CBSE(NCERT) GRADE 12 ACCOUNTANCY 2022 SET1

the following : (a) Nature of items (b) Opening balance

Pass the necessary journal entry on dissolution of a partnership firm if an unrecorded creditor of ₹40,000 was paid by a partner, Amar, at a discount of 10%.

Suman, Shubham and Siya were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. Shubham retired from the firm and Suman and Siya decided to continue the business. Their gaining ratio was 3 : 2. Calculate the new profit sharing ratio of Suman and Siya.

(a) From the following information of Kapoor Sports Club, calculate the amount to be written on the debit side of Income and Expenditure Account for the year ended 31st March, 2021:

(I) Show the following information in the statement of affairs of Royal Sports for the year ended 31st March, 2021:

From the following information of Kapoor Sports Club, calculate the amount of match expenses for the year ended 31st March, 2021: Details Amount Stock of sports material as on 1st April, 2020 40,000 Creditors for sports material as on 1st April, 2020 8,000 Stock of sports material as on 31st March, 2021 20,000 Amount paid for sports material during the year 2020-21 90,000 Creditors for sports material as on 31st March, 2021 10,000

Ramesh, Rajesh and Raman are partners in a firm sharing profits and losses in the ratio of $2:2:1$. On 30th June, 2021, Ramesh died. Sales for the year ended 31st March, 2021 were $12,00,000 and profits were $1,20,000. The sales for the period from 1st April, 2021 to 30th June, 2021 amounted to $4,00,000$. Accounts are closed on 31st March every year. Pass the necessary journal entry for the same in the books of the firm.

Khandelwal Ltd. took over assets of Sharma Ltd. of $25,00,000$ and liabilities amounting to $7,80,000$ for a purchase consideration of $27,00,000$. The payment to Sharma Ltd. was made by issuing 10% Debentures of $100 each at a discount of 10%. Pass the necessary journal entries for the above transactions in the books of Khandelwal Ltd.

Explain the meaning of issue of debentures as collateral security with the help of an example.

A and B are partners sharing profits and losses equally. On 31st March, 2021, they decided to dissolve their firm. On the date of dissolution, their Balance Sheet was as under: Balance Sheet of A and B as at 31st March, 2021 Liabilities Amount Assets Amount Creditors 3,00,000 Bank 3,00,000 60,000 Stock 2,40,000 70,000 Furniture 2,00,000 Capitals: Plant and Machinery 1,00,000 A 2,30,000 Profit and Loss A/c 50,000 B 2,30,000 4,60,000 8,90,000 8,90,000

(b) Vidit, Vinay and Siya were partners in a firm. On 31st March, 2021, their Balance Sheet was as follows: Balance Sheet of Vidit, Vinay and Siya as at 31st March, 2021 Liabilities Amount ₹ Assets Amount ₹ Creditors 72,000 Cash 28,000 Bank Loan 18,000 Stock 46,000 General Reserve 18,000 Debtors 34,000 Building 30,000 Capitals: Plant and Machinery 66,000 Vidit 48,000 Vinay 16,000 Siya 32,000 96,000 2,04,000 2,04,000 On the above date, Vinay retired and it was agreed that: (i) The value of stock will be reduced by ₹10,000. (ii) Plant and Machinery will be valued at ₹80,000. (iii) An amount of ₹4,500 included in creditors is not likely to be claimed. (iv) Debtors to be valued at ₹30,000. (v) Amount due to Vinay will be transferred to Vin Account. Prepare Revaluation Account.

Pass the necessary journal entries in the books of Pankaj Limited for the issue of Debentures in the following cases : (a) Issued 7500, 10% Debentures of $100 each at a discount of $10,000 redeemable at a premium of 5%. (b) Issued 5000, 10% Debentures of $100 each at a premium of 10% redeemable at a premium of 10%. (c) Issued 1000, 9% Debentures of $100 each at par redeemable at par. (d) Issued $2,00,000, 9% Debentures of $100 each at a discount of 10% redeemable at par. (e) Issued 5000, 9% Debentures of $100 each at 20% premium redeemable at par.

From the following Receipts and Payments Account of Ziya Educational Society for the year ended 31st March, 2021, prepare Income and Expenditure Account for the year ended 31st March, 2021 : Receipts and Payments Account of Ziya Educational Society for the year ended 31st March, 2021 Receipts Amount $<$ Balance b/d 25,500 Subscriptions 34,000 Sale of old newspapers 700 Interest on Investments 2,800 Payments Amount $<$ Honorarium 2,000 Computer 10,000 Repairs 1,000 Salaries 13,000 Sundry Expenses 1,000 Balance c/d 36,000 63,000 63,000 Additional Information : (i) Subscriptions outstanding on 1st April, 2020 were $900 and Subscriptions outstanding on 31st March, 2021 were $1,900. (ii) Salaries outstanding on 31st March, 2021 were $2,000.

inflow, outflow or no flow of cash while preparing Cash Flow Statement.

State any two characteristics of Computerised Accounting System.

(a) From the following information of Shruti Ltd, prepare Comparative Statement of Profit and Loss : Particulars 2020 21 < 2019 20 < Revenue from operations 15,00,000 10,00,000 Expenses 3,00,000 2,00,000 Tax Rate 30% OR (b) From the following Balance Sheet of Avinash Ltd. as on 31st March, 2021, prepare a Comparative Balance Sheet : Balance Sheet of Avinash Ltd. as at 31st March, 2021 Particulars Note No. 31.3.2021 < 31.3.2020 < I Equity and Liabilities : 1. Shareholders Funds Share Capital 30,00,000 20,00,000 2. Non-Current Liabilities Long-term Borrowings 3. Current Liabilities Trade Payables 6,00,000 5,00,000 Total 36,00,000 25,00,000 II Assets : 1. Non-Current Assets Fixed Assets 24,00,000 15,00,000 2. Current Assets Inventories 12,00,000 10,00,000 Total 36,00,000 25,00,000

(a) List any three features of DBMS.

(b) Define the following : (i) Attribute (ii) Database Design (iii) Normalisation

From the following Balance Sheet of Raman Ltd. as at 31st March, 2021, prepare a Cash Flow Statement for the year ended 31st March, 2021:

Explain the steps involved in installation of Computerised Accounting System.