CBSE(NCERT) GRADE 12 ACCOUNTANCY 2023 COMPARTMENT SET2

Bain Ltd. purchased from Cayres Ltd., Machinery at ₹17,00,000 and Land and Building at ₹40,00,000. It also took over its liabilities amounting to ₹7,00,000. The purchase consideration of ₹60,00,000 was paid as follows: ₹5,00,000 through a cheque and the balance by issue of 9% debentures of ₹100 each at a premium of 10%. Pass necessary journal entries for the above transactions in the books of Bain Ltd.

K.C. Ltd. took over office furniture of $\langle 90{,}000$, office equipment of $\langle 1{,}80{,}000$ from J.C. Ltd. and its liabilities of $\langle 20{,}000$ for a purchase consideration of $\langle 3{,}60{,}000$. The payment to J.C. Ltd. was made by issue of $9\%$ debentures of $50$ each at a discount of

Raja Ltd. purchased machinery for $\langle 25{,}00{,}000$ from Sharma Ltd. The payment to Sharma Ltd. was made by issue of equity shares of $10$ each at a premium of $25\%$. The amount to be credited to the will be :

C, D and E were partners in a firm sharing profits and losses in the ratio of $5:3:2$. They admitted F as a new partner for $\frac{1}{4}$ share in the profits which was sacrificed by C, D and E. The share of C in the profits will be :

X and Z were partners in a firm with capitals of $\langle 45{,}000$ each. They admitted Y as a new partner for $\frac{1}{3}$rd share in the profits of the firm. Y brought $\langle 60{,}000$. Based on the firm and his capital contribution, the goodwill of the firm will be :

Josh and Jeevan were partners in a firm. During the year ended 31.03.2022 Jeevan withdrew $\langle 5{,}000$ per month starting from 30.06.2021. The partnership deed provided that interest on drawings will be charged @ $12\%$ per annum. The average number of months for which

After doing the adjustments regarding drawings $\langle 40{,}000$, share of profit $\langle 24{,}000$ and the additional capital introduced $\langle 32{,}000$, the capital of Ashok, a partner, as on 31.03.2022 was $\langle 5{,}00{,}000$. His capital as on 01.04.2021 was :

On the dissolution of a partnership firm there existed a balance of $\langle 45{,}000$ in Sundry Debtors Account and a balance of $\langle 8{,}000$ in Provision for Bad Debts Account in the books of the firm. The amount by Account will be :

S and T were partners in a firm sharing profits and losses in the ratio of there existed a provision for bad and doubtful debts of $7000$. It was decided to write off $3000$ as bad debts. The remaining debtors were considered as good. The amount to be debited/credited to Revaluation Account on account of the above treatment will be :

C and D were partners in a firm. E was admitted as a new partner for $\frac{1}{6}$ share. E acquired $\frac{1}{3}$rd of his share from C and the remaining from D. The sacrificing ratio of C and D was :

B and D were partners. According to the provisions of partnership deed, capital for the year ended 31.03.2022 was calculated at $4000$. The necessary journal entry to transfer interest on capital to Profit and Loss Appropriation Account will be :

Persons who have entered into partnership with one another are individually called as :

Madhu and Radha were partners in a partnership firm sharing profits and losses in the ratio of 3 : 2. Madhu withdrew < 20,000 in each quarter during the year ended 31.03.2023. Interest on drawings will be :

Read the following hypothetical situation and answer questions number 13 and 14 on the basis of given information. On 1st April, 2022, Zaira Ltd. issued 5000, 8% Debentures of < 100 each at 5% premium, redeemable at a premium of 10% after 3 years. The total interest due on debentures for the year ending 31st March, 2023 will be :

The total interest due on debentures for the year ending 31st March, 2023 will be:

which of the following amount ?

In which of the following cases is the business of a firm not dissolved by court ?

Sharma and Verma were partners in a firm sharing profits and losses in the ratio of 3 : 2. Their fixed capitals were ₹14,00,000 and ₹10,00,000 respectively. The partnership deed provided for the following: (i) Interest on capital @ 10% per annum. (ii) Interest on drawings @ 12% per annum. During the year ended 31.03.2023, Sharma withdrew ₹2,00,000 and Verma withdrew ₹1,00,000. After preparing the accounts for the year ended 31.03.2023, it was realised that interest on capital was not allowed and interest on drawings was not charged. Showing your working notes clearly, pass necessary journal entries in the books of the firm to rectify the above error.

P and Q were partners in a firm sharing profits and losses in the ratio of 2 : 1. On 01.04.2022, they admitted R as a new partner for 1/10th share of profits with a guaranteed minimum of ₹50,000. P and Q continued to share profits as before but agreed to share any deficiency on account of guarantee to R in the ratio of 3 : 2. The net profit of the firm for the year ended 31.03.2023 was ₹3,00,000. Pass necessary journal entries in the books of P and Q for the above transactions.

On 01.04.2021, Aman Ltd. purchased from Kamal Ltd. Machinery ₹5,00,000, Furniture ₹3,00,000 and Land and Building ₹40,00,000. It also took over the sundry creditors of Kamal Ltd. of ₹8,00,000. The purchase consideration was ₹36,00,000. Payment to Kamal Ltd. was made by issue of 9% Debentures of ₹100 each at a discount of 10%. On 31.03.2022, the company decided to write off the debentures discount in the proportions required by the provisions of Companies Act, 2013. Pass necessary journal entries for the above transactions in the books of Aman Ltd.

On 01.04.2022, Ravi, Kavi and Avi started a partnership firm with fixed capitals of $6,00,000$, $6,00,000$ and $3,00,000$ respectively. The partnership deed provided for the following : (i) Interest on capital @ 10% per annum. (ii) Interest on drawings @ 12% per annum. (iii) An annual salary of $1,20,000$ to Avi. (iv) Profits and losses were to be shared in the ratio of their capitals. The net profit of the firm for the year ended 31.03.2023 was $4,800$, Kavi $4,200$ and Avi $3,000$. Prepare Profit and Loss Appropriation Account of Ravi, Kavi and Avi for the year ended 31.03.2023.

On 01.04.2022, S Ltd. took over the business of T Ltd. consisting of sundry assets of $17,00,000$ and liabilities of $6,00,000$ for a purchase consideration of $10,50,000$. Payment to T Ltd. was made by issue of 9% debentures of the face value of $12,00,000$. On 31.03.2023, S Ltd. decided to write off Discount on Issue of Debentures according to the provisions of the Companies Act, 2013. Pass necessary journal entries in the books of S Ltd. for the above transactions.

Pass necessary journal entries for the issue of debentures in the following cases : (i) Issued 3000, 9% debentures of $100 each at par, redeemable at a premium of $15 per debenture. (ii) Issued 2000, 9% debentures of $100 each at 10% premium and redeemable at a premium of 5%. (iii) Issued $75,00,000, 9% debentures at 10% discount, redeemable at par.

A and B were partners in a firm sharing profits and losses in the ratio of 3 : 1. On 31.03.2022, their Balance Sheet was as follows : Balance Sheet of A and B as at 31st March, 2022 Liabilities Amount Assets Amount Outstanding Expenses 3,000 Bank 40,000 Bills Payable 20,000 Stock 60,000 Sundry Creditors 1,40,000 Bills Receivable 70,000 General Reserve 80,000 Debtors 1,00,000 Capitals : Less : Provision for doubtful Debts 5,000 A 2,00,000 Furniture 85,000 B 3,00,000 5,00,000 Machinery 1,10,000 Land and Building 2,83,000 7,43,000 7,43,000 On the above date, C was admitted as a new partner for 5/1 share in the profits on the following terms : (i) C will bring $2,00,000 as her capital and $1,60,000 as her share of goodwill premium. (ii) Stock will be appreciated by $1,500. (iii) Debtors of $5,000 will be written off as bad debts and a provision of 10% for bad and doubtful debts will be maintained. Prepare Revaluation Account and Partners

B, P and T were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. On 31.03.2022, their Balance Sheet was as follows: Balance Sheet of B, P and T as at 31st March, 2022 Liabilities Amount Assets Amount Creditors 1,40,000 Bank 1,44,000 General Reserve 2,00,000 Stock 66,000 Compensation Fund 90,000 Debtors 1,50,000 Capitals: B 4,00,000 Less: Provision for Doubtful Debts 20,000 1,30,000 P 2,00,000 Furniture 70,000 T 1,00,000 7,00,000 Machinery 2,20,000 Land and Building 5,00,000 11,30,000 11,30,000 On the above date, B retired from the firm on the following terms: (i) Goodwill of the firm will be valued at $\_\_\_$. B’s share will be adjusted without opening goodwill account. (ii) Furniture will be reduced to $60,000. (iii) A claim of $\_\_\_ compensation. (iv) B was paid $20,000 through a cheque and the balance was transferred to his loan account.

CCL Ltd. invited applications for issuing 75,000 equity shares of $10 each at a premium of $3 per share. The amount was payable as follows: On Application $2 per share On Allotment $6 per share (including premium) On First Call $3 per share On Second and Final Call Balance Applications for 1,20,000 shares were received. Application for 45,000 shares were rejected and the excess application money was refunded. Full allotment was made to remaining applicants. All mon

CCL Ltd. invited applications for issuing 75,000 equity shares of $10 each at a premium of $3 per share. The amount was payable as follows: On Application $2 per share On Allotment $6 per share (including premium) On First Call $3 per share On Second and Final Call Balance Applications for 1,20,000 shares were received. Application for 45,000 shares were rejected and the excess application money was refunded. Full allotment was made to remaining applicants. All moneys due were received except for Harish, a shareholder holding 2000 shares, who failed to pay the first and second and final call money. Pass necessary journal entries for the above transactions in the books of the company. OR Pass necessary journal entries for the forfeiture and reissue of shares in the following cases: (i) CC Ltd. forfeited 10,000 shares of $10 each, $8 called up, for non-payment of allotment money of $3 per share and first call of $3 per share. Out of these, 2000 shares were reissued for $7 per share, $8 paid up. (ii) GG Ltd. forfeited 2000 shares of $10 each fully called up, issued at a premium of 10% on which only application money of $3 per share was received. Out of these, 500 shares were re-issued at $11 per share, fully paid up.

Which of the following is not a Solvency Ratio?

Which of the following are known as Efficiency Ratios?

(i) Entries required to make Trading account and Profit and Loss account are known as :

(ii) A cell reference that holds either row or column constant when the formula or function is copied to another location is known as :

If the Operating Ratio of Pathway Ltd. is 30%, its Operating Profit Ratio will be:

A sequential code refers to code applied to some documents where:

Which of the following is added back to net profit to calculate net cash flow from operating activities?

Which of the following menu is used to create a ledger in Tally?

Cash receipts from sale of machinery by a machinery dealer will be considered which type of activity from the following while preparing Cash Flow Statement?

State any three such ratios.

State two disadvantages and one advantage of Computerised Accounting System.

Classify the following items under major heads and sub-heads (if any) in the Balance Sheet of a company as per Schedule III, Part I of the Companies Act, 2013 : (a) Computer Software (b) Work-in-Progress (c) Calls in Advance

Explain the Account group Loans (Liabilities) from Account group of Balance Sheet.

(a) The Current Ratio of J.C. Ltd. is 3 : 1. Its current liabilities are $2,00,000$. The current assets include closing stock of $15,000$ and prepaid insurance premium of $5,000$. Calculate its Quick Ratio. OR (b) From the following information calculate Inventory Turnover Ratio : Stock in the beginning $40,000$ Stock at the end $20,000$ more than in the beginning Credit purchases $2,20,000$ Revenue from operations $4,80,000$

Read the following hypothetical text and answer the given questions on this basis : Shobha started a small enterprise selling hand-knitted sweaters under increasing. On 1st April, 2020, with twelve other like-minded persons. The Balance Sheet of Shobha Ltd. as at 31st March, 2022, is given below. From the figures given in the Balance Sheet and additional information, find out and calculate.

Name and explain the financial function which will be used to know the constant payments and rate of interest.

Which of the following functions automatically totals a column or row of values?

State the steps to be taken in preparation of a chart.