CBSE(NCERT) GRADE 12 ACCOUNTANCY 2024 COMPARTMENT SET2

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 :

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:

(a) 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:

Ashu and Ria were partners in a firm sharing profits and losses in the ratio of 4 : 3. They admitted Nitu for a $\frac{3}{7}$th share in the profits of the firm, which she took $\frac{2}{7}$th from Ashu and $\frac{1}{7}$th from Ria. The new profit sharing ratio between Ashu, Ria and Nitu 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 :

Daksh’s interest on capital will be

Ekansh’s share of profit/loss will be

Anu, Bina and Roy were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. Roy retired and his share was acquired by Anu. The new profit sharing ratio between Anu and Bina after Roy’s retirement will be :

Asha, Yug and Zubin were partners in a firm sharing profits and losses in the ratio of 4 : 3 : 2. Zubin retired. Zubin’s share was acquired equally by Asha and Yug. The new profit sharing ratio between Asha and Yug after Zubin’s retirement was

Sinoy Ltd. issued 20,000 shares of ₹ 10 each at a premium of ₹ 6. The amount was payable as follows: On Application – ₹ 7 per share (Including Premium ₹ 1 per share) On Allotment – ₹ 5 per share (Including Premium ₹ 2 per share) On First and Final call – Balance The issue was fully subscribed. All the money was duly received except the allotment and first and final call on 1,000 shares. These shares were forfeited. On forfeiture of these shares, the ‘Securities Premium Account’ will be debited by

The amount of share capital which a company is authorised to issue by its Memorandum of Association is called :

Rina and Anna were partners in a firm with a combined capital of ₹ 1,00,000. The normal rate of return was 20%. The profits of the last four years were: 2019–20 ₹ 2,00,000; 2020–21 ₹ 4,00,000; 2021–22 ₹ 2,50,000 (including an abnormal gain of ₹ 50,000); 2022–23 ₹ 4,00,000. Calculate goodwill of the firm based on two years purchase of the last four years’ average super profit.

(a) 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.

(a) Sheetal Ltd. purchased building worth ₹ 2,50,000, 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.

(b) On 1st April, 2023, Simple Ltd. took over assets of ₹ 5,00,000 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.

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 Bank

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.

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.

Gopi, Hira and Ira were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. Their Balance Sheet as at 31st March, 2023 was as follows: Balance Sheet of Gopi, Hira and Ira as at 31st March, 2023 Liabilities Amount (₹) Assets Amount (₹) Creditors 40,000 Bank 50,000 General Reserve 30,000 Stock 30,000 Capitals: Debtors 20,000 Gopi 75,000 Fixed Assets 1,40,000 Hira 50,000 Ira 45,000 1,70,000 2,40,000 2,40,000 Hira died on 31st December, 2023. It was agreed between her executors and remaining partners that: (i) Goodwill be valued at 2 years purchase of average profits of the previous 3 years. Average profits of the previous three years were ₹ 45,000. (ii) Share of profit up to the date of death on the basis of average profits of the previous four years. Hira’s share of profit amounted to ₹ 18,000. (iii) Interest on capital is to be provided @ 12% p.a. (iv) Half the amount due to Hira is to be paid immediately. Prepare Hira’s Capital Account and Hira’s Executor’s Account.

(a) Anshu and Vihu 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 Anshu and Vihu as at 31st March, 2023 Liabilities Amount (₹) Assets Amount (₹) Creditors 80,000 Cash 40,000 General Reserve 50,000 Debtors 36,000 Investment Fluctuation Fund 10,000 Less Provision for Doubtful debts 2,000 34,000 Capitals: Stock 30,000 Anshu 1,44,000 Investments 40,000 Vihu 80,000 2,24,000 Plant and Machinery 2,20,000 3,64,000 3,64,000 On 1st April, 2023, Mani was admitted into partnership for 1/5th share in the profits of the firm on the following terms: (i) Mani brought ₹ 20,000 as her share of goodwill and proportionate capital. (ii) Provision for doubtful debts was to be maintained at 10% on debtors. (iii) Market value of investments was ₹ 35,000. (iv) The value of Plant and Machinery be increased by ₹ 6,600. Prepare Revaluation Account and Partners’ Capital Accounts.

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

Income tax paid is classified under :

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

A 'legend' can be repositioned on the chart

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

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

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) Calls in Advance (b) Creditors (c) Securities Premium

State any three limitations of Computerised Accounting System.

From the following information, calculate : (a) Trade Receivables Turnover Ratio (b) Operating Profit Ratio Particulars Amount (₹) Credit Revenue from operations 55,00,000 Cash Revenue from operations 15,00,000 Debtors 12,50,000 Bills Receivable 7,50,000 Operating Expenses 7,00,000 Gross Profit Ratio 20%

State the steps to freeze a formula so that the present value is maintained in the given cell and recalculation is prevented.

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' ?

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