Jammu Kashmir Jkbose Class 12 Accountancy — Real Previous-Year Papers

State the difference between dissolution of partnership and dissolution of partnership firm.

A and B are partners in a firm sharing profits in the ratio of 3:2. Mrs A has given a loan of ₹ 20,000 to the firm and the firm also obtained a loan of ₹10,000 from 'B'. The firm was dissolved and its assets were realised for ₹ 25,000. State the order of payment of Mrs A's loan and B's loan with reason, if there were no creditors of the firm.

Discuss the process of allotment of shares of a company in case of 'Over-subscription'.

There was an old computer which was written-off in the books of accounts in the previous year. The same has been taken over by a partner Nitin for Rs. 3,000. Journalise the transaction when the firm has been dissolved.

Differentiate between redemption of debentures out of capital and out of profits.

What is a partnership deed? What are its contents? OR X and Y share profits and Losses in the ratio of 2:1. They admit Z as partner with ¼ share in the profits with a guarantee that his share of profit shall be atleast Rs. 50,000. The net profit of the firm for the year ending March 31, 2024 was ₹1,60,000. Prepare Profit and Loss Appropriation Account.

What is Goodwill? Discuss various factors affecting the goodwill of a firm. OR Amar and Akbar are equal partners in a firm. They admitted Anthony as new partner in the firm and new profit sharing ratio is 4:3:2. Anthony could not bring his share of goodwill Rs 45,000 in cash. It is decided to do adjustments for goodwill without opening goodwill account. Pass the necessary Journal entry for the treatment of goodwill.

R. Ltd. offered 20,00,000, 10% debentures of Rs 200 each at a discount of 7% redeemable at a premium of 8% after 9 years. Record necessary journal entries in the books of R. Ltd. OR X. Ltd. purchased machinery from Y. Ltd. at an agreed purchase consideration of Rs 4,40,000 to be satisfied by the issue of 12% debentures of Rs 100 each at a premium of Rs 10 per debenture. Journalise the transactions.

Explain the accounting treatment of goodwill on retirement of a partner. OR X, Y and Z are partners in a business sharing profits and losses in the ratio of 2:2:1. Z decides to retire from the firm on March 31, 2024. On this date, goodwill of the firm is valued at Rs 10,500. X and Y will share the future profits in the ratio of 4:3. Record the goodwill adjustment entries in the following cases: (i) When goodwill amount is already appearing in the books at Rs 30,000. (ii) When no goodwill account is appearing in the books.

X. Ltd. invited applications for 20,000 shares of Rs. 100 each at a premium of Rs. 10 per share. The shares were payable as follows: Rs. 30 on application Rs. 40 on allotment (including Rs. 10 of premium) Rs. 20 on 1st call Rs. 20 on 2nd call Applications were received for 25,000 shares and allotment was made to all the applicants on pro-rata basis. Mr. R, a holder of 325 shares failed to pay first call and on his subsequent failure to pay second call, his shares were forfeited. Journalise. OR Explain the term 'Forfeiture of shares' and give the accounting treatment on forfeiture.

The financial statements of a business enterprise include: (a) Balance Sheet (b) Statement of Profit and Loss Account (c) Cash flow statement (d) All the above

Comparative statements are also known as: (a) Dynamic analysis (b) Horizontal analysis (c) Vertical analysis (d) External analysis

For calculating cash flow from operating activities, provision for doubtful debt is .................. the profit made during the year (added to/deducted from).

What are the objectives of preparing a cash flow statement?

Calculate cash flow from Investing activities from the following: | | Acquisition | Disposal | |---|---|---| | Trade Marks | – | 25,000 | | Building | 1,10,000 | 37,500 | | Patents | 50,000 | – | | Investments | 45,000 | 25,000 | Interest and dividend received on investment were Rs. 4,000 and Rs. 5,000 respectively.

Current ratio is 3.5:1, working capital is Rs. 90,000. Calculate the amount of current assets and current liabilities.

What are various Profitability ratios? How are they worked out? OR "Quick ratio is a preferred measure of overall liquidity." Explain.