Uttarakhand Ubse Class 12 Accountancy — Real Previous-Year Papers

The capital with which a company is registered, is called: (a) Authorized Capital (b) Issued Capital (c) Subscribed Capital (d) Paid-up Capital (a) Authorized Capital (b) Issued Capital (c) Subscribed Capital (d) Paid-up Capital

Direction: In the next two parts of Question No. 1, there are two statements labelled as Assertion (A) and Reason (R). From the following options, select the correct answer. Assertion (A): A partnership firm does not pay interest on capital to the partners. Reason (R): The payment of interest on capital to the partners depends on mutual agreement between them. (a) Both A and R are correct and R is the correct explanation of A. (b) Both A and R are correct but R is not the correct explanation of A. (c) A is correct but R is incorrect. (d) Both A and R are incorrect. (a) Both A and R are correct and R is the correct explanation of A. (b) Both A and R are correct but R is not the correct explanation of A. (c) A is correct but R is incorrect. (d) Both A and R are incorrect.

Assertion (A): On admission of new partner, the general reserve is transferred to the capital account of the old partners. Reason (R): The new partner is not entitled to have any share in general reserve of old firm. (a) Both A and R are correct and R is the correct explanation of A. (b) Both A and R are correct but R is not the correct explanation of A. (c) A is correct but R is incorrect. (d) Both A and R are incorrect. (a) Both A and R are correct and R is the correct explanation of A. (b) Both A and R are correct but R is not the correct explanation of A. (c) A is correct but R is incorrect. (d) Both A and R are incorrect.

In case of death of partner, to whom is the balance amount of his capital account transferred?

What percentage of issued shares is required for minimum subscription according to SEBI?

Which type of debentures can not be converted into shares?

Which shares a company can reissue?

Case study: Pawan and Ritesh are partners in Vision Tech Solutions, a partnership business sharing profit-loss in the ratio of 3:2. Capital invested by Pawan was ₹1,00,000 and by Ritesh ₹1,20,000 in the business. Their business involves developing software and providing related services according to market demand. Considering the potential for increased demand in the future, they plan to expand their business. To expand their business, they decide to bring in Sundar, a software investor, as a new partner to provide the necessary additional capital. Sundar contributed ₹80,000 as his capital. Pawan and Ritesh surrender 1/2 of their respective profit shares in favor of Sundar. Upon Sundar's admission, the firm's goodwill is to be valued at 2 years' purchase of the average profits of the last three years. The profits for the last three years were: I year ₹10,000 (loss); II year ₹40,000; III year ₹60,000. Sundar did not bring his share of goodwill in cash, and goodwill of ₹30,000 already existed in the firm's books. Based on the above information, answer the following question: What will be the sacrificing ratio of Pawan and Ritesh? (a) 1:1 (b) 3:2 (c) 2:1 (d) 2:3 (a) 1:1 (b) 3:2 (c) 2:1 (d) 2:3

Case study (same as above — Pawan and Ritesh are partners in Vision Tech Solutions sharing profit-loss 3:2; capitals ₹1,00,000 and ₹1,20,000; they admit Sundar as a new partner who contributes ₹80,000 capital, with Pawan and Ritesh each surrendering 1/2 of their respective profit shares in favor of Sundar). Based on the above information, answer the following question: What will be the new profit sharing ratio of Pawan, Ritesh and Sundar? (a) 3:2:5 (b) 3:2:1 (c) 1:1:1 (d) 5:2:3 (a) 3:2:5 (b) 3:2:1 (c) 1:1:1 (d) 5:2:3

A, B, C were partners in a firm. Their profit-loss sharing ratio was 5:4:1. B died on 30 June 2020. B's share in profit calculated on the basis of average profit of last three years. Last three years, profit were ₹1,50,000; ₹1,00,000; ₹50,000 respectively. Calculate the B's share in profit on the date of his death. Firm's accounts are closed on 31st March.

Ravi and Kamal are partners in a partnership firm. They have not made partnership deed. The following disputes arises between both: (i) Ravi claims that the profit should be divided in equal ratio. (ii) Kamal claims that the rate of interest on drawings should be at 6% annually. How will their dispute be resolved as per the Indian Partnership Act 1932?

Write any two differences between share and debenture.

What do you understand by private company among the different types of companies?

Sugandha Limited purchased the business of Payal Limited, whose assets were ₹3,00,000 and liabilities were ₹20,000. 12% debentures of ₹100 each were issued at par for purchase consideration of ₹3,00,000. Pass the necessary journal entry for the above transaction.

A Limited purchased the machinery of ₹12,00,000 from B Limited. The company issued 6% debentures of ₹100 each at ₹20 premium for purchase consideration. Pass the necessary journal entry for the above transaction.

Case study (same as above — Pawan and Ritesh are partners in Vision Tech Solutions sharing profit-loss 3:2; they admit Sundar as a new partner, each surrendering 1/2 of their respective profit shares in his favor. Firm's goodwill is to be valued at 2 years' purchase of the average profits of the last three years. Profits for the last three years were: I year ₹10,000 (loss); II year ₹40,000; III year ₹60,000. Sundar did not bring his share of goodwill in cash, and goodwill of ₹30,000 already existed in the firm's books). Calculate Sundar's share of goodwill.

Case study (same as above — Pawan and Ritesh are partners in Vision Tech Solutions sharing profit-loss 3:2; they admit Sundar as a new partner, each surrendering 1/2 of their respective profit shares in his favor. Firm's goodwill is valued at 2 years' purchase of the average profits of the last three years, computed from profits of ₹10,000 (loss), ₹40,000 and ₹60,000 for the last three years. Sundar did not bring his share of goodwill in cash, and goodwill of ₹30,000 already existed in the firm's books). Pass the journal entries related to goodwill in the books of the new firm upon Sundar's admission.

Kamal and Vimal were partners in a firm sharing profit-loss in the ratio of 2:1. Their capitals were ₹50,000 and ₹60,000 respectively in beginning of the year. Interest on capital @ 5% annually and interest on drawings of Kamal were ₹300 and Vimal ₹200 according to partnership deed. The net profit for the year ending 31 December 2022 was ₹20,000. Prepare firm's Profit and Loss Appropriation Account.

Amit and Brijesh are partners in a firm sharing profit-loss in equal ratio. Their capitals are ₹1,00,000 and ₹80,000 respectively. After the final accounts of the year were prepared it was found that interest on capital @ 5% per year is not provided. Do a single journal entry for this adjustment and show working notes clearly.

OR: Write any four features of partnership.

A B C company issued 5,000 equity shares @ ₹10 per share. The amount due on these shares was ₹2 on application, ₹5 on allotment and ₹3 on call. The amount was duly received on all shares. A shareholder of 100 shares paid called up money with allotment in advance. Do journal entries in the books of the company.

OR: What do you understand by shares in reference to company? How many types of shares a company can issue? Describe these.

Amit and Sumit were partners in a partnership firm in equal ratio. The balance sheet of the firm as on 31st December 2020 was as follows: Liabilities | Amount (₹) Capital A/c's: Amit 50,000, Sumit 60,000 | 1,10,000 Creditors | 4,000 General Reserve | 4,000 Loan of Amit's wife | 12,000 Total | 1,30,000 Assets | Amount (₹) Plant | 80,000 Investment | 20,000 Debtors | 12,000 Inventories | 8,000 Cash | 10,000 Total | 1,30,000 The firm was dissolved on 31st December 2020 on the following terms: (i) Amit agreed to pay his wife's loan and took investment at ₹15,000 (ii) Assets were realized as follows: Plant ₹90,000; Debtors ₹10,000; Inventories ₹8,000 (iii) Creditors were settled at ₹3,000 (iv) Expenses on realization were ₹1,000 Prepare Realization Account and Partners' Capital Account of the partnership firm.

Mukta Limited issued 20,000 shares of ₹10 per share, which was payable as follows: On application ₹2 per share, on allotment ₹4 per share, on first call ₹2 per share, balance on final call. Applications were received for 21,000 shares. Applications for 1,000 shares were rejected and application money returned. A shareholder who held 200 shares had his shares forfeited due to non-payment of final call. Forfeited shares were reissued at the rate of ₹9 per share. Pass the necessary journal entries in the books of the company.

OR: Pass the journal entries for the following: (a) 1000; 9% debentures issued at the rate of ₹100 each at par and redeemable at par. (b) 1000; 9% debentures issued at the rate of ₹100 each at par and redeemable at 5% premium. (c) 1000; 9% debentures issued at the rate of ₹100 each at premium at the rate of ₹5 each and redeemable at par. (d) 1000; 9% debentures issued at the rate of ₹100 each at discount at the rate of ₹5 each and redeemable at par.

Rohit, Mohit and Vijay were partners in a partnership firm sharing profit-loss in the ratio of 3:2:1. Their Balance Sheet as on 31st December 2022 was as follows: Liabilities | Amount (₹) Creditors | 12,000 General Reserve | 18,000 Capital A/c's: Rohit 80,000, Mohit 40,000, Vijay 60,000 | 1,80,000 Total | 2,10,000 Assets | Amount (₹) Cash | 12,000 Debtors 15,000 Less: Provision for doubtful debts 2,000 | 13,000 Inventories | 15,000 Plant and Machinery | 1,20,000 Furniture | 50,000 Total | 2,10,000 Mohit took retirement on 31st December 2022 on the following terms: (i) Plant and Machinery was valued at ₹1,40,000; Furniture at ₹40,000; Inventories at ₹12,000 (ii) Provision for doubtful debts will be increased to ₹1,000 (iii) Firm's goodwill was valued at ₹48,000. Prepare Revaluation Account and Partners' Capital Account on the basis of the above information.

OR: Dinesh and Naresh were partners in a partnership firm sharing profit-loss in the ratio of 2:1. Their Balance Sheet as on 31st December 2022 was as follows: Liabilities | Amount (₹) General Reserve | 18,000 Outstanding Expenses | 3,000 Creditors | 9,000 Capital A/c's: Dinesh 60,000, Naresh 50,000 | 1,10,000 Total | 1,40,000 Assets | Amount (₹) Land and Building | 1,00,000 Debtors | 12,000 Inventories | 10,000 Cash | 18,000 Total | 1,40,000 They agreed to admit Vimal as a new partner on January 1, 2023 for 1/5th share in profit on the following terms: (i) The value of the land and building will be increased by ₹22,000. (ii) A decrease of ₹2,000 in the value of inventories and a provision of 5% for doubtful debts on debtors will be made. (iii) Vimal will bring ₹15,000 as his share of goodwill and ₹40,000 as capital in cash. Pass the necessary journal entries in the books of the firm.

Which of the following is not a tool of analysis of financial statements? (a) Accounting Ratios (b) Cash Flow Statement (c) Balance Sheet (d) Comparative Statement (a) Accounting Ratios (b) Cash Flow Statement (c) Balance Sheet (d) Comparative Statement

Which of the following is a financial activity in the cash flow statement? (a) Issue of shares (b) Sale of assets (c) Payment to creditors (d) Depreciation (a) Issue of shares (b) Sale of assets (c) Payment to creditors (d) Depreciation

What is called the analysis of data provided in the financial statements of a company?

Write any two items of cash inflow in a cash flow statement.

Write the main head and sub-head of the following items of the Balance Sheet according to Schedule III of Part I of the Companies Act 2013. (i) Issued Share Capital (ii) Prepaid expenses

Current assets and current liabilities of a company are as follows: Particulars | 31-03-2022 (₹) | 31-03-2023 (₹) Debtors | 18,000 | 20,000 Provision for doubtful debts | 2,000 | 2,500 Inventories | 16,000 | 18,000 Prepaid expenses | 2,000 | 1,000 Creditors | 5,000 | 4,000 Machinery | 40,000 | 50,000 Provision for tax | 1,000 | 1,500 Net profit in the year 2022-23 was ₹20,000 and ₹2,000 was for depreciation. On the basis of the above information, calculate the cash flow from operating activities.

Prepare a comparative statement from the following Balance Sheet of a company: Particulars | Note No. | 31-03-2024 (₹) | 31-03-2023 (₹) I. Equity and Liabilities: 1. Shareholder's Fund: (a) Share Capital | | 2,50,000 | 2,00,000 2. Non-current Liabilities: (a) Long-term borrowings | | 1,20,000 | 1,00,000 3. Current Liabilities: (a) Trade Payables | | 50,000 | 50,000 Total | | 4,20,000 | 3,50,000 II. Assets: 1. Non-current Assets: (a) Fixed Assets: Plant Machinery | | 3,60,000 | 3,00,000 2. Current Assets: (a) Inventories | | 44,000 | 40,000; (b) Cash cash equivalents | | 16,000 | 10,000 Total | | 4,20,000 | 3,50,000

OR: What do you understand by accounting ratios? What are the advantages of ratio analysis?

The following information is obtained from the financial statements of a company: Revenue from operations: ₹1,20,000 Cost of revenue from operations: ₹60,000 Share capital: ₹2,00,000 General Reserve: ₹10,000 Net profit: ₹54,000 Current assets: ₹60,000 Current liabilities: ₹40,000 Total sales (cash sales ₹40,000): ₹1,20,000 Average debtors: ₹50,000 Net Assets: ₹4,00,000 Calculate the following accounting ratios based on the information given above: (i) Net profit ratio (ii) Current ratio (iii) Proprietary ratio (iv) Debtors turnover ratio