0

Solutions in Topper's Style

x60,000
L80,000 Working Note
share in losses = Net Assets Total
1. (0)Anthony's Anthony =60,000 = 10,00,000
Assets -Outside Liabiliiee
Guarante provided to
to Anthony =
1,20,000 -3,00,000=7,00,000
Total amount payalble Anar Goodwill =Capitalised Value of the
Deficiency to be bome by
- 1,20,000 x =60,0005
orli Capitalised Value of the Firm
o0
eFirm-Assets
Net
=50,000 + 7,00,000 = 7,50.000
Loss debited to Amar's capital account 6. (b) AIlotted shares = 900x2 = 600 shares
=1,80,000 x =60,000 Share capital = 600
3ih

.Total amount debited to Amar's

capital account
60,000=1,20,000
x8=*4,800bh
Share Forfeiture =900 x3 =2,700
Share allotment = (600x5) - 900= 2,100
=Deficiency + Loss = 60,000 +
2. () Partner's current account is opened
in case of Or (b) Capital ReserveOao 0b021
fixed capital. Profit on Forfeiture
xRe-issued Shares
3. (c) subscribed baestor L Forfeited Shares
Or (b)Securities premium utilised
= 12,00,000 2,00,000 = 10,00,000 elro
boo10s
ie 6,000 x3
-LOSS on Resi
Loss on issue of debentures (at redemption) 6,000 x4000-0
20
= 40,00,000 x =8,00,000
100
Loss on issue of debentures (at issue)
7. (d) 1st May, 2024
= 10,00,000 8,00,000= 2,00,000 8. (a)Realisatiorn account will be credited by 60 0
Loss on issue of debentures (%) oeto Or (c) 7 60,000 will be credited to realisation account
and will be even paid-off. Balance ? 40,000 will be
2,00,000 = 5%so
x100 distributed amongst partners.
40,00,000
9. (b) Statement Showing Adjustments
4. (a) Bad Debts A/c Dr 15,000
Teeka Fim
To Debtors A/c mmoletJatieh 15,000 Particulars
Dr () Cr (?) Dr()Cr
Prov. for Doub. Debts A/c Dr 15,000
To Bad Debts A/c beES0SoneM 15,000
Profit Wrongly
Distributed 16,800 84,0

Or (c) If the building is undervalued by 20%, the Interest on Capital 21,000 84,000
recorded value will be equal to 80%, i.e. 16,800 21,000 84,000 84,0
100%-20%
(4,200) Cr Nil
Current value of building
1,60,000
x100 = 2,00,000 Interest on Capital
80 10olom
.Profit on revaluation = 2,00,000 -160,000 Ikka = 5,00,000 x =750,000
100slarne
=40,000 10
Dukka = 4,00,000>x =740,000
Shyam's share in revaluation profit 100
10
=40,000 x=5 16,000 ad Teeka = 3,00,000 x =730,000
100
90,000 x 100
5. (c) Capitalised value of the firm = NRR
Ratio of interest on capital
=5:4:3
90,000 ×100
7,50,000 (WN) = Since the appropriations are more than the
NRR
available profit, the profit willbe distributed
NRR= 90,000 x 100 = 12% 5:4:3.
7,50,000 In the ratio of appropriation i.e.
CBSE Sample Paper 2024-25 13

10, (0) Net value of machinery Spinner's new shareg li 3 12+3 15

- 10,00,000- 6,00,000=4,00,000 4 48 48 48
Value of machinery to the creditors 18:15: 15 or 6:5:5
-4,00,000 --400,000
x3,80,000 17. Assets realised =1,08,000
100) Commission @ 2% of 1,08,000 =2,160
Balance amount paid to creditors
Amount payable to other partners
=5,40,000-3,80,000=1,60,000 = 116,000-31,340 = 84,660
11, (0) Both (b) and (c)
10% of amount payable =8,466
12. (c) All are correct
:. Total commission= 2,160+ 8,466 = 10,626
18. (0)Profit on Forfeiture (2,000 x50) 1,00,000 Date Particulars Amt Amt
(-) Loss of Re-issue (2,000 x20) (Dr) (Cr)
(40,000) Dr 10,626
Capital Reserve Realisation A/c
60,000
14 () Deferred Revenue Expenditure ? 50,000 To Rusting's Capital A/c 10,626
Profit and Loss (Dr) 780,000 ands (Being remuneration payable to
15. (a) Let Hardik's capital bex partner)
Combined capital of all the partners 18. () Share in the subsequent profits attributable to
=3,00,000 + 2,70,000 + 2,50,000+ 80,000 + x the use of his balance.
=9,00,000 + x 42,250 x20,500 =4,812
1,80,000
Hardik's capital = 9,00,000+x (ii) Interest @6% p.a. on the use of his balance
5
9,00,000 +x =42,250 x6/12 x6/ 100= 1,267.50
5 odnteib C should exercise option (a) since the amount
x=2,25,000 payable to him under this option is more as
compared to the amount payable to him under
Or (b) Total interest credited to B's executor on 31st
March, 2024
option (b).
10 Or Capital of firm =1,40,000 + 20,000 (Reserve)
|12,00,000 x100 12) =1,60,000
Normal profit = 1,60,000 x 12/ 100= 19,200
9,00,00 60,000 + 7,500 Average profit =* 30,000 (Given)
=67,500 Super Profit =Average Profit -Normal Profit
oucbsenutnot =30,000 - 19,200 =* 10,800
16. (a) String's new share = 5_1_5-2_36_18
8 4 8 8 6 48 Goodwill = 4x SuperProfit
3 1 3
Kite's sacrifice =x*= =4 x10,800 =7 43,200
86 48 Saurabh's share of goodwill = 1/3 x43,200
3 3 18-3 15
Kite's new share = =714,400
8 48 48 48

19. JOURNAL
Date Particulars LF Amt (Dr) Amt (Cr)
Assets A/c Dr 40,00,000
To Liabilities A/c 6,50,000
To Ginny Ltd. A/c ule 32,00,000
To Capital Reserve A/c 1,50,000
(Being business taken over and capital reserve recorded)
Ginny Ltd. A/c Dr 32,00,000
Loss on Issue of Debentures A/c Dr 4,50,000
To 8% Debentures A/c 30,00,000
To Premium on Redemption of Debentures 1,50,000
To Bank A/c lstal ui 5,00,000
(Being purchased consideration discharged)
 iSucceed Accountanoy
14

JOURNAL
LF Amt(Dr)
Date
Particulars
Dr 56,000 Amt (C)
Share Capital A/c
To Shares Forfeited A/c 40,000
To Calls-in-arrears A/c 16,00
0 (Being shares forfeited) 0Dr 10,000
Bank A/c Dr| 25,000
Shares Forfeited A/c (WN)o iel
To Share Capital A/c 35,000
(Being 5,000 shares reissued at discount)
Working Note
5,000 x5=25,000.
Maximum discount allowed on 5,000 shares =
JOURNAL
20. LE Amt (Dr) Amt (Ct
Particulars
Date
Dr 1,00,000
Investment Fluctuation Reserve A/c 000,08S
To Bat's Capital A/c 0000 50,000
To Cat's Capital A/c
30,000
To Rat's Capital A/c 20,000
distributed)
(Being investment fluctuation reserve Dr 80,000
SS10r0 Investment A/cntc sidacsq
To Revaluation A/c borecra 80,000

(Being increase in investment recorded)

Dr 80,000
Revaluation A/c
40,000
To Bat's Capital A/cog iaro
24,000
To Cat's Capital A/c oggTYA
To Rat's Capital A/c iolq 16,000

(Being gain on revaluation transferred to partners)

Investment Fluctuation Reserve A/c Dr 1,00,000
(i)
To Bat's Capital A/c
ohio 40,000
24,000
To Cat's Capital A/c
ToRat's Capital A/c 16,000

To Investment A/c 20,000

(Being decrease in investment recorded and balance investment fluctuation
reserve distributed)
(iiü) Investment Fluctuation Reserve A/c Dr 1,00,000
Revaluation A/c Dr 10,000
1,10,000
To Investment A/c
ed on
(Being decrease in investment recorded)mpG62bis vo
Bat's Capital A/c Dr 5,000
Cat's Capital A/c Dr 3,000
Rat's Capital A/c Dr 2,000
To Revaluation A/c not| 10,00
(Being loss on revaluation distributed among the partners)
CBSE Sample Paper 2024-26
15

21.
Date JOURNAL
Share Capital A/e Partieulan LP Amt (Dr) Amt (Cr)
To Forfelted Dr 45,000
Sharc Ae
To Share Final Call Ae 27,000
(Being 4,500 shares forfeited) 18,000
Bank A/c
Forfeited Shares Ac Dr 22,500
To Share Capital A/c Dr 22,500
(Being 4,500 shares re-issued) 45,000
Forfeited Share A/c
To Capital Reserve A/c Dr 4,500
(Being balance of share forfeiture 4,500

Dr
transferred to capital reserve)
Share Forfeiture Account Cr
Particulars Amt ()
To Share Capital A/c Particulars Amt (?)
ToCapital Reserve A/c 22,500 |By Share Capital 27,000
4,500
27,000 27,000
22.
Date JOURNAL
Particulars LF Amt (Dr) Amt (Cr)
2023
Oct 1 Y's Capital A/c
D 15,60,000
To Y's Executor's A/c
15,60,000
(Being balance in capital transferred to executors
account)
Oct 1 Y'sExecutor's A/c
Dr 3,60,000
To Banks Alc
3,60,000
(Being payment made to the executor)
Dec 1 Interest A/c (WN) Dr 18,000
To Y's Executor's A/c
18,000
(Being interest due)
Dec 1 Y's Executor's A/c Al Dr 3,18,000
To Bank A/c 3,18,000
(Being payment made to the executor)
2024
Mar 31 Interest A<c (WN) o eDr 13,500
To Y's Executor's A/c 13,500
(Being interest due)
Mar 31 Y's Executor's A/c Dr 3,13,500
To Bank Alc 3,13,500
(Being payment made to the executor)
Working Note
6
Interest on 31st December, 2023 = 12,00,000x x - = 18.000
100 4

Interest on 31st March, 2024 =9,00,000 x 61

-x-=713,500
100 4
 i Succeed
16 Accountancy c
JOURNAL
23.
Particulars
LF Amt (Dr) Amt (Cr)
Date Dr 22,50,000
Bank A/c
To Share Application and
Allotment A/c 22,50,000
received)
(Being application and allotment money Dr 22,50,000
A/c
Share Application and Allotment
18,00,000
To Equity Share Capital A/c 3,00,000
To Share First Call A/c
To Bank A/c
1,50,000
money adjusted and excess
|(Being application and allotment
refunded) Dr 24,00,000
Share First Call A/c
24,00,000
To Equity Share Capital A/c
|(Being call money due)
Dr 20,82,000
Bank A/c 18,000o
00aes Dr
|Calls-in-arrears A/c (WN3) 6 l e vh
To Share First Call A/c 002 A9321,00,000
shares)
(Being call money received except on 6,000
Dr 42,000
|Share Capital A/c
24,000
To Share Forfeited A/c
slusirs 18,000
To Calls-in-arrears
(Being 6,000 shares forfeited)
Share Second Call A/c Dr 35,64,000
17,82,000
To Share Capital A/c
To Securities Premium A/c 17,82,000
(Being second call money due)
0002,E Dr 35,64,000
Bank A/c
To Share Second CallA/c 35,64,000

|(Being second call money received)

Bank A/c Dr 78,000
To Share Capital A/c 60,000
To Securities Premium A/c 18,000
(Being forfeited shares re-issued) (rolenodkot shsm i
Shares Forfeited A/c D 24,000 Sns
To Capital Reserve A/c 24,000
(Being balance transferred to capital reserve)
Working Notes
1. Applied Shares of Rakesh 2. Excess on Application by Rakesh
Applied : Allotted 8,000 x3= 24,000 (Share forfeiture account)
4,00,000:3,00,000 (18,000)
:6,000
(-)6,000x3=
6,000
6,000 x4,00,000
= 8,000
3,00,000

0.00 Sshalkiele no jabasinl

CBSE Sample Paper 2024-25 17

3. First Call not paid by Rakesh 4. Total First Call Received

6,000 x 4 = 24,00,000
=24,000 First call due (6,00,000 x4)
() Excess on application - (6,000) (-) First call not paid by Rakesh = (18,000)
18,000 Excess on application and allotment (3,00,000)
20,82,000
Or ()
Date JOURNAL
(a) Bank A/c Particulars LF Amt (Dr) Amt (Cr)
To Debenture D0Dr 67,500
Application and Allotment A/c 67,500
(Being application received)
Debenture Application and Allotment Alc DriG 67,500uibA
Loss on Issue of Debentures Alc Ca DeO00 0Dr
To 12% Debentures A/c 11,250
To Premium on 75,000
Redemption of Debentures A/c
(Being debentures issued at discount altiqa3,750
(b) Bank A/c
redeemable at premium)
Dr 96,000
To Debenture Application and Allotment Alc
s O 96,000
(Being applications received)
Debenture Application and Allotment A/c Dr 96,000
Loss on Issue of Debentures A/c
To 12% Debentures Alc Sesnld
Dr8,000
80,000
ToSecurities Premium A/c
16,000
To Premium on Redemption Ac
8,000
(Being debentures issued at discount redeemable at
premium)
(ü) odoot Balance Sheet (Extract) of XLtd.iteni ns atioig siiatvtb ef sa
Particulars Note No. Amt (7)
EOUITY AND LIABILITIES
1. Non-current Liabilities
Long-term Borrowings 1 4,00,000

Notes to Accounts
Particulars Amt (?)
Long-term Borrowings
Loan from IDBI
(Secured by issue of 5,000, 9% debentures of 100 each as collateral security) 4,00,000

24. Dr Revaluation Account a Cr

Particulars Amt () Particulars Amt (?)
To Stock A/c 1,400 By Creditors A/c 900
To Furniture A/c 500 By Loss transferred to
To Provision for Doubtful Debts 2,000 Meghna 1,000
Mehak 1,000
Mandeep 1,000 3,000
3,900 3,900
18 iSucceed
Accountancy Cae
Dr y e Partners' Capital Account
Particulars Meghna Mehak Mandeep Particulars Meghna Mehak Mandeep
(? (?) (3) ()
To Revaluation A/c 1,000 1,000 1,000 By Balance b/d 20,000 14,500
2,000 2,000By General Reserve 2,500 2,500
10,000
To Mehak 2,500
ToCash A/c 20,000 By Meghna 2,000
To Balance /d 27,050 27,050 By Mandeep 2,000
By Cash A/c 7,550
30,050 21,000
17,30,050
550
30,050 21,000 30,050

Working Notes
Adjustment of Capital nmtolA bosotgigAmund
1. New firm's capital = 19,500 + 20,000 +9,500 + 5,100 = 54,100Aonuisdsio uzl taot
2. New profit sharing ratio = 1:1
onctgmsbal ormimlol
3. New Capitals
=27,050tsl unil)
Meghna =54,100 x=27,050; Mandeep-54,100 x
Or Profit and Loss Appropriation Account stoddof
Dr for the year ended on 31st March, 2023
Particulars Amt () Particulars Amt ()
To Partners Current A/c By Profit and Loss A/c(Net Protit)oJ 1,20,000
Varun 78,508 By Interest on DrawingsdC Sior
Vivek 42,992 1,21,500 Varun al oretrUb2of 450
1,050
Vivekoheros boh sousireoo 1,500
1,21,500

appropriations i.e 42:2

Note As divisible profits are insufficient, so available profitsare distributed in ratio of
Varun = 60,000 + 24,000 = 84,000
Vivek = 30,000 + 16,000 = 46,000 =84: 46 or 42: 23
Dr Partners' Capital Account
Particulars Varun () Vivek() Particulars Varun () Vivek ()
To Balance c/d 3,00,000 2,00,000By Balance b/d 3,00,000 2,00,000
3,00,000 2,00,000 3,00,000 2,00,000

Dr Partners' Current Account Cr

Particulars Varun(?) Vivek () Particulars Varun () Vivek ?)

To Balance cld 28,000 By Balance b/d 1,00,000
To Drawings 12,000 30,000 By Profit and Loss Appropriation A/c 78,508 42,992

ToInterest on Drawings 450 1,050 By Balance c/d 16,058

To Balance c/d 1,66,058
ao.y002
1,78,508 59,050 1,78,508 59,050
 19
Paper2024-25
CBSESample
Cr
25.Dr Realisation Account Amt ()
Particulars Amt () Particulars
12,000
To Fixed Deposits A/C 70,000 By Provision for Doubtful Debtslteqostb 1,10,000
ToStock A/c 86,000 By Bills Payable A/c
To Investments A/c 1,90,000
1,04,000 By Creditors A/c
To Debtors A/c 1,77,000By Employees Provident FundA/c 50,000
To Other Fixed Assets A/c 3,80,000 By Mrs. Sunny's Loan A/c 55,000
To Sunny's Capital A/c (Loan repaid) 55,000 By Investment Fluctuation Fund A/c 30,000
To Bank A/c By Bank Alc
Creditors 1,75,000 Debtors 1,76,100
Bills Payable 1,10,000 Other Fixed Assets 2,30,300
Employee Provident Fund 50,000 3,35,000 Investments 15,600
To Sunny's Capital A/c (Expense) 10,000 Fixed Deposits 77,000 4,99,000
To Bobby's Capital A/c (Expense) 10,000 By Bobby's Capital A/c 1,43,680
(000001 By Bobby's Loan A/c 41,000
D00 00,¬ 000,00,e
By Partners' Capital A/c
(000,021 (Loss on realisation)
Bobby 57,792
Sunny 38,528 96,320
12,27,000 12,27,000

Working Note
9 2
Payment to Dharam = 60,000-60,000x
100 12) =59,1000,,0
Total debtors realised = 1,17,000 + 59,100 176,100
26. () (a) Total face value of shares issued = 55,00,000 45,00,000 = 10,00,000
(ü) (c) Face Value/Share =10
1,20,000
Securities Premium/Share = 2
60,000
=12

(ii) (a) Share forfeiture account = 5,000 x 8=740,000

(iv) (b) 5,50,000 shares
(v) (6) Securities Premium =3,20,000 +(2,000 x4) = 3,28,000
Capital Reserve = 40,000 + (2,000 x 8) = 56,000
Paid-up2nigoot wolt sen)
(vi) (e) Called-up and Fully
5,45,000 >x 10 = 54,50,000
2,000 x 10= 20,000
7 54,70,000
21, () horizontal
Or (a) Sale of stock at cost price
k0. (e) Net profit ratio will increase and operating profit ratio will have no change
29. (d) () and (iv)
Or (a) Investments in shares are excluded from cash equivalents unless they are in substantial cash equivalents
30. (a) Both the
statements are true
20
iSucceed Accountancy cl.
31. S.No. Items Heading
Furniture and Fixture Non-current Assets
Advance paid to Contractor for Building Non-current Assets
Property, PlantSub-heading
and Equipment
(ii)
under Construction
Long-term Loans and Advances
(i) Accrued Income Current Assets Other Current Assets
(iv) Loans Repayable on Demand to Bank Current Liabilities
Short-term Borrowings
(v |Employees Earned Leaves Payable on Non-current Liabilities Long-term Provisions
Retirement
(vi) Employees Earned Leaves Encashable Current Liabilities Short-term Provisions
32. Comparative Income Statement
Particulars 2022-23 2023-24 Absolute %Change
(R) Change ()
Revenue from Operations 16,00,000 20,00,000 4,00,000 25%
( Employees Benefit ExpensesAlevi (8,00,000) (10,00,000) (2,00,000) (25%)
(ther Expenses (2,00,000) (1,00,000) (1,00,000) (50%)
Profit before Tax 6,00,000 9,00,000 3,00,000 50%
()Tax @30% (1,80,000) (2,70,000) (90,000) (50%)
Profit after Tax 4,20,000 6,30,000 2,10,000 50%

Gross Profit *** 5,70,000

33. Gross Profit Ratio = x100 = x100 = 57%
Revenue Operations 10,00,000
'Revenue from Operations = 10,00,000
sto gniho
**Gross Profit =Revenuefrom Operations -Cost of Revenue from Operations*
=10,00,000 4,30,000 =7 5,70,000 ncis008sCof tosmvi
*Cost of Revenuefrom Operations =Purchases +Opening Inventory +Direct Expenses -Closing Inventory**
-3,60,000+ 60,000 +50,000 + 60,000 -1,00,000 =* 4,30,000
Opening Inventory +Closing Inverntory-’80,000 =60,000 +Closing Inventory
Average Inventory 2 2
*Closing Inventory =? 1,00,000
Or Net Profit before Interest and Tax = Profit after Tax + Tax + Interest
10,00,000 =6,00,000 +1,50,000 (6,00,000 x20/80) +Interest
.. Interest = 2,50,000
Interest on Debentures = Nominal Value of Debentures xRate of Interest/100
2,50,000 =25,00,000 xRate of Interest/100
Rate of Interest = 10%
34. (1) Cash Flow from Operating Activities
Particulars Amt ()
Profit Earned during the Year (1,00,000)
(+) Proposed Dividend of Previous Year 1,50,000
Provision for Tax for Current Year 1,20,000 2,70,000
Profit before Tax and Extraordinary Items 1,70,000
Non-operating and Non-cash Items
(+) Goodwill Amortised 50,000 50,000
Operating Profit before Tax and Change in Working Capital 2,20,000
(+) Increase in Trade Pavables l st babobx s 50,000
() Increase in Trade Receivables 9 (40,000) 10,000
Cash Generated from Operations 2,30,000
(-) Income Tax Paid (1,00,000)
Cash Flow from Operating Activities 1,30,000
 2024-25 21
Paper
Sample
BSE
Cash Flow from Investing Activitles
(1) Particulars Amt ()
Sale of Machinery 1,40,000
Claim received from Insurance Company 32,000
Machinery Purchased (11,00,000)
Cash Outflow from Investing Activities (9,28,000)

Working Notes
1. Dr Accumulated Depreciation Account
Particulars Amt ()
Amt () Particulars

To Machinery A/c (Previous Depreciation on 10,000 By Balance b/d 4,00,000

machine damaged) By Depreciation A/c
To Machinery A/c 90,000 (Charged during the year) 3,50,000
(Previous depreciation on machine sold)
To Balance c/d 6,50,000
7,50,000 7,50,000
2n0ipusienl
0lq Machinery Account e Cr
2 Dr
Particulars Particulars Amt ()
Amt ()
To Balance b/d 20,00,000 By Accumulated Depreciation A/c 10,000
To Bank A/c (Balancing figure) o11,00,000 By Insurance Company A/c 32,000
otasl a n t e B yLoss by Fire A/eanaon8,000
s By Bank A/c 140,000
ab2oirss3 anasoaDy By Loss on Sale A/c 20,000
iu ehieosassirts By Accumulated Depreciation A/e 90,000
sno a n p b By Balance c/d 28,00,000
31,00,000 31,00,000