I.C. NO.

2024 XII 10 Study Camp : Round-I XII-Com. 2024-2025

BOOK-KEEPING & ACCOUNTANCY

Full Portion

MODEL ANSWER
Time : 3.00 Hours ( 17 Pages ) Max. Marks : 80

Q. 1 Attempt all of the following Sub-questions : [ 20 ]

A) Select the correct options and rewrite the sentences : (05)

1. Subscription received in advance during the accounting year is A Liability.

2. When goodwill is withdrawn by the partner Cash / Bank account is credited.
3. Decrease in the value of assets should be Debited to Profit and Loss Adjustment
Account.
4. Assets and liabilities are transferred to Realisation account at their Book values.
5. The balance of Share Forfeiture A/c is transferred to Capital Reserve account after
re-issue of these share.

B) Calculate the following (05)

1. Calculate 12.5% P. A.depreciation on Furniture -

a) on < 2,20,000 for 1 year
b) on < 10,000 for 6 months
A. < 28,125 OR a) < 27,500, b) < 625

2. Opening Stock of Stationery < 5,000, Purchases of Stationery < 7,000, Outstanding
Stationery Bill < 12,000, Closing Stock < 1,000 What is the amount of Stationery
Consumed ?

A. Consumption of Stationery - Rs. 23,000

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 3. Old Ratio New Ratio on Retirement of ‘C’ Calculate Benefit Ratio
A:B:C A:B
3:2:1 3:2
A. Benefit Ratio - 3 : 2
4. Nisha’s acceptance for < 16,850 sent to bank for collection was honoured and bank
charges debited were < 125. Find out the amount actually received by Drawer.
A. Rs. 16,725
5. Company send Regret letter for 100 shares and Allotment letter to 25000 shareholders.
Application money was < 20 per share. Calculate the amount of application money
which company is refunding.
A. Rs. 2,000

C) Write the word/phrase/term, which can substitute each of the following

sentences. (05)
1. The method of making capital account in which capital & current account both are
maintained.
A. Fixed Capital Method
2. All such receipts which are non recurring in nature and not forming a part a regular
flow of income.
A. Capital Receipts
3. Reputation of business measured in terms of money.
A. Goodwill
4. Expenses incurred on dissolution of firm.
A. Dissolution / Realisation Expenses
5. It is a damaged software, cracked, nearly fully functional.
A. Pirated Software / Illegal Software

D) Complete the Sentences (05)

1. Liabilities of Partners in Partnership firm is unlimited.
2. The closing balance of Income & Expenditure account repersents either surplus or
deficit.
3. On retirement, the balance at a current Account of a partner is transferred to his capital
account.
4. Gross Profit Ratio indicates the relationship of gross profit to the Net-Sales
5. A bill whose due date is calculated from the date of acceptance is known as bill after
sight.

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Q. 2 The following is the Balance Sheet of Madhu and Manju sharing Profit and Losses in
the ratio of 3:2 as on 31 March, 2019 [ 10 ]
Balance Sheet As on 31 st March 2019

Liabilities Amount (<) Assets Amount (<)

Capital Account Building 72,000
Madhu 80,000 Plant and Machinery 60,000
Manju 1,00,000 Stock 48,000
Sundry Creditors 60,000 Debtors 42,000
Bills Payable 10,000 Less : R.D.D. 2,000 40,000
Bank 20,000
Furniture 10,000
2,50,000 2,50,000

On 01/04/2019 Monika is admitted on the following terms:

1. She is to pay < 1,00,000 as her capital and < 40,000 as her share of Goodwill.
2. The new profit sharing ratio is to be 5:3:2
3. The assets are to be revalued as under :
Building < 1,00,000, Plant and Machinery < 48,000
4. RDD to be increased up to < 4,000.
5. The old partners decided to retain half of the amount of goodwill in the business.
6. Sundry creditors should be revalued at < 66,000
Give Revaluation Account, Capitals Accounts and Balance Sheet of New firm
A. In the books of Madhu & Manju
Dr. Revalution Account 2½ Marks Cr.
Particulars Amount Particulars Amount
To Plant & Machinery ½ 12,000 By Building A/c ½ 28,000
To R.D.D. A/c ½ 2,000
To Sundry Creditors ½ 6,000

To Capital A/c
(Revaluation Profit)
Madhu (3) 4,800
Manju (2) 3,200 ½ 8,000

28,000 28,000

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Dr. Capital Account 3½ Marks Cr.
Particulars Madhu Manju Monika Particulars Madhu Manju Monika
To Bank A/c ½ 10,000 ½ 10,000 – By Balance b/d 80,000 1,00,000 –
(50% goodwill By Bank A/c – – ½ 1,00,000
withdrawn) By Goodwill A/c ½ 20,000 ½ 20,000 –
(1:1)
By Revaluation
A/c ½ 4,800 ½ 3,200 –
(Revaluation
Profit)

To Balance c/d 94,800 1,13,200 1,00,000

1,04,800 1,23,200 1,00,000 1,04,800 1,23,200 1,00,000

M/s. Madhu, Manju and Monika

Balance Sheet as on 01.04.2019
(After Admission) 4 Marks

Liabilities Amount Assets Amount

Capital Bank ½ 1,40,000
Madhu ½ 94,800 Building 72,000
Manju ½ 1,13,200 Add :
Monika ½ 1,00,000 3,08,000 Profit on revaluation 28,000 ½ 1,00,000
Sundry Creditors 60,000 Plant & Machinery 60,000
Add Less
Loss on revolution 6,000 ½ 66,000 Loss on revaluation 12,000 ½ 48,000
Bills Payable 10,000 Stock 48,000
Debtors 42,000
Less
R.D.D. 4,000 ½ 38,000
Furniture 10,000

1,56,900 1,56,900

OR

B.K. Pg. 4 / Study Camp : Round - I - Model Answer All Batches

Q. 2 Given below is a Balance Sheet of Ramesh, Rakesh and Prasad who were partners in a
firms sharing profits and losses in the ratio 5:3:2
Their Balance Sheet as on 31st March 2019 was as follows.
Balance Sheet as on 31-03-2019
Liabilities Amount (<) Assets Amount (<)
Creditors 11,200 Cash at Bank 7,600
Bank Overdraft 9,700 Debtors 18,000
Reserve Fund 15,000 Stock 17,500
Capital A/c: Machinery 30,000
Ramesh 42,000 Land 70,000
Rakesh 37,000 Furniture 5,000
Prasad 33,200
1,48,100 1,48,100
On 1st April 2018 Prasad retired on the following terms.
1. Goodwill of the firm will be raised in the Books at < 20,000
2. Stock be reduced by 10 % and Furniture by 5% and Machinery by 11%
3. R.B.D.D. be maintained at 5% on debtors.
4. < 200 to be written off from Creditors.
5. Out of the amount due to Prasad < 5,000 to be paid by cheque and remaining amount
to be transferred to his loan account.
Prepare Profit and Loss adjustment Account, Partner’s capital A/c, Balance
sheet of new firm. [ 10 ]
A. In the books of Ramesh, Rakesh & Prasad
Dr. Profit & Loss Adjustment Account 2½ Marks Cr.
Particulars Amount Particulars Amount
To Stock A/c ½ 1,750 By Creditors A/c ½ 200
To Machinery A/c ½ 3,300
To Furniture A/c ½ 250
To R.D.D. A/c ½ 900

By Capital A/c
(Revaluation Profit)
Ramesh (5) 3,000
Rakesh (3) 1,800
Prasad (2) 1,200 6,000

6,200 6,200

B.K. Pg. 5 / Study Camp : Round - I - Model Answer All Batches

Dr. Capital Account 2½ Marks Cr.
Particulars Ramesh Rakesh Prasad Particulars Ramesh Rakesh Prasad
To Bank A/c – – ½ 5,000 By Balance B/d 42,000 37,000 33,200
(Part payment) By Reserve Fund A/c 7,500 4,500 3,000

{{
To Profit & Loss By Goodwill A/c 10,000 1 6,000 4,000
Adjustment A/c 8,000 1,800 1,700 (5:3:2) 1
(Revaluation
Loss)
To Loan A/c – – 34,000
(Bal. Fig.)

To Balance c/d 56,500 45,700 –

59,500 47,500 40,200 59,500 47,500 40,200

M/s. Ramesh & Rakesh

Balance Sheet as on 01.04.2018
(After Retirement) 5 Marks
Liabilities Amount Assets Amount
Capital Goodwill ½ 20,000
Ramesh ½ 56,500 Bank ½ 2,600
Rakesh ½ 45,700 1,02,200 Debtors 18,000
Prasad’s Loan ½ 34,000 Less :
Bank Overdraft 9,700 R.D.D. 900 ½ 17,100
Creditors 11,200 Stock 17,500
Less : Less :
Written off 200 ½ 11,000 Loss on revaluation 1,750 ½ 15,750
Machinery 30,000
Less :
Loss on revaluation 3,300 ½ 26,700
Land 70,000
Furniture 5,000
Less
Loss on revaluation 250 ½ 4,750

1,56,900 1,56,900

B.K. Pg. 6 / Study Camp : Round - I - Model Answer All Batches

Q. 3 On 18th June, 2019 Rane sold goods on credit for < 40,000 to Nene. Rane draws a
bill for the amount due for 3 months on the same day. Nene accepted the bill and returned it
to Rane.
On 19th June, 2019 Rane discounted the bill with the bank at 15% p. a.
On the due date Nene dishonoured his acceptance and bank paid noting charges
< 350.
Nene then requested Rane to renew the bill. Rane agreed on the condition that Nene
should pay interest at 12% p.a. plus noting charges by cheque and should accept a new bill
for the balance for 2 months.
These arrangements were carried through. But on the due date Nene was declared
insolvent. Rane received 60 paise in a rupee as first and final dividend from the private
estate of Nene on 23rd Dec. 2019.
Give journal entires in the books of Nene. [ 10 ]

Ans. Journal Entries

In the books of Nene (Drawee) 10 Marks

Date Particulars L Debit Credit

F ( ) ( )
18.06.19 Purchase A/c ........................................................ Dr 40,000 –
1 To Rane’s A/c – 40,000
( Being goods purchased on credit )

18.06.19 Rane’s A/c ............................................................ Dr 40,000 –

1 To Bill Payable A/c – 40,000
( Being bill accepted payable after 3 months )

21.09.19 Bill payable A/c .................................................... Dr 40,000 –

1 To Rane’s A/c – 40,000
( Being bill dishonoured on due date )

21.09.19 Noting charges A/c .............................................. Dr 350 –

1 To Rane’s A/c – 350
( Being noting charges paid on our behalf on
dishonoured of bill )

21.09.19 Interest A/c ........................................................... Dr 800 –

1 To Rane’s A/c – 800
( Being interest is payable on dishonoured of
bill )

B.K. Pg. 7 / Study Camp : Round - I - Model Answer All Batches

 Date Particulars L Debit Credit
F ( ) ( )
21.09.19 Rane’s A/c ............................................................ Dr 1,150 –
1 To Bank A/c – 1,150
( Being part cash paid with interest and noting charges
on dishonoured of bill )

21.09.19 Rane’s A/c ............................................................ Dr 40,000 –

1 To Bill Payable A/c – 40,000
( Being new bill accepted payable after 2 months )

24.11.19 Bill Payale A/c ..................................................... Dr 40,000 –

1 To Rane’s A/c – 40,000
( Being new bill dishonoured on due date )

23.12.19 Rane’s A/c ............................................................ Dr 40,000 –

1 To Cash A/c – 24,000
To Deficiency A/c – 16,000
( Being part cash paid on insolvency )

TOTAL 1 2,42,300 2,42,300

Q. 4 Laxmi Company Limited issued 20,000 equity shares of < 100 each at a per payable
as < 20 on Application, < 30 on Allotment, < 25 on first call and < 25 on 2nd call.
The issue was oversubscribed to the extent of 26000 equity shares. The applicants on
2000 shares were sent letter of regret and their application money was refunded.
Remaining applicants were alloted shares on pro-rata basis. All the money due on
Allotment and calls were duly received.
Pass necessary Journal entries in the books of Laxmi Company Ltd. [ 08 ]
Ans. Working Note :
Total Issue = 20,000 share  < 100
At what value = < 100
How ?
on Application =< 20
on Allotment =< 30
on 1st Call =< 25
on 2nd Call =< 25
Total =< 100

B.K. Pg. 8 / Study Camp : Round - I - Model Answer All Batches

1. On Application
Total Application M. received : 26,000 Shares  < 20 = 5,20,000/-
Application M. refunded : 2,000 Shares  < 20 = 40,000/-
Excess Application M. Adjustment to Allotment : 4,000 Shares  < 20 = 80,000/-
Transfer to Capital : 20,000 Shares  < 20 = 4,00,000/-

2. On Allotment
Transfer to capital : 20,000 Shares  < 30 = 6,00,000/-
Actual Received : = 5,20,000/-

3. On 1st Call
Transfer to capital : 20,000 Shares  < 25 = 5,00,000/-
Actual Received : = 5,00,000/-

4. On 2nd Call
Transfer to Capital : 20,000 Shares  < 25 = 5,00,000/-
Actual Received : = 5,00,000/-

Journal Entries
In the books of Laxmi Company Ltd. 8 Marks

Date Particular L Debit Credit

F (<) (<)
– Bank A/c ............................................................... Dr 5,20,000 –
½ To Equity Share Application A/c – 5,20,000
(Being Application money received on 26,000 shares
at Rs. 20 per share. )

– Equity Share Application A/c ............................... Dr 40,000 –

1 To Bank A/c – 40,000
(Being Application money refunded on 2000 shares at
Rs. 20 per share. )

– Equity Share Application A/c ............................... Dr 80,000 –

1 To Equity share Allotment A/c – 80,000
(Being Application money adjusted to allotment on
4,000 shares at Rs. 20 per share. )

– Equity share Application A/c ............................... Dr 4,00,000 –

1 To Equity Share capital A/c – 4,00,000
(Being Application money transfer to capital on 20000
shares at Rs. 20 per share. )
B.K. Pg. 9 / Study Camp : Round - I - Model Answer All Batches
 Date Particular L Debit Credit
F (<) (<)
– Equity Share Allotment A/c ................................. Dr 6,00,000 –
1 To Equity Share Capital A/c – 6,00,000
(Being Allotment money transfer to capital on 20000
shares at Rs. 30 per share. )

– Bank A/c ............................................................... Dr 5,20,000 –

½ To Equity Share Allotment A/c – 5,20,000
(Being Allotment money received in full )

– Equity share 1st Call A/c .................................... Dr 5,00,000 –

½ To Equity Share Capital A/c – 5,00,000
(Being 1st call money transfer to capital on 20,000
shares at Rs. 25 per share. )

– Bank A/c ............................................................... Dr 5,00,000 –

½ To Equity Share 1st Call A/c – 5,00,000
(Being 1st call money received in full )

– Equity Share 2nd Call A/c ................................... Dr 5,00,000 –

½ To Equity Share Capital A/c – 5,00,000
(Being 2nd call money transfer to capital on 20000
shares at Rs. 25 per share. )

– Bank A/c ............................................................... Dr 5,00,000 –

½ To Equity Share 2nd Call A/c – 5,00,000
(Being 2nd call money received in full )

TOTAL 1 41,60,000 41,60,000

OR
Q. 4 What is the importance of Computerised Accounting System ? 8 Marks
A. Computerized accounting systems are very important to various types of business
organizations, firms, company etc.
1) Automation : All the calculations are automatically done by the accounting software with
minimum time as compared to manual accounting calculations.
2) Multi-user-Facilities : Multi-user-facility enable the business man access accounting
B.K. Pg. 10 / Study Camp : Round - I - Model Answer All Batches
 information online or off line with more user controls outside of the office or within office.
In big business houses this facility is useful as data entry can be done by many operators on
different computers simultaneously.
3) Accuracy : Computerized accounting software is more accurate as compared to human
being. All calculations, like additions, subtractions and statistical calculations are
automatically done by software.
4) Speed : Computerized accounting software work faster than manual accounting process. It
generates all financial statements and reports speedily as per user requirements.
5) Reduction in Cost : As the financial records are to be entered only once in the system the
accountant will save his time in maintaining the records. This will enable the business
organization to employ few accounting personnel.
6) Systematic and up to date records : Computerized accounting system ensures systematic
and up to date financial records of the business organization.
7) Huge Storage Capacity : In case of manual accounting it is required to maintain separate
Books and Registers for each financial year. In case of computerized system one computer
software can store the accounting records for many years.
8) Compact : No matter how voluminous the financial data is the computer can store it in a
compact way. The financial information can be stored on the hard disk and if required back
- up can be taken on the external storage devices which requires very little space.
9) Transferability / Sharing Information : Computerized accounting system allow the
business organization to share the financial information with the interested parties. The
information can be shared with the help of printouts or can also be shared with soft copy i.e
through pen drive or Internet transfer.

Q. 5 Rupa, Sara and Veena were sharing profits and losses in the ratio of 7 : 5 : 4 respectively.
Their Balance sheet as on 31 st March 2023 was as follows. [ 08 ]
Balance Sheet as on 31st March 2023
Liabilities Amount (<) Assets Amount (<)
Capital Accounts: Stock 17,000
Rupa 23,000 Furniture 18,000
Sara 15,000 Land & Building 16,000
Veena 12,000 Bank 37,000
Bills Payable 2,000
Creditors 8,000
Bank Loan 12,000
General Reserve 16,000
88,000 88,000

B.K. Pg. 11 / Study Camp : Round - I - Model Answer All Batches

 Veena died on 30 th June 2023 and the following adjustments were agreed as per deed.
1. Stock, Furniture and Land and Building are to be revalued at < 16, 700, <16,200,
< 30,100 respectively.
2. Veena’s share in goodwill is to be valued from firm’s goodwill which was valued at
three times of the average profit of last four years Profit of the last four years :
I - < 30,000, II - < 25,000, III - < 25,000, IV - < 40,000.
3. Her profit up to the death is to be calculated on the basis of profit of last year.
4. Veena was entitled to get a Salary of < 1,200 per month.
5. Interest on capital at 10% p.a. to be allowed
6. Veena’s drawing up to the date of death was < 900 per month.
Prepare Veena’s Capital Account showing amount payable to his executor &
also give working of goodwill calculation & profit calculation upto the date of death.
A. Veena’s Capital Account
4 Marks
Dr. Cr.
Particulars Amount Particulars Amount
To Drawing A/c ½ 2,700 By Balance B/d 12,000
By General Reserve A/c ½ 4,000
By Goodwill A/c ½ 22,500
By Profit & Loss Suspense A/c ½ 2,500
By Salary A/c ½ 3,600
By Interest on capital A/c ½ 300
By Revaluation A/c ½ 3,000
(Revaluation Profit)
To Executor’s Loan A/c ½ 45,200
(Bal. Fig.)
47,900 47,900

Working Note :
1) Revaluation Account
No marks
Dr. Cr.
Particulars Amount Particulars Amount
To Stock 300 By Land & Building A/c 14,100
To Furniture A/c 1,800
To Capital A/c
(Revaluation Profit)
Rupa (7) 5,250
Sara (5) 3,750
Veena (4) 3,000 12,000
14,100 14,100

B.K. Pg. 12 / Study Camp : Round - I - Model Answer All Batches

 I  II  III  IV
3) Goodwill of a firm = 3
4
30,000  25,000  25,000  40,000
= 3
3 4
1, 20 ,000
= 3
4 1 2 Marks
= 3  30,000 Goodwill
Goodwill of a firm = Rs. 90,000 Calculation
5,625
4
 Veena’s Share of goodwill = 90,000 
16 1
= Rs. 22,500
2) Profit upto Death = Average profit  period  share
3 14
= 40 , 000  
12 16 4 2 Marks
1
1,20,000 Profit
= 12  4 Calculation
1
10,000
=  Rs. 2,500
4

Q. 6 Following is the Receipts Payments Account of “Dhananjay Library , Mumbai” for

the year ending 31.03.2024
Receipts and payments Account
for the year ending 31.03.2024.
Dr. Cr.
Receipt Amount Payment Amount
To Balance b/d 5,000 By Salaries 9,000
To Admission Fees 4,500 By Rent 7,500
To Subscriptions 20,000 By 20% Investments 6,000
To Lecture hall gire charges 4,200 By Stationery 1,350
To Miscellaneous Income 250 By Electricity Charges 850
To Interest on Investment 900 By Books 5,000
By Outstanding Expenses 500
(2022 - 2023)
By Balance c/d 4,650
34,850 34,850
The following information is also made available to you.
1) On 31.03.2023, the Library had the following Assets also; Books at < 50,000, Furniture
< 6,500 and Machinery of < 30,000.
2) Subscription received in advance amounted to < 500.
3) Outstanding Salaries < 1300 and for Rent < 950.
B.K. Pg. 13 / Study Camp : Round - I - Model Answer All Batches
 4) 50 % of the Admission Fees should be capitalized.
5) Furniture to be depreciated at 10 % p.a.
6) Library Books were purchased on 1st April 2023 charge Depreciation at 10 % p. a.
You are required to prepare an Income and Expenditure Account for the year
ended 31.03.2024 and Balance Sheet as on that day.
A. M/s. Dhananjay Library, Mumbai
Income and Expenditure Account
Dr. For the year ended 31.03.2024 6 Marks Cr.
Expenditure Amount Income Amount

To Salaries 9,000 By Admission Fees 4,500

Add Less
Outstanding 1,300 ½ 10,300 50% Capitalised 2,250 ½ 2,250
To Rent 7,500 By Subscriptions 20,000
Add Less
Outstanding 950 ½ 8,450 Pre-received 500 ½ 19,500
To Stationery ½ 1,350 By Lecture hall give charges ½ 4,200
To Electricity Charges ½ 850 By Miscellaneous income ½ 250
To Depreciation By Interest on investment 900
Furniture 650 Add
Books 5,500 ½ 6,150 Outstanding 300 ½ 1,200

To Excess of Income over

Expenditure 1 300
(Surplus)
27,400 27,400

M/s. Dhananjay Library, Mumbai

Balance Sheet as on 31.03.2024 6 Marks

Liabilities Amount Assets Amount

Capital Fund 91,000 20% Investment ½ 6,000
Add Books 50,000
50% Admission Fees ½ 2,250 Add
Add 93,250 New (01.04.2023) 5,000
Excess of income Less 55,000
over expenditure 300 ½ 93,550 10% Depreciation 5,500 1 49,500
(Surplus) Cash ½ 4,650
B.K. Pg. 14 / Study Camp : Round - I - Model Answer All Batches
 Liabilities Amount Assets Amount
Furniture 6,500
Less
10% Depreciation 500 ½ 5,850
Machinery ½ 30,000
Pre-received subscription Outstanding interest on
for 2024-2025 ½ 500 20% investment ½ 300
Outstanding
Salaries 1,300
Rent 950 ½ 2,250

96,300 ½ mark Total 96,300

Q. 7 From the following Trial Balance and adjustments given below of Radha and Meera,
you are required to prepare Trading and Profit and Loss Account for the year ended
31st March, 2021 and Balance Sheet as on that date. [ 12 ]
Trial Balance as on 31st March, 2021
Debit Balance Amount Credit Balance Amount
Purchases 35,500 Sales 58,200
Sundry Debtors 40,000 Sundry Creditors 25,700
Sales Returns 1,000 Purchases Returns 500
Opening Stock 18,100 R.D.D 800
Bad debts 500 Discount 50
Land & Building 25,000 Commission 250
Furniture 20,000 Capital :
Discount 1,000 Radha 50,000
Royalties 700 Meera 30,000
Rent 1,900
Salaries 3,000
Wages 800
Insurance 1,500
Drawings :
Radha 2,000
Meera 1,000
Cash at Bank 11,500
Cash in Hand 2,000
1,65,500 1,65,500
B.K. Pg. 15 / Study Camp : Round - I - Model Answer All Batches
 Adjustments :
1) Closing Stock valued at < 22,000.
2) Write off < 900 for Bad & doubtful debts and create a provision for Reserve for
doubtful debts < 1,000.
3) Create a provision for Discount on Debtors @ 10% and creditors @ 5%.
4) Outstanding Expenses - Wages < 700 and Salaries < 800.
5) Insurance is paid for 15 months, w.e.f. 1st April 2020.
6) Depreciate Land and Building @ 5%
7) Radha & Meera are Sharing Profits & Losses in their Capital Ratio.
A. M/s. Radha & Meera
Trading Account
Dr. For the year ended 31.03.2021 2½ Marks Cr.
Particular Amount Particular Amount
To Opening Stock 18,100 By Sales 58,200
To Purchases 35,500 Less
Less Returns 1,000 ½ 57,200
Returns 500 ½ 35,000
To Royalties 700
To Wages 800
Add
Outstanding 700 ½ 1,500

To Gross Profit c/d ½ 23,900 By Closing Stock ½ 22,000

(Bal. Fig.)
79,200 79,200

Profit and Loss Account

Dr. For the year ended 31.03.2023 4 Marks Cr.
Particular Amount Particular Amount
By Gross Profit B/d 23,900
To Bad Debts 500 By Discount 50
Add Add
New Bad Debts 900 New 1,285 ½ 1,335
Add 1,400 By Commission 250
New R.D.D. 1,000
Less
Old R.D.D. 800 1 1,600
To Discount 1,000
Add
New 3,810 ½ 4,810

B.K. Pg. 16 / Study Camp : Round - I - Model Answer All Batches

Particular Amount Particular Amount
To Rent 1,900
To Salaries 3,000
Add
Outstanding 800 ½ 3,800
To Insurance 1,500
Less
Prepaid 300 ½ 1,200
To Depreciation on
Land & Building ½ 1,250

To Capital A/c
(Net Profit)
Radha (5) 6,828
Meera (3) 4,097 ½ 10,925

25,485 25,485

M/s. Radha & Meera

Balance Sheet as on 31.03.2021 5½ Marks

Liabilities Amount Assets Amount

Capitals Sundry Debtors 40,000
Radha ½ 54,828 Less
Meera ½ 33,097 87,925 New Bad Debts ½ 900
Less 39,100
New R.D.D. ½ 1,000
Less 38,100
Sundry Creditors 25,700 10% Discount 3,810 ½ 34,290
Less Land & Building 25,000
5% Discount 1,285 ½ 24,415 Less
Outstanding 5% Depreciation 1,250 ½ 23,750
Wages 700 Furniture 20,000
Salaries 800 ½ 1,500 Cash at Bank 11,500
Cash in hand
½ { 2,000
Closing Stock ½ 22,000
Prepaid Insurance ½ 300
1,13,840 1,13,840

B.K. Pg. 17 / Study Camp : Round - I - Model Answer All Batches