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Accountancy 4 Marks Question

MODEL PAPER 2025 · CBSE STD 12 Commerce (CBSE - English Medium). 2 questions.

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4 Marks Question

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Question 14 Marks
X, Y and Z were partners sharing profits and losses equally. Y died on 1st October, 2023 and total amount transferred to Y's executors was ₹ 15,60,000. Y's executors were being paid ₹ 3,60,000 immediately and balance was to be paid in four equal quarterly instalments, together with Interest @ 6% p.a. Pass entries till payment of first two instalments.
Answer
Journal
DateParticularsDebitCredit
1.10.2023Y's Capital A/cDr15,60,000 
  To Y's Executors A/c  15,60,000
 (Being balance in capital transferred to executors account)  
1.10.2023Y's Executors A/cDr3,60,000 
  To Banks A/c  3,60,000
 (Being payment made to the executor)  
31.12.2023Interest A/cDr18,000 
  To Y's Executor's A/c  18,000
 (Being Interest due)  
31.12.2023Y's Executors A/cDr3,18,000 
  To Banks A/c  3,18,000
 (Being payment made to the executor)  
31.03.2024Interest A/cDr13,500 
  To Y's Executor's A/c  13,500
 (Being Interest due)  
31.03.2024Y's Executors A/cDr3,13,500 
  To Banks A/c  3,13,500
 (Being payment made to the executor)  
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Question 24 Marks
A company forfeited certain number of shares of Face Value ₹ 10 each, for non- payment of final call money of ₹ 4. These shares were reissued at a discount of ₹ 5 and amount of ₹ 4500 was transferred to capital Reserve account. Pass the necessary journal entries to show the above transactions and prepare Share forfeited account.
Answer
Journal
DateParticularsDebitCredit
 Share capital A/cDr45,000 
  To Forfeited shares A/c 27,000
  To share final call A/c 18,000
 (Being 4500 shares forfeited)  
 Bank A/cDr22,500 
 Forfeited shares A/cDr22,500 
  To Share Capital A/c  45,000
 (Being 4500 shares reissued)  
 Forfeited share A/cDr4,500 
  To Capital reserve A/c 4,500
 (Being balance of share forfeiture transferred to Capital reserve)  
Dr.Share Forfeiture A/cCr.
ParticularsAmountParticularsAmount
To Share Capital A/c22,500By Share Capital27,000
To Capital Reserve A/c4,500  
 27,000 27,000
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