CBSE(NCERT) GRADE 12 ACCOUNTANCY 2024 SET7

Shrikant and Ajay were partners in a firm sharing profits and losses in the ratio of 5 : 3. Shrikant withdrew $10{,}000$ in the beginning of each quarter during the year ended 31st March, 2023. Shrikant's drawings @ 6% p.a. for the year ended 31st March, 2023 will be :

Lata, Meenu and Namita were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. On 31st March, 2023, they decided to dissolve the firm. Creditors accepted stock of book value $80{,}000 at 80% in full settlement of their claim of $90{,}000$. The amount paid to the creditors by cheque will be :

Sanya, Sarthak and Nitya were partners in a firm sharing profits and losses in the ratio of 4 : 3 : 1. They decided to dissolve the firm on 31st March, 2023. On this date, the firm had debtors amounting to < 3,00,000 and provision for doubtful debts of < 30,000. On dissolution, debtors for < 20,000 proved bad and the remaining debtors realised 90%. Amount realised from the debtors will be :

Geeta and Hari were partners in a firm sharing profits and losses in the ratio of 3 : 2. Krish was admitted as a new partner for $\frac{1}{5}$th share in profits of the firm which he acquired from Geeta and Hari in the ratio of 2 : 3. Krish brought < 1,00,000 as

Geeta and Hari were partners in a firm sharing profits and losses in the ratio of 3 : 2. Krish was admitted as a new partner for $\frac{1}{5}$th share in profits of the firm which he acquired from Geeta and Hari in the ratio of 2 : 3. Krish brought <1,00,000 as his share of capital and <50,000 as premium for goodwill in cash. The sacrificing ratio of Geeta and Hari will be :

Manu, Sonu and Rahul were partners in a firm sharing profits and losses in the ratio of 4 : 3 : 2. With effect from 1st April, 2023, they decided to share profits and losses in the future in the ratio of 3 : 2 : 1. Their Balance Sheet showed Workmen Compensation Reserve of <84,000. The claim on account of Workmen Compensation is estimated at <75,000. The journal entry to give effect to the above transaction will be :

Assertion (A): Partner cur Fixed Capital Method may show a debit or a credit balance. Reason (R): In the Fixed Capital, all items like share of profit or loss, interest on capital, drawings, interest on drawings etc. are recorded in the partners capital accounts. Choose the correct option from the following :

Richa, Sheena and Tapti were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. The partnership deed provided for charging interest on drawings @ 10% p.a. The drawings of Richa, Sheena and Tapti during the year ended 31st March, 2023 amounted to $50,000, $40,000 and $30,000 respectively. The net profit for the year ended 31st March, 2023 was $57,000. Richa's interest on drawings will be :

Alfa Ltd. offered for public subscription 50,000 equity shares of $10 each at $110 per share. The entire amount was payable on application. Applications were received for 48,000 shares and allotment was made to all the applicants. The amount received on application will be :

Lexa Ltd. issued 50,000 equity shares of $10 each at a premium of $2 per share. The amount was payable as follows: On application and allotment $7 per share (including premium) On first and final call balance. The issue was fully subscribed. All the money was duly received except the first and final call on 1,000 equity shares. These shares were forfeited. On forfeiture of these shares Calls in Arrears Account will be:

Minimum subscription for allotment of shares as per Securities and Exchange Board of India (SEBI) guidelines cannot be less than 90% of which of the following capital?

KLB Ltd. forfeited 3,000 shares of $10 each, $8 per share called up for non-payment of first call of $2 per share. All these shares were reissued at $7 per share, $8 paid up. The amount transferred to Capital Reserve Account will be:

The debentures which do not carry a specific rate of interest are called:

Nicku, Mala and Ritu were partners in a firm sharing profits in the ratio of 5 : 3 : 2. Nicku died on 30th September, 2023. The deceased partner was entitled to his share of profit up to the date of death which was to be calculated on the basis of previous year profit $80,000$. Nicku's share of profit will be:

Hema and Tara were partners in a firm sharing profits and losses in the ratio of 2 : 3. They admitted Ojas as a new partner. Hema sacrificed $1/3$ of her share and Tara sacrificed $1/2$ of her share for Ojas. The new profit-sharing ratio of Hema, Tara and Ojas will be:

Aaroh, Bhuvan and Charu were partners in a firm sharing profits and losses in the ratio of 1 : 2 : 6. Charu died. Aaroh and Bhuvan acquired C

Aaria, Beenu and Clara were partners in a firm sharing profits and losses in the ratio of 4 : 3 : 3. On 30th June, 2023 Clara died. Her share in the profits of the firm till the date of death was to be calculated on the basis of sales. Sales during the year 2022 23 were $20,00,000$ and sales from 1st April, 2023 to 30th June, 2023 were $4,00,000$. The profit for the year ended 31st March, 2023 was $5,00,000$. Calculate Clara's share of profit up to the date of death and pass the necessary journal entry for the same in the books of the firm. Show your workings clearly.

Rishi and Suman were partners in a firm. Their capitals were: Rishi $1,20,000$ and Suman $80,000$. The normal rate of return in similar business is 12%. The profits of the last four years were: Year 2019-20 $33,000$ 2020-21 $22,000$ 2021-22 $31,000$ 2022-23 $34,000$ Calculate goodwill of the firm based on: (i) Three years purchase of the last four years average profits. (ii) Capitalisation of super profit.

Gundola Limited purchased from a limited company properties worth $9,00,000$ and liabilities worth $3,00,000$ at an agreed purchase price of $14,00,000$. Payment of $5,00,000$ was made by a bank draft and the balance by issue of $8\%$ debentures at a discount of $10\%$.

(a) Sumi Ltd. acquired assets of $8,00,000$ and took over sundry creditors of $2,00,000$ from Pandora Ltd. for a purchase consideration of $9,00,000$. The payment was made by issuing a cheque of $4,60,000$ and remaining by issue of 9% Debentures of $100 each at a premium of 10%. Pass necessary journal entries for the above transactions in the books of Sumi Ltd. OR (b) Gundola Ltd. took over assets of $9,00,000$ and liabilities of $3,00,000$ from AK Ltd. for an agreed purchase consideration of $14,00,000$. The payment was made through a bank draft of $5,00,000$ and the remaining by issue of 8% Debentures at a discount of 10%. Record necessary journal entries in the books of Gundola Ltd. for the above transactions.

(a) Misha and Prisha were partners in a firm sharing profits and losses in the ratio of 3 : 2. On 1st April, 2022, their capital accounts showed balances of $50,000$ and $30,000$ respectively. During the year, Misha withdrew $12,900$ while Prisha withdrew $9,600$. They were allowed interest on capital @ 10% p.a. Interest on drawings of $660$ was charged on Misha's drawings and $540$ on Prisha's drawings. Prisha had advanced a loan of $20,000$ to the firm on 1st August, 2022. The net profit for the year ended 31st March, 2023 amounted to $22,600$. Prepare Profit and Loss Appropriation Account for the year ended 31st March, 2023. OR (b) On 31st March, 2023 after making all necessary adjustments, Raghu and Diya's capital accounts showed balances of $4,00,000$ and $3,00,000$ respectively. It was later found that 10% p.a. interest on capital had not been allowed. Net profit for the year ended 31st March, 2023 was $1,00,000$. During the year 2022-23, Raghu's drawings were $2,000$ per month, while Diya's drawings were $3,000$ per quarter, all at the beginning of each month/quarter. Prepare necessary adjustment journal entries.

On 31st March, 2023, the capitals of Raghav and Diya stood at < 4,00,000 and < 3,00,000 respectively, after the necessary adjustment in respect of drawings and net profit. Subsequently, it was discovered that interest on capital @ 10% p.a had been omitted. The net profit for the year ended 31st March, 2023 amounted to < 1,00,000. During the year ended 31st March, 2023, Raghav's drawings were < 2,000 drawn at the beginning of each month, while Diya's drawings were < 3,000 drawn at the beginning of each quarter. Pass the necessary adjustment entry.

Shri Ganga Ltd. was incorporated with authorised share capital of $7,00,000$, divided into $10$ shares of $100$ each. It issued $50,000$ shares to the public for subscription. The amount was payable as follows: On application: $4$ per share On allotment: $4$ per share On first and final call: balance fully called up. Applications for $4,000$ shares were received in excess of shares offered. Set out the share capital in the Balance Sheet in accordance with Schedule III, Part I of the Companies Act, 2013. Also prepare the notes to accounts for the same.

Shri Ganga Ltd. was registered with an authorised capital of < 7,00,000 divided into equity shares of < 10 each. It offered to the public for subscription 50,000 equity shares. The amount was payable as follows: On application: < 4 per share. On allotment: < 4 per share. On first and final call: Balance. The issue was fully subscribed. All the amounts were duly received except the first and final call money on 4,000 equity shares. Show the Share Capital 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.

Frank, George and Hemant were partners in a firm sharing profits in the ratio of 5 : 3 : 2. They decided to change their profit sharing ratio to 2 : 5 : 3 with effect from 1st April, 2023. Their Balance Sheet as at 31st March, 2023 was as follows: Balance Sheet of Frank, George and Hemant as at 31st March, 2023 Liabilities Amount (<) Assets Amount (<) Capitals: Land 5,00,000 Frank 4,00,000 Building 3,00,000 George 3,00,000 Machinery 2,00,000 Hemant 2,00,000 9,00,000 Stock 1,50,000 Creditors 5,00,000 Debtors 2,50,000 und 1,00,000 Cash 3,00,000 General Reserve 2,00,000 17,00,000 17,00,000 It was decided that: (i) The value of land increased and it was taken at < 6,50,000. (ii) The firm's goodwill was valued at < 2,00,000. The goodwill is not to be shown in the books of the firm. Pass necessary journal entries in the books of the firm.

Abhay, Bikram and Kris were partners in a firm sharing profits and losses in equal ratio. On 31st March, 2023 they decided to dissolve their partnership firm. On the date of dissolution, the Balance Sheet of the firm was as follows: Balance Sheet of Abhay, Bikram and Kris as at 31st March, 2023 Liabilities Amount (<) Assets Amount (<) Capitals: Plant and Machinery 80,000 Abhay 68,000 Furniture 45,000 Bikram 1,00,000 Motor Car 1,25,000 Kris 77,000 Stock 30,000 Creditors 1,20,000 Debtors 70,000 15,000 3,65,000 3,65,000 The following information is available: (i) Plant and Machinery was taken over by Abhay for < 75,000. (ii) Furniture was realised for < 40,000. (iii) Motor Car was taken over by Bikram for < 1,30,000. (iv) 10% was realised from debtors. (v) 10% of stock was taken over by Kris for < 4,500. The remaining stock was sold for < 30,000. (vi) Realisation expenses were < 5,000. Prepare Realisation Account.

Abhay, Bikram and Chris were partners in a firm sharing profits and losses equally. They decided to dissolve their partnership firm on 31st March, 2023. The Balance Sheet on the date of dissolution was as follows: Balance Sheet of Abhay, Bikram and Chris as at 31st March, 2023. Liabilities: Capital: Abhay 68,000; Bikram 1,00,000; Chris 77,000; Creditors 1,20,000. Assets: Plant and Machinery 80,000; Furniture 45,000; Motor Car 1,25,000; Stock 30,000; Debtors 70,000; Cash at Bank 15,000. The following information is available: (i) Plant and Machinery was taken over by Abhay at an agreed valuation of < 75,000. (ii) Furniture realised < 40,000. (iii) Motor car was taken over by Bikram for < 1,30,000. (iv) Debtors realised 10% less. (v) 10% of the stock was taken over by Chris for < 4,500. The remaining stock was sold for < 30,000. (vi) Realisation expenses amounted to < 5,000. Prepare Realisation Account.

On 1st April, 2022, Helloix Ltd. issued 10,000, 7% Debentures of $500 each at a premium of 10%, redeemable at a premium of 5% after five years. The company had a balance of $1,50,000 in the Securities Premium Account before the issue. (a) Pass necessary journal entries for issue of debentures and for loss on issue utilising Securities Premium Account at the end of the first year itself. (b) Prepare Loss on Issue of Debentures Account for the year ended 31st March, 2023.

(a) Pass necessary journal entries for forfeiture and reissue of shares in the following cases : (i) Neon Ltd. forfeited 2,000 shares of $10 each issued at a premium of $2 per share for non-payment of allotment money of $5 per share (including premium). The first and final call of $2 per share was not yet made. Out of these, 1,500 shares were reissued at $7 per share, $8 paid up. (ii) Mamta Ltd. forfeited 3,000 shares of $10 each on which the first call of $3 per share was not received. The second and final call of $1 per share was not yet called. Out of these, 2,000 shares were reissued at $9 per share, $9 paid up. OR (b) Sai Ltd. invited applications for issuing 60,000 shares of $10 each. The amount was payable as follows : On application $5 per share On allotment $1 per share On first and final call Balance Applications were received for 58,000 shares. Rajat, the holder of 300 shares, did not pay allotment money and Usha, the holder of 500 shares, paid her entire share money along with allotment money. Rajat's shares were forfeited immediately after allotment. First and final call was made afterwards and duly received. Pass necessary journal entries for the above transactions. Open calls-in-arrears and calls-in-advance Account, wherever required.

The Debt-Equity Ratio of a company is 3 : 2. Which of the following transactions will result in increase in this ratio?

Identify the type of software which is suited for large and medium organisations and can be linked to other information systems.

On 1st April, 2022, Helloix Ltd. issued 10,000, 7% Debentures of < 500 each at a premium of 10%, redeemable at a premium of 5% after five years. The company had a balance of < 1,50,000 in the Securities Premium Account before the issue. (a) Pass necessary journal entries for issue of debentures and for Loss

I: The issue of bonus shares fully paid-up from the Securities Premium Account results in increase in the number of shares. II: ________. Choose the correct option with reference to the above two statements:

Statement I : Issue of fully paid bonus shares out of Securities Premium Account will result in inflow of cash. Statement II : Cash withdrawn from bank will result in inflow of cash. In the context of the above two statements, choose the correct option :

(a) In a graph, the area bounded by different axes is known as :

Which of the following is not contained on Formula tab on Excel ribbon?

(a) Which of the following is a tool/technique of analysis of financial statements that indicate the trend and direction of financial position and operating results? OR (b) _____________ indicate the speed at which activities of the business are being performed.

(a) Which of the following transactions will result in cash flows from operating activities? OR (b) the following :

What is the outcome of an arithmetic expression or function called?

Sarah and Varsha 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 Sarah and Varsha as at 31st March, 2023 Liabilities Amount ($) Assets Amount ($) Capital : Plant and Machinery 2,00,000 Sarah 60,000 Stock 30,000 Varsha 50,000 1,10,000 Debtors 50,000 Workmen's Compensation Fund 20,000 Less : Provision for doubtful debts 5,000 45,000 Provident Fund 1,20,000 Cash 25,000 Creditors 50,000 3,00,000 3,00,000 On 1st April, 2023, they decided to admit Tasha as a new partner for $\frac{1}{4}$th share in the profits of the firm on the following terms : (i) Tasha brought $40,000 as her capital and $20,000 as her share of premium for goodwill. (ii) Plant and Machinery was valued at $1,90,000. (iii) An item of $20,000, included in creditors, is not likely to be claimed and should be written off. (iv) Capitals of the partners and Tasha's capital were to be in the ratio of their profit sharing ratio and after the adjustments, if required, by bringing or withdrawing the necessary amounts. Prepare Revaluation Account and Partners' Capital Accounts.

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) Mining Rights (b) Loose Tools (c) Income Received in Advance

Sarah and Varsha 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 Sarah and Varsha as at 31st March, 2023 Liabilities Amount (₹) Assets Amount (₹) Capital: Sarah 60,000 Varsha 50,000 1,10,000 Workmen's Compensation Fund 20,000 Provident Fund 1,20,000 Creditors 50,000 Plant and Machinery 2,00,000 Stock 30,000 Debtors 50,000 Less: Provision for doubtful debts 5,000 45,000 Cash 25,000 3,00,000 3,00,000 On 1st April, 2023, they decided to admit Tasha as a new partner for $\frac{1}{4}$th share in the profits of the firm on the following terms: (i) Tasha brought ₹40,000 as her capital and ₹20,000 as her share of premium for goodwill. (ii) Plant and Machinery was valued at ₹1,90,000. (iii) An item of ₹20,000, included in creditors, is not likely to be claimed and should be written off. (iv) Capitals of the partners in the new firm are to be in the new profit sharing ratio by bringing or paying off cash, as the case may be. Prepare Revaluation Account and Partners' Capital Accounts.

From the following information, calculate Particulars (<) Total Assets 22,00,000 10% Debentures 5,00,000 Current Liabilities 2,00,000 Net Profit After Tax 7,20,000 Tax 1,80,000

(a) Prepare a Comparative Statement of Financial Position from the following Statement of Financial Position of Hara Limited as on 31 March, 2023 : Statement of Financial Position of Hara Limited as on 31 March, 2023 Particulars Note No. 31.3.2023 31.3.2022 I Equity and Liabilities : 1. Shareholders' Funds (a) Share Capital 15,00,000 12,00,000 2. Non-Current Liabilities (a) Long-term Borrowings 10,00,000 5,00,000 3. Current Liabilities (a) Trade Payables 1,00,000 3,00,000 Total 26,00,000 20,00,000 II Assets : 1. Non-Current Assets (a) Fixed Assets/Property, Plant and Equipment and Intangible Assets 20,00,000 15,00,000 2. Current Assets (a) Inventories 1,50,000 1,00,000 (b) Trade Receivables 4,50,000 4,00,000 Total 26,00,000 20,00,000 OR (b) From the following information, prepare the Common Size Profit and Loss Statement of NK Limited for the year ended 31 March, 2022 and 31 March, 2023 : Particulars 31.3.2023 31.3.2022 Revenue from Operations <

33.(a) From the following Balance Sheet of Hira Ltd. as at 31st March, 2023, prepare Comparative Balance Sheet :

OR (b) From the following information of NK Ltd., prepare a Common Size Statement of Profit and Loss for the years ended 31st March, 2022 and 31st March, 2023 :

What is Data formatting? What tools are used to format a given data?

34. Calculate Cash Flows from Investing Activities from the following information :

A B C D E F 1 S. No. Consumables Price in FY 21 22 Price in FY 23 24 2 1 Apple 50 60 3 2 Orange 20 40 4 3 Banana 60 80 5 4 Lemon 40 80 6 5 Milk 53 60 7 6 Bread 40 45 8 7 Egg 58 60 Using the worksheet, find out the error and its reason for the given syntax: (i) = VLOOKUP (B1, B4 : D6, 2, 0) (ii) = SQRT (VLOOKUP (C2, C2 : D8, 2, 0) 100) (iii) = VLOOKUP (B5, B6 : D8, 1, 0) (iv) = VLOOKUP (B3, B2 : D8, 5, 0) (v) = VLOOKUP (B5, B3 : D8, 0, 0) (vi) = VLOOKUP (B2, B2 : D7, 2, 0)