| PYQ-2025 | Class:-12th Accountancy | Q.N:- 25(a),(b) to 26 (a), (b)| Solution With Full Concept | скачать в хорошем качестве

| PYQ-2025 | Class:-12th Accountancy | Q.N:- 25(a),(b) to 26 (a), (b)| Solution With Full Concept |

| PYQ-2025 | Class:-12th Accountancy | Q.N:- 25(a),(b) to 26 (a), (b)| Solution With Full Concept | 25. ( a) Altima Ltd. invited applications for issuing 2,00,000 equity shares of 10 each at a premium of 4 per share. The amount was payable as follows: On application and allotment-7 per share (including premium₹1) On first and final call Balance Applications were received for 2,40,000 shares. Applications for 30,000 shares were rejected and pro-rata allotment was made to the remaining applicants. Excess money received on application and allotment was returned. Manvi, who was allotted 4,000 shares failed to pay the first and final call money. Her shares were forfeited. All the forfeited shares were reissued at 4 per share fully paid up. Pass necessary journal entries in the books of Altima Ltd. 6 OR (b) Pass necessary journal entries for forfeiture and reissue of forfeited shares in the following cases: (i) Macil Ltd. forfeited 3,000 shares of 100 each issued at 20% premium for the non-payment of allotment money of 30 per share and first call of 40 per share (including premium10). The second and final call of 30 per share (including premium 10) was not yet called. Out of these, 2,000 shares were reissued at 80 per share paid up for 90 per share. (ii) Avian Ltd. forfeited 10,000 shares of 10 each on which the first call of 4 per share was not received and the second and final call of 1 per share was not yet called. Out of these, 4,000 shares were reissued to Ajay as fully paid up for 9 per share. 26. ( a) Aryan and Adya were partners in a firm sharing profits and losses in the ratio of 3: 1. Their Balance Sheet on 31st March, 2024 was as follows: Balance sheet of Aryan and Adya as at 31st March, 2024 Liabilities Amount (₹) Assets Amount (₹) Capitals: Machinery 3,90,000 Aryan 3,20,000 Furniture 80,000 Adya 2,40,000 5,60,000 Debtors Less: provision for 90,000 Workmen's Compensation Reserve 20,000 doubtful debts 89,000 Bank loan 60,000 Stock 1,000 77,000 Creditors 48,000 Cash 32,000 Profit & Loss Account 20,000 6,88,000 6,88,000 Dev was admitted into the firm on 1st April, 2024 for 1/5th share in the profits of the firm on the following terms: (i) Dev will bring capital proportionate to his share in the profits of the firm. (ii) Goodwill of the firm was valued at 2,00,000 and Dev will bring his share of goodwill premium in cash. (iii) Machinery was revalued at 4,50,000. (iv) A provision for doubtful debts was to be created at 5% on debtors. (v) A liability of 3,500 included in creditors was not likely to arise. Prepare Revaluation Account and Partners' Capital Accounts on Dev's admission. OR (b) Ashish, Vinit and Reema were partners sharing profits and losses in the ratio of 2:2: 1. Their Balance Sheet on 31st March, 2024 was as follows: Balance sheet of Ashish, Vinit and Reema as at 31st March, 2024 Liabilities Amount (₹) Assets Amount (₹) Capitals: Patents 80,000 Ashish 2,00,000 Furniture 1,70,000 Reema Vinit Stock 1,00,000 5,00,000 Debtors 80,000 General Reserve 50,000 Less: provision for 8,000 Bills Payable 80,000 doubtful debts 72,000 Creditors 40,000 Cash 48,000 6,70,000 6,70,000 (i) Goodwill of the firm was valued at 60,000 and the same was adjusted into the capital accounts of Ashish and Reema who will share profits in future in the ratio of 3: 2. (ii) Value of stock was to be reduced by ₹ 10,000. (iii) Patents are found undervalued by 20%. (iv) Vinit was paid 20,000 immediately on retirement and the balance was transferred to his loan account carrying interest @ 8% р.а. Pass necessary journal entries on Vinit's retirement.