New Exam Prep Questions

Arti, Bharti and Gayatri were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. Their Balance Sheet as at 31st March, 2024 was as follows: | Liabilities | Amount (₹) | Assets | Amount (₹) | | :-------------------------- | :--------- | :------------- | :--------- | | Creditors | 1,50,000 | Cash at Bank | 1,30,000 | | General Reserve | 1,30,000 | Debtors | 70,000 | | Employees' Provident Fund | 25,000 | Machinery | 1,40,000 | | Workmen Compensation Fund | 75,000 | Building | 2,00,000 | | Arti's Capital | 2,00,000 | Patents | 5,000 | | Bharti's Capital | 1,00,000 | Profit and Loss A/c | 80,000 | | Gayatri's Capitals | 50,000 | Stock | 1,05,000 | | Total | 7,30,000 | Total | 7,30,000 | On the above date, Arti retired from the firm on the following terms: 1. Goodwill of the firm was valued at ₹3,00,000. 2. A provision of 5% for doubtful debts was to be created on debtors. 3. Machinery was to be depreciated by 10% and Building was to be appreciated by ₹22,500. 4. Patents were considered valueless and hence had to be written off. 5. A claim of ₹15,000 was admitted for Workmen Compensation. Prepare the Revaluation Account and Partner's Capital accounts on Arti's retirement.

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Pass the necessary Journal entries for forfeiture and reissue of shares in the following cases: (i) Premier Ltd. forfeited 600 shares of ₹10 each issued at a premium of ₹3 per share (payable with allotment) for non-payment of allotment money of ₹7 per share including premium. The first and final call of ₹3 per share was not yet made. The forfeited shares were reissued at ₹13 per share fully paid-up. (ii) Risha Ltd. forfeited 1,000 shares of ₹10 each, ₹8 per share called-up, issued at a premium of ₹2 per share to Atul, for non-payment of allotment money of ₹4 per share (including premium). Out of these, 800 shares were reissued at ₹7 per share, ₹8 paid-up. Pass necessary Journal Entries.

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Pass necessary Journal Entries in the books of Mitali Ltd. for the issue of debentures in the following cases: (i) Issued 7,000, 9% Debentures of ₹100 each at a discount of 10%, redeemable at a premium of 5% after 5 years. (ii) Issued 8,000, 11% Debentures of ₹100 each at a premium of 10%, redeemable at a premium of 5% after 5 years.

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Sonia and Rohit were partners in a firm sharing profits and losses in the ratio of 3 : 2. Their Balance Sheet as at 31st March, 2023 was as follows: | Liabilities | ₹ | Assets | ₹ | | :---------------- | :------- | :------------- | :------- | | Sonia's Capital | 70,000 | Building | 2,00,000 | | Rohit's Capital | 90,000 | Machinery | 1,40,000 | | General Reserve | 80,000 | Furniture | 80,000 | | Sonia's Loan | 1,30,000 | Debtors | 1,20,000 | | Bank Loan | 2,20,000 | Stock | 60,000 | | Creditors | 70,000 | Cash at Bank | 60,000 | | Total | 6,60,000 | Total | 6,60,000 | The firm was dissolved on the above date on the following terms: 1. Building, machinery and furniture realised ₹3,44,000. 2. Debtors realised 90% only. 3. Creditors took away half of the stock in full settlement of their account. 4. Remaining stock realised ₹72,000. 5. Realisation expenses amounting to ₹14,000 were paid by Rohit. Prepare Realisation Account.

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