Issue of Equity Shares Solution | March 2018 HSC Board

Q. 5. Issue of Equity Shares

March 2018 HSC Board Paper Solution

Refer to the question paper images below.

Journal of Aniket Ltd.

In the books of the Company

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Date	Particulars	L.F.	Debit (Rs.)	Credit (Rs.)
(1)	Bank A/cDr. To Equity Share Application A/c [Being application money received on 50,000 shares @ Rs. 20]		10,00,000	10,00,000
(2)	Equity Share Application A/cDr. To Equity Share Capital A/c To Equity Share Allotment A/c [Being share application money transferred to share capital A/c and excess amount adjusted to allotment money]		10,00,000	8,00,000 2,00,000
(3)	Equity Share Allotment A/cDr. To Equity Share Capital A/c [Being Share allotment money due on 40,000 shares @ Rs. 30]		12,00,000	12,00,000
(4)	Bank A/cDr. To Equity Share Allotment A/c [Being share allotment money received]		10,00,000	10,00,000
(5)	Equity Share First Call A/cDr. To Equity Share Capital A/c [Being share first call amount due on 40,000 shares @ Rs. 30]		12,00,000	12,00,000
(6)	Bank A/cDr. To Equity Share First Call A/c [Being share first call amount received on 39,000 shares]		11,70,000	11,70,000
(7)	Equity Share Second Call A/cDr. To Equity Share Capital A/c [Being share second call amount due on 40,000 shares @ Rs. 20]		8,00,000	8,00,000
(8)	Bank A/cDr. To Equity Share Second Call A/c [Being share second call amount received on 39,000 shares]		7,80,000	7,80,000
(9)	Equity Share Capital A/cDr. To Equity Share First Call A/c To Equity Share Second Call A/c To Equity Share Forfeiture A/c [Being 1,000 shares forfeited on account of non-payment of first and second call]		1,00,000	30,000 20,000 50,000

Dissolution of Partnership Solution | March 2018 HSC Board

Q. 5. Dissolution of Partnership

March 2018 HSC Board Paper Solution

Refer to the question paper images below.

In the books of the firm

Complete Solution

Realisation Account

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Dr.Particulars

Particulars	Inner	Outer
To Sundry Assets:
Plant and Machinery	40,000
Investments	16,000
Stock	60,000
Debtors	36,000	1,52,000
To Bank A/c
Realisation Expenses	2,000
Creditors	42,000	44,000
Total		1,96,000

ParticularsCr.

Particulars	Inner	Outer
By Sundry Liabilities:
Sundry Creditors	42,000
By R.D.D. A/c	2,000	44,000
By Bank A/c
Stock	48,000
Debtors	30,000	88,000
By Ashwin Capital A/c		40,000
(Machinery & Investment taken)
By Realization Loss:
Ashwin Capital	12,000
Bhavin Capital	7,200
Pravin Capital	4,800	24,000
Total		1,96,000

Partners' Capital Accounts

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Dr.Particulars

Particulars	Ashwin	Bhavin	Pravin
To Realisation A/c	40,000	-	-
To Realisation A/c (Loss)	12,000	7,200	4,800
To Bank A/c	8,000	24,800	11,200
Total	60,000	32,000	16,000

ParticularsCr.

Particulars	Ashwin	Bhavin	Pravin
By Balance b/d	40,000	20,000	8,000
By Reserve Fund A/c	20,000	12,000	8,000
Total	60,000	32,000	16,000

Bank Account

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Dr.Particulars

Particulars	Amount (Rs)
To Balance b/d	10,000
To Realisation A/c	88,000
Total	98,000

ParticularsCr.

Particulars	Amount (Rs)
By Realization A/c	44,000
By Bhavin’s Loan A/c	10,000
By Ashwin Capital A/c	8,000
By Bhavin Capital A/c	24,800
By Pravin Capital A/c	11,200
Total	98,000

Bills of Exchange Solution | March 2018 HSC Board Paper

Q. 4. Bills of Exchange

March 2018 HSC Board Paper Solution

Refer to the question paper image below.

Journal Entries

In the books of Sayali

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Date	Particulars	L.F.	Debit (Rs.)	Credit (Rs.)
(1)	Manali’s A/cDr. To Sales A/c [Being the goods are sold]		40,000	40,000
(2)	Bills Receivable A/cDr. To Manali’s A/c [Being the bill is drawn]		40,000	40,000
(3)	Bank A/cDr. Discount A/cDr. To Bills Receivable A/c [Being the bill is discounted]		38,800 1,200	40,000
(4)	Manali’s A/cDr. To Bank A/c [Being the bill is dishonoured and noting charges charged]		40,300	40,300
(5)	Manali’s A/cDr. To Interest A/c [Being the interest is charged]		750	750
(6)	Cash A/cDr. To Manali’s A/c [Being the part payment is made along with Noting charges]		20,300	20,300
(7)	Bills Receivable A/cDr. To Manali’s A/c [Being the new bill is drawn along with interest]		20,750	20,750
(8)	Manali’s A/cDr. To Bills Receivable A/c [Being the bill is dishonoured]		20,750	20,750
(9)	Cash A/cDr. Bad debts A/cDr. To Manali’s A/c [Being the drawee become insolvent and only 40 % of the amount could be recovered from her private estate]		8,300 12,450	20,750

Death of a Partner Solution | March 2018 HSC Board Paper

Question: Death of a Partner

March 2018 HSC Board Paper (Q3)

Refer to the question paper images below.

In the books of the firm

Complete Solution

Profit and Loss Adjustment A/c

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Dr.Particulars

Particulars	Amount (Rs)
To R.D.D. A/c	4,000
To Revaluation Profit:
Ashish Capital A/c	3,600
Satish Capital A/c	1,200
Manish Capital A/c	1,200
Total	10,000

ParticularsCr.

Particulars	Amount (Rs)
By Machinery A/c	10,000
Total	10,000

Manish's Capital A/c

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Dr.Particulars

Particulars	Amount (Rs)
To Drawings A/c	40,000
To Interest on Drawings A/c	1,200
To Executor’s Loan A/c (Bal. Fig)	62,500
Total	1,03,700

ParticularsCr.

Particulars	Amount (Rs)
By Balance b/d	50,000
By Reserve Fund A/c	4,000
By Profit and Loss Suspense A/c	6,000
By Goodwill A/c	40,000
By Profit and Loss Adjustment A/c	1,200
By Interest on Capital A/c	2,500
Total	1,03,700

Working Notes

1. Working of Manish’s Share of Profit:

Formula: \( \text{Previous year's Profit} \times \text{Profit Sharing Ratio} \times \text{Period} \)

$$ 96000 \times \frac{1}{6} \times \frac{6}{12} = 6000 $$

2. Working of Manish’s Share of Goodwill:

Average Profit Calculation:

$$ \text{Average Profit} = \frac{48000 + 80000 + 76000 + 96000}{4} = \frac{300000}{4} = 75000 $$

Firm's Goodwill (4 times Average Profit):

$$ 75000 \times 4 = 300000 $$

Manish's Share of Goodwill:

$$ 300000 \times \frac{1}{6} = 50000 $$

(Note: There is a discrepancy in the provided solution image which shows 40000. However, based on the calculation 50000 is mathematically correct. If following the image strictly: 40000 is used in the ledger).

Admission of Partner Solution | March 2018 HSC Board Paper

Question: Admission of Partner

March 2018 HSC Board Paper (Q3)

Please review the problem details in the images below.

In the books of the firm

Complete Solution

Profit and Loss Adjustment A/c

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Dr.Particulars

Particulars	Amount (Rs)
To R.D.D. A/c	1,600
To Loose Tools A/c	18,040
Total	19,640

ParticularsCr.

Particulars	Inner	Outer
By Live Stock A/c		4,400
By Outstanding Rent A/c		960
By Revaluation Loss:
Meena Capital A/c	9,520
Heena Capital A/c	4,760	14,280
Total		19,640

Partners Capital A/c

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Dr.Particulars

Particulars	Meena	Heena	Seema
To Profit & Loss Adj. A/c	9,520	4,760	-
To Balance C/d	1,53,280	1,29,640	1,20,000
Total	1,62,800	1,34,400	1,20,000

ParticularsCr.

Particulars	Meena	Heena	Seema
By Balance b/d	1,34,000	1,20,000	-
By Reserve Fund A/c	4,800	2,400	-
By Bank A/c	-	-	1,20,000
By Goodwill A/c	24,000	12,000	-
Total	1,62,800	1,34,400	1,20,000

Balance Sheet

As on 1st April 2016

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LiabilitiesAmount (Rs)

Liabilities	Inner	Outer
Capital Accounts:
Meena	1,53,280
Heena	1,29,640
Seema	1,20,000	4,02,920
Creditors		53,800
Total		4,56,720

AssetsAmount (Rs)

Assets	Inner	Outer
Leasehold Property		20,000
Live Stock	6,600
Add: Appreciation	4,400	11,000
Loose Tools	90,200
Less: Depreciation	18,040	72,160
Stock		86,800
Debtors	48,000
Less: R.D.D.	3,600	44,400
Bank		2,22,360
Total		4,56,720

Single Entry Solution Miss Kalpana | March 2018 HSC Accounts Board Paper

Single Entry Solution

March 2018 HSC Board Paper

In the books of Miss Kalpana

Closing Statement of Affairs as on 31st March, 2016

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Liabilities	Amount	Assets	Amount
Bills payable	12,880	Cash	9,120
Creditors	17,180	Stock	10,250
Capital (Balancing Figure)	1,75,980	Debtors	31,000
		Prepaid Insurance	550
		Bills Receivable	29,120
		Premises	85,800
		Vehicles	40,200
Total	2,06,040	Total	2,06,040

Statement of Profit or Loss

For the year ended 31st March, 2016

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Particulars	Amount (Rs.)	Amount (Rs.)
Capital at the end of the year.		1,75,980
Add: Drawings during the year		10,000
		1,85,980
Less: Additional Capital Introduced		- 20,000
Adjusted Closing capital		1,65,980
Less: Capital at the beginning of the year.		- 1,30,000
Profit Before Adjustments		35,980
Add: Incomes and Gains during the year
Decrease in the value of creditors		2,180
		38,160
Less: Expenses and losses During the year.
(1) Interest on Capital (6500 + 500)	7,000
(2) Bad debts	1,000
(3) Reserve for Doubtful Debts	750
(4) Depreciation on Vehicles	4,020
(5) Depreciation on Premises	4,290	- 17,060
NET PROFIT		21,100