West Bengal Wbchse Class 12 Accountancy — Real Previous-Year Papers

Premium for goodwill paid by the new partner privately to the old partners, will be credited to (A) Old Partners' Capital Accounts (B) New Partners' Capital Accounts (C) Goodwill Account (D) None of these.

According to the Partnership Act, the interest payable to the deceased partner on the amount left by him will be (A) 6% p.a. (B) 10% p.a. (C) 12% p.a. (D) as per Bank rate.

A partnership firm earned net profit of Rs. 4,20,000 and partner X is entitled to get commission @ 5% on net profit (after charging his commission), then the amount of commission to X is (A) Rs. 20,500 (B) Rs. 21,000 (C) Rs. 20,000 (D) None of these.

If the profit or loss for the last 4 years are Rs. 80,000, Rs. 50,000, (Rs. 25,000) and Rs. 35,000 respectively, then the value of Goodwill, on 2 years purchase of average profit method will be (A) Rs. 35,000 (B) Rs. 70,000 (C) Rs. 1,40,000 (D) Rs. 1,65,000.

The minimum number of members in a public company is (A) 2 (B) 5 (C) 7 (D) 10.

Which of the following is not a part of the capital structure of a company? (A) Share capital (B) Debt capital (C) General Reserve (D) Working capital.

The minimum subscription of a public company should be (A) 90% of issued capital (B) 50% of issued capital (C) 25% of issued capital (D) 10% of issued capital.

Profit on re-issue of forfeited shares is transferred to (A) Share Capital Account (B) Capital Reserve Account (C) Share Forfeiture Account (D) Securities Premium Account.

If 10000 equity shares of Rs. 50 each are issued at a premium of 10%, then the amount received for share capital will be (A) Rs. 5,50,000 (B) Rs. 5,00,000 (C) Rs. 4,50,000 (D) None of these.

According to Companies Act, 2013, interest on calls-in-arrear will be charged at (A) 15% p.a. (B) 12% p.a. (C) 10% p.a. (D) 6% p.a.

Which one of the following is not a feature of a joint stock company? (A) Limited liability (B) Common seal (C) Perpetual existence (D) Separate entity.

Premium on issue of Debenture is (A) an asset (B) an income (C) an expense (D) a liability.

Which of the following is a tool of financial statement analysis? (A) Cash Book (B) Trial Balance (C) Trend Analysis (D) All of these.

If Sales Rs. 4,00,000, Gross profit 25%, Closing stock Rs. 50,000, what will be the stock turnover ratio? (A) 6 times (B) 7 times (C) 8 times (D) 10 times.

If working capital is Rs. 1,80,000, Total liabilities Rs. 3,90,000, Non-current liabilities Rs. 3,00,000, Current ratio will be (A) 2 : 1 (B) 3 : 1 (C) 4 : 1 (D) 1 : 2

Average stock is Rs. 75,000 and stock turnover is 12. If profit on sales is 20%, then the amount of profit will be (A) Rs. 1,80,000 (B) Rs. 2,25,000 (C) Rs. 3,75,000 (D) None of these.

Total sales and cash sales of a concern are Rs. 6,00,000 and Rs. 40,000 respectively. Amount of average debtors is Rs. 1,40,000. Debtors turnover ratio will be (A) 3 times (B) 5 times (C) 4 times (D) None of these.

Under which activity dividend paid Rs. 2,00,000 will be shown as per AS-3? (A) Operating activity (B) Investing activity (C) Financing activity (D) None of these.

What is Partnership agreement? OR What is Fluctuating capital?

What is meant by Superprofit? OR What is Goodwill?

What is Sacrificing ratio?

What do you mean by Revaluation Account? OR How do you calculate Gaining ratio?

A and B are partners who agreed to change profit sharing ratio from 2 : 1 to 3 : 2. Who gained due to change in the profit sharing ratio? OR To whom are the accumulated reserves and profit distributed as per Partnership Act, 1932?

What do you mean by separate legal entity of a company?

When does a company forfeit its share?

What is Uncalled capital?

What is meant by Common Size Balance Sheet? OR What do you mean by Debt-equity ratio?

Write the formula of creditors turnover ratio. OR Give one example of solvency ratio.

What do you mean by profitability ratio?

In case of cash flow statement, cash dividend received comes under which activity?

X and Y are partners in a firm sharing profits and losses as X = 5/8th and Y = 3/8th. On 1st April, 2023 the capital of partners were X : Rs. 1,50,000 and Y : Rs. 1,00,000. The Profit and Loss A/c of the firm for the year ended 31st March, 2024 showed a Net Profit of Rs. 2,47,700. You are required to prepare Profit and Loss Appropriation Account for the firm after taking consideration the following adjustments : (i) Interest on Capital @ 10% p.a. (ii) Interest on drawings of partners @ 6% p.a. The drawing of the partners were X : Rs. 25,000 and Y : Rs. 20,000. (iii) Loan given to the business by X amounted to Rs. 90,000 (on 01.07.2023) and interest on loan paid to X. (iv) Transfer 10% of distributable profit to Reserve Fund. OR State any four differences between Profit Loss Account and Profit and Loss Appropriation Account.

Mr. Das applied for 2000 shares of X Ltd. of Rs. 10 each at a premium of Re. 1 per share. (Premium to be paid on allotment) He failed to pay all money except application money of Rs. 4 each. His shares were forfeited by the company and decided to reissue 1500 shares of that at Rs. 9 each. Pass journal entries necessary for forfeiture and reissue of those shares. (Narration is not required) OR Write short notes on : (a) Surrender of Shares (b) Over-subscription of shares. (2 + 2)

Z Ltd. purchased a machine of Rs. 3,99,000 and issued debentures to the vendor (S Ltd.) as purchase consideration. Pass necessary journal entries in the following two cases : Case (i) If 8% Debentures of Rs. 50 each are issued to the vendor at 5% discount. Case (ii) If 10% Debentures of Rs. 100 each are issued to the vendor at 5% premium. (2 + 2)

From the following information, calculate Opening Stock : | Particulars | Amount (Rs.) | | --- | --- | | Closing Stock | 22,000 | | Purchases | 46,000 | | Wages | 14,000 | | Sales | 80,000 | | Carriage inward | 4,000 | | Rate of G. P. | 25% | Stock Turnover Ratio 3 times. OR Write short notes on : (a) Working Capital Ratio (b) Operating Ratio. (2 + 2)

X, Y and Z are partners sharing profit and loss in the ratio of 5 : 3 : 2. The Balance Sheet as on 31st March, 2024 was as follows : Balance Sheet | Liabilities | Amount (Rs.) | Assets | Amount (Rs.) | | --- | --- | --- | --- | | Creditors | 15,000 | Cash | 45,000 | | General Reserve | 50,000 | Debtors | 25,000 | | Capital : | | Stock | 20,000 | | X 1,20,000 | | Machinery | 50,000 | | Y 80,000 | | Land Building | 1,50,000 | | Z 75,000 | 2,75,000 | Furniture | 50,000 | | | 3,40,000 | | 3,40,000 | The firm had a joint life policy for Rs. 50,000. The surrender value of the policy was Rs. 30,000 as on 31.03.2024. Y retires on the above date on the following conditions : (a) Land and Building be appreciated by 20%. (b) Goodwill is to be valued at Rs. 53,667 (ignore fraction of rupees). (c) A provision for doubtful debts of 5% is to be created and machinery be written down by 10% and stock by 5%. (d) A provision of Rs. 1,500 be made in respect of legal charges. Y to be paid Rs. 26,475 and balance be transferred to his Loan Account. Prepare Revaluation Account and Partners' Capital Account. OR What is internal reconstruction of a partnership ? What are the matters generally considered in case of ascertaining the amount payable to the deceased partner ? (2 + 4)

Z Ltd. issued 10,000 shares of Rs. 25 each at a premium of Rs. 5 per share payable as follows : On Application Rs. 10 (including premium of Rs. 2) On Allotment Rs. 10 (including premium of Rs. 3) On Final call Rs. 10 Applications were received for 11,000 shares. Excess application money were refunded. All money were received up to Final call. One shareholder holding 600 shares failed to pay Final call money. These 600 shares were forfeited by the company and of these 400 shares were reissued at Rs. 22 each. Pass the necessary journal entries in the books of Z Ltd. (Narration is not required) OR Write differences between Private Company and Public Company. Write the differences between Share and Stock. (3 + 3)

Following is the Balance Sheet of TAV Ltd. as on 31st March, 2024. Prepare a Cash Flow Statement as per AS-3 or Ind AS-7. | Particulars | Note No. | 2024 | 2023 | | --- | --- | --- | --- | | I. Equity and Liabilities | | | | | 1. Shareholders' Funds | | | | | (a) Share Capital | | 7,50,000 | 6,50,000 | | (b) Reserves and Surplus (Profit and Loss Balance) | | 2,00,000 | 1,10,000 | | 2. Non-Current Liabilities : Long-term borrowings | | 2,50,000 | 1,50,000 | | 3. Current Liabilities : Trade Payables | | 30,000 | 25,000 | | Total | | 12,30,000 | 9,35,000 | | II. Assets | | | | | 1. Non-Current Assets : Fixed Assets : Tangible Assets | 1 | 11,00,000 | 8,00,000 | | 2. Current Assets : | | | | | (a) Inventories | | 60,000 | 50,000 | | (b) Trade Receivables | | 42,000 | 50,000 | | (c) Cash Cash Equivalents | | 28,000 | 35,000 | | Total | | 12,30,000 | 9,35,000 | Note No. 1 Tangible Assets | Particulars | 2024 | 2023 | | --- | --- | --- | | Tangible Assets | 11,00,000 | 8,00,000 | | Purchase during the year | 5,80,000 | | | Sales at the beginning of the year | 65,000 | | (W.D.V. at the beginning of the year 80,000) Depreciation of Tangible Asset 2,00,000 OR Describe the procedure of calculation of Cash Flow from operating activities, investing activities and financial activities. (2 + 2 + 2)

M and N are partners in a firm sharing profits and losses in the ratio of 5 : 3. The Balance Sheet of the firm on 31.03.2024 is as follows : | Liabilities | Amount (Rs.) | Assets | Amount (Rs.) | | --- | --- | --- | --- | | Capital : | | Building | 48,000 | | M 40,000 | | Patents | 7,400 | | N 30,000 | 70,000 | Stock | 42,000 | | General Reserve | 18,000 | Debtors 48,000 | | | Creditors | 40,000 | Less : Prov. for Bad debts 4,800 | 43,200 | | Bank Loan | 20,000 | Cash | 7,400 | | | 1,48,000 | | 1,48,000 | On 1.4.2024, O joins with them on the condition that he will share 1/4th of future profit, the balance being shared by the old partners in their old ratio. He introduces Rs. 50,000 by way of capital in cash and pays off the bank loans, such amount being credited to O's Loan Account. (a) He is unable to bring his share of Goodwill. Goodwill of the firm to be valued at Rs. 64,000. (b) Stock is to be reduced by Rs. 3,000 and Provision for Bad debts to be reduced by Rs. 2,400. (c) Patents are valueless. (d) There is a claim against the firm for damages amounting to Rs. 2,000. The claim has been accepted now. Prepare Revaluation Account, Partners' Capital A/c and the Balance Sheet of the new firm. (3 + 4 + 3)