CBSE(NCERT) GRADE 12 ACCOUNTANCY 2022 SET2

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%.

Compensati < 2,64,000 at the time of retirement of Abhimanyu when : (a) there is no claim against it, and (b) when a claim of <54,000 has been admitted against it. At the time of retirement of Abhimanyu, the firm had three partners Aviral, Abhimanyu and Mayank.

(a) From the following information of Kapoor Sports Club, calculate the amount of sports material to be written on the debit side of Income and Expenditure Account 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

From the following information of Kapoor Sports Club, calculate stock of sports material as on 31st March, 2021:

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. Calculate Ramesh's share of profit up to the date of his death and 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.

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.

Pass the necessary journal entries in the books of Pankaj Limited for the issue of Debentures in the following cases:

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 Capitals: A 2,30,000 Stock 2,40,000 B 2,30,000 Furniture 70,000 Profit and Loss A/c 50,000 Plant and Machinery 2,00,000 4,60,000 8,90,000 8,90,000 The assets were realised and liabilities were paid as under: (i) Creditors were paid at 20% less. (ii) Furniture was taken over by A for <$1,80,000 and Plant and Machinery was sold for <$80,000. (iii) B took over the stock at <$1,80,000. (iv) (v) Realisation expenses of <$20,000 were paid by B. Prepare Realisation Account.

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) Account. Prepare Revaluation Account.

From the following Receipts and Payments Account and additional information of STU Welfare Society for the year ended 31st March, 2021, prepare Income and Expenditure Account for the year ended 31st March, 2021:

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 Ajay Ltd., prepare a Comparative Statement of Profit and Loss for the year ended 31st March, 2022: Particulars 2021 22 < 2020 21 < Revenue from Operations 7,00,000 4,00,000 Other Income 3,00,000 1,00,000 Expenses 1,00,000 1,00,000 Tax Rate 50% OR (b) From the following information of Sneha Ltd., prepare a Common Size Statement of Profit and Loss for the year ended 31st March, 2022: Particulars 2021 22 < 2020 21 < Revenue from Operations 20,00,000 10,00,000 Employee Benefit Expenses 8,00,000 4,00,000 Other Expenses 2,00,000 1,00,000 Tax Rate 50%

(a) Explain any two security features of Computerised Accounting System.

(b) Explain payroll accounts in brief.

From the following Balance Sheet of Raman Ltd. as at 31st March, 2021, compute the Cash Flow from Operating Activities for the year ended 31st March, 2021:

Explain the steps involved in installation of Computerised Accounting System.