CBSE(NCERT) GRADE 12 ACCOUNTANCY 2024 SET3

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 sharing profits in the ratio $3:2:1$. With effect from 1st April, 2023, they decided to distribute future profits and losses in the ratio $1:2:3$. There was a debit balance of $60,000$ in the Profit and Loss Account. The necessary adjustment entry will be:

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

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 :

An offer of securities or invitation to subscribe securities to a select group of persons is termed as :

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:

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 $\frac{1}{5}$th share in the profits which she acquired entirely from the existing partners. The new profit sharing ratio will be:

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.

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:

The amount of interest on capital allowed to Abha 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 $95,000. Any deficiency on account of this was to be borne by Abhay and Chetan equally. The firm earned a profit of $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:

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

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:

Aavya, Mitansh and Praveen were partners in a firm. On 31st March, 2023, the firm was dissolved. Creditors took over furniture of book value of $50,000 at $45,000 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:

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 remaining partners will be:

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 $rac{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 $1,20,000; $80,000 and $1,00,000 respectively. The amount of capital brought in by Dona 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 between

(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.

(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.

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. 3 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. 3

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 Co 4

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.

Jatin, Kartik and Lakhan were partners in a firm sharing profits and losses in the ratio of 7 : 5 : 3. Their Balance Sheet as at 31st March, 2023, was as follows : Balance Sheet of Jatin, Kartik and Lakhan as at 31st March, 2023 Liabilities Amount Assets Amount Bills Payable 80,000 Bank 40,000 General Reserve 60,000 Stock 80,000 Capitals : Debtors 1,00,000 Jatin 1,00,000 Fixed Assets 1,20,000 Kartik 60,000 Lakhan 40,000 2,00,000 3,40,000 3,40,000 30 September, 2023 Kartik died. According to the partnership deed, Kart the following : (i) Balance in his Capital Account. (ii) Interest on capital @ 10% p.a. (iii) His share of goodwill. Goodwill of the firm was valued on the basis of twice the average of the preceding four years profits. (iv) His share in profits up to the date of death on the basis of total profits for the preceding two years. Profits for the previous four years were : 2019 20 1,41,000 2020 21 (30,000) 2021 22 60,000 2022 23 69,000 representatives. 6

Kartik died on 30th September, 2023. According to the partnership deed, Kartik's representatives were entitled to the following: (i) Balance in his Capital Account. (ii) Interest on capital @ 10% p.a. (iii) His share of goodwill. Goodwill of the firm was valued on the basis of twice the average of the preceding four years profits. (iv) His share in profits up to the date of death on the basis of total profits for the preceding two years. Profits for the previous four years were: 2019-20: 1,41,000 2020-21: (30,000) 2021-22: 60,000 2022-23: 69,000

1 April, 2022, Zoltas Ltd. issued 20,000 7% Debentures of 100 each at a discount of 5%, redeemable at par after five years. The company had a balance of 70,000 in Securities Premium Account. (a) Pass necessary journal entries for is

On 1st April, 2022, Zoltas Ltd. issued 20,000 7% Debentures of $100 each at a discount of 5%, redeemable at par after five years. The company had a balance of $70,000 in Securities Premium Account. (a) Pass necessary journal entries for issue of debentures and for writing off discount on issue of debentures against Securities Premium Account at the end of first year itself. (b) ...

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.

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.

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

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

Correct ##### appears :

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

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 result in cash flow under operating activities.

Identify which of the following transactions will re

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 :

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 was to be paid off or brought in by the old partners as the case may be. Prepare Revaluation Account and Partner 6 OR

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) Cheques in hand (b) Marketable Securities (c) Trademarks

How can text format of a chart be changed ? Explain.

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 $ retirement (iv) loan account. Prepare Revaluation Account and Partner 6

From the given information, calculate: (a) Trade Receivables Turnover Ratio (b) Current Ratio Particulars Amount ($<$) Credit Revenue from Operations 80,00,000 Debtors 25,00,000 Bills Receivables 15,00,000 Total Assets 50,00,000 10% G$UnÌ 12,00,000 Creditors 13,00,000 Bills Payable 7,00,000

function ? Explain.

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: Capitals — Rishi 36,000; Shashi 30,000; Trishi 20,000; General Reserve 30,000; Creditors 54,000. Assets: Fixed Assets 80,000; Stock 20,000; Debtors 30,000; Cash 40,000. 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 18,000. (iv) ___________. Prepare Revaluation Account and Partner's Capital Account.

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

(b) Computerised Accounting System.

Analysis of Financial Statements is useful and significant to different users. Which of the following users is particularly interested in analyzing the financial statements of a company for a very short period of time?

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

of $< 5,00,00,000$

classified under which of the following :