Haryana Bseh Class 12 Accountancy — Real Previous-Year Papers

State any two uses of Securities Premium.

On the basis of given Statements: Assertion (A) Reason (R), choose the correct option: Assertion (A): When a partner dies, the partnership is dissolved. Reason (R): Death of a partner automatically ends the business of the firm. (a) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A). (b) Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A). (c) Assertion (A) is true, but Reason (R) is false. (d) Assertion (A) is false, but Reason (R) is true.

On the basis of given Statements: Assertion (A) Reason (R), choose the correct option: Assertion (A): Debentures are issued by a company to raise long term funds. Reason (R): Debentures represent ownership interest in the company. (a) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A). (b) Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A). (c) Assertion (A) is true, but Reason (R) is false. (d) Assertion (A) is false, but Reason (R) is true.

Distinguish between Gaining Ratio and Sacrificing Ratio in terms of: (a) Effect on partners' share of profit (b) When to calculate

Journalise the following transaction related to issue of Debentures in the books of X Ltd. 120, 8% Debentures of Rs. 1,000 each are issued at 5% discount and repayable at par.

(OR) Describe the following: (a) Secured Debentures (b) Convertible Debentures

'A', 'B' and 'C' are partners sharing profits in the ratio of 2/6, 1/2 and 1/6. 'A' retires and surrenders 2/3 of his share in favour of B and remaining in favour of C. Calculate New Ratio and Gaining Ratio.

A firm's average profit are Rs. 70,000. It includes an abnormal profit of Rs. 5,000. Capital invested in the business is Rs. 5,50,000 and the normal rate of return is 10%. Calculate Goodwill at four times the super profit.

In the absence of Partnership Deed, specify the rules relating to the following: (a) Sharing of Profits and Losses (b) Interest on Partners' Capital (c) Interest on Partners' Drawing (d) Interest on Partners' Loan

'B' is a partner in a firm. He withdrew the following amounts during the year: 1st April, 2025: Rs. 5,000; 31st August, 2025: Rs. 6,000; 31st October, 2025: Rs. 4,000; 1st February, 2025: Rs. 2,000; 31st March, 2025: Rs. 3,000. Calculate interest on Drawings @ 15% p.a. for the year ended on 31st March, 2025.

(OR) Write down the conditions for Reconstitution of Partnership.

'R' Ltd. took over Assets of Rs. 5,60,000 and creditors of Rs. 80,000 from 'S' Ltd. 'R' Ltd. issued 8% Debentures of Rs. 20 each at a premium of 20% as purchase consideration of 'S' Ltd. Calculate the amount of purchase consideration, number of Debentures issued by 'R' Ltd. and pass the necessary Journal Entries.

Ravi Ltd. forfeited 800 shares of Rs. 10 each, Rs. 7.50 paid, for non-payment of final call of Rs. 2.50 per share. Out of these, 600 shares were re-issued as fully paid-up in such a way that Rs. 2,100 were transferred to Capital Reserve. Pass necessary Journal Entries.

(OR) (a) 400 shares of Rs. 10 on which Rs. 8 has been called and Rs. 6 has been paid are forfeited. Out of these, 300 shares are re-issued for Rs. 7 as fully paid. Pass necessary Journal Entries. (1.5) (b) 'Y' Ltd. forfeited 300 shares of Rs. 10 each, Rs. 7 called up, for non-payment of first call of Rs. 2 per share. Out of these, 125 shares were immediately re-issued at Rs. 6 per share. Pass necessary Journal Entries. (1.5)

On 1st April, 2025, 'A' and 'B' entered into partnership contributing capital of Rs. 10,00,000 and Rs. 6,00,000 respectively. They agreed to share profits and losses in the ratio of 2 : 1. The following information is provided regarding the partnership: (i) 'A' is allowed a salary of Rs. 10,000 per month. (ii) 'B' is to be allowed a commission of 2% on sales. Sales for the year were Rs. 40,00,000. (iii) Interest is to be allowed on capitals @ 6% p.a. (iv) Interest is to be charged Rs. 3,600 on A's drawings and Rs. 2,400 on B's drawings. The profit for the year ended 31st March, 2025 before making appropriations was Rs. 4,40,000. Prepare Profit and Loss Appropriation Account.

Explain the various methods of computing the share of profits in the event of death of a partner.

Journalise the following transactions: (i) Dissolution expenses amounted to Rs. 6,500. (ii) Anubha (a partner) was to look after the dissolution process for which she was allowed a remuneration of Rs. 12,000. She also agreed to bear dissolution expenses. Actual expenses Rs. 9,500 were paid by the firm.

(OR) Journalise the following transactions: (i) Dissolution expenses Rs. 7,800 were paid by Anubha (a partner). (ii) Vibha (a partner) was appointed to look after the dissolution process for which she was given a remuneration of Rs. 12,000.

The Balance Sheet of Ashish, Suresh and Lokesh who were sharing Profits in the ratio of 5 : 3 : 2 is given below as on March 31, 2025: Liabilities -- Capitals: Ashish 7,20,000, Suresh 4,15,000, Lokesh 3,45,000 = 14,80,000; Reserve Fund 1,80,000; Sundry Creditors 1,24,000; Outstanding Expenses 16,000; Total 18,00,000. Assets -- Land 4,00,000; Building 3,80,000; Plant Machinery 4,65,000; Furniture Fittings 77,000; Stock 1,85,000; Sundry Debtors 1,72,000; Cash in Hand 1,21,000; Total 18,00,000. Suresh retires on June 30, 2025 and the following adjustments are agreed upon his retirement: (i) Stock was valued at Rs. 1,72,000. (ii) Furniture and fittings were valued at Rs. 80,000. (iii) Profit share of Suresh till the date of his retirement is to be calculated on the basis of last year firm's profit which is Rs. 2,00,000. (iv) An amount of Rs. 10,000 due from Mr. Deepak a debtor, was doubtful and a provision for the same was required. (v) Goodwill of the firm was valued at Rs. 2,00,000. (vi) Suresh was paid Rs. 40,000 immediately on retirement and the balance transferred to his loan account. (vii) Ashish and Lokesh were to share future profits in the ratio of 3 : 2. Prepare Revaluation Account, Capital Account and Balance Sheet of the newly constituted firm.

(OR) How will you deal with the Goodwill, when: (a) New partner brings his share of goodwill in cash? (b) New partner doesn't bring his share of goodwill in cash?

'X' Ltd. Company issued a prospectus inviting applications for 2,00,000 shares of Rs. 10 each at a premium of Rs. 2 per share payable as follows: Application: Rs. 3; Allotment: Rs. 4 (including premium); First Call: Rs. 3; Second Call: Rs. 2. Applications were received for 3,00,000 shares and allotment was made on pro-rata basis. Money overpaid on applications was employed on amount of sums due on allotment. 'R', to whom 400 shares were allotted failed to pay the allotment money and on his subsequent failure to pay the first call his shares were forfeited. 'M', the holder of 600 shares failed to pay the 2 calls and his shares were forfeited after second call. Of the shares forfeited, 800 shares were sold to 'K' as fully paid, 'K' paying Rs. 9 per share, the whole of R's share being included. Give necessary Journal Entries.

(OR) Write Journal Entries of share forfeiture when the shares have been issued: (i) At Par, (ii) At Premium.

A Company's Quick Ratio is 1.8 : 1. Liquid Assets are Rs. 5,40,000 and Inventory is Rs. 1,50,000. Its current ratio will be: (a) 2 : 1 (b) 2.3 : 1 (c) 1.8 : 1 (d) 1.3 : 1

Cash Flow Statement is prepared for Financial Planning of ............ .

On the basis of given Statements: Assertion (A) Reason (R), choose the correct option: Assertion (A): A high Debt-Equity ratio indicates a higher financial risk. Reason (R): It means the company is mainly financed through shareholder's funds. (a) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A). (b) Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A). (c) Assertion (A) is true, but Reason (R) is false. (d) Assertion (A) is false, but Reason (R) is true.

In the Balance Sheet of a Company 'Loose Tools' is shown under which of the following Head? (a) Current Assets (b) Current Liabilities (c) Non-current Assets (d) Non-current Liabilities

Financial Analysis simply means ............ data.

Under what heads the following are shown in Balance Sheet? (i) Computer Software (ii) Bills Receivable (iii) Interest Accrued on Investments (iv) Calls in Arrears

The current ratio of a Company is 2 : 1. State giving reasons which of the following transactions would improve, reduce and not change the current ratio? (a) Payment of Current Liability (b) Purchase of Goods on Credit (c) Sale of a Computer for Cash

From the following figures, calculate the Flow of Cash from Operating Activities: Particulars | 31-03-2025 (Rs.) | 31-03-2024 (Rs.) -- Balance of Statement of P L | 19,000 | 30,000; Balance of Trade Receivable | 27,000 | 30,000; Provision for Depreciation | 24,000 | 20,000; Outstanding Wages | 3,000 | 4,000; Prepaid Insurance | 1,200 | 1,000; Intangible Assets | 15,000 | 20,000; Provision for Doubtful Debts | 4,000 | 3,000; Bank Overdraft | 12,000 | 8,000.

(OR) What are the purposes of preparing a Cash Flow Statement? (Any five)