
72
C = (Sacrifice)
2 2 2
− =
8 9 72
Share of C = 50,400 × = 1,400 (Dr.)

2
72
25. Revaluation Account
Amount
Particulars Particulars Amount
(Rs)
(Rs)
To Machinery A/c 50,000 By Land and Building 2,40,000
To Madan's Capital A/c 1,00,000 By Bad Debts Recovered 7,000
To Provision for bad debts 20,000

To Partner" Capital A/c:
Leena - 22,000
Madan - 22,000

Naresh - 33,000 77,000
2,47,000
2,47,000
========= =======
Partner's Capital Account
Madan
Naresh
Leena
Madan
Naresh
Leena
Particulars Amount
Amount
Particulars Amount
Amount
Amount
Amount
(Rs) (Rs) (Rs) (Rs) (Rs)

(Rs)
To Investment A/c - 1,00,000 - By Balance b/d 12,50,000 8,00,000 10,50,000
To Deferred Advertisement By Revaluation
28,571 28,571 42,858 22,000 22,000 33,000
Expenditure A/c A/c (Profit)
To Madan's Capital A/c 1,60,000 By Leena's Capital 1,60,000

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A/c
To Bills Payable A/c 8,53,429 By Bank A/c 8,36,571 2,39,858
To Balance c/d 19,20,000 12,80,000
21,08,571 9,82,000
13,22,858 21,08,571 9,82,000
13,22,858

======= ====== ======= ======= ======= ======
Balance Sheet
as on 31st March 2015
Amount
Amount
Liabilities Assets
(Rs) (Rs)
Creditors 1,60,000 Land and Building (10,00,000+ 2,40,000) 12,40,000

Bank Overdraft 44,000 Machinery (5,00,000-50,000) 4,50,000
Long-term Debts 4,00,000 Furniture 7,00,000
Employees Provident Fund 76,000 Investments 1,00,000

Bills Payable 8,53,429 Closing Stock (8,00,000-1,00,000) 7,00,000
Capital A/cs Debtors 4,07,000
Leena 19,20,000 (-) Provision for Doubtful Debts (20,000) 3,87,000

Naresh 12,80,000 32,00,000 Bank 11,56,429
47,33,429 47,33,429

======== =======
Working Notes
1. Calculation of Gaining Ratio
Gaining Ratio = New Share - Old Share
21−10
Leena = =
3 2 11
− = =
5 7 35 35
Naresh = = Sacrifice

2 3 14−15 1
− = = ( )
5 7 35 35
2. Calculation of Share of Goodwil
Madan’s share of goodwill = 5,60,000 × = Rs 1,60,000 to be contributed by Leena alone. As she is the only
2
gaining partner,
3. Calculation of Capital of Partners in New Firm
New profit sharing ratio = 3 : 2
Leena’s capital = 32,00,000 × = Rs 19,20,000

3
Bank Account
Dr Cr
Particulars Amt(Rs) Particulars Amt(Rs)
To Balance b/d 80,000 By Balance c/d 11,56,429
To Leela's Capital A/c 8,36,571

To Naresh's Capital A/c 2,39,858
11,56,429 11,56,429

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26. Journal Of GOVIND LTD.
Date Particulars L.F. Dr (₹) Cr(₹)
Bank A/c Dr. 1,20,000

(Application money received on 6,000 debentures @ ₹20 each)
12% Debenture Application A/c Dr. 1,20,000

To 12% Debenture Allotment A/c 6,000
To Bank A/c 14,000

(Application money transferred)
12% Debenture Allotment A/c Dr. 1,00,000

(Allotment money due on 5,000 debentures @ ₹20 each)
Bank A/c Dr. 94,000
To 12% Debenture Allotment A/c 94,000

(Balance of allotment money received i.e. ₹1,00,000 - ₹6,000)
12% Debenture First Call A/c Dr. 1,50,000

(First Call due)
Bank A/c Dr. 1,50,000
To 12% Debenture First Call A/c 1,50,000

(First Call money received)
12% Debenture Second % Final Call A/c Dr. 1,50,000

(Second & Final call due)
Bank A/c Dr. 1,44,000
To 12% Debenture Second & Final Call A/c 1,44,000

(Second & Final Call money received on 4,800 debentures @ ₹30 per

Debenture)
Part B :- Analysis of Financial Statements
27. (a) 9,00,000
Explanation: Cash flow from operating activities is Rs.9,00,000 after all adjustments (salary). Operating activity is
concerned with the operation of the company.
OR

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(b) Less 2000 operating activities and add 22,000 in investing activities
Explanation: Sale of patent is not an operating activity. Profit on sale of patents will be deducted in operating activities
and sale price ₹ 22,000 will be added in investing activities.
28. (c) All of these
Explanation: All the options are correct because all are a feature of financial analysis is to present the data contained in
financial statements.
29. (a) None of these
Explanation: None of these
OR
(a) Only D
Explanation: Only D
30. (c) All of these
Explanation: External analysis is done by shrehoders as investors, banks and other financial institutions with the help of
published financial reports of the company.
31. The items are arranged in the balance sheet as per schedule 3 of the company's act,2013 as per international standards.
All the main Headings have sub headings and items are arranged under these headings.
Sl.No Items Sub Headings
(i) Accrued Incomes Other Current Assets (current assets)
(ii) Loose Tools Inventories (current assets)
(iii) Provision for Employees Benefits Short-term Provision ( current assets)
(iv) Unpaid Dividends Other Current Liabilities ( current liabilities)

(v) Short-term Loans Short-term Borrowings ( current liabilities)
(vi) Long-term Loans Long-term Borrowings ( long term liabilities)

32. Total Assets to Debt Ratio = Total Assets
Debt or Long term Debts

Long term Debts = Long term Borrowings + Long term Provisions
= ₹ 18,00,000 + ₹ 2,00,000 = ₹ 20,00,000
Total Assets = Shareholder’s Funds (Share Capital + Security Premium Reserve + General Reserve + Profit & Loss
Balance) + Total Debts (i.e., Long term Borrowings + Long term Provisions + Trade Payables)
= ₹ 10,00,000 + ₹ 3,00,000 + ₹ 5,00,000 - ₹ 2,00,000 + ₹ 18,00,000 + ₹ 2,00,000 + ₹ 5,00,000
= ₹ 41,00,000
₹41,00,000
Total Assets to Debt Ratio = ₹ 20,00,000
= 2.05:1
Total assets to debt ratio is 2.05:1

33. Cost of Goods Sold = Opening Stock + Purchases + Closing Stock
= 40,000 + 3,20,000 − 1,20,000 = 2,40,000
Opening Stock + Closing Stock

Average Stock = 2

40,000+1,20,000
=
2
= 80,000
2,40,000
Stock Turnover Ratio = 80,000
= 3 Times
Effect of various transactions on inventory turnover ratio is as follows:-

a. Sale of goods for ₹ 40,000 (Cost ₹ 32,000)- Increase
Reason: This transaction will decrease stock at the end (closing stock). Decrease in closing stock will result increase
the proportion of Cost of Goods Sold and decrease in Average Stock

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b. Increase in value of Closing Stock by 40,000- Decrease
Reason: Increase in Closing Stock results decrease in Cost of Goods Sold and increase in Average Stock.
c. Goods purchased for ₹ 80,000- Decrease
Reason: This Transaction increases the amount of Closing Stock. Increase in Closing Stock reduces the proportion of
Cost of Goods Sold and Increase in Average Stock.
d. Purchase Return ₹ 20,000- Increase
Reason: It will result decrease in Cost of Goods Sold and Average Stock with same amount.
e. Goods costing ₹ 10,000 withdrawn for personal use- Increase
Reason: Drawing of goods will decrease the amount of Closing Stock and increase in Cost of Goods Sold.
f. Goods costing ₹ 20,000 distributed as free sample- Increase
Reason: Goods distributed as free sample reduces Closing Stock. Reduction in Closing Stock will result increase in
Cost of Goods Sold and decrease in Average Stock.
OR
Inventory Turnover Ratio
Cost of Revenue from Operations, i.e., (Opening Inventory + Purchase - Closing Inventory)
=
Average Inventory

10,000+80,000−30,000 60,000
=
1
=
20,000
= 3 times
(10,000+30,000)
2
Statement showing the effect of various transactions on inventory turnover ratio:

Tr.
Effect Reasons
No.
Cost of revenue from operations will increase because of decrease in closing inventory by ₹ 8,000.
Hence, cost of revenue from operations will be Opening Inventory ₹ 10,000 + Purchase ₹ 80,000 (-)
(i) Increase ₹10,000+₹22,000
Closing Inventory ₹ 22,000 = ₹ 68,000. Average Inventory will be 2
= ₹ 16,000. Hence,
68,000
Inventory turnover ratio will be 16,000
= 4.25 times.
Cost of revenue from operations will decrease because of increase in
closing inventory'. Hence, cost of revenue from operations will be
(ii) Decrease Opening Inventory ₹ 10,000 + Purchase ₹ 80,000 (-) Closing Inventory
₹ 40,000 = ₹ 50,000. Average Inventory will be

10,000+40,000
= ₹ 25,000. Hence, Inventory turnover
2
50,000
ratio will be 25,000
= 2 times.
Cost of revenue from operations will remain, unchanged because of increase in purchase and increase
in closing inventory. Hence, it will be : Opening Inventory ₹ 10,000 + Purchase ₹ 1,00,000 - Closing
(iii) Decrease Inventory.
10,000+50,000
₹ 50,000 = ₹ 60,000. Average Inventory will be = ₹ 30,000
2
60,000
Hence, Inventory turnover ratio will be = 2 times
30,000
Cost of revenue from operations will remain unchanged because of
decrease in purchase and decrease in closing inventory. Hence, it will be:
(iv) Increase
Opening Inventory ₹ 10,000 + Purchase ₹ 75,000 - Closing Inventory
60,000
₹ 25,000 = ₹ 60,000. Average Inventory will be 17,500
= 3.43 times.
(v) Increase The reason being same as given in point (iv) above.
(vi) Increase The reason being same as given in point (iv) above.

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34. BCR Ltd.
Cash Flow Statement
(for the year ended 31st March,2011)
Particulars Amt (Rs)

I. Cash Flow from Operating Activities
Net Profit before Tax and Extraordinary Items [W.N. (i)] 2,70,000
Adjustments for
(+)Depreciation on Equipment 18,000
(+)Patents Written-off 5,000
(+)Loss on Sale of Equipment 12,000 35,000

Operating Profit before Working Capital Changes 3,05,000
(-)Increase in Current Assets and Decrease in Current Liabilities
Debtors (67,000)
Stock (75,000)
Creditors (3,000) (1,45,000)
Cash Generated from Operations 1,60,000

(-)Income Tax Paid (30,000)
Net Cash Flow from Operating Activities 1,30,000
II. Cash Flow from Investing Activities
Proceeds from Sale of Equipment [W.N.(ii)] 70,000
Purchase of Equipment (1,00,000)
Purchase of Investment (1,00,000)

Net Cash Used in Investing Activities (130,000)
III. Cash Flow from Financing Activities
Proceeds from Issue of Shares 2,00,000
Repayment of Bank Loan (50,000)
Dividend Paid (50,000)
Net Cash Flow from Financing Activities 1,00,000

Net Increase in Cash and Cash Equivalents [I+II+III] 1,00,000
(+)Cash and Cash Equivalents at the Beginning of Period 2,00,000
Cash and Cash Equivalents at the End of Period 3,00,000

Working Notes

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1.Calculation of Net Profit before Tax and Extraordinary Items
Net profit for the year (3,50,000-2,00,000) 1,50,000
(+)Proposed dividend 70,000
(+)Provision for tax 50,000

Net Profit before Tax and Dividend Rs.2,70,000
Dr Equipment Account Cr
Particulars Amt (Rs) Particulars Amt (Rs)
To Balance b/d 5,00,000 By Depreciation A/c 18,000
To Bank A/c (Purchase) 1,00,000 By Statement of Profit and Loss 12,000
(Loss on sale of equipment)

By Bank A/c (Balancing figure) 70,000
By Balance c/d 5,00,000
6,00,000 6,00,000
2. Cash Flow statement is prepared as per AS-3. Cash flow statement is the financial statement that measures the
cash generated or used by a company in a given period. The Cash Flow Statement measures how well a company
manages its cash position, meaning how well the company generates cash to pay its debt obligation and fund its
operating expenses.
3. There are two methods which can be used to prepare Cash Flow Statement - 1. Direct Method , 2. Indirect
Method. Above cash Flow statement is prepared by indirect method.

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Sample Paper - 04 (2022-23)

Time Allowed: : 3 hours

1. This question paper contains 34 questions. All questions are compulsory.

Part A:- Accounting for Partnership Firms and Companies

a) A= Rs.8,600, B= Rs.10,500 and C= Rs.8,700

b) A= Rs.7,600, B= Rs.11,500 and C= Rs.8200

c) A= Rs.11,600, B= Rs.10,500 and C= Rs.2,700

d) A= Rs.9,500, B= Rs.5,500 and C= Rs.5,600

a) Both A and R are true and R is the correct explanation of A.

b) Both A and R are true but R is not the correct explanation of A.

c) A is true but R is false.

d) A is false but R is true.

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a) Writing off preliminary expenses

c) Issuing fully paid bonus shares to the shareholders

d) For Working capital

a) Paid-up value of shares

d) Share Forfeiture A/c

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Year 2013-14 2014-15 2015-16 2016-17 2017-18

Profits (₹) 70,000 85,000 45,000 35,000 10,000 (Loss)

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b) Reconstitution of a partnership firm

c) Dissolution of a partnership firm

d) Revaluation of a partnership firm

To 10% Debenture A/c 5,00,000

To 10% Debenture Application A/c 5,00,000

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a) R= ₹8,200, S= ₹10,200 and T= ₹7,200

b) R= ₹9,200, S= ₹7,200 and T= ₹8,200

c) R= ₹10,200, S= ₹9,200 and T= ₹7,200

d) R= ₹12,200, S= ₹8,200 and T= ₹7,200

a) Share of accumulated reserves

c) Goodwill share of a deceased partner

d) Share of loss of firm

a) Rate of Interest will be 6% p.a.

b) Rate of Interest will be 12% p.a.

c) No Interest will be paid

d) Rate of Interest will be 6%

Calculate C’s sacrifice

Year ending on 31st March 2013 60,000 (Profit)

Year ending on 31st March 2015 20,000 (Loss)

Year ending on 31st March 2016 2,00,000 (Profit)

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Date Particulars L.F. Dr. ₹ Cr. ₹

2019 Jan. 1 A's Capital A/c Dr. -

To B's Capital A/c

Balance Sheet of Sonu and Ashu

as on March 31, 2017

Liabilities Amount ₹ Assets Amount ₹

Loan 12,000 Cash at Bank 15,000

Sonu 1,10,000 Debtors 70,000

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General Reserve 36,000 Sundry Debtors 44,000

B 1,50,000 Building 2,00,000

as on 31st March, 2015

Liabilities Amount Assets Amount

Trade Creditors 1,60,000 Land and Building 10,00,000