Jhuli

Aayade 12 D

EXCELLENCE
NATIONAL CENTRE FOR
BENGALURU
TERM-1 EXAMINATION (2023-24)
ACCOUNTANCY
GRADE- XII

MAXIMUM MARKS:80
TIME: 3 HOURS
General Instructions:
the question paper,
There are 32 questions in
carries 1 mark each.
Question nos. 1 to 17
marks each.
Questionnos. 18 - 24 carries 3
carries 4 marks each.
Question nos. 25 to 27
marks each.
Question nos, 28-32 carries 6
has advanced a loan of 750,000 to the firm for
1Assertion: Babu, a patner in a firm with four partners
agreement. He claims an interest on loan of 23,000
last six months of the financial year without any
despite the firm being in loss for the year.
the partnership deed, provisions of
Reasoning: In the absence of any agreement / provision in
Indian Partnership Act, 1932 would apply.
explanation of A.
(a) BothAand R are correct, and R is the correct
explanation of A.
(b) Both A and R are correct, but R is not the correct
(c)A is correct but R is incorrect. [1]
(d)A is incorrect but R is correct. 3 per share and
for non-payment of final call money of
2If 10,000 shares of 10each were forfeited minimum
per share as fully paid up, then what is the
only 7,000 of these shares were re-issued (@ 11 shares?
time of re-issue of the remaining 3,000
amount that companymust collect at the
(b)9,000
(a) 21,000 [1]
(d) 30,000
(c) 16,000
used 22,00,000 belonging to the firm without the
.3/ A, B and C are in partnership business. A 35,000 by using this amount.Which decision
information to other partners and made a profit of
this situation?
should be taken by the firm to rectify
2,00,000 to the fim.
(a) A need to return only
the firm.
(b) A is required toreturn 35,000 to
equally to B and C.
(c) A is required to pay back 35,000 only [1)
(d) Aneed to return 2,35,000 to the firm.

Equity Shares of
Company is Registered with an authorised Capital of 5,00,000
Assertion (A) :- A
subscribed. All the mnoney had been
R10 each of which 2.00.000 Fguity shares were issued and
'Reserve Capital', The Share Capital reflected in
called up except 2per share which was declared as
balancesheet as Subscribed and Fully paid up' will be Zero.
 theime of
Reason(R)-Resee Cepta an be caleduo only a
(R)isthe
CoreandR250n
(aBoth Asserion (A) and Reeson R) are
Assertion (A) R)isrot he
(b) Both Coret butPezson
Asserion (A) and Reas0 (R) are
Assertion (A)
(c) Asserion (A) is incorrect Dut Reason (R)s Core
A0) Assertion (A) is corret brt Reason (R)is incoT partrers is shares by
&. Gain / loss on revaluation at the proft staringratio cf eristng
time of chrge in
)_whereas in case of admission df arartre t's starss Dy
(a) Remaining Partners, Al Partners
(b) AN Partners, Old partners.
(c) New Partner, Al partners
) Sacificing Partrer, Incoming partner. each aa
6Calculate the amount of second &firal cai when Abhijt Ls. sses Equty stares of Z10
premium of 40% payable on Appication 3On Aktmert 5. On Frstal
(a)Second &final call 3. (b) Second &final cal 4.
c) Second &final cal 71. (d)
V What willbe the correct Sesond &final al14.
sequence of erents?
(0) Forfeture of shares. () Defaut on Calk (moiefrs )Amount tarsreo o
capital reserve.
Options:
(a) (1), (rv). (), (m)
(b)(). (v), ). (M)
(c) (). (0), (), (M)
(d) (ü), (v), () (i)
At the time of reconstituion ofa partnership fmm.
(a) Gain to the existing partners
recordirg of an urrecorded abity wi eao to.
(6) Loss to the existing partners
(c) Neither gain nor loss to the eristing partners
(d)None of the above
Read the following nypotheical situation, answer quesion no. 9 and 10.
Richaand Arma are
partners shaing profts in the ratio o 32 with capitals cf 250,000 and 1.50.000
Interest on capital is agreed 6% pa. Anmol is to be aliowed an anua salary of 12,500.
respectivey.
During
the year ended 31st March 2023, the profits of the year prior to calaaion of interest on
capit but
after charging Anmo>'s salary armounted to 62000 A prorsion of 5% of this profit is to be made in
respect of manager's commission. Folowing is their Proft &Loss Aopropriaton Account

Pariculars ) Pariculars )
To Interest on Capital By Profit &loss account2
Richa
Anmol (After manager's commission)
To Anmo>'s Salary alc 12,500
To Proft transferred to:
Richa's Capital AC (1)
Anmofs Capital Alc1)

. The amount to be refected in blank (1) will be:

(a) 37.200 (b) 744.700
(c) 22,800 (e20.940 (1]
,18. The amount to be reflected in blank (2) wil be:
(a) Z62.000 (b) 274.500.
(e271,400. (d) 70,775.
 utilised for:
Securities Premium Reserve cannot be
per Section 52 of Companies Act 2013,
(aWriting offcapital losses. shares.
(b) Issue of fully paid bonus issue of
securities.
on
(c) W Witing off discount expenses. quarter. Interest on drawings is
preliminary amount at the end of every
(d) Writing off draws a
fixed
on B's drawings amountedto 79,000.
Drawings of B
12 Aand Bare partners. B the yearinterest
of
charged @15% p.a. Atthe end (b) Z40,000 per quarter iul
were: (d)Z80,000 per quarter [1]
quarter.
(a) 24,000 per
quarter
(c) ?30,000 per applications for 12,000 shares of 10 each payable 3 on
inviting for certain number of shares
issued a
prospectus balance on call. Public had applied
ZLtd, allotment and money, if received restricts
application, 5 on received. Which of the following application
moneywas allotment of shares, as per SEBI guidelines?
and application proceed withthe (b) 45,000
the company
to
(d) 32,400 [17
(a) 36,000
(c) 30,000
70,000 and
are partnersin a firm with capital balances of 50,000,
Chander from the firm on 31st March,
Amay, Bina and on 31st March, 2022, Amay decides to retire
respectively information provided, calculate the amount to be paid to Amay on his
80,000
help ofthe on that date. The
2022, With the existed a general reserve of 7,500 in the balance sheet
There revaluation was 24,000.
retirement. valued at 30,000. Gain on
firm was
goodwill of the (b) ? 90,500
(a) 88,500 70,500
(d)
(c)65,375
to maintain it at 2:1. Following options are
Current ratio of Vidur
Pvt. Ltd. is 3:2. Accountant wants
available.
Payable
() He can repay Bills
goods on credit
(i) He can purchase loan
term
(iii) He cantake short
Choose the correct option
(a) Only (i) is correct v
(b) Only (i) is correct
correct
(c) Only (i) and (i) are [1]
correct surplus is transferred to
(d) Only (i) and (ii) are less than the amount forfeited, the
reissue of shares is
If discount on (b)General reserve
(a) Capital reserve
(d) Statement of profit&loss
(c) Securities premium reserve efficiency of a company are
The two basic measures of operational
Working Capital Turnover Ratio
(a) Inventory Turnover Ratio and
(b) Liquid Ratio and Operating Ratio
(c) Liquid Ratio and Current Ratio [1)
(d) Gross Profit Margin and Net Profit Margin
sharing profits and losses in the 3:4:3. BooKs
Nirmala, Divisha and Sana were partners in a firm
1st February. 2022. As per the partnersiP
Were closed on 31st March every year. Sana died on death on the basis of Sales
tilI the date of
deed Sara's executors are entitled to her share of profit
turnover. Sales for the year ended 31st March 2021 was 10 00 000 and profit for the same yeal
was ? 1,20,000. Sales show apositive trend of 20% and percentage of profit earningis reduced by
[3)
2%. Journalise the transaction along with the working notes.
 Raj Ltd. took over running business of Mature Ltd. comprising ofAssets of 45,00,000
Liabilities of 6,40,000 for a purchase considerationof 36,00,000. The amount was sellle0d b
bank draft of 1,50,000 and balance byissuing12% preferenceshares of 100 each al 15%

premium. Pass entries in the books of Raj Ltd.

R0. Rs.1,75,000 is the Credit Revenue from Operations,ie., Net Credit Sales of an enterprise. If Trade
Receivablesin the Beginning and at the end
calculate Trade
Receivables Turnover Ratio is 8times, more than that
in the beginning. (3]
of the year. Trade Receivables at the end is Rs. 7.000
Bretired and the new profit-sharing
A, BandCare partners sharing profits in the ratio of 3:2:1. valued at Rs.
the firm was
ratio between A and C was 2:1, On B's retirement,the goodwill of
B'sretirement. (3]
90,000. Pass necessary Journal entry for the treatment of goodwill on
[3]
22/ What are the uses and importance of ratio analysis ?
Caleulate the amount of Current Assets and
Urrent Katio is 2.5, Working Capital is Pe 1EO 00 (3]
Current Liabilities.

Profits for the five years ending on 31st March. are as follows:
Year 2015- Rs. 4,00,000; Year 2016 - Rs. 3.98.000: Year 2017- Rs. 4,50,000; Year 2018 KS
4,45,000 and Year 2019 -Rs.5,00,000.
Calculate goodwillof the firm on the basis of 4 vears' purchase of 5 years' average pro. (3)

AB LId. was registered with an authorised Capital of 4,00,00,000 divided in 25,00,000 Equity
Shares of ? 10 each and 1,50,000,9% Preference Shares of 100 each. The company issued
8,00,000 Equity Shares for public subscription at 20% premium, payable 3on application; ?7 on
allotment (including premium) and balance on call. Public had applied for 10,00,000 shares. Excess
Applications were sent letters of regret. All the dues on allotment received except on 15,000 shares
held by Sanju. Another shareholder Rocky paid his call dues along with allotment on his holding of
25,000 shares. You are required to prepare the Balance Sheet of the company as per Schedule ll
of Companies Act, 2013,showing Share Capital balance and also prepare Notes to Accounts. (4)
Rajesh and Sumesh were partners in a firm sharing profits in the ratio of their capitals. On 31st
March, 2013, their Balance Sheet was as follows:

Amount
Assets
Amount
Liabilities
Creditors 1,70,000 Bank 1,10,000
Workmen
Compensation 2,10,000 Debtors 2,40,000
Reserve
General Reserve 2,00,000 Stock 1,30,000
Rajesh's Current 80,000 Furniture 2,00,000
Account
Capital Acs: Machinery 9,30,000
Sumesh's Current
Rajesh 7,00,000 Account 50,000
Sumesh 3,00,000 10,00,000
16,60,000 16,60,000

On the above date the firm was dissolved

 than book value. The remaining stock was sold at a
(a) Rajesh took over 10.000less 5%.
loss of Rs. 15,000. 50% stockrealised
at Rs. at a discOuntof
of
50,000 and machinery was sold for Rs 4,50,000.
(b) Furniture was Debtors were Sumeshfor Rs
taken
(c) Creditors were paid inover by 1,60,000 which was settled at Rs 1,40,000.
full. repairs for Rs
(d) There was an (4)
unrecorded billfor
Prepare Realisation Account. Companyforfeited 200 shares of Rs.20 each, Rs.15 per
a Limited
Directors of share has been paid by A, the amount of the first call of Rs. 5
27. On 1st May,2014, per
on which Rs. 10 Later, the Directors reissued theforfeited sharesto B credited
share called-up, days
unpaid. Ten payment of Rs. 10 per share.
per share being paid-up,for a
booksto recordthe forfeited shares and their reissue. [4]
as Rs. 15 per share the company's
entriesin
Give journal
for issuing
1.00,000 shares of Rs. 10 each at a premium of Rs.1 per
invited
applications follows:
ALtd. was payable
as
amount
share. The 3 per share;
premium)
OnApplication 3 per share (including
OnAllotment 3 per share:
On First Call call-Balance amount.
Final
On 2nd and
shares were received. Allotment was made on the following basis:
Applications for 1,60,000
40,000shares:
applicants for 90,000 shares -
()To shares 40,000 shares;
for 50,000
(i)To applicants 20,000 shares - Full shares
(i) To applicants for

Excess money paid

on application is to be adjusted against the amount due on allotment and calls.

Rishabh ashareholder, who applied for 1,500 shares and belonged to category (i), did not pay
allotment, first and second and final call money.
Another shareholder, Sudha, who applied for 1,800 shares and belonged tocategory (), did not pay
the first and second and final call money. reissued at Rs.7 per
All the shares of Rishabh and Sudha were forfeited and were subsequently
share fully paid.
Ltd. Open Calls-in-Arrears Account and Calls
Pass the necessary Journal entries in the books of A
wherever required. [6]
in-Advance Account
the ratio of 7:3. On 1st April, 2013, they
Shikhar and Rohit were partners in a firm sharing profits in
29 admitted Kavi as a new partner for 1/4th share in profits of
the firm. Kavi brought Rs.4,30,000 as his
premium. The Balance Sheet of Shikhar and Rohit
capital and Rs. 25,000 for his share of goodwill
as on 1st April, 2013 was as follows:
2013
BALANCE SHEET OF SHIKHAR AND ROHIT as at 1st April, Rs
Liabilities Rs Assets
3,50,000
Capital A/cs: Land and Building 4,50,000
Shikhar 8,00,000 Machinery 2,20,000
Rohit 3,50,000 11,50,000 Debtors 2,00,000
General Reserve 1,00,000 Less: Provision 20,000
3,50,000
Workmen's Compensation 1,00,000 Stock
Fund
1,50,000
Creditors 1,50,000 Cash
15,00,000
15,00,000
It wasagreed that. 20%.
(a)the vae of Land and Buld ng will be aprecatedby
50,000
(D) the vatlue of Machinery willbe depreciate by 10
were detemine at Rs.
(c) the abites of Workmen's Compensaton Fund capital and Actual cash to be
basis of Kavi's
(o) Capitals of Shikhar and Rohit will be adjustedonthe
brought in or to be paid off as the case may be.
Frepare Revaluation Account and Partnes' Capital Accounts

2015, their
ratio of 5:3:2. On 31st March,
J.H and K were partners in afim shaning profits inthe
Balance Sheet was as follows:

Rs
Liabilibes Assets
Rs
1,24,000
Creditors 42,000 Land and Building
Investment Fuctuation Fund 40,000
20,000 Motor Vans 33,000
Profit and Loss Account 80,000 Investments
Capital AWs: J 1,00,000 24,000
H
Machinery 30,000
80,000 Stock
K 40,000 2.20.000 Debtors 80,000
Less: Provision 6,000 74,000
Cash 32,000
|3,62,000 3.62,000

On the above date, Hretired and J and Kagreed to continue the business on the following terms:
(i) Goodwillof the fim was valued at Rs. 1,02,000.
(Ü) There was a cdaim of Rs.8,000 for workmen's compensation.
(i) Provision for bad debts was to be reduced by Rs. 2,000.
(iv) H willbe paid Rs.14,000 in cash and balance will be transferred in his Loan Account which will
be paid in four equal yearty instalments together with interest @ 10% p.a
(v) The new profit-sharing ratio behveen Jand K will be 3:2 and their capitals will be in their new
profit-shaning ratio. The capital adjustments willbe done by opening Current Accounts.
Prepare Revaluation Account and Partners' Capital Accounts
of the fim:
31. Pass Journal entries for the following transactions at the time of dissolution
refunded.
(a) Loan of Rs, 10,000 advanced by a partner to the fim was
asset (Typewnter) at Rs. 300.
(b) X, a partner, takes over an unrecCorded
Rs.30,000. The firm has three
(c) Undistributed balance (Debit)of Profit and Loss Account
partners X,Y and Z
(d) Assets of the firm realised Rs. 1,25,000.
same.
(e) Ywho undertakes to carry out the dissolution proceedings is paid Rs.2.000 for the
() Creditors are paid Rs. 28,000 in full settlement of their account of Rs. 30.000. [6]

2: 2: 1. The
Sandeep, Maheep and Amandeep were partners in a fim shanng profits in the ratio of partnership
30th June. 2020 Maheep died. The
firm loses its books on 31st March every vear. On
deed provided that on the death of apartner his executors willbe entitled to the following:
 1
(a) Balarnce in his capital account which amountedto 15.000and interest on capital ill date of
death which amounted to 5,000.
(b) His share in the profits of the firm tillthe date of his death amounted to 20,000
( c) His share in the goodwill of the firm. The goodwill of the firm on Maheep's death was valued at
1,50,000.
20,000. It was agreed that the amount will be
(d) Loan to Maheep amounted ? paid to his executor
in thron il voadv instalments with inerest eO7 p.a, Ihe first instalment was to be paidon
3006 2021 Calculate the amount to be aisoleuo Maneeps executors Account andprepare the
settled
executor's account tillit is finally [6