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CBSE Class 12 Board Exam 2024 : Accountancy

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SET ~ 1 Series : WXYZ/S - . Q.P. Code 67/S/1 Roll No. - - - Candidates must write the Q.P. Code on the title page of the answer-book. (I) - 39 *5120EAB* Please check that this question paper contains 39 printed pages. (II) - - - - Q.P. Code given on the right hand side of the question paper should be written on the title page of the answer-book by the candidate. (III) - 34 Please check that this question paper contains 34 questions. (IV) , - Please write down the Serial Number of the question in the answer-book at the given place before attempting it. (V) # - 15 - - 10.15 10.15 10.30 - 15 minute time has been allotted to read this question paper. The question paper will be distributed at 10.15 a.m. From 10.15 a.m. to 10.30 a.m., the candidates will read the question paper only and will not write any answer on the answer-book during this period. ACCOUNTANCY : 3 : 80 Time allowed : 3 hours 67/S/1 Maximum Marks : 80 #1# P.T.O. : : - 34 (i) (ii) - (iii) (iv) I : II : 1 16 ( ) 27 30 ( ) (v) 1 17 20 ( ) 31 32 ( ) - (vi) 3 21 22 ( ) 33 ( ) - -I (vii) 4 23 26 ( ) 34 ( ) - -II (viii) 6 - , (ix) ( ) 1. , 5 : 3 : 2 - : 3,00,000, 2,00,000 1,00,000 8% 10% : 1 (A) (B) (C) (D) 67/S/1 ( ) 400 ( ) 200 200 400 400 400 400 200 200 400 #2# General Instructions : Read the following instructions carefully and follow them : (i) This question paper contains 34 questions. All questions are compulsory. (ii) This question paper is divided into two parts Part A and Part B. (iii) Part A is compulsory for all candidates. (iv) Part B has two options. Candidates have to attempt only one of the given options. Option I : Analysis of Financial Statements Option II : Computerised Accounting (v) Questions number 1 to 16 (Part A) and Questions number 27 to 30 (Part B) are multiple choice questions. Each question carries 1 mark. (vi) Questions number 17 to 20 (Part A) and Questions number 31 and 32 (Part B) are short answer type questions. Each question carries 3 marks. (vii) Questions number 21 and 22 (Part A) and Question number 33 (Part B) are Long answer type-I questions. Each question carries 4 marks. (viii) Questions number 23 to 26 (Part A) and Question number 34 (Part B) are Long answer type-II questions. Each question carries 6 marks. (ix) There is no overall choice. However, an internal choice has been provided in few questions in each of the parts. PART A (Accounting for Partnership Firms and Companies) 1. Kamal, Vimal and Nirmal are partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. Their fixed capitals were 3,00,000, 2,00,000 and 1,00,000 respectively. Interest on capital was credited to them @ 10% p.a. instead of 8% p.a. The Adjustment Entry to rectify the error will be : Dr. Cr. Particulars Amount ( ) Amount ( ) (A) Kamal s Current A/c Dr. 400 To Vimal s Current A/c 200 (B) (C) (D) 67/S/1 To Nirmal s Current A/c Kamal s Current A/c Dr. To Nirmal s Current A/c Vimal s Current A/c Dr. To Nirmal s Current A/c Vimal s Current A/c Dr. Nirmal s Current A/c Dr. To Kamal s Current A/c #3# 1 200 400 400 400 400 200 200 400 P.T.O. 2. 3. , (A) (R) (A) : , (R) : - , , , , , : (A) (A) (R) (R), (A) (A) (R) , (R), (A) (B) (A) , (R) (C) (A) , (R) (D) 1 ( ) 1 - ? (A) (B) (C) (D) ( ) 67/S/1 , 2023 , : 1 (A) 70,000 (B) 63,000 (C) 90,000 (D) 35,000 100 7,000, 9% 10% 31 , 2024 1 #4# 2. There are two statements, Assertion (A) and Reason (R). Assertion (A) : Under the fluctuating capital method, only one account, i.e., capital account is maintained for each partner. Reason (R) : All the adjustments such as share of profit and loss, interest on capital, drawings, interest on drawings, salary or commission to partners, etc. are recorded directly in the capital accounts of the partners. Choose the correct alternative from the following : (A) 1 Both Assertion (A) and Reason (R) are correct and Reason (R) is the correct explanation of Assertion (A). (B) Both Assertion (A) and Reason (R) are correct, but Reason (R) is not the correct explanation of Assertion (A). 3. (C) Assertion (A) is correct, but Reason (R) is incorrect. (D) Assertion (A) is incorrect, but Reason (R) is correct. (a) Which of the following statements is true for Reserve Capital ? 1 (A) It is the portion of the uncalled capital to be called only in the event of winding up of the company. (B) It is that part of the authorised capital that is actually issued to the public for subscription. (C) It is a part of the subscribed capital which has been called up to subscribe. (D) It is that portion of the called up capital which has been actually received from the shareholders. OR (b) On 1st April, 2023, Saya Ltd. issued 7,000, 9% debentures of 100 each at a premium of 10%. The total amount of interest on debentures for the year ending 31st March, 2024 will be : 67/S/1 (A) 70,000 (B) 63,000 (C) 90,000 (D) 35,000 #5# 1 P.T.O. 4. ( ) 1 4 5,00,000 20,00,000 12,00,000 : (A) 13,00,000 (B) 20,00,000 (C) 8,00,000 (D) 7,00,000 ( ) 3 : 2 - 1 , 2024 , 1 5 , 6,30,000 , 10% : . ( ) ( ) (A) 63,000 63,000 (B) 70,000 70,000 (C) 70,000 70,000 (D) 63,000 63,000 5. 67/S/1 - - 1 , 2024 2 5,00,000 10% 31 , 2024 2,10,000 : (A) 2,50,000 (B) 1,40,000 (C) 1,10,000 (D) 3,20,000 #6# 1 1 1 4. (a) Ali and Bani were partners in a firm. They admitted Chaman as a 1 new partner with th share in the profits of the firm. Chaman 4 brought 5,00,000 as his share of capital. The value of assets of the firm on Chaman s admission was 20,00,000 and outside liabilities were 12,00,000. The goodwill of the firm on Chaman s admission was : (A) 13,00,000 (C) 8,00,000 (B) (D) 1 20,00,000 7,00,000 OR (b) Mohit and Rohit were partners in a firm sharing profits and losses in the ratio of 3 : 2. On 1st April, 2024, they admitted Radha for 1 th share in the profits of the firm. Before Radha s admission, the 5 Balance Sheet of Mohit and Rohit showed furniture at 6,30,000. On admission of Radha, it was found undervalued by 10%. The journal entry for the above adjustment on Radha s admission will be : (A) (B) (C) (D) 5. 67/S/1 Journal Account Dr. Amount Cr. Amount Particulars No. ( ) ( ) Revaluation A/c Dr. 63,000 To Furniture A/c 63,000 Furniture A/c Dr. 70,000 To Revaluation A/c 70,000 Revaluation A/c Dr. 70,000 To Furniture A/c 70,000 Furniture A/c Dr. 63,000 To Revaluation A/c 63,000 P and Q are partners in a firm sharing profits and losses equally. They admitted R into the partnership firm on 1 st April, 2024. It was decided to value goodwill at 2 years purchase of super profits. The capital of the firm of P and Q was 5,00,000 and the normal rate of return on capital employed was 10%. During the year ended 31 st March, 2024, the profit of the firm was 2,10,000. The value of goodwill of the firm was : (A) 2,50,000 (B) 1,40,000 (C) 1,10,000 (D) 3,20,000 #7# 1 1 P.T.O. 6. 7. 100 40,000, 10% 5% , 10% : (A) 5,60,000 (B) 2,40,000 (C) 6,00,000 (D) 4,00,000 ( ) 10 1,000 2 2 , : , : (A) 6,000 (B) 2,000 (C) 4,000 (D) 8,000 1 1 ( ) 8. ( ) , __________ (A) (B) (C) (D) , 4 : 3 : 1 - 1 , 2024 , - 3 : 1 : 4 , : 1 2 (A) (B) (C) 8 3 8 (D) 8 2 8 1 1 ( ) 67/S/1 , 3 : 2 : 2 - 4 : 3 : (A) 2:1 (B) 3:2 (C) 4:3 (D) 1:1 #8# 1 6. 7. Precious Ltd. issued 40,000 10% Debentures of 100 each at a premium of 5%, redeemable at a premium of 10%. Loss on Issue of Debenture Account will be debited in the books of Precious Ltd. by : (A) 5,60,000 (B) 2,40,000 (C) 6,00,000 (D) 4,00,000 (a) Pawan Ltd. forfeited 1,000 equity shares of 10 per share for non-payment of first call of 2 per share. The final call of 2 per share was yet to be made. The maximum amount of discount at which these shares can be reissued will be : (b) 8. (a) (b) 67/S/1 (A) 6,000 (B) 2,000 (C) 4,000 (D) 8,000 OR The debentures which are payable on the expiry of a specified period either in lump sum or in instalments during the lifetime of the company are known as ____________ debentures. (A) Convertible (B) Redeemable (C) Secured (D) Specific coupon rate Rima, Seema and Atul were partners in a firm sharing profits and losses in the ratio of 4 : 3 : 1. With effect from 1 st April, 2024, they decided to share profits and losses in the ratio of 3 : 1 : 4. Due to change in the profit sharing ratio, Seema s gain or sacrifice will be : (A) Sacrifice (C) Gain 3 8 1 8 (B) Sacrifice (D) Gain 2:1 (B) 3:2 (C) 4:3 (D) 1:1 #9# 1 1 1 2 8 2 8 OR Rohan, Piyush and Suman were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 2. Piyush retired. The new profit sharing ratio between Rohan and Suman after Piyush s retirement was 4 : 3. The gaining ratio of remaining partners will be : (A) 1 1 P.T.O. 1 , 2023 , 10% 6,600 31 , 2024 : 9. (A) 1,32,000 (B) 1,44,000 (C) 1,21,846 (D) 1,20,000 , 21,00,000 10. 1 3 20% 10% , : 1 (A) 15,40,000 (B) 21,00,000 (C) 5,60,000 (D) 7,00,000 , 3 : 2 : 1 - 80,000 31 , 2024 1,80,000 : 11. 12. 1 (A) 15,000 (B) 5,000 (C) 20,000 (D) 100 80,000 : 30 20 2,00,000 : 13. 67/S/1 (A) 16,00,000 (B) 24,00,000 (C) (D) 40,00,000 : (A) (B) (C) (D) # 10 # 1 1 1 9. Ranjeet and Ranvijay started a partnership firm on 1st April, 2023. According to the partnership deed, interest on drawings was to be charged @ 10% per annum. Ranjeet withdrew a fixed amount at the end of each month. The total yearly interest on Ranjeet s drawings was 6,600. The amount of Ranjeet s drawings for the year ended 31st March, 2024 was : (A) 10. 12. (B) 1,44,000 (C) 1,21,846 (D) 1,20,000 On the dissolution of the partnership firm of Gauri and Gaurav, Building appeared in the books at 21,00,000. One-third of the Building was taken by Gaurav at 20% discount and the remaining was sold at 10% profit. The value at which the Building was taken over by Gaurav was : (A) 11. 1,32,000 15,40,000 (B) 1 1 21,00,000 (C) 5,60,000 (D) 7,00,000 Mathur, Jain and Verma were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. Jain was guaranteed that his share of profit will not be less than 80,000. The firm s profit for the year ended 31st March, 2024 was 1,80,000. The amount of deficiency borne by Verma was : (A) 15,000 (B) 5,000 (C) 20,000 (D) Nil Parachita Ltd. invited applications for issuing 80,000 equity shares of 100 each at par. The amount was payable as under : On Application 30 per share On Allotment 20 per share On first and final call Balance amount 1 1 Applications were received for 2,00,000 equity shares. Allotment was made to all applicants on pro-rata basis. The amount received at the time of allotment was : (A) 16,00,000 (B) 24,00,000 (C) Nil (D) 40,00,000 13. 67/S/1 At the time of forfeiture of shares, Share Capital Account will be debited with : (A) Unpaid amount on forfeited shares (B) Face value of shares forfeited (C) Paid up amount on forfeited shares (D) Called up amount on forfeited shares # 11 # 1 P.T.O. 14. 15. 16. 1 , 2023 , 5,00,000 31 , 2024 , : (A) 25,000 (B) 30,000 (C) 15,000 (D) 5 : 3 - 1 , 5 4,00,000 4,40,000 : (A) (B) (C) (D) ( ) , 3 : 2 : 1 - 1 , 2024 , 2 : 2 : 1 : 1 : (A) 1 6 (B) (C) 3 6 (D) 2 6 1 1 1 ( ) 3 7 5 : 2 - 2 1 7 7 , : 67/S/1 (A) 1:3:3 (B) 5:2:3 (C) 3:1:3 (D) 5:2:1 # 12 # 1 14. 15. Divya and Saurabh are partners in a firm. On 1 st October, 2023, Saurabh advanced a loan of 5,00,000 to the firm. There is no partnership deed. On 31 st March, 2024, Saurabh was entitled to get the following amount as interest on loan : (A) 25,000 (B) 30,000 (C) 15,000 (D) Nil 1 Manav and Adi were partners in a firm sharing profits and losses in the 1 ratio of 5 : 3. Roy was admitted with th share in the profits of the firm. 5 At the time of Roy s admission, Workmen s Compensation Reserve appeared in the Balance Sheet of the firm at 4,00,000. The claim on account of workmen s compensation was determined at 4,40,000. The excess amount of claim over the reserve will be debited to : (A) Realisation Account (B) Revaluation Account (C) Roy s Capital Account (D) Bank Account 16. (a) 1 A, B and C were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. On 1 st April, 2024, D was admitted as a partner in the firm. The new profit sharing ratio was 2 : 2 : 1 : 1. The sacrificed share of A was : (b) 67/S/1 1 (A) 1 th 6 (B) Nil (C) 3 th 6 (D) 2 th 6 OR Anya and Sanya were partners in a firm sharing profits and losses 3 in the ratio of 5 : 2. They admitted Vanya as a new partner for th 7 2 th share in the profits of the firm. She acquired share from Anya 7 1 and th share from Sanya. The new profit sharing ratio of Anya, 7 Sanya and Vanya will be : (A) 1:3:3 (B) 5:2:3 (C) 3:1:3 (D) 5:2:1 # 13 # 1 P.T.O. 17. 18. , ( ) : 4,80,000 (i) 80,000 78,000 (ii) (iii) 17,000 ( ) , : , (i) (ii) 20,00,000 25,00,000 20% 25,00,000 3 3 ( ) 19. ( ) , 2 : 3 : 1 - 3,00,000 1 , 2024 , , 5,40,000 15,00,000 17,00,000 30,00,000 40% 100 50% 67/S/1 3 # 14 # 3 17. Pass necessary journal entries for the following transactions on the dissolution of the partnership firm of Banu, Bansal and Bimal after various assets (other than cash) and external liabilities have been transferred to Realisation Account : 18. (i) The firm had a balance of 4,80,000 in General Reserve on the date of dissolution. (ii) Banu had given a loan of 80,000 to the firm which was fully settled at 78,000. (iii) Realisation expenses of 17,000 were paid by Bansal. (a) From the following information, calculate the value of goodwill of the firm : (i) On the basis of capitalisation of super profits, and (ii) On the basis of capitalisation of average profits. 3 3 Average profit for the last four years 20,00,000 Capital Employed 25,00,000 Normal Rate of Return 20% Net Assets of the business 25,00,000 OR (b) A, B and C were partners in a firm sharing profits and losses in the ratio of 2 : 3 : 1. Goodwill appeared in their books at 3,00,000. B retired from the firm on 1st April, 2024. On that date, the goodwill of the firm was valued at 5,40,000. Pass the necessary Journal entries in the books of the firm for the treatment of goodwill on B s retirement. 19. (a) 3 Aman Ltd. took over the assets of 15,00,000 and liabilities of 17,00,000 of Kamini Ltd. for a purchase consideration of 30,00,000. Aman Ltd. paid 40% of the purchase consideration by cheque and the balance amount by issue of fully paid equity shares of 100 each at a premium of 50% in favour of Kamini Ltd. Pass necessary journal entries for the above transactions in the books of Aman Ltd. 3 OR 67/S/1 # 15 # P.T.O. ( ) 20. 21. 22. 20,00,000 1,00,000 18,00,000 100 12% 10% , 2 : 2 : 1 - 10,00,000 22,00,000 11% : (i) 100 2,000, 11% 10% , 5% (ii) 100 5,000, 11% 10% , 5% , 2 : 1 : 2 - 31 , 2024 : 31 , 2024 , : ( ) 4,00,000 1,20,000 1,80,000 7,00,000 1,20,000 1,40,000 ( ) 4,10,000 1,32,500 17,500 63,000 1,37,000 3,20,000 1,20,000 10,80,000 67/S/1 # 16 # 10,80,000 3 3 4 (b) 20. Astha Ltd. took over assets of 20,00,000 and took over liabilities of 1,00,000 of Nabha Ltd. for a purchase consideration of 18,00,000. Astha Ltd. paid half of the amount of purchase consideration through a bank draft and the balance amount was settled by issuing 12% Debentures of 100 each at a discount of 10% in favour of Nabha Ltd. Pass necessary journal entries for the above transactions in the books of Astha Ltd. Lalit, Madhur and Neel were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. Neel retired and his capital after making the necessary adjustments on account of reserves and revaluation of assets and liabilities was 10,00,000. Lalit and Madhur agreed to pay Neel 22,00,000 in full settlement of his claim. Pass necessary journal entries for the treatment of goodwill and making final payment to Neel. 21. Pass necessary journal entries for the issue of 11% Debentures in the books of Arpita Ltd. in the following cases : (i) Issued 2,000, 11% Debentures of 100 each at a premium of 10%, redeemable at a premium of 5%. (ii) Issued 5,000, 11% Debentures of 100 each at a discount of 10%, redeemable at a premium of 5%. 22. Adayant, Shifa and Rohan were partners in a firm sharing profits and losses in the ratio of 2 : 1 : 2. Their Balance Sheet as at 31 st March, 2024 stood as follows : Balance Sheet of Adayant, Shifa and Rohan as at 31st March, 2024 Amount ( ) Liabilities Capitals : Assets Amount ( ) Building 4,10,000 1,32,500 Adayant 4,00,000 Investments Shifa 1,20,000 Stock Rohan 1,80,000 7,00,000 Debtors 4 63,000 1,20,000 Cash at Bank 1,37,000 Bills Payable 1,40,000 Cash at Hand 3,20,000 Creditors 1,20,000 # 17 # 3 17,500 General Reserve 10,80,000 67/S/1 3 10,80,000 P.T.O. , 2024 , : (i) (ii) , 5,750 42,000 (iii) , (iv) 76,250 (v) 8% ( ) 10 1,00,000 10% : 3 3 ( ) 1,40,000 , 1,000 , , 4 , 5 : ( ) : : 10 1,000 (i) 4,000 500 8 : (ii) 10 20,000 1 , 2 70% 7 : 30 23. 67/S/1 # 18 # 4 6 6 Shifa died on 30th June, 2024. As per the partnership deed, the executors of Shifa were entitled to : (i) Amount standing to the credit of her capital account. (ii) Interest on capital which was 5,750. (iii) Her share of goodwill which was 42,000. (iv) Her share in the profits of the firm from the date of the last Balance Sheet up to the date of death which amounted to 76,250. (v) Shifa s executors were paid half of the payable amount immediately and the balance amount was to be paid in two equal yearly instalments along with interest 8% p.a. Pass necessary journal entries for the above transactions on Shifa s death. 23. (a) Hira Ltd. invited applications for issuing 1,00,000 equity shares of 10 each at 10% premium. The amount was payable as follows : On Application 3 per share On Allotment 3 per share (including premium) On first and final call Balance amount Applications were received for 1,40,000 shares and shares were allotted on a pro-rata basis to all the applicants. The excess money received on application was adjusted towards sums due on allotment. All the shareholders paid the allotment money due except one shareholder who was allotted 1,000 shares. These shares were forfeited immediately. All these shares were reissued to Shashi as 5 paid up for 4 per share. First and final call has not been made. Pass necessary journal entries in the books of Hira Ltd. Open Calls-in-Arrears Account wherever required. (b) 67/S/1 4 OR Pass necessary journal entries for forfeiture and reissue of shares in the following cases : (i) Krisha Ltd. forfeited 1,000 shares of 10 each, fully called-up on which only 4,000 had been received. 500 of the forfeited shares were reissued for 8 per share fully paid-up. (ii) XYZ Ltd. forfeited 20,000 shares of 10 each issued at a premium of 1 per share, for non-payment of second and final call of 2 per share. 70% of these shares were reissued at 7 per share fully paid-up. # 19 # 6 6 P.T.O. 24. ( ) , 2 : 2 : 1 - 31 , 2024 : 31 , 2024 , ( ) : 9,00,000 8,00,000 2,00,000 4,00,000 3,00,000 19,00,000 2,00,000 28,00,000 - ( ) 8,50,000 6,00,000 2,00,000 6,00,000 3,00,000 1,00,000 1,50,000 28,00,000 , 2024 , 1,20,000 31 (i) 40% (ii) 4,00,000 - 3 : 2 (iii) 20,00,000 , 67/S/1 # 20 # 6 24. (a) Sia, Manav and Ajay were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. On 31 st March, 2024, their Balance Sheet was as follows : Balance Sheet of Sia, Manav and Ajay as at 31st March, 2024 Liabilities Amount ( ) Creditors 4,00,000 Land and Building 8,50,000 Bank Overdraft 3,00,000 Machinery 6,00,000 Capitals : Assets Amount ( ) Investments 2,00,000 Sia 9,00,000 Stock 6,00,000 Manav 8,00,000 Debtors 3,00,000 Ajay 2,00,000 19,00,000 Bank Employee s Provident Fund Profit and Loss 2,00,000 Account 28,00,000 1,00,000 1,50,000 28,00,000 On 31st March, 2024, Manav retired from the firm and the remaining partners decided to carry on the business. The assets and liabilities were revalued which resulted into a gain of 1,20,000 because of the increase in the value of Land and Building by the same amount. (i) 40% of Land and Building were taken by retiring partner at revalued value. (ii) Goodwill of the firm be valued at 4,00,000. Sia and Ajay decided to share future profits and losses in the ratio of 3 : 2. The total capital of the new firm will be 20,00,000 which will be in proportion of the new profit sharing ratio of Sia and Ajay. For this, necessary cash was brought in or was paid off to the partners, as the case may be. Prepare Partners Capital Accounts. (iii) 6 OR 67/S/1 # 21 # P.T.O. ( ) 3 : 2 - 31 , 2024 : 31 , 2024 ( ) : 5,00,000 5,00,000 10,00,000 1,50,000 1,50,000 ( ) 4,00,000 2,00,000 4,00,000 : 50,000 3,50,000 13,00,000 , 2024 , : 1 2,00,000 13,00,000 1 4 (i) 4,00,000 2,00,000 (ii) 2,50,000 (iii) (iv) 1,20,000 (v) 10% 67/S/1 1,50,000 # 22 # 6 (b) Karan and Arjun were partners in a firm sharing profits and losses in the ratio of 3 : 2. On 31 st March, 2024, their Balance Sheet was as follows : Balance Sheet of Karan and Arjun as at 31st March, 2024 Amount ( ) Liabilities Capitals : Karan Arjun Assets Amount ( ) Machinery 4,00,000 5,00,000 Furniture 5,00,000 10,00,000 General Reserve Workmen s Compensation Fund 1,50,000 Debtors 1,50,000 2,00,000 4,00,000 Less : Provision for Doubtful Debts 50,000 3,50,000 Stock 1,50,000 Cash 2,00,000 13,00,000 13,00,000 On 1st April, 2024, Nakul was admitted into the partnership for 1 th share in the profits of the firm on the following terms : 4 (i) Nakul brought 4,00,000 as his capital and his share of goodwill premium in cash. Goodwill of the firm was valued at 2,00,000. (ii) Furniture was valued at 2,50,000. (iii) A provision for doubtful debts @ 10% is to be maintained on debtors. (iv) The liability against Workmen s Compensation Fund was estimated at 1,20,000. (v) After the above adjustments, the capitals of Karan and Arjun were to be adjusted taking Nakul s capital as the base. Excess or shortage in the capital accounts of Karan and Arjun was to be adjusted by opening current accounts. Prepare Revaluation Account and Partners Capital Accounts. 67/S/1 # 23 # 6 P.T.O. 25. - - 31 , 2024 31 , 2024 : 31 , 2024 ( ) - : 2,00,000 2,00,000 4,00,000 ( ) 3,40,000 : 40,000 2,00,000 6,00,000 4,00,000 3,00,000 4,00,000 1,50,000 5,00,000 5,00,000 5,00,000 3,50,000 10,00,000 23,50,000 23,50,000 : 4,50,000 (i) 4,50,000 (ii) (iii) 1,96,000 (iv) 2,70,000 (v) 5,000 , (vi) 19,000 67/S/1 # 24 # 6 25. Jai and Kavi were partners in a firm sharing profits and losses equally. They agreed to dissolve the firm on 31st March, 2024. Their Balance Sheet as on 31st March, 2024 was as follows : Balance Sheet of Jai and Kavi as at 31st March, 2024 Amount ( ) Liabilities Amount ( ) Assets Bills Payable 2,00,000 Cash in Hand 2,00,000 Loan by Kavi 2,00,000 Cash at Bank 4,00,000 General Reserve 4,00,000 Debtors 3,40,000 Less : Provision for Doubtful Debts 40,000 3,00,000 Profit and Loss A/c 4,00,000 Loan by Mrs. Kavi 1,50,000 Land and Building 6,00,000 Capitals : Jai 5,00,000 Kavi 5,00,000 Machinery 5,00,000 Goodwill 3,50,000 10,00,000 23,50,000 23,50,000 The following transaction took place at the time of dissolution : (i) Land and Building realised 4,50,000. (ii) Jai took Machinery at 4,50,000. (iii) Bills Payable were paid 1,96,000 in full settlement. (iv) Debtors realised at 2,70,000. (v) Firm had to pay 5,000 for Outstanding Salary which was not provided earlier. (vi) Realisation expenses were 19,000. Prepare Realisation Account. 67/S/1 6 # 25 # P.T.O. 26. 100 6,00,000 4,000 : 30 30 , , 200 40 : (i) (ii) (iii) (iv) (v) (vi) 67/S/1 : (A) 6,00,000 (B) 4,00,000 (C) 6,00,00,000 (D) 3,60,000 : (A) 3,60,000 (B) 6,00,000 (C) 4,00,000 (D) 3,92,000 : (A) 3,92,000 (B) 20,000 (C) 3,80,000 (D) 12,000 : (A) 20,000 (B) 3,80,000 (C) 12,000 (D) 3,92,000 : (A) 12,000 (B) 20,000 (C) 8,000 (D) : (A) 3,92,000 (B) 3,80,000 (C) 4,00,000 (D) 6,00,000 # 26 # 6 26. Nisha Ltd. was registered with a capital of 6,00,000 in shares of 100 each. It issued 4,000 shares. The amount was payable as follows : On Application 30 per share On Allotment 30 per share On First and Final Call Balance The issue was fully subscribed and all amounts payable on application and allotment were duly received. Amit, a shareholder, failed to pay first and final call of 40 per share on his 200 shares. 6 Answer the following questions : (i) (ii) (iii) (iv) (v) (vi) 67/S/1 The Authorised capital of Nisha Ltd. shown in Notes to Accounts will be : (A) 6,00,000 (B) 4,00,000 (C) 6,00,00,000 (D) 3,60,000 The Issued capital of Nisha Ltd. shown in Notes to Accounts will be : (A) 3,60,000 (B) 6,00,000 (C) 4,00,000 (D) 3,92,000 Subscribed and not fully paid up capital shown in Notes to Accounts will be : (A) 3,92,000 (B) 20,000 (C) 3,80,000 (D) 12,000 Subscribed and fully paid capital of Nisha Ltd. shown in Notes to Accounts will be : (A) 20,000 (B) 3,80,000 (C) 12,000 (D) 3,92,000 Calls in arrears of Nisha Ltd. will be : (A) 12,000 (B) 20,000 (C) 8,000 (D) Nil The amount of Share Capital shown under Shareholders Funds in the Balance Sheet of Nisha Ltd. will be : (A) 3,92,000 (B) 3,80,000 (C) 4,00,000 (D) 6,00,000 # 27 # P.T.O. I ( ) 27. ( ) : (A) (B) (C) (D) 1 - ( ) ( ) 28. __________ - (A) (B) (C) (D) 29. 67/S/1 : (A) = (B) = + (C) = (D) = + + II : : I II (A) (B) I II I II (C) (D) I II 1 1 I: # 28 # 1 PART B Option I (Analysis of Financial Statements) 27. (a) (b) From the following, identify the incorrect statement related to Analysis of Financial Statements . (A) Financial statement analysis is used only by the creditors. (B) Financial statement analysis does not take price level changes into consideration. (C) Financial statement analysis ignores non-monetary aspects. (D) Financial statement analysis helps to identify the reasons for change in profitability and financial position of the firm. OR Choose the correct equation with respect to capital employed from the following : (A) Capital Employed = Shareholders funds Non-current Liabilities (B) Capital Employed = Non-current assets + Net working capital (C) Capital Employed = Non-current assets Net working capital (D) Capital Employed = Share capital + Reserves and Surplus + Current Liabilities 28. _______ will decrease Debt-Equity Ratio and will not change Current Ratio. (A) Issue of equity shares for cash (B) Issue of preference shares for cash (C) Redemption of debentures (D) Issue of shares for purchase of land and building 29. Statement I : Purchase of goodwill is classified as investing activity in case of all types of enterprises. Statement II : Payment of interest is classified as financing activity in case of all types of enterprises. 1 1 1 1 Choose the correct option from the following : (A) Both statement I and statement II are true. (B) Both statement I and statement II are false. (C) Statement I is false and statement II is true. (D) Statement I is true and statement II is false. 67/S/1 # 29 # P.T.O. 30. ( ) : 9,00,000 12,00,000 6,00,000 : 31 , (A) (B) (C) (D) 2023 2024 1 12,00,000 9,00,000 6,00,000 3,00,000 ( ) 30,00,000 (A) (B) (C) (D) 31. , 2013 III, I - ( ) , : (i) (ii) (iii) 32. : 30,00,000 30,00,000 30,00,000 3 - 31 , 2023 2024 - : 2023 24 2022 23 ( ) ( ) . 50,00,000 40,00,000 7,50,000 5,00,000 27,50,000 20,00,000 50% 67/S/1 1 # 30 # 3 30. (a) Manish Ltd. had balance in Provision for Taxation Account of 9,00,000 and 12,00,000 as on 31st March, 2023 and 2024 respectively. Provision for tax made during the year was 6,00,000. The amount of tax paid during the year was : (A) 12,00,000 (B) 9,00,000 (C) 6,00,000 (D) 3,00,000 1 OR (b) 31. 32. Acquisition of machinery by issue of equity shares of 30,00,000 will result in : (A) Cash inflow from investing activities 30,00,000 (B) Cash outflow from investing activities 30,00,000 (C) Cash outflow from financing activities 30,00,000 (D) No flow of cash Name the major heads and sub-heads (if any) under which the following items will be shown in the Balance Sheet of a company as per Schedule III, Part I of the Companies Act, 2013 : (i) Accrued Income (ii) Work-in-progress (iii) Capital Advances From the following information, prepare a Comparative Statement of Profit and Loss for the year ended 31 st March, 2023 and 2024 : Note No. Particulars Revenue from operations Employee benefit expenses Other expenses 2023 24 ( ) 1 3 3 2022 23 ( ) 50,00,000 40,00,000 7,50,000 5,00,000 27,50,000 20,00,000 Tax Rate 50% 67/S/1 # 31 # P.T.O. 33. ( ) ( ) 34. : = 0 70 : 1 = 5 20,000 = 75,000 = 80,000 = 4,00,000 : 6,00,000 10% 20,00,000 50,00,000 40% 4 , 2024 31 , 2024 31 . 31.03.2024 31.03.2023 ( ) ( ) I : 1. 2. 3. (a) (b) (a) (b) 67/S/1 4 # 32 # 10,00,000 5,00,000 1 5,00,000 3,00,000 2 4,00,000 4,00,000 3 1,00,000 4 1,00,000 50,000 20,00,000 13,50,000 6 33. (a) Calculate Current Assets and Quick Assets of a company from the following information : 4 Quick Ratio = 0 70 : 1 Inventory Turnover Ratio = 5 times Inventory at the end was 20,000 more than inventory in the beginning Gross Profit = 75,000 Current Liabilities = 80,000 Revenue from Operations = 4,00,000 OR (b) Calculate Return on Investment from the following information : 4 Net profit after interest and tax 6,00,000 10% Debentures 20,00,000 Capital employed 50,00,000 Tax rate 40% 34. Calculate Cash Flows from Operating and Investing Activities on the basis of the information given in the Balance Sheet of Pari Ltd. as at 31st March, 2024. 6 Balance Sheet of Pari Ltd. as at 31st March, 2024 Note 31.03.2024 31.03.2023 No. ( ) ( ) Particulars I Equity and Liabilities : 1. Shareholders Funds (a) Share Capital (b) Reserves and Surplus 10,00,000 5,00,000 1 5,00,000 3,00,000 2 4,00,000 4,00,000 2. Non-Current Liabilities Long-term Borrowings 3. Current Liabilities (a) Short-term Borrowings 3 1,00,000 (b) Short-term Provisions 4 1,00,000 50,000 20,00,000 13,50,000 Total 67/S/1 # 33 # P.T.O. . II 1. 31.03.2024 31.03.2023 ( ) ( ) , (b) (a) (b) (c) (a) 2. 7,00,000 3,00,000 4,00,000 1,00,000 2,00,000 2,50,000 3,00,000 4,00,000 4,00,000 3,00,000 20,00,000 13,50,000 : . 1. 2. 3. 4. 67/S/1 31.03.2024 31.03.2023 ( ) ( ) - 10% # 34 # 2,00,000 1,50,000 3,00,000 1,50,000 5,00,000 3,00,000 4,00,000 4,00,000 1,00,000 1,00,000 50,000 Note 31.03.2024 31.03.2023 No. ( ) ( ) Particulars II Assets 1. Non-Current Assets (a) Property, Plant and Equipment and Intangible Assets 7,00,000 3,00,000 (b) Non-Current Investments 4,00,000 1,00,000 (a) Inventories 2,00,000 2,50,000 (b) Trade Receivables 3,00,000 4,00,000 (c) Cash and Cash Equivalents 4,00,000 3,00,000 20,00,000 13,50,000 2. Current Assets Total Notes to Accounts : 31.03.2024 31.03.2023 ( ) ( ) Note Particulars No. 1. 2. Reserves and Surplus General Reserve 2,00,000 1,50,000 Surplus i.e. Balance in Statement of Profit and Loss 3,00,000 1,50,000 5,00,000 3,00,000 4,00,000 4,00,000 1,00,000 1,00,000 50,000 Long-term Borrowings 10% Debentures 3. Short-term Borrowings Bank Overdraft 4. Short-term Provisions Provision for Taxation 67/S/1 # 35 # P.T.O. II ( ) 27. 28. 29. ( ) ? (vector) (A) (B) (vector) (C) (D) 1 ( ) ? (A) # (B) ~ (C) $ (D) 1 2007 ? 1 (A) 2 (B) 6 (C) 12 (D) 7 ( ) ? 1 A 2 4 23 3 4 62 4 5 86 5 7 94 1 B = LOOKUP(8,A2:A5,B2:B5) = LOOKUP(3 5,A2:A5,B2:B5) (A) (C) ( ) 67/S/1 , #N/A #N/A, (B) , (D) #N/A, #N/A ? (A) (B) (Vectors) () (Array) (C) (D) # 36 # 1 PART B Option II (Computerised Accounting) 27. (a) What is the outcome of an arithmetic expression or function called ? (A) Horizontal vector (B) Derived value (C) Basic value (D) Vertical vector 1 OR (b) 28. 29. How are absolute cell reference and mixed cell reference identified in Excel ? (A) Using # sign (B) Using ~ sign (C) Using $ sign (D) Using sign How many categories of function are available in Excel 2007 ? 1 (A) 2 (B) 6 (C) 12 (D) 7 (a) What is the result for the following function based on the data provided ? 1 A 2 4 23 Mango 3 4 62 Orange 4 5 86 Banana 5 7 94 Pear 1 1 B = LOOKUP(8,A2:A5,B2:B5) = LOOKUP(3 5,A2:A5,B2:B5) (A) Pear, #N/A (B) Pear, Mango (C) #N/A, Mango (D) #N/A, #N/A OR (b) 67/S/1 What is used to build single formula with multiple results in Excel ? (A) Derived value (B) Vectors (C) Round() (D) Array # 37 # 1 P.T.O. 30. , (co-ordinates) (A) Correct a # NAME ? Error (B) Correct # REF ! Error (C) Correct a # N/A Error (D) Correct a ##### Error 1 31. , 3 32. : (i) - (ii) (iii) 3 33. ( ) 4 ( ) 34. ? ? , - ? , : (i) (ii) 67/S/1 4 ? ? # 38 # 1+2 1 1 +2 =6 2 2 30. Identify the error which will be displayed on screen when the set of co-ordinates that a cell occupies on a worksheet is invalid. 31. 32. 33. (A) Correct a # NAME ? Error (B) Correct # REF ! Error (C) Correct a # N/A Error (D) Correct a ##### Error 1 Explain cell reference , relative cell reference and absolute cell reference . 3 Explain the following : 3 (i) Contra voucher (ii) Post-dated voucher (iii) Receipt voucher (a) Explain customised and tailored accounting softwares. 4 OR (b) 34. 67/S/1 What is meant by data validation ? What is facilitated by Error Alert tab ? 4 Which error occurs when a column is not wide enough or a negative date 1 1 or time is used ? How can this error be corrected, if : 1+2 +2 =6 2 2 (i) Error is due to the width of the column ? (ii) Date and time are negative numbers ? # 39 # P.T.O.

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