CBSE(NCERT) GRADE 12 ACCOUNTANCY 2024

Atul, Beena and Sita were partners in a firm sharing profits and losses in the ratio of $8:7:5$. Damini was admitted as a new partner for $\tfrac{1}{5}$th share in the profits which she acquired entirely from Atul. The new profit-sharing ratio will be:

Rushil and Abheer were partners in a firm sharing profits and losses in the ratio of $4:3$. They admitted Sunil as a new partner for $\tfrac{3}{7}$th share in the profits of firm, which he acquired $\tfrac{2}{7}$th share from Rushil and $\tfrac{1}{7}$th share from Abheer. The new profit-sharing ratio of Rushil, Abheer and Sunil will be:

Assertion (A): Each partner is a principal as well as an agent for all the other partners. Reason (R): As per the definition of Partnership Act, partnership business may be carried on by all the partners or any of them acting for all. Choose the correct option from the following :

The amount of interest on capital allowed to Abha will be :

Alfa Ltd. invited applications for 50,000 equity shares of < 10 each at a premium of 30%. The whole amount was payable on application. Applications were received for 2,50,000 shares. The company decided to allot the shares on a pro-rata basis to all the applicants. The amount refunded by the company was :

Reserve capital is that part of _________ capital which cannot be called except at the time of winding up of the company.

Zeno Ltd. issued 25,000 equity shares of < 10 each. The amount was to be paid as follows: On application < 4 per share On allotment < 5 per share First and final call the balance Applications were received for all the offered shares and were allotted. 1,500 shares were immediately forfeited after allotment. The first and final call was not yet made. The amount credited to share capital account at the time of forfeiture will be :

Xeno Ltd. issued 25,000 equity shares of $10 each. The amount was payable as follows: On Application $4 per share On Allotment $5 per share On First and Final call Balance All the shares offered were applied for and allotted. All the money due on allotment was received except on 1,500 shares. These shares were forfeited immediately after allotment. First and final call was not yet made. At the time of forfeiture, Share Capital Account will be debited by:

Money received in advance from shareholders before it is actually called up by the directors is:

Irredeemable debentures are also known as permanent debentures. Reason (R): The company does not give any assurance for the redemption of money borrowed by the issue of such debentures. These debentures are redeemable on the liquidation of the company or after a long period of time. Choose the correct option from the following :

Assertion (A): Irredeemable debentures are also known as perpetual debentures. Reason (R): The company does not give any undertaking for the repayment of money borrowed by issuing such debentures. They are repayable on the winding up of the company or on the expiry of a long period. Choose the correct option from the following:

A share of $100 on which $80 is received is forfeited for non-payment of final call of $20. The minimum price at which this share can be reissued is :

Shiv Ltd. forfeited 500 shares of $10 each on which $7 per share was paid. These shares were reissued for $9 per share fully paid. Amount transferred to Capital Reserve Account will be :

Dan, Elf and Furhan were partners in a firm sharing profits in the ratio of 5 : 3 : 2. With effect from 1st April, 2023, they decided to change their profit sharing ratio to 2 : 3 : 5. There existed a General Reserve of $90,000 on the date of change in profit sharing ratio. The partners decided not to distribute General Reserve. The necessary adjustment entry to show the effect of the above will be :

Anju, Divya and Bobby were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. Bobby retired. The new profit sharing ratio was 5 : 3. The gaining ratio of remaining partners will be :

Sia, Tom and Vidhi were partners in a firm sharing profits in the ratio of 3 : 2 : 1. With effect from 1st April, 2023, they decided to share profits and losses in the future in the ratio of 1 : 2 : 3. There existed a Debit Balance of $60,000 in Profit and Loss Account on that date. The necessary journal entry for distribution of the balance in the Profit and Loss Account will be :

Mita, Veena and Atul were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. Atul retired and his share was taken over by Mita and Veena in the ratio of 1 : 4. The new profit sharing ratio of remaining partners will be :

Aamir, Bashir and Chirag were partners in a firm sharing profits and losses in the ratio of 3 : 3 : 2. Chirag retired. Aamir and Bashir decided to share profits and losses in future in the ratio of 1 : 2. On the day of retirement, goodwill of the firm was valued at $5,40,000$. Calculate gaining ratio and pass necessary journal entry to record the retirement.

Pearl and Ruby were partners in a firm with a combined capital of $2,50,000$. The normal rate of return was 10%. The profits of the last four years were as follows: 2019-20 $35,000$ 2020-21 $25,000$ 2021-22 $32,000$ 2022-23 $33,000$ The closing stock for the year 2022-23 was overvalued by $5,000$. Calculate the goodwill of the firm on the basis of three years' purchase of average super profits of the last four years.

(a) Sunrise Ltd. acquired assets of $3,60,000$ and took over creditors of $1,00,000$ from Moonlight Ltd. for an agreed purchase consideration of $4,80,000$. Sunrise Ltd. issued 9% Debentures of $100$ each at a discount of 4% in satisfaction of the purchase consideration. Pass necessary journal entries in the books of Sunrise Ltd. Show your workings clearly. OR (b) Grapple Ltd. took over assets of $25,00,000$ and liabilities of $5,00,000$ from Allore Ltd. for an agreed purchase consideration of $18,00,000$. Grapple Ltd. issued 11% Debentures of $100$ each at 20% premium in satisfaction of the purchase consideration. Pass necessary journal entries in the books of Grapple Ltd. Show your workings clearly.

(a) Mohan, Suhan and Adit were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. Their fixed capitals were $2,00,000$, $1,00,000$ and $1,00,000$ respectively. On 31 March, 2023, for the year ended, interest was credited in their accounts at 8% p.a. instead of 5% p.a. on capital. Pass necessary adjustment journal entry. Show your workings clearly. OR (b) Manoj and Nitin were partners in a firm

Mohan, Suhaan and Adit were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. Their fixed capitals were: $2,00,000, $1,00,000 and $1,00,000 respectively. For the year ended 31st March, 2023, interest on capital was credited to their accounts @ 8% p.a. instead of 5% p.a. Pass necessary adjusting journal entry. Show your workings clearly.

OR (b) Manoj and Nitin were partners in a firm sharing profits and losses in the ratio of 2 : 1. On 31st March, 2023, the balances in their capital accounts after making adjustments for profits and drawings were $90,000 and $80,000 respectively. The net profit for the year ended 31st March, 2023 amounted to $30,000. During the year Manoj withdrew $40,000 and Nitin withdrew $20,000. Subsequently, it was noticed that Interest on Capital @ 10% p.a. was not provided to the partners. Also Interest on Drawings to Manoj $3,000 and to Nitin $2,000 was not charged. Pass necessary adjusting journal entry. Show your workings clearly.

Shivalik Limited was registered with an authorized capital of $10,00,000 divided into equity shares of $10 each. It offered 50,000 equity shares to the public. The amount was payable as follows: On Application $2 per share On Allotment $6 per share On First and Final call Balance The issue was fully subscribed. All the amounts were duly received except the allotment and first and final call money on 4,000 equity shares. These equity shares were forfeited. Present the Share Capital in the Balance Sheet of the company as per the Companies Act, 2013, Schedule III, Part I. Also prepare the Notes to Accounts for the share capital.

Archana, Vandana and Aarti were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. On 31st March, 2023, their Balance Sheet was as follows: Balance Sheet of Archana, Vandana and Aarti as at 31st March, 2023 Liabilities | Amount | Assets | Amount Capital: Archana $80,000 Vandana $1,00,000 Aarti $70,000 2,10,000 Sundry Creditors 50,000 Bill payable 60,000 3,00,000 | 3,00,000 The firm was dissolved on the above date. (i) Assets realized as follows: Debtors $40,000 Stock $50,000 Plant $60,000 (ii) 25% of the investments were taken by Vandana at $18,000. The remaining investments were taken by Archana at 10% less than book value. (iii) $20,

Archana, Vandana and Arti were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. Their Balance Sheet on 31st March, 2023 was as follows: Balance Sheet of Archana, Vandana and Arti as at 31st March, 2023 Liabilities Amount < Assets Amount < Capitals : Investments 80,000 Archana 80,000 Plant 1,00,000 Vandana 70,000 Stock 40,000 Arti 60,000 2,10,000 Debtors 50,000 General Reserve 30,000 Cash at Bank 30,000 Creditors 60,000 3,00,000 3,00,000 The firm was dissolved on the above date. (i) Assets were realised as follows: Debtors < 40,000 Stock < 50,000 Plant < 60,000 (ii) 25% of the Investments were taken over by Vandana at < 18,000. Remaining Investments were taken over by Archana at 10% less than its book value. (iii) Expenses of realisation < 20,000 were paid by Arti. Prepare Realisation Account.

Azhar, Sumit and Robit were partners in a firm sharing profits and losses in the ratio of 3 : 1 : 1. Their Balance Sheet as at 31st March, 2023, was as follows: Balance Sheet of Azhar, Sumit and Robit as at 31st March, 2023 Liabilities Amount < Assets Amount < Creditors 90,000 Bank 20,000 General Reserve 60,000 Stock 40,000 Capitals : Debtors 1,50,000 Azhar 60,000 Fixed Assets 60,000 Sumit 40,000 Robit 20,000 1,20,000 2,70,000 2,70,000 Robit died on 30th March, 2023. His legal representatives were entitled to: (i) Balance in his Capital Account. (ii) His share of General Reserve. (iii) Interest on capital @ 10% p.a. (iv) His share of goodwill. Goodwill of the firm was valued on the basis of the average profit of the last four years. (v) His share in profits up to the date of death on the basis of the profit for the last year. Profits for the previous years were: 2019-20 (3,000) 2020-21 28,000 2021-22 16,000 2022-23 15,000 Prepare Robit's Capital Account to present the claim of his legal representatives.

On 1st April, 2022, Zubian Ltd. issued < 10,00,000, 7% Debentures of < 100 each at 6% premium, redeemable at 4% premium after 5 years. Company had a balance of < 30,000 in Securities Premium Account. (a) Pass necessary Journal entries for debenture issue and debenture premium account, using balance of Securities Premium Account to the extent possible, in the first year itself. (b) Prepare Loss on Issue of Debentures Account for the year ended 31st March, 2023.

The Quick Ratio of a company is 1 : 2. Which of the following transactions will result in an increase in this ratio ? 1

Data, ___________, ___________, Hardware and Software are five pillars of Computerised Accounting System (CAS). From the following, which two pillars of CAS are missing in the above statement:

Identify which of the following transactions will be classified under operating activities. 1

Name the Accounting Information sub-system which deals with receipt and payment of cash and electronic funds transfer:

On 1st April, 2022, Zubian Ltd. issued ₹ 10,00,000, 7% Debentures of ₹ 100 each at a premium of 6%, redeemable at a premium of 4% after five years. The company had a balance of ₹ 30,000 in Securities Premium Account. (a) Pass necessary journal entries for issue of debentures and for Premium Account at the end of the first year itself.

(a) Analysis of Financial Statements is useful and significant to different users. Which of the following users is particularly short period of time ? 1

(b) ___________ ratios are calculated to determine the ability of the business to service its debt in the long run. 1

How many categories of data can be plotted on a pie chart in Excel software ?

31st March, 2023.

(a) equity shares of $<$ 5,00,00,000

(b) classified under which of the following : 1

(a) Codes Dealer Type 100 199 Cycle tyres 200 299 Cycle seats From the following, identify the type of code used by a trading company :

Qumtan Ltd. invited applications for issuing 1,00,000 equity shares of ₹ 10 each at a premium of ₹ 6 per share. The amount was payable as follows : On Application and Allotment ₹ 8 per share (including premium ₹ 3) On First and Final call Balance (including premium) Applications for 1,60,000 shares were received. Applications for 10,000 shares were rejected and pro-rata allotment was made to the remaining applicants. Excess money received on application and allotment was returned. Dheeraj, who was allotted 200 shares, failed to pay the first and final call money. His shares were forfeited. All the forfeited shares were reissued at ₹ 5 per share fully paid up. Pass necessary journal entries in the books of Qumtan Ltd.

Classify the following items under major heads and sub-heads (if any) in the Balance Sheet of the company as per Schedule III Part I of the Companies Act, 2013 : 3 (a) Long Term Loans from Bank (b) Loose Tools (c) Outstanding Expenses

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OR (b) Printkit Limited invited applications for issue of 80,000 equity shares of ₹ 10 each. The amount was payable as follows : On Application ₹ 3 per share On Allotment ₹ 2 per share On First and Final call Balance Applications for 1,50,000 shares were received. Applications for 10,000 shares were rejected and pro-rata allotment was made to the remaining applicants on the following basis : Category A Applicants for 80,000 shares were allotted 40,000 shares. Category B Applicants for 60,000 shares were allotted 40,000 shares. Excess money received on application was adjusted towards amount due on allotment and first and final call. All the amounts due on allotment and first and final call were duly received. Pass necessary journal entries in the books of Printkit Limited.

From the given information, calculate : 3 (a) Quick

From the given information, calculate : (a) Quick Ratio (b) Inventory Turnover Ratio

C Accuracy and Speed as features of Computerised Accounting System.

Shubhi and Revanshi were partners in a firm sharing profits and losses in the ratio of 3 : 2. Their Balance Sheet as at 31st March, 2023 was as follows : Balance Sheet of Shubhi and Revanshi as at 31st March, 2023 Liabilities Amount < Assets Amount < Capitals : Fixed Assets 90,000 Shubhi 60,000 Stock 38,000 Revanshi 32,000 92,000 Debtors 30,000 General Reserve 30,000 Cash 52,000 Bank Loan 18,000 Creditors 70,000 2,10,000 2,10,000 On 1st April, 2023 they admitted Pari into the partnership on the following terms : (i) Pari will bring < 50,000 as her capital and < 50,000 for her share of premium for goodwill for $\frac{1}{4}$th share in the profits of the firm. (ii) Fixed assets were depreciated @ 30%. (iii) Stock was valued at < 45,000. (iv) Bank loan was paid off. (v) After all adjustments capitals of Shubhi and Revanshi were to be paid off or brought in by the old partners as the case may be. Prepare Revaluation Account and Partners' Capital Accounts.

From the given Balance Sheet of Geox Ltd., prepare Common Size Balance Sheet :

From the following information, prepare a Comparative Statement of Profit and Loss for the year ended 31st March, 2022 and 2023 :

(a) State any four advantages of Computerised Accounting System. OR (b) Computerised Accounting System.

Rishi, Shashi and Trishi were partners in a firm sharing profits and losses in proportion of $\frac{1}{2}$, $\frac{1}{6}$ and $\frac{1}{3}$ respectively. Their Balance Sheet as at 31st March, 2023 was as follows : Balance Sheet of Rishi, Shashi and Trishi as at 31st March, 2023 Liabilities Amount < Assets Amount < Capitals : Fixed Assets 80,000 Rishi 36,000 Stock 20,000 Shashi 30,000 Debtors 30,000 Trishi 20,000 86,000 Cash 40,000 General Reserve 30,000 Creditors 54,000 1,70,000 1,70,000 Shashi retired from the firm on 1st April, 2023 on the following terms : (i) Fixed Assets were valued at < 56,000. (ii) Stock was taken over by Shashi at < 26,000. (iii) Goodwill of the firm was valued at <

From the following information calculate Operating Activities :

Explain the two syntax f