GSEB Class 12 Accountancy Question Paper February 2025
The GSEB Class 12 Accountancy February 2025 board paper is available in both Gujarati and English medium. Download and practice to score well in your board exam.
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Category / Board
GSEB
Level / Std
Std 12
Subject
Accountancy
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MCQ and True/False questions are interactive. Other question types show the model answer directly.
How would you consider the interest on credit balance of partner's current account for firm?
Viral withdraws โน 500 in the beginning of every month. If 10% p.a. interest is chargeable on drawing, determine interest on drawings.
Goodwill depends on which aspect.
Superprofit means
Revaluation account is ______ type of account.
At the time of reconstruction of a partnership firm ______ is prepared.
Internally generated goodwill cannot be shown in the books as per which accounting standard?
When only old profit-loss sharing ratio is given; sacrificing ratio of old partners = ______.
X, Y and Z are the partners sharing profit and loss in the ratio of $5:3:2$. Z retires. Calculate the new profit and loss ratio.
Which is the last payment made from the realisation of assets, at the time of the dissolution of a firm:
Which of the following amounts will be written at the credit side of realisation account, when there is balance of debtors โน 49,000 and bad-debt reserve of โน 5,000 in the balance sheet at the time of dissolution of a firm.
As per SEBI guidelines, the minimum amount on each share called by companies must be at least ______% of the issue price.
Which of the following is not shown under the heading 'Share capital' in a balance sheet?
Before the company decides to redeem the debentures out of profit, the company has to transfer ______% of total face value of issued debentures to debenture redemption reserve account.
Which of the following analyses shows stakeholders-based classification?
The expenses of the current year of a company is โน 3,00,000 and if it is increased by 20% compared to the previous year, what would be the expenses of the previous year?
Which of the following is not included in operating expense?
Which of the following is not included to compute current ratio?
Dividend or interest received on investment is ______.
Increase in goodwill in the current year as compared to previous year is ______.
Under which head goodwill is shown in the balance-sheet?
Which is the other name known for the revaluation account?
Who gives the share in goodwill to the retiring or deceased partner?
What is voluntary dissolution?
Explain the meaning of realisation account.
According to Companies Act 2013, for what duration can a company issue debentures?
What is ratio?
Are financial expenses included to determine operating ratio?
What are financing activities?
For which activity underwriting commission paid is considered?
Rohit, Virat and Anil are partners sharing profit-loss in equal proportion. Their total capital is โน 3,00,000. The proportion of their capital is $2:3:5$. Firm pays 6% interest p.a. on the capital. Partner Virat received โน 45,400 including interest on capital. Compute what amount inclusive of interest is received by Rohit and Anil?
Aaju, Baju and Kaju are the partners of partnership firm. Their profit-loss sharing ratio is $5:4:3$. All the partners have decided to change their profit and loss sharing ratio to $2:2:1$. From this information find out gain ratio.
Pass journal entries at the time of dissolution for the following transactions. [Narrations not required] (1) In the balance sheet Land-building โน 8,00,000 and Investments of โน 2,00,000 are disclosed respectively โน 9,00,000 and โน 1,50,000 are realised from them. (2) Goodwill is not disclosed in the book. But โน 50,000 are realised during dissolution. (3) Income tax liability is now payable โน 30,000 is not recorded in the book, which is now paid.
How would you deal with the following balances disclosed in the balance-sheet at the time of the dissolution of partnership firm? Explain. (i) General reserve (ii) Workmen accident compensation fund (iii) Depreciation fund
On 1.6.2018, Aditi Limited issued 10,000, 8% debentures of โน 200 each at a premium of 5%. The debentures are redeemed on 31.5.2023 at โน 220 per debenture. Write the necessary journal entries in the books of company. [Without narrations]
Distinguish between shares and debentures.
From the following information of Rahul and Gautam's firm, determine the value of goodwill on the basis of 3 years purchase of last five years weighted average profit. | Year | Profit (โน) | | --- | --- | | 2018-19 | 20,000 | | 2019-20 | 30,000 | | 2020-21 | 37,500 | | 2021-22 | 45,000 | | 2022-23 | 60,000 |
Hema, Rekha and Rakhi are partners of partnership firm. They decided to change their profit-loss sharing ratio from 3 : 2 : 1 to 1 : 1 : 1. Therefore they decided to make the valuation of goodwill. On the basis of partnership firm's profit and other information, determine the value of goodwill on the basis of three years purchase of superprofit. Assets : โน 12,00,000 Liabilities : โน 5,00,000 Expected rate of return 10% Actual profit | Year | Profit โน | | --- | --- | | 2021-22 | 1,60,000 | | 2022-23 | 1,40,000 | | 2023-24 | 1,80,000 |
Profit and loss statement for the year ending on 31.3.2023 and 31.3.2024 of Manu Company Limited is as follows: Prepare comparative profit and loss statement. | Particulars | Note No. | 31.3.2024 (โน) | 31.3.2023 (โน) | | --- | --- | --- | --- | | Sales revenue | | 45,00,000 | 52,00,000 | | Other Income | | 2,00,000 | 10,00,000 | | Net purchase | | 32,00,000 | 38,00,000 | | Other expenses (% of sales) | | 22% | 18% | | Income tax rate 30% | | | |
Calculate stock turnover ratio, from the following information of 'L' Company Ltd. | Particulars | Amount (โน) | | --- | --- | | Sales | 30,00,000 | | Opening stock | 3,50,000 | | Closing stock | 2,50,000 | | Purchases | 12,00,000 | | Gross profit rate | 30% |
From the following given information calculate cash flow from investing activities: | Particulars | Amount (โน) | | --- | --- | | Sale of non-current investments | 88,000 | | Purchase of land | 1,48,000 | | Purchase of machine | 98,000 | | Sale of furniture | 45,000 | | Dividend received on investments | 40,000 | | Paid for goodwill | 32,000 | | Issue of shares | 1,20,000 | | Redemption of debentures | 45,000 | | Loan borrowed | 28,000 |
Ravi and Kishan are partners in a firm sharing profit and loss in the ratio of 2 : 1. Their balance sheet as on 31.3.2024 was as under : Balance-Sheet | Liabilities | Amt.(โน) | Assets | Amt.(โน) | | --- | --- | --- | --- | | Capital | | Goodwill | 36,000 | | Ravi | 1,60,000 | Land-Building | 1,44,000 | | Kishan | 1,20,000 | 2,80,000 | Machinery | 80,000 | | General Reserve | 36,000 | Stock | 72,000 | | Workmen compensation reserve | 9,000 | Debtors | 48,000 | | | | (-)Bad debts reserve | 4,000 | 44,000 | | Investment fluctuation reserve | 3,000 | Investment | 16,000 | | Creditors | 56,000 | Cash-bank | 4,000 | | Bills payable | 24,000 | Advertisement campaign expenditure | 12,000 | | | 4,08,000 | | 4,08,000 | They admitted Sushil as a new partner from 1.4.2024 on the following conditions: (1) Sushil will bring โน 2,00,000 as his capital and โน 48,000 as a goodwill in cash. (2) Value of land and building is to be increased by โน 34,000. (3) Value of machinery is to be decreased upto โน 64,000. (4) Provision for bad-debt is to be kept at 10% of debtors. (5) Provision for outstanding electricity bill is to be made at โน 2,200. (6) New profit sharing ratio of all three partners is to be kept at 2 : 1 : 2. Prepare revaluation account, partner's capital account, cash-bank account and balance-sheet after admission.
Surya and Chandra are the partners sharing profit and loss in the ratio of $3:2$. Their balance-sheet as on 31.3.2024 was as under: Balance-Sheet | Liabilities | Amt.(โน) | Assets | Amt.(โน) | | --- | --- | --- | --- | | Creditors | 64,000 | Bank | 56,000 | | General reserve | 12,000 | Debtors | 80,000 | | Investment Fluctuation Reserve | 6,000 | (-) Provision for Bad debts | 4,000 | 76,000 | | Workmen profit sharing fund | 45,000 | Investment | 90,000 | | Capital | | Building | 60,000 | | Surya | 1,00,000 | | | | Chandra | 80,000 | 1,80,000 | Machinery | 25,000 | | | 3,07,000 | | 3,07,000 | On 1.4.2024, they admitted Tara as a new partner on the following conditions: 1. Tara brought โน 20,000 as goodwill in cash. 2. Provision for doubtful debt is not required. 3. Value of machinery is to be reduced by 10%. 4. Market value of building is โน 1,00,000. 5. Market value of investments is โน 98,500. 6. Tara will bring 20% of total capital of Surya and Chandra in the new firm as her capital. 7. New profit and loss sharing ratio is to be kept at $2:2:1$. 8. Surya and Chandra will maintain their capital in the proportion of their new profit and loss sharing ratio. Prepare necessary accounts and balance-sheet.
L, B, and W are the partners sharing profit and loss in the ratio of $3:2:1$. Balance sheet of their firm on 31.3.2024 was as under: Balance-Sheet | Liabilities | Amt.(โน) | Assets | Amt.(โน) | | --- | --- | --- | --- | | Capital : | | Land-building | 1,00,000 | | L | 60,000 | Machinery | 40,000 | | B | 40,000 | Investments | 20,000 | | W | 20,000 | 1,20,000 | Stock | 20,000 | | General reserve | 12,000 | Debtors | 40,000 | | Creditors | 88,000 | (-) Bad debt reserve | 4,000 | 36,000 | | | | Cash | 4,000 | | | 2,20,000 | | 2,20,000 | W retired on 31.3.2024. Following conditions were decided at the time of retirement : (1) Value of land-building is to be increased by 20%. (2) Machinery is valued at 90% of its book value. (3) Market value of investments is 150% of its book value. (4) Bad debt reserve on debtors is to be reduced by 5%. (5) Goodwill of the firm is valued at โน 72,000. (6) โน 4,000 is outstanding for salary payable to an employee. (7) L and B will bring necessary amount in cash in such a manner that amount due to W is to be paid in cash and balance of cash may remain in the firm as working capital โน 28,000 and their capital in the new firm become proportionate to their new profit and loss sharing ratio. Prepare necessary accounts and balance-sheet of the new firm.
Vishnu Steel Limited issues 6,00,000 equity shares of โน 10 each on which amount was payable as under : โน 3 per share on application โน 4 per share on allotment โน 3 per share on first and final call Company received application for 7,35,000 shares from public. Excess applications were rejected and money paid on them was refunded. Ram, who was allotted 1000 shares, did not pay allotment and final call money. Rahim, who was allotted 600 shares did not pay final call money. Company forfeited all the shares on which calls were unpaid and reissued all forfeited shares โน 7 per share as fully paid up. Pass necessary journal entries in the books of company for above transactions. [Narration not required]
Write journal entries in the books of company for forfeiture and reissue of forfeited shares from the following information. [Narration not required] (i) Company forfeited 1600 shares of โน 10 each of a shareholder for non-payment of allotment money of โน 4 per share and call money of โน 3 per share. This shareholder had paid โน 3 per share with application. Forfeited shares were reissued at โน 8 per share. (ii) S.K. Company Limited forfeited 300 shares of โน 10 each of Amul. Amul had paid application and allotment money of โน 5 per share but had not paid โน 3 per share and โน 2 per share on first call and final call respectively. Out of the forfeited shares, 200 shares were reissued at โน 6 per share to Sheetal. (iii) Company forfeited 600 equity shares of โน 10 each held by Kartik for non-payment of allotment money โน 4 per share and first and final call money โน 3 per share. Company reissued all the forfeited shares after giving maximum permissible discount. These shares were purchased by Manu.
Man and Mohan are partners of partnership firm sharing profit-loss in capital proportion. From the following trial balance and adjustments prepare final accounts of the firm. Trial Balance of Partnership Firm of Man and Mohan as on 31.3.2024 | Name of Accounts | Debit (โน) | Credit (โน) | | --- | --- | --- | | Manโs capital and drawings | 20,000 | 1,00,000 | | Mohanโs capital and drawings | 14,000 | 50,000 | | Suppliers and customers | 90,000 | 60,000 | | Goods returned | 2,000 | 3,000 | | Bills | 15,000 | 20,800 | | Cash and bank | 1,000 | 14,000 | | Bad debt and bad debt reserve | 400 | 1,300 | | Purchase and sales | 1,40,000 | 2,60,500 | | Wages and outstanding wages | 35,000 | 2,000 | | Machinery (office) | 36,500 | | | Depreciation on machinery | 3,500 | | | Furniture | 12,000 | | | Opening stock | 46,100 | | | Prepaid insurance | 200 | | | Salary | 23,000 | | | Insurance premium | 2,000 | | | Rent-taxes | 12,000 | | | Advertisement expenses | 2,900 | | | Goodwill | 72,000 | | | Leasehold building (from 1.10.2021, for 5 years) | 14,000 | | | 8% Harshโs loan (1.11.2023) | | 30,000 | | | 5,41,600 | 5,41,600 | Adjustments : (1) Closing stock โน 1,10,000 and having market value 20% more than book value. (2) Per annum 6% interest is payable on partnerโs capital. (3) Interest on drawings recoverable from partnerโs : Man โน 900, Mohan โน 600 (4) Provide 5% bad debt reserve on debtors. (5) Outstanding expenses at the end of accounting year: rent โน 300 and salary โน 950. (6) Provide depreciation: 10% on machinery and 5% on furniture.
Following is the Trial Balance of Shankar Ltd. as on 31.3.2024: | Particulars | Debit (โน) | Credit (โน) | | --- | --- | --- | | Equity share capital | | 7,20,000 | | Office and sales expenses | 72,000 | | | Purchase | 12,78,000 | | | 10% Debenture | | 3,60,000 | | Sales | | 28,80,000 | | Software | 3,60,000 | | | Bonus | 72,000 | | | Debenture interest | 36,000 | | | Salary | 9,00,000 | | | Provident fund | | 14,400 | | Land-building | 6,84,000 | | | Opening stock | 1,08,000 | | | Interest received | | 46,800 | | Debtors | 5,40,000 | | | Creditors | | 28,800 | | | 40,50,000 | 40,50,000 | Other information : (1) Closing stock โน 1,26,000 (2) Make provision for tax at 50% of net profit. From above information, prepare final accounts of company for the year ended on 31.3.2024 as per Schedule-III and Companies Act 2013. Notes to the accounts are not required.
Official Answer Key
All answers and explanations are shown below.
How would you consider the interest on credit balance of partner's current account for firm?
Viral withdraws โน 500 in the beginning of every month. If 10% p.a. interest is chargeable on drawing, determine interest on drawings.
Goodwill depends on which aspect.
Superprofit means
Revaluation account is ______ type of account.
At the time of reconstruction of a partnership firm ______ is prepared.
Internally generated goodwill cannot be shown in the books as per which accounting standard?
When only old profit-loss sharing ratio is given; sacrificing ratio of old partners = ______.
X, Y and Z are the partners sharing profit and loss in the ratio of $5:3:2$. Z retires. Calculate the new profit and loss ratio.
Which is the last payment made from the realisation of assets, at the time of the dissolution of a firm:
Which of the following amounts will be written at the credit side of realisation account, when there is balance of debtors โน 49,000 and bad-debt reserve of โน 5,000 in the balance sheet at the time of dissolution of a firm.
As per SEBI guidelines, the minimum amount on each share called by companies must be at least ______% of the issue price.
Which of the following is not shown under the heading 'Share capital' in a balance sheet?
Before the company decides to redeem the debentures out of profit, the company has to transfer ______% of total face value of issued debentures to debenture redemption reserve account.
Which of the following analyses shows stakeholders-based classification?
The expenses of the current year of a company is โน 3,00,000 and if it is increased by 20% compared to the previous year, what would be the expenses of the previous year?
Which of the following is not included in operating expense?
Which of the following is not included to compute current ratio?
Dividend or interest received on investment is ______.
Increase in goodwill in the current year as compared to previous year is ______.
Under which head goodwill is shown in the balance-sheet?
Which is the other name known for the revaluation account?
Who gives the share in goodwill to the retiring or deceased partner?
What is voluntary dissolution?
Explain the meaning of realisation account.
According to Companies Act 2013, for what duration can a company issue debentures?
What is ratio?
Are financial expenses included to determine operating ratio?
What are financing activities?
For which activity underwriting commission paid is considered?
Rohit, Virat and Anil are partners sharing profit-loss in equal proportion. Their total capital is โน 3,00,000. The proportion of their capital is $2:3:5$. Firm pays 6% interest p.a. on the capital. Partner Virat received โน 45,400 including interest on capital. Compute what amount inclusive of interest is received by Rohit and Anil?
Aaju, Baju and Kaju are the partners of partnership firm. Their profit-loss sharing ratio is $5:4:3$. All the partners have decided to change their profit and loss sharing ratio to $2:2:1$. From this information find out gain ratio.
Pass journal entries at the time of dissolution for the following transactions. [Narrations not required] (1) In the balance sheet Land-building โน 8,00,000 and Investments of โน 2,00,000 are disclosed respectively โน 9,00,000 and โน 1,50,000 are realised from them. (2) Goodwill is not disclosed in the book. But โน 50,000 are realised during dissolution. (3) Income tax liability is now payable โน 30,000 is not recorded in the book, which is now paid.
How would you deal with the following balances disclosed in the balance-sheet at the time of the dissolution of partnership firm? Explain. (i) General reserve (ii) Workmen accident compensation fund (iii) Depreciation fund
On 1.6.2018, Aditi Limited issued 10,000, 8% debentures of โน 200 each at a premium of 5%. The debentures are redeemed on 31.5.2023 at โน 220 per debenture. Write the necessary journal entries in the books of company. [Without narrations]
Distinguish between shares and debentures.
From the following information of Rahul and Gautam's firm, determine the value of goodwill on the basis of 3 years purchase of last five years weighted average profit. | Year | Profit (โน) | | --- | --- | | 2018-19 | 20,000 | | 2019-20 | 30,000 | | 2020-21 | 37,500 | | 2021-22 | 45,000 | | 2022-23 | 60,000 |
Hema, Rekha and Rakhi are partners of partnership firm. They decided to change their profit-loss sharing ratio from 3 : 2 : 1 to 1 : 1 : 1. Therefore they decided to make the valuation of goodwill. On the basis of partnership firm's profit and other information, determine the value of goodwill on the basis of three years purchase of superprofit. Assets : โน 12,00,000 Liabilities : โน 5,00,000 Expected rate of return 10% Actual profit | Year | Profit โน | | --- | --- | | 2021-22 | 1,60,000 | | 2022-23 | 1,40,000 | | 2023-24 | 1,80,000 |
Profit and loss statement for the year ending on 31.3.2023 and 31.3.2024 of Manu Company Limited is as follows: Prepare comparative profit and loss statement. | Particulars | Note No. | 31.3.2024 (โน) | 31.3.2023 (โน) | | --- | --- | --- | --- | | Sales revenue | | 45,00,000 | 52,00,000 | | Other Income | | 2,00,000 | 10,00,000 | | Net purchase | | 32,00,000 | 38,00,000 | | Other expenses (% of sales) | | 22% | 18% | | Income tax rate 30% | | | |
Calculate stock turnover ratio, from the following information of 'L' Company Ltd. | Particulars | Amount (โน) | | --- | --- | | Sales | 30,00,000 | | Opening stock | 3,50,000 | | Closing stock | 2,50,000 | | Purchases | 12,00,000 | | Gross profit rate | 30% |
From the following given information calculate cash flow from investing activities: | Particulars | Amount (โน) | | --- | --- | | Sale of non-current investments | 88,000 | | Purchase of land | 1,48,000 | | Purchase of machine | 98,000 | | Sale of furniture | 45,000 | | Dividend received on investments | 40,000 | | Paid for goodwill | 32,000 | | Issue of shares | 1,20,000 | | Redemption of debentures | 45,000 | | Loan borrowed | 28,000 |
Ravi and Kishan are partners in a firm sharing profit and loss in the ratio of 2 : 1. Their balance sheet as on 31.3.2024 was as under : Balance-Sheet | Liabilities | Amt.(โน) | Assets | Amt.(โน) | | --- | --- | --- | --- | | Capital | | Goodwill | 36,000 | | Ravi | 1,60,000 | Land-Building | 1,44,000 | | Kishan | 1,20,000 | 2,80,000 | Machinery | 80,000 | | General Reserve | 36,000 | Stock | 72,000 | | Workmen compensation reserve | 9,000 | Debtors | 48,000 | | | | (-)Bad debts reserve | 4,000 | 44,000 | | Investment fluctuation reserve | 3,000 | Investment | 16,000 | | Creditors | 56,000 | Cash-bank | 4,000 | | Bills payable | 24,000 | Advertisement campaign expenditure | 12,000 | | | 4,08,000 | | 4,08,000 | They admitted Sushil as a new partner from 1.4.2024 on the following conditions: (1) Sushil will bring โน 2,00,000 as his capital and โน 48,000 as a goodwill in cash. (2) Value of land and building is to be increased by โน 34,000. (3) Value of machinery is to be decreased upto โน 64,000. (4) Provision for bad-debt is to be kept at 10% of debtors. (5) Provision for outstanding electricity bill is to be made at โน 2,200. (6) New profit sharing ratio of all three partners is to be kept at 2 : 1 : 2. Prepare revaluation account, partner's capital account, cash-bank account and balance-sheet after admission.
Surya and Chandra are the partners sharing profit and loss in the ratio of $3:2$. Their balance-sheet as on 31.3.2024 was as under: Balance-Sheet | Liabilities | Amt.(โน) | Assets | Amt.(โน) | | --- | --- | --- | --- | | Creditors | 64,000 | Bank | 56,000 | | General reserve | 12,000 | Debtors | 80,000 | | Investment Fluctuation Reserve | 6,000 | (-) Provision for Bad debts | 4,000 | 76,000 | | Workmen profit sharing fund | 45,000 | Investment | 90,000 | | Capital | | Building | 60,000 | | Surya | 1,00,000 | | | | Chandra | 80,000 | 1,80,000 | Machinery | 25,000 | | | 3,07,000 | | 3,07,000 | On 1.4.2024, they admitted Tara as a new partner on the following conditions: 1. Tara brought โน 20,000 as goodwill in cash. 2. Provision for doubtful debt is not required. 3. Value of machinery is to be reduced by 10%. 4. Market value of building is โน 1,00,000. 5. Market value of investments is โน 98,500. 6. Tara will bring 20% of total capital of Surya and Chandra in the new firm as her capital. 7. New profit and loss sharing ratio is to be kept at $2:2:1$. 8. Surya and Chandra will maintain their capital in the proportion of their new profit and loss sharing ratio. Prepare necessary accounts and balance-sheet.
L, B, and W are the partners sharing profit and loss in the ratio of $3:2:1$. Balance sheet of their firm on 31.3.2024 was as under: Balance-Sheet | Liabilities | Amt.(โน) | Assets | Amt.(โน) | | --- | --- | --- | --- | | Capital : | | Land-building | 1,00,000 | | L | 60,000 | Machinery | 40,000 | | B | 40,000 | Investments | 20,000 | | W | 20,000 | 1,20,000 | Stock | 20,000 | | General reserve | 12,000 | Debtors | 40,000 | | Creditors | 88,000 | (-) Bad debt reserve | 4,000 | 36,000 | | | | Cash | 4,000 | | | 2,20,000 | | 2,20,000 | W retired on 31.3.2024. Following conditions were decided at the time of retirement : (1) Value of land-building is to be increased by 20%. (2) Machinery is valued at 90% of its book value. (3) Market value of investments is 150% of its book value. (4) Bad debt reserve on debtors is to be reduced by 5%. (5) Goodwill of the firm is valued at โน 72,000. (6) โน 4,000 is outstanding for salary payable to an employee. (7) L and B will bring necessary amount in cash in such a manner that amount due to W is to be paid in cash and balance of cash may remain in the firm as working capital โน 28,000 and their capital in the new firm become proportionate to their new profit and loss sharing ratio. Prepare necessary accounts and balance-sheet of the new firm.
Vishnu Steel Limited issues 6,00,000 equity shares of โน 10 each on which amount was payable as under : โน 3 per share on application โน 4 per share on allotment โน 3 per share on first and final call Company received application for 7,35,000 shares from public. Excess applications were rejected and money paid on them was refunded. Ram, who was allotted 1000 shares, did not pay allotment and final call money. Rahim, who was allotted 600 shares did not pay final call money. Company forfeited all the shares on which calls were unpaid and reissued all forfeited shares โน 7 per share as fully paid up. Pass necessary journal entries in the books of company for above transactions. [Narration not required]
Write journal entries in the books of company for forfeiture and reissue of forfeited shares from the following information. [Narration not required] (i) Company forfeited 1600 shares of โน 10 each of a shareholder for non-payment of allotment money of โน 4 per share and call money of โน 3 per share. This shareholder had paid โน 3 per share with application. Forfeited shares were reissued at โน 8 per share. (ii) S.K. Company Limited forfeited 300 shares of โน 10 each of Amul. Amul had paid application and allotment money of โน 5 per share but had not paid โน 3 per share and โน 2 per share on first call and final call respectively. Out of the forfeited shares, 200 shares were reissued at โน 6 per share to Sheetal. (iii) Company forfeited 600 equity shares of โน 10 each held by Kartik for non-payment of allotment money โน 4 per share and first and final call money โน 3 per share. Company reissued all the forfeited shares after giving maximum permissible discount. These shares were purchased by Manu.
Man and Mohan are partners of partnership firm sharing profit-loss in capital proportion. From the following trial balance and adjustments prepare final accounts of the firm. Trial Balance of Partnership Firm of Man and Mohan as on 31.3.2024 | Name of Accounts | Debit (โน) | Credit (โน) | | --- | --- | --- | | Manโs capital and drawings | 20,000 | 1,00,000 | | Mohanโs capital and drawings | 14,000 | 50,000 | | Suppliers and customers | 90,000 | 60,000 | | Goods returned | 2,000 | 3,000 | | Bills | 15,000 | 20,800 | | Cash and bank | 1,000 | 14,000 | | Bad debt and bad debt reserve | 400 | 1,300 | | Purchase and sales | 1,40,000 | 2,60,500 | | Wages and outstanding wages | 35,000 | 2,000 | | Machinery (office) | 36,500 | | | Depreciation on machinery | 3,500 | | | Furniture | 12,000 | | | Opening stock | 46,100 | | | Prepaid insurance | 200 | | | Salary | 23,000 | | | Insurance premium | 2,000 | | | Rent-taxes | 12,000 | | | Advertisement expenses | 2,900 | | | Goodwill | 72,000 | | | Leasehold building (from 1.10.2021, for 5 years) | 14,000 | | | 8% Harshโs loan (1.11.2023) | | 30,000 | | | 5,41,600 | 5,41,600 | Adjustments : (1) Closing stock โน 1,10,000 and having market value 20% more than book value. (2) Per annum 6% interest is payable on partnerโs capital. (3) Interest on drawings recoverable from partnerโs : Man โน 900, Mohan โน 600 (4) Provide 5% bad debt reserve on debtors. (5) Outstanding expenses at the end of accounting year: rent โน 300 and salary โน 950. (6) Provide depreciation: 10% on machinery and 5% on furniture.
Following is the Trial Balance of Shankar Ltd. as on 31.3.2024: | Particulars | Debit (โน) | Credit (โน) | | --- | --- | --- | | Equity share capital | | 7,20,000 | | Office and sales expenses | 72,000 | | | Purchase | 12,78,000 | | | 10% Debenture | | 3,60,000 | | Sales | | 28,80,000 | | Software | 3,60,000 | | | Bonus | 72,000 | | | Debenture interest | 36,000 | | | Salary | 9,00,000 | | | Provident fund | | 14,400 | | Land-building | 6,84,000 | | | Opening stock | 1,08,000 | | | Interest received | | 46,800 | | Debtors | 5,40,000 | | | Creditors | | 28,800 | | | 40,50,000 | 40,50,000 | Other information : (1) Closing stock โน 1,26,000 (2) Make provision for tax at 50% of net profit. From above information, prepare final accounts of company for the year ended on 31.3.2024 as per Schedule-III and Companies Act 2013. Notes to the accounts are not required.