Dissolution of Partnership Firm
1. Aavya, Mitansh and Praveen were partners in a firm. On 31st March, 2023, the
firm was dissolved. Creditors took over furniture of book value of ₹ 50,000 at ₹
45,000 in part settlement of their amount of ₹ 60,000. The balance amount was
paid to them through cheque. The amount paid through cheque will be : (2024)
(A) ₹ 10,000
(B) ₹ 50,000
(C) ₹ 45,000
(D) ₹ 15,000
Ans. (D) ₹ 15,000
2. Sunrise Ltd. acquired assets of ₹ 3,60,000 and took over creditors of ₹ 1,00,000
from Moonlight Ltd. for an agreed purchase consideration of ₹ 4,80,000. Sunrise
Ltd. issued 9% Debentures of ₹ 100 each at a discount of 4% in satisfaction of the
purchase consideration.
Pass necessary journal entries in the books of Sunrise Ltd. Show your workings
clearly. (2024)
Ans. In the books of Sunrise Ltd.
3. Grapple Ltd. took over assets of ₹ 25,00,000 and liabilities of ₹ 5,00,000 from
Allore Ltd. for an agreed purchase consideration of ₹ 18,00,000. Grapple Ltd.
issued 11% Debentures of ₹ 100 each at 20% premium in satisfaction of the
purchase consideration.
Pass necessary journal entries in the books of Grapple Ltd. Show your workings
clearly. (2024)
Ans. In the books of Grapple Ltd.
Working Note:
No. of debentures = (Purchase Consideration) / Issue Price
= 18,00,000 / 120
= 15,000
4. Qumtan Ltd. invited applications for issuing 1,00,000 equity shares of ₹ 10
each at a premium of ₹ 6 per share. The amount was payable as follows :
On Application and Allotment - ₹ per share
(including premium ₹ 3)
On First and Final call - Balance (including premium)
Applications for 1,60,000 shares were received. Applications for 10,000 shares
were rejected and pro-rata allotment was made to the remaining applicants.
Excess money received on application and allotment was returned. Dheeraj, who
was allotted 200 shares, failed to pay the first and final call money. His shares
were forfeited. All the forfeited shares were reissued at ₹ 5 per share fully paid
up.
Pass necessary journal entries in the books of Qumtan Ltd. (2024)
Ans. In the Books of Qumtan Ltd.
5. Printkit Limited invited applications for issue of 80,000 equity shares of ₹ 10
each. The amount was payable as follows :
On Application - ₹ 3 per share
On Allotment - ₹ 2 per share
On First and Final call - Balance
Applications for 1,50,000 shares were received. Applications for 10,000 shares
were rejected and pro-rata allotment was made to the remaining applicants on
the following basis :
Category A - Applicants for 80,000 shares were allotted 40,000 shares.
Category B - Applicants for 60,000 shares were allotted 40,000 shares.
Excess money received on application was adjusted towards amount due on
allotment and first and final call. All the amounts due on allotment and first and
final call were duly received.
Pass necessary journal entries in the books of Printkit Limited. (2024)
Ans. In the books of Printkit Limited
