CBSE(NCERT) GRADE 12 ACCOUNTANCY 2023 SET3

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

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

Which of the following statements is incorrect?

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:

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:

Read the following hypothetical situation and answer questions number 7 and 8 on the basis of the given information: 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 $\frac{1}{3}$, Savita $\frac{1}{2}$ and Madhu $\frac{1}{6}$. Kavita personally guaranteed that charging interest on capital would not be 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 :

Gaurav, Sonu and Anita are partners in a firm sharing profits in the ratio of $4:3:2$. Sonu 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 $4,00,000$. Gaurav and Anita agreed to pay him $4,60,000$ in full settlement of his claim. The amount of goodwill of the firm, on his retirement is :

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 date of his retirement, the Balance Sheet showed 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 :

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 his death, the share of profit will be adjusted by :

Pooja, Neeta and Anita were partners in a firm sharing profits and losses in the ratio of $3:2:1$. Pooja retired and her share was equally taken by Neeta and Anita. The new profit sharing ratio of Neeta and Anita will be :

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

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.

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 :

Maira Ltd. took over assets of < 12

(ii) 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 :

Shweta, Meenu and Asha were partners in a firm sharing profits and losses in the ratio of 3 : 5 : 2. Meenu retired on 1st April, 2022. After making all adjustments relating to revaluation, goodwill and accumulated profits, etc., the capital accounts of Shweta and Asha showed credit balance of $3,00,000 and $1,00,000 respectively. It was decided to adjust the capitals of Shweta and Asha in their new profit sharing ratio. Pass necessary journal entries for bringing in or withdrawal of the necessary amounts involved. Show your working clearly.

Sangeeta, Deepa, Ajay and Lalit were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 4 : 1. They decided to share profits and losses in the ratio of 5 : 1 : 2 : 2 with effect from 1st April, 2022. On this date, the goodwill of the firm was valued at $5,20,000, General Reserve appeared in the books at $1,00,000. 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.

(b) Rakshit and Malik are partners in a firm sharing profits a

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.

Tanay Ltd. has an authorised capital of $40,00,000 divided into equity shares of $10 each. The company invited applications for issuing 80,000 shares. Applications for 78,000 shares were received. All calls were made and duly received except the first and final call of $2 per share on 1,500 shares. These shares were forfeited. (a) Prepare the Balance Sheet of the company as per Schedule III, Part I of the Companies Act, 2013. (b) Prepare Notes to Accounts 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 $2\frac{1}{2}$ years purchase of average profits of the previous four years which were $1,80,000.

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 took away the cash at bank and also assumed Shreyansh’s loan of $30,000$. (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.

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’ Capital Accounts of the partners.

Pass necessary journal entries relating to issue of debentures in the books of Shree Ltd. for the following transactions: (a) 3,000, 7% Debentures of $100 each are issued at 10% premium, redeemable at a premium of 5%. (b) 2,000, 8% Debentures of $100 each are issued at 10% premium, redeemable at par. (c) 1,000, 9% Debentures of $100 each are issued at 10% discount, redeemable at 10% premium.

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) Goodwill of the firm 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.

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 :

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

(ii) Which of the following is a tool of Analysis of Financial Statements :

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

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

Pushkar Limited invited applications for issuing $30,000$ shares of $100$ each at a premium of $20\%$ for cash. The amount was payable as follows: Application: $40$ ($10\%$ premium included) Allotment: $30$ ($10\%$ premium included) First and final call: Balance Applications were received for $40,000$ shares and pro-rata allotment was made to the applicants for $35,000$ shares. Excess applications were rejected. Yogesh, who had applied for 700 shares, failed to pay the allotment money and his shares were forfeited immediately after allotment. The first and final call was made and all dues on that call were received except the first and final call on these shares. Prepare the necessary journal entries in the books of Pushkar Limited.

P sare : Current Assets $20,00,000$ Non-Current Assets $40,00,000$ Long Term Borrowings $25,00,000$ Proprietary Ratio 25%

The need of codification is for:

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:

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.

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

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

The outcome of an arithmetic expression or function is called:

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.

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) Capital work in progress (b) Calls in advance (c) Computer software

Explain the grouping of accounts with respect to accounting software tally.

the firm by properly establishing relationships between the various items of the Balance Sheet and the Statement of Profit and Loss. Name the process and state two objectives of the process identified.

Explain the methods of voucher numbering.

(i) Calculate Gross Profit Ratio from the following information : Inventory

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

(b) List eight uses of accounting software.

Which of the following equations is correct:

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 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. Funds (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. Particulars 31.3.2022 < 31.3.2021 < 1 Reserve and Surplus Surplus i.e. Balance in Statement of Profit and Loss 75,000 3,60,000 75,000 3,60,000 2 Long-term Borrowings 10% Debentures 2,40,000 1,80,000 2,40,000 1,80,000 3 Short-term Provisions Tax Provisions 2,04,000 2,10,000 2,04,000 2,10,000 4 Fixed Assets Machinery 11,52,000 6,45,000 Accumulated Depreciation (1,44,000) (69,000) Total 10,08,000 5,76,000 (i) 10% Debentures were issued on 31 March, 2021. (ii) During the year, < 80,000 tax was paid.

What is the present value of an investment? Explain the financial function which helps in its calculation.

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

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