Sps practical Topic

Cilqsc.- -, 2 th
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SUB-ACCOUNTANCY

l \\1hat is partnership deed.

\\That causes of Addmission of new partner in partnership firm?
Exolain the method of Dissolution of firm.
i .
 lliustr ation 64 .(Adjus tme11t of Capital to be made by Cash).
Sanjana and Alok '"'er~ partners in a firn1 sharing profits and losses in the ratio 3 : 2. On
31st ~1arch, 2018 their Balance Sheet was as follows:
BALANCE SHEET OF SANJANA AND ALOK as on 31st March, 2018
I
t Assets f
Liabilities
60,000 cash 1,66.0CC
Creditors
60,000 Debtors 1,46,000
Woncmen's Compensation Fund
Less: Provision for Doubtful Debts 2,000 1.~ 001
Capitals:
1,50,00l
Sanjana 5,00,000 Stock
2.flJ.0..~
Alok 4,00,000 9,00,000 Investments
Furniture 3,000..!
- ()..2().001
10,20,000 ~
1
-
-

On 1st April, 2018, they admitt ed Nidhi as a new partne r for 1/4th share in the profits oi,
the following terms: .
(a) Goodwill of the firm was valued at f 4,00,000 and Nidhi brough t the necessary aIJlOUllt u~
. . 0
Id partner.-.
cash for her share of goodwill premium, half of whid1 was withdr awn by the
(b) Stock was to be increased by 20% and furnitu re was to be reduced to 90%. . valul'-
5
(c) Investments were to be valued at f 3,00,000. Alok took over investm ents at thi cl'

(d) Nidhi brough t t 3,00,000 as her capital and the capitals of Sanjana and Alok we
adjuste d in the new profit-sharing ratio. Of tlt~
...•. Sheet ~1
Prepare Revaluation Account, Partners' · Capital Accounts and the Balance (CBS£ -101
recons tituted firm on Nidhi' s admiss ion.
,-
"" \1'.' h a: ~s a C om pan y and how man y types of Company?
He w ma ny typ e of sha re expalain.?

Dif fer enc e bet wee n ~!1ares and Debentures

 1-'ast txaminations and... t'.t:.~/

l',i:-:- nl•et•ssa ry Journal entries for forfeiture and reissue of forfeited shares in the
' ✓ ,-,,11,nvin~ CilSl'S:
(i) \'ipin Lid . forfeited 10,000 shartis nf t 10 l'ach issued at a premium off I per share,
tl1r 1wn-pnynll'nt of second and final call of t 2 per ~hare. Out of these, 60% of the
:- b,Wl'S Wl'Tl' n•issued at , 7 per share full y paid-up.

\ii) Pl'l'pilk Ltd. forfeited 800 shares of" JO each, t 8 per share called-up. for non-payment
l,f fi rst c;-ill of, 3 per share. All the forfeited shares were reissued fort 12 per share
fu 11~· paid. (CBSE 2023 J

JOURNAL OF VIPIN LTD.

" "L'

[late Particulars L.F. Dr. (') er.m

-
- Share - -

Capital A/c (10,000 x, 10) ..Dr. 1,00,000

To Forfeited Shares Ale (10,000 x' 8) 80,000

To Shares Second and Final Call Ale or Calfs..in-Anears Ale (10,000 x' 2) 20,000

(1o,000 shares forfeited for non-payment of second and final call)

.••Dr. 42,000
Bank Ale (6,000 x \' 7)
...Dr. 18,000
Forfeited Shares A/c (6,000 x \' 3)
60,000
To Share Capital A/c
(6,000 shares are reissued @' n __ or. 30,000
Forfeited Shares A/c
30,000
To Capital Reserve Ale~ 80,000/10,000 x 6,000- \' 18,000)
. on reissue
(Gain . of 6,000 shares transferred to Capital Reserve)

JOURNAL OF DEEPAK LTD

(ii) L.F. Or: (t) Cr. (t)
-

Date Particulars 6,400

...Or.
Share Capital A/c (800 x f 8) 4,000

To Forfeited Shares A/C (SOO x t S) 2,400

A/C (800 X t 3)
To Shares first Call A/c or Calls-In-Arrears
forfeited for non-payment of first call) -
(800 shares ...Or. 9,600
8,000
Bank Ale (800 x \' 12)
To Share Capital A/C <800 x t lO) 1,600

To Securities Premium Ale (800 x \' 2)

(800 shares reissued @ \' 12 each) - -- -

...Or. 4,000
4,000
Forfeited Shares A/C

To Capital Reserve A/c

~ ited shares trans
(Gain,on reissue of fo e
ferred to Capital Reserve) --
-
 I

\\That is the cash fl o,N state1nenL i\.nd uses of cash flov~,, state1nent?
 ---
--- Read ---ng-hypoth - text and answer the given question on the basis of the
-etical Sc11re
the followi
Sujata started a small enterpr ise under the 'Skill India Scheme' . As the business grew, tht
revenu e started increas ing and she decided to form 'Sujata Ltd.' to achieve her objectives with
10 other like-mi nded person s. The financial position of the company is given in its Balarwl
Sheet as at 31st March, 2022:
Sujata ltd.
BALANCE SHEET as at 31st March, 2022
Note No. 31st March, 31st~
Particulars 2022(') "

I. EQUITY AND LIABILITIES ;:---

1. Shareholden' Funds 17
20,00,000 ·-
(a) Equity Share capital 3,00,000 4flJII'
(b) Reserves and Surplus (Surplus, I.e., Balance In Statement of ~fit & Loss)
. .. ~· 2.rfJIIIJ
·
2• Non-Oarrent Uabllltles 3,00,000 .
Long-term Borrowings 25,rJfi
3. current Liabilities
Trade Payables
Total