CBSE(NCERT) GRADE 12 ACCOUNTANCY 2024 SET5

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 :

Misha Ltd. issued 6,000, 8% Debentures of $\langle 100$ each at $\langle 96$ per debenture. 8% Debentures Account will be credited by :

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 distribution ratio, Arjun's sacrifice or gain will be :

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

Manas and Ranvir are partners in a firm having capital balances of $\langle 1,20,000$ and $\langle 80,000$ respectively. Sanju is admitted as a new partner in the firm for $\frac{1}{5}$th share in future profits. Sanju brought $\langle 1,00,000$ as his capital. Sanju's admission will result in firm's goodwill of :

On 1st January, 2023, Abhishek, a partner, advanced a loan of $\langle 3,00,000$ 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 :

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 :

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

Authorised share capital is :

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:

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

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:

The amount of interest on drawings of Nisha would be:

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 $6,30,000. The capital accounts of Charu and Sirima after all adjustments on the date of retirement showed a credit balance of $4,35,000 and $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 $60,000 as his share of profit every year. The net profit for the year ended 31st March, 2023 amounted to $1,20,000. Pass necessary journal entries in the books of the firm showing the distribution of profit amongst the partners.

Soham, Ashish, Vishesh and Rashi were partners in a firm sharing profits and losses in the ratio of 4 : 3 : 2 : 1. With effect from 1st April, 2023, they decided to share profits and losses in the ratio of 2 : 1 : 1 : 1. Their Balance Sheet showed a General Reserve of $80,000. The goodwill of the firm was valued at $5,00,000. Pass necessary journal entries for the above on account of change in the profit sharing ratio. Show your working clearly.

On 1st April, 2023, the books of a partnership firm showed assets of $5,00,000 including cash and bank balance of $23,000 and $27,000 respectively. The capital accounts of the partners showed a balance of $3,50,000 and the remaining amount was goodwill. If the normal rate of return is 10% and the value of goodwill is to be calculated on the basis of purchase of average profits of the last 4 years at $1,00,000, calculate the average profits of the firm.

On 1st April, 2023, the books of a partnership firm showed assets of < 5,00,000 including cash of < 23,000 and bank balance of < 27,000. The liabilities constituted the rest. If the normal rate of return is 10% and the goodwill of the firm is valued at < 1,00,000 at 4 years purchase of super profits, find the average profits of the firm.

RR Limited was incorporated with an authorised capital of $8,00,000 divided into $80,000 equity shares of $10 each. The company invited applications from the public for 40,000 equity shares. The amount payable was as follows: On application $5, on allotment $3, on first and final call the balance. The issue was fully subscribed and all amounts due were received except the final call money on 2,000 shares. Prepare the Share Capital Account in the Balance Sheet of the company as per Schedule III, Part I of the Companies Act, 2013. Also prepare Notes to Accounts for the same.

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 Companies Act, 2013, Schedule III, Part I. Also prepare the necessary notes.

Aditi, Renu and Varsha were sharing profits in the ratio of 3 : 2 : 5. Their Balance Sheet as on 31st March, 2023 was as follows: Balance Sheet of Aditi, Renu and Varsha as at 31st March, 2023 Liabilities | Amount | Assets | Amount Capital: Aditi $5,00,000 | Building $6,00,000 Renu $4,00,000 | Machinery $3,00,000 Varsha $3,00,000 | Stock $1,00,000 12,00,000 | Patents $1,50,000 Sundry Creditors $1,00,000 | Cash $1,00,000 Bills Payable $2,50,000 | Debtors $2,00,000 | | | Land ? | | | 15,00,000 15,00,000

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) Profit or loss up to the date of death was 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.

Pass necessary journal entries for issue of debentures for the following transactions: (i) Hero Ltd. issued 20,000, 11% Debentures of < 100 each at a premium of 5%, redeemable at a premium of 10%. (ii) Shashi Ltd. issued 30,000, 9% Debentures of < 100 each at 10% discount, redeemable at 10% premium. (iii) Mureto Ltd. issued 40,000, 11% Debentures of < 100 each at par, redeemable at 10% premium.

Pass necessary journal entries for issue of debentures for the following transactions:

Pass the necessary journal entries for the following transactions on the dissolution of the partnership firm of Manish and Nikhil after various assets (other than cash and bank balance) and outside liabilities have been transferred to Realisation Account. Manish and Nikhil were sharing profits and losses in the ratio of 5 : 1.

(a) Pass necessary journal entries for forfeiture and reissue of shares in the following cases:

An old vehicle, which had been written off completely from the books, was sold for < 45,000 whereas its estimated market value was < 58,000.

Nikhil took over stock worth < 75,000 at < 69,000.

To acquire shares in Neligare Industries, $5,00,000 was paid and after acquisition a dividend of $30,000 was received. This transaction will result in:

Investment of $5,00,000 to acquire shares in Neligare Industries and received a dividend of $30,000 after acquisition. will result in :

(i) 1. Details and positions a legend on the chart.

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

Creditors worth < 90,000 accepted < 15,000 cash and stock < 80,000 in full settlement of their claims.

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

Realisation expenses amounting to < 18,000 were paid by Manish.

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 :

Profit on realisation < 36,000 was to be distributed between Manish and Nikhil.

Which of the pillars of CAS are missing from the 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 : (i) Unclaimed dividend (ii) Raw materials (iii) Capital Work-in-Progress

Star Ltd. forfeited 8,000 shares of < 100 each issued at 10% premium 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 < 80 paid up for < 70 per share.

Premier Ltd. forfeited 3,000 shares of < 10 each on which the first call of < 3 per share was not received and the second and final call of < 2 per share was not yet called. Out of these, 2,000 shares were reissued to Gita at < 8 paid up for < 12 per share.

(a) From the following information, prepare Comparative Statement of Profit and Loss for the year ended 31st March, 2023:

(b) Size S Ltd. for the year ended 31st March, 2023 from the following information:

(b) data ? Explain the help of an example. Data Form? What tools are used to format a given data ?

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 Capitals: Sanju 1,40,000 Manju 1,20,000 General Reserve 40,000 Creditors 1,80,000 Assets Plant and Machinery 80,000 Furniture 1,32,000 Investments 60,000 Debtors 76,000 Less: Provision for doubtful debts 4,000 Cash at Bank 1,36,000 On 1st April, 2023, Uday was admitted into the firm for $\tfrac{1}{4}$th share in profits on the following terms:

From the following Balance Sheet of Nishant Ltd. as at 31st March, 2023, prepare Cash Flow Statement for the year ended 31st March, 2023:

Write the steps to create f on a given spreadsheet where the total income less expenses if greater than $10,000 then 10% savings and if income is less than $10,000 then 5% savings. Also write the syntax of the result.

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.

Ravi, Tanu and Sara were partners sharing profits in the ratio of 5 : 3 : 2. Due to her illness, Ravi retired from the firm on 31st March, 2023. On that date, the balance sheet of the firm was as follows:

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 : Fixed Assets 1,20,000 Ravi 80,000 Stock 1,60,000 Tanu 1,24,000 Debtors 2,00,000 Sara 66,000 2,70,000 Cash in hand 80,000 Profit and Loss 1,70,000 Creditors 1,00,000 5,60,000 5,60,000 Additional Information: (i) Creditors included a sum of $4,000 which was not likely to be claimed. (ii) A provision of 5% for doubtful debts was to be created on debtors. (iii) Goodwill of the firm was valued at $1,60,000. (iv) Fixed Assets were found overvalued by $5,000. (v) New profit sharing ratio of Tanu and Sara was agreed at 2 : 3. (vi) The amount due to Ravi was transferred to his loan account. Prepare Revaluation Account and Partners’ Capital Accounts on Ravi’s retirement.

Which of the following is not the objective of analysis of financial statements?

_________ is also known as Acid-Test Ratio.

Which of the following is not

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 :

________ on Cash Flow Statement ?

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%

Size S Ltd. for the year ended 31st March, 2023 from the following information : Particulars 2022 23 ($<) 2021 22 ($<) Revenue from operations 40,00,000 20,00,000 Purchase of stoc