CBSE(NCERT) GRADE 12 ACCOUNTANCY 2024 SET6

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 :

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 :

(ii) The debentures which do not have a specific charge on the assets of the company are called :

(i) Nominal/Authorised share capital is :

(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 $\frac{1}{4}$ th 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 :

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:

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:

Manas and Ranvir are partners in a firm having capital balances of $1,20,000 and $80,000 respectively. Sanju is admitted as a new partner in the firm for $1/5$th share in future profits. Sanju brought $\,$

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:

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

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 < 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.

Preeti Limited bought from Payal Limited assets worth < 5,40,000 and liabilities worth < 1,20,000 at a purchase consideration of < 5,28,000. Preeti Limited paid the entire amount by a cheque and the balance by issuing 10% debentures of < 100 each at 10% premium. Pass necessary journal entries in the books of Preeti Limited for the above transactions.

Madhu, Raj, Atul and Prachi were partners in a firm sharing profit and losses in the ratio of 3 : 2 : 4 : 1. With effect from 1st April, 2023, they decided to share profits and losses equally. Their Balance Sheet showed a General Reserve of $1,00,000. The goodwill of the firm was valued at $20,00,000. 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 $5,40,000 and took over liabilities of $1,20,000 of Payal Ltd. for a purchase consideration of $5,28,000. Priti Ltd. paid half the amount by cheque and the balance was settled by issuing 10% Debentures of $100 each at a premium of 10%. Pass necessary journal entries for the above transactions in the books of Priti Ltd.

Dhatu Ltd. invited applications for issuing 4,000, 11% Debentures of $100 each at a premium of $50 per debenture. Full amount was payable on application. Applications were received for 5,000 debentures. Applications for 1,000 debentures were rejected and application money was refunded. Debentures were allotted to the remaining applicants. Pass necessary journal entries for the above transactions in the books of Dhatu Ltd.

On 1st April, 2023, the books of the firm of Kashish and Sagar showed assets of $9,00,000 including cash of $32,000 and bank balance of $1,68,000. The firm had $6,00,000 and reserves constituted the rest. If the normal rate of return is 8% and the goodwill of the firm is valued at $4,00,000 at 5 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 Patents 1,50,000 12,00,000 Debtors 2,50,000 General Reserve 1,00,000 Cash 1,00,000 Creditors 2,00,000 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) 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

Pass necessary journal entries for

Pass necessary journal entries for issue of debentures for the following transactions: (i) Suhavo Ltd. issued 10,000, 11% Debentures of $100 each at a discount of 10%, redeemable at a premium of 5%. (ii) Mudit Ltd. issued 20,000, 9% Debentures of $100 each at a premium of 5%, redeemable at a premium of 10%. (iii) Sudip Ltd. issued 30,000, 8% Debentures of $100 each at par, redeemable at a premium of 5%.

Pass the necessary journal entries for the following transactions on the dissolution of the partnership firm of Sharma and Verma after the various assets (other than cash and bank balance) and outside liabilities have been transferred to Realisation Account: (i) Sharma paid creditors $34,000 in full settlement of their claim of $40,000. (ii) $80,000. (iii) There was an old typewriter which had been written off completely from the books. It was estimated to realise $3,000. It was taken away by Verma at the estimated price less 20%. (iv) Neelu, an old customer whose account for $1,500 was written off as bad debt in the previous year, paid 80% of the amount. (v) Dissolution expenses amounting to $8,000 were paid by Sharma. (vi) Loss on realisation $40,000 was to be distributed between Sharma and Verma in their profit sharing ratio 3 : 2.

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 Capitals: Ravi 80,000 Tanu 1,24,000 Sara 66,000 Profit and Loss 20,000 Creditors 1,00,000 Assets Fixed Assets 1,20,000 Stock 1,60,000 Debtors 2,00,000 Cash in hand 80,000 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.

(a) 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 $\quad$ Assets Amount Capitals: Plant and Machinery 80,000 Sanju 1,40,000 Furniture 1,32,000 Manju 1,20,000 2,60,000 Investments 60,000 General Reserve 40,000 Debtors 76,000 Creditors 1,80,000 Less: Provision for doubtful debts 4,000 72,000 Cash at Bank 1,36,000 4,80,000 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: (i) Furniture was to be depreciated by $6,000. (ii) Investments were valued at $72,000. (iii) Plant and Machinery was taken over by Sanju and Manju in their profit sharing ratio. (iv) Uday will bring in proportionate capital and $10,000 as his share of goodwill premium in cash. Prepare Revaluation Account and Capital Accounts of partners.

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

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.

Neligare Industries to acquire shares and received a dividend of $30,000 after acquisition. The result of this transaction will be:

_____ acquired shares in Neligare Industries for ₹5,00,000 and received a dividend of ₹30,000 after acquisition. Which of the following is correct?

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

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:

(ii) ________ on Cash Flow Statement?

(i) Details and positions a legend on the chart. (B) Indicates the individual value plotted on the chart. (C) Details the data value and categories below the chart. (D) Is a descriptive text for the chart. OR (ii) How many logical values can be entered into a logical function ?

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

_________, ___________ and software are five pillars of computerized accounting system. Which of the pillars of CAS are missing from the statement ?

(i) Which of the following is not

(ii) ________ is also known as Acid-Test Ratio.

(i) Information System deals with which of the following ? OR (ii) A Null value is a special value which represents :

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) Livestock (ii) Accrued incomes (iii) Unpaid dividend

State any three limitations of Computerised Accounting System.

Revenue from operations ₹10,00,000 Purchases ₹3,00,000 Carriage inwards ₹60,000 Salaries ₹1,18,000 Decrease in inventory ₹40,000 Returns outwards ₹20,000 Wages ₹50,000

What is meant by Accounting Cycle ? List its basic phases.

(a) 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 for the year ended 31st March, 2023:

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

From the following Balance Sheet of Nishant Ltd. as at 31st March, 2023,

Using the formula tab, create an IF function 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.