ISSUE OF SHARE~
ACCOUNTS CLASS 1:
1st May, 2023, Money plus Ltd. forfeite d 200 shares of 20 each, 15 per share called-up, on which
per share has been paid by A, the amoun t of the first call of 5 per share being unpaid. Ten days
er, the Directo rs reissued the forfeite d shares to B credite d as 15 per share paid-up, for a
,ment of 10 per share.
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Q6. Abhay, Bikram and Chris were partners in a firm sharing profits and losses equally. They decided to dissolve
their partnership firm on 31st March, 2023. The Balance Sheet on the date of dissolution was as follows:
(CBSE2024)
Balance Sheet of Asha, Rina, and Chahat as of 31st March 2019
Liabilities
' Assets
'
Plant and Machinery 80,000
Creditors 1,20,000 Furniture 45,000
Capitals Motorcar 1,25,000
• Abhay:, 68,000 Stock 30,000
• Bikram:, l,0,000 Debtors 70,000
• Chris:, n,ooo 2,45,000 Cash In bank 15,000
Total 3,65,000 Total 3,65,000
The following information is available:
(il Plant and Machinery was taken over by Abhay at an agreed valuation of, 75,000.
(ii) Furniture realised t 40,000.
(iii) Motor car was taken over by Bile.ram for, 1,30,000.
(iv) Debtors realised 10% less.
(vl 10% of the stock was taken over by Chris for, 4,500. The remaining stock was sold for, 30,000.
(vi) Realisation expenses amounted to, 5,000.
Prepare Realisation Account.
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Super Profit Method
9. /\ firm earned profits oH 80,000,
t 1,00,000, t 1,20,000 and t 1,80,~00
Gl during 2018-19, 2019-20, 2020-21 and 2021-22 respectively. The firm
has capital investment oft 5,00,000. A fair rate of return on investm ent
is 15% p.a. Calculate goodwill of the firm based on three years' purchase
of average super profits of last four years.
(C.B.S.E., Sample Paper 2014-15 - modifie d)
(Ans. t 1,35,000}
10. The capital of the firm of Anu and Benu is t 1,00,000 and the market
Cil
rate of interes t is 15%. Annual salary payable to partne rs is t 6,000
each. The profits for the last 3 years were t 30,000, t 36,000 and t 42,000.
Goodwill is to be valued at 2 years' purchase of the last 3 years averag e
super profit. Calculate goodwill of the firm. ~CEK I)
(Ans.
Ill 11. A business earned average profit oH 3,00,000 during the last few years.
The norma l rate of return in the similar type of business is 10%. The
total value of assets and liabilities of the business were f 22,00,000 and
f 5,60,000 respectively. Calculate the value of goodw ill of the firm by
super profit method , if the goodwill is valued at 2-5 years' purcha se of
super profit. (C.B.S.E., 2014-C, Set I)
[At
(3 12. A firm had assets f 1,00,000 includi ng cash f 10,000. The partne rs'
capital was f 70,000 and rest of the balance constit uted the reserve. If
normal rate of return is 10% and goodw ill of the firm is valued at
t 27,000 at three years' purcha se of super profit, find the averag e profit
of the firm.
IHint. (i,p111t, c.:,,
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ID 13. The averag e profit earned by a firm is t 60,000 includi ng abnorm al
income of t 4,000 on recurri ng basis. Firm had a fixed assets of
t 3,00,000 and current assets oft 60,000. Its creditors and other liabilities
were t 1,40,000. Calcul ate goodw ill of the firm based on 3 tim.~ Q.f
super profit if the norma l rate of earnin g is 15%. [An~
ID 14. The capital of a firm consist ing of partne rs A and B wast 1,50,000 on
31st December, 2021. They had t 20,000 as reserves on that dalL'.
1f the goodw ill of the firm was valued at t 42,000 on tht• bcl~i:. of 3
years' purcha se of super profit and 10% was consid ered «:: fair
~ho..s:nu u;urp nrnfite amcdh v the fiJm.
