GSEB Class 12 Accountancy Question Paper February 2026
The latest GSEB Class 12 Accountancy February 2026 board paper is available in Gujarati, English, and Hindi medium. Download now to practice the most current paper pattern.
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Std 12
Subject
Accountancy
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What is the interest on partner's capital for a partner?
The capital proportion of A, B and C is 1:2:3 respectively. The divisible profit is โน 1,20,000. What will be the amount of profit of C?
'Goodwill' is which type of asset?
Which method is appropriate for the computation of goodwill when profit of every year is increasing?
Where the accumulated profit as per the balance sheet is shown at the time of the reconstruction of a partnership firm?
At the time of the reconstruction of a partnership firm ______ is prepared.
Profit or loss of revaluation account is transferred to ______ account in ______ ratio.
Balance of general reserve and credit balance of profit and loss account is transferred to ______ at the time of the admission of a new partner.
When only old profit-loss sharing ratio is given, gaining ratio of remaining partners will be ______.
Which of the following amounts will be written at the credit side of realisation account, when there is balance of debtors โน 24,500 and bad debt reserve โน 2,500 in the balance sheet at the time of the dissolution of a firm?
To which account credit balance of general reserve is transferred at the time of the dissolution of a firm?
When shares are forfeited then amount called up on forfeited shares is _____.
For public issue of shares company has to take a permission from whom?
At what rate debentures would be issued at discount?
Which of the following analyses shows duration-based classification?
The expenses of the current year of a company is โน 6,00,000; and if it is increased by 20% compared to the previous year, what would be the expenses of the previous year?
For which of the following items the ratio is computed in days?
Which of the following is correct for accounting ratios?
Cash equivalent has ___.
Reduction in goodwill in current year as compared to previous year is ___.
What is weighted average profit?
What is gain ratio?
When and why the profit and loss adjustment account is prepared?
Describe the methods of dissolution of a partnership firm.
How would you deal with the provident fund balance shown in the balance sheet at the time of dissolution?
Who is called debenture holder?
Will the current ratio increase or decrease when the current assets increase and the current liabilities remain unchanged?
What is indicated by liquidity ratios?
In which activity the received dividend and interest are recorded?
What is cash flow?
The closing capital of Stavan is โน 80,000 in which โน 12,500 drawings of current year and profit of โน 17,800 are recorded. What will be the interest at 6% p.a. on the opening capital?
Dev, Dron and Bhavika are the partners of a partnership firm. Their profit-loss sharing ratio is 5:2:2. All the partners have decided to change the profit-loss sharing ratio to 2/9, 3/9 and 4/9 as new ratio. From the information find out what sacrifice has been made by which partner by using sacrifice formula.
How would you deal with the following balances disclosed in the balance sheet at the time of the dissolution of a partnership firm? Explain. (i) General reserve (ii) Investment fluctuation fund (iii) Depreciation fund
At the time of dissolution total assets of the firm are of โน 4,00,000. Out of that 40% are current assets. Where cash is included of โน 20,000. 120% of fixed assets are realised. 80% are realised from current assets. Pass necessary journal entries.
On 1.8.2020, Abhishek Limited issued 8,000, 9% debentures of โน 100 each at par. These debentures are to be redeemed on 31.7.2025 at โน 120 per debenture. Pass the necessary journal entries in the books of the company for the issue and redemption of debentures. [Without narration]
Write the journal entries only for the issue of debentures from the following transaction: [Without narration] (i) Issued 5,000, 10% debentures of โน 100 each at a discount of 5%, which are to be redeemed at par value. (ii) Issued 5,000, 10% debentures of โน 100 each at a premium of 8% which are to be redeemed at par value.
From the following information compute the value of goodwill of Trupti and Vyapti on the basis of 3 years' purchase of last 5 years' weighted average profit: | Year | Profit (โน) | | --- | --- | | 2020-21 | 80,000 | | 2021-22 | 1,20,000 | | 2022-23 | 1,40,000 | | 2023-24 | 1,60,000 | | 2024-25 | 1,70,000 |
Determine the value of goodwill of Siddhi and Pradeep's firm as per the capitalisation of super profit method: (1) Capital employed : 7,80,000 (2) Expected rate of return : 12% (3) Last 5 years' profit | Year | Profit (โน) | | --- | --- | | 2017-18 | 2,00,000 | | 2018-19 | 2,70,000 | | 2019-20 | 2,40,000 | | 2020-21 | 2,50,000 | | 2021-22 | 2,30,000 |
Summarised profit and loss statements of Gujarat Ltd. for the year ending on 31.03.2023 and 31.03.2024 are as follows: Prepare comparative profit and loss statement. Profit-loss statement of Gujarat Ltd. for the year ending on 31.03.2023 and 31.03.2024 | Particulars | Note No. | 31.3.2024 (โน) | 31.3.2023 (โน) | | --- | --- | --- | --- | | Sales revenue | | 9,00,000 | 8,00,000 | | Other Income | | 2,00,000 | 1,00,000 | | Cost of goods consumed | | 3,30,000 | 3,00,000 | | Financial expenses | | 1,00,000 | 1,00,000 | | Other expenses | | 1,80,000 | 2,00,000 | Income tax rate is 30%
From the following information of โAarjuโ Company Limited, calculate debt-equity ratio : | Particulars | Amount (โน) | Particulars | Amount (โน) | | --- | --- | --- | --- | | Creditors | 1,60,000 | Non-current assets | 12,00,000 | | Bills payable | 1,40,000 | Current assets | 10,00,000 | | Outstanding expenses | 1,00,000 | Total liabilities | 10,00,000 |
From the following transactions calculate cash flow from operating activities : | Particulars | Amount (โน) | | --- | --- | | Profit before taxes | 99,000 | | Income tax provision | 29,000 | | Proposed dividend | 39,000 | | Depreciation | 22,000 | | Dividend received | 21,000 | | Interest received | 20,000 | | Interest paid | 28,000 | | Goodwill written off | 15,000 | | Profit on sale of asset | 12,000 |
Kamal and Vaalam are partners in a firm sharing profit and loss in the ratio 2:1. Their balance sheet as on 31.3.2025 was as under : | Liabilities | Amt.(โน) | Assets | Amt.(โน) | | --- | --- | --- | --- | | Capital accounts : | | Goodwill | 18,000 | | Kamal | 80,000 | Land-Building | 72,000 | | Vaalam | 60,000 | 1,40,000 | Machinery | 40,000 | | General Reserve | 18,000 | Stock | 36,000 | | Workmen compensation reserve | 4,500 | Debtors | 24,000 | | | | (-)Bad debt reserve | 2,000 | 22,000 | | Investment fluctuation fund reserve | 1,500 | Investment | 8,000 | | Creditors | 28,000 | Cash-bank | 2,000 | | Bills payable | 12,000 | Advertisement campaign expenditure | 6,000 | | | 2,04,000 | | 2,04,000 | They admitted Jigar as a new partner from 1.4.2025 on the following conditions: 1. Jigar will bring โน 1,00,000 as his capital and โน 24,000 as a goodwill in cash. 2. Value of land and building is to be increased by โน 17,000. 3. Value of machinery is to be decreased upto โน 32,000. 4. Provision for bad-debt is to be kept at 10% on debtors. 5. Provision for outstanding electricity bill is to be made at โน 1,100. 6. New profit sharing ratio of all three partners is to be kept at 2:1:2. Prepare revaluation account, partnerโs capital account, cash-bank account and balance sheet after admission.
Narendra and Dhirendra are the partners sharing profit and loss in the ratio of 2:1. Balance sheet of their firm as on 31.03.3024 was as under : Balance Sheet | Liabilities | Amt.(โน) | Assets | Amt.(โน) | | --- | --- | --- | --- | | Capital : | | Machinery | 64,000 | | Narendra | 64,000 | Furniture | 40,000 | | Dhirendra | 32,000 | 96,000 | Stock | 13,600 | | General reserve | 16,800 | Debtors | 40,000 | | Creditors | 60,000 | (-) Bad debt reserve | 3,200 | 36,800 | | Bills payable | 8,000 | Cash-bank | 36,800 | | | 1,80,800 | | 1,80,800 | They admitted Bhagyesh as a new partner on 1.4.2024 on the following conditions: (1) Narendra sacrificed $\frac{1}{12}$th from his share and Dhirendra sacrificed $\frac{1}{6}$th from his share in favour of Bhagyesh. (2) Bhagyesh is to bring proportionate capital. (3) Bhagyesh is to bring his share of goodwill in cash. Goodwill of the firm is valued at โน 90,000. (4) Fixed assets are to be depreciated by 10%. (5) All debtors are good. (6) Insurance premium of โน 2,400 out of โน 12,000 is to be carried forward to next year. Prepare necessary accounts and balance-sheet.
Shailja, Sonam and Arpita are the partners sharing profit and loss in the ratio of $\frac{2}{5}$, $\frac{5}{10}$ and $\frac{1}{10}$. Balance sheet of the firm on 31.3.2025 was as under: Balance Sheet | Liabilities | Amt.(โน) | Assets | Amt.(โน) | | --- | --- | --- | --- | | Creditors | 90,000 | Goodwill | 30,000 | | General reserve | 70,000 | Building | 2,82,000 | | Capital Accounts : | | Machinery | 1,45,000 | | Shailja | 2,00,000 | Investments | 33,000 | | Sonam | 1,00,000 | Stock | 20,000 | | Arpita | 90,000 | 3,90,000 | Debtors | 50,000 | | Current Accounts : | | Loan to Arpita | 30,000 | | Shailja | 26,000 | Current Account: | | | Sonam | 14,000 | 40,000 | Arpita | 10,000 | | Bad debt reserve | 10,000 | | | | | 6,00,000 | | 6,00,000 | Arpita retired on 1.4.2025 as a partner. At the time of her retirement, partners decided that: (1) โน 4,000 is outstanding for rent payable. (2) Interest on investment is receivable โน 2,500. (3) Investments to be sold for โน 35,000. (4) Goodwill of the firm is valued at โน 2,00,000. (5) Shailja and Sonam will share future profit in the ratio of 1:1. Prepare necessary accounts and balance sheet after retirement.
A.D. Limited issued 2,40,000 equity shares of โน 10 each at a premium of โน 70 per share. Amount called up per share was as under: โน 38 on application (including premium of โน 35) โน 28 on allotment (including premium of โน 25) โน 14 on call (including premium of โน 10.) All the sum due were duly received except money due on allotment and final call on 2,000 shares held by Lawrence. After carrying out necessary formalities, company forfeited Lawrence's shares. These shares were reissued to Francis at 40% premium as fully paid up. Pass journal entries for above transactions in the book of company. [Without narration]
Gayatri Diamond Ltd. of Surat issued 3,00,000 equity shares of โน 10 per share. Amount called up on application at โน 3 per share, on allotment โน 2.50 per share, on first call at โน 2.50 per share and on final call at โน 2 per share. Applications were received from public of 4,56,000 shares. Allotment of 3,00,000 shares was made pro-rata to 4,50,000 applicants. Application for 6000 shares were rejected. Full amounts were received from all shareholders except from a shareholder named Saraswati. Saraswati who was allotted 600 shares, did not pay final call money. Her shares were forfeited. Total shares of Saraswati were reissued as fully paid up at โน 9 per share. Pass journal entries in the books of company for the above transaction. [Without narration]
Aashu and Ajay are partners of a firm sharing profit-loss in the equal proportion. From the following trial balance as on dated 31.3.2025 and adjustments, prepare final accounts of the firm: Trial Balance of Partnership Firm of Aashu and Ajay as on 31.3.2025 | Particulars | Debit (โน) | Credit (โน) | | --- | --- | --- | | Capital and Drawings : | | | | Aashu | 10,000 | 1,00,000 | | Ajay | 20,000 | 1,20,000 | | Opening stock | 60,000 | โ | | Purchase and sales | 61,000 | 80,000 | | Carriage inward | 20,000 | โ | | Weighing machine charges | 1,000 | โ | | Provident fund and contribution to provident fund | 1,000 | 4,000 | | Dead stock | 22,000 | โ | | Salary-wages | 12,000 | โ | | Loan of Aashu (From 1.7.2024) | โ | 20,000 | | Mahajan lago | 2,000 | โ | | Factory building | 1,00,000 | โ | | Depreciation on factory building | 10,000 | โ | | Insurance premium | 1,200 | โ | | Prepaid insurance | 600 | โ | | Demurrage | 200 | โ | | Cash and bank | 6,000 | 18,000 | | Bills | 30,000 | 14,000 | | Customers and traders | 20,000 | 16,000 | | Professional tax | 1,000 | โ | | Outstanding salary | โ | 1,400 | | Bad debts and bad debts reserve | 1,400 | 6,000 | | Total | 3,79,400 | 3,79,400 | Adjustments : (1) The value of closing stock is โน 40,000, but market value is 20% less than the book value. (2) Goods were received of โน 1,000, but invoice is not recorded in the purchase book. (3) 10% interest on capital and 5% interest on drawings is to be calculated. (4) Provide bad debts reserve of โน 3,000 and keep 10% discount reserve on debtors. (5) Aashu has withdrawn goods of โน 1,000 and Ajay has withdrawn goods of โน 2,000 for personal use recorded in sales book as credit sales. (6) As per partnership deed, interest on capital is payable, even if there is loss.
Following is the Trial Balance of Jodhal Ltd. as on 31.3.2025: | Particulars | Debit (โน) | Credit (โน) | | --- | --- | --- | | Inventories | 2,20,000 | โ | | Fixed assets-tangible | 16,00,000 | โ | | 10,000 equity shares of โน 100 each | โ | 10,00,000 | | Sales | โ | 15,00,000 | | Other incomes | โ | 40,000 | | Employee benefit expenses | 2,60,000 | โ | | Long-term borrowings | โ | 7,00,000 | | Financial cost | 35,000 | โ | | Trade payables | โ | 2,00,000 | | Trade receivables | 80,000 | โ | | Cash and bank balance | 1,20,000 | โ | | Depreciation | 45,000 | โ | | Cost of goods sold | 8,00,000 | โ | | Non-current investment | 2,80,000 | โ | | | 34,40,000 | 34,40,000 | Additional information : Provision for tax โน 1,60,000. Prepare final accounts of the company as per Schedule-III of Companies Act, 2013.
Official Answer Key
All answers and explanations are shown below.
What is the interest on partner's capital for a partner?
The capital proportion of A, B and C is 1:2:3 respectively. The divisible profit is โน 1,20,000. What will be the amount of profit of C?
'Goodwill' is which type of asset?
Which method is appropriate for the computation of goodwill when profit of every year is increasing?
Where the accumulated profit as per the balance sheet is shown at the time of the reconstruction of a partnership firm?
At the time of the reconstruction of a partnership firm ______ is prepared.
Profit or loss of revaluation account is transferred to ______ account in ______ ratio.
Balance of general reserve and credit balance of profit and loss account is transferred to ______ at the time of the admission of a new partner.
When only old profit-loss sharing ratio is given, gaining ratio of remaining partners will be ______.
Which of the following amounts will be written at the credit side of realisation account, when there is balance of debtors โน 24,500 and bad debt reserve โน 2,500 in the balance sheet at the time of the dissolution of a firm?
To which account credit balance of general reserve is transferred at the time of the dissolution of a firm?
When shares are forfeited then amount called up on forfeited shares is _____.
For public issue of shares company has to take a permission from whom?
At what rate debentures would be issued at discount?
Which of the following analyses shows duration-based classification?
The expenses of the current year of a company is โน 6,00,000; and if it is increased by 20% compared to the previous year, what would be the expenses of the previous year?
For which of the following items the ratio is computed in days?
Which of the following is correct for accounting ratios?
Cash equivalent has ___.
Reduction in goodwill in current year as compared to previous year is ___.
What is weighted average profit?
What is gain ratio?
When and why the profit and loss adjustment account is prepared?
Describe the methods of dissolution of a partnership firm.
How would you deal with the provident fund balance shown in the balance sheet at the time of dissolution?
Who is called debenture holder?
Will the current ratio increase or decrease when the current assets increase and the current liabilities remain unchanged?
What is indicated by liquidity ratios?
In which activity the received dividend and interest are recorded?
What is cash flow?
The closing capital of Stavan is โน 80,000 in which โน 12,500 drawings of current year and profit of โน 17,800 are recorded. What will be the interest at 6% p.a. on the opening capital?
Dev, Dron and Bhavika are the partners of a partnership firm. Their profit-loss sharing ratio is 5:2:2. All the partners have decided to change the profit-loss sharing ratio to 2/9, 3/9 and 4/9 as new ratio. From the information find out what sacrifice has been made by which partner by using sacrifice formula.
How would you deal with the following balances disclosed in the balance sheet at the time of the dissolution of a partnership firm? Explain. (i) General reserve (ii) Investment fluctuation fund (iii) Depreciation fund
At the time of dissolution total assets of the firm are of โน 4,00,000. Out of that 40% are current assets. Where cash is included of โน 20,000. 120% of fixed assets are realised. 80% are realised from current assets. Pass necessary journal entries.
On 1.8.2020, Abhishek Limited issued 8,000, 9% debentures of โน 100 each at par. These debentures are to be redeemed on 31.7.2025 at โน 120 per debenture. Pass the necessary journal entries in the books of the company for the issue and redemption of debentures. [Without narration]
Write the journal entries only for the issue of debentures from the following transaction: [Without narration] (i) Issued 5,000, 10% debentures of โน 100 each at a discount of 5%, which are to be redeemed at par value. (ii) Issued 5,000, 10% debentures of โน 100 each at a premium of 8% which are to be redeemed at par value.
From the following information compute the value of goodwill of Trupti and Vyapti on the basis of 3 years' purchase of last 5 years' weighted average profit: | Year | Profit (โน) | | --- | --- | | 2020-21 | 80,000 | | 2021-22 | 1,20,000 | | 2022-23 | 1,40,000 | | 2023-24 | 1,60,000 | | 2024-25 | 1,70,000 |
Determine the value of goodwill of Siddhi and Pradeep's firm as per the capitalisation of super profit method: (1) Capital employed : 7,80,000 (2) Expected rate of return : 12% (3) Last 5 years' profit | Year | Profit (โน) | | --- | --- | | 2017-18 | 2,00,000 | | 2018-19 | 2,70,000 | | 2019-20 | 2,40,000 | | 2020-21 | 2,50,000 | | 2021-22 | 2,30,000 |
Summarised profit and loss statements of Gujarat Ltd. for the year ending on 31.03.2023 and 31.03.2024 are as follows: Prepare comparative profit and loss statement. Profit-loss statement of Gujarat Ltd. for the year ending on 31.03.2023 and 31.03.2024 | Particulars | Note No. | 31.3.2024 (โน) | 31.3.2023 (โน) | | --- | --- | --- | --- | | Sales revenue | | 9,00,000 | 8,00,000 | | Other Income | | 2,00,000 | 1,00,000 | | Cost of goods consumed | | 3,30,000 | 3,00,000 | | Financial expenses | | 1,00,000 | 1,00,000 | | Other expenses | | 1,80,000 | 2,00,000 | Income tax rate is 30%
From the following information of โAarjuโ Company Limited, calculate debt-equity ratio : | Particulars | Amount (โน) | Particulars | Amount (โน) | | --- | --- | --- | --- | | Creditors | 1,60,000 | Non-current assets | 12,00,000 | | Bills payable | 1,40,000 | Current assets | 10,00,000 | | Outstanding expenses | 1,00,000 | Total liabilities | 10,00,000 |
From the following transactions calculate cash flow from operating activities : | Particulars | Amount (โน) | | --- | --- | | Profit before taxes | 99,000 | | Income tax provision | 29,000 | | Proposed dividend | 39,000 | | Depreciation | 22,000 | | Dividend received | 21,000 | | Interest received | 20,000 | | Interest paid | 28,000 | | Goodwill written off | 15,000 | | Profit on sale of asset | 12,000 |
Kamal and Vaalam are partners in a firm sharing profit and loss in the ratio 2:1. Their balance sheet as on 31.3.2025 was as under : | Liabilities | Amt.(โน) | Assets | Amt.(โน) | | --- | --- | --- | --- | | Capital accounts : | | Goodwill | 18,000 | | Kamal | 80,000 | Land-Building | 72,000 | | Vaalam | 60,000 | 1,40,000 | Machinery | 40,000 | | General Reserve | 18,000 | Stock | 36,000 | | Workmen compensation reserve | 4,500 | Debtors | 24,000 | | | | (-)Bad debt reserve | 2,000 | 22,000 | | Investment fluctuation fund reserve | 1,500 | Investment | 8,000 | | Creditors | 28,000 | Cash-bank | 2,000 | | Bills payable | 12,000 | Advertisement campaign expenditure | 6,000 | | | 2,04,000 | | 2,04,000 | They admitted Jigar as a new partner from 1.4.2025 on the following conditions: 1. Jigar will bring โน 1,00,000 as his capital and โน 24,000 as a goodwill in cash. 2. Value of land and building is to be increased by โน 17,000. 3. Value of machinery is to be decreased upto โน 32,000. 4. Provision for bad-debt is to be kept at 10% on debtors. 5. Provision for outstanding electricity bill is to be made at โน 1,100. 6. New profit sharing ratio of all three partners is to be kept at 2:1:2. Prepare revaluation account, partnerโs capital account, cash-bank account and balance sheet after admission.
Narendra and Dhirendra are the partners sharing profit and loss in the ratio of 2:1. Balance sheet of their firm as on 31.03.3024 was as under : Balance Sheet | Liabilities | Amt.(โน) | Assets | Amt.(โน) | | --- | --- | --- | --- | | Capital : | | Machinery | 64,000 | | Narendra | 64,000 | Furniture | 40,000 | | Dhirendra | 32,000 | 96,000 | Stock | 13,600 | | General reserve | 16,800 | Debtors | 40,000 | | Creditors | 60,000 | (-) Bad debt reserve | 3,200 | 36,800 | | Bills payable | 8,000 | Cash-bank | 36,800 | | | 1,80,800 | | 1,80,800 | They admitted Bhagyesh as a new partner on 1.4.2024 on the following conditions: (1) Narendra sacrificed $\frac{1}{12}$th from his share and Dhirendra sacrificed $\frac{1}{6}$th from his share in favour of Bhagyesh. (2) Bhagyesh is to bring proportionate capital. (3) Bhagyesh is to bring his share of goodwill in cash. Goodwill of the firm is valued at โน 90,000. (4) Fixed assets are to be depreciated by 10%. (5) All debtors are good. (6) Insurance premium of โน 2,400 out of โน 12,000 is to be carried forward to next year. Prepare necessary accounts and balance-sheet.
Shailja, Sonam and Arpita are the partners sharing profit and loss in the ratio of $\frac{2}{5}$, $\frac{5}{10}$ and $\frac{1}{10}$. Balance sheet of the firm on 31.3.2025 was as under: Balance Sheet | Liabilities | Amt.(โน) | Assets | Amt.(โน) | | --- | --- | --- | --- | | Creditors | 90,000 | Goodwill | 30,000 | | General reserve | 70,000 | Building | 2,82,000 | | Capital Accounts : | | Machinery | 1,45,000 | | Shailja | 2,00,000 | Investments | 33,000 | | Sonam | 1,00,000 | Stock | 20,000 | | Arpita | 90,000 | 3,90,000 | Debtors | 50,000 | | Current Accounts : | | Loan to Arpita | 30,000 | | Shailja | 26,000 | Current Account: | | | Sonam | 14,000 | 40,000 | Arpita | 10,000 | | Bad debt reserve | 10,000 | | | | | 6,00,000 | | 6,00,000 | Arpita retired on 1.4.2025 as a partner. At the time of her retirement, partners decided that: (1) โน 4,000 is outstanding for rent payable. (2) Interest on investment is receivable โน 2,500. (3) Investments to be sold for โน 35,000. (4) Goodwill of the firm is valued at โน 2,00,000. (5) Shailja and Sonam will share future profit in the ratio of 1:1. Prepare necessary accounts and balance sheet after retirement.
A.D. Limited issued 2,40,000 equity shares of โน 10 each at a premium of โน 70 per share. Amount called up per share was as under: โน 38 on application (including premium of โน 35) โน 28 on allotment (including premium of โน 25) โน 14 on call (including premium of โน 10.) All the sum due were duly received except money due on allotment and final call on 2,000 shares held by Lawrence. After carrying out necessary formalities, company forfeited Lawrence's shares. These shares were reissued to Francis at 40% premium as fully paid up. Pass journal entries for above transactions in the book of company. [Without narration]
Gayatri Diamond Ltd. of Surat issued 3,00,000 equity shares of โน 10 per share. Amount called up on application at โน 3 per share, on allotment โน 2.50 per share, on first call at โน 2.50 per share and on final call at โน 2 per share. Applications were received from public of 4,56,000 shares. Allotment of 3,00,000 shares was made pro-rata to 4,50,000 applicants. Application for 6000 shares were rejected. Full amounts were received from all shareholders except from a shareholder named Saraswati. Saraswati who was allotted 600 shares, did not pay final call money. Her shares were forfeited. Total shares of Saraswati were reissued as fully paid up at โน 9 per share. Pass journal entries in the books of company for the above transaction. [Without narration]
Aashu and Ajay are partners of a firm sharing profit-loss in the equal proportion. From the following trial balance as on dated 31.3.2025 and adjustments, prepare final accounts of the firm: Trial Balance of Partnership Firm of Aashu and Ajay as on 31.3.2025 | Particulars | Debit (โน) | Credit (โน) | | --- | --- | --- | | Capital and Drawings : | | | | Aashu | 10,000 | 1,00,000 | | Ajay | 20,000 | 1,20,000 | | Opening stock | 60,000 | โ | | Purchase and sales | 61,000 | 80,000 | | Carriage inward | 20,000 | โ | | Weighing machine charges | 1,000 | โ | | Provident fund and contribution to provident fund | 1,000 | 4,000 | | Dead stock | 22,000 | โ | | Salary-wages | 12,000 | โ | | Loan of Aashu (From 1.7.2024) | โ | 20,000 | | Mahajan lago | 2,000 | โ | | Factory building | 1,00,000 | โ | | Depreciation on factory building | 10,000 | โ | | Insurance premium | 1,200 | โ | | Prepaid insurance | 600 | โ | | Demurrage | 200 | โ | | Cash and bank | 6,000 | 18,000 | | Bills | 30,000 | 14,000 | | Customers and traders | 20,000 | 16,000 | | Professional tax | 1,000 | โ | | Outstanding salary | โ | 1,400 | | Bad debts and bad debts reserve | 1,400 | 6,000 | | Total | 3,79,400 | 3,79,400 | Adjustments : (1) The value of closing stock is โน 40,000, but market value is 20% less than the book value. (2) Goods were received of โน 1,000, but invoice is not recorded in the purchase book. (3) 10% interest on capital and 5% interest on drawings is to be calculated. (4) Provide bad debts reserve of โน 3,000 and keep 10% discount reserve on debtors. (5) Aashu has withdrawn goods of โน 1,000 and Ajay has withdrawn goods of โน 2,000 for personal use recorded in sales book as credit sales. (6) As per partnership deed, interest on capital is payable, even if there is loss.
Following is the Trial Balance of Jodhal Ltd. as on 31.3.2025: | Particulars | Debit (โน) | Credit (โน) | | --- | --- | --- | | Inventories | 2,20,000 | โ | | Fixed assets-tangible | 16,00,000 | โ | | 10,000 equity shares of โน 100 each | โ | 10,00,000 | | Sales | โ | 15,00,000 | | Other incomes | โ | 40,000 | | Employee benefit expenses | 2,60,000 | โ | | Long-term borrowings | โ | 7,00,000 | | Financial cost | 35,000 | โ | | Trade payables | โ | 2,00,000 | | Trade receivables | 80,000 | โ | | Cash and bank balance | 1,20,000 | โ | | Depreciation | 45,000 | โ | | Cost of goods sold | 8,00,000 | โ | | Non-current investment | 2,80,000 | โ | | | 34,40,000 | 34,40,000 | Additional information : Provision for tax โน 1,60,000. Prepare final accounts of the company as per Schedule-III of Companies Act, 2013.