CBSE(NCERT) GRADE 12 ACCOUNTANCY 2025

Prakhar and Rajan were partners in a firm sharing profits and losses in the ratio of 3 : 2 with capitals of 10,00,000 and 9,00,000 respectively. Siddharth was admitted as a new partner for th share in the profits of the firm. The new profit sharing ratio between Prakhar, Rajan and Siddharth was agreed at 12 : 8 : 5. The sacrificing ratio of Prakhar and Rajan will be : 1

Kabir and Lara were partners in a firm sharing profits and losses in the ratio of 5 : 3. Mark was admitted as a new partner for th share in the profits of the firm. Mark was to bring th of the combined capital of Kabir and Lara after all adjustments are carried out. The capitals of Kabir and Lara after all adjustments were 8,00,000 and 7,00,000 respectively. The capital brought by Mark was : 1

Assertion (A) : Appropriation Account and not to Profit and Loss Account. Reason (R) : riation of profit, it is not a charge against profits. Choose the correct option from the following :

Neeru and Pooja were partners in a partnership firm sharing profits and losses in the ratio of 4 : 3. The firm earned average profits of 5,00,000 during the last few years. The normal rate of return in a similar business is 10%. The average super profits of the firm were 4,00,000. The amount of capital employed by the firm was :

Share Capital Redemption Reserve can be utilised :

Reema, Meesha and Shikha were partners in a partnership firm sharing profits and losses in the ratio of 8 : 7 : 5. On 1st October, 2023, Reema advanced a loan of 5,00,000 to the firm. There is no partnership deed. 31st March, 2024 before charging 2,15,000. The amount of profit :

An offer of securities or invitation to subscribe securities to a select group of persons is called :

Diksha Ltd. invited applications for issuing 1,00,000 equity shares of 10 each at a premium of 10%. The whole amount was payable on application. Applications were received for 3,00,000 equity shares. The company decided to allot the shares on pro-rata basis to all the applicants. The amount refunded by the company was :

On 1st April, 2024, Bright Ltd. issued 20,000, 11% debentures of 100 each at a premium of 10%, redeemable at a premium of 10%. Loss on issue of debentures was :

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

That portion of the called-up capital which has been actually received from the shareholders is called :

Keya Ltd. issued 2,00,000, 8% debentures of $100 each at 10% discount on 1st April, 2023. Interest is payable half-yearly on 30th September and 31st March every year. Interest written off on 31st March, 2024 was:

Asit, Sonu and Hina were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. Asit retired and the balance in his capital account after making necessary adjustments on account of reserves and revaluation of assets and liabilities was 40,00,000. Sonu and Hina agreed to pay him 45,00,000 in full settlement of his claim. The value of goodwill of the firm was:

Isha, Julie and Kavita were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. The firm closes its books on 31st March every year. On 12th June, 2024, Kavita died. Her share in the profits of the firm from the last Balance Sheet till the date of her death was:

Alok, Sameer and Tushar were partners in a firm sharing profits and losses in the ratio of 4 : 3 : 2. With effect from 1st April, 2024, they decided to share future profits and losses in the ratio of 3 : 2 : 4. Their Balance Sheet as at 31st March, 2024 showed the following: (i) Advertisement Suspense Account 90,000. (ii) Credit Balance of 2,70,000 in Profit and Loss Account. Goodwill of the firm was valued at 4,50,000 and revaluation of assets and liabilities resulted in a loss of 1,80,000. Partners did not want to distribute the amount of Advertisement Suspense Account and the Profit and Loss Account. They also decided that revalued values of assets and liabilities were not to be recorded in the books. Pass a single adjustment entry to give effect to the above. Also show your workings clearly.

Mallark Ltd. purchased assets of book value 40,00,000 and took over liabilities of 5,00,000 from Naroha Ltd. It was agreed that the purchase consideration, 36,00,000 be paid by issuing 7% debentures of 100 each at a premium of 20%. Record the journal entries in the books of Mallark Ltd. for the above transactions.

Vinay and Pankaj were partners in a firm sharing profits and losses in the ratio of 3 : 2. The following is the extract of their Balance Sheet as at 31st March, 2024: Balance Sheet of Vinay and Pankaj as at 31st March, 2024 Liabilities Amount Assets Amount Investment Fluctuation Fund 6,00,000 Investments 15,00,000 Workmen Compensation Fund 8,00,000 On 1st April, 2024, Parth was admitted as a new partner for th share in the profits of the firm on the following terms: (i) Market value of investments was 13,00,000. (ii) Claim on account of Workmen Compensation was estimated at 9,00,000. Pass necessary journal entries for treatment of Investment Fluctuation Fund and Workmen Compensation Fund.

Sunlock Ltd. purchased assets of book value 50,00,000 and took over liabilities of 6,00,000 from Moondock Ltd. It paid the purchase consideration by issue of 46,000, 8% debentures of 100 each at a discount of 10%. Record the journal entries in the books of Sunlock Ltd.

Abhay and Sujoy entered into partnership on 1st April, 2024 with capitals of 80,00,000 and 60,00,000 respectively. The partners decided to share profits in the ratio of their capital contribution. They withdrew 6,00,000 and 4,00,000 respectively during the year. The partners were charged interest on drawings @ 10% per annum as per the provisions of the partnership deed. Sujoy's share of profit was guaranteed by Sujoy at a minimum of 3,50,000 per annum. The profit of the firm for the year ended 31st March, 2024 amounted to 6,50,000. Prepare Profit and Loss Appropriation Account of the firm for the year ended 31st March, 2024.

Sonia and Shruti were partners in a firm sharing profits and losses in the ratio of 5 : 3. On 1st April, 2023 the balance in their fixed capital accounts were 25,00,000 and 15,00,000 respectively. The profit of the firm for the year ended 31st March, 2024 was 24,00,000. Calculate their share of profit if: (i) the partnership deed is silent as to the payment of interest on capital. (ii) the partnership deed provides for interest on capital @ 10% per annum.

EF Ltd. invited applications for issuing 4000, 10% debentures of 100 each at a premium of 10 per debenture. The amount was payable as follows: On application 40 per debenture On allotment 70 per debenture (including premium) The debentures were fully subscribed and all money was duly received. Pass necessary journal entries for the above transactions in the books of EF Ltd.

Gopal, Heera and Iqbal were partners in a firm sharing profits and losses equally. Iqbal died on 1st April, 2024. The amount due to Iqbal's executor as on the date of death amounted to 4,00,000. Starting from 31st March, 2023, the executor was to be ...

Madhur and Neeraj were partners in a firm sharing profits and losses in the ratio of 3 : 2. The Balance Sheet as at 31st March, 2024 was as follows: Balance Sheet of Madhur and Neeraj as at 31st March, 2024 Liabilities Amount (₹) Assets Amount (₹) Capitals: Madhur 9,00,000 Machinery 7,00,000 Neeraj 8,00,000 17,00,000 Investments 4,00,000 Creditors 6,00,000 Debtors 11,00,000 Bills Payable 2,00,000 Stock 2,00,000 Cash at Bank 1,00,000 25,00,000 25,00,000 The firm was dissolved on the above date and the following transactions took place: (i) Machinery was taken over by creditors in full settlement of their account. (ii) Investments were taken over by Neeraj at 5,00,000. (iii) One of the debtors of 1,00,000 was untraceable. Remaining debtors were realised at 10% less. (iv) Stock was taken over by Madhur at 50% discount. (v) Realisation expenses amounting to 1,00,000 were paid by Madhur. Prepare Realisation Account.

Following is the extract of the Balance Sheet of Sankalp Ltd. as per Schedule III, Part I of the Companies Act, 2013 as at 31st March, 2024 along with the notes to accounts: Balance Sheet of Sankalp Ltd. as at 31st March, 2024 (An extract) Particulars Note No. 31.03.2024 (₹) 31.03.2023 (₹) I Equity and Liabilities: 1. (a) Share Capital 1. 29,80,000 25,00,000

(a) Centurian Ltd. invited applications for issuing 2,00,000 equity shares of 10 each at a premium of 20 per share. The amount was payable as follows: On Application and Allotment 20 per share (including premium 17 per share) On First and Final call 10 per share (including premium 3 per share) Applications were received for 3,00,000 equity shares and allotment was made to the applicants as follows: Category (i) Applicants for 2,00,000 shares were allotted 1,50,000 shares. Category (ii) Applicants for 1,00,000 shares were allotted 50,000 shares. Excess money received on application and allotment was adjusted towards sums due on first and final call. Deepali, who had applied for 2,000 shares, failed to pay the first and final call money. Deepali belonged to Category (i). Her shares were subsequently forfeited. Pass necessary journal entries for the above transactions in the Books of Centurion Ltd. Open Calls-in-Arrears and Calls-in-Advance account, wherever necessary. OR (b) Romerio Ltd. issued 80,00,000, 8% debentures of 100 each on 1st April, 2023 at par, redeemable at a premium of 5%. The company had 3,00,000 in its Securities Premium Account. Give journal entries in the books of Romerio Ltd. relating to the: (i) Issue of Debentures. (ii) Debenture interest for the year ending 31st March, 2024 assuming that interest was paid yearly on 31st March. (iii) Writing off Debenture Interest and Loss on Issue of Debentures.

Atharv and Anmol were partners in a firm sharing profits and losses in the ratio of 5 : 2. Their Balance Sheet as at 31st March, 2024 was as follows: Balance Sheet of Atharv and Anmol as at 31st March, 2024 Liabilities Amount Assets Amount Capitals: Fixed Assets 14,00,000 Atharv 8,00,000 Stock 4,90,000 Anmol 4,00,000 12,00,000 Debtors 5,60,000 General Reserve 3,50,000 Cash 10,000 Creditors 9,10,000 24,60,000 24,60,000 On 1st April, 2024, Surya was admitted as a new partner for th share in the profits of the firm on the following terms: (i) The new profit sharing ratio between Atharv, Anmol and Surya will be 4 : 1 : 2. (ii) Fixed Assets were to be reduced by 10%. (iii) Stock was sold at 4,20,000. (iv) Surya shall bring 3,00,000 as capital and 2,00,000 for his share of goodwill premium in cash. (v) Capital accounts of old partners be adjusted

Chandan, Deepak and Elvish were partners in a firm sharing profits and losses in the ratio of 1 : 2 : 2. Their Balance Sheet as at 31st March, 2024 stood as follows: Balance Sheet of Chandan, Deepak and Elvish as at 31st March, 2024 Liabilities Amount ($) Assets Amount ($) Capitals: Fixed Assets 27,00,000 Chandan 7,00,000 Stock 3,00,000 Deepak 5,00,000 Debtors 2,00,000 Elvish 3,00,000 15,00,000 Cash 1,00,000 General Reserve 4,50,000 Creditors 13,50,000 33,00,000 33,00,000 Chandan retired from the firm on 1st April, 2024 on the following terms: (i) Fixed assets were to be depreciated by 10%. (ii) Debtors of 30,000 were to be written off as bad debts. (iii) Goodwill of the firm was valued at 6,00,000 and the accounts of the remaining partners. (iv) Chandan was paid through cash brought in by Deepak and Elvish in such a way so as to make their capitals proportionate to their new profit sharing ratio.

The Quick Ratio of a company is 2 : 1. Which of the following transactions will result in decrease of this ratio?

(a)

Statement I: Snow Ltd. made a net profit of 5,00,000 after taking into consideration interest on investment of 1,00,000. Operating profit before working capital changes would be 4,00,000. Statement II: To calculate operating profit, before working capital changes, interest on investment is subtracted from net profit because it is a non-operating income. Choose the correct option from the following:

It is a widely accepted security control. It uses binary coding format of storage to offer access to database. It is known as :

What is the activity sequence of the basic information processing model ?

_________ trend and direction of financial position and operating results is :

(a) The code that enables identification of missing documents is :

While preparing Common Size Statement of Profit and Loss of a company, each item is expressed as a percentage of _________.

Classify the following items under major heads and sub-heads (if any) in the Balance Sheet of the

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) Prepaid expenses (b) Capital Work-in-Progress (c) Interest accrued and due on debentures

Write the advantages of using Graphs.

Cash Flow Statement is prepared in accordance with:

From the following information of KL Ltd., prepare a Common Size Statement of Profit and Loss for the year ended 31st March, 2024 : Particulars Revenue from Operations 20,00,000 Other Income 5,00,000 Cost of Materials Consumed 12,00,000 Employee Benefit Expenses 6,00,000 Depreciation 2,00,000

Differentiate between tailored and specific softwares on any three basis

Which of the following statements is correct?

(a) From the following information, calculate Interest Coverage Ratio : Particulars Profit after Tax 6,30,000 Tax Rate 30% 15% Debentures 20,00,000 Equity Share Capital 10,00,000

(b) Calculate the amount of Opening Trade Receivables and Closing Trade Receivables from the following information : Trade Receivables Turnover Ratio = 5 times Cost of Revenue from operations = 8,00,000 Gross Profit Ratio = 20% Closing Trade Receivables were 40,000 more than that in the beginning. Cash sales were times of Credit sales.

(a) What are the different phases of accounting cycle which can be processed through the use of computers?

(b) List eight uses of accounting softwares.

The following information is available from the books of a company : Particulars 31.03.2024 31.03.2023 10% Long Term Investments 2,50,000 4,50,000 Plant and Machinery 8,00,000 6,00,000 Goodwill 1,40,000 1,00,000 Investment 14,00,000 5,00,000 Patents 1,50,000 Additional Information : (i) A machine costing 60,000 (depreciation provided thereon 18,000) was sold for 48,000. Depreciation charged during the year was 60,000. (ii) Dividend received from Pinnacle Ltd. 40,000. (iii) Interest received on 10% Long Term Investments 45,000. (iv) Patents were sold at their book value.

State the steps to be followed to copy or import the data into required cells of Excel worksheet.

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

(b) Absence of data item is represented by a special value i.e. :