CBSE(NCERT) GRADE 12 ACCOUNTANCY 2025 SET3

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

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 amount of interest on loan payable to Reema for the year ended 31st March, 2024 before charging interest on drawings was:

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:

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:

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:

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:

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

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:

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

White, Shaun and Todd were partners in a firm sharing profits and losses equally. The firm received a loan of 1,00,000. The loan will be recorded in:

Shivalik Ltd. issued 7% debentures of 100 each at a discount of 5% on 1st April, 2023. Discount on issue of debentures, 1,00,000 was completely written off through Statement of Profit and Loss on 31st March, 2024. Debentures account was credited with ____________.

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 :

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 :

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 share 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.

Aman, Suman and Tanvi were partners in a firm sharing profits and losses in the ratio of 9 : 8 : 7. They decided to share future profits and losses in the ratio of 7 : 9 : 8 with effect from 1st April, 2024. Their Balance Sheet as at 31st March, 2024 showed: (i) Contingency Reserve of 24,00,000. (ii) Credit Balance of 12,00,000 in Profit and Loss Account. Goodwill of the firm was valued at 42,00,000 and revaluation of assets and liabilities resulted in a loss of 6,00,000. The partners did not want to distribute the Contingency Reserve and the Balance of 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. Show your workings clearly.

Vishal and Pulkit were partners in a firm sharing profits and losses in the ratio of 7 : 3. The following is the extract of their Balance Sheet as at 31st March, 2024. Balance Sheet of Vishal and Pulkit as at 31st March, 2024 Liabilities Amount Assets Amount Investment Fluctuation Fund 5,00,000 Investments 50,00,000 Workmen Compensation Fund 25,00,000 On 1st April, 2024, Tarun was admitted as a new partner for share in the profits of the firm on the following terms: (i) Market value of investments was 44,00,000. (ii) Claim on account of Workmen Compensation was estimated at 25,00,000. Pass necessary journal entries for treatment of Investment Fluctuation Fund and Workmen Compensation Fund on admission.

(a) 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.

(b) 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.

(a) 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. 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.

(b) 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.

CD Ltd. invited applications for issuing 2,000, 12% debentures of 100 each at a premium of 10 per debenture. The amount was payable as follows: On Application 50 per debenture; On Allotment 60 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 CD Ltd.

Gopal, Heera and Iqbal were partners in a firm sharing profits and losses equally. Iqbal died on 1st April, 2024. The amount payable 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.

Rishika and Shivika were partners in a firm sharing profits and losses in the ratio of 3 : 2. Their Balance Sheet as at 31st March, 2024 stood as follows: Balance Sheet of Rishika and Shivika as at 31st March, 2024 Liabilities Amount ($) Capitals: Rishika 30,00,000 Shivika 20,00,000 50,00,000 Creditors 40,00,000 95,00,000 Assets Amount ($) Equipment 45,00,000 Investments 5,00,000 Debtors 35,00,000 Stock 8,00,000 Cash at Bank 2,00,000 95,00,000 The firm was dissolved on the above date and the following transactions took place: (i) Equipment were given to creditors in full settlement of their account. (ii) Investments were sold at a profit of 20% on its book value. (iii) Full amount was collected from debtors. (iv) Stock was taken over by Rishika at 50% discount. (v) Actual expenses of realisation amounted to 2,00,000 which were paid by the firm. Prepare Realisation Account.

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 ($) Capitals: Atharv 8,00,000 Anmol 4,00,000 12,00,000 General Reserve 3,50,000 Creditors 9,10,000 24,60,000 Assets Amount ($) Fixed Assets 14,00,000 Stock 4,90,000 Debtors 5,60,000 Cash 10,000 24,60,000 On 1st April, 2024, Surya was admitted as a new partner for $\frac{\,}{\,}$ 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: Capitals - Chandan 7,00,000; Deepak 5,00,000; Elvish 3,00,000; General Reserve 4,50,000; Creditors 13,50,000. Total 33,00,000. Assets: Fixed Assets 27,00,000; Stock 3,00,000; Debtors 2,00,000; Cash 1,00,000. Total 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) I Equity and Liabilities: 1. (a) Share Capital

Notes to Accounts as at 31st March, 2023 and 31st March, 2024 showing Share Capital details and calls-in-arrears figures.

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

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.

The technique which studies 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 _________.

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

Cash Flow Statement is prepared in accordance with :

Which of the following statements is correct ?

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

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

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 :

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

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) Public Deposits (b) Licences and Franchise (c) Accrued

Write the advantages of using Graphs.

From the following information of AK Ltd., prepare a Comparative Statement of Profit and Loss for the year ended 31st March, 2024. Particulars | 2023-24 | 2022-23 Revenue from Operations | 8,00,000 | 4,00,000 Other Income | 1,60,000 | 80,000 Employee Benefit Expenses | 50% of Revenue from Operations Tax rate | 50%

Differentiate between tailored and specific softwares on any three basis.

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

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

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

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

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

On forfeiture of shares, the amount credited to Share Forfeiture Account was:

If all the forfeited shares are reissued at 9 per share fully paid-up, the amount transferred to Capital Reserve will be:

If the forfeited shares are reissued at a minimum reissue price, the amount transferred to Capital Reserve will be:

OR (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.

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

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