CBSE(NCERT) GRADE 12 ACCOUNTANCY 2024 SET9

Assertion (A): When the shares are forfeited, share capital account is debited with the amount called up and credited to respective unpaid calls account i.e., calls in arrears and 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:

Assertion (A): Already recorded in accounting records must be reversed. Reason (R): Already recorded in accounting records must be reversed.

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?

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:

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

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:

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:

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:

Nikhil, Arun and Mansi were partners in a firm sharing profits and losses in the ratio of $4:3:3$. With effect from 1st April, 2023, they decided to share profits and losses in the ratio of $5:3:2$. Due to this change, Mansi's gain or sacrifice 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 $80,000 at 80%, in part settlement of their amount of $90,000. The balance amount was paid to the creditors by cheque. The amount paid by cheque to the creditors 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 1/3rd of her share and Tara surrendered 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

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 :

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) : Reason (R) : re of profit or loss, interest on capital, drawings, interest on drawings Choose the correct option from the following :

Seema and Laksh were partners in a firm sharing profits and losses in the ratio of 2 : 1. Their capitals were < 2,00,000 and < 1,80,000 respectively. They admitted Aadi as a new partner on 1st April, 2023 for 1/5th share in future profits. Aadi brought < 1,50,000 as his share of

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 1/5th 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 :

Sangeet, Anju and Shiva were partners in a firm sharing profits and losses in the ratio of 3 : 4 : 5. Sangeet died on 31st July, 2023. The deceased partner'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 < 40,00,000 and sales from 1st April, 2023 to 31st July, 2023 were < 10,00,000. The profit for the year ended 31st March, 2023 was < 4,00,000. Calculate Sangeet's share of profit up to the date of death and pass necessary journal entry in the books of the firm. Show your workings clearly.

The average profit for last five years of a firm of Suman and Dhawan was < 6,00,000. The normal rate of return in a similar business is 10%. Goodwill of the firm is valued at < 40,00,000 calculated by capitalisation of super profit. Find out the amount of capital employed by the firm.

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.

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 to Misha and < 540 to Prisha. Misha brought < 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.

Shri Ganga Ltd. was registered with an authorised capital of $\langle 7,00,000$ divided into equity shares of $\langle 10$ each. It offered to the public for subscription 50,000 equity shares. The amount was payable as follows: On application: $\langle 4$ per share On allotment: $\langle 4$ 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

Frank, George and Hemant were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. From 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: 31st March, 2023 Balance Sheet of Frank, George and Hemant Liabilities Amount (<) Assets Amount (<) Capital: Frank 4,00,000 Land and Building 5,00,000 George 3,00,000 Stock 1,50,000 Hemant 2,00,000 Sundry Debtors 2,50,000 Creditors 3,00,000 Furniture 1,00,000 Reserve Fund 2,00,000 9,00,000 17,00,000

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

David, Eden and Flora were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. On 31st March, 2023, their Balance Sheet was as follows: Balance Sheet of David, Eden and Flora as at 31st March, 2023 Liabilities Amount ($\langle$) Assets Amount ($\langle$) Capital : Fixed Assets 10,00,000 David 6,00,000 Investments 5,00,000 Eden 6,00,000 Stock 3,00,000 Flora 6,00,000 18,00,000 Bills Receivable 2,00,000 General Reserve 3,00,000 Cash at Bank 2,00,000 Bills Payable 1,00,000 22,00,000 22,00,000 On the above date, the firm was dissolved on the following terms: (i) Fixed Assets were realised at 15% less than the book value. (ii) Trade Receivab

David, Eden and Flora were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. On 31st March, 2023, their Balance Sheet was as follows: Balance Sheet of David, Eden and Flora as at 31st March, 2023 Liabilities Amount ($) Capital: David 6,00,000 Eden 6,00,000 Flora 6,00,000 18,00,000 General Reserve 3,00,000 Bills Payable 1,00,000 Assets Amount ($) Fixed Assets 10,00,000 Investments 5,00,000 Stock 3,00,000 Bills Receivable 2,00,000 Cash at Bank 2,00,000 22,00,000 22,00,000 On the above date, the firm was dissolved on the following terms: (i) Fixed Assets were realised at 15% less than the book value. (ii) Trade Receivables were realised at book value. (iii) Investments were taken over by Flora at $6,00,000$. (iv) David took over 50% of the stock at $1,80,000$. The remaining stock was taken over by Eden at $95,000$. (v) Expenses of realisation amounted to $25,000$ and were paid by Flora. Prepare Realisation Account.

(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) 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 $4\frac{1}{4}$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.

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

____________ indicate the speed at which activities of the business are being performed.

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

__________ the following :

the following:

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

On 1st April, 2022, Centafit Ltd. issued 2,000, 7% Debentures of $500$ each at a premium of 10%, redeemable at a premium of 10% after five years. The company had a balance of $1,75,000$ in Securities Premium Account before the issue. (a) 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. (b) Prepare Loss on Issue of Debentures Account for the year ended 31st March, 2023.

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.

(a) Pass necessary journal entries for forfeiture and reissue of shares in the following cases: 6 (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

Statement I : Statement II : In the context of the above two statements, choose the correct option:

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 ?

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) Capital Work-in-Progress (b) Stores and Spares (c) Public Deposits

Explain transparency and control and accuracy and speed as features of Computerised Accounting System.

as features of Computerised Accounting System.

From the following information, calculate: Particulars Creditors 3,50,000 Bills Payable 1,50,000 10% Debentures 5,00,000 Share Capital 12,00,000 Reserves and Surplus 3,00,000

What is the function of PMT ?

function ?

(a) From the following Balance Sheet of Hira Ltd. as at 31st March, 2023, prepare Comparative Balance Sheet: Balance Sheet of Hira Ltd. as at 31st March, 2023 Particulars Note no. 31.3.2023 (<) 31.3.2022 (<) I Equity and Liabilities : 1. (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 of NK Ltd., prepare a Common Size Statement of Profit and Loss for the years ended 31st March, 2022 and 31st March, 2023: Particulars 31.3.2023 31.3.2022 Revenue from Operations (<) 25,00,000 20,00,000 Cost of Materials Consumed (<) 8,00,000 6,00,000 Employee Benefit Expenses (<) 4,00,000 4,00,000 Income Tax Rate % 20 30

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:

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 (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)