DELHIPUBLICSCHOOL,JODHPUR

Ter
mI I(
2020-21)
Subj
ect–Account
ancy
Cl
ass–XII
Ti
me:
2½hour
s
Maxi
mum Mar
ks.
50
Gener
alI
nst
ruct
ions:–
i.) Pl
easecheckthatthisquesti
onpapercontains27quest
ions.
ii
.) Quest
ionsnumber1t o20ar eofobject
ivety
pe/MCQquest i
ons.
i
i
i.) Al
lpartsofquest
ionsshouldbeattemptedatoneplace.
i
v.) Pl
easewr i
tedownt heseri
alnumberofthequesti
onbeforeatt
empt
ingi
t.
v.) Al
lquesti
onsarecompul sory
.

1. Whati
srat
eofcal
l
sinar
rearaccor
dingt
oTabl
e‘F’
? [
1]

(
a)6% (
b)5%

(
c)10% (
d) 12%

2. Thecour
tcanor
dert
hedi
ssol
uti
onofapar
tner
shi
pfi
rm,
when: [
1]

(
a)oneoft
hepar
tner
sdoi
l
legal
act
ivi
ty (
b)oneoft
hepar
tner
sbecamei
nsol
vent

(
c) oneoft
hepar
tner
sbecomesaper
sonof (
d) Noneoft
hese

unsoundmi
nd

3. Chooset
hecor
rectopt
ionf
rom t
hef
oll
owi
ngst
atement
s: [
1]

St
atementI–Suppl
i
ersofgoodsar
econcer
nedwi
thf
ir
m’sl
ong-
ter
m sol
vency
.

St
atementI
I–I
nvest
orsar
eint
erest
edaboutt
hePr
ofi
tabi
l
ityoft
hef
ir
m.

(
a)Onl
ySt
atementIi
str
ue (
b) Onl
yst
atementI
Iist
rue

(
c)Bot
hSt
atement
sar
etr
ue (
d) Bot
hSt
atement
sar
efal
se
4. Whenr eal
i
zat
ionexpensesar
epai
dbyt
hef
ir
m onbehal
fofapar
tner
,suchexpensesar
e [
1]
debi
tedto:

(
a)Real
i
sat
ionA/
c (
b)Rev
aluat
ionA/
c

(
c)ExpensesA/
c (
d)Noneoft
heabov
e

5. I
fcur
rentr
ati
ois3:
1andwor
kingcapi
tal
is`60,
000.Cur
rentasset
swi
l
lbe:
- [
1]

(
a)`40,
000 (
b)`30,
000

(
c) `60,
000 (
d)`90,
000

6. TDSPay
abl
eisshownas: [
1]

(
a)Ot
herCur
rentLi
abi
l
iti
es (
b)Ot
herCur
rentAsset

(
c) Shor
tter
m Pr
ovi
si
on (
d)Tr
adePay
abl
e

7. XLt dfor
fei
ted5,
000shar
esof`100whi
chwereissuedt
oRamanatapremi um of20%who [1]
fai
ledtopayFirstCal
lmoney`30.Fi
nalCal
lof`20y ett
obemade.3, 000shar eswere
rei
ssuedat`70as`90cal l
edup.Cal
cul
atetheamountwhi
chistransferr
edt oCapit
al
Reserve?

8. Whatjournalent
rywi
l
lbepassedattheti
medi
ssol
uti
oni
funr
ecor
dedl
i
abi
l
ityof`20,
000 [
1]
wassettl
edbyNehal(
apar
tner
)at`15,
000.

9. TotalAsset
s25,00,
000;
Tot
alDebt
s`20,
00,
000;
Cur
rentLi
abi
l
iti
es10,
00,
000.Cal
cul
ateDebt [
1]
toequit
yrati
o.
10. AmanLt d.pur
chasedtheassetofNamanLtd.for`9,
00,000.I
talsoagr
eedtotakeovert
he [
1]
l
iabi
l
iti
esof`1,50,
000forapurchaseconsi
derat
ionof`7,00,
000.Dif
fer
encebetweennet
wort
handpur chaseconsi
derat
ionist
obetransfer
redto:

(
a) Goodwi
l
lA/
cby`50,
000 (
b) Goodwi
l
lA/
cby`1,
50,
000

(
c) Capi
tal
Reser
veA/
cby`50,
000 (
d)Capi
tal
Reser
veA/
cby`1,
50,
000

11. Gaur angiLtd.purchasedaMachi neof`10,

00,
000at`9,
00,
000andFurni
tureof`20,
00,
000 [
1]
at`30,00,000f r
om Pr ekshaLt
d.,60%ofthedueamountwaspai
dbyissuingachequeand
balancebyi ssuing9% debenturesof `100eachat30% premi
um.Amountofsecur i
ti
es
premium willbe:

(
a)`
1,20,
000 (
b)`1,
50,
000

(
c)`3,
60,
000 (
d)`12,
00,
000

12. KapilLt
d.for
fei
ted400shar
esof`20each(`15cal
ledup)i
ssuedatapr
emium of20%t o [
1]
May ankonwhichhefai
ledt
opayall
otmentmoney`5pershare(i
ncl
udi
ngpremium `3)and
fi
rstcal
lmoney`3pershare.Amountcr
edi
tedtoshar
eforf
eit
edA/catt
heti
meoff orfei
tur
e
will
be:

(
a) `4,
000 (
b)`4,
800

(
c) `6,
000 (
d)`2,
800

13. NetSal
es`30,00,
000,Gr
osspr
ofi
toncosti
s20%,OpeningStock`1,
00,
000,
Closi
ngSt
ocki
s [
1]
t
wot i
memor ethanopeni
ngst
ock.Cal
cul
ateSt
ockTurnoverRati
o.

14. Tr
adeReceivableTur
noverRati
o5times;
Openi
ngTradeReceiv
ables`4,00,
000;Cl
osi
ng [
1]
Tr
aderecei
vablesaremorethanopeni
ngby`2,
00,
000.Cal
culateCredi
tSales.

15. A companyissuedtopubli
c1.00.
000sharesof`10eachforsubscr
ipt
ionI
trecei
ves [
1]
appl
icat
ionsf
or80,
000shar
es.I
tisacaseofwher
e………………….i
snotr
ecei
ved.
16. Whil
epr
epar
ingcommonsi
zeBal
anceSheet
,eachi
tem ofBal
anceSheeti
sexpr
essedas% [
1]
of

(
a)Cur
rentAsset
s (
b)Non-
Cur
rentAsset
s

(
c) Tot
alAsset
s (
d) Non-
Cur
rentLi
abi
l
iti
es

17. WhatdomeanbyRegi
ster
edDebent
ures? [
1]

18. Secur
it
iespr
emi
um Reser
vecanbeusedf
ordi
str
ibut
ingdi
vi
dendamongshar
ehol
der
s.Tr
ue [
1]
orFal
se?

19. Whywouldai
nvest
orpr
efert
oinv
esti
nthedebent
uresofacompanyr
athert
hani
nit
s [
1]
shar
es?

20. Explai
ndif
ferencebet
weenCal
l
sinar
rearandCal
l
sinAdv
anceont
hebasi
sofdi
scl
osur
ein [
1]
BalanceSheet.

21. Nehal Ltd.wasformedwi thnomi nal capitalof`1,00,00,

000dividedi nto1,00,000equi t
y [
3]
sharesof`10eachand90, 000,9%pr eferenceshar esof`100each.Thecompanyi ssued
prospectusinvi
tingappli
cati
onf or50, 000equi tyshares.Thecompanyr eceivedappli
cation
for45,000equitysharesandal l
otted.Al lthemoneyr eceiv
edonduedat esexceptRaman,
holdi
ng1, 000sharesdidnotpayf irstcallof`2pershar eandFinal callof`3pershar e.
Amananot hersharehol
derfail
edt opayf inal call
moneyonhi s2,000shar es.Raman’s
shareswer eforf
eitedandlateron800oft hef orf
eit
edshar eswerer eissued@ `7pershar e
as`8pai dup.

Showt
hef
oll
owi
ng:

a)ShareCapi
tal
intheBal
anceSheetoft
heCompanyasperr
evi
sedSchedul
eVIPar
tI
oftheCompaniesAct
,2013.

b)Al
soPr
epar
e‘Not
est
otheAccount
s’f
ort
hesame.

OR
 Compl
etet
hef
oll
owi
ngJour
nal
ent
ri
es:

Sr.
/ Par ti
cul
ars Amount Amount
Date Dr.̀ Cr.̀
1. Shar eCapit
al A/c Dr. ………
Securi
ti
esPremi um ReserveA/c Dr. ……….
To…………………………………. ……….
ToShareFor f
eit
ureA/ c ……….
(Bei
ng5,000Shar esof`10each,`8incl
udi
ng`
2aspr
emium,
call
edupforfeit
edfornon-payment)
2. ………. . Dr
. ……….
.
……….. Dr
. 2,
000
To…………… A/ c ……….
(Bei
ng2000shar esreissuedasful
lypai
dup)
3. ……………. Dr. 3,
000
ToCapi t
alReserveA/c 3,
000
(Forpr
ofi
ttransf
erredt
ocapi
talr
eser
ve)

22. PassJournalent
riesf
orthefol
lowingtr
ansacti
onsondissolut
ioni
nthebooksofthefi
rm, [
3]
whereXandYwer eshari
ngprofi
tsandlossesint
herat
ioof3:2,assumi
ngthatasset
sand
thi
rdpar
tyli
abil
it
ieshavebeentransf
err
edt oReal
i
sat
ionA/ c.

i
) Y’
sloanof`30,
000wasset
tl
edatRs.25,
000.

i
i
) Reali
sat
ionexpensespai
dbyfi
rm amount
edto`50,
000outofwhi
ch40%i
stobe
bornebyX.Xisentit
ledt
ogetr
emunerati
onof`20,
000.

i
i
i) Tradecredi
tor
sof`4,00,
000wereinthebooks.Halfofcredit
orsacceptedamachi
ne
at20%lessthan t hebooksval
ue(BookValuewas`1, 00,000)andcashinf
ull
sett
lementofthei
rClai
m aft
eral
l
owing10%di scount
.Remai ningcr
edit
orswere
sett
ledat80%.

23. TataMot orsLtd.want edtoinstal

ledanew plantf
ormanuf act
uringofelect
riccars.Itis [
3]
esti
matedt hef undsrequir
ementat`1,00,00,
000tostartanew pl ant.Forthispurpose,
companydeci dedt oi
ssue50,000,9%debentur
esof`100eachatapr emium of20%whi ch
areredeemabl eatapr emi
um of10%.Companyal sodecidedtot akeloanfrom bankf or
bal
anceamountr equi
redandissued9%Debenturesof`100eachf ordoubleamountofloan
ascoll
ateralsecuri
ty.
 Ont
hebasi
sofabov
einf
ormat
ionanswert
hef
oll
owi
ngquest
ions:

(
i)Whati
stheamountofl
oant
akenbyt
hecompanyf
ormt
heBank?

(
ii
)Whati
sthenumberandv
alueofdebent
uresi
ssuedasCol
l
ater
alSecur
it
y?

(
ii
i)HowmuchI
nter
estt
hecompanywi
l
lpayondebent
uresatt
heendoft
hey
ear
.

(
iv)Whatent
rycompanywi
l
lpassf
ori
ssui
ngdebent
uresascol
l
ater
alsecur
it
y.

(
v)Whatent
rycompanywi
l
lpasst
owr
it
eof
fLossoni
ssueofdebent
uresatt
heendoft
he

y
ear
.

24. Pr
epar
eacompar
ati
vest
atementofPr
ofi
tandLossofUdi
tIndi
aLt
d.f
rom t
hegi
venst
. [
3]

Par
ti
cul
ars 31stMar
ch,
2020 31stMar
ch,
2019

Rev
enuef
rom Oper
ati
on 80,
00,
000 60,
00,
000

Ot
herI
ncomes 32,
00,
000 20,
00,
000

Empl
oyeesbenef
itExpenses 25%oft
het
otal
rev
enue 50%oft
het
otal
rev
enue

Tax 40% 30%

25. Thef
oll
owi
ngi
nfor
mat
ioni
sav
ail
abl
efr
om t
hebooksofChet
naLt
d.f
ort
hey
ear2017: [
4]

10%Debent
ures`20,
00,
000;
Equi
tyShar
eCapi
tal
`40,
00,
000;
Reser
veandSur
plus

`
10,
00,
000;
8%Pr
efer
enceShar
eCapi
tal
`5,
00,
000;
Costofgoodssol
d`20,
00,
000;
Openi
ng

St
ock`4,
00,
000;
Closi
ngSt
ock`2,
00,
000;
Openi
ngTr
adePay
abl
e`3.
00,
000whi
chi
sless

t
hant
heCl
osi
ngTr
adePay
abl
eby`
2,00,
000;
Cur
rentLi
abi
l
iti
es`2,
00,
000.

Cal
cul
ate:
-

(
i) Pr
opr
iet
aryRat
io(
ii
i)Tr
adePay
abl
eTur
nov
erRat
io
 OR

(
i) Classi
fyt
hefol
l
owingi
temsunderMajorHeadandSub-Head(
ifany
)int
heBal
ance
SheetofacompanyasperSchedul
eII
Ioft
heCompaniesAct,
2013.

(
i)Capi
tal
Wor
kinpr
ogr
ess

(
ii
)Pr
ovi
si
onf
orcompensat
iont
owor
ker
s

(
ii
i)I
nter
estAccr
uedbutnotdueondebent
ures

(
iv)Bi
l
ldi
scount
edf
rom bankwhi
chi
syett
omat
ured

(
i) Expl
ainanyt
wol
i
mit
ati
onofAnal
ysi
sofFi
nanci
alSt
atement
.

26. AandBar epar

tner
sshar
ingpr
ofi
tshar
ingr
ati
o3:
2.Thei ancesheetasat31stMar
rbal ch [
6]
2020wasasf
oll
ows:

Bal
anceSheet

Li
abi
l
iti
es ` Asset
s `

BankLoan 30,
000 Cash 30,
000

Cr
edi
tor
s 20,
000 Debt
ors 52,
000  

I
nvest
mentFl
uct
uat
ionReser
ve 20,
000 LessPr
ovi
sion 2,
000 50,
000

A’
sLoan 50,
000 St
ock 40,
000

Gener
alReser
ve 30,
000 I
nvest
ment
s 40,
000

Capi
tal
s:   Fur
nit
ure 20,
000

A 60,
000 1,
00,
000 Pl
ant
s 30,
000

B 40,
000 Pat
ent
s 10,
000

  Goodwi
l
l 30,
000

  2,
50,
000   2,
50,
000
 Ont
heabov
edat
ethef
ir
m di
ssol
vedundert
hef
oll
owi
ngt
erms:

(
i)Cwasappoi
ntedt
or eali
set
heasset sandpayof
ftheliabi
li
ti
es.Heistor ecei
vet
he
10%oft
heamountreal
isedf
rom assetsandt
obearal
lthereali
sat
ionexpenses.

(
ii
)BadDebt
swr i
tt
enoff`5,000,Stockreal
i
sed10% mor
e;pl
antat20% lessandt
he
inv
est
mentsweresol
dint
hemar ketat20%moreonwhi
chbroker
ageof5%waspaid.

(
ii
i)
Halfofthecredi
tor
saccept
ed40% offur
nit
ureatanagreedv al
uati
onof20% l
ess
thanthebookval
ueandcashof`
5,000i
nful
lset
tl
ementofthei
rclai
m.

(
iv)
Remai
ningf
urni
tur
eist
akenbyAat10%l
essf
ort
heset
tl
ementofhal
fofA’
sloan.

(
v)Abil
lof`4,
000whichwasdiscountedear
li
erdi
shonouredatt
het
imeofdi
ssol
uti
on
andonl
y20%real
i
zedfrom accept
orduetohisi
nsol
vency.

(
vi)
Anoldtypewr
it
erwhi
chwascompl
etel
ywr
it
tenof
fwassol
dat`4,
000andpat
ent
s
wer
etakenbyBat`9,
000.

(
vii
)Theact
ual
Real
i
sat
ionexpensesamount
edt
o`1,
000

Pr
epar
eReal
i
sat
ionAccount
,Par
tner
s’Capi
tal
Account
sandBal
anceSheet
.

27. AnujLtd.i
nvi
tedappl
icat
ionsforissuing3,00,
000shar
esof`10eachatapremium of`2 [
8]
pershare,payabl
e`3onappl i
cation,`5onal l
otment(includi
ng`2aspremi
um)and
balancewithfir
standfinalcall
.Appl icat
ionswerereceivedfor4,
00,
000shar
esand
al
lotmentwasmadeasf oll
ows:

i
) Appl
i
cant
sfor1,
00,
000shar
eswer
eal
l
ott
ed50,
000shar
es.

i
i
) Appl
i
cant
sfor3,
00,
000shar
eswer
eal
l
ott
ed2,
50,
000shar
es.

Gaurang,towhom 5000shareswer eal

lott
edingroup(i
),fail
edtopaycal lmoney .Kart
ik,
whohadappl i
ed12, 000shar
esingroup(ii
),f
ail
edtopayallotmentandf i
rstandf i
nalcall
money .Theseshareswer efor
fei
tedafterfi
nalcall
.Outoft heforf
eitedshar es12,000
shareswerereissuedat`8pershar easfull
ypaid.Thereissuedsharesincludedallthe
for
feit
edsharesofKar t
ik.

Gi
veJour
nal
ent
ri
est
orecor
dabov
etr
ansact
ionsbyopeni
ngcal
l
sinar
rearA/
c.

(
OR)

(i
)GarimaLtdfor
feit
ed8,
000sharesof`100eachduet onon-paymentofall
otment
money`70pershare(i
ncl
udi
ngpremium `20)andfi
rstcal
l`10pershare.Fi
nalcal
lof`
10pershar
eyettobemade.Outofthese,5,
000shar
eswer ereissuedasful
l
ypaidfor`
70pershar
eas`80persharecal
ledup.
 Gi
veJour
nal
ent
ri
esf
orf
orf
eit
ureandr
eissueofshar
es.Pr
epar
eShar
eFor
fei
tedA/
c
al
so.

(
ii
)Manasv iLt
di ssued40,
000sharesof`100eachatapremium of20%.Amount
pay
ableonappl icat
ion`40pershare,
onall
otment`50pershare(
incl
udingpr
emium)
,
onfi
rstcall
`10pershar eandbalanceonfi
nalcal
l
.Appli
cat
ionswererecei
vedfor
60,
000shar esandpr or
ataal
lot
mentwasmade.

X,asharehol
derof5,
000sharefai
l
edtopayal
l
otmentandf
ir
stcal
lmoney
.Howev
er
hepaidhiscal
lsi
narrearwi
thfi
nalcal
l
.

Y,
ashar
ehol
derof3,
000shar
epai
dtheent
ir
eamountofshar
ewi
thal
l
otment
.

Z,asharehol
derof2000shar
efai
l
edt
opayf
inal
cal
lmoneyandhi
sshar
ewer
e
for
fei
ted.

Pr
epar
eCal
l
sinadv
anceA/
candCal
l
sinAr
rearA/
cont
hebasi
sofabov
einf
ormat
ion.

.
…xxxxx….