CBSE(NCERT) GRADE 12 ACCOUNTANCY 2023 SET2

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

Akshita and Anurag are partners in a firm sharing profits in the ratio of 2 : 1. Akshat is admitted in the firm with 1/3 share in profits. Akshat acquires 2/3 of his share from Akshita and 1/3 of his share from Anurag. The new profit

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 :

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 :

of $7:1$?\n\nK$12,000$ 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 :

(i) P, Q and R were partners in a firm sharing profits and losses in the ratio of $4:3:1$. P died on $1$st September, 2022. On the date of P's death, the share of profit will be adjusted by :\nOR\n(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 :

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 :

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

Gurpreet, Vishal and Ananya are partners in a firm sharing profits in the ratio of 2 : 3 : 1. Vishal retires and the balance in his capital account after making necessary adjustments on account of reserves, revaluation of assets and re-assessment of liabilities is < 1,20,000. Gurpreet and Ananya agreed to pay him < 1,80,000 in full settlement of his claim. The share of goodwill of Vishal on retirement of the firm is:

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:

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

That portion of the called-up capital which has been actually received from the shareholders is called :

Which of the following statements is incorrect ?

Hina and Neena are partners in a firm. Neena withdrew $10,000 per month at the beginning of each month during the year ended 31st March, 2022. Interest on drawings was to be charged @ 6% per annum. Interest on drawings on 31st March, 2022 will be :

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 :

Vibha and Asha are partners in a firm. Asha withdrew $1,000 at the end of each quarter during the year ended 31st March, 2022. Interest on drawings will be calculated for an average period of :

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 retirement, there was a debit balance of $1,20,000 in the Profit and Loss Account. For calculating the amount payable to Avinash, this balance will be transferred :

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 these shares, share capital will be credited by :

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 forfeiture, share forfeiture account will be credited with :

(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. OR (b) Rakshit and Malik are partners in a firm sharing profits and losses in the ratio of 4 : 1. On 1st April, 2021, their capitals were $1,20,000$ and $80,000$ respectively. On 1st December, 2021, they decided that the total capital of the firm should be $3,00,000$ to be contributed by them in the ratio of 2 : 1. According to the partnership deed, interest on capital is allowed to the partners @ 6% p.a. Calculate interest on capital to be allowed for the year ending 31st March, 2022.

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.

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.

Madhur Ltd. has an authorised capital of $20,00,000 divided into equity shares of $10 each. The company invited applications for issuing 90,000 shares. Applications for 88,000 shares were received. All calls were made and duly received except the first and final call of $3 per share on 4,000 shares. These shares were forfeited. (a) per Schedule III, Part I of the Companies Act, 2013. (b) s for the same.

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 2 1 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. executors.

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 Less : Provision for Doubtful Debts, 2,000 18,000 Aadish 1,00,000 Plant 1,00,000 Shreyansh 97,000 1,97,000 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 took over Shreyansh’s loan of < 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.

(a) 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. OR (b) Pushkar Limited invited applications for 30,000 shares of $100 each at 20% premium. The amount per share was payable as under : On application $40 (including $10 premium) On allotment $30 (including $10 premium) On first call $30 On second and final call Balance 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.

(a) 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 10%. Prepare Revaluation Accounts and Partners

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 : Less : Provision for Doubtful Debts 20,000 1,60,000 Reyansh 6,00,000 Stock 2,00,000 Aayushman 5,00,000 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) < 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. 6

Pass necessary journal entries relating to the issue of debentures in the books of Akash Ltd. for the following transactions : (a) 1,000, 9% Debentures of < 100 each are issued at 5% discount, redeemable at a premium of 10%. (b) 500, 7% Debentures of < 100 each are issued at 5% premium, redeemable at a premium of 10%. (c) 2,000, 10% Debentures of < 100 each are issued at 5% discount, redeemable at par.

Pass necessary journal entries relating to the issue of debentures in the books of Akash Ltd. for the following transactions:

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

Which of the following transactions are shown under financing activities while preparing cash flow statement : (i) Issue of Equity Shares (ii) Cash Received from Debtors (iii) Redemption of Debentures (iv) Cash Paid Against Trade Payables Choose the correct option :

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

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

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

On receiving cash from non-financial enterprise, it will come under which type 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 :

The outcome of an arithmetic expression or function is called :

The need of codification is for :

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) Unclaimed Dividend (b) Mining Rights (c) Loose Tools

Explain COUNTIF function.

Identify the ratios and state the significance of two ratios included in the above category.

Explain data formatting terms.

(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%

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

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 users to research and buy cars. It From the following Balance Sheet of the company as on 31st March, 2022, 31st March, 2022 Particulars Note No. 31.3.2022 $<$ 31.3.2021 $<$ I Equity and Liabilities: 1. (a) Share Capital 9,00,000 3,00,000 (b) Reserves and Surplus 1 75,000 3,60,000 2. Non-Current Liabilities Long-term Borrowings 2 2,40,000 1,80,000 3. Current Liabilities (a) Trade Payables 18,000 60,000 (b) Short-term Provisions 3 2,04,000 2,10,000 Total 14,37,000 11,10,000 II Assets: 1. Non-Current Assets Fixed Assets 4 10,08,000 5,76,000 2. Current Assets (a) Inventories 3,54,000 3,87,000 (b) Cash and Cash Equivalents 75,000 1,47,000 Total 14,37,000 11,10,000 Notes to Accounts: Note No. 1 Reserve and Surplus Surplus i.e. Balance in Statement of Profit and Loss 75,000 3,60,000

Explain the financial function which helps in its calculation.

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 $6,00,000$

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

Which of the following software packages is suitable for an organisation where the volume of accounting transactions is very small and adaptability is very high :

List eight uses of accounting software.