CBSE(NCERT) GRADE 12 ACCOUNTANCY 2024 SET4

If a share of <100 on which <70 has been paid is forfeited, then at which minimum price can it be re-issued?

If a share of <10 issued at a premium of <2 per share, on which <8 (including premium) has been called and <6 (including premium) has been paid by the shareholder, is forfeited, then Share Capital Account will be debited with:

Which of the following items cannot be recorded in the capital account of partners if the capital accounts of partners are fixed?

Aashu and Basu are partners and divide profits in the ratio 2:1. Chetan is admitted as a new partner for 1/4 share in profits, which he acquired equally from Aashu and Basu. The new profit-sharing ratio of Aashu, Basu and Chetan will be:

If a partner gives a loan to the firm on 1st January, 2023 of <3,00,000, in the absence of partnership deed, the amount of interest on loan for the year ending 31st March, 2023 will be:

If a partner withdraws a fixed sum at the end of each quarter, interest on drawings will be charged for ________ months.

On 1st January, 2023, Abhishek, a partner, advanced a loan of ₹3,00,000 to the firm. In the absence of a partnership agreement, the amount of interest on the loan for the year ending 31st March, 2023 will be :

Bhim, Arjun and Nakul were partners in a firm sharing profits and losses in the ratio of $4:3:3$. With effect from 1st April, 2023, they agreed to share profits equally. Due to change in the profit-sharing ratio, Arjun's sacrifice or gain will be :

Neeru and Meetu are partners in a firm with capitals of ₹2,00,000 and ₹1,50,000 respectively. If the firm earned a profit of ₹17,500 for the year ended 31st March, 2023, then interest on capital @ 10% p.a. would be :

At the time of dissolution of a firm, the total assets were ₹6,00,000 and outside liabilities were ₹2,40,000. If assets realised ₹7,20,000 and realisation expenses of ₹8,000 were paid, the profit or loss on realisation will be :

On 1st April, 2022, Mega Ltd. issued 30,000, 10% Debentures of ₹100 each at a discount of 10%. The total amount of interest due on debentures for the year ending 31st March, 2023 will be :

(i) Kishore and Bimal are partners in a firm sharing profits and losses in the ratio of 4 : 3. Nand is admitted as a new partner in the firm for 1/4th share in the profits. Kishore and Bimal decide to share profits and losses equally in the future. The sacrificing ratio of Kishore and Bimal will be :

(ii) Raju, Sohan and Tina are partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. Tina is guaranteed a minimum amount of < 40,000 as share of profit every year. Any deficiency arising on that account shall be borne by Raju. If profit of the firm for the year ended 31st March, 2023 is < 1,60,000, Raju will bear a deficiency of :

Assertion (A) : The court does not intervene when dissolution of partnership takes place. Reason (R) : Dissolution of partnership takes place by mutual agreement between the partners. Choose the correct option from the following :

Maharaja Ltd. took over assets of < 15,00,000 and liabilities of < 2,00,000 of Dolphin Ltd. for an agreed purchase consideration of < 12,60,000. It was agreed that the purchase consideration will be paid by issuing 11% Debentures of < 100 each at 10% discount. The number of debentures issued will be :

Assertion (A): In a partnership firm, at the time of admission, the new partner brings in an agreed amount of capital either in cash or in kind. Reason (R): In a partnership firm, at the time of admission, the new partner acquires the right to share the assets and the profits of the partnership firm. Choose the correct option from the following:

Prateek, Charu and Sirima were partners in a firm sharing profits in the ratio of 3 : 2 : 1. Prateek retired from the firm on 31st March, 2023. Charu and Sirima decided that the capital of the new firm will be $\angle 6,30,000$. The capital accounts of Charu and Sirima after all adjustments on the date of retirement showed a credit balance of $\angle 4,35,000$ and $\angle 1,89,000$ respectively. Calculate the amount of actual cash to be brought into the firm or to be paid to the partners. Also pass necessary journal entries.

Chaman, Burman and Aman were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. Aman was guaranteed a minimum amount of $\angle 60,000$ as his share of profit every year. The net profit for the year ended 31st March, 2023 amounted to $\angle 1,20,000$. Pass necessary journal entries in the books of the firm showing the distribution of profit amongst the partners.

Anu, Manu, Sonu and Rohan were partners in a firm sharing profits and losses in the ratio of 1 : 2 : 1 : 2. With effect from 1st April, 2023, they decided to share profits and losses in the ratio of 2 : 4 : 1 : 3. Their Balance Sheet showed General Reserve of $\angle 90,000$. The goodwill of the firm was valued at $\angle 4,50,000$. Pass necessary journal entries for the above on account of change in the profit sharing ratio. Show your working clearly.

Priti Ltd. purchased assets worth $\angle 5,40,000$ and took over liabilities of $\angle 1,20,000$ of Payal Ltd. for a purchase consideration of $\angle 5,28,000$. Priti Ltd. paid half the amount by cheque and the balance was settled by issuing 10% Debentures of $\angle 100$ each at a premium of 10%. Pass necessary journal entries for the above transactions in the books of Priti Ltd.

On 1st April, 2023, a partnership firm had assets of $\angle 2,00,000$ including cash of $\angle 6,000$ and bank balance of $\angle 14,000$. The capital accounts showed a balance of $\angle 1,90,000$ and reserves constituted the rest. If the normal rate of return is 10% and the goodwill of the firm is valued at $\angle 60,000$ at 4 years purchase of super profits, find the average profits of the firm.

Aditi, Renu and Varsha were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 5. On 31st March, 2023 their Balance Sheet was as under: Balance Sheet of Aditi, Renu and Varsha as at 31st March, 2023 Liabilities Amount $\<$ Assets Amount $\<$ Capitals : Buildings 6,00,000 Aditi 5,00,000 Machinery 3,00,000 Renu 4,00,000 Stock 1,00,000 Varsha 3,00,000 12,00,000 Patents 1,50,000 General Reserve 1,00,000 Debtors 2,50,000 Creditors 2,00,000 Cash 1,00,000 15,00,000 15,00,000 Varsha died on 31st July, 2023. The partnership deed provided for the following, on the death of a partner: (i) Interest on capital was to be provided @ 6% p.a. (ii) Goodwill of the firm was to be valued at 3 years purchase of average profits of the previous five years which were $90,000. (iii) The amount up to the date of death to be calculated on the basis of sales. Sales for the year ended 31st March, 2023 amounted to $60,00,000 and that from 1st April, 2023 to 31st July, 2023 amounted to $15,00,000. The profit for the year ended 31st March, 2023 was $12,00,000. Prepare Account to be rendered to her executors.

RR Ltd. was registered with an authorised capital of $8,00,000 divided into 80,000 equity shares of $10 each. The company offered to the public for subscription 40,000 equity shares. The amount per share was payable as follows: On Application $5 On Allotment $3 On first and final call Balance The issue was fully subscribed and all amounts due were received except the allotment and call money on 2,000 shares allotted to Seema. Present the Share Capital in the Balance Sheet of the company as per Schedule III, Part I of the Companies Act,

Pass necessary journal entries for issue of debentures for the following transactions: (i) Kajal Ltd. issued 30,000, 11% Debentures of $100 each at a discount of 10%, redeemable at a premium of 5%. (ii) Ninja Ltd. issued 32,000, 8% Debentures of $100 each at a premium $20 per debenture, redeemable at a premium of $10 per debenture. (iii) Him Ltd. issued 40,000, 13% Debentures of $100 each at par, redeemable at a premium of 10%.

Nandu, Bandu and Chandu were partners in a firm. On 31st March, 2023 they decided to dissolve the firm. Pass necessary journal entries for the following transactions after the various assets (other than cash and bank) and outside liabilities have been transferred to Realisation Account: (i) Stock of $\langle 1,40,000$ was taken by Nandu at a discount of 30%. (ii) Creditors to whom the firm owed $\langle 40,000$ accepted stock at $\langle 4,000$ and the balance amount was paid to them by a cheque. (iii) An old computer which had been written off completely from the books was sold for $\langle 4,000$, whereas its estimated market value was $\langle 10,000$. (iv) Chandu had given a loan of $\langle 1,00,000$ to the firm, which was paid to him through a cheque. (v) $\langle 24,000$ were recovered from a debtor which was written off as bad debt in the previous year. (vi) Bandu was appointed to look after the dissolution work for which he was allowed a remuneration of $\langle 26,000$. Bandu agreed to bear the dissolution expenses. Actual dissolution expenses of $\langle 36,000$ were paid by Bandhu.

Sanju and Manju were partners in a firm sharing profits and losses in the ratio of 3 : 2. Their Balance Sheet on 31st March, 2023 was as follows: Balance Sheet of Sanju and Manju as at 31st March, 2023 Liabilities Amount Assets Amount Capitals: Sanju $\langle 1,40,000$ Plant and Machinery $\langle 80,000$ Manju $\langle 1,20,000$ $\langle 2,60,000$ Furniture $\langle 1,32,000$ General Reserve $\langle 40,000$ Investments $\langle 60,000$ Creditors $\langle 1,80,000$ Debtors $\langle 76,000$ Less: Provision for doubtful debts $\langle 4,000$ $\langle 72,000$ Cash at Bank $\langle 1,36,000$ $\langle 4,80,000$ $\langle 4,80,000$ On 1st April, 2023, Uday was admitted into the firm for $\frac{1}{4}$th share in profits on the following terms:

Ravi, Tanu and Sara were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. Ravi retired from the firm due to his illness on 31st March, 2023. The Balance Sheet of the firm on that date was as follows: Balance Sheet of Ravi, Tanu and Sara as at 31st March, 2023 Liabilities Amount Assets Amount Capitals: Ravi 80,000 Fixed Assets 1,20,000 Tanu 1,24,000 Stock 1,60,000 Sara 66,000 2,70,000 Debtors 2,00,000 Profit and Loss 20,000 Cash in hand 80,000 Creditors 1,00,000 5,60,000 5,60,000 Additional Information:

Which of the following is not an objective of financial statement analysis?

________ is also known as Acid-Test Ratio.

Which of the pillars of CAS are missing from the statement ?

Creditors included a sum of ₹4,000 which was not likely to be claimed.

Current Ratio of Super Ltd. is 2 : 1. Which of the following transactions will result in decrease in this ratio ?

(i) Information System deals with which of the following ?

(ii) A Null value is a special value which represents :

A provision of 5% for doubtful debts was to be created on debtors.

Statement I: Issue of Debentures will result in inflow of cash. Statement II: Issue of Debentures to the vendors for purchase of machinery will result in outflow of cash. Choose the correct option from the following :

What is the treatment of sale of marketable securities on Cash Flow Statement ?

The process of comparing input data with some unknown data is called :

Goodwill of the firm was valued at ₹1,60,000.

< 5,00,000 to acquire shares in Neligare Industries and received a dividend of < 30,000 after acquisition. What will be the result of this transaction ?

(i) art element :

(ii) How many logical values can be entered into a logical function ?

30. (i) Which chart element:

Fixed Assets were found overvalued by ₹5,000.

Classify the following items under major heads and sub-heads (if any) in the Balance Sheet of a company as per Schedule III, Part I of the Companies Act, 2013 : (i) Calls in advance (ii) Mining rights (iii) Loose tools

Explain the advantages of using a chart.

New profit sharing ratio of Tanu and Sara was agreed at 2 : 3.

From the following information, calculate Total Assets and Debt-Equity Ratio: Total Debt 8,00,000 Inventory 2,20,000 Long Term Debts 6,00,000 Working Capital 2,40,000 12,00,000

The amount due to Ravi was transferred to his loan account.

OR (b) data formatting? How many tools are used to format the given data?

Star Limited forfeited 8,000 shares of ₹100 each issued at a premium of 10% for non-payment of allotment money of ₹40 per share (including premium) and first call of ₹30 per share. The second and final call of ₹20 per share was not yet called. Out of these, 6,000 shares were reissued at ₹70 per share, fully paid up, at ₹80 per share.

From the following Balance Sheet of Nishant Ltd. as at 31st March, 2023, prepare a Statement of Profit and Loss and Balance Sheet of Nishant Ltd. as at 31st March, 2023: Balance Sheet of Nishant Ltd. as at 31st March, 2023 Particulars Note No. 31.3.2023 31.3.2022 I Equity and Liabilities: 1. (a) Share Capital 6,00,000 5,50,000 (b) Reserves and Surplus 1 1,50,000 1,00,000 2. Non-Current Liabilities (a) Long-term Borrowings 2 1,20,000 85,000 3. Current Liabilities (a) Trade Payables 89,500 1,02,000 (b) Short-term Provisions 3 25,000 38,500 Total 9,84,500 8,75,500 II Assets: 1. Non-Current Assets (a) Fixed Assets/Property, Plant and Equipment and Intangible Assets (i) Tangible Assets/Property, Plant and Equipment 4 5,35,000 4,25,000 (ii) Intangible Assets 5 20,000 56,000 2. Current Assets (a) Current Investments 1,20,000 75,000 (b) Inventories 64,500 60,500 (c) Trade Receivables 85,000 71,500 (d) Cash and Cash Equivalents 1,60,000 1,87,500 Total 9,84,500 8,75,500 Notes to Accounts: 1. Reserves and Surplus: Surplus i.e. Balance in Statement of Profit and Loss 1,50,000 1,00,000 2. Long-term Borrowings: 10% Debentures 1,20,000 85,000 3. Short-term Provisions: Tax Provision 25,000 38,500 4. Tangible Assets/Property, Plant and Equipment: Machinery 6,35,000 5,00,000; Accumulated Depreciation (1,00,000) (75,000) => 5,35,000 4,25,000 5. Intangible Assets: Goodwill 20,000 56,000 (i) A part of machinery, which had a cost of 12,000 and accumulated depreciation of 8,000, was sold for 3,000. (ii) Interest of 8,500 on 10% debentures was paid.

Premier Limited forfeited 3,000 shares of ₹10 each on which first call of ₹3 per share had not been paid and the second and final call of ₹2 per share was not yet called. Out of these, 2,000 shares were reissued to Geeta at ₹12 per share, fully paid up, at ₹8 per share.

Zee Ltd. invited applications for issuing 40,000 shares of $10 each at a premium of $2 per share. The amount was payable as follows: On Application $4 per share On Allotment $5 per share (including premium) On First call $2 per share On Second and Final call Balance Applications were received for 60,000 shares. Applications for 12,000 shares were rejected and money returned to the applicants. The shares were allotted on pro-rata basis to the applicants of 48,000 shares. The excess money received on application was adjusted towards sums due on allotment. All shareholders paid the allotment money except one shareholder who had applied for 1,200 shares. His shares were forfeited immediately after allotment. First call was made thereafter and all the money due was received. The second and final call was not yet made. Pass necessary journal entries for the above transactions in the books of Zee Ltd.

From the following information, prepare Comparative Statement of Profit and Loss for the year ended 31st March, 2023: Particulars 2022-23 2021-22 Revenue from operations 4,00,000 2,00,000 Other income 80,000 40,000 Employee benefit expenses 50% of Revenue from operations Tax rate 50%

From the following information, prepare Comparative Statement of Profit and Loss of Size State Ltd. for the year ended 31st March, 2023: Particulars 2022-23 2021-22 Revenue from operations 40,00,000 20,00,000 Purchase of stock in trade 4,00,000 2,00,000 Other expenses 40,000 20,000 Tax rate 50%