Mizoram Mbse Class 12 Accountancy — Real Previous-Year Papers

A, B and C were partners in a firm showing profits and losses in the ratio of 8:7:5. D was admitted as a new partner for 1/5th share in the profits which she acquired entirely from A. The new profit sharing ratio after D's admission will be – (a) 7:7:5:1 (b) 4:7:5:4 (c) 8:7:5:4 (d) 7:5:8:4

Owner of company – (a) Debenture holders (b) Debtors (c) Shareholders (d) Creditors

If a share of Rs. 10, on which Rs. 9 has been called and Rs. 5 has been received is forfeited, share Capital A/c in this case will be debited with – (a) Rs. 5 (b) Rs. 1 (c) Rs. 10 (d) Rs. 9

8,000, 8 % debentures of Rs. 100 each are issued at a discount of 5 % but are repayable at a premium of 5 %. In this case, Loss on Issue of Debentures A/c be debited with – (a) Rs. 32,000 (b) Rs. 72,000 (c) Rs. 50,000 (d) Rs. 40,000

Black and Brown were partners in a firm sharing in the ratio of 3:2. Their capitals were Rs. 50,000 and Rs. 30,000 respectively. They agreed to allow interest on capital @ 12 % p.a. The profit of the firm before interest on capital amounts to Rs. 8000. Show the allocation of interest on capital if : (i) There is no agreement except for interest on capital to be allowed (ii) Partners agreed to allow interest on Capital irrespective of profit

X, Y and Z were partners in a firm. On 1.1.2012 their capital stood at Rs. 25,000, Rs. 12,500 and Rs. 12,500 respectively. As per the provision of the partnership deed: (i) Z was entitled for a salary of Rs. 750 per month. (ii) Partners were entitled to interest on Capital at 5 % per annum. (iii) Profits were to be shared in the ratio of capital. The net profit for the year 2012 of Rs. 22,500 was divided equally without providing for the above terms. Pass an adjusting entry to rectify the above error and show your workings.

X, Y and Z are partners in a firm sharing profits in the ratio 3:2:1. On 1st April 2009, X retires from the firm. Y and Z agree that the capital of the new firm shall be fixed at Rs. 2,10,000 in the profit sharing ratio. The capital accounts of Y and Z after all adjustments on the date of retirement showed balances of Rs. 1,45,000 and Rs. 63,000 respectively. Show the amount of actual cash to be brought in or to be paid to the partners. Pass Journal Entry.

A business has earned an average profit of Rs. 1,80,000 during the last few years and the normal rate of return in similar type of business is 10 %. Find out the goodwill by capitalisation method assuming that the firm owns total assets worth Rs. 19,50,000 including a goodwill of Rs. 1,50,000 and outside liabilities worth Rs. 3,00,000. Also show the goodwill amount to be the same under both average profit basis and super profit basis of capitalisation.

Lean and Stout are in partnership in proportion of 3/5 and 2/5 respectively. Their balance sheet is as follows : Liabilities (Amount ₹) : Capital Accounts – Lean 2,000, Stout 1,000 (3,000); Sundry Creditors (400); Total 3,400. Assets (Amount ₹) : Cash (650); Debtors 1,000 Less: Reserve 400 = 600; Stock (1,500); Plant (650); Total 3,400. They decide to admit Thin to 1/3 share, upon the terms that he is to pay into the business Rs. 1000 for goodwill and sufficient capital to give him 1/3 share of the total capital of the new firm. It was agreed that the Reserve for Bad Debts to be reduced to Rs. 100, that the stock be revalued at Rs. 2000 and that the plant be reduced to Rs. 500. Pass Journal entries to give effect to the above and show Balance Sheet of the new firm. Also state future profit sharing ratio of the partners.

(OR) The firm A and B was dissolved. The balance sheet of the firm was as follows : Liabilities (Amount ₹) : Creditors (3000); Capital Accounts – A 25000, B 15000 (40,000); Total 43000. Assets (Amount ₹) : Bank (8000); Debtors 18000 Less: Reserve b/d (1000) = 17000; Stock (5000); Building (13000); Total 43000. Assets realised Rs. 32,000, creditors were paid in full. Close the books of the firm by preparing Realisation A/c, Partner's Capital Accounts and Cash A/c.

Anwar Ltd purchased Building worth Rs. 49,50,000 and issued debentures to the vendors as purchase consideration. Pass necessary Journal Entries. (a) If 12 % Debentures of Rs. 100 are issued to vendors at par. (b) If 12 % Debentures of Rs. 100 are issued to vendors at a premium of 10 %. (c) If 12 % Debentures of Rs. 100 are issued at a discount of 10 %.

Birla Ltd issue 20,000 shares of Rs. 10 each at a premium of Rs. 4 per share. Payable as follows : On application – Rs. 5 On allotment – Rs. 6 (including Premium) On First Final Call – Rs. 3 All the shares were duly subscribed and money received except on allotment and call for 500 shares. These share were forfeited and reissued at Rs. 8 as fully paid. Pass the necessary journal entries.

(OR) Democracy Ltd forfeited its 500 shares of Rs. 10 each on which Rs. 5 per share was received. Pass entry regarding reissue of all the shares if : (i) Shares are reissued at Rs. 8 per share, fully paid up. (ii) Shares are reissued at Rs. 7, Rs. 8 called up. (iii) Shares are reissued at Rs. 4.50, Rs. 7 called up.

The following is the Balance sheet of A B who share profits in the ratio of 2:1. Liabilities (Amount ₹) : Bank overdraft (15,000); Reserve fund (12,000); Sundry creditors (20,000); Capital – A 40,000, B 30,000; Total 1,17,000. Assets (Amount ₹) : Sundry debtors 40,000 Less: Provision 3600 = 36,400; Stock (20,000); Building (25,000); Patents (2,000); Machinery (33,600); Total 1,17,000. They admitted 'C' into partnership on this date. New profit sharing ratio is agreed as 3:2:1. C brings in proportionate capital after the following adjustments :- 1. 'C' brings in Rs. 10,000 in cash as his share of goodwill. 2. Provision for doubtful debts is to be reduced by Rs. 2000. 3. There is an old Typewriter valued Rs. 2,600. It does not appear in the books of the firm. It is now to be recorded. 4. Patents are valueless. 5. 2 % discount is to be made from creditors. Prepare : (i) Revaluation A/c (ii) Capital Accounts (iii) Opening Balance Sheet of A, B and C

(OR) The Balance sheet of A, B and C on 31st December, 2024 was as follows : Liabilities (Amount ₹) : Creditors (50,000); Capital A/c – A 80,000, B 80,000, C 60,000; Total 2,70,000. Assets (Amount ₹) : Goodwill (30,000); Land Building (80,000); Plant Machinery (56,000); Motor Car (54,000); Debtors (48,000); Bank (2,000); Total 2,70,000. The following terms have been agreed upon on A's retirement : 1. Goodwill is to be valued at Rs. 42,000. 2. The value of Land and Building would be appreciated by Rs. 20,000. 3. The value of Plant and Machinery would be reduced to Rs. 46,000. 4. Create provision of Rs. 1400 on creditors. 5. Partners decided not to show goodwill as assets. 6. The entire sum payable to 'A' is to be brought by 'B' and 'C' in such a manner that their Capital Accounts are in proportion to their profit sharing ratio which is equal. Prepare : (i) Revaluation Account (ii) Partners' Capital Accounts (iii) Balance Sheet after A's retirement.

XYZ Ltd has an authorised capital of Rs. 4,00,000 divided into shares of Rs. 20 each, the whole of which is issued and subscribed at a premium of Rs. 2 per share. The amount was payable as follows : On Application and Allotment – Rs. 10 On First call – Rs. 4 (including premium) On 2nd Final Call – Rs. 8 The company made both the calls. The application and allotment money was duly received, but a shareholder holding 2000 shares failed to pay both the calls and his shares were forfeited. They were later on reissued at Rs. 14 per share as fully paid. Give Journal entries regarding the transactions.

The prescribed form of balance sheet for the companies has been given in the schedule – (a) VI Part III (b) VI Part II (c) VI Part I (d) VI Part IV

Solvency of the business can be measured by – (a) Comparing fixed assets and liabilities (b) Comparing current assets with current liabilities (c) Comparing liquid assets with current assets (d) All of these

Liquid assets = (a) Current Assets + Stock (b) Current Assets – (Inventory + Prepaid Expense) (c) Current Assets – Current Liabilities (d) Current Assets + (Depreciation + Inventory)

An ideal proprietary Ratio and current ratio are – (a) 60 % and 1:1 Respectively (b) 50 % and 2:1 Respectively (c) 60 % and 2:1 Respectively (d) 50 % and 1:1 Respectively

Purchase of Machinery and proceeds from sale of old machinery are – (a) Operating Activities (b) Investing activities (c) Financing Activities (d) Cash equivalents

Which one is Cash Inflows from Financing Activities ? (a) Proceeds from Issue of Shares (b) Payment of Interim Dividend (c) Redemption of Preference Shares (d) Redemption of Debentures

From the given statements answer the following : (a) The Authorized capital of XYZ Ltd. is Rs. 20,00,000 divided into 2,00,000 equity share of Rs. 10 each. Out of these company issued 1,00,000 equity shares of Rs. 10 each. The amount is payable as follows : On Application and Allotment : Rs. 7 On First and Final Call : Rs. 3 The public applied for 90,000 equity shares and all the money was duly received. You are required to : (i) Show Share Capital in the Balance Sheet of the Company as at 31st March, 2024 and (ii) Prepare "Notes to Accounts" for the same. (b) Prepare Common size Balance Sheet of SWIGGY Ltd. Balance Sheet as at 31.3.2023 and 2024 Particulars – 2023 (₹) – 2024 (₹) I. EQUITY AND LIABILITIES 1. Shareholders Funds (a) Share Capital – 4,00,000 – 5,00,000 2. Non-current Liabilities (a) Long-term borrowings – 3,00,000 – 4,00,000 Total – 7,00,000 – 9,00,000 II. ASSETS 1. FIXED ASSETS – 5,00,000 – 8,00,000 2. CURRENT ASSETS – 2,00,000 – 1,00,000 Total – 7,00,000 – 9,00,000

Calculate Net Cash Flow from Financing Activities. Particulars – 2023 (₹) – 2024 (₹) Preference Share Capital – 12,00,000 – 15,00,000 15 % Bank Loan – 4,50,000 – 3,00,000 Bank Overdraft – 25,000 – 15,000 Securities Premium – 1,20,000 – 1,50,000 Cash Credit – 40,000 – 50,000 Adjustments : (i) Interest Paid on Bank Loan Rs. 56,250 (ii) Dividend Paid Rs. 1,25,000

From the given statements answer the following : (a) Mr A. Birla owns a business and gives the following figures from two successive years : Particulars – Year I – Year II Revenue from Operations – Rs. 60,000 – Rs. 1,20,000 Gross Profit – Rs. 15,000 – Rs. 24,000 Mr. Patil speaks very high of his manager who has increased the profit from Rs. 15,000 to Rs. 24,000 and describes him as dynamically successful. Calculate Gross Profit Ratio. Do you agree with him ? If No, why ?

(OR) A Ltd has a loan of Rs. 50,00,000 as part of its capital employed. Interest payable on the loan is 14 % and ROI (Return on Investment) of the company is 30 %. The rate of Income Tax is 40 %. What is the gain to the share holders due to the loan raised by the company ?