Nagaland Nbse Class 12 Accountancy — Real Previous-Year Papers

Ideal quick ratio is__________. (a) 1:1 (b) 1:2 (c) 1:3 (d) 2:1

______helps to assess the short term solvency of a business. (a) Turnover ratio (b) Solvency ratio (c) Liquidity ratio (d) Profitability ratio

Cash Flow Statement is prepared for financial planning of_______. (a) Long range (b) Medium range (c) Short range (d) Very long range

Under which Accounting Standard (AS) Cash Flow Statement is prepared? (a) AS-4 (Revised) (b) AS-1 (Revised) (c) AS-5 (Revised) (d) AS-3 (Revised)

A, B and C are partners sharing profits in the ratio of 3:2:1. They admit 'D' for ¼th share. It is agreed that 'B' would retain his original share. Calculate new profit sharing ratio.

Write any two nature of limited liability of partnership.

A, B and C are partners in a firm whose books are closed on 31st March each year. A died on 30th June 2022 and according to the agreement the share of profits of deceased partner upto the date of death is to be calculated on the basis of the average profits for the last five years. The net profits for the last 5 years have been: 2018 ₹14,000; 2019 ₹18,000, 2020 ₹16,000; 2021 ₹10,000 (loss) and 2022 ₹16,000. Calculate A's share of the profits upto the date of death.

Write any two difference between equity shares and preference shares.

X Limited purchased assets worth ₹2,20,000 and also took over the liabilities (creditors) of ₹40,000 of Y Limited for a purchase consideration of ₹1,92,000. X Limited paid the purchase consideration by issuing 12% debentures of ₹100 each at a premium of 20%. Pass necessary journal entries in the books of X Limited.

Why would an investor prefer to invest partly in shares and partly in debentures of a company?

List any two objectives of preparing the financial statements.

A and B are partners in a firm. Their capital accounts showed the balance on April 1, 2022 as ₹4,00,000 and ₹3,00,000 respectively. On August 1, 2022 they introduced further capitals of ₹50,000 and ₹40,000 respectively. B withdrew ₹15,000 from his capital on 1st March 2023. Interest is allowed at 6% per annum on the capitals. Compute interest on capitals for the year ending 31st March 2023.

Differentiate between sacrificing ratio and gaining ratio on any four basis of differences.

Glaxo Limited intends to come out with public issue of 50,000 equity shares of ₹10 each at a premium of ₹10 per share. The company has the following options for the issue of its equity shares: i) Issue price is payable ₹10 on application and ₹10 on allotment; ii) Issue price is payable ₹4 on application; ₹10 on allotment and balance on first and final call. Questions: a) Is it possible for the company to accept any of the above options? Can the company opt for calling the entire ₹20 on application itself? (2) b) If option ii) is adopted by the company, determine the amount that will be credited to share Capital Account from Share Allotment Account and why? (2)

a. Alex Limited was registered with an authorised Capital of ₹60,00,000 divided into 60,000 equity shares of ₹100 each. Company issued 25,000 equity shares at a premium of ₹20 per share, payable as follows: ₹30 on application; ₹45 on allotment (including premium); ₹20 on 1st call and ₹25 on Second and Final call. All shares were subscribed and all the money was duly received. Share issue expenses amounted to ₹40,000 which were fully written off against securities premium. Pass necessary journal entries. Or b. Explain any six differences between reserve capital and capital reserve.

a. X Limited issued 2,000 shares, 15% debentures of ₹100 each at par, payable as follows: ₹25 on application; ₹25 on allotment and ₹50 on 1st call and final call. Applications were received for 3,000 debentures. Applications for 1,600 debentures were accepted in full. Applications for 600 debentures were alloted 400 debentures and the rest were rejected. All moneys due were received except final call on 100 debentures. Pass necessary journal entries. Or b. Z Limited purchased machinery from K Limited and paid K Limited as follows: i) By issuing 5,000 equity shares of ₹10 each at a premium of 30%. ii) By issuing 1000, 8% debentures of ₹100 each at a discount of 10%. iii) Balance by giving a promissory note of ₹48,000 payable after two months. Pass necessary journal entries for the purchase of Machinery and payment to K Limited in the books of Z Limited.

a. From the following particulars obtained from the books of Alpha Limited. Prepare a Comparative Statement of Profit Loss: Particulars — Note No. — 2023 (₹) / 2022 (₹) Revenue from operations: 50,00,000 / 40,00,000 Purchases of stock in trade: 40,00,000 / 30,00,000 Changes in inventory: 10,00,000 / 8,00,000 Other expenses: 5,00,000 / 4,00,000 Other incomes: 2,50,000 / 2,00,000 Or b. Calculate: i) Gross Profit Ratio ii) Operating Ratio iii) Operating Profit Ratio iv) Inventory Turnover Ratio from the following informations: Particulars (₹): Purchases 1830000; Direct expenses 410000; Opening Inventory 3,60,000; Closing Inventory 4,40,000; Operating expenses 5% of sales; Revenue from operations 3000000; Current Assets (including inventory) 7,00,000; Current Liabilities 2,00,000

a. X, Y and Z were partners sharing profits in the ratio of 3:2:1, as at 31st March 2022, their Balance Sheet stood as under: Balance Sheet of X,Y and Z as at 31st March 2022 Liabilities (₹): Sundry Creditors 44,000; Reserve 90,000; Capitals — X 2,00,000, Y 1,50,000, Z 1,00,000 = 4,50,000. Total 5,84,000. Assets (₹): Cash at Bank 22,000; Stock 1,20,000; Debtors 64,000; Investments 2,50,000; Fixed Assets 1,28,000. Total 5,84,000. Y died on 31st July 2022. The Partnership Deed provides that the executors of the deceased partner are entitled to: i) The capital is to be credited to his Account at the time of his death. ii) His share of reserves iii) His share of profits on the date of death based on the average profits of the last three completed years, less 10% and iv) Goodwill according to his proportion of the total profits for the three preceeding years, which were ₹80,000; ₹1,30,000 and ₹1,50,000 respectively. The investments were sold at par and Y's executor's were paid off. Prepare Partner's Capital Accounts, Y's Executor's Account, and Balance Sheet of the surviving partners X and Z. Or b. The following is the Balance Sheet of A and B as at 31st March 2023. The profit sharing ratios of the partners are 3:2. Balance Sheet of A, B and C as at 31st March 2023 Liabilities (₹): Creditors 97,500; A's Capital 85,000, B's Capital 63,000 = 1,48,000. Total 2,45,500. Assets (₹): Land Buildings 30,000; Motor vehicles 18,300; Stock 72,800; Debtors 1,13,200 Less: Provision for bad debts 2,450 = 1,10,750; Cash at Bank 13,650. Total 2,45,500. The partners decided to dissolve the firm on and from the date of the balance sheet. Motor vehicles and stock were sold for cash at ₹16,950 and ₹77,600 respectively and all debtors were realised in full. Land and building were sold at ₹43,500. Creditors were paid off subject to discount of ₹1,700. Expenses of realisation were ₹1,250. Prepare Realisation Account, Bank Account and Partners Capital Accounts to close the books of the firm as a result of its dissolution.

a. Following are the Balance Sheets of Sewak Limited as at 31st March 2022 and 2021. Balance Sheets of Sewak Limited as at 31.03.2022 2021 Particulars — Note No. — 31.3.2022 (₹) / 31.3.2021 (₹) I. Equity Liabilities: 1. Shareholders' Funds: a) Share Capital 7,00,000 / 4,00,000; b) Reserves Surplus (1) (-3,35,000) / (-50,000). 2. Non-Current Liabilities: a) Long term borrowings (2) 4,00,000 / 2,00,000. 3. Current Liabilities: a) Short term borrowings (3) 22,000 / 30,000; b) Trade payables 1,28,000 / 80,000; c) Other current liabilities (4) 20,000 / 10,000. Total 9,35,000 / 6,70,000. II. Assets: 1. Non-current Assets: a) Property, Plant Equipment Intangible Assets: i) Property, Plant Equipment 5,00,000 / 3,00,000; b) Non-current Investments 1,40,000 / 2,00,000. 2. Current Assets: a) Inventories 1,00,000 / 50,000; b) Trade Receivables 1,70,000 / 1,00,000; c) Cash and cash equivalents 25,000 / 20,000. Total 9,35,000 / 6,70,000. Notes (31.03.2022 / 31.03.2021): 1. Reserve Surplus — Profit Loss balance: 3,35,000 / 50,000. 2. Long term borrowings — 9% Debentures: 4,00,000 / 2,00,000. 3. Short term borrowings — Cash credit: 22,000 / 30,000. 4. Other Current Liabilities — Outstanding Expenses: 20,000 / 10,000. Additional Information: i) A piece of machinery costing ₹70,000 on which depreciation charged was ₹40,000 was sold for ₹30,000. During the year ₹1,40,000 depreciation was charged on machinery. ii) Share issue expenses of ₹15,000 were incurred and written off from the statement of Profit Loss in 2021 2022. Prepare a Cash Flow Statement. Or b. The Balance Sheets of A Limited as at 31st March, 2024 and 31st March, 2023: Balance Sheets of A Limited as at 31st March 2024 2023 Particulars — Note No. — 31.3.2024 (₹) / 31.3.2023 (₹) I. Equity Liabilities: 1. Shareholders' Funds: a) Share Capital 60,000 / 50,000; b) Reserves Surplus (1) 41,000 / 46,000. 2. Non-Current Liabilities: a) Long term borrowings 25,000 / 20,000. 3. Current Liabilities: a) Trade payables 12,000 / 10,000; b) Short term provision (2) 17,000 / 20,000. Total 1,55,000 / 1,46,000. II. Assets: 1. Non-current Assets: a) Property, Plant Equipment Intangible Assets: i) Property, Plant Equipment (Machinery) 1,00,000 / 90,000. 2. Current Assets: a) Inventories 24,000 / 20,000; b) Trade Receivables 26,000 / 32,000; c) Cash and cash equivalents 5,000 / 4,000. Total 1,55,000 / 1,46,000. Note (31.03.2024 / 31.03.2023): 1. Reserve and Surplus — General Reserve: 8,000 / 5,000; Profit or Loss Balance: 33,000 / 41,000; Total: 41,000 / 46,000. 2. Short term provision — Income Tax Provision: 17,000 / 20,000. Additional Information: i) Depreciation written off on machine was ₹18,000. ii) Interest paid on long term borrowings amounted to ₹3,000. iii) Income tax of ₹15,000 has been paid. Prepare a Cash Flow Statement.