CBSE(NCERT) GRADE 12 ACCOUNTANCY 2024 SET8

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 :

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:

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?

Assertion (A): When the shares are forfeited, share capital account is debited with the amount called up and credited to (i) respective unpaid calls account i.e., calls in arrears and (ii) share forfeiture account with the amount already received on shares. Reason (R): When the shares are forfeited, all entries relating to the shares forfeited, except those relating to securities premium, already recorded in accounting records must be reversed. 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 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 surrendered $\frac{1}{3}$ of her share and Tara surrendered $\frac{1}{2}$ of her share in favour of 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 ring

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

Abha, Manju and Rhea were partners in a firm sharing profits and losses in the ratio of 3 : 3 : 4. During the year ended 31st March, 2023, Rhea withdrew $\langle 30{,}000$ at the beginning of each half year. Interest on drawings at 10% p.a. for the year ended 31st March, 2023 will be :

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. The profit will be :

Lata, Mehu and Namita were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. They decided to dissolve the firm on 31st March, 2023. Creditors took over stock of book value of $\langle 80{,}000$ at 80%, in part settlement of their amount of $\langle 90{,}000$. The balance amount was paid to the creditors by cheque. The amount paid by cheque to the creditors 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 $\langle 3{,}00{,}000$ and provision for doubtful debts of $\langle 30{,}000$. On dissolution, debtors for $\langle 20{,}000$ proved bad and the remaining debtors realised 90%. Amount realised from the debtors will be :

The balance amount was paid to the creditors by cheque. The amount paid by cheque to the creditors 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 $\tfrac{1}{5}$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:

Assertion (A): Reason (R): or loss, interest on capital, drawings, interest on drawings etc are recorded in the partners' capital accounts. Choose the correct option from the following:

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 :

Alisha, Bobby and Pooja were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. Pooja died on 30th September, 2023. It was agreed that Pooja's 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 ₹30,00,000 and sales from 1st April, 2023 to 30th September, 2023 were ₹10,00,000. The profit for the year ended 31st March, 2023 was ₹3,00,000. Calculate Pooja'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.

The average profit for the last five years of a firm was $20,000$. The normal rate of return in a similar business is $8\%$. Goodwill of the firm is valued at $24,000$ at three years purchase of super profit. Calculate the amount of capital employed by the firm.

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 $540$ 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.

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, drawings were $3,000$ drawn at the beginning of each quarter. Pass the necessary adjustment entry.

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.

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.

Frank, George and Hemant were partners in a firm sharing profits in the ratio of $5:3:2$. On 1st April, 2023, they decided to change the profit-sharing ratio to $2:5:3$. On 31st March, 2023 their Balance Sheet was as follows: Assets Amount ($$) Liabilities Amount ($$) Capital: Land $5,00,000$ Building $3,00,000$ Stock $1,50,000$ Debtors $5,00,000$ Cash $3,00,000$ Investments $2,00,000$ Total $17,00,000$ It was decided that: (i) Value of land has increased and it is to be taken at $6,50,000$. (ii) Value of goodwill was estimated at $2,00,000$. Goodwill is not to be shown in the books of the firm. Pass necessary adjusting journal entries in the books of the firm.

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 ($) Capitals : Frank 4,00,000 George 3,00,000 Hemant 2,00,000 9,00,000 Creditors 5,00,000 General Reserve 2,00,000 17,00,000 Assets Amount ($) Land 5,00,000 Building 3,00,000 Machinery 2,00,000 Stock 1,50,000 Debtors 2,50,000 Cash 3,00,000 17,00,000 It was decided that : (i) The value of land having appreciated be brought up to $6,50,000$. (ii) Goodwill of the firm was valued at $2,00,000$. Goodwill was not to appear in the books of the firm. Pass the necessary journal entries in the books of the firm.

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 the same.

Rishan, Suzane and Tapti were partners in a firm sharing profits and losses equally. On 31st March, 2023 their Balance Sheet was as follows : Balance Sheet of Rishan, Suzane and Tapti as at 31st March, 2023 Liabilities Amount ($) Creditors 60,000 General Reserve 60,000 Capital : Rishan 1,25,000 Suzane 1,05,000 Tapti 55,000 2,85,000 Assets Amount ($) Cash at Bank 25,000 Debtors 40,000 Stock

(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. First and final call was made afterwards and duly received. Pass necessary journal entries for the above transactions.

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

(b) _________ the following :

(a) Which of the following analysis of financial statements indicates the trend and direction of financial position and operating results ?

(b) _____________ indicate the speed at which activities of the business are being performed.

How is navigation conducted from the first to the last filled cells of clusters when moving one cell at a time in a row ?

On 1st April, 2022, Bellfont Ltd. issued 5,000, 7% Debentures of $500$ each at a premium of 5%, redeemable at a premium of 10% after five years. The company had a balance of $3,25,000$ in Securities Premium Account before the issue. Pass journal entries for issue of debentures and for writing off Loss on utilising Securities Premium Account at the end of the first year itself.

I : Complete redemption of preference shares from Profit and Loss A/c II : Payment of dividend Choose the correct option with reference to the above two statements :

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

(b) Which of the following is not contained on formula tab on Excel ribbon ?

On 1st April, 2022, Bellfont Ltd. issued 5,000, 7% Debentures of $500$ each at a premium of 5%, redeemable at a premium of 10% after five years. The company had a balance of $3,25,000$ in Securities Premium Account before the issue. Prepare Loss on Issue of Debentures Account for the year ended 31st March, 2023.

A company’s debt-equity ratio is $3:2$. Which of the following transactions will increase this ratio ?

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.

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 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 $4/1$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 ratio, by bringing or paying off cash, as the case may be. Prepare Revaluation Account and P Capital Accounts.

As per Schedule III, Part I of Companies Act, 2013, classify the following items under the major heads and sub-heads, if any, in the Balance Sheet of the company: (a) Loose tools (b) Provision for tax (c) Copyrights

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) Loose Tools (b) Provision for Tax (c) Copyrights

function ?

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 ratio, by bringing or paying off cash, as the case may be. Prepare Revaluation Account and P Capital Accounts.

Calculate debt ratio on the basis of total assets from the following information:

From the following information, calculate:

of Computerised Accounting System.

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

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

Using the worksheet, find out the error and its reason for the given

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

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 :