CBSE(NCERT) GRADE 12 ACCOUNTANCY 2023 SET1

Aman and Chaman are partners in a firm. On 1st July, 2021 Aman advanced a loan of $6,00,000 to the firm. There is no partnership deed. On 31st March, 2022, Aman was entitled to get the following amount as interest on loan :

Akshita Ltd. issued fully paid shares of $5,00,000 in purchase consideration of net assets of $4,70,000. The balance of $30,000 will be ______ to _______ account.

Maira Ltd. took over assets of $12,00,000 and liabilities of $4,00,000 of Subav Ltd. for an agreed purchase consideration of $9,00,000. The amount was payable by issue of 11% debentures of $100 each at 10% discount. The number of debentures issued will be :

Kavita, Savita and Madhu were partners in a firm with capitals of $6,00,000, $4,00,000 and $2,00,000 respectively. After providing interest on capital @ 10% p.a., the profits are divisible as follows: Kavita $\frac{3}{1}$, Savita $\frac{2}{1}$ and Madhu $\frac{6}{1}$. Kavita personally guaranteed that less than $1,00,000 in any year. The profit for the year ending 31st March, 2022 amounted to $3,00,000 before providing interest on capital.

The total profits of the firm after adjustment of guaranteed amount will be distributed between the partners as :

A company forfeited 400 shares of $10 each, $8 per share called up for non-payment of first call of $2 per share. On forfeiture of

Xyle Ltd. forfeited 700 shares of $10 each issued at a premium of 10% for non-payment of allotment money of $5 per share (including premium) and first and final call of $3 per share. On credited with :

Rohit Limited issued 2,000, 9% Debentures of $100 each at $95 per debenture. 9% Debentures account will be credited by :

Aman, Aadhar and Avinash were partners and sharing profits in the ratio of 3 : 2 : 1. Avinash retired from the firm on 1st July, 2022. On the balance of < 1,20,000 in the Profit and Loss Account. For calculating the amount payable to Avinash, this balance will be transferred :

Which of the following statements is incorrect ?

Nidhi, Kunal and Kabir are partners in a firm sharing profits in the ratio of 2 : 1 : 2. Kunal retired and the balance in his capital account after making necessary adjustments on account of reserves, revaluation of assets and reassessment of liabilities was < 80,000. Nidhi and Kabir agreed to pay him < share of goodwill of the firm, on his retirement was :

Assertion (A) : Goodwill is a intangible asset. Reason (R) : Goodwill is the value of the reputation of a firm in respect of profits expected in future, over and above the normal profits. Select the correct answer from the following :

In a firm sharing profits and losses in the ratio of 7 : 1, a partner withdrew < 12,000 at the beginning of each quarter. Interest on drawings is charged @ 6% p.a. The journal entry for charging interest on drawings at the end of the year will be:

That part of the authorised capital which is actually issued to the public for subscription is called:

Zinki Limited forfeited a share of < 100 issued at a premium of 20% for non-payment of first call of < 30 per share and final call of < 10 per share. The minimum price at which this share can be reissued is:

Akshita and Anurag are partners in a firm sharing profits in the ratio of 2 : 1. Akshat is admitted in the firm with $\frac{1}{3}$ share in profits. Akshat acquires $\frac{2}{3}$ of his share from Akshita and $\frac{1}{3}$ of his share from Anurag. The new profit sharing ratio of Akshita, Anurag and Akshat will be:

Which of the following will be transferred to Realisation Account at the time of dissolution of firm?

P, Q and R were partners in a firm sharing profits and losses in the ratio of 4 : 3 : 1. P died on 1st September, 2022. On the date of P's death, the profit of the firm were calculated as < 80,000. P's share of profit will be adjusted by:

(ii) Pooja, Nita and Anita were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. Pooja retired and her share is taken up by Nita and Anita equally. The new profit sharing ratio of Nita and Anita will be:

Suman, Vivek and Vinod were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. Suman retired on 1st April, 2022. After making all adjustments relating to revaluation, goodwill and accumulated profits, etc., the capital accounts of Vivek and Vinod showed credit balances of < 3,60,000 and < 1,40,000 respectively. It was decided to adjust the capitals of Vivek and Vinod in their new profit sharing ratio. Pass necessary journal entries for bringing in or withdrawal of the necessary amounts. Show your working clearly.

Anu, Manu, Tanu and Kanu were partners in a firm sharing profits and losses in the ratio of 2 : 1 : 2 : 1. They decided to share profits and losses in the ratio of 4 : 2 : 3 : 1 with effect from 1st April, 2022. On this date, goodwill of the firm was valued at < 1,20,000 and General Reserve appeared in the books at < 36,000. Pass necessary journal entries for the above transactions. Show your workings clearly.

(a) Annex Ltd. issued 1,00,000 shares of < 10 each at a premium of 10% to the public for subscription. The whole amount was payable on application. Applications were received for 3,00,000 shares and the board decided to allot shares to all shareholders on pro-rata basis. Pass necessary journal entries for the above transactions in the books of Annex Ltd.

(b) Shovan Limited took over the assets of < 60,00,000 and liabilities of < 10,00,000 from Swami Limited for an agreed purchase consideration of < 45,00,000. The amount was payable by issuing 10% debentures of < 100 each at 25% premium. Pass necessary journal entries for the above transactions in the books of Shovan Limited.

(a) On 1st April, 2022, the capital of the firm of Ashu and Madhav is < 1,50,000. The normal rate of return on capital employed is 10%. Average profits of the firm are < 23,500. Calculate goodwill of the firm based on three years purchase of super profits.

Sandesh Ltd. has an authorised capital of $30,00,000$ divided into equity shares of $10$ each. The company invited applications for issuing 70,000 shares. Applications for 69,000 shares were received. All calls were made and duly received except the first and final call of $2$ per share on 3,000 shares. These shares were forfeited.

Sudhir, Deepak and Naveen were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. On 31st March, 2022 their Balance Sheet was as under : Balance Sheet of Sudhir, Deepak and Naveen as at 31st March, 2022 Liabilities | Amount | Assets | Amount Creditors 50,000 | Land and Building 2,10,000 General Reserve 1,00,000 | Machinery 1,90,000 Loan 1,20,000 | Stock 30,000 Capitals : | Investments 1,70,000 Sudhir 1,60,000 | Advertisement Suspense A/c 1,20,000 Deepak 1,50,000 Naveen 1,40,000 | 4,50,000 7,20,000 | 7,20,000 Sudhir died on 30th June, 2022. The partnership deed provided for the following, on the death of a partner : (i) Goodwill of the firm was to be valued at $2\tfrac{1}{2}$ years purchase of average profits of the previous four years which were $1,80,000$. (ii) to be calculated on the basis of sales. Sales for the year ended 31st March, 2022 amounted to $4,00,000$ and that from 1st April, 2022 to 30th June, 2022 amounted $1,50,000$. The profit for the year ended 31st March, 2022 was $1,00,000$. (iii) Interest on capital was to be provided @ 7% p.a. Prepare Sudhir's capital account to ascertain his executors' claim.

Pass necessary journal entries for the forfeiture and reissue of shares in the following cases : (i) BCG Limited forfeited 75 shares of $10$ each, issued at a premium of $20\%$, for non-payment of allotment money of $4$ per share. The first and final call of $3$ per share was not yet made. The forfeited shares were reissued at $15$ per share fully paid up.

Pass necessary journal entries for the forfeiture and reissue of shares in the following cases : (i) BCG Limited forfeited 75 shares of $10 each issued at a premium of $4 per share for non-payment of allotment money of $8 per share (including premium). The first and final call of $4 per share was not made. The forfeited shares were reissued at $15 per share fully paid. (ii) Geetika Limited forfeited 1,200 shares of $50 each issued at par for non-payment of final call of $10 per share. Out of these, 900 shares were reissued at $45 per share fully paid-up.

Applications were received for 40,000 shares and pro-rata allotment was made to the applicants for 35,000 shares, the remaining applications being refused. Excess application money was adjusted towards sums due on allotment. Yogesh, who applied for 700 shares, failed to pay the allotment money and his shares were forfeited immediately after allotment. First call was made thereafter and all the money due on first call was received. The second and final call was not made. Pass necessary journal entries for the above transactions in the books of Pushkar Limited.

Yuv and Veer were partners in a firm sharing profits and losses in the ratio of 3 : 1. Their Balance Sheet as on 31st March, 2022 was as under : Balance Sheet of Yuv and Veer as at 31st March, 2022 Liabilities Amount < Assets Amount < Creditors 41,000 Plant and Machinery 60,000 General Reserve 80,000 Building 40,000 Outstanding Expenses 12,000 Investments 60,000 Capitals : Stock 50,000 Yuv 79,000 Debtors 38,000 Veer 48,000 1,27,000 Less : Provision for Doubtful Debts 4,000 34,000 Cash 16,000 2,60,000 2,60,000 They decided to admit Yash in the firm on 1st April, 2022 for $\frac{1}{4}$ share in profits on the following terms : (i) Yash will bring in proportionate capital and $4,000 as his share of goodwill premium in cash. (ii) Investments were valued at $68,000. (iii) Plant and Machinery was to be depreciated by

Reyansh, Aayushman and Sabhya were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. Their Balance Sheet as at 31st March, 2022 was as under: Balance Sheet of Reyansh, Aayushman and Sabhya as at 31st March, 2022 Liabilities Amount Assets Amount Sundry Creditors 2,20,000 Cash 1,60,000 General Reserve 1,20,000 Debtors 1,80,000 Capitals: Reyansh 6,00,000 Less: Provision for Doubtful Debts 20,000 1,60,000 Aayushman 5,00,000 Stock 2,00,000 Sabhya 3,00,000 14,00,000 Machinery 6,00,000 Building 4,00,000 Patents 1,20,000 Profit and Loss A/c 1,00,000 17,40,000 17,40,000 Reyansh retired on the above date and it was agreed that: (i) nt was valued at $12,00,000. (ii) Aayushman and Sabhya will share future profits in the ratio of 2 : 3. (iii) An unrecorded creditor of $40,000 will be taken into account. (iv) Debtors of $30,000 will be written off as bad debts. (v) Amount payable to Reyansh was to be transferred to his loan amount. Pass necessary journal entries for the above transactions in the books of the firm.

Aadish and Shreyansh were partners in a firm sharing profits and losses in the ratio of 3 : 2. On 31st March, 2022 their Balance Sheet was as follows : Balance Sheet of Aadish and Shreyansh as at 31st March, 2022 Liabilities Amount Assets Amount Creditors 90,000 Cash at Bank 20,000 Shreyansh Loan 30,000 Stock 24,000 General Reserve 45,000 Investments 30,000 Capitals : Debtors 20,000 Aadish 1,00,000 Less : Provision for Doubtful Debts, 2,000 18,000 Shreyansh 97,000 1,97,000 Plant 1,00,000 Advertisement Suspense account 2,00,000 3,92,000 3,92,000 The firm was dissolved on 31st March, 2022 on the following terms : (i) Debtors realised 17,000 and plant realised 10% more than the book value. (ii) Aadish pr 20,000. (iii) Shreyansh took away half of the investments at a discount of 10%. Remaining investments realised 4,500. (iv) Creditors were paid off at a discount of 10%. (v) Expenses of realisation amounted to 7,000. Prepare Realisation Account.

Which of the following equations is correct :

Which of the following is a tool of Analysis of Financial Statements : (i) Cash Flow Statement (ii) Statement of Profit and Loss (iii) Notes to Accounts (iv) Balance Sheet Choose the correct option :

Which of the following is a tool of Analysis of Financial Statements:

(i) The need of codification is for :

From the following: Current Assets < 20,00,000 Non-Current Assets < 40,00,000 Long Term Borrowings < 25,00,000 Proprietary Ratio 25%

The outcome of an arithmetic expression or function is called:

(i) Which kind of activity from the following while preparing cash flow statement:

(ii) Which kind of activity from the following, while preparing cash flow statement of a non-financial enterprise:

When the accumulated data from various sources is processed in one shot, it is called:

Which of the following transactions are shown under financing activities while preparing cash flow statement:

(i) The name of accounting information sub-system which is linked with other sub-systems for obtaining information about cost and expenses is:

(ii) The process of comparing input data with some unknown data is called:

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) Licenses and Franchise (b) Loans Repayable on Demand (c) Accrued Income

State the steps to correct it.

- -defined Vouch

(i) Calculate Gross Profit Ratio from the following information: Inventory Turnover Ratio: 6 times Average Inventory: <4,00,000 Goods are sold at a profit of 25% on cost

(ii) The Current Ratio of a company is 2 : 1. State giving reasons, which of the following transactions would improve, reduce or not change the ratio: (a) Purchased goods on credit <40,000 (b) Sale of furniture of <8,000 at a loss of <2,000 (c) Cash received from trade receivables <15,000 (d) Issued equity shares <6,00,000

(a) What is data formatting ? What tools are used to format a given data ? Explain.

(b) List eight uses of accounting software.

Read the following hypothetical text and answer the given questions on the basis of the same. In 2011, two young Indian entrepreneurs, Vaishali Bhatia and Vivek Bhatia decided to start an online auto portal. At that time, there were no major players in the market and they saw an opportunity to fill the gap. They used a user-friendly website and mobile app which made it easy for

financial function which helps in its calculation.