CBSE(NCERT) GRADE 12 ACCOUNTANCY 2024 SET2

Piyush, Rajesh and Avinash were partners in a firm sharing profits and losses equally. Shiva was admitted as a new partner for an equal share. Shiva brought his share of capital and premium for goodwill in cash. The premium for goodwill amount will be divided among :

Alex, Benn and Cole were partners in a firm sharing profits and losses in the ratio of $5:3:2$. They admitted Dona as a new partner for $\frac{1}{5}$th share in the future profits. Dona agreed to contribute proportionate capital. On the date of admission, capitals of Alex, Benn and Cole after all adjustments were $\langle 1,20,000$, $\langle 80,000$ and $\langle 1,00,000$ respectively. The amount of capital brought in by Dona 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 $\frac{3}{7}$th share in the profits of firm, which he acquired $\frac{2}{7}$th share from Rushil and $\frac{1}{7}$th share from Abheer. The new profit sharing ratio of Rushil, Abheer and Sunil will be:

Abhay, Boris and Chetan were partners in a firm sharing profits in the ratio of 5 : 3 : 2. Boris was guaranteed a profit of $\text{₹}95,000$. Any deficiency on account of this was to be borne by Abhay and Chetan equally. The firm earned a profit of $\text{₹}2,00,000$ for the year ended 31st March, 2023. The amount given by Abhay to Boris as guaranteed amount 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 :

Abha and Babita were partners in a clay toy making firm sharing profits in the ratio of 2 : 1. On 1st April, 2023, their capital accounts showed balances of ₹ 5,00,000 and ₹ 10,00,000 respectively. The partnership deed provides for interest on capital @ 10% p.a. The firm earned a profit of ₹ 90,000 during the year. The amount of interest on capital allowed to Abha will be :

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

(a) 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 : OR (b) 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

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:

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:

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:

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:

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 of Anju and Divya is 5 : 3. The gaining ratio of remaining partners 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 Mita and Veena will be:

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

Akshay, Baljeet and Cizan were partners in a firm sharing profits and losses in the ratio of 2 : 3 : 3. Akshay retired. Baljeet and Cizan decided to share profits and losses in future in the ratio of 2 : 1. On the day of retirement, the value of goodwill was $\langle 2,70,000$. Calculate gaining ratio and pass necessary journal entry to record the treatment of goodwill (without opening goodwill account), on retirement.

Norah and Mallika were partners in a firm with a combined capital of $\langle 2,00,000$. The normal rate of return was 10%. The profits of the last four years were as follows: $\langle$ 2019 20 20,000 2020 21 30,000 2021 22 27,000 2022 23 35,000 The closing stock for the year 2022 23 was undervalued by $\langle 4,000$. Calculate the value of firm's goodwill on the basis of average profit of the last four years.

Mohan, Suhaan and Adit were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. Their fixed capitals were: $\langle 2,00,000$, $\langle 1,00,000$ and $\langle 1,00,000$ 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.

Sunrise Limited acquired plant and machinery from Moolnaad Limited at agreed purchase price of $\langle 4,80,000$, $\langle 3,60,000$ worth of assets and $\langle 1,00,000$ worth of liabilities. As the purchase price was payable in the form of issue of 9% debentures of $\langle 100$ each at 4% discount. Pass necessary journal entries in the books of Sunrise Limited. Show your workings clearly.

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.

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) The following were realized from assets: Debtors ₹40,000, Stock ₹50,000, Plant ₹60,000. (ii) Vandana took over 25% investments at ₹18,000; the remaining investments were taken over by Archana at 10% less than book value. (iii) Realization expenses of ₹20,000 were paid by Arti. Prepare Realization Account.

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.

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 Schedule III, Part I of the

Gagan, Harsh and Ishan were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. Their Balance Sheet as at 31st March, 2023, was as follows: Balance Sheet of Gagan, Harsh and Ishan as at 31st March, 2023 Liabilities Amount Assets Amount Bills Payable 20,000 Bank 10,000 General Reserve 15,000 Stock 20,000 Capitals: Debtors 25,000 Gagan 25,000 Fixed Assets 30,000 Harsh 15,000 Ishan 10,000 50,000 85,000 85,000 Gagan died on 30th June, 2023. According to the partnership deed, his legal representatives were entitled to the following: (i) Balance in his Capital Account. (ii) Interest on capital @ 12% p.a. (iii) His share of goodwill. Goodwill of the firm was valued on the basis of the average profit for the preceding four years. (iv) His share in the profits up to the date of death on the basis of the average profit for the preceding three years. Profits for the previous four years were: 2019-20 12,000 2020-21 (15,000) 2021-22 45,000 2022-23 18,000 Prepare Gagan's Capital Account to present to his legal representatives.

Gagan died on 30th June, 2023. According to the partnership deed, representatives were entitled to the following: (i) Balance in his Capital Account. (ii) Interest on capital @ 12% p.a. (iii) His share of goodwill. Goodwill of the firm was valued on the basis (iv) His share in the profits up to the date of death on the basis of the average profit for the preceding three years. Profits for the previous four years were: 2019-20 12,000 2020-21 (15,000) 2021-22 45,000 2022-23 18,000

On 1st April, 2022, Ahilaan Ltd. issued 10,000, 9% Debentures of < 100 each at a premium of 7%, redeemable at a premium of 3% after five years. The company had a balance of < 20,000 in Securities Premium Account. (a) Pass necessary journal entries for issue of debentures and for premium account at the end of first year itself. (b) 31st March, 2023 ...

On 1st April, 2022, Ahilaan Ltd. issued 10,000, 9% Debentures of $100 each at a premium of 7%, redeemable at a premium of 3% after five years. The company had a balance of $20,000 in Securities Premium Account. (a) Pass necessary journal entries for issue of debentures and for transfer of loss on issue of debentures to Statement of Profit and Loss Account. (b) What amount should be transferred to Debenture Redemption Reserve on 31st March, 2023.

Rishi, Shashi and Trishi were partners in a firm sharing profits and losses in the ratio 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 | 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 $\langle$56,000. (ii) Stock was taken over by Shashi at $\langle$26,000. (iii) Goodwill of the firm was valued at $\langle$18,000. (iv) Shashi's share of profit in the firm was transferred to his loan account. Prepare Revaluation Account and Partners' Capital Accounts.

Qumtan Ltd. invited applications for issuing 1,00,000 equity shares of $\langle$10 each at a premium of $\langle$6 per share. The amount was payable as follows: On Application and Allotment $\langle$8 per share (including premium $\langle$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 $\langle$5 per share fully paid up. Pass necessary journal entries in the books of Qumtan Ltd.

Printkit Limited invited applications for issue of 80,000 equity shares of $\langle$10 each. The amount was payable as follows: On Application $\langle$3 per share On Allotment $\langle$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.

of $5,00,00,000 1

classified under which of the following : 1

From the following, identify the type of code used by a trading company:

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

___________ 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?

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

Identify which of the following transactions w 1

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

When the accumulated data from various sources is processed in one shot it is called:

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) S

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

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) Patents (b) Unpaid dividend (c) Prepaid Expenses

Explain the advantages of using charts.

From the given information, calculate : 3 (a) Current Ratio (b) Return on Capital Employed

From the given information, calculate : (a) Current Ratio (b) Return on Capital Employed Particulars | Amount Liquid Assets 8,00,000 Inventory 2,00,000 Current Liabilities 4,00,000 Net Profit Before Tax 12,80,000 10% Debentures 12,00,000 Shareholders Funds 16,00,000

example.

(a) From the given Balance Sheet of Geox Ltd., prepare Common Size Balance Sheet : Balance Sheet of Geox Ltd. as at 31st March, 2023 Particulars | Note No. | 31.3.2023 | 31.3.2022 I Equity and Liabilities : 1. Share (a) Share Capital 4,00,000 2,50,000 2. Non-Current Liabilities (a) Long-term Borrowings 2,00,000 1,50,000 3. Current Liabilities (a) Trade Payables 2,00,000 1,00,000 Total 8,00,000 5,00,000 II Assets : 1. Non-Current Assets (a) Fixed Assets/Property, Plant and Equipment and Intangible Assets 4,00,000 3,50,000 2. Current Assets (a) Inventories 2,00,000 70,000 (b) Trade Receivables 2,00,000 80,000 Total 8,00,000 5,00,000 OR (b) From the following information, prepare a Comparative Statement of Profit and Loss for the year ended 31st March, 2022 and 2023 : Particulars | Note No. | 2022 23 | 2021 22 Revenue from operations 10,00,000 8,00,000 Employee benefit expenses 2,50,000 1,00,000 Other expenses 5,50,000 4,00,000 Tax rate 50%

State any four advantages of Computerised Accounting System.

security features of Computerised Accounting System.

From Operating Particulars | Amount Surplus i.e. Balance in Statement of Profit and Loss 6,28,000 Provision for Tax 1,50,000 Proposed Dividend for the previous year 72,000 Depreciation 1,40,000 Loss on Sale of Machinery 30,000 Gain on Sale of Investments 20,000 Dividend Received on Investments 6,000 Increase in Current Liabilities 1,61,000 Increase in Current Assets (other than cash and cash equivalents) 6,00,000 Decrease in Current Liabilities 64,000 Income Tax Paid 1,18,000 PART B OPTION II (Computerised Accounting) 27. (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 :

Lookup - features.