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() Ashish and Vishesh were partners sharing profits and losses in the
ratio of 3 : 2. Their Balance Sheet as at 31°t March, 2022 was as
under :
Balance Sheet of Ashish and Vishesh as at 31*t March, 2022
sabiliti Amount Amount
Liabilities © Assets ©
Creditors 30,000 | Cash at Bank 50,000
Outstanding Debtors 80,000
electricity bill 20,000 | Less : provision for bad debts 2,000 | 78,000
Capitals :
Ashish — 3,00,000 Stock 1,12,000
Vishesh 2,00,000 | 5,00,000 | Machinery 3,00,000
Profit and Loss A/e 10,000
5,50,000 5,50,000
24, (a) Vani Limited invited applications for issuing 1,00,000 equi
67/5/2
On 1 April, 2022, Manya was admitted into the firm with 1/4t»
share in the profits on the following terms :
(i) Manya will bring @ 1,00,000 as her capital and @ 50,000 as her
share of goodwill premium in cash.
Gi) Outstanding electricity bill will be paid off.
(ii) Stock was found over valued by & 12,000.
Pass the necessary journal entries in the books of the firm on
Manya’s admission.
y shares of
under :
% 10 each at a premium of 10%. The amounts were payable a
On Application and Allotment — & 4 per share (including premium @1)
On first call -€ 4 per share
On second and final call —@ 3 per share
Applications for 1,50,000 shares were received and pro-rata allotment
was made to all the applicants.
Excess application money was adjusted towards sums due on cal
Parth, a shareholder who had applied for 600 shares did not pay the
first call. His shares were forfeited. The second and final call was not
yet made. Half of the forfeited shares were reissued at 8 per share
fully paid up.
Jouralise the above transactions in the books of Vani Limited
opening calls in arrears and calls in advance account wherev
necessary.
OR
wr Page 27 P.T.O.
