CBSE Class 12 Accountancy 2024 — Set 67/2/1

At the time of dissolution of a firm, the total assets were ₹6,00,000 and outside liabilities were ₹2,40,000. If assets realised ₹7,20,000 and realisation expenses of ₹8,000 were paid, the profit or loss on realisation will be : (A) Loss ₹1,20,000 (B) Profit ₹1,20,000 (C) Loss ₹1,12,000 (D) Profit ₹1,12,000

On 1st April, 2022, Mega Ltd. issued 30,000, 10% Debentures of ₹100 each at a discount of 10%. The total amount of interest due on debentures for the year ending 31st March, 2023 will be : (A) ₹2,70,000 (B) ₹3,00,000 (C) ₹27,000 (D) ₹30,000

Kishore and Bimal are partners in a firm sharing profits and losses in the ratio of 4 : 3. Nand is admitted as a new partner in the firm for 1/4 th share in the profits. Kishore and Bimal decide to share profits and losses equally in the future. The sacrificing ratio of Kishore and Bimal will be : (A) 1 : 1 (B) 4 : 3 (C) 11 : 3 (D) 3 : 11 OR Raju, Sohan and Tina are partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. Tina is guaranteed a minimum amount of ₹40,000 as share of profit every year. Any deficiency arising on that account shall be borne by Raju. If profit of the firm for the year ended 31st March, 2023 is ₹1,60,000, Raju will bear a deficiency of : (A) ₹8,000 (B) ₹40,000 (C) ₹48,000 (D) ₹4,000

Assertion (A) : The court does not intervene when dissolution of partnership takes place. Reason (R) : Dissolution of partnership takes place by mutual agreement between the partners. Choose the correct option from the following : (A) Both Assertion (A) and Reason (R) are correct and Reason (R) is the correct explanation of Assertion (A). (B) Both Assertion (A) and Reason (R) are correct, but Reason (R) is not the correct explanation of Assertion (A). (C) Assertion (A) is incorrect, but Reason (R) is correct. (D) Assertion (A) is correct, but Reason (R) is incorrect.

Maharaja Ltd. took over assets of ₹15,00,000 and liabilities of ₹2,00,000 of Dolphin Ltd. for an agreed purchase consideration of ₹12,60,000. It was agreed that the purchase consideration will be paid by issuing 11% Debentures of ₹100 each at 10% discount. The number of debentures issued will be : (A) 13,000 (B) 12,600 (C) 10,000 (D) 14,000

Misha Ltd. issued 6,000, 8% Debentures of ₹100 each at ₹96 per debenture. 8% Debentures Account will be credited by : (A) ₹5,76,000 (B) ₹24,000 (C) ₹6,00,000 (D) ₹60,000

Nominal/Authorised share capital is : (A) that part of the share capital which is issued by the company. (B) the amount of share capital which is actually applied for by the prospective shareholders. (C) the maximum amount of share capital which a company is authorised to issue. (D) the amount actually paid by the shareholders. OR The debentures which do not have a specific charge on the assets of the company are called : (A) Redeemable Debentures (B) Unsecured Debentures (C) Zero Coupon Rate Debentures (D) Non-Convertible Debentures

Manas and Ranvir are partners in a firm having capital balances of ₹1,20,000 and ₹80,000 respectively. Sanju is admitted as a new partner in the firm for 1/5 th share in future profits. Sanju brought ₹1,00,000 as his capital. The goodwill of the firm on Sanju's admission will be : (A) ₹5,00,000 (B) ₹2,00,000 (C) ₹3,00,000 (D) ₹1,00,000

Read the following hypothetical situation and answer Questions No. 14 and 15 on the basis of the given information. Vivek and Nisha were partners in a firm sharing profits and losses in the ratio of 3 : 2. On 1st April, 2022, their capitals were ₹8,00,000 and ₹4,00,000 respectively. On 1st July, 2022, Vivek introduced additional capital of ₹2,00,000. During the year, Vivek's drawings were ₹40,000 while drawings of Nisha were ₹80,000. As per the partnership agreement, interest on capital is allowed @ 6% p.a., interest on drawings will be charged @ 5% p.a. The net profit for the year ended 31st March, 2023 amounted to ₹6,50,000. Interest on capital payable to Vivek will be : (A) ₹48,000 (B) ₹60,000 (C) ₹57,000 (D) ₹24,000

Read the following hypothetical situation and answer Questions No. 14 and 15 on the basis of the given information. Vivek and Nisha were partners in a firm sharing profits and losses in the ratio of 3 : 2. On 1st April, 2022, their capitals were ₹8,00,000 and ₹4,00,000 respectively. On 1st July, 2022, Vivek introduced additional capital of ₹2,00,000. During the year, Vivek's drawings were ₹40,000 while drawings of Nisha were ₹80,000. As per the partnership agreement, interest on capital is allowed @ 6% p.a., interest on drawings will be charged @ 5% p.a. The net profit for the year ended 31st March, 2023 amounted to ₹6,50,000. The amount of interest on drawings of Nisha would be : (A) ₹2,000 (B) ₹1,000 (C) ₹4,000 (D) ₹4,800

Assertion (A) : In a partnership firm, at the time of admission, the new partner brings in an agreed amount of capital either in cash or in kind. Reason (R) : In a partnership firm, at the time of admission, the new partner acquires the right to share the assets and the profits of the partnership firm. Choose the correct option from the following : (A) Both Assertion (A) and Reason (R) are correct and Reason (R) is the correct explanation of Assertion (A). (B) Both Assertion (A) and Reason (R) are correct, but Reason (R) is not the correct explanation of Assertion (A). (C) Assertion (A) is incorrect, but Reason (R) is correct. (D) Assertion (A) is correct, but Reason (R) is incorrect.

Which of the following is not an objective of 'Analysis of Financial Statements' ? (A) To assess the current profitability and operational efficiency of the firm. (B) To ascertain the relative importance of different components of the financial position of the firm. (C) To consider the impact of price level changes. (D) To identify the reasons for change in the profitability/financial position of the firm. OR ____ is also known as Acid-Test Ratio. (A) Current Ratio (B) Quick Ratio (C) Gross profit Ratio (D) Operating Ratio

Current Ratio of Super Ltd. is 2 : 1. Which of the following transactions will result in decrease in this ratio ? (A) Payment of ₹40,000 to creditors (B) Sale of furniture (book value ₹38,000) for ₹16,000 only (C) Repayment of long term loan of ₹7,00,000 (D) Cash collected from debtors ₹1,18,000

Statement I : Issue of Debentures will result in inflow of cash. Statement II : Issue of Debentures to the vendors for purchase of machinery will result in outflow of cash. Choose the correct option from the following : (A) Both statements are correct. (B) Both statements are incorrect. (C) Statement I is correct and Statement II is incorrect. (D) Statement I is incorrect and Statement II is correct.

'Paid ₹5,00,000 to acquire shares in Neligare Industries and received a dividend of ₹30,000 after acquisition.' This transaction will result in : (A) Cash outflow from financing activities ₹4,70,000 (B) Cash inflow from investing activities ₹4,70,000 (C) Cash inflow from financing activities ₹4,70,000 (D) Cash outflow from investing activities ₹4,70,000

Prateek, Charu and Sirima were partners in a firm sharing profits in the ratio of 3 : 2 : 1. Prateek retired from the firm on 31st March, 2023. Charu and Sirima decided that the capital of the new firm will be ₹6,30,000. The capital accounts of Charu and Sirima after all adjustments on the date of retirement showed a credit balance of ₹4,35,000 and ₹1,89,000 respectively. Calculate the amount of actual cash to be brought into the firm or to be paid to the partners. Also pass necessary journal entries. OR Chaman, Burman and Aman were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. Aman was guaranteed a minimum amount of ₹60,000 as his share of profit every year. The net profit for the year ended 31st March, 2023 amounted to ₹1,20,000. Pass necessary journal entries in the books of the firm showing the distribution of profit amongst the partners.

Anu, Manu, Sonu and Rohan were partners in a firm sharing profits and losses in the ratio of 1 : 2 : 1 : 2. With effect from 1st April, 2023, they decided to share profits and losses in the ratio of 2 : 4 : 1 : 3. Their Balance Sheet showed General Reserve of ₹90,000. The goodwill of the firm was valued at ₹4,50,000. Pass necessary journal entries for the above on account of change in the profit sharing ratio. Show your working clearly.

Priti Ltd. purchased assets worth ₹5,40,000 and took over liabilities of ₹1,20,000 of Payal Ltd. for a purchase consideration of ₹5,28,000. Priti Ltd. paid half the amount by cheque and the balance was settled by issuing 10% Debentures of ₹100 each at a premium of 10%. Pass necessary journal entries for the above transactions in the books of Priti Ltd. OR Dhatu Ltd. invited applications for issuing 4,000, 11% Debentures of ₹100 each at a premium of ₹50 per debenture. Full amount was payable on application. Applications were received for 5,000 debentures. Applications for 1,000 debentures were rejected and application money was refunded. Debentures were allotted to the remaining applicants. Pass necessary journal entries for the above transactions in the books of Dhatu Ltd.

On 1st April, 2023, a partnership firm had assets of ₹2,00,000 including cash of ₹6,000 and bank balance of ₹14,000. The partners' capital accounts showed a balance of ₹1,90,000 and reserves constituted the rest. If the normal rate of return is 10% and the goodwill of the firm is valued at ₹60,000 at 4 years purchase of super profits, find the average profits of the firm.

Classify the following items under major heads and sub-heads (if any) in the Balance Sheet of a company as per Schedule III, Part I of the Companies Act, 2013 : (i) Calls in advance (ii) Mining rights (iii) Loose tools

Calculate 'Quick Ratio' and 'Debt-Equity Ratio' from the following information : | Particulars | Amount (₹) | | --- | --- | | Total Debt | 8,00,000 | | Inventory | 2,20,000 | | Long Term Debts | 6,00,000 | | Working Capital | 2,40,000 | | Shareholders' Funds | 12,00,000 |

Aditi, Renu and Varsha were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 5. On 31st March, 2023 their Balance Sheet was as under : Balance Sheet of Aditi, Renu and Varsha as at 31st March, 2023 | Liabilities | Amount (₹) | Assets | Amount (₹) | | --- | --- | --- | --- | | Capitals : Aditi 5,00,000; Renu 4,00,000; Varsha 3,00,000 | 12,00,000 | Buildings | 6,00,000 | | General Reserve | 1,00,000 | Machinery | 3,00,000 | | Creditors | 2,00,000 | Stock | 1,00,000 | | | | Patents | 1,50,000 | | | | Debtors | 2,50,000 | | | | Cash | 1,00,000 | | Total | 15,00,000 | Total | 15,00,000 | Varsha died on 31st July, 2023. The partnership deed provided for the following, on the death of a partner : (i) Interest on capital was to be provided @ 6% p.a. (ii) Goodwill of the firm was to be valued at 3 years purchase of average profits of the previous five years which were ₹90,000. (iii) Varsha's share of profit or loss till the date of death was to be calculated on the basis of sales. Sales for the year ended 31st March, 2023 amounted to ₹60,00,000 and that from 1st April, 2023 to 31st July, 2023 amounted to ₹15,00,000. The profit for the year ended 31st March, 2023 was ₹12,00,000. Prepare Varsha's Capital Account to be rendered to her executors.

RR Ltd. was registered with an authorised capital of ₹8,00,000 divided into 80,000 equity shares of ₹10 each. The company offered to the public for subscription 40,000 equity shares. The amount per share was payable as follows : On Application — ₹5 On Allotment — ₹3 On first and final call — Balance The issue was fully subscribed and all amounts due were received except the allotment and call money on 2,000 shares allotted to Seema. Present the Share Capital in the Balance Sheet of the company as per Schedule III, Part I of the Companies Act, 2013. Also prepare 'Notes to Accounts' for the same.

From the following information, prepare Comparative Statement of Profit and Loss for the year ended 31st March, 2023 : | Particulars | 2022 – 23 (₹) | 2021 – 22 (₹) | | --- | --- | --- | | Revenue from operations | 4,00,000 | 2,00,000 | | Other income | 80,000 | 40,000 | | Employee benefit expenses – 50% of Revenue from operations | | | | Tax rate 50% | | | OR Prepare a 'Common Size Statement of Profit and Loss' of Neurosci Ltd. for the year ended 31st March, 2023 from the following information : | Particulars | 2022 – 23 (₹) | 2021 – 22 (₹) | | --- | --- | --- | | Revenue from operations | 40,00,000 | 20,00,000 | | Purchase of stock in trade | 4,00,000 | 2,00,000 | | Other expenses | 40,000 | 20,000 | | Tax rate 50% | | |

Pass necessary journal entries for issue of debentures for the following transactions : (i) Kajal Ltd. issued 30,000, 11% Debentures of ₹100 each at a discount of 10%, redeemable at a premium of 5%. (ii) Ninja Ltd. issued 32,000, 8% Debentures of ₹100 each at a premium ₹20 per debenture, redeemable at a premium of ₹10 per debenture. (iii) Him Ltd. issued 40,000, 13% Debentures of ₹100 each at par, redeemable at a premium of 10%.

Nandu, Bandu and Chandu were partners in a firm. On 31st March, 2023 they decided to dissolve the firm. Pass necessary journal entries for the following transactions after the various assets (other than cash and bank) and outside liabilities have been transferred to Realisation Account : (i) Stock of ₹1,40,000 was taken by Nandu at a discount of 30%. (ii) Creditors to whom the firm owed ₹40,000 accepted stock at ₹4,000 and the balance amount was paid to them by a cheque. (iii) An old computer which had been written off completely from the books was sold for ₹4,000, whereas its estimated market value was ₹10,000. (iv) Chandu had given a loan of ₹1,00,000 to the firm, which was paid to him through a cheque. (v) ₹24,000 were recovered from a debtor which was written off as bad debt in the previous year. (vi) Bandu was appointed to look after the dissolution work for which he was allowed a remuneration of ₹26,000. Bandu agreed to bear the dissolution expenses. Actual dissolution expenses of ₹36,000 were paid by Bandhu.

Sanju and Manju were partners in a firm sharing profits and losses in the ratio of 3 : 2. Their Balance Sheet on 31st March, 2023 was as follows : Balance Sheet of Sanju and Manju as at 31st March, 2023 | Liabilities | Amount (₹) | Assets | Amount (₹) | | --- | --- | --- | --- | | Capitals : Sanju 1,40,000; Manju 1,20,000 | 2,60,000 | Plant and Machinery | 80,000 | | General Reserve | 40,000 | Furniture | 1,32,000 | | Creditors | 1,80,000 | Investments | 60,000 | | | | Debtors 76,000 Less : Provision for doubtful debts 4,000 | 72,000 | | | | Cash at Bank | 1,36,000 | | Total | 4,80,000 | Total | 4,80,000 | On 1st April, 2023, Uday was admitted into the firm for 1/4 th share in profits on the following terms : (i) Furniture was to be depreciated by ₹6,000. (ii) Investments were valued at ₹72,000. (iii) Plant and Machinery was taken over by Sanju and Manju in their profit sharing ratio. (iv) Uday will bring in proportionate capital and ₹10,000 as his share of goodwill premium in cash. Prepare Revaluation Account and Partners' Capital Accounts. OR Ravi, Tanu and Sara were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. Ravi retired from the firm due to his illness on 31st March, 2023. The Balance Sheet of the firm on that date was as follows : Balance Sheet of Ravi, Tanu and Sara as at 31st March, 2023 | Liabilities | Amount (₹) | Assets | Amount (₹) | | --- | --- | --- | --- | | Capitals : Ravi 80,000; Tanu 1,24,000; Sara 66,000 | 2,70,000 | Fixed Assets | 1,20,000 | | Profit and Loss | 1,70,000 | Stock | 1,60,000 | | Employees' Provident Fund | 20,000 | Debtors | 2,00,000 | | Creditors | 1,00,000 | Cash in hand | 80,000 | | Total | 5,60,000 | Total | 5,60,000 | Additional Information : (i) Creditors included a sum of ₹4,000 which was not likely to be claimed. (ii) A provision of 5% for doubtful debts was to be created on debtors. (iii) Goodwill of the firm was valued at ₹1,60,000. (iv) Fixed Assets were found overvalued by ₹5,000. (v) New profit sharing ratio of Tanu and Sara was agreed at 2 : 3. (vi) The amount due to Ravi was transferred to his loan account. Prepare Revaluation Account and Partners' Capital Accounts on Ravi's retirement.

Pass necessary journal entries for forfeiture and reissue of shares in the following cases : (i) Star Ltd. forfeited 8,000 shares of ₹100 each issued at 10% premium for non-payment of allotment money of ₹40 per share (including premium) and first call of ₹30 per share. The second and final call of ₹20 per share was not yet called. Out of these, 6,000 shares were reissued at ₹80 paid up for ₹70 per share. (ii) Premier Ltd. forfeited 3,000 shares of ₹10 each on which the first call of ₹3 per share was not received and the second and final call of ₹2 per share was not yet called. Out of these, 2,000 shares were reissued to Gita at ₹8 paid up for ₹12 per share. OR Zee Ltd. invited applications for issuing 40,000 shares of ₹10 each at a premium of ₹2 per share. The amount was payable as follows : On Application — ₹4 per share On Allotment — ₹5 per share (including premium) On First call — ₹2 per share On Second and Final call — Balance Applications were received for 60,000 shares. Applications for 12,000 shares were rejected and money returned to the applicants. The shares were allotted on pro-rata basis to the applicants of 48,000 shares. The excess money received on application was adjusted towards sums due on allotment. All shareholders paid the allotment money except one shareholder who had applied for 1,200 shares. His shares were forfeited immediately after allotment. First call was made thereafter and all the money due was received. The second and final call was not yet made. Pass necessary journal entries for the above transactions in the books of Zee Ltd.

From the following Balance Sheet of Nishant Ltd. as at 31st March, 2023, calculate 'Cash Flows From Operating Activities'. Balance Sheet of Nishant Ltd. as at 31st March, 2023 | Particulars | Note No. | 31.3.2023 (₹) | 31.3.2022 (₹) | | --- | --- | --- | --- | | I – Equity and Liabilities : 1. Shareholders' Funds — (a) Share Capital | | 6,00,000 | 5,50,000 | | (b) Reserves and Surplus | 1 | 1,50,000 | 1,00,000 | | 2. Non-Current Liabilities — (a) Long-term Borrowings | 2 | 1,20,000 | 85,000 | | 3. Current Liabilities — (a) Trade Payables | | 89,500 | 1,02,000 | | (b) Short-term Provisions | 3 | 25,000 | 38,500 | | Total | | 9,84,500 | 8,75,500 | | II – Assets : 1. Non-Current Assets — (a) Fixed Assets/Property, Plant and Equipment and Intangible Assets — (i) Tangible Assets/Property, Plant and Equipment | 4 | 5,35,000 | 4,25,000 | | (ii) Intangible Assets | 5 | 20,000 | 56,000 | | 2. Current Assets — (a) Current Investments | | 1,20,000 | 75,000 | | (b) Inventories | | 64,500 | 60,500 | | (c) Trade Receivables | | 85,000 | 71,500 | | (d) Cash and Cash Equivalents | | 1,60,000 | 1,87,500 | | Total | | 9,84,500 | 8,75,500 | Notes to Accounts : | Note No. | Particulars | 31.3.2023 (₹) | 31.3.2022 (₹) | | --- | --- | --- | --- | | 1 | Reserves and Surplus — Surplus i.e. Balance in Statement of Profit and Loss | 1,50,000 | 1,00,000 | | 2 | Long-term Borrowings — 10% Debentures | 1,20,000 | 85,000 | | 3 | Short-term Provisions — Provision for Tax | 25,000 | 38,500 | | 4 | Tangible Assets/Property, Plant and Equipment — Machinery | 6,35,000 | 5,00,000 | | | Less : Accumulated Depreciation | (1,00,000) | (75,000) | | | Net | 5,35,000 | 4,25,000 | | 5 | Intangible Assets — Goodwill | 20,000 | 56,000 | Additional Information : (i) A piece of machinery costing ₹12,000 on which accumulated depreciation was ₹8,000 was sold for ₹3,000. (ii) Interest paid on 10% Debentures amounted to ₹8,500.