CBSE(NCERT) GRADE 12 ACCOUNTANCY 2025 SET2

Rajat and Samar were partners in a firm sharing profits and losses in the ratio of 5 : 3. Tarun was admitted as a new partner for $\frac{1}{5}$th share in the profits of the firm. Tarun brought 5,00,000 as his share of capital and 3,00,000 as his share of goodwill premium. The value of goodwill of the firm was :

Elvis, Finch and Gordon entered into a partnership on 1st July, 2023 with capitals of 20,00,000 each. The partnership deed provided for interest on capital @ 10% per annum. The firm earned a net profit of 13,50,000 for the year ended 31st March, 2024. The amount of profit transferred to Elvis

OR (b) 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 :

The above statement highlights which of the following feature of partnership ?

In the ratio 8 : 7 : 5, a partner brought capital of 5,00,000 on 1st July, 2023. The net profit for the year ended 31st March, 2024 was 2,15,000. The share of profit of the partner is :

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. The firm earned a net profit of 2,15,000 for the year ended 31st March, 2024 before charging interest on loan. The amount of profit shared by Reema will be :

White, Shaun and Todd were partners in a firm sharing profits and losses equally. White advanced a loan of 1,00,000 to the firm. The account in which the loan will be recorded is :

In the ratio 4 : 3, a partner brought capital of 5,00,000. Interest on capital @ 10% was 4,00,000. The capital of the other partner is :

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 :

Assertion (A) : Interest on a partner's loan is an appropriation and not to Profit and Loss Account. Reason (R) : Interest on partner's loan is a charge against profits. Choose the correct option from the following :

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 $\frac{1}{4}$ share in the profits of the firm. Mark was to bring $\frac{1}{4}$ 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 :

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 $\frac{1}{5}$ 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 :

(a) Tavish, Umesh and Varun were partners in a firm sharing profits and losses in the ratio of 4 : 3 : 2. Tavish retired. Umesh and Varun decided to share profits and losses in future in the ratio of 5 : 3. The gaining share of Umesh will be :

(b) 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 :

(a) Tavish, Umesh and Varun were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. Tavish retired on 30th June, 2024. The profit of the firm for the year ended 31st March, 2024 was 24,00,000 and the profit up to 30th June, 2024 was 15,00,000. The amount of share of profit of Tavish up to 30th June, 2024 was :

Ajit, Biswas and Chitra were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. Biswas died on 30th September, 2024. The firm closes its books on 31st March every year. The amount of profits till the date of death from the last Balance Sheet date, was to be calculated on the basis of sales. Sales for the year ended 31st March, 2024 amounted to 24,00,000 and that from 1st April, 2024 to 30th September, 2024 amounted to 15,00,000. The profits for the year ended 31st March, 2024 were 2,40,000.

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 :

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

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.

Nishu, Rishu and Kishu were partners in a firm sharing profits and losses in the ratio of 8 : 7 : 5. They decided to share future profits and losses in the ratio of 5 : 8 : 7 with effect from 1st April, 2024. Their Balance Sheet as at 31st March, 2024 showed: (i) General Reserve 10,00,000. (ii) Debit Balance of 2,00,000 in Profit and Loss Account. Goodwill of the firm was valued at 20,00,000 and revaluation of assets and liabilities resulted in a profit of 7,00,000. The partners did not want to distribute the General Reserve and the balance of 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. Show your workings clearly.

Sudhir and Balbir were partners in a firm sharing profits and losses in the ratio of 5 : 4. The following is the extract of their Balance Sheet as at 31st March, 2024. Balance Sheet of Sudhir and Balbir as at 31st March, 2024 Liabilities Amount Assets Amount Investment Fluctuation Fund 15,00,000 Investments 75,00,000 Workmen Compensation Fund 50,00,000 On 1st April, 2024, Sushant was admitted as a new partner for share in the profits of the firm on the following terms: (i) Market value of investments was 60,00,000. (ii) Claim on account of Workmen Compensation was estimated at 41,00,000. Pass necessary journal entries for treatment of Investment Fluctuation Fund and Workmen Compensation Fund on admission.

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. The 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.

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.

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.

PQ Ltd. invited applications for issuing 6,000, 11% debentures of 100 each at a premium of 10 per debenture. The amount was payable as follows: On Application 30 per debenture On Allotment 80 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 PQ 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 paid in two equal annual instalments of 2,00,000 each, with interest @ 10% per annum. Accounts are closed on 31st March every year.

Manav and Namit were partners in a firm sharing profits and losses in the ratio of 3 : 2. Their Balance Sheet as at 31st March, 2024 was as follows: Balance Sheet of Manav and Namit as at 31st March, 2024 Liabilities Amount Assets Amount Capitals: Machinery 8,00,000 Manav 4,00,000 Investments 5,00,000 Namit 6,00,000 10,00,000 Debtors 12,00,000 Bank Overdraft 9,00,000 Stock 3,00,000 Creditors 10,00,000 Cash in Hand 1,00,000 29,00,000 29,00,000 The firm was dissolved on the above date and the following transactions took place: (i) Stock was given to creditors in full settlement of their account. (ii) Investments were taken over by Manav at 120% of book value. (iii) Bad debts amounted to 2,00,000. (iv) Machinery was realised at 50% discount. (v) Realisation expenses amounted to 1,00,000 which were paid by Namit. Prepare Realisation Account.

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.

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

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: Atharv 8,00,000; Anmol 4,00,000 | 12,00,000 | Fixed Assets | 14,00,000 General Reserve | 3,50,000 | Stock | 4,90,000 Creditors | 9,10,000 | Debtors | 5,60,000 | | Cash | 10,000 | 24,60,000 | | 24,60,000 On 1st April, 2024, Surya was admitted as a new partner for 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 on the basis of or brought in by the old partners, as the case may be.

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: Chandan 7,00,000; Deepak 5,00,000; Elvish 3,00,000 | 15,00,000 | Fixed Assets | 27,00,000 General Reserve | 4,50,000 | Stock | 3,00,000 Creditors | 13,50,000 | Debtors | 2,00,000 | | Cash | 1,00,000 | 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.

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 Notes to Accounts as at 31st March, 2023 Note No. | Particulars | 31.03.2023 (₹) 1. Share Capital Authorised Capital 4,50,000 Equity Shares of 10 each | 45,00,000 Issued Capital 2,50,000 Equity Shares of 10 each | 25,00,000 Subscribed Capital Subscribed and fully paid-up 2,50,000 Equity Shares of 10 each | 25,00,000 Subscribed but not fully paid-up NIL | 25,00,000

The code that enables identification of missing documents is :

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

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

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 :

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

(a)

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

(a) Which of the following is a text or special character, used for rows, columns or descriptive information, and can be treated mathematically? OR (b) 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) Calls-in-Advance

Differentiate between tailored and specific softwares on any three basis.

From the following information, prepare a Common Size Statement of Profit and Loss of Betanik Ltd. for the year ended 31st March, 2024.

Write the advantages of using Graphs.

(a) From the following information, calculate Interest Coverage Ratio : OR (b) Calculate the amount of Opening Trade Receivables and Closing Trade Receivables from the following information :

(a) What are the different phases of accounting cycle which can be processed through the use of computers? OR (b) List eight uses of accounting softwares.

From the following information, prepare Cash Flow Statement for the year ended 31.03.2024.

numeric value ? How can you correct it ?

Equity share capital issued during the year 2023-24 amounted to:

The number of shares on which the amount called-up was not received were:

On 1st April, 2024, Sankalp Ltd. forfeited all the shares on which the called-up amount was not received. Share Capital will be debited with:

On forfeiture of shares, the amount received on the forfeited shares will be:

If all the forfeited shares are reissued at ₹9 per share fully paid-up, the capital reserve will be:

If the forfeited shares are reissued at a minimum reissue price, the capital reserve will be:

Cash Flow Statement is prepared in accordance with:

Which of the following statements is correct?

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

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