CBSE(NCERT) GRADE 12 ACCOUNTANCY 2024 COMPARTMENT SET1

Renu, Trilok and Mansi were partners in a firm sharing profits and losses in the ratio of 9 : 6 : 5. Hina was admitted as a partner for $\frac{1}{10}$ th share in the profits which she acquired equally from Renu and Trilok. The new profit sharing ratio after Hina’s admission will be :

Nikhil and Sharat were partners in a firm sharing profits and losses in the ratio of $4 : 3$. Nikhil withdrew ₹6,000 on the first day of every quarter for the year ended 31st March, 2023. Interest on drawings is to be charged @ 5% p.a. Interest on Nikhil’s drawings will be calculated for:

Pawan, Kavita and Gaurav were partners in a firm. The firm was dissolved. Creditors took over furniture of book value of ₹60,000 at 10% less than the book value in part settlement of their amount of ₹60,000. The balance amount was paid to them through cheque. The amount paid through cheque will be:

Kamini, Lata and Meera were partners in a firm sharing profits and losses equally. Neel was admitted as a new partner for an equal share in the profits of the firm. Neel brought his share of capital and premium for goodwill in cash. On the date of admission of Neel, goodwill appeared in the books at ₹1,20,000. The existing goodwill is to be written off among:

Arjun, Babita and Charlie were partners in a firm sharing profits in the ratio of $2 : 2 : 1$. They admitted Dheeraj for $\frac{1}{5}$ th share in the profits of the firm. He has to contribute proportionate capital to acquire $\frac{1}{5}$ th share in future profits. On the date of admission, the capitals after all adjustments relating to goodwill and revaluation of assets and liabilities, were: Arjun ₹62,000, Babita ₹52,000 and Charlie ₹36,000. The capital brought by Dheeraj will be:

There are two statements Assertion (A) and Reason (R) : Assertion (A) : The maximum number of partners in a partnership firm are 50. Reason (R) : The maximum number of partners are prescribed by the Partnership Act, 1932. Choose the correct option from the following :

Daksh and Ekansh are partners in a firm sharing profits and losses in the ratio of 3 : 1. Their capitals were ₹ 1,60,000 and ₹ 1,00,000 respectively. As per partnership deed, they were entitled to interest on capital @ 10% p.a.. The firm earned a profit of ₹ 13,000 for the year ended 31st March, 2023. Daksh's interest on capital will be :

Ekansh's share of profit/loss will be :

Beeta Ltd. offered for subscription 1,00,000 equity shares of ₹ 10 each at a premium of 100% payable entirely on application. Applications were received for 5,00,000 equity shares. The company decided to allot the shares on pro-rata basis to all the applicants. The amount received by the company on application was :

Money not received from shareholders on allotment or calls is :

Those debentures where a charge is created on the assets of the company for the purpose of payment in case of default are known as :

Nagar Ltd. issued 6,000, 11% Debentures of ₹ 100 each at a discount of 10% redeemable at a premium. ‘Discount on issue of debentures’ and ‘Premium on redemption of debentures’ were accounted for through ‘Loss on issue of debentures account’. If the amount of ‘Loss on issue of debentures’ was ₹ 90,000, then the amount of premium on redemption of debentures was :

On 1st April, 2022 Surya Ltd. issued 10,000, 12% Debentures of ₹ 100 each at a premium of 5%. The total amount of interest on debentures for the year ended 31st March, 2023 will be :

Deepa, Elton and Frank were partners in a firm sharing profits in the ratio of 2 : 2 : 1. With effect from 1st April, 2023 they decided to change their profit sharing ratio as 1 : 2 : 2. There existed a Debit Balance of Profit and Loss Account of ₹ 50,000 in the books of the firm on the date of change in profit sharing ratio. The partners decided to retain the Debit Balance of Profit and Loss Account in the books. The adjustment entry will be :

Gita, Hina and Isha were partners in a firm sharing profits and losses in the ratio of 3 : 3 : 2. Gita died. Hina and Isha decided to share profits and losses in the future, equally. On the day of Gita’s death, goodwill of the firm was valued at ₹ 8,00,000. Calculate gaining ratio and pass necessary journal entry to record treatment of goodwill on Gita’s death.

Asha and Babita were partners in a firm. Their capitals were ₹ 15,00,000 and ₹ 10,00,000 respectively. The normal rate of return was 15%. The profits of the last four years were : ₹ 2019 – 20 2,50,000 2020 – 21 (50,000) 2021 – 22 8,00,000 2022 – 23 5,00,000 The closing stock for the year 2022 – 23 was undervalued by ₹ 1,00,000. Goodwill is to be valued at two years purchase of the last four years’ average super profits. Calculate the value of goodwill.

Sheetal Ltd. purchased building worth ₹ 2,00,000, plant and machinery worth ₹ 2,00,000, furniture worth ₹ 40,000 and took over liabilities of ₹ 30,000 from Poonam Ltd. for a purchase consideration of ₹ 4,40,000. The purchase consideration was paid by issuing 12% Debentures of ₹ 100 each at a premium of 10%. Pass the necessary journal entries in books of Sheetal Ltd. to record the above transactions.

On 1st April, 2023, Simple Ltd. took over assets of ₹ 1,00,000 and liabilities of ₹ 1,00,000 from Temur Ltd. at an agreed value of ₹ 16,00,000. Simple Ltd. paid the amount to Temur Ltd. as follows : (i) Issued a bank draft of ₹ 1,00,000. (ii) Issued 8% Debentures of ₹ 100 each at a premium of 50% in satisfaction of the balance amount of purchase consideration. Pass the necessary journal entries in the books of Simple Ltd. to record the above transactions.

Jatin, Keshav and Lalit were partners in a firm with fixed capitals of ₹ 1,20,000, ₹ 1,00,000 and ₹ 80,000 respectively. As per the partnership deed, there was a provision for allowing interest on capitals @ 10% p.a., but entries for the same had not been made for the last two years. The profit sharing ratio during the last two years was as follows : Year Jatin Keshav Lalit 2021 – 22 5 3 2 2022 – 23 1 1 1 Pass an adjustment entry of the beginning of the third year, i.e., on 1st April, 2023.

Meera, Neena and Ojas were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. The partnership deed provided for charging interest on drawings @ 10% p.a. The drawings of Meera, Neena and Ojas during the year ended 31st March, 2023 amounted to ₹ 60,000, ₹ 50,000 and ₹ 40,000 respectively. After the final accounts had been prepared, it was discovered that interest on drawings had not been taking into consideration. Pass the necessary adjustment entry.

Shringar Ltd. was registered with an authorised capital of ₹ 5,00,000 divided into equity shares of ₹ 10 each. The company issued a prospectus inviting applications for 20,000 equity shares. The amount was payable as follows : On Application – ₹ 3 per share On Allotment – ₹ 5 per share On First and Final call – Balance Applications were received for 19,000 equity shares and allotment was made to all the applicants. All the amounts were duly received except the first and final call on 5,000 shares. Present the share capital in the Company’s Balance Sheet as per Schedule III, Part I of Companies Act, 2013. Also prepare ‘Notes to Accounts’ for the same.

Sonia and Rohit were partners in a firm sharing profits and losses in the ratio of 3 : 2. On 31st March, 2023 their Balance Sheet was as f

Sonia and Rohit were partners in a firm sharing profits and losses in the ratio of $3 : 2$. On 31st March, 2023 their Balance Sheet was as follows: Balance Sheet of Sonia and Rohit as at 31st March, 2023 Liabilities Amount ($₹$) Assets Amount ($₹$) Capitals: Building 2,00,000 Sonia 70,000 Machinery 1,40,000 Rohit 90,000 1,60,000 Furniture 80,000 General Reserve 80,000 Debtors 1,20,000 Sonia’s Loan 1,30,000 Stock 60,000 Bank Loan 2,20,000 Cash at Bank 60,000 Creditors 70,000 6,60,000 6,60,000 The firm was dissolved on the above date on the following terms: (i) Building, machinery and furniture realised $₹ 3,44,000$. (ii) Debtors realised 90% only. (iii) Creditors took away half of the stock in full settlement of their account. (iv) Remaining stock realised $₹ 72,000$. (v) Realisation expenses amounting to $₹ 14,000$ were paid by Rohit. Prepare Realisation Account.

Pankaj, Rajat and Samay were partners in a firm sharing profits and losses in the ratio of $7 : 2 : 1$. Their Balance Sheet as at 31st March, 2023 was as follows: Balance Sheet of Pankaj, Rajat and Samay as at 31st March, 2023 Liabilities Amount ($₹$) Assets Amount ($₹$) Capitals: Machinery 2,10,000 Pankaj 3,00,000 Furniture 1,00,000 Rajat 2,00,000 Stock 1,50,000 Samay 1,00,000 6,00,000 Debtors 1,60,000 General Reserve 1,00,000 Bank 2,50,000 Creditors 1,70,000 8,70,000 8,70,000 Rajat died on 30th June, 2023. It was agreed between his executors and remaining partners that: (i) Goodwill be valued at two years purchase of average profits of the previous four years which were $₹ 5,00,000$. (ii) Share of profit up to the date of death will be on the calculated on the basis of average profits of the past four years. Rajat’s share of profit amounted to $₹ 25,000$. (iii) Interest on capital is to be provided @ 10% p.a. (iv) Half the amount due to Rajat is to be paid immediately. Prepare Rajat’s Capital Account and Rajat’s Executor’s Account as on 30th June, 2023.

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

Which of the following is not an advantage of computerised accounting system ?

Which of the following transactions will result in cash outflow from operating activities ?

A ‘legend’ can be repositioned on the chart :

The need for codification is for :

(a) Which of the following is not a limitation of ‘Analysis of Financial Statements’ ?

(b) Ratios that are calculated for measuring the efficiency of operations of business based on effective utilisation of resources are known as :

To see all available shape styles of a chart, which of the following buttons is clicked ?

(a) Sale of patents of ₹ 50,00,000 will result in :

(b) Income tax paid is classified under :

A sequential code refers to code applied to some documents where :

Name the Accounting information sub-system which is linked with other sub-systems for obtaining information about cost and expenses :

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 : (a) Copyrights (b) Interest Accrued on investments (c) Long-term investment in shares

Explain the following two features of computerised accounting system : (a) Accuracy and speed (b) Scalability

X Ltd. has a Current ratio of 3·5 : 1 and Quick ratio of 2 : 1. If excess of Current Assets over Quick Assets is represented by inventories of ₹ 16,000 and prepaid expenses of ₹ 8,000, calculate : (a) Current Liabilities (b) Current Assets (c) Quick Assets

Give the meaning of ‘Labels’ and ‘Formulas’ as used in spreadsheet.

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

State steps to be taken in preparation of a chart.

What are the uses of ‘Error Alert tab’ ?

From the following particulars of Ruparel Ltd., calculate ‘Cash Flow from Investing Activities’. Show your working clearly.

What is meant by ‘Merging a range of cells’ ? How is it done ? State the steps to split a merged cell.