123. A, B and C were carrying on partnership business sharing profits in the ratio of 3:2:
244
HIGHER SECONDARY PRACTICAL PROBLEMS ON ACCOUNTANCY
respectively. On 31st December, 2017, the Balance Sheet of the firm stood as follows?
Liabilities
Amount
Assets
* A Band
The Balan
Amour
27,180
sindry Cred
Creditors
Capitals :
А
B
C С
30,000
20,000
20,000
Cash
Debtors
Stock
Building
Profit & Loss Account
16,00
23,35.
46,00
Als Payable
Capital A/cs
А
B
C
97,180
97,18
Rexene
On 31.
B retired on the above mentioned date on the following terms :
(i) Buildings to be appreciated by 14,000.
(ii) Provision for doubtful debts to be made at 5% on Debtors.
(iii) Goodwill of the firm is valued at 36,000 and adjustment in this respect to be made in
continuing partners' capital accounts without raising Goodwill account.
(iv) 36,000 to be paid to B immediately and the balance in his capital account to be transferred Fu
his loan account.
Prepare Revaluation Account, Capital Accounts and the Balance Sheet after B's retiremel P
IC.B.S
Th
i SA. solution
type answer
Answers
Answer:
From the following Balance Sheet of Star Lid, as at 31 March 2020, prepare
Cash Flow Statement
Particulars
1. Equity and Liabilities
1. Shareholder's Funds (a) Share Capital (b) Reserves and Surplus
2. Non-Current Liabilities Long-term- Borrowings (12% Debentures)
3. Current Liabilities (a) Short-term Borrowings (Bank Loan) (b) Trade Payables
Total
IL. Assets
1. Non-Current Assets (a) Fixed Assets (Tangible) (b) Non-Current Investments
2. Current Assets
(2) Inventories (b) Trade Receivables (c) Cash and Cash Equivalents
Total:
Note No.
31" March 2020 ()
3,50,000 70,000
80,000
15.000
1,65,000
6,80.000
4,10,000 40,000
52.000
60.000 1.18,000
6,80.000
31 March 2019 ()
50,000
1,00.000
25,000
60,000
5,35,000
1
2
50,000
30,000
40,000 1,15,000
5,35,000
Notes to Accounts Particulars
1. Reserves and Surplus Capital Reserve
General Reserve Surplus, i.e., Balance in statement of Profit and Loss
2. Fixed Assets-Tangible Machinery (cost) Less: Accumulated Depreciation
Additional Information:
31" March 2020 (0)
2,000 33.000
35,000
70.000
4,70,000 60,000
4.10.000
31" March 2019 ()
www 20,000
30,000
50,000
3,50,000 50,000
During the year, Machinery costing 20,000 (accumulated depreciation of 215,000) was sold for 12,000.
During the year, Non-current Investments were sold at a profit of 20%. which is transferred to Capital Reserve.
(i) (iv) Debentures were redeemed at par on 1st April, 2019. Tax of 15,000 was paid during the year
(V) (vi) Interim Dividend paid during the year amount to 25,000, Board has proposed Final Dividend for the previous year (year ended 31 March 2019 a10%. The shareholders did not declare (approve) the Proposed Dividend
Explanation:
zFrom the following Balance Sheet of Star Lid, as at 31 March 2020, prepare
Cash Flow Statement
Particulars
1. Equity and Liabilities
1. Shareholder's Funds (a) Share Capital (b) Reserves and Surplus
2. Non-Current Liabilities Long-term- Borrowings (12% Debentures)
3. Current Liabilities (a) Short-term Borrowings (Bank Loan) (b) Trade Payables
Total
IL. Assets
1. Non-Current Assets (a) Fixed Assets (Tangible) (b) Non-Current Investments
2. Current Assets
(2) Inventories (b) Trade Receivables (c) Cash and Cash Equivalents
Total:
Note No.
31" March 2020 ()
3,50,000 70,000
80,000
15.000
1,65,000
6,80.000
4,10,000 40,000
52.000
60.000 1.18,000
6,80.000
31 March 2019 ()
50,000
1,00.000
25,000
60,000
5,35,000
1
2
50,000
30,000
40,000 1,15,000
5,35,000
Notes to Accounts Particulars
1. Reserves and Surplus Capital Reserve
General Reserve Surplus, i.e., Balance in statement of Profit and Loss
2. Fixed Assets-Tangible Machinery (cost) Less: Accumulated Depreciation
Additional Information:
31" March 2020 (0)
2,000 33.000
35,000
70.000
4,70,000 60,000
4.10.000
31" March 2019 ()
www 20,000
30,000
50,000
3,50,000 50,000
During the year, Machinery costing 20,000 (accumulated depreciation of 215,000) was sold for 12,000.
During the year, Non-current Investments were sold at a profit of 20%. which is transferred to Capital Reserve.
(i) (iv) Debentures were redeemed at par on 1st April, 2019. Tax of 15,000 was paid during the year
(V) (vi) Interim Dividend paid during the year amount to 25,000, Board has proposed Final Dividend for the previous year (year ended 31 March 2019 a10%. The shareholders did not declare (approve) the Proposed Dividend