CBSE(NCERT) GRADE 12 ACCOUNTANCY 2024 COMPARTMENT SET3

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:

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:

There are two statements Assertion (A) and Reason (R) : Assertion (A) : Court does not intervene in case of dissolution of partnership. Reason (R) : Dissolution of partnership takes place by mutual agreement among partners. Choose the correct option from the following :

Money not received from shareholders on allotment or calls is :

The question is incomplete/corrupted in the provided excerpt.

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:

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 :

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:

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 profi

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 :

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 :

(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 :

OR (b) 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 :

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 :

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 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.

Manu, Naresh and Paras were partners in a firm sharing profits and losses equally. Their Balance Sheet as at 31st March, 2023 was as follows: Balance Sheet of Manu, Naresh and Paras as at 31st March, 2023 Liabilities Amount (₹) Assets Amount (₹) Creditors 60,000 Bank 60,000 General Reserve 60,000 Stock 90,000 Capitals: Debtors 1,10,000 Manu 90,000 Fixed Assets 1,00,000 Naresh 80,000 Paras 70,000 2,40,000 3,60,000 3,60,000 Paras died on 31st January, 2024. It was agreed between his executors and remaining partners that: (i) Goodwill be valued at ₹ 30,000 at 3 years purchase of average profits of the previous three years. (ii) Share of profit up to the date of death on the basis of average profits of the previous three years. Paras’s share of profit amounted to ₹ 48,000. (iii) Interest on capital is to be provided @ 12% p.a. (iv) Half the amount due to Paras is to be paid immediately. Prepare Paras’s Capital Account and Paras’s Executor’s Account.

On 1st April, 2023, Mani was admitted into partnership for $\frac{1}{5}$th 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.

Pearl Ltd. issued a prospectus inviting applications for 40,000 shares of ₹ 10 each at a premium of 20%. The amount was payable as follows: On Application – ₹ 5 per share On Allotment – ₹ 5 per share (Including Premium) On First and Final call – Balance Applications for 60,000 shares were received and allotment was made on a pro-rata basis to all the applicants. Excess money received on application was adjusted towards the amount due on allotment. Sameer who had applied for 1,200 shares failed to pay the allotment money. His shares were forfeited immediately after allotment. All the forfeited shares were reissued at ₹ 7 per share as ₹ 8 paid up. First and final call was not yet made. Pass necessary journal entries to record the above transactions in the book of Pearl Ltd. Open ‘Calls in Arrears Account’ wherever necessary.

Trisha, Urvi and Varsha were partners in a firm sharing profits and losses in the ratio of 5 : 4 : 1. Their Balance Sheet as at 31st March, 2023 was as follows: Balance Sheet of Trisha, Urvi and Varsha as at 31st March, 2023 Liabilities Amount (₹) Assets Amount (₹) Capitals: Fixed Assets 4,00,000 Trisha 2,00,000 Stock 1,00,000 Urvi 1,30,000 Debtors 1,50,000 Varsha 1,00,000 4,30,000 Cash 2,00,000 General Reserve 1,50,000 Creditors 2,70,000 8,50,000 8,50,000 Trisha retired on 1st April, 2023 and the partners agreed to the following terms: (i) Fixed Assets were found overvalued by ₹ 80,000. (ii) Stock was taken over by Trisha at ₹ 80,000. (iii) Goodwill of the firm was valued at ₹ 1,00,000 on Trisha’s retirement and Trisha’s share by goodwill was adjusted through the Capital Accounts of remaining partners. (iv) New profit sharing ratio between the remaining partners was agreed at 2 : 3. (v) Trisha was paid ₹ 50,000 on retirement and the balance was transferred to her loan account. Pass necessary journal entries in the books of the firm on Trisha’s retirement.

(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.

(b) Trisha, Urvi and Varsha were partners in a firm sharing profits and losses in the ratio of 5 : 4 : 1. Their Balance Sheet as at 31st March, 2023 was as fol

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?

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

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

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 :

From the following information, calculate Inventory Turnover Ratio : Amount (₹) Revenue from Operations 80,00,000 Gross Profit Ratio 25% – Opening Inventory 10,00,000 Closing Inventory is 2 times more than the Opening Inventory.

(a) From the given Balance Sheet of Moonlight Ltd., prepare a Common Size Balance Sheet : Balance Sheet of Moonlight Ltd. as at 31st March, 2023 Particulars 31.03.2023 (₹) 31.03.2022 (₹) I – Equity and Liabilities : 1. Shareholders’ Funds (a) Share Capital 12,00,000 5,00,000 2. Non-Current Liabilities (a) Long-term Borrowings 2,00,000 3,00,000 3. Current Liabilities (a) Trade Payables 6,00,000 2,00,000 Total 20,00,000 10,00,000 II – Assets : 1. Non-Current Assets (a) Fixed Assets/Property, Plant and Equipment and Intangible Assets 14,00,000 7,00,000 2. Current Assets (a) Trade Receivables 4,00,000 2,50,000 (b) Inventories 2,00,000 50,000 Total 20,00,000 10,00,000

Prepare ‘Cash Flow Statement from Investing Activities’ from the following information. Show your workings clearly. 31.03.2023 (₹) 31.03.2022 (₹) Land 3,00,000 1,00,000 Patents 1,60,000 2,80,000 Machinery 12,40,000 10,20,000 10% Investments 1,60,000 60,000 Additional information: (i) Patents of ₹ 1,20,000 were sold at book value. (ii) On Machinery, depreciation of ₹ 1,40,000 was charged, out of which machinery having book value of ₹ 80,000 was sold for ₹ 50,000