cbse accountancy 2013 answers
Solution to CBSE Question Paper 2013 Set 1 (Outside Delhi)
Ans 1. In case of fixed capital, interest charged on drawings will be recorded on the debit side of Current Account of the Partners.
Ans 2. Accumulated Profits are shared in the old ratio, in case of change in profit sharing ratio amongst existing partners.
Ans 3. Interest is payable @ 6% p.a is charged on the amount remaining unpaid to the executor of deceased partner.
Ans 4.
Date
Journal entry
Particulars
Workmen Compensation Reserve A/c
To Raveena Capital A/c
To Neeti Capital A/c
To Rajat Capital A/c
(Being workmen compensation reserve is distributed among partners equally on retirement of Neeti)
L.F
…Dr.
Amount (Rs.)
45,000
Amount (Rs.)
15,000
15,000
15,000
Ans 5. The amount of Capital Called up that has not been paid by the shareholders is called
‘Calls in Arrears’.
Ans 6. The amount of interest is payable on Calls in Advance will be @ 6% per annum.
Ans 7. Issue of debenture as collateral security means that debentures issued as security of loan in addition to prime security.
Ans 8. (a)
Table showing Adjustment
Particulars
Profit to be distributed (1:1:1)
(Rs. 45,000 + Rs. 30,000 + Rs.
60,000)
Profit already distributed (1:1:2)
Mohan (Rs.)
45,000
Neeraj (Rs.)
45,000
Peeyus (Rs.)
45,000
Total (Rs.)
1,35,000
33,750
11,250
33,750
11,250
67,500
(22,500)
1,35,000
-
Page 1 of 14
Journal Entry
Date
Particulars
Peeyush Capital A/c
To Mohan Capital A/c
To Neeraj Capital
(Being rectification entry passed)
L.F
…Dr.
Amount (Rs.)
22,500
Amount (Rs.)
11,250
11,250
Ans 8 (b). The efforts put in by Peeyus were ignored. As a result, the action of Mohan and
Neeraj is not just.
Ans 9 (a)
Journal Entries
Date
Particulars
Bank A/c
To Debenture Application A/c
(Being Application Money received)
Debenture Application A/c
Loss on Issue of Debenture A/c
To 7% Debenture A/c (200 × 150)
To Security Premium
Ans 1. In case of fixed capital, interest charged on drawings will be recorded on the debit side of Current Account of the Partners.
Ans 2. Accumulated Profits are shared in the old ratio, in case of change in profit sharing ratio amongst existing partners.
Ans 3. Interest is payable @ 6% p.a is charged on the amount remaining unpaid to the executor of deceased partner.
Ans 4.
Date
Journal entry
Particulars
Workmen Compensation Reserve A/c
To Raveena Capital A/c
To Neeti Capital A/c
To Rajat Capital A/c
(Being workmen compensation reserve is distributed among partners equally on retirement of Neeti)
L.F
…Dr.
Amount (Rs.)
45,000
Amount (Rs.)
15,000
15,000
15,000
Ans 5. The amount of Capital Called up that has not been paid by the shareholders is called
‘Calls in Arrears’.
Ans 6. The amount of interest is payable on Calls in Advance will be @ 6% per annum.
Ans 7. Issue of debenture as collateral security means that debentures issued as security of loan in addition to prime security.
Ans 8. (a)
Table showing Adjustment
Particulars
Profit to be distributed (1:1:1)
(Rs. 45,000 + Rs. 30,000 + Rs.
60,000)
Profit already distributed (1:1:2)
Mohan (Rs.)
45,000
Neeraj (Rs.)
45,000
Peeyus (Rs.)
45,000
Total (Rs.)
1,35,000
33,750
11,250
33,750
11,250
67,500
(22,500)
1,35,000
-
Page 1 of 14
Journal Entry
Date
Particulars
Peeyush Capital A/c
To Mohan Capital A/c
To Neeraj Capital
(Being rectification entry passed)
L.F
…Dr.
Amount (Rs.)
22,500
Amount (Rs.)
11,250
11,250
Ans 8 (b). The efforts put in by Peeyus were ignored. As a result, the action of Mohan and
Neeraj is not just.
Ans 9 (a)
Journal Entries
Date
Particulars
Bank A/c
To Debenture Application A/c
(Being Application Money received)
Debenture Application A/c
Loss on Issue of Debenture A/c
To 7% Debenture A/c (200 × 150)
To Security Premium