Accountancy Assignment Grade 12
Accountancy Assignment Grade 12
Accountancy Assignment Grade 12
ACCOUNTANCY
ASSIGNMENT
Question 1. Nithya, Sathya and Mithya were partners sharing profits and losses in the
ratio of 5:3:2. Their Balance Sheet as on December 31, 2002 was as follows:
Balance Sheet
As on March 31, 2002
Question 2. Journalise the following transaction in the books Bhushan Oil Ltd:
(a) 200 shares of Rs.100 each issued at a discount of Rs.10 were forfeited for
the non payment of allotment money of Rs.50 per share. The first and final
call of Rs.20 per share on these share were not made. The forfeited share
were reissued at Rs.70 per share as fully paid-up.
2
(b) 150 shares of Rs.10 each issued at a premium of Rs.4 per share payable
with allotment were forfeited for non-payment of allotment money of Rs.8
per share including premium. The first and final call of Rs. 4 per share were
not made. The forfeited share were reissued at Rs.15 per share fully paid-up.
(c) 400 share of Rs.50 each issued at par were forfeited for non-payment of
final call of Rs.10 per share. These share were reissued at Rs.45 per share
fully paid-up.
Question 3. Pass the necessary Journal entries for the following transactions on the
dissolution of the firm of P and Q after the various assets (other than cash)
and outside liabilities have been transferred to Realization Account.
E and F were partners in a firm sharing profits in the ratio of 3:1. They
admitted G as a new partner on 1.3.2005 for 1/3 share. It was decided that B,
F and G will share future profits equally. G brought Rs. 50,000 in cash and
machinery worth Rs. 70,000 for his share of profit as premium for goodwill.
Showing your calculations clearly and pass the necessary journal entries in
the books of the firm.
Question 4. Ashish and Dutta were partners in a firm sharing profits in 3:2 ratio. On Jan.
01, 2007 they admitted Vimal for 1/5 share in the profits. The Balance Sheet
of Ashish and Dutta as on Jan. 01, 2007 was as follows:
Balance Sheet of A and B
As on 1.1.2007
Question 6. The Balance Sheets of Kewal Ltd. as on 31st December, 2006 and 31st
December, 2007 were as follows:
Additional Information:-
(a) Rs. 50,000 depreciation has been charged to Plant and Machinery during
the year 2007.
(b) A Piece of machinery costing Rs.12,000 (book value Rs. 5,000) was sold at
60% profit on book value.
Prepare Cash Flow Statement.
Question 7. Ram and Shyam were partners In a firm sharing profits in the ratio of 2:3.
Their Balance Sheet as on 31.1.2005 was as follows:
4
On the above date the firm was dissolved. Ram paid the creditors at a
discount of 10% and Shyam paid bills payable in full. Assets realised: Land and
Building 20% less; Machinery Rs. 70,000; Stock 25% less; Debtors Rs. 25,000.
Expenses of realisation paid by Shyam were Rs. 3,500.
Question 8. From the following extract of Receipts and Payments Account of Sonic club
and the given additional information, show the Salaries items in the Income
and Expenditure Account for the year ending 31st Dec. 2006 and the Balance
Sheet as on 31st December, 2005 and 31st December, 2006.