CBSE(NCERT) GRADE 12 ACCOUNTANCY 2023 SET5

A share of $10 issued at a premium of $2 per share on which $8 per share (including premium) have been called and $6 per share (including premium) is received, is forfeited. Share Capital Account will be debited by :

A share of $100 on which $70 has been received is forfeited for non-payment of final call of $30. The minimum price at which this share can be re-issued is :

Assertion (A): Interest on partner's capital is an appropriation of profit and not a charge against profit and loss account. Reason (R): Interest on partner's capital is allowed only when there are sufficient profits.

Gopal, Krishna and Govind are partners sharing profits and losses in the ratio of 5 : 4 : 3. Krishna retired on 1st April, 2022. Gopal and Govind purchased her share of profit by giving her $1,20,000. $80,000 being paid by Gopal and $40,000 by Govind. The gaining ratio will be:

Keshav and Karan were partners in a firm sharing profits equally. The capitalised value of average profits of the firm was $18,00,000. Assets of the firm were $20,00,000 (excluding goodwill) and liabilities were $5,00,000. The value of goodwill of the firm by capitalisation of average profits method will be:

A and B were partners in a firm sharing profits and losses in the ratio of 3 : 2. On 1st April, 2021 the balances in their capital accounts were $1,50,000 and $2,00,000 respectively. The partnership deed provided that interest on partners' capital will be allowed at 10% per annum. During the year ended 31st March, 2022, the firm incurred a loss of $10,000. Interest on capital of A will be:

_________ is the basis of relationship between the partners to run the partnership business.

Mehak and Ravish were partners in a firm. On dissolution of the firm, the loan given by Mehak to the firm was $30,000$, by Ravish was $15,000$, and by Mrs. Ravish was $10,000$. The first payment will be made for :

Surbhi and Leena were partners in a firm sharing profits and losses in the ratio of 5 : 3. Ashi was admitted as a new partner for $\frac{1}{4}$ share in the profits of the firm. Ashi acquired $\frac{3}{5}$ of her share from Surbhi. From the following, how much share did Ashi acquire from Leena :

At the time of change in profit sharing ratio among existing partners, reserves are transferred to partners' capital accounts in the following ratio:

Sunbeam Limited issued 4,000, 6% Debentures of $100 each at $95 per debenture. 6% Debentures account will be credited by :

Sunbeam Ltd. issued 20,000, 11% debentures of $100 each at a premium of 10%, redeemable at a premium of 5%. The Loss on Issue of Debentures Account will be debited by:

Vikram and Sumit were partners in a firm sharing profits and losses in the ratio of 2 : 1. The capitals of Vikram and Sumit after all adjustments were $50,000$ and $40,000$ respectively. They admitted Jayant as a partner for $\frac{1}{3}$ share in the profits of the firm. Jayant brought proportionate capital in the firm. The amount of capital brought in by Jayant was :

Nargis Ltd. purchased assets of $8,00,000 and took over liabilities of $2,00,000 from Gauri Ltd. The payment was made by issue of 8% debentures of $100 each at a premium of 20%. Number of debentures issued will be:

Anu, Charu and Divya were partners in a firm sharing profits and losses in the ratio of 2 : 1 : 2. Their capitals respectively were $5,00,000$, $3,00,000$ and $2,00,000$. Anu gave a guarantee that the share of Divya in the profit for any year after paying interest on capital at 5% p.a. should not be less than $75,000$. The profit of the year ended 31 March, 2022 was $2,00,000$.

The final amount of profit distributed among the partners after adjustment of guaranteed amount will be :

Divya's share of guarantee amount is less than the following amount :

The guaranteed amount will be :

Average capital employed in a firm is $1,60,000. The normal rate of return is 15% and its average profits are $60,000. Value of goodwill by capitalisation of average profits method is :

X Ltd. forfeited 100 shares of $10 each, $8 called-up for non-payment of allotment money of $5 per share (including premium of $2 per share). Out of these, 70 shares were reissued to Ashok as $8 called-up, for

A portion of the uncalled capital to be called only in the event of winding up of the company is termed as:

If a fixed amount is withdrawn by a partner at the beginning of each month, interest on drawings on the total amount will be calculated for:

Aditi and Bobby were partners with capitals of $30{,}000$ each. They admitted Chetan as a new partner for $1/4$ share in the profits of the firm. Chetan brought $48{,}000$ as his capital. Profit and Loss Account of the firm showed a credit balance of $24{,}000$.

(a) M Ltd. issued 10,000, 8% Debentures of $100 each at 6% discount. The amount was payable as $60 on application and the balance on allotment. All money was duly received. Pass necessary journal entries in the books of M Ltd. OR (b) A company forfeited 4,000 shares of $10 each fully called-up, on which application money of $3 each has been paid. Out of these, 2,000 shares were reissued as fully paid up for $18,000. Pass necessary journal entries for above transactions.

(a) Raman, Manan and Naman were partners sharing profit in the ratio of 2 : 1 : 1. Raman withdrew $3,000$ every month and Manan withdrew $4,000$ every month. Interest on drawings @ $6\%$ p.a. was charged whereas the partnership deed was silent about interest on drawings. Showing your working clearly, pass the necessary adjustment entry to rectify the error. OR (b) Arun and Barun were partners sharing profits in the ratio of 3 : 2. Their capitals were $50,000$ and $30,000$ respectively. Partnership deed provided for

Kanak, Kamal and Kanha are partners in a firm. Their fixed capitals were < 5,00,000, < 10,00,000 and < 15,00,000 respectively. They share profits in the ratio of their fixed capitals. Firm closes its books of accounts on 31st March every year. Kanak died on 30th September, 2021. His share of profit till the date of death from the last Balance Sheet date, was to be calculated on the basis of sales. Sales and Profit for the year 2020-21 were < 20,00,000 and < 2,00,000 respectively. Sales from 1st April, 2021 to 30th September, 2021 were < 6,00,000.

Sunny, Vaibhav and Mita were partners in a firm sharing profits and losses in the ratio of $5:3:2$. Sunny retired on 31st March, 2022. After making all adjustments relating to revaluation, goodwill and accumulated profit, etc. the capital accounts of Vaibhav and Mita showed a credit balance of < 1,00,000 and < 50,000 respectively. It was decided to adjust the capitals of Vaibhav and Mita in their new profit sharing ratio. Calculate the new capitals of the partners and pass necessary journal entries for bringing in or withdrawal of the necessary amounts by the partners.

Ravi, Kavi and Chand were partners sharing profits in the ratio of $5:3:2$. On 31st March, 2022, their Balance Sheet was as follows : Balance Sheet of Ravi, Kavi and Chand as on 31st March, 2022 Liabilities Amount < Assets Amount < Sundry Creditors 70,000 Land and Building 3,50,000 Chand 20,000 Stock 3,00,000 Mrs. Chand Loan 20,000 Debtors 2,00,000 Capitals : Less provision 10,000 1,90,000 Ravi 4,00,000 Cash 70,000 Kavi 3,00,000 Chand 1,00,000 8,00,000 9,10,000 9,10,000 The firm was dissolved on the above date. (i) Land and Building and Stock were sold for < 6,00,000. Debtors were realised at 10% less than the book value. (ii) Mrs. Chand loan was settled by giving her a computer of < 22,000 not recorded in the books. (iii) Ravi paid off one of the creditors < 20,000 in settlement of his amount of < 30,000. (iv) Remaining creditors were paid in cash. Prepare Realisation Account.

On 1st April, 2021, Prabha Ltd. was formed with an authorised capital of < 90,00,000 divided into 90,000 equity shares of < 100 each. The company invited applications for 80,000 equity shares. The amount was payable as follows: On application: < 30 per share On allotment: < 40 per share On first and final call: Balance amount Applications for 1,00,000 shares were received. Applications for 20,000 shares were rejected and the application money was refunded. All calls were made. A shareholder holding 600 shares did not pay the first and final call. Schedule III, Part I of the Companies Act, 2013 as at 31st March, 2022.

Raman, Manan and Naman were partners sharing profit in the ratio of $2:1:1$. Raman withdrew < 3,000 every month and Manan withdrew < 4,000 every month. Interest on drawings @ 6% p.a. was charged whereas the partnership deed was silent about interest on drawings. Showing your working clearly, pass the necessary adjustment entry to rectify the error.

Arun and Barun were partners sharing profits in the ratio of $3:2$. Their capitals were < 50,000 and < 30,000 respectively. Partnership deed provided for interest on capital @ 6% p.a. to Arun and Barun and quarterly salary of < 1,000 to Barun. Arun had given a loan of < 1,00,000 on 1st October, 2021 to the firm without any agreement about interest. For the year 2021-22, the profits earned were < 26,800. Prepare Profit and Loss Appropriation Account of the firm for the year ended 31st March, 2022.

Which of the following transactions would result in inflow of cash and cash equivalents : 1

Which of the following transactions is not related to cash flows from investing activities :

(ii) Which of the following are the five pillars of computerised accounting system :

From the following, identify the Accounting information sub-system for obtaining information about cost and expenses :

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 : (i) Stores and Spares (ii) Capital Advances (iii) Outstanding Expenses

Explain the following two features of Computerised Accounting System : (i) Simple and integrated (ii) Accuracy and speed

On 31st March, 2022 the Balance Sheet of partners A and B, who were sharing profits in the ratio of 3 : 2 was as follows: Balance Sheet of A and B as at 31st March, 2022 Liabilities Amount < Assets Amount < Creditors 30,000 Cash at Bank 20,000 Investment Fluctuation Fund 12,000 Debtors 85,000 General Reserve 25,000 Less provision 5,000 80,000 Capitals: Stock 1,30,000 A 1,60,000 Investments 60,000 B 1,40,000 Furniture 77,000 3,00,000 3,67,000 3,67,000 On 1st April 2022, they decided to admit C as a new partner for 5/1 share in the profits on the following terms: (i) C brought < 1,00,000 as his Capital and < 50,000 as his share of Premium for Goodwill.

h involves regrouping of data by application of Identify the technique and state any two advantages of the technique identified above.

three bases.

On 1st April, 2021, LM Ltd. issued < 45,00,000, 12% Debentures of < 50 each at a discount of 10%. On 31st March, 2022 it decided to write off discount on issue of debentures according to the provisions of the Companies Act, 2013. It had a credit balance of < 1,75,000 in the Securities Premium Account. Pass necessary journal entries for the above transaction in the books of the company.

On 1st April, 2022, KR Ltd. acquired assets of < 50,00,000 from SM Ltd. and took over liabilities of < 10,00,000 for a purchase consideration of < 40,00,000. < 20,00,000 were paid to SM Ltd. by issuing 12% Debentures of < 100 each at a premium of 25%, < 15,00,000 were paid by issuing a crossed cheque in favour of SM Ltd. For the balance, KR Ltd. accepted a Bill of Exchange drawn upon them by SM Ltd. payable after three months. Pass necessary journal entries for the above transactions in the books of the company.

Name the financial function which returns accrued interest on a bond with 5% coupon rate and where issue and settlement date of investment is also given. Also explain its syntax.

Which of the following is not : 1

OR (ii) 1

The Debt-Equity Ratio of a company is $2:1$. Which of the following transactions will increase the Debt-Equity Ratio :

During the year ended 31st March, 2022, Shradha Ltd. earned net profit of $< 15{,}00{,}000$ before interest and tax. The company has a 10% long term debt of $< 50{,}00{,}000$. The tax rate is 40%. The Interest Coverage Ratio of the company will be :

Calculate Gross Profit Ratio from the following information : Average Inventory $< 1{,}60{,}000$; Inventory Turnover Ratio 8 times, Average Trade Receivables $< 2{,}00{,}000$; Trade Receivables Turnover Ratio 6 times and Cash Sales 25% of Total Sales.

From the following information, calculate Working Capital Turnover Ratio : Capital Employed $< 1{,}00{,}000$ Non-Current Assets $< 80{,}000$ Cost of Revenue from Operations $< 3{,}20{,}000$ Gross Profit Ratio 20%