12th Standard CBSE Accountancy Study material & Free Online Practice Tests - View Model Question Papers with Solutions for Class 12 Session 2019 - 2020
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Accountancy Question Papers

CBSE 12th Accountancy - Accounting For Not For Profit Organisation Model Question Paper - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    Non-profit organizations prepare all of the following accounts except the

  • 2)

    When cash is received for life membership, which one of the following double entries is passed?

  • 3)

    Which of the following is regarded as apt to show the purchase of a fixed asset?

  • 4)

    The balance sheet of a non-profit organization such as a charitable hospital doesn’t contain the

  • 5)

    Income and expenditure accounts show

CBSE 12th Accountancy - Cash Flow Statement Model Question Paper - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    Which of the following is not considered as Cash Equivalents?

  • 2)

    Cash deposit with the bank with a maturity date after two months belongs to which of the following in the cash flow statement.

  • 3)

    Purchase of building results in

  • 4)

    Payment of dividend is

  • 5)

     Which of the following is not source of cash?

CBSE 12th Accountancy - Accounting Ratio Model Question Paper - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    Quick ratio of a company is 1.5:1. State giving reason whether the ratio will improve, decline or not change on payment of dividend by the company.

  • 2)

    The debt-equity ratio of a company is 0.8:1. State whether the long-term loan obtained by the company will improve, decrease or not change the ratio.

  • 3)

    The inventory turnover ratio of a company is 3 times. State, giving reason, whether the ratio improves, declines or does not change because of increase in the value of closing inventory by Rs.5,000.

  • 4)

    The trade receivables turnover ratio of a company is 6 times. State with reason whether the ratio will improve, decrease or not change due to increase in the value of closing inventory by Rs.50,000.

  • 5)

    What will be the operating profit ratio if operating ratio is 83.64%? 

CBSE 12th Accountancy - Financial Statement Analysis Model Question Paper - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    What are the objectives of financial statement

  • 2)

    What are the importance of financial statement

  • 3)

    Reserve and surplus are comes in which head

  • 4)

    Secured loans are

  • 5)

    What are the tools of financial management

CBSE 12th Accountancy - Financial Statements of a Company Model Question Paper - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    Name the two basic financial statements of a company as per Schedule III part I of the Companies Act,2013.

  • 2)

    What is the number of major heads which appear for the assets items of company's Balance Sheet?

  • 3)

    What is the number of major heads which appear for the equity and liabilities items of company's Balance Sheet?

  • 4)

    Which section of the Companies Act 2013, requires the Balance Sheet to be prepared in the prescribed form?

  • 5)

    Which Schedule and act prescribes the form for Companies Balance Sheet?

CBSE 12th Accountancy - Accounting for Debentures Model Question Paper - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    What type of debentures can be issued by an Indian company?

  • 2)

    When debentures are issued as secondary securities it is called

  • 3)

    When debentures are issued at a discount, should be written off the discount

  • 4)

    Debenture holders are

  • 5)

    Premium on redemption of debentures is in the nature of

CBSE 12th Accountancy - Accounting for Share Capital Model Question Paper - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    Balance of forfeiture a/c after the shares have been re-issued is transferred to:

  • 2)

    Interest on calls in advance is:

  • 3)

    Other name for registered capital is:

  • 4)

    The minimum share application money is:

  • 5)

    Which of the following statement is true:

CBSE 12th Accountancy - Accounting for Partnership - Dissolution of Firm Model Question Paper - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    If all the partners, but one, are solvent it is:

  • 2)

    Loss on realization is distributed among partners:

  • 3)

    Loss on realization is:

  • 4)

    If no provision is made in agreement regarding the duration of the partnership:

  • 5)

    A person who declares by word of mouth as partner of the firm is called:

CBSE 12th Accountancy - Reconstitution of a Partnership Firm - Retirement of a Partner Model Question Paper - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    The partnership may come to an end due to the:

  • 2)

    In case of retirement of a partner full good will is credited to the accounts of:

  • 3)

    The accounting procedure at the retirement of partner is valued:

  • 4)

    Partners equity is effected due to:

  • 5)

    An account operated to ascertain the loss or gain at the death of a partner is called:

CBSE 12th Accountancy - Change in profit Sharing Ratio Among the Existing Partner Model Question Paper - by Sathish Kumar - Coimbatore - View & Read

  • 1)

     Which of the following is responsible for the Reconstitution of Partnership?

  • 2)

    What is the meaning of change in the profit sharing ratio:

  • 3)

    On the reconstitution of a firm change in the value of assets is called ________

  • 4)

    Any change in the relations of partners without affecting the existing of partnership firm is called ____

  • 5)

    Who is a sacrificing partner :

CBSE 12th Accountancy - Reconstitution of a Partnership Firm - Admission of a Partner Model Question Paper - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    At the time of admission of a new partner the firm is:

  • 2)

    At the time of admission an incoming partner contributes as goodwill:

  • 3)

    Good will is valued as two years purchase of the average profits of three previous years are Rs. 15000, the value of good-will be:

  • 4)

    At the time of admission of a new partner, general reserve is:

  • 5)

    At the time of a new partner Good will:

CBSE 12th Accountancy - Accounting for Partnership Firms - Fundamentals Model Question Paper - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    Loss is distributed among the partners:

  • 2)

    A partnership deed is silent for the payment of interest on partners’s loan but there was a loss instead of profits during the year 2013-14. At what rate will the interest on partner’s loan be allowed?

  • 3)

    Interest on partner’s capital is :

  • 4)

    Goodwill is a/an :

  • 5)

    Who should compensate to whom in case of change in profit sharing ratio of existing partners?

CBSE 12th Accountancy - Full Syllabus One Mark Question Paper with Answer Key - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    Loss is distributed among the partners:

  • 2)

    A partnership deed is silent for the payment of interest on partners’s loan but there was a loss instead of profits during the year 2013-14. At what rate will the interest on partner’s loan be allowed?

  • 3)

    Capital employed by a partnership firm is Rs10,00,000.Its average profit is Rs 1,20,000. The normal rate of return in similar type of business is 10%. What is the amount of super profits?

  • 4)

    Interest on partner’s capital is :

  • 5)

    Profit or loss on revaluation is shared among the partners in:

CBSE 12th Accountancy - Full Syllabus Eight Marks Questions - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    Dinesh, Yasmine and Faria are partners in a firm, sharing profits and losses in 11 : 7 : 2 respectively. The Balance Sheet of the firm as on 31st Dec. 2001 was as follows:

    Liabilities Rs. Assets Rs.
    Sundry Creditors 800 Factory 7,350
    Public Deposits 1,190 Plant & Machinery 1,800
    Reserve fund 900 Furniture 2,600
    Capital A/c   stock 1,450
    Dinesh 5,100 Debtors Rs.1,500  
    Yasmine 3,000 Less: bad debits Rs. 1,200
        300 provisions  
    Faria 5,000 Cash in hand 1,590
      15,900   15,900

    On the same date, Annie is admitted as a partner for on-sixth share in the profits with Capital of Rs.4,500 and necessary amount for his share of goodwill on the following items:-
    a. Furniture of Rs.2,400 were to be taken over by Dinesh, Yashmine and Faria equally.
    b. A Liability of Rs.1,670 be created against Bills discounted.
    c. Goodwill of the firm is to be valued at 2.5 years purchase of average profits of 2 years. The profits are as under.
    2000 - Rs.2,000 and 2001 - Rs.6,000
    d. Drawings of Dinesh, Yasmine, and Faria were Rs.2,750; Rs.1,750; and Rs.500 Respectively.
    e. Machinery and Public Deposits are revalued to Rs.2,000 and Rs.1,000 respectively
    Prepare Revaluation Account, Partners Capital Accounts and Balance Sheet of the new firm.

  • 2)

    X and Y are partners as they share profits in the proportion of 3 : 1 their balance sheet as at 31.03.07 as follows.

    BALANCE SHEET
    Liabilities Rs. Assets Rs.
    Capital Acciunt   Lansd 1,65,000
    X 1,76,000 Furniture 24,500
    Y 1,45,200 Stock 1,32,000
    Creditors 91,300 Debtors 35,200
        Bills Receivable 28,600
        Cash 27,500
      4,12,500   4,12,500

    On the ame date, Z is admittedf into partnership for 1/5th share on the following terms
    a. Goodwill is to be valued at 31/2 years purchase of average profits of last for year which were Rs.20,000 Rs.17,000 Rs.9,000 (Loss) respectively.
    b. Stock is fund to be overvalue by Rs.2,000 Furniture is reduced and Land to be appreciated by 10% each, a provision for Bad Debts @ 12% is to be created on Debtors and a Provision of Discount of Creditors @ 4% is to be created.
    c. A liability to the extent of Rs.1,500 should be created for a claim against the firm for damages.
    d. An items of Rs.1,000 included in Creditors is not likely to be claimed, and hence it should be written off.
    Prepare Revaluation Account, Partners: Capital Accounts and Balance Sheet of the new firm if Z is to contribute proportionate capital and goodwill. The capital partners are to be in profit sharing ratio by opening current Accounts.

  • 3)

    Rashmi and Pooja are partners in a firm. They share profits and losses in the ratio of 2 : 1. They admit Santosh into partnership firm on the condition that she will bring Rs. 30,000 for Goodwill and will bring such an amount that her capital will be 1/3 of the total capital of the new firm. Santosh will be given 1/3 share in future profits. At the time of admission of Santosh, the Balance Sheet of Rashmi and Pooja was as under:

    Liabilities Rs. Assets Rs.
    Capital Accounts   Cash 90,000
    Rashmi 1,35,000 Machinery 1,20,000
    Pooja 1,25,000 Furniture 10,000
    Creditors 30,000 Stock 50,000
    Bills Payable 10,000 Debtors 30,000
      3,00,000   3,00,000

    It was decided to:
    a. revalue stock at Rs. 45,000.
    b. depreciated furniture by 10% and machinery by 5%.
    c. made provision of Rs. 3,000 on sundry debtors for doubtful debts. Prepare Revaluation Account, Partners: Capital Accounts and Balance Sheet of the new firm. Give full workings.

  • 4)

    A, Band C were partners in a firm sharing profits equally: Their Balance Sheet on.31.12.2007 stood as:

    BALANCE SHEET AS AT 31.12.07
    Liabilities   Rs. Assets   Rs.
    A Rs.30,000   Goodwill   18,000
    B Rs.30,000   Cash   38,000
    C Rs.25,000 85,000 Debtors 43,000  
    Bills payable   20,000 Less: Bad Debt provision 3,000 40,000
    Creditors   18,000 Bills Receivable   25,000
    Workers Compensation Fund   8,000 Land and Building   60,000
    Employees provide 4nt Fund   60,000 Plant and Machinery   40,000
    General Reserve   30,000      
        2,21,000     2,21,000

    It was mutually agreed that C will retire from partnership and for this purpose following terms were agreed upon) Goodwill to be valued on 3 years’ purchase of average profit of last 4 years which were 2004 : Rs.50,000 (loss); 2005 : Rs. 21,000; 2006: Rs.52,000; 2007 : Rs.22,000.
    ii) The Provision for Doubtful Debt was raised to Rs. 4,000.
    iii) To appreciate Land by 15%.
    iv) To decrease Plant and Machinery by 10%.
    v) Create provision of Rs;600 on Creditors.
    vi) A sum of Rs.5,000 of Bills Payable was not likely to be claimed.
    vii) The continuing partners decided to show the firm’s capital at 1,00,000 which would be in their new profit sharing ratio which is 2:3. Adjustments to be made in cash
    Make necessary accounts and prepare the Balance Sheet of the new partners.

  • 5)

    6 Anil, Jatin and Ramesh were sharing profit in the ratio of 2 : 1 : 1. Their Balance Sheet as at 31.12.2001 stood as follows:-

    BALANCE SHEET as at 31.12.2001
    Liabilities Rs. Assets   Rs.
    Creditors 24,400 Cash   1,00,000
    Bank Loan 10,000 Debtors 20000  
    Profit and Loss A/c 18,000 Less:Provision 1600 18,400
    Bills Payable 2,000 Stock   10,000
    Anil's Capital  50,000 Land & Building   20,000
    Jatin's Capital 40,000 Investment   14,000
    Ramesh's Capital 40,000 Goodwill   22,000
      1,84,400     1,84,400

    Ramesh died on 31st March 2002. The following adjustments were agreed upon-
    (a) Building be appreciated by Rs. 2,000
    (b) Investments be valued at 10% less than the book value.
    (c) All debtors (except 20% which are considered as doubtful) were good.
    (d) Stock be increased by 10 %
    (e) Goodwill be valued at 2 years’ purchase of the average profit of the past five years.
    (f) Ramesh’s share of profit to the death be calculated on the basis of the profit of the preceding year. profit for the years 1997, 1998, 1999 and 2000 were Rs. 26,000, Rs. 22,000, Rs. 20,000 and Rs. 24,000 respectively.

CBSE 12th Accountancy - Full Syllabus Six Marks Questions - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    X and Y, two partners, drew for private use Rs 2,40,000 and Rs 1,60,000. Interest is chargeable @6% per annum on the drawings. What is the total interest?

  • 2)

    P and Q are partners with capitals of Rs.6,00,000 and Rs.4,00,000 respectively. The profit and Loss Account of the firm showed a net Profit of Rs.4,26,800 for the year. Prepare Profit and Loss account after taking the following into consideration:-
    (i) Interest on P's Loan of Rs.2,00,000 to the firm
    (ii) Interest on 'capital to be allowed @ 6% p.a.
    (iii) Interest on Drawings @ 8% p.a. Drawing were; P Rs.80,000 and Q Rs.1000000
    (iv) 10% of the divisible profits is to be kept in a Reserve Accounts.

  • 3)

    A and C are partners with fixed capitals of the Rs.2,00,000, Rs. 1,50,000 and Rs.1,00,000 respectively. THe ba;ance of current accounts on 1st January, 2004 were A Rs.10,000 (Cr.) and B Rs.4,000 (Cr.) and C Rs.3,000 (Dr.). A gave a loan to the firm of Rs.25,000 on 1st July, 2004. THe Partnership deed provided for the following:-
    (i) Interest on Capital at 6%.
    (ii) Interest on drawings at 9%. Each partner drew Rs.12,000 on 1st July, 2004.
    (iii) Rs.25,000 is to be transferred in a Reserve Account.
    (iv) Profit sharing ratio is 5 : 3 : 2 upto Rs.80,000 and above Rs.80,000 equally. Net Profit of the firm before above adjustment was Rs.1,98,360.
    From the above information prepare Profit and Loss Appropriation Account, Capital and Current Accounts of the partners.

  • 4)

    Yogesh, Ajay and Atul are partners sharing profits in the ratio 4 : 3 : 2. Yogesh withdraw Rs.3,000 in the begining of every month. Ajay withdraws Rs.2,000 in the middle of every month whereas Atul withdraws Rs. 1,500 at the end of every month. Interest on capitals and drawings is to calculated @ 12% p.a. Ajay is also to be allowed a salary of Rs.1,000 per month. After deducting salary but before charging anu type of interest, the profit for the year ending 31st December, 1997 was Rs.1,14,780. Prepare Profit & Looss Appropriation Account, Partners Capital Accounts and Current ccounts fro the additional information given below:

  • 5)

    Raghav Limited purchased a running business from Krishna traders for a sum of Rs. 15,00,000 Payable Rs. 3,00,000 by cheque and for the balance issued 9% debentures of Rs. 100 each at par.
    The asset and liabilities consisted of the following:
    Plant and Machinery         4,00,000
    Building                             6,00,000
    Stock                                 5,00,000
    Debtors                              3,00,000
    Creditors                            2,00,000

CBSE 12th Accountancy - Full Syllabus Three Marks Questions Study Materials - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    K and P were partners in a firm sharing profits in 4 : 3 ratio.  Their capitals on 1.4.2009 were : K Rs. 80,000 and P Rs. 60,000.  The partnership deed provided as follows :

    (i) Interest on capital and drawing will be allowed and charged @ 12% p.a. and 10% p.a. respectively.

    (ii) K and P will be entitled to get monthly salary of Rs. 2,00 and Rs 3,000 respectively.

    The profits for the year ended 31.3.2010 were Rs.  1,00,300.  The drawings of K and P were Rs. 40,000 and Rs. 50,000 respectively.  Interest on K's drawings was Rs. 2,000 and on P's drawings Rs. 2,500.

    Prepare Profit and Loss Appropriation Account of K and P for the year ended 31.3.2010 assuming that the capitals of the partners were fluctuating.

  • 2)

    An accountant of a firm, Which maintains partner's capital account under fixed capital method has credited salary and interest on capital to capital account. Is the treatment correct?

  • 3)

    List the items that may appear on the debit side and credit siode of a partner's fluctuating capital account.

  • 4)

    E and F were partners in a firm sharing profits in the ratio of 3:1. They admitted G as a new partner on 1.3.2005 for 1/3 share. It was decided that E,  and G will share future profits equally. G brought Rs.50,000 in cash and machinery worth Rs.70,000 for his share of profit as premium for goodwill. Showing your calculations clearly, pass necessary journal entries in the books of the firm.

  • 5)

    State the need for treatment of goodwill on change in profit sharing ratio

CBSE 12th Standard Accountancy - Accounting For Not For Profit Organisation Six Mark Model Question Paper - by Sonal Yadav - Mohali - View & Read

  • 1)

    From the following particulars relating to Silver Point, prepare a Receipt and Payment account for the year ending March 31, 2017.

    Particulars Rs. amount
    (RS.)
    Particulars amount
    (Rs.)
    Opening cash balance   1,000 Sale of old sports materials 1,200
    Opening bank balance   7,200 Donation received for pavilion 4,600
    Subscriptions collected for:     Rent paid 3,000
    2015-16     500   Sports materials purchases 4,800
    2016-17 7,600   Purchase of refreshments 600
    2017-18 900   Expenses for maintenance of tennis court 2,000
    Sale of refreshments   1,000 Salary paid 2,500
    Entrance fees received   1,000 Tournament expenses 2,400
          Furniture purchased 1,500
          Office expenses 1,200
          Closing cash in hand 400
  • 2)

    As per Receipt and Payment Account for the year ended on March 31, 2017, the subscriptions received were Rs. 2,50,000. Additional Information given is as follows:
    1. Subscriptions Outstanding on 1.4.2016 Rs. 50,000
    2. Subscriptions Outstanding on 31.3.2017 Rs.35,000
    3. Subscriptions Received in Advance as on 1.4.2016 Rs.25,000
    4. Subscriptions Received in Advance as on 31.3.2017 Rs.30,000
    Ascertain the amount of income from subscriptions for the year 2016–17 and show how relevant items of subscriptions appear in opening and closing balance sheets.

  • 3)

    From the following extract of Receipt and Payment Account and the additional information, compute the amount of income from subscriptions and show as how they would appear in the Income and Expenditure Account for the year ending March 31, 2015 and the Balance Sheet.

    Receipt and Payment Account for the year ending March 31, 2015
    Receipts Amount
    (Rs.)
    Amount
    (Rs.)
    Payments Amount
    (Rs.)
    Subscriptions:        
    2013-14 7,000      
    2014-15 30,000      
    2015-16 5,000 42,000    

    Additional Information: Rs.
    1. Subscriptions outstanding March 31, 2014 8,500
    2. Total Subscriptions outstanding March 31, 2015 18,500
    3. Subscriptions received in advance 4,000 as on March 31, 2014.

  • 4)

    Show how you would deal with the following items in the financial statements of a Club:

    Details Debit
    Amount
    (Rs.)
    Credit
    Amount
    (Rs.)
    Prize Fund   80,000
    Prize Fund Investments 80,000  
    Income from Prize Fund Investments   8,000
    Prizes awarded 6,000  
  • 5)

    Explain the statement: “Receipt and Payment Account is a summarised version of Cash Book”.

12th CBSE Accountancy - Cash Flow Statement Six Marks Model Question Paper - by Sonal Yadav - Mohali - View & Read

  • 1)

    The profit of X Ltd. was Rs. 1,00,000 after considering the following items :

    (a) Depreciation provided on Fixed Tangible Assets Rs. 20,000

    (b) Patents written off Rs. 10,000

    (c) Loss on sale of Furniture Rs. 1,000

    (d) Provision for Taxation Rs. 1,60,000

    (e) Transfer to General Reserve Rs. 14,000

    (f) Profit on sale of Fixed Tangible Assets (Machinery) Rs. 6,000.

    The following additional information is available to you:

    Items

    31.03.2014

    Rs.

    31.03.2015

    Rs.

    Trade Receivables 44,000 47,000
    Trade payables 36,000 42,000
    Prepaid Expenses 400 600

    Calculate cash flows from operating activities.

  • 2)

    Following particulars are extracted from notes to accounts to the Balance Sheets of Varun Ltd. as on 31.03.2013 and 31.03.2014.  Prepare a Cash Flow Statement.

    Particulars

    Note

    No.

    31.03.2014 Rs. 31.03.2013 Rs.
    I. EQUITY AND LIABILITIES      
         Share Capital   1,50,000 1,25,000
         Balance in Statement of Profit and Loss   75,000 60,000
         Bank Loan   20,000 -
         Bills Payable   35,000 20,000
         Trade Payables   45,000 20,000
      Total   3,25,000 2,55,000
    II. ASSETS      
         Fixed Assets-Tangible   30,000 20,000
         Non-current Investments   10,000 15,000
         Inventory   1,20,000 87,000
         Trade Receivables   90,000 98,000
         Cash and Cash Equivalents   75,000 35,000
      Total   3,25,000 2,55,000

    Additional Information :

      (i) During the year 2013-2014, Rs. 15,000 depreciation was charged on fixed tangible assets.

      (ii) Company has paid Rs. 12,000 interim dividend during the year.

  • 3)

    Following particulars are extracted from notes to accounts to the Balance Sheets of Vijaya Ltd. as on 31-03-2011 and 31-03-2015.  Prepare a Cash Flow Statement.

    Particulars

    Note

    No.

    31.03.2015

    Rs.

    31.03.2014

    Rs.

    I.  EQUITY AND LIABILITIES      
         Share Capital   1,30,000 90,000
         Surplus in Statement of Profit and Loss   29,000 18,000
         General Reserve   55,000 30,000
         Trade Payables   22,000 17,400
      Total   2,36,000 1,55,400
    II.  ASSETS      
         Fixed Assets - Tangible   1,66,000 93,400
         Inventories   26,000 22,000
         Trade Receivables   39,000 36,000
         Cash and Cash Equivalents   5,000 4,000
      Total   2,36,000 1,55,

    Note : Bracket denotes minus items.

    Additional Information :

    (i)  Depreciation charged on fixed tangible assets for the year 2014-2015 was Rs. 20,000.

    (ii) Income Tax Rs. 5,000 has been paid in advance during the year.

  • 4)

    (i) From given notes to accounts and cash flow statement of Radhika Ltd.  Complete the missing figures.

    Particulars

    31.03.2014

    Rs.

    31.03.2015

    Rs.

    1. Share Capital :    
           Equity Share Capital 3,00,000 4,00,000
           Preference Share Capital 1,50,000

    1,00,000

      Total 4,50,000 5,00,000
    2. Reserves and Surplus :    
           General Reserve 40,000 70,000
           Balance in Statement of Profit and Loss 30,000 48,000
      Total 70,000 1,18,000
    3. Short-term Provisions :    
           Provision for Taxation 40,000

    50,000

           Proposed Dividend 42,000 50,000
      Total 82,000 1,00,000
    4. Fixed Assets - Tangible : 2,00,000 1,70,000
           Building 2,00,000 1,70,000
           Plant 80,000 2,00,000
      Total 2,80,000 3,70,000

    (ii)
    Dr.                                                                       Building A/c                                                                         Cr.

    Particulars Rs. Particulars Rs.
    To Balance b/d ..... By Cash A/c (Balance Figure-Sale of building) 50,000
    To Statement of Profit and Loss   By Balance c/d .....
         (Gain on sale of Building) 20,000    
      2,20,000   2,20,000

                                                                              Plant A/c                                                                                     

    Dr.                                                     (at written down value basis)                                                           Cr.

    Particulars Rs. Particulars Rs.
    To Balancee b/d ..... By Depreciation A/c 10,000
    By Cash A/c (Balancing Figure-Purchase of Plant) 1,30,000 By Balance c/d .....
      2,10,000   2,10,000

    (iii)  Calculation of profit before Tax :

    Profit after Tax  Rs.
    Add : Provision for Tax .....
    Proposed divided .....
    Amount transferred to General Reserve .....
    Profit before Tax .....
      .....

                                                                        Cash Flow Statement

                                                                   for the year ended 31.03.2015

    Sr. No. Particulars

    Details

    Rs.

    Total

    Rs.

    A. Cash Flows form (or Used in) Operating Activities :    
      Profit before Tax .....  
      Adjustment for :    
              Add : Goodwill written off 25,000  
                        Depreciation on plant .....  
           Less : Gain on sale of Building .....  
      Operating Profit before Working Capital Changes .....  
             Add : Increase in Current Liabillities and Decrease in Current Assets :    
                      Trade Payables 24,000  
          Less : Increase in Current Assets and Decrease in Current Liabilities :    
                      Inventories 82,000  
          Less : Payment of Tax .....  
      Net Cash from Operating Activities ..... .....
    B. Cash Flows from / (used in) Investing Activities :    
          Sale of Building .....  
          Purchase of plant .....  
      Net Cash used in Investing Activities ..... .....
    C. Cash Flows from / (used in) Financing Activities :    
          Issue of Equity Shares .....  
          Redemption of Preference Shares .....  
          Payment of Dividend .....  
      Net Cash from Financing Activities ..... .....
           
    D. Net Decrease in Cash and Cash Equivalents (A + B + C)   .....
    E. Cash and Cash Equivalents - Opening Balance   25,000
    F. Cash and Cash Equivalents - Closing Balance   18,000
  • 5)

    What is meant by cash flow statement is prepared.

12th Standard CBSE Accountancy - Accounting For Not For Profit Organisation Six Marks Questions - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    From the following particulars relating to Silver Point, prepare a Receipt and Payment account for the year ending March 31, 2017.

    Particulars Rs. amount
    (RS.)
    Particulars amount
    (Rs.)
    Opening cash balance   1,000 Sale of old sports materials 1,200
    Opening bank balance   7,200 Donation received for pavilion 4,600
    Subscriptions collected for:     Rent paid 3,000
    2015-16     500   Sports materials purchases 4,800
    2016-17 7,600   Purchase of refreshments 600
    2017-18 900   Expenses for maintenance of tennis court 2,000
    Sale of refreshments   1,000 Salary paid 2,500
    Entrance fees received   1,000 Tournament expenses 2,400
          Furniture purchased 1,500
          Office expenses 1,200
          Closing cash in hand 400
  • 2)

    From the following Receipt and Payment Account for the year ending March 31, 2015 of Negi's Club, prepare Income and Expenditure Account for the same period:

    Dr.                Receipt and Payment Account for the year ending March 31, 2015                   Cr.
    Expenditure Amount
    (Rs.)
    Amount
    (Rs.)
    Income Amount
    (Rs.)
    Balance c/d Bank   25,000 Purchase of furniture (1.7.14 5,000
    Subscriptions     Salaries 2,000
    2013 1,500   Telephone expenses 300
    2014 10,000   Electricity charges 600
    2015 500 12,000 Postage and Stationery 150
    Donation   2,000 Purchase of books 2,500
    Hall rent   300 Entertainment expenses 900
    Interest on bank deposits   450 Purchase of 5% government papers (1.7.14 8,000
    Entrance fees   1,000 Miscellaneous expenses 600
          Balance c/d:  
          Cash 300
          Bank 20,400
        40,750   40,750

    The following additional information is available:
    (i) Salaries outstanding – Rs. 1,500;
    (ii) Entertainment expenses outstanding – Rs. 500;
    (iii) Bank interest receivable – Rs. 150;
    (iv) Subscriptions accrued – Rs. 400;
    (v) 50 per cent of entrance fees is to be capitalised;
    (vi) Furniture is to be depreciated at 10 per cent per annum.

  • 3)

    From the following Receipt and Payment Account and additional information relating to Excellent Cricket Club, prepare Income and Expenditure Account for the year ended March 31, 2015 and Balance Sheet as on date.
     

    Dr. Cr.
    Receipts Amount
    (Rs.)
    Payments Amount
    (Rs.)
    Balance b/d (Cash in Hand) 18,000 Balance b/d (bank overdraft) 16,000
    Member’s subscriptions 2,50,000 Upkeep of field and pavilion 1,15,000
    Member’s admission fee 15,000 Tournament expenses 40,000
    Sale of old sports materials 2,500 Rates and Insurance 10,000
    Hire of ground 28,000 Telephone 3,500
    Subscription for tournament 60,000 Postage and Courier charges 4,000
    Life membership fee 20,000 Printing and Stationery 26,000
    Donations 6,00,000 Miscellaneous expenses 4,400
        Secretary’s honorarium 30,000
        Grass seeds 2,600
        Investments 6,00,000
        Purchase of sports materials 68,000
        Balance c/d 74,000
      9,93,500   9,93,500

    Assets at the beginning of the year were:

      Rs.
    Play ground 5,00,000
    Cash in hand 18,000
    Stock of sports materials 85,000
    Printing and Stationery 11,000
    Subscriptions receivable 28,000

    Donations and Surplus on account of tournament are to be kept in Reserve for a permanent pavilion. Subscriptions due on March 31, 2015 were Rs. 42,000. Write-off fifty per cent of sports materials and thirty per cent of printing and stationery.

  • 4)

    As per Receipt and Payment Account for the year ended on March 31, 2017, the subscriptions received were Rs. 2,50,000. Additional Information given is as follows:
    1. Subscriptions Outstanding on 1.4.2016 Rs. 50,000
    2. Subscriptions Outstanding on 31.3.2017 Rs.35,000
    3. Subscriptions Received in Advance as on 1.4.2016 Rs.25,000
    4. Subscriptions Received in Advance as on 31.3.2017 Rs.30,000
    Ascertain the amount of income from subscriptions for the year 2016–17 and show how relevant items of subscriptions appear in opening and closing balance sheets.

  • 5)

    Extracts of Receipt and Payment Account for the year ended March 31, 2017 are given below:

    Receipt
    Subscriptions
    (Rs.)
    2015-16 2,500
    2016-17 26,750
    2017-18 1,000
      30,250

    Additional Information:
    Total number of members: 230.
    Annual membership fee: Rs. 125.
    Subscriptions outstandings on April 1, 2016: Rs. 2,750.
    Prepare a statement showing all relevant items of subscriptions viz., income, advance, outstandings, etc.

CBSE 12th Accountancy - Cash Flow Statement Six Marks Questions - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    Following Particular are taken from note to accounts to the Balance Sheets of Vijay Ltd. as on 31.03.2014 and 31.03.2015.  Prepare a Cash Flow Statement.

    Particulars

    Note

    No.

    31.03.2015

    Rs.

    31.03.2014

    Rs.

    I. EQUITY AND LIABILITIES

         
           Share Capital   10,00,000 7,50,000

           Reserves and Surplus (Balance in Statement of Profit and Loss)

      1,50,000 Nil

        Current lianilities :

         

           Trade Payables

      2,00,000 1,50,000
           Short-term Provisions (Proposed Dividend)   1,00,000 50,000
      Total   14,50,000 9,50,000
    II.  ASSETS      
            Fixed Assets-Tangible   9,00,000 6,00,000
            Current Assets   5,50,000 3,50,000
      Total  

    14,50,000

    9,50,000

    Additional Information :

    (i) During the year, Rs. 50,000 depreciation was charged on fixed tangible assets.

    (ii) A piece of machinery included in fixed assets, costing Rs. 10,000 in which depreciation charged was Rs. 4,000 sold for Rs. 5,000

  • 2)

    Following particulars are extracted from notes to accounts to the Balance Sheets of Varun Ltd. as on 31.03.2013 and 31.03.2014.  Prepare a Cash Flow Statement.

    Particulars

    Note

    No.

    31.03.2014 Rs. 31.03.2013 Rs.
    I. EQUITY AND LIABILITIES      
         Share Capital   1,50,000 1,25,000
         Balance in Statement of Profit and Loss   75,000 60,000
         Bank Loan   20,000 -
         Bills Payable   35,000 20,000
         Trade Payables   45,000 20,000
      Total   3,25,000 2,55,000
    II. ASSETS      
         Fixed Assets-Tangible   30,000 20,000
         Non-current Investments   10,000 15,000
         Inventory   1,20,000 87,000
         Trade Receivables   90,000 98,000
         Cash and Cash Equivalents   75,000 35,000
      Total   3,25,000 2,55,000

    Additional Information :

      (i) During the year 2013-2014, Rs. 15,000 depreciation was charged on fixed tangible assets.

      (ii) Company has paid Rs. 12,000 interim dividend during the year.

  • 3)

    Prepare a Cash Flow Statement from the following Balance Sheet of XYZ Ltd:

                              Balance Sheet of XYZ Ltd. as at 31st March, 2015

    Particulars

    Note

    No.

    31.03.2015

    Rs.

    31.03.2014
    I. EQUITY AND LIABILITIES      
       1. Shareholders' Funds :      
           (a) Share Capital   20,00,000

    17,00,000

           (b) Reserve and Surplus (Profit and Loss Balance)   3,00,000 4,00,000
       2. Share Application money pending allotment   - -
       3. Non-current Assets :      
           Long Term Borrowings   3,00,000 2,00,000
       4. Current Liabilities      
           Trade Payables   50,000 25,000
      Total   26,50,000 23,25,000
           
    II. ASSETS      
        1. Non-current Assets :      
            (a) Fixed Assets      
                  (i) Tangible Assets   8,00,000 9,00,000
                  (ii) Intangible Assets   5,00,000 2,00,000
            (b) Non-current Investment   3,00,000 4,00,000
       2. Current Assets :      
           (a) Inventories   4,00,000 5,00,000
           (b) Trade receivables   1,50,000 1,25,000
           (c) Cash and Cash Equivalents   5,00,000 2,00,000
      Total   26,50,000 23,25,000
           

    Additional Information:
    During the year a piece of machinery of book value of Rs. 40,000 was sold for Rs. 30,000.  The company paid interest Rs. 36,000 on long term borrowings.  Depreciation of Rs. 1,00,000 was provided on Tangible Assets during the year.

  • 4)

    From the following Balance Sheets of a company, calculate the Cash Flows from Operating Activities :

    Particulars

    Note

    No.

    31.03.2015

    Rs.

    31.03.2014

    Rs.

    I. EQUITY AND LIABILITIES      
      1. Shareholders' Funds :      
          (a) Share Capital   60,000 60,000
          (B) Reserves and Surplus (Balance in Statement of Profit and Loss)   50,000 30,000
       2. Non-Current Liabilities :      
           Long-term Borrowings (6% Debentures)   8,000 70,000
       3. Current Liabilities :      
           Trade Payables   50,000 60,000
           Other Current Liabilities (Outstanding Expenses)   45,000 50,000
      Total   2,85,000 2,70,000
    II. ASSETS      
        1. Non-Current Assets :      
            (a) Fixed Assets-Tangible   1,40,000 1,50,000
            (b) Non-Current Investment   30,000 20,000
        2. Current Assets :      
            (a) Inventories   45,000 30,000
            (b) Trade receivables   40,000 30,000
            (c) Cash and Cash Equivalents   30,000 20,000
      Total   2,85,000 2,70,000
  • 5)

    The following information has been extracted from the books of Pure Con Company.  Using the information, calculate the Cash Flows from Investing Activities :

      Rs.
    Land purchased during the year 6,00,000
    Non-current Investment purchased 2,90,000
    Purchase of Fixed Tangible Assets (Machinery) 4,00,000
    Sale of Fixed Tangible Assets (building) 5,20,000
    Sale of Non-current Investment 1,50,000
    Sale of  Fixed Tangible Assets (machinery) 1,70,000
    Receipt for permission of use of patent 90,000
    Interest received on debentures held as investments 30,000
    Dividend received on shares as investments 50,000

12th Standard CBSE Accountancy - Accounting Ratio Six Marks Questions - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    Calculate the current ratio if working capital Rs.15,000, total liabilities (other than shareholders' funds) Rs.32,500, long-term debt Rs.25,000.

  • 2)

    The current ratio of a company is 2 : 1. State giving reasons, which of the following would improve, reduce or not change the ratio.
    (i) Repayment of a current liability.
    (ii) Purchasing goods on cash.
    (iji) Sale of office equipment of Rs.4,000 (book value Rs.5,000).
    (iv) Sale of goods Rs.11,000 (cost Rs.10,000).
    (v) Payment of dividend.

  • 3)

    The current assets and current liabilities of a firm are Rs.5,00,000 and  Rs.4,00,000 respectively.
    Calculate the current ratio if.
    (i) It purchased goods worth Rs.1,00,000 on credit.
    (ii) It paid Rs.2,00,000 to a creditor.

  • 4)

    A firm wants to maintain an ideal current ratio of 2:1. Its current assets are of Rs.12,00,000 and current liabilities amount to Rs.4,00,000. Find the amount of current assets that it should purchase on credit to achieve that ratio.

  • 5)

    The current ratio of Richa Ltd is 4.5 : 1 and liquid ratio is 3:1. Inventories are Rs.30,000. What are the current liabilities, current assets, liquid assets?

CBSE 12th Accountancy - Accounting for Partnership - Dissolution of Firm Six Marks Questions - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    Pass the necessary Journal entries for the following transactions on the dissolution of the firm of Sudha and Shiva after the various assets (other than cash) and outside liabilities have been transferred to Realisation Account:

      (i) Sudha agreed to pay off her husband's loan Rs. 19,000

      (ii)A debtor whose debt of Rs. 9,300 was written off in the books paid Rs. 7,500 in full settlement.

      (iii) Shiva took over all investment at Rs. 13,300.

      (iv) Sundry creditors Rs. 10,000 were paid at 9% discount.

      (v) Realisation expenses Rs. 3,400 were paid by Sudha for which she was allowed Rs. 3,000.

      (vi) Loss on realisation Rs. 9,400 was divided between Sudha and Shiva in 3 : 2 ratio.

  • 2)

    Prakash, Kiran and Rishab are partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1.  Their Balance Sheet as on 31st March 2014 Stood as follows :

                                      Balance sheet

                                as on 31st March, 2014

    Liabilities Rs. Assets Rs.
    Creditors

    25,000

    Cash at Bank

    2,000

    Bills Payable 10,000 Debtors 20,000  
    General Reserve 27,000 Less ; Provision for Bad Debts (2,000) 18,000
    Workmen's Compensation Fund 3,000 Stock 25,200
    Mrs. Prakash's Loan 5,000 Investments 20,000
    Capital A/cs :   Bills Receivable 8,000
       Prakash 60,000   Machinery 60,000
       Kiran 40,000 1,00,000 Goodwill 6,000
        Profit & Loss A/c 19,800
        Rishab's Capital A/c 11,000
      1,70,000   1,70,000

    On the above date, the firm was dissolved and the following transactions took place :

    (i) The assets were sold off for the following amounts :

    (ii) Kiran took over the Bills Receivable at Rs. 7,000 and the Bills Payable at book value.

    (iii) There was an unrecorded asset of Rs. 4,000 which was sold for Rs. 1,800.

    (iv) Prakash agreed to pay to his wife's loan.

    (v) A contingent liability for a bill discounted at Rs. 8,000 was settled by Prakash.

    (vi) Creditors were settled at a discount of 10% and goodwill realised Rs. 5,000.

    (Vii) Realisation expenses were Rs. 2,100 which were met by Kiran.

    You are required to :

      (a) Pass the necessary Journal Entries.

      (b) Prepare the Realisation Account on the dissolution of the firm.

      (c) Prepare the Capital Accounts of the Partners.

  • 3)

    On 1st April, 2014 X, Y and Z started business sharing profits and losses in the ratio of 3 : 2 : 1 respectively.  They contributed Rs. 1,00,000 Rs. 80,000 and Rs. 40,000 respectively as their capital which were deposited into bank.  Each partner withdrew Rs. 15,000 during the year.  The partnership was dissolved on 31st March, 2015.  X took up the stock at an agreed price of Rs. 25,000.  Y took up Furniture at Rs.5,000 and Z took up debtors at Rs.18,500.  Creditors were paid off and then remained a balance of Rs. 14,000 in the bank account.

    Prepare necessary accounts to show the distribution of cash at bank and of the required cash brought in by any of the partners.

  • 4)

    P, Q and R are partners in a firm in the ratio of 5 : 3 : 2. On 31st December, 2010 the firm was dissolved.  On dissolution, the following particulars are available :

    (i) Assets realised Rs. 1,70,000 after a loss of Rs. 20,000.

    (ii) Liabilities were paid Rs. 27,000 including an unrecorded liability of Rs. 1,000.

    (iii) Realisation expenses paid Rs. 700.

    (iv) On the date of dissolution, partners' capital was in the ratio of 2 : 2 : 1.

    Prepare Realisation Account, Partners' Capital Accounts and Cash Account.

  • 5)

    A and B have been in business together for the last three years ending 31st March, 2015 at which date, they agreed to dissolve.  Their capital at the commencement of the three years before allowing 10% interest on capital were : 2012-13(profit) Rs.30,000, 2013-14 (profit) Rs. 22,200 and 2014-15 (loss) Rs. 5,380.  Drawings of each partner is Rs. 4,000 per year.  Creditors on the date of dissolution were Rs. 16,400.  The assets realised Rs. 85,000.  Expenses of dissolution amounted to Rs. 780.

    Prepare (i) Capital Accounts before and after dissolution, (ii) Balance Sheet as on 31st March 2015, (iii) Bank A/c and (iv) Realisation Account.

CBSE 12th Accountancy - Accounting for Debentures Six Marks Questions - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    XYZ Ltd took over assets of Rs.5,00,000 and liabilities of Rs.60,000 of POR Company for the purchase consideration of Rs.6,60,000. The XYZ Company Ltd paid the purchase consideration by issuing debentures of  Rs.100 each at 10% premium.
    Give journal entries in the books of the XYZ Company Ltd.

  • 2)

    DLF Ltd acquired assets of Rs.50,00,000 and took over creditors of Rs.5,00,000 from Vishal Enterprises. DLF Ltd issued 8% debentures of  Rs.100 each at a premium of 25% as purchase consideration. Record necessary journal entries in the books of DLF Ltd.

  • 3)

    ABC Ltd purchased assets of the book value of Rs.8,00,000 and took over the liabilities of Rs.1,00,000 from XYZ Ltd. It was agreed that the purchase consideration, settled at Rs.7,60,000, be paid by issuing debentures of  Rs.100 each.
    What journal entries will be made in the following three cases if debentures are issued: (i) at par, (ii) at a discount of 10%and (iii) at a premium of 10%? It was agreed that any fraction of debentures be paid in cash.

  • 4)

    ABC Ltd issued Rs.1,00,000, 6%debentures of  Rs.10 each at a premium of  Rs.2 per debenture on 1st April, 2014. The issue was fully subscribed and interest will be paid at the end of each financial year. Pass necessary journal entries for the year 2014-15.

  • 5)

    ABC Ltd issued 5,000, 10% debentures of  Rs.100 each on 1st April, 2013 at a discount of 10%redeemable at a premium of 10% after 4 years. Give journal entries for the yea! ended 31st March, 2015 assuming that the interest was payable half yearly on 30th September and 31st March. Tax is to be deducted @ 10%.

12th Standard CBSE Accountancy - Financial Statements of a Company Six Marks Questions - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    Under what heads and sub-heads will the following items appear in the Balance Sheet of a company as per Schedule III Part I of the Companies Act 2013:
    (i)Debenture;
    (ii)Securities against telephone
    (iii)Calls-in-advance

  • 2)

    Under what heads and sub-heads will the following items appear in the Balance Sheet of a company as per Schedule III Part I of the Companies Act 2013:
    (i)Subsidy Reserve
    (ii)Patents
    (iii)Provision for doubtful debts.

  • 3)

    Under what heads and sub-heads will the following items appear in the Balance Sheet of a company as per Schedule III Part I of the Companies Act 2013:
    (i)Computer software
    (ii)Proposed Dividend
    (iii)Loan payable on demand

  • 4)

    Calculate revenue from operations, other income and total revenue for a non-financial company from the following information. Sales Rs 50,40,000, sales return Rs 40,000, sale of scrap Rs 15,000, interest on fixed deposit Rs 5,000, dividend earned on shares of Agro Limited Rs 4,000.

  • 5)

    Calculate revenue from operations, other income and total revenue of a financial company from the following information.Interest received on loans disbursed Rs 10,20,000, dividend received on investment in equity Rs 1,80,000, profit on sale of assets of business Rs 2,00,000, other incomes Rs 10,000.

12th Standard CBSE Accountancy - Accounting for Share Capital Six Marks Questions - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    Digamber Ltd invited applications for 20,000 shares of Rs 10 each, issued at a premium of 25%, payable as follows Rs 4 on application, Rs 5 on allotment (including premium of Rs1.5) and the balance on first and final call (including the remaining premium). All the shares were applied for and allotted. Amount due was duly received. Journalise, When it is the company's policy to maintain cash book.

  • 2)

    Sehgal Ltd issued 50,000 equity shares of Rs10 each at face value. the amount was payable at the time of making application for the shares. Pass necessary journal entries and prepare the company's balance sheet when

    (i) Applications are received for 4,75,000 shares

    (ii) Applications are received for 55,000 shares.

  • 3)

    Bhalla Ltd issued 15,500 equity shares of Rs10 each, payable of Rs 3 on application, Rs 2 on allotment and Rs 5 on first and final call. The public applied for 11,500 shares. The shares were duly allotted. Pass necessary journal entries when cash book is maintained and only one account is opened for application and allotment.

  • 4)

    Dinesh Ltd issued for public subscription 30,000 equity shares of Rs15 each at par, payable as follows

    Rs 7 on application

    Rs 5 on allotment

    Rs 3 on first and final call

    The company received applications for 40,500 shares. Journalise in each of the case mentioned below

    (i) When excess applications are rejected.

    (ii) When proportionate allotment is made.

    (iii) When allotment is made hereunder.

          (a) Applications for 500 shares are rejected.

          (b) Applications of 2,000 shares are allotted in full.

          (c) For the balance, pro-rata allotment is made

  • 5)

    DN Ltd issued 50,000 shares of Rs 10 each payable as Rs 2 per share on application, Rs 3 per share on allotment and Rs 2 each on first and final call. Applications were received for 70,000 shares. it was decided to

    (i) Refuse allotment to the applicant of 10,000 shares.

    (ii) Allot 20,000 shares to Mohan who had applied for similar number.

    (iii) Allot the remaining shares on pro-rata basis.

    Mohan failed to pay the allotment money and Sohan who belonged to the category (iii) and was allotted 3,000 shares paid both the calls with allotment. Find out the amount received on allotment .

12th Standard CBSE Accountancy - Reconstitution of a Partnership Firm - Retirement of a Partner Six Marks Questions - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    Sandeep, Praveen and Tara are partners sharing profits in the ratio of 3:2:1. On 1st April, 2012  Sandeep gave a notice to retire from the firm. Praveen and Tara after all adjustments showed a balance of Rs.64,000 and Rs.1,00,000 respectively. The total amount to be paid to Sandeep was Rs.1,23,000. This amount was to be paid by Praveen and Tara in such a way Pass necessary Journal entires for the above transations in the books of the firm. Show your working clearly.

  • 2)

    The Balance Sheet of Keshav, Nirmal and pankaj who are partners in a firm sharing profits according to their capital as at 31st March, 2012 was as follows:

                    Balance Sheet of Keshav, Nirmal and Pankaj

                              as at 31st March,2012 

    Liabilities Rs Assets Rs
    Creditors 42,000 Buildings 2,00,000
    Keshav's Capital 1,60,000 Machinery 1,00,000
    Nirmal's Capital 80,000 Stock 36,000
    Pankaj capital 80,000 Debtors 40,000  
    General reserve 40,000    Less:Provision for Bad Debts (2,000) 38,000
        Cash at Bank 28,000
      4,02,000   4,02,000

    On that date Nirmal decided to retire from the firm and was paid for his share in the firm subject to the following:

    (i) Buildings to be appreciated by 20%.

    (ii) Provision for Bad Debts to be increased to 15% on Debtors.

    (iii) Machinery to be depreciated by 20 %.

    (iv) Goodwill of the firm is valued at Rs.1,44,000 and the retiring partner's share is adjusted through the capital accounts of  remaining partners.

    (v) The capital of the new firm be fixed at 2,40,000.

    Prepare Revaluation Account, Capital Accounts of the partners, Bank Account and the Balance Sheet after Nirmal's retirement.

  • 3)

    Amit, Balan and Chander were partners in a firm sharing profits in the proportion of \(\frac { 1 }{ 2 } ,\frac { 1 }{ 3 } and\frac { 1 }{ 6 } \) respectively. Chander retired on 1.04.2014. The Balance Sheet of the firm on the date of Chander's retirement was as follows:

                             Balance Sheet of Amit, Balan and Chander

                                       as on 1-4-2014

    Liabilities Rs Assets Rs
    Sundry Creditors 12,600 Bank 4,100
    Provident Fund 3,000 Debtors 30,000  
    General Reserve 9,000    Less: Provision 1,000 29,000
    Capitals:   Stock 25,000
    Amit 40,000   Investments 10,000
    Balan 36,500   Patents 5,000
    chander 20,000   Machinery 48,000
      96,500    
      1,21,100   1,21,100

    It was agreed that:

    (a) Goodwill will be valued at Rs.27,000.

    (b) Depreciation of 10% was to be provided on machinery.

    (c) Patents were to be reduced by 20%.

    (d) Liability on account of Provident Fund was estimated at Rs.2,400.

    (e) Chander took over investments for Rs.15,800.

    (f) Amit and Balan decided to adjust their capitals in proportion of their profit sharing ratio by opening current accounts.

    Prepare Revaluation Account and Partners' Capital Accounts on Chander's retirement.

  • 4)

    On 1.1.2008, Uday and Kaushal entered into partnership with fixed capitals of RS.7,00,000 and RS.3,00,000 respectively. They were doing good business and were interested in its expansion but could not do the same because of lack of capital. Therefore, to have more capital, they admitted Govind as a new partner on 1.1.2010. Govind brought RS.10,00,000 as capital and the new profit sharing ratio decided was 3:2:5. On 1.1.2012, another new partner Hari was admitted with a capital with of RS.8,00,000 for 1/10th share in the profits, which he acquired equally from Uday, Kaushal and Givind. On 1.4.2014 Govind died and his share was taken over by Uday and Hari equally, Calculate:

    (i) The sacrificing ratio of Uday and Kaushal on Govind's admission.

    (ii) New profit sharing ratio of Uday, Kaushal and Hari on Govind's death.

  • 5)

    Ramesh, Naresh and Sudesh were partners in a firm sharing profits in the ratio of 2:2:1. On 31st December, 2008 their Balance Sheet was as follows:

    Liabilities

    RS

    Assets

    Rs

    Creditors 60,000 Bank  90,000
    Bills Payable 40,000 Stock 70,000
    General Reserve 30,000 Debtors 40,000
    Capital Accounts:   Land and Buildings 5,00,000
              Ramesh 3,00,000   Profit and Loss A/c 1,60,000
              Naresh 3,00,000      
              Sudesh 1,30,000 7,30,000    
      8,60,000   8,60,000

    (i) Goodwill of the firm was to be valued at 2 year's purchase of the average profits of last 5 years.The profits for the years ended 31st December, 2007; 31st December 2006; 31st December, 2005 and 31st December, 2004 were RS.50,000, RS.80,000, RS.1,10,000 and RS.2,20,000 respectively.Naresh died 31st March, 2009. The Partnership Deed provided for the following on the death of a partner:

    (ii) Naresh's share of profits or loss till the date of his death was to be calculated on the basis of the profit or loss for the ended 31st December, 2008.

    You are required to calculate the following:

    (i) Goodwill of the firm and Naresh's share of goodwill at the time of his death.

    (ii) Naresh's share in the profit or loss of the firm till the date of his death.

    (iii) Prepare Naresh's capital Account at the time of his death to be presaented to his executors.

CBSE 12th Standard Accountancy - Accounting Ratio Six Mark Model Question Paper - by Sonal Yadav - Mohali - View & Read

  • 1)

    Calculate the current ratio if working capital Rs.15,000, total liabilities (other than shareholders' funds) Rs.32,500, long-term debt Rs.25,000.

  • 2)

    From the following balance sheet of Aspect Ltd, calculate the current ratio.
                                                    Balance Sheet
                                                           as at ...

           Particulars  Note No.      Amt(Rs)
    I EQUITY AND LIABILITIES    
      1. Shareholders' Funds    
          (a) Share Capital   15,00,000
          (b) Reserves and Surplus   (1,50,000)
      2. Non-current Liabilities    
              Long-term Borrowings   8,25,000
      3. Current Liabilities    
          (a) Short-term Borrowings   7,50,000
          (b) Trade Payables   1,50,000
          (c) Short-term Provisions   2,25,000
    Total   33,00,000
    II ASSETS    
      1. Non-current Assets    
          (a) Fixed Assets    
               (i) Tangible Assets   13,50,000
               (ii) Intangible Assets   1,50,000
          (b) Non-current Investments   1,50,000
    2. Current Assets    
          (a) Current Investments   3,00,000
          (b) Inventories   4,50,000
          (c) Trade Receivables   5,25,000
          (d) Cash and Cash Equivalents   3,75,000
    Total   33,00,000
  • 3)

    The current assets and current liabilities of a firm are Rs.5,00,000 and  Rs.4,00,000 respectively.
    Calculate the current ratio if.
    (i) It purchased goods worth Rs.1,00,000 on credit.
    (ii) It paid Rs.2,00,000 to a creditor.

  • 4)

    Current liabilities of a company are Rs.1,60,000. Liquid ratio is 1.5:1 and current ratio is 2.5:1. Calculate quick assets and current assets.

  • 5)

    Calculate current ratio if inventories are Rs.6,00,000, liquid assets Rs.24,00,000, quick ratio 2 : 1.

12th CBSE Accountancy - Financial Statement Analysis Eight Mark Model Question Paper - by Sonal Yadav - Mohali - View & Read

  • 1)

    From the following statement of profit and loss of Fenox Ltd for the year ended 31st march,2015, prepare a comparative statement of profit and loss.

    Particulars Note No 2014-15(Rs) 2013-14(Rs)
    Revenue from Operations   8.00,000 6,00,000
    Other Incomes   1,00,000 50,000
    Expenses   5,00,000 4,00,000

    Rate of income tax was 40%

  • 2)

    Prepare comparative of Profit and loss from the following information.

    Particulars 31st March,2014 Amt (Rs) 31st March,2015 Amt(Rs)
    Revenue from Operations(Sales) 30,00,000 40,00,000
    Cost of Goods Sold or Cost of Revenue from Operations 60% of Sales 55% of Sales
    Paid Wages 25,000 30,000
    Operating Expenses 20% of Gross Profit 25% of Gross Profit
    Incoming Tax 40% 40%
  • 3)

    From the following balance sheets of Varma Ltd, prepare comparative balance sheet. 

    particulars 31st March,2015 Amt(Rs) 31st March,2014 Amt(Rs)
    I.EQUITY AND LIABLITIES    
      1.Shareholders' Funds    
         (a) Share Capital 50,00,000 50,00,000
         (b) Reserves and Surplus 12,00,000 10,00,000
      2. Non-current Liabilities    
            Long-term Borrowings 30,00,000 30,00,00
      3. Current Liabilities    
         (a) short-term Browings      4,80,000 4,50,000
         (b) Trade Payables 4,50,000 4,00,000
         (c) Other Current Liabilities 1,10,000 1,00,000
         (d) Short-term Provisions 60,000 50,000
      Total 1,03,00,000 1,00,00,000
    II. ASSETS    
      1. Non-current Assets    
         (a) Fixed Assets(Tangible) 72,00,000 60,00,000
         (b) Non-current Investments 10,00,000 10,00,000
      2. Current Assets    
         (a) Inventories 11,00,000 15,00,000
         (b) Trade Receivables 6,00,000 10,00,000
         (c) Cash and Cash Equivalents 3,50,000 3,00,000
         (d) Other Current Assets 50,000 2,00,000
      Total 1,03,00,000 1,00,00,000
  • 4)

    From the following balance sheets of Sun Ltd as at 31st March, 2014 and 2015, prepare a common size balance sheet

    Particulars Note No 31st March,014 Amt(Rs) 31st March,2015 Amt(Rs)
    I.EQUITY AND LIABILITIES      
      1.Shareholdrs' Funds      
         (a) Share Capital   30,000 40,00,000
         (b) Reserves and Surplus   4,00,000 6,00,000
      2.Non-current Liablities      
          Long-term Browings   10,00,000 12,00,000
      3.Current Liabilities      
         Trade Payables   6,00,000 2,00,000
      Total      
    II.ASSETS      
      1.Non-Current Assets      
         (a) Fixed Assets      
              (i) Tangible Assets   30,00,000 40,00,000
              (ii) Intengibla Assets   6,00,000 2,00,000
      2.Current Assets      
         (a) Inventories   10,00,000 12,00,000
         (b) Cash and Cash Equivalents   4,00,000 6,00,000
      Total   50,00,000 60,00,000
  • 5)

    Prepare common size income statement from the following Staement of profit and loss.

    Particulars 31st March,2014 Amt(Rs) 31st march,2015 Amt(Rs)
    I.Income    
      Revenue from Operations(Net Sales) 5,00,000 5,00,000
      Other Income 5,000 5,500
     Total 5,05,000 5,05,000
    II.Expenses    
      Purchase of Stock-in-trade 3,25,000 3,50,000
      Changes in Inventories of Stock-in-trade 25,000 24,000
      Employees Benefit Expenses 40,000 49,000
      Other Expenses 58,750 45,000
     Total 4,48,750 4,68,000
    III.Profit(I-II) 56,250 37,500

12th Standard CBSE Accountancy - Financial Statements of a Company Six And Eight Mark Model Question Paper - by Sonal Yadav - Mohali - View & Read

  • 1)

    Calculate revenue from operations, other income and total revenue for a non-financial company from the following information. Sales Rs 50,40,000, sales return Rs 40,000, sale of scrap Rs 15,000, interest on fixed deposit Rs 5,000, dividend earned on shares of Agro Limited Rs 4,000.

  • 2)

    Calculate cost of material consumed from the information given below
    Opening inventory
    Raw material                                           Rs 1,25,000
    Work-in-progress                                   Rs  4,75,000
    Finished goods                                       Rs 2,25,000
    Raw material purchased                        
    during the year                                      Rs 9,75,000
    Closing inventory
    Raw material                                          Rs  3,15,000
    Work-in-progress                                   Rs 1,25,000
    Finished goods                                       Rs 4,75,000

  • 3)

    Prepare the balance sheet for Rishant Ltd as at 31st March 2012 from the following information as per provisions of Schedule III Part I of the Companies Act, 2013. Identify the values involved in the presentation of balance sheet.

    Particulars Amt(Rs)
    General Reserve 3,00,000
    8% Debentures 3,00,000
    Balance of Statement of Profit and Loss(Credit) 1,20,000
    Depreciation of Fixed Assets 70,000
    Tangible Fixed Assets(cost) 9,00,000
    Trade Payables 2,50,000
    Preference Share Capital 5,00,000
    Inventories 64,000
    Trade Receivables 2,56,000
    Cash and Cash Equivalents 3,20,000
  • 4)

    Calculate revenue from operations, other income and total revenue for a non-financial company from the following information
    sales Rs 1,04,00,000 sales return Rs 4,00,000, sale of scrap Rs 50,000 interest on fixed deposits Rs 60,000 dividend earned Rs 20,000

  • 5)

    Compute cost of materials consumed from the following information.
    Opening inventory of materials Rs 5,00,000, materials purchased Rs 40,00,000 and closing inventory of materials Rs 6,00,000.

12th CBSE Accountancy - Accounting for Debentures Six Mark Model Question Paper - by Sonal Yadav - Mohali - View & Read

  • 1)

    Srijan Ltd issued 30,000, 10% debentures of Rs 100 each on 1st April 2013. The issue was fully subscribed. According to the terms of issue, interest is payable on a half-yearly basis. Pass journal entries for the year ended 31st March, 2014.

  • 2)

    ABC Ltd issued Rs 1,00,000, 6%debentures of ~ 10 each at a premium of Rs 2 per debenture on 1st April, 2014. The issue was fully subscribed and interest will be paid at the end of each financial year. Pass necessary journal entries for the year 2014-15.

  • 3)

    POR Ltd purchased furniture of  Rs.,80,000 from M/s Companion Ltd 50%· of the amount was I paid to M/S Companion Ltd by accepting a bill of exchange and for the balance, the company issued 9% debentures of  Rs.100 each at a premium of 10%in favour of Mis Companion Ltd. Pass journal entries in the books of POR Ltd.

  • 4)

    DLF Ltd acquired assets of Rs.50,00,000 and took over creditors of Rs.5,00,000 from Vishal Enterprises. DLF Ltd issued 8% debentures of  Rs.100 each at a premium of 25% as purchase consideration. Record necessary journal entries in the books of DLF Ltd.

  • 5)

    XYZ Ltd issued Rs 1,00,000, 15% debentures of Rs 100 each at a premium of 5%, redeemable at a premium of 10% at the end of 4 years. The Board of Directors decided to transfer the minimum required amount to debenture redemption reserve account at the time of redemption. Pass journal entries at the time of redemption of debentures.

CBSE 12th Accountancy - Change in profit Sharing Ratio Among the Existing Partner Six Marks Questions - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    Anita,Asha and Amrit are partners sharing profits in the ratio of 3:2:1 respectively .From 1st January,2016,they decided to share profits in the ratio of 1:1:1.The partnership deed provided that in the event of any change in profit sharing ratio,the goodwill should be valued at three years'purchase of the average of five years'
    The profits and losses of the preceding five years are

    Year Profit
    2011 Rs 1,20,000
    2012 Rs 3,00,000
    2013 Rs 3,40,000
    2014 Rs 3,80,000
    2015 Loss
    Rs 1,40,000

    Showing the working clearly,give the necessary journal entry to record the above change.

  • 2)

    Chintu,Montoo and Shitu are patterns in a business sharing profits in the ratio of 3:4:2. From 1st January,2015,they decide to share profits equally.Goodwill was valued at Rs 90,000, as on the date Pass journal entry to give effect to the above adjustment.

  • 3)

    Rajeev,Sanjay and  Mohit are partners sharing profits and losses in the ratio of 2:3:5 On 1st April,2015,they decide to change their ratio to 3:3:4 as Rajeev contributes more time to the business

  • 4)

    Siddharth, Saurabh and Nitin are partners in a firm sharing profits and loses in the ratio of 3:4:5 From 1st January 2015,they decide to share profits in the ratio 5:4:3.
    As per the terms of the partnership deed,in the event of change in the existing profit sharing ratio.goodwill is to be valued at 2 years purchase of average profits of last years,which were Rs 64,000,Rs 72,000,Rs 65,000 and Rs 82,000 respectively. Pass necessary journal entry to adjust goodwill.Show your workings clearly.

  • 5)

    Lalit,Rahul and Sumit are sharing [profits and loses in the ratio 5:3:2 They decided to share future profits and loses in the ratio of 2:3:5 with effect from 1st April,2015.They also decided to record the effect of the following revaluations without affecting the book value of the assets and liabilities by passing a single adjusting entry

    Items  Book Figure(Rs) Revised figure(Rs)
    Building 10,00,000 11,00,000
    Machinery 5,00,000 4,80,000
    Creditors 1,20,000 1,10,000
    Outstanding expenses  1,20,000 1,50,000

CBSE 12th Accountancy - Reconstitution of a Partnership Firm - Admission of a Partner Six Marks Questions - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    A and B are partners sharing profits in the ratio of 3:2. They admit C for a share which equals 20 paise in a rupee. Calculate new profit sharing ratio and sacrificing ratio.

  • 2)

    A and B share profits in the ratio of 5:3. The new partner gets 1/5th of A's share and 1/3rd of B's share Calculate new profit sharing ratio and sacrificing ratio.

  • 3)

    A, B and C are partners sharing 3:2:2 ratio. They admitted D as a new partner for 1/5th share which he acquired from A, B and C in 2:2:1 ratio respectively. Calculate new profit sharing ratio.

  • 4)

    A and B are partners sharing profits in the ratio of 5:4. They admit C for 1/10th share, which he acquires in equal proportion from both A and B. Find new profit sharing ratio.

  • 5)

    Find out new profit sharing ratio and sacrificing ratio for each of the condition specified below
    (i) Dinesh and Mahesh are partners in a firm sharing profits in the ratio of 4:3. Mukesh joins the business. Dinesh surrenders 1/4th of his share and Mahesh surrenders 1/3rd of his share in favour of Mukesh.
    (ii) Kapil and Sidhu are partners in a firm sharing profits in the ratio of 2:1. Dhoni is admitted in the firm for 1/3rd share which he acquires 2/3rd from Kapil and 1/3rd from Sidhu.
    (iii) Kamakshi, Divij and Ayaan are partners sharing profits in the ratio of 2:3:3 Lavanya is admitted for 2/5th share it is agreed that Kamakshi will retain her original share.
    (iv) Ganga and Yamuna are partners in a firm sharing profits in the ratio of 2:1. Saraswathi and Narmada are admitted for 1/6th and 1/8th shares respectively.
    (v) Kunal and Ranbir are partners who share profits in the ratio of 3:1 Katrina is admitted as a new partner for 1/5th share. Kunal and Ranbir decide that they will share future profits equally.

CBSE 12th Accountancy - Accounting for Partnership Firms - Fundamentals Six Marks Questions - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    X and Y, two partners, drew for private use Rs 2,40,000 and Rs 1,60,000. Interest is chargeable @6% per annum on the drawings. What is the total interest?

  • 2)

    L and M are partners sharing profits equally, L withdrew regularly Rs 8,000 in the beginning of every month for six months ended 30th September 2015. Calculate interest on drawings @5% per annum

  • 3)

    Raj and Sameer are partners sharing profits equally.Raj withdrew regularly Rs 8000 at the end of every month for six months ended 30th September 2015.Calculate interest on drawings @5% per annum.

  • 4)

    X and Y are partners doing a dry cleaning business in Agra, Sharing profits in the ratio 2:1 with capital of Rs.5,00,000 and Rs.4,00,000 respectively.X withdrew the following amounts during the year to pay the hostel expenses of her son.

    ist April Rs.10,000
    1st June Rs.9,000
    1st November Rs.14,000
    1st December Rs.5,000

    y withdrew Rs.15,000 on the first day of April, July, October and January to pay rent for the accommodation of his family.He also paid Rs.20,000 per month as rent for the office of partnership which was in a nearby shopping complex.Calculate interest on drawings @6% per annum.

  • 5)

    Rich and Kanika are partners in a business. Their capitals at the end of the year were Rs.48,000 and Rs.36,000 respectively. During the year ended 31st march, 2015 Richa's drawings and Kanika's drawings were Rs.8,000 and Rs.12,000 respectively Profit (belong charging interest on capital) during the year was Rs.32,000 which was duly credited to their accounts in their profit sharing ratio calculate the capital @5% for the year ended 31st march, 2015.

CBSE 12th Accountancy - Cash Flow Statement Three Marks Questions - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    What is meant by cash flow statement?

  • 2)

    State why non-cash transactions are ignored while preparing a cash flow statement.

  • 3)

    State why cash flow statement is not a substitute for income statement.

  • 4)

    State whether the payment of cash to creditors will result in inflow, outflow or no flow of cash.

  • 5)

    Declaration of final dividend would result into inflow, outflow or no flow of cash.Give your answer with reason.

CBSE 12th Accountancy - Accounting Ratio Three Marks Questions - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    Calculate Current Ratio from the following information:

    Inventory Turnover :4 times

    Inventory in the beginning was Rs 20,000 less than Inventory at the end.

    Revenue from Operation Rs.6,00,000.

    Groos Profit Ratio 25%.

    Current Liabilities Rs.60,000.

    Quick Ratio 0.75:1.

  • 2)

    Current liabilities of a company are Rs.1,60,000. Its Liquid ratio is 1.5:1 and Current ratio is 2.1:1. Calculate Quick assets and Current assets.

  • 3)

    From the following information, Calculate Inventory Turnover Ratio, Operating Ratio, Gross Profit Ratio and ROI:

    Particulars Rs
    Opening Inventory 28,000
    closing Inventory 22,000
    Purchase of Stock-in-Trade 46,000
    Revenue from operations 80,000
    Carriage Inwards 4,000
    Office Expenses 4,000
    Selling & Distribution Expenses 2,000
    Capital Employed 2,00,000
  • 4)

    Calculate 'Debt Equity Ratio' from the following information:

    Total Assets Rs.3,50,000; Total Debt Rs.2,50,000 and Current Liabilities Rs.80,000.

  • 5)

    Handa Ltd. has Inventory of Rs.20,000. Total liquid assets are Rs.1,00,000 and quick ratio is 2:1. Calculate current ratio.

CBSE 12th Accountancy - Financial Statement Analysis Three Marks Questions - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    State how does financial statement analysis ignore price level changes.

  • 2)

    Prepare a comparative Statement of Profit and Loss from the following information:

    Particulars Note No. 2011-12  2010-11 

    Revenue from Operations

     

    50,000

    40,000

    Cost of Material Consumed

     

    35,000

    30,000

    Other Expenses

     

       3,000

      2,500

    Other Income

         2,000

      3,000

    Income Tax      7,500   4,750
  • 3)

    With the help of the following information obtained from the books of Raj Slik Mils, Prepare a Comparative statement of Profit and Loss for the year ended 31.03.2012.

    Particulars Note  No. 2011-12 2010-11

    Revenue from Operations

     

    300% of cost of Material Consumed

    200% of cost of Material Consumed

    Cost of Material Consumed

     

    Rs12,00,000

    Rs.10,00,000

    Other Expenses

     

    10% of Material Consumed

    5% of Material Consumed

    Income Tax   50% 50%
  • 4)

    Both horizontal and Vertical analysis are complementary in nature.Do you agree?

  • 5)

    For what purpose, comparative financial statements are prepared?

CBSE 12th Accountancy - Financial Statements of a Company Three Marks Questions - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    Under what heads and sub-heads the following items will appear in the Balance sheet of a company as per Schedule III part-I of the companies Act 2013:
    (i)Mining Rights
    (ii)Encashment of employees earned leave payable on retirement
    (iii)Vehicles

  • 2)

    Under what heads and sub-heads will the following items appear in the Balance Sheet of a company as per Schedule III Part I of the Companies Act 2013:
    (i)Debenture;
    (ii)Securities against telephone
    (iii)Calls-in-advance

  • 3)

    Under which major sub-headings the following items will be placed in the Balance Sheet of a company as per Schedule III Part I of the Companies Act 2013:
    (i)Bonds
    (ii)Capital Redemption Reserve
    (iii)Short-term Provisions
    (iv)Balance of the statement of profit and Loss
    (v)Provision for Warranties
    (vi)Brand/Trade Marks

  • 4)

    Under which major sub-headings the following items will be placed in the Balance Sheet of a company as per Schedule III Part I of the Companies Act 2013:(i)Cheques in hand
    (i)Cheques in hand
    (ii)Stock of work-in-progress
    (iii)Copyrights
    (iv)Loan of Rs.1,00,000 payable after three years
    (v)Short term deposits payable on demand
    (vi)Negative balance shown by the statement of profit and Loss
    (vii)Land
    (viii)Cash at Bank

  • 5)

    List the items which are shown under the heading 'Current Liabilities' as per schedule III part-I of the Companies Act,2013.

CBSE 12th Accountancy - Accounting for Debentures Three Marks Questions - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    Deepak Ltd. Purchased furniture Rs.2,20,000 from M/s Furniture Mart. 50% of the amount was paid to Furniture Mart by accepting a bill of exchange and for the balance the company issued 9% debentures of Rs.100 each at a premium of 10% in favour of Furniture Mart.

    Pass necessary journal entries in the books of Deepak Ltd. for the above transactions.

  • 2)

    X Ltd. purchased machinery for Rs.5,50,000 from Y Ltd. Rs.55,000 were paid by X Ltd. in cash and the balance was paid by issue of 9% depentures of Rs.1,000 each at 10 % premium redeemable after three years. Pass necessary journal entries in the books of the company.

  • 3)

    Vishesh Ltd. issued 10,000, 10% debentures of Rs.100 interest on Debentures each on 1st April 2012. the issue was fully subscribed. According to the terms of issue, interest on the debentures is payable half-yearly on 30th September and 31st March and the tax deducted at source is 10%. Pass necessary journal entries related to the debenture interest for the half-yearly ending 31st March, 2013 and transfer of interest on debentures of the year to the Statement of Profit and Loss.

  • 4)

    Sargam Ltd. issued Rs.1,00,000, 6% debentures of Rs.10 each at a premium of Rs.2 per debenture on 1st April, 2012. The issue was fully subscribed. Interest will be paid at the end of each financial year. Pass necessary journal entries for the year 2012-13.

  • 5)

    Pass necessary journal entries relating to issue of debentures for the following:

    (i) Issued Rs.4,00,000, 9% debentures of Rs.100 each at a premium of 8%, redeemable at 10% premium.

    (ii) Issued Rs.6,00,000, 9% debentures of Rs.100 each at par, repayable at premium of 10%.

    (iii) Issued Rs.10,00,000, 9% debentures of Rs.100 each at a premium of 5%, redeemable at par.

12th Standard CBSE Accountancy - Accounting for Share Capital Three Marks Questions - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    Nirmal Ltd. issued 50,000 equity shares of Rs.10 each. The amount was payable as follows:

    On application            - Rs 3 per share

    On allotment               - Rs 2 per share

    On first and final call - The balance

    Applications for 45,000 shares were received and shares were allotted to al the applicants. Pooja, to whom 500 shares were alloted, paid her entire share money at the time of allotment, wheras Kundan did not pay the first and final call on his 300 shares. Calculate the amount received at the time of making first and final call.

  • 2)

    Guru Ltd invited applications for issuing 5,00,000 equity shares Rs10 each at a premium of Rs 5 per share. Because of favorable market conditions, the issue was oversubscribed and applications for 15,00,000 shares were received. Suggest the alternatives available to the Board of Directors for the allotment of shares.

  • 3)

    X Ltd invited applications for 10,000 shares of Rs10 each. Applications were received for 15,000 shares. Name the kind of subscription. Give three alternatives for allotting shares.

  • 4)

    Y Ltd invited applications for 10,000 shares of Rs10 each.Applications were received for 90,000 shares. Name the kind of subscription

  • 5)

    Rohit Ltd purchased assets from Rohit and Co for Rs 3,50,000. A sum of Rs 75,000 was paid by means of a bank draft and for the balance due, Rohit Ltd issued equity shares of Rs 10 each at a premium of 10% Journalise the above transactions in the books of the company.

12th CBSE Accountancy - Accounting for Partnership - Dissolution of Firm Eight Mark Question Paper - by Sonal Yadav - Mohali - View & Read

  • 1)

    X,Y and Z were partners Sharing Profits in the ratio of 2 : 2 : 1.  Their Balance-Sheet as on March 31st 2010, the date on which they dissolve their firm, was as follows :

    Liabilities Rs. Assets Rs.
    X Capital A/c 1,27,500 Other Sundry Assets 1,17,000
    Y Capital A/c 1,10,000 Furniture 11,000
    Z Capital A/c 17,000 Debtors 1,24,200  
    Loan 11,500 Less ; Provision for Doubtful Debts (1,200) 1,23,000
    Creditors 16,000 Stock 17,800
        Cash 13,200
      2,82,000   2,82,000

    It was agreed that:

    (a) X to take over Furniture at Rs. 8,000, debtors amounting to Rs. 1,20,000 at 1,17,200 and the creditors of Rs. 16,000 were to be paid by him at this figure.

    (b) Y is to take over all stock for Rs. 17,000 and some sundry assets at Rs. 72,000 (being 10% less than the book value).

    (c) Z to take over remaining sundry assets at 80% of the book value and assume the responsibility of discharge of loan together with accrued interest of Rs. 2,300.

    (d) The expenses of realization were Rs. 2,700.  The remaining debtors were sold to a debt collecting agency at 50% of the Book value.

    Prepare Realisation A/c, Partners Capital A/cs and Cash A/c.

  • 2)

    Bora, Singh and Ibrahim were partners in a firm sharing profits in the ratio of 5 : 3 : 1.  On 2.3.2015 their firm was dissolved.  The assets were realised and the liabilities were paid off.  Given below are the Realisation Account, Partners' Capital Account and Bank Account of the firm.  The accountant of the firm left a few amounts unposted in these accounts.  You are required these accounts by positing the correct amounts:

    Dr.                                Realisation Account                                  Cr.

    Particulars Rs. Particulars Rs.
    To Stock 10,000 By Provision for bad debts 5,000
    To Debtors 25,000 By Sundry Creditors 16,600
    To Plant and Machinery 40,000 By Bills Payable 3,400
    To Blank:   By Mortagage Loan 15,000
    Sundary Creditors 16,000   By Bank - Assets Realized:  
    Bills Payable 3,400   Stock 6,700  
    Mortgage Loan 15,000 34,400 Debtors 12,500  
    To Bank (Outstanding repairs) 400 Plant and Machinery 36,000 55,200
    To Bank (Expenses) 620 By Bank-Urecorded Assets Realised 6,220
        By ...... .....
      1,10,420   1,10,420
           

    Dr.                               Capital Account                                           Cr.

    Particulars

    Bora

    Rs.

    Singh

    Rs.

    Ibrahim

    Rs.

    Particulars

    Bora

    Rs.

    Singh

    Rs.

    Ibrahim

    Rs.

    ..... ..... ..... ..... By Balance b/d 22,000 18,000 10,000
    ..... ..... ..... ..... By General Reserve 2,500 1,500 500
      24,500 19,500 10,500   24,500 19,500 10,500

    Dr.                                    Bank Account                                         Cr.

    Particulars Rs. Particulars Rs.
    To Balance b/d 19,500 By Realisation (Liabilities) 34,00
    To Realisation (Assers realized) 55,200 By Realisation (Unrecorded Liabilities) 400
    ..... .... By ..... .....
        By ..... .....
           
      80,920   80,920
           
  • 3)

    Mala, Neela and Kala were partners sharing profits in the ratio of 3 : 2 : 1.  On 1.3.2015 their firm was dissolved.  The assets were realised and liabilities were paid off.  The accountant prepared Realisation Account, Partners'  Capital Accounts and Cash Account, but forgot to post few amounts in these accounts.

    You are required to complete these below given accounts by posting correct amounts:

    Dr                                Realisation Account                                  Cr.

    Particulars Rs. Particulars Rs.
    To sundry Assets:   By Provision for bad debts 1,000
       Machinery 10,000   By Sundry Creditors 15,000
       Stock 21,000   By Sheela's Loan 13,000
       Debtors 20,000   By Repairs and Renewals Reserve 1,200
       Pre paid Insurance 400   By Cash - Assets Sold:  
       Inverstments 3,000 54,000 Machinery 8,000  
    To Mala's Capital A/c - Sheela's Loan 13,000 Stock 14,000  
    To Cash-Creditors Paid 15,000 Debtors 16,000 38,000
    To Cash-Dishonoured Bill Paid 5,000 By Mala's Capital - Inverstments 2,000
    To Cash-Expenses 800 By ..... .....
      88,200   88,200
           

    Dr.                            Capital Accounts                                           Cr.

    Particulars

    Mala

    Rs.

    Neela

    Rs.

    Kala

    Rs.

    Particulars

    Mala

    Rs.

    Neela

    Rs.

    Kala

    Rs.

    ..... ..... ..... ..... ..... ..... ..... .....
    To Realisation A/c .....     By Realisation A/c .....    
    To Cash 12,000 9,000   By Cash     1,000
      23,000 15,000 3,000   23,000 15,000 3,000

    Dr                                       Cash Account                                       Cr.

    Particulars Rs. Particulars Rs.
    To Balace b/d 2,800 By Realisation A/c - Creditors Paid 15,000
    To Realisation - Sale of Assets 38,000 By Dishonoured Bill 5,000
    To Kala's Capital A/c 1,000 By ...... .....
        By Mala's Capital A/c 12,000
        By Neela's Capital A/c 9,000
      41,800   41,800
           
  • 4)

    Radha and Mohan were Partners. They decided to dissolve their firm. The goodwill appeared in the books at Rs. 6000. Show journal entries in their books, if goodwill realised Rs. 9,000. 

  • 5)

    Record necessary journal entries in the following cases.

    (i) Creditors worth Rs. 85,000 accepted Rs. 40,000 as cash and investment worth Rs.43,000 in full settlement of their claim.

    (ii) Creditors were worth Rs.16,000. They accepted machinery valued at Rs.18,000 in settlement of their claim. 

    (iii) Creditors were worth Rs.90,000. They accepted buildings valued at Rs.1,20,000 and paid cash to the firm Rs.30,000.

12th CBSE Accountancy - Accounting for Share Capital Six Mark Question Paper - by Sonal Yadav - Mohali - View & Read

  • 1)

    Digamber Ltd invited applications for 20,000 shares of Rs 10 each, issued at a premium of 25%, payable as follows Rs 4 on application, Rs 5 on allotment (including premium of Rs1.5) and the balance on first and final call (including the remaining premium). All the shares were applied for and allotted. Amount due was duly received. Journalise, When it is the company's policy to maintain cash book.

  • 2)

    Sarthak Ltd issued 1,25,000 equity shares of Rs10 each at a premium of Rs 2.5 per share, the whole amount being payable at the time of allotment. Pass necessary journal entries and prepare the balance sheet of the company, when

    (i) Applications are received for 1,25,000 shares.

    (ii) Applications are received for 1,20,000 shares

    (iii) Applications are received for 1,40,000 shares.

    Also, prepare cash book for case (iii) given above.

  • 3)

    Dinesh Ltd issued for public subscription 30,000 equity shares of Rs15 each at par, payable as follows

    Rs 7 on application

    Rs 5 on allotment

    Rs 3 on first and final call

    The company received applications for 40,500 shares. Journalise in each of the case mentioned below

    (i) When excess applications are rejected.

    (ii) When proportionate allotment is made.

    (iii) When allotment is made hereunder.

          (a) Applications for 500 shares are rejected.

          (b) Applications of 2,000 shares are allotted in full.

          (c) For the balance, pro-rata allotment is made

  • 4)

    Subharti Ltd has a registered share capital of 10,00,000 equity shares of Rs15 each. The company decided to issue 2,50,000 shares at a premium of Rs10 per share, payable as follows

    On Ist June Application money of Rs 7 per share.

    On Ist July Allotment were accepted.The last date of receiving allotment money of Rs 12 per share (including premium) was 15th July.

    On Ist August First and final call of Rs 6 was made due. Last date for receiving final call was 15th August. Journalise in the books of the firm, when

    (i) applications were received for 2,30,000 shares.

    (ii) applications were received for 3,00,000 shares and the company decided to reject the excess applications.

    The company decided to issue bonus shares from the amount of securities premium. Can the company do so? Identify any one value propagated by the company.

  • 5)

    DN Ltd issued 50,000 shares of Rs 10 each payable as Rs 2 per share on application, Rs 3 per share on allotment and Rs 2 each on first and final call. Applications were received for 70,000 shares. it was decided to

    (i) Refuse allotment to the applicant of 10,000 shares.

    (ii) Allot 20,000 shares to Mohan who had applied for similar number.

    (iii) Allot the remaining shares on pro-rata basis.

    Mohan failed to pay the allotment money and Sohan who belonged to the category (iii) and was allotted 3,000 shares paid both the calls with allotment. Find out the amount received on allotment .

CBSE 12th Standard Accountancy - Reconstitution of a Partnership Firm - Retirement of a Partner Six Mark Question Paper - by Sonal Yadav - Mohali - View & Read

  • 1)

    Sandeep, Praveen and Tara are partners sharing profits in the ratio of 3:2:1. On 1st April, 2012  Sandeep gave a notice to retire from the firm. Praveen and Tara after all adjustments showed a balance of Rs.64,000 and Rs.1,00,000 respectively. The total amount to be paid to Sandeep was Rs.1,23,000. This amount was to be paid by Praveen and Tara in such a way Pass necessary Journal entires for the above transations in the books of the firm. Show your working clearly.

  • 2)

    The Balance Sheet of Keshav, Nirmal and pankaj who are partners in a firm sharing profits according to their capital as at 31st March, 2012 was as follows:

                    Balance Sheet of Keshav, Nirmal and Pankaj

                              as at 31st March,2012 

    Liabilities Rs Assets Rs
    Creditors 42,000 Buildings 2,00,000
    Keshav's Capital 1,60,000 Machinery 1,00,000
    Nirmal's Capital 80,000 Stock 36,000
    Pankaj capital 80,000 Debtors 40,000  
    General reserve 40,000    Less:Provision for Bad Debts (2,000) 38,000
        Cash at Bank 28,000
      4,02,000   4,02,000

    On that date Nirmal decided to retire from the firm and was paid for his share in the firm subject to the following:

    (i) Buildings to be appreciated by 20%.

    (ii) Provision for Bad Debts to be increased to 15% on Debtors.

    (iii) Machinery to be depreciated by 20 %.

    (iv) Goodwill of the firm is valued at Rs.1,44,000 and the retiring partner's share is adjusted through the capital accounts of  remaining partners.

    (v) The capital of the new firm be fixed at 2,40,000.

    Prepare Revaluation Account, Capital Accounts of the partners, Bank Account and the Balance Sheet after Nirmal's retirement.

  • 3)

    Xavier, Yusuf and Zaman were partners in a firm sharing in the ratio of 4:3:2. On 1.4.2014 their Balance Sheet was as follows:

    Liabilities Rs Assets Rs
    Sundry Creditors 41,400 Cash at Bank 33,000
    Capital Accounts:   Sundry Debtors 30,450  
       Xavier 1,20,000      Less: Provision for Bad Debts (1,050) 29,400
       Yusuf 90,000   Stock 48,000
       Zaman 60,000 2,70,000 Plant and Machinery 51,000
        Land and Building 1,50,000
           
      3,11,400   3,11,400

    Yusuf had been suffering from ill health and thus gave notice of retirement from the firm. An agreement was, therefore, entered into as on 01.04.2014, the terms of which were as follows:

      (i) That land and building be appreciated by 10%

    (ii) The provision for bad debts is no longer necessary.

    (iii) That stock be appreciated by 20%.

    (iv) That goodwill of the firm be fixed at Rs.54,000. Yusuf's share of the same be adjusted into Xavier's and Zaman's Capital Accounts, who are going to share future profits in the ratio of 2:1.

    (v) The entire capital of the newly constituted firm be readjusted by bringing in or paying necessary cash so that the future capitals of Xavier and Zaman will be in their profit sharing ratio.

    Prepare Revaluation Account and Partners' Capital Accounts.

  • 4)

    On 1.1.2008, Uday and Kaushal entered into partnership with fixed capitals of RS.7,00,000 and RS.3,00,000 respectively. They were doing good business and were interested in its expansion but could not do the same because of lack of capital. Therefore, to have more capital, they admitted Govind as a new partner on 1.1.2010. Govind brought RS.10,00,000 as capital and the new profit sharing ratio decided was 3:2:5. On 1.1.2012, another new partner Hari was admitted with a capital with of RS.8,00,000 for 1/10th share in the profits, which he acquired equally from Uday, Kaushal and Givind. On 1.4.2014 Govind died and his share was taken over by Uday and Hari equally, Calculate:

    (i) The sacrificing ratio of Uday and Kaushal on Govind's admission.

    (ii) New profit sharing ratio of Uday, Kaushal and Hari on Govind's death.

  • 5)

    Ramesh, Naresh and Sudesh were partners in a firm sharing profits in the ratio of 2:2:1. On 31st December, 2008 their Balance Sheet was as follows:

    Liabilities

    RS

    Assets

    Rs

    Creditors 60,000 Bank  90,000
    Bills Payable 40,000 Stock 70,000
    General Reserve 30,000 Debtors 40,000
    Capital Accounts:   Land and Buildings 5,00,000
              Ramesh 3,00,000   Profit and Loss A/c 1,60,000
              Naresh 3,00,000      
              Sudesh 1,30,000 7,30,000    
      8,60,000   8,60,000

    (i) Goodwill of the firm was to be valued at 2 year's purchase of the average profits of last 5 years.The profits for the years ended 31st December, 2007; 31st December 2006; 31st December, 2005 and 31st December, 2004 were RS.50,000, RS.80,000, RS.1,10,000 and RS.2,20,000 respectively.Naresh died 31st March, 2009. The Partnership Deed provided for the following on the death of a partner:

    (ii) Naresh's share of profits or loss till the date of his death was to be calculated on the basis of the profit or loss for the ended 31st December, 2008.

    You are required to calculate the following:

    (i) Goodwill of the firm and Naresh's share of goodwill at the time of his death.

    (ii) Naresh's share in the profit or loss of the firm till the date of his death.

    (iii) Prepare Naresh's capital Account at the time of his death to be presaented to his executors.

12th Standard CBSE - Change in profit Sharing Ratio Among the Existing Partner Six Mark Question Paper - by Sonal Yadav - Mohali - View & Read

  • 1)

    Anita,Asha and Amrit are partners sharing profits in the ratio of 3:2:1 respectively .From 1st January,2016,they decided to share profits in the ratio of 1:1:1.The partnership deed provided that in the event of any change in profit sharing ratio,the goodwill should be valued at three years'purchase of the average of five years'
    The profits and losses of the preceding five years are

    Year Profit
    2011 Rs 1,20,000
    2012 Rs 3,00,000
    2013 Rs 3,40,000
    2014 Rs 3,80,000
    2015 Loss
    Rs 1,40,000

    Showing the working clearly,give the necessary journal entry to record the above change.

  • 2)

    Rajeev,Sanjay and  Mohit are partners sharing profits and losses in the ratio of 2:3:5 On 1st April,2015,they decide to change their ratio to 3:3:4 as Rajeev contributes more time to the business

  • 3)

    Lalit,Rahul and Sumit are sharing [profits and loses in the ratio 5:3:2 They decided to share future profits and loses in the ratio of 2:3:5 with effect from 1st April,2015.They also decided to record the effect of the following revaluations without affecting the book value of the assets and liabilities by passing a single adjusting entry

    Items  Book Figure(Rs) Revised figure(Rs)
    Building 10,00,000 11,00,000
    Machinery 5,00,000 4,80,000
    Creditors 1,20,000 1,10,000
    Outstanding expenses  1,20,000 1,50,000
  • 4)

    X,Y and Z were sharing profits and losses in the ratio of 5:3:2 They decided  to share future profits in the ratio of 2:3:5 with effect from1st  April,2015, They decided to record the effect of the following , without affecting their book values .
    (i) Profit and loss account                    Rs 24,000
    (ii) Advertisement suspense account     Rs 12,000
    Pass necessary adjusting entry

  • 5)

    Piyush and Aayush are partners sharing profits in the ratio of 2:1 As from 1st April,2015. they decide to becomes equal partners,with Aayush contributing Rs 50,000 as additional capital.The balance sheet drawn up on 31st March, 2015 revealed that general reserve stood in the accounts at Rs 1,50,000, Pass the necessary journal entry when
    (i),Partners do not want to show general reserve in the books of reconstituted firm.
    (ii) Partners want to show general reserve in the books of reconstituted firm.
    Also  identify the value being communicated by Piyush.

CBSE 12th Standard Accountancy - Reconstitution of a Partnership Firm - Admission of a Partner Five Mark Question Paper - by Sonal Yadav - Mohali - View & Read

  • 1)

    P and Q are partners in a firm sharing profits in the ratio of 7:5. They admit R as a partner in the firm. The new profit sharing ratio among P,Q and P,Q and R is 1:1:2. Calculate the sacrificing ratio.

  • 2)

    E and F were partners in a firm sharing profits in the ratio of 3:1. They admitted G as a new partner on 1.3.2005 for 1/3 share. It was decided that E,  and G will share future profits equally. G brought Rs.50,000 in cash and machinery worth Rs.70,000 for his share of profit as premium for goodwill. Showing your calculations clearly, pass necessary journal entries in the books of the firm.

  • 3)

    (a)A and B are partners in a firm sharing profits in the ratio of 3:2. C is admitted as a partner. A and B surrender 1/2 of their respective shares in favour of C. Find the new profit sharing ratio and also the sacrificing ratio.

    (b)C is a bring his share of premium for goodwill in cash. The goodwill of the firm is estimated at Rs.40,000. Pass necessary entries for the record od goodwill in the above case.

  • 4)

    A, B and C are partners in a firm. If D is admitted as a partner,
    (a) old firm is dissolved
    (b) old firm and partnership is dissolved
    (c) old partnership is reconstituted
    (d) None of the above

  • 5)

    VK and PK were partners in a firm sharing profits in the ratio of 3:2 respectively. On 31st March, 2015, their balance sheet was under
                                                     Balance Sheet
                                              as at 31st March, 2015

    Liabilities Amt (RS) Assets Amt (RS)
    Creditors   Cash 2,500
    Investments Fluctuation Fund   Debtors 10,000  
    Capital A/cs   (-) Provision for Doubtful Debts (350) 9,650
    VK 20,000   Stock 12,500
    RK 15,000 35,000 Plant 17,500
    Bank Loan 10,000 Patents 10,350
        Investments 10,000
        Goodwill 4,000
      66,500   66,500

    BK was admitted as a new partner on the following conditions.
    (i) BK will get 4/15th share of profits.
    (ii) BK had to bring RS.15,000 as his capital.
    (iii) BK would bring premium in cash based on 21/2 years' purchase of average profit of last 4 years.
    (iv) The profits of the firm for the years ending 31st March, 2012, 2013, 2014 were RS.10,000, RS.7,000, RS.8,500 and RS.7,500 respectively.
    (v) Stock was valued at RS.10,000 and provision for doubtful debts was raised upto RS.500.
    (vi) Plant was revalued at RS.20,000.Prepare revaluation account partners' capital accounts and balance sheet.

CBSE 12th Standard Accountancy - Accounting for Partnership Firms - Fundamentals Five Mark Question Paper - by Sonal Yadav - Mohali - View & Read

  • 1)

    After the account of a partnership have been drawn up and the books closed, it is discovered that interest on capitals for the year 2013-14 and 2014-15 has been credited to partners though there is no such provision in the partnership deed.the amounts involved are

    Partners Interest credited
    2013-14 (Rs) 2014-15 (Rs)
    A 350 360
    B 200 210
    C 110 110

    You are required to put through adjusting entries as on 1st April 2015, If profits were shared as follows
    2013-4 - 1 : 1 : 1          2014-15- 3 : 4 : 3
    It may be assumed that capitals are fixed.

  • 2)

    A partnership firm earned the following net profits during the last three years.
    2013 - Rs.34,000,  2014 - Rs.40,000,  2015 - Rs.46,000
    The capital investment in the firm throughout the above mentioned period has been Rs.1,60,000. having regard to the risk involved, 15% is considered to be fair return on the capital.calculate value of goodwill on the basis of two year's purchases of average super profit earned during the above mentioned three years.

  • 3)

    X and Y, two partners, drew for private use Rs 2,40,000 and Rs 1,60,000. Interest is chargeable @6% per annum on the drawings. What is the total interest?

  • 4)

    M and T are partners in a firm. They share profits equally their monthly drawings are Rs.2,000 each.Interest on Drawings for the year 2015. Assuming that money is Withdrawn in the beginning of every month and at the end of every month.

  • 5)

    X and Y are partners doing a dry cleaning business in Agra, Sharing profits in the ratio 2:1 with capital of Rs.5,00,000 and Rs.4,00,000 respectively.X withdrew the following amounts during the year to pay the hostel expenses of her son.

    ist April Rs.10,000
    1st June Rs.9,000
    1st November Rs.14,000
    1st December Rs.5,000

    y withdrew Rs.15,000 on the first day of April, July, October and January to pay rent for the accommodation of his family.He also paid Rs.20,000 per month as rent for the office of partnership which was in a nearby shopping complex.Calculate interest on drawings @6% per annum.

CBSE 12th Accountancy - Accounting for Partnership - Dissolution of Firm Three Marks Questions - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    Pass the necessary Journal entries for the following transactions on the dissolution of the firm of Sudha and Shiva after the various assets (other than cash) and outside liabilities have been transferred to Realisation Account:

      (i) Sudha agreed to pay off her husband's loan Rs. 19,000

      (ii)A debtor whose debt of Rs. 9,300 was written off in the books paid Rs. 7,500 in full settlement.

      (iii) Shiva took over all investment at Rs. 13,300.

      (iv) Sundry creditors Rs. 10,000 were paid at 9% discount.

      (v) Realisation expenses Rs. 3,400 were paid by Sudha for which she was allowed Rs. 3,000.

      (vi) Loss on realisation Rs. 9,400 was divided between Sudha and Shiva in 3 : 2 ratio.

  • 2)

    Angad, Raman and Harshit are partners in a firm.  They decided to dissolve their firm.  Pass necessary journal entries for the following after various assets (other than cash and bank) and their party liabilities have been transferred to Realisation Account.

    (i) There was a stock of Rs. 90,000.  Raman took over 50% of the stock at 10% discount and remaining stock was sold at 40% profit on book value.

    (ii) Profit and Loss Account was showing a credit balance of Rs. 15,000 which distributed among the partners.

    (iii) A machinery which was not recorded in the books was sold for Rs. 2,000.

    (iv) Angad was paid only Rs. 5,000 (in full settlement) for his loan to the firm which amounted to Rs. 5,500.

    (v) Realisation expenses amount to Rs. 5,000 paid by Harshit.

    (vi) There were 100 shares of Rs. 10 each in D.C.M.  Ltd. acquired at cost of Rs.1,200 which had been written off completely from the books.  These shares are valued at Rs. 9 each and divided among the partners in their profit sharing ratio.

  • 3)

    Achal and Vichal were partners in a firm sharing profits in the ratio of 3 : 5.  On 31.3.2011 their Balance Sheet was as follows :

                                      Balance Sheets of Achal and Vichal

                                                     as on 31-3-2011

    Liabilities Rs. Assets Rs.
    Capitals :   Land and Building 4,00,000
       Achal 3,00,000   Machinery 3,00,000
      Vichal 5,00,000 8,00,000 Debtors 2,22,000
    Creditors 1,79,000 Cash at Bank 78,000
    Employees Provident Fund 21,000    
      10,00,000   10,00,000
  • 4)

    Hanif and Jubed were partners in a firm sharing profits in the ratio of their capitals.  On 31st March, 2013 their Balance Sheet was as follows:

                      Balance sheet of Hanif and Jubed

                             as on 31st March, 2013

    Liabilities Rs. Assets Rs.
    Creditors 1,50,000 Bank 2,00,000
    Workmen's Compensation Fund 3,00,000 Debtors 3,40,000
    General Reserve 75,000  Stock 1,50,000
    Hanif's Current Account 25,000 Furniture 4,60,000
    Capitals :   Machinery 8,20,000
       Hanif 10,00,000   Jubed's Current Account 80,000
    Jubed 5,00,000      
      20,50,000   20,50,000

    On the above date the firm was dissolved.

      (i) Debtors were realised at a discount of 5%. 50% of the stock was taken over by Hanif at 10% less than the book value.  Remaining stock was sold for Rs. 65,000.

      (ii) Furniture was taken over by Jubed for Rs. 1,35,000. Machinery was sold as scrap for Rs. 74,000.

      (iii) Creditors were paid in full.

      (iv) Expenses on realisation Rs. 8,000 were paid by Hanif.

    Prepare Realisation Account.

  • 5)

    All the partners of a firm want to dissolve the firm. Sonu, a partner wants that his loan of Rs 32,000 should be paid off before the payment of Mrs Monu's loan. But Monu, another partner wants that Mrs Monu's loan must be paid before the payment of Sonu's loan. Who is correct?

12th Standard CBSE Accountancy - Reconstitution of a Partnership Firm - Retirement of a Partner Three Marks Questions - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    A, B and C were partners sharing profits in the ratio of 6:4:5. Their capitals were A Rs.1,00,000, B-Rs.80,000 and C-Rs.60,000. On 1st April 2009, B retired from the firm and the new profit sharing ratio between A and C was decided as 11:4. On B's retirement the goodwill of the firm was valued at Rs.1,80,000. Showing your calculations clearly, pass necessary journal entry for the treatment of goodwill on B's retirement.

  • 2)

    Ram, Laxman and Bharat are partners sharing profits in the ratio of 3:2:1. Goodwill is appearing in the books at a value of Rs.1,80,000. Laxman retires and at the time of his retirement, goodwill is valued at Rs.2,52,000. Ram and Bharat decided to share future profits in the ratio of 2:1. The profits for the first year after Laxman's retirement amount to Rs.1,20,000. Give the necessary Journal Entries to record goodwill and to distribute the profits. Show your calculations clearly.

  • 3)

    X,Y and Z are partners in a firm sharing profits and losses in the ratio of 3:2:1. On April 1st 2009, Z retires from the firm. X and Y agree that the capital of the new firm shall be fixed at Rs.2,10,000 in the profit sharing ratio. The capital accounts of X and Y after all adjustments on the date of retirement showed balances of rs.1,45,000 and rs.63,000 respectively. State the amount of actual cash to be brought in or to be paid off to the partners.

  • 4)

    Why is it necessary to revalue assets and liabilities at the time of retirement of a partner?

  • 5)

    Ram, Mohan and Sohan were partners in firm sharing profits in the ratio 4:3:2.His share was taken over equally by Ram and Sohan.In which ratio will the profit or loss on revaluation of assets and liabilities on the retirement of Mohan be transferred to the capital accounts of the partners?

CBSE 12th Accountancy Unit 1 Accounting for Partnership Firms - Fundamentals Three Marks Questions - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    A, B and C were partners in a firm having capitals of Rs. 60,000; Rs. 60,000 and Rs. 80,000 respectively.  Their Current Account balances were A : Rs, 10,000; B : Rs 5,000 and C : Rs, 2,000 (Dr.). According to the partnership deed the partners were entitled to interest on capital @ 50% p.a. C being the working partner was also entitled to a salary of Rs. 6,000 p.a.

    The profits were to be divided as follows:

    (a) The first Rs. 20,000 in proportion to their capitals.

    (b) Next Rs. 30,000 in the ratio of 5 : 3 : 2.

    (c) Remaining profits to be shared equally.

    The firm made a profit of Rs. 1,56,000 before charging any of the above items.  Prepare the Profit & Loss Appropriation Account and pass necessary journal entry for appropriation of profit.

  • 2)

    Arun and Arora were partners in a firm sharing profits in the ratio of 5 : 3.  Their fixed capitals as on 1.4.2010 were : Arun Rs. 60,000 and Arora Rs. 80,000.  They agreed to allow interest on capital @ 12% p.a. and to charge on drawings @ 15% p.a.  The profit of the firm for the year ended 31.3.2011 before all above adjustment were Rs. 12,600.  The drawings made by Arun were Rs. 2,000 and by Arora Rs. 4,000 during the year.  Prepare Profit and Loss Appropriation Account  of Arun and Arora.  Show your calculations clearly.  The interest on capital will b allowed  even if the firm incurs loss.

  • 3)

    Ram and Shyam were partners in a firm.  After crediting the profits of the year Rs. 2,00,000  in their Capital Accounts, the balances of their capital were Ram Rs. 4,00,000 and Shyam Rs. 3,00,000.  During the year Ram withdrew Rs. 80,000 and Shyam Rs. 1,00,000.  It was found that interest on Capital and Drawings @ 10% p.a. as provided in the partnership agreement had not been allowed and charged to the partners' capital accounts.  Pass the necessary adjustment entry.

  • 4)

    J and K are partners in a firm. Their capitals are J Rs.3,00,000 and K Rs.2,00,000. Assuming that the normal rate of return is 20%, calculate the value of goodwill of the firm:

    (i) By capitalisation method and

    (ii) By super profit method if the goodwill is valued at 2 years' purchase of super profit.

  • 5)

    Prem, Param and Priya were partners in a firm.  Their fixed capitals were Prem Rs.  2,00,000; Param Rs. 3,00,000 and Priya Rs. 5,00,000.  They were sharing profits in the ratio of their capitals.  The firm was engaged in the sale of ready-to-eat food packets at three different locations in the city,each being managed by Prem and Priya.  Prem requested Param and Priya for a higher share in the profits of the firm which Param and Priya accepted.  It was decided that the new profit sharing ratio will be 2 : 1 : 2 and its effect will be introduced retrospectively for the last four years.  The profits of the last four years were Rs. 2,00,000; Rs. 3,50,000;  Rs. 4,75,000 and Rs. 5,25,000 respectively.  Showing your calculations clearly, pass a necessary adjustment entry to the new agreement between Prem, Param and Priyam.

CBSE 12th Accountancy - Reconstitution of a Partnership Firm - Admission of a Partner Three Marks Questions - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    A and B are partners in a firm sharing profits and losses in the ratio of 3:2. They admit C into partnership for 1/5th share. C brings Rs.30,000 as capital and Rs.10,000 as goodwill. At the time of admission of C goodwill appears in the balance sheet of A and B at Rs.3,000. New profit sharing of the partners shall be 5:3:2. Pass necessary entries in the books of new firm.

  • 2)

    A and B are partners in a firm sharing profits in the ratio of 5:3. They admit C into the partnership for 3/10th share in profits which he takes 2/10th from A and 1/10th from A and 1/10th from B. C brings in Rs.3,000 as premium in cash out of his share of Rs.7,800. Goodwill account does not appear in the books of A and B. Give the necessary journal entries in the books of the new firm.

  • 3)

    E and F were partners in a firm sharing profits in the ratio of 3:1. They admitted G as a new partner on 1.3.2005 for 1/3 share. It was decided that E,  and G will share future profits equally. G brought Rs.50,000 in cash and machinery worth Rs.70,000 for his share of profit as premium for goodwill. Showing your calculations clearly, pass necessary journal entries in the books of the firm.

  • 4)

    B and C were partners in a firm sharing profits and losses in the ratio of 4:3. They admitted D as a new partner for 1/4th share in the profits which he acquired from B and C in 3:4ratio. D brought Rs.1,80,000 for his capital and Rs.42,000 for his 1/4th share in goodwill. Calculate new profit ratio of B,C and D and pass necessary journal entries for the above transactions on D's admission in the books of the firm.

  • 5)

    L and M were partners in a firm sharing profits in 4:3 ratio. They admitted O as a new partner. The new profit sharing ratio of L,M and O will be 3:3:4. O brought Rs.2,00,000 for his capital. The goodwill of the firm on O's admission was valued at Rs.70,000. O brought his share of goodwill in cash. Calculate sacrificing ratio of L and M and pass necessary journal entries for the above transactions on O's admission.

12th Standard CBSE Accountancy - Change in profit Sharing Ratio Among the Existing Partner Three Marks Questions - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    Anita, Asha and Amrit are partners sharing profits in the ratio of 3:2:1 respectively. From 1st January 2010, they decided to share profits in the ratio of 1:3:2. The partnership deed provides that in the event of any change in profit sharing ratio, the goodwill should be valued at three years purchase of the average of five years profits. The profits and losses of the preceding five years are: Profits 2005-Rs 1,20,000; -Rs 3,00,000; 2007-Rs 3,40,000; 2008-Rs 3,80.000; 2009-Rs 1,40,000 (Loss).

    Showing the working clearly, give the necessary journal entry to record the above change.

  • 2)

    X, Y and Z were sharing profits and losses in the ratio of 5:3:2. They decided to share future profits and losses in the ratio of 2:3:5 with effect from 1.4.2007. They decided to record the effect of the following, without effecting their book values:

    (i) Profit and Loss Account (Cr.)          Rs.24,000

    (ii) Advertisement Suspense Account  Rs.12,000

         Pass the necessary adjusting entry.       

  • 3)

    Kumar, Gupta and Kavita were pertners in a firm sharing profits and losses equally. The firm was engaged in the storage and distribution of canned juice and its godowns were located at three different places in the city. Each godowns was being managed individually by kumar, Gupta and Kavita. Because of increase in business activities at the godown managed by Gupta, he had to devote more time. Gupta demanded that his share in the profits of the firm be increased, to which Kumar and Kavita agreed. The new profit sharing ratio was agreed to be 1:2:1. For this purpose, the goodwill of the firm was valued at two years purchase of the average profits of last five years. The profits of the last five years were as follows:

    Year Profit(Rs)
    I 4,00,000
    II 4,80,000
    III 7,33,000
    IV(Loss) 33,000
    V 2,20,000

    You are required to:

    (i) Calculate the goodwill of the firm.

    (ii) Pass necessary Journal for the treatment of goodwill on change in profit sharing ratio of Kumar, Gupta and Kavita.                          

  • 4)

    Why is it necessary to adjust goodwill at the time of change in profit sharing ratio?

  • 5)

    State the need for treatment of goodwill on change in profit sharing ratio

CBSE Class 12th Accountancy - Accounting For Not For Profit Organisation Book Back Questions - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    State the meaning of ‘Not- for- Profit’ Organisations.

  • 2)

    State the meaning of Receipt and Payment Account.

  • 3)

    State the meaning of Income and Expenditure Account.

  • 4)

    What are the features of Receipt and Payment Account?

  • 5)

    What steps are taken to prepare Income and Expenditure Account from a Receipt and Payment Account?

CBSE 12th Accountancy - Cash Flow Statement Book Back Questions - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    What is meant by cash flow statement?

  • 2)

    State why cash flow statement is not a substitute for income statement.

  • 3)

    Cash receipts from sale of goods by a trading company will come under which activity while preparing cash flow statement?

  • 4)

    Give an example of the activity which remains financing activity for every enterprise.

  • 5)

    Payment of dividend is classified or shown as financing activity for both non-finance and finance company.Do you agree?

CBSE 12th Accountancy - Accounting Ratio Book Back Questions - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    Quick ratio of a company is 1.5:1. State giving reason whether the ratio will improve, decline or not change on payment of dividend by the company.

  • 2)

    The debt-equity ratio of a company is 0.8:1. State whether the long-term loan obtained by the company will improve, decrease or not change the ratio.

  • 3)

    The inventory turnover ratio of a company is 3 times. State, giving reason, whether the ratio improves, declines or does not change because of increase in the value of closing inventory by Rs.5,000.

  • 4)

    What will be the operating profit ratio if operating ratio is 83.64%? 

  • 5)

    The current ratio of a company is 3:1. State with reason whether the payment of Rs.20,000 to the creditors will increase, decrease or not change the ratio.

12th Standard CBSE Accountancy - Financial Statement Analysis Book Back Questions - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    Why is the government interested in analysing financial statements ? 

  • 2)

    State the significante of analysis of financial statements to the 'creditors'.

     

  • 3)

    Name two parties interested in Financial Statement Analysis.

  • 4)

    State the interest of tax authorities in the analysis of financial statements.

  • 5)

    State the interest of investors in the analysis of financial statements.

12th Standard CBSE Accountancy - Financial Statements of a Company Book Back Questions - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    Name the two basic financial statements of a company as per Schedule III part I of the Companies Act,2013.

  • 2)

    What is the number of major heads which appear for the equity and liabilities items of company's Balance Sheet?

  • 3)

    Which Schedule and act prescribes the form for Companies Balance Sheet?

  • 4)

    Define operating cycle

  • 5)

    Under what heads and sub-heads the following items will appear in the Balance Sheet of a company as per schedule III, part-1 Companies Act 2013:
    (i)Premium on redemption of Debentures
    (ii)Loose tools
    (iii)Balances with banks

12th Standard CBSE Accountancy - Accounting for Debentures Book Back Questions - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    What is meant by 'Debenture'? 

  • 2)

    What is meant by convertible debentures? 

  • 3)

    Why would an investor prefer to invest in shares and party in the debentures of a company? 

  • 4)

    What is meant by issue of debentures as a collateral security? 

  • 5)

    Pass necessary jounal entries for the issue of debentures in the following cases:

     (i) Rs.30,000, 12% debentures of Rs.100 each issued at discount of 5%, redeemable at par.

    (ii) Rs.40,000, 15% debentures of Rs.100 each issued at par, redeemable at par.

12th Standard CBSE Accountancy - Accounting for Share Capital Book Back Questions - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    Give the definition of a share.

  • 2)

    Give the meaning of 'Minium Subscription'.

  • 3)

    What is meant by calls received in advance?

  • 4)

    Give any two alternatives available to a company for the allotment of shares in case of oversubscription.

  • 5)

    Nirmal Ltd. issued 50,000 equity shares of Rs.10 each. The amount was payable as follows:

    On application            - Rs 3 per share

    On allotment               - Rs 2 per share

    On first and final call - The balance

    Applications for 45,000 shares were received and shares were allotted to al the applicants. Pooja, to whom 500 shares were alloted, paid her entire share money at the time of allotment, wheras Kundan did not pay the first and final call on his 300 shares. Calculate the amount received at the time of making first and final call.

12th Standard CBSE Accountancy Unit 6 Accounting for Partnership - Dissolution of Firm Book Back Questions - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    Give any one difference between reconstitution of firm and dissolution of a firm.

  • 2)

    Give any one point of distinction between dissolution of partnership and dissolution of partnership firm.

  • 3)

    How are assets taken over by a partner be recorded in the partnership books on dissolution?

  • 4)

    Mention the account where you transfer the amount of cash in hand at the time of dissolution of firm.

  • 5)

    Pass the necessary Journal entries for the following transactions on the dissolution of the firm of P and Q after the various assets (other than cash) and outside liabilities have been transferred to Realisation Account :

    (i) Bank Loan Rs. 12,000 was paid.

    (ii) Stock worth Rs. 16,000 was taken over by partner Q.

    (iii) Partner P paid a creditor Rs. 4,000.

    (iv) An asset not appearing in the books of accounts realised Rs. 1,200.

    (v) Expenses of realisation Rs. 2,000 were paid by partner Q.

    (vi) Profit on realisation Rs. 36,000 was distributed between P and Q in 5 : 4 ratio.

12th Standard CBSE Accountancy - Reconstitution of a Partnership Firm - Retirement of a Partner Book Back Questions - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    What is the need for treatement of goodwill on the death of a partner ?

  • 2)

    Name the account which is opened to credit the share of profit of the deceased partner, till the time of his death to his Capital account.

  • 3)

    At what rate is interest payable on the amount remaining unpaid to the executor of deceased partner ?

  • 4)

    Why heirs of a retiring/deceased partner are entitled to a share of goodwill of the firm ?

  • 5)

    Ram, Laxman and Bharat are partners sharing profits in the ratio of 3:2:1. Goodwill is appearing in the books at a value of Rs.1,80,000. Laxman retires and at the time of his retirement, goodwill is valued at Rs.2,52,000. Ram and Bharat decided to share future profits in the ratio of 2:1. The profits for the first year after Laxman's retirement amount to Rs.1,20,000. Give the necessary Journal Entries to record goodwill and to distribute the profits. Show your calculations clearly.

12th Standard CBSE Accountancy Unit 3 Change in profit Sharing Ratio Among the Existing Partner Book Back Questions - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    What is meant by change in profit sharing ratio?

  • 2)

    Why are the 'Reserve and Surplus' distributed at the time of reconstitution of the firm?

  • 3)

    State the ratio in which the partners share profits or losses on revaluation of assets and liabilities, when there is a change the profit sharing ratio amongest existing partners? 

  • 4)

    State the ratio in which the partners share the accumulated profits when there is a change in the profit sharing ratio amongest existing partners.

  • 5)

    Anita, Asha and Amrit are partners sharing profits in the ratio of 3:2:1 respectively. From 1st January 2010, they decided to share profits in the ratio of 1:3:2. The partnership deed provides that in the event of any change in profit sharing ratio, the goodwill should be valued at three years purchase of the average of five years profits. The profits and losses of the preceding five years are: Profits 2005-Rs 1,20,000; -Rs 3,00,000; 2007-Rs 3,40,000; 2008-Rs 3,80.000; 2009-Rs 1,40,000 (Loss).

    Showing the working clearly, give the necessary journal entry to record the above change.

12th Standard CBSE Accountancy - Reconstitution of a Partnership Firm - Admission of a Partner Book Back Questions - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    R and T are partners in a firm sharing profits in the ratio of 3:2. S join the firm , R giving him 1/4th of his share and T giving 1/5th of his share. Find the new profit sharing ratio of partners.

  • 2)

    P and Q are partners in a firm sharing profits in the ratio of 7:5. They admit R as a partner in the firm. The new profit sharing ratio among P,Q and P,Q and R is 1:1:2. Calculate the sacrificing ratio.

  • 3)

    A and B are partners in a firm sharing profits in the ratio of 5:3. They admit C into the partnership for 3/10th share in profits which he takes 2/10th from A and 1/10th from A and 1/10th from B. C brings in Rs.3,000 as premium in cash out of his share of Rs.7,800. Goodwill account does not appear in the books of A and B. Give the necessary journal entries in the books of the new firm.

  • 4)

    L and M were partners in a firm sharing profits in 4:3 ratio. They admitted O as a new partner. The new profit sharing ratio of L,M and O will be 3:3:4. O brought Rs.2,00,000 for his capital. The goodwill of the firm on O's admission was valued at Rs.70,000. O brought his share of goodwill in cash. Calculate sacrificing ratio of L and M and pass necessary journal entries for the above transactions on O's admission.

  • 5)

    A and B are partners sharing profits in the ratio of 5:3. They admit C for 1/4th share and agree to share future profits between them in the ratio of 2:1. Calculate new profit sharing ratio and sacrificing ratio.

12th Standard CBSE Accountancy Unit 1 Accounting for Partnership Firms - Fundamentals Book Back Questions - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    How does the factor " efficiency of management" affect the goodwill of the firm ?

  • 2)

    How does the factor " quality of product " affect the goodwill of the firm ?

  • 3)

    How does the market situation affect the value of goodwill of a firm ?

  • 4)

    State the nature of business afftect the value of goodwill of a firm ?

  • 5)

    What are super profits ?

12th Standard CBSE Accountancy Unit 9 Accounting for Partnership - Dissolution of Firm One Mark Question and Answer - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    Give any one difference between reconstitution of firm and dissolution of a firm.

  • 2)

    In case of dissolution of a firm which liabilities are to be paid first.

  • 3)

    Give any one point of distinction between dissolution of partnership and dissolution of partnership firm.

  • 4)

    In case of dissolution of a firm, which item on the liabilities side are to be paid last?

  • 5)

    State the liability of partners in case of dissolution of firm.

12th Standard CBSE Accountancy Unit 8 Reconstitution of a Partnership Firm - Retirement of a Partner One Mark Question and Answer - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    What is the need for treatement of goodwill on the death of a partner ?

  • 2)

    State any two deductions that may have to be made from the amount payable to the legal representative of a deceased partner.

  • 3)

    Name the account which is opened to credit the share of profit of the deceased partner, till the time of his death to his Capital account.

  • 4)

    At what rate is interest payable on the amount remaining unpaid to the executor of deceased partner ?

  • 5)

    Why heirs of a retiring/deceased partner are entitled to a share of goodwill of the firm ?

12th Standard CBSE Accountancy Unit 7 Change in Profit Sharing Ratio Among the Existing Partner One Mark Question and Answer - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    What is meant by change in profit sharing ratio?

  • 2)

    What is meant by sacrificing partner?

  • 3)

    Give two circumstances in which sacrifice ratio may be applied.

  • 4)

    Who should compensate to whom in case of a change in profit sharing ratio of existing partners?

  • 5)

    Why are the 'Reserve and Surplus' distributed at the time of reconstitution of the firm?

12th Standard CBSE Accountancy Unit 6 Accounting for Partnership - Dissolution of Firm One Mark Question and Answer - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    Give any one difference between reconstitution of firm and dissolution of a firm.

  • 2)

    In case of dissolution of a firm which liabilities are to be paid first.

  • 3)

    Give any one point of distinction between dissolution of partnership and dissolution of partnership firm.

  • 4)

    A and B are partners in a firm sharing profits in the ration of 3 : 2, Mrs A has given a loan of Rs. 20,000 to the firm and the firm also obtained a loan of Rs. 10,000 from B.  The firm was dissolved and its assets were realised for Rs. 25,000.  State the order of payment of Mrs A's  Loan and B's Loan with reason, if there are no creditors of the firm.

  • 5)

    In case of dissolution of a firm, which item on the liabilities side are to be paid last?

12th Standard CBSE Accountancy Unit 5 Reconstitution of a Partnership Firm - Retirement of a Partner One Mark Question with Answer Key - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    What is the need for treatement of goodwill on the death of a partner ?

  • 2)

    State any two deductions that may have to be made from the amount payable to the legal representative of a deceased partner.

  • 3)

    Name the account which is opened to credit the share of profit of the deceased partner, till the time of his death to his Capital account.

  • 4)

    At what rate is interest payable on the amount remaining unpaid to the executor of deceased partner ?

  • 5)

    Why heirs of a retiring/deceased partner are entitled to a share of goodwill of the firm ?

12th Standard CBSE Accountancy Unit 4 Change in profit Sharing Ratio Among the Existing Partner One Mark Question with Answer Key - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    What is meant by change in profit sharing ratio?

  • 2)

    What is meant by sacrificing partner?

  • 3)

    Give two circumstances in which sacrifice ratio may be applied.

  • 4)

    Who should compensate to whom in case of a change in profit sharing ratio of existing partners?

  • 5)

    Why are the 'Reserve and Surplus' distributed at the time of reconstitution of the firm?

12th CBSE Accountancy - Reconstitution of a Partnership Firm - Retirement of a Partner One Mark Question Paper with Answer Key - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    What is the need for treatement of goodwill on the death of a partner ?

  • 2)

    State any two deductions that may have to be made from the amount payable to the legal representative of a deceased partner.

  • 3)

    Name the account which is opened to credit the share of profit of the deceased partner, till the time of his death to his Capital account.

  • 4)

    At what rate is interest payable on the amount remaining unpaid to the executor of deceased partner ?

  • 5)

    Why heirs of a retiring/deceased partner are entitled to a share of goodwill of the firm ?

12th CBSE Accountancy Change in Profit Sharing Ratio Among the Existing Partner One Mark Question Paper - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    What is meant by change in profit sharing ratio?

  • 2)

    What is meant by sacrificing partner?

  • 3)

    Give two circumstances in which sacrifice ratio may be applied.

  • 4)

    Who should compensate to whom in case of a change in profit sharing ratio of existing partners?

  • 5)

    Why are the 'Reserve and Surplus' distributed at the time of reconstitution of the firm?

12th CBSE Accountancy Unit 1 Accounting for Partnership Firms - Fundamentals One Mark Question Paper - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    What is meant by unlimited liability of a partner ?

  • 2)

    State the provisions of Indian Partnership Act, 1932 regarding interest on parther's capital and interest on partner's loan when there is no partnership deed.

  • 3)

    State the provisions of Indian Partnership Act regarding the payment of remuneration to a partner for the services rendered.

  • 4)

    A Partnership deed provides for the payment of interest on capital but there was a loss instead of profits during the year 2010-2011.  At what rate will the interest on capital be allowed ?

  • 5)

    A, B and C are partners decided that no interest on drawings is to be charged to any partner.  But after one year 'C' wants that interest on drawings should be charged to every partner.  State how 'C' can do this.

12th CBSE Accountancy Cash Flow Statement Model Question Paper - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    State the purpose of preparing a 'cash flow statement'.

  • 2)

    Give one transaction which may result into outflow of cash and one which may result into no flow of cash.

  • 3)

    Which values are reflected by a business in preparing a cash flow statement?

  • 4)

    What are the various activities classified as per AS-3(revised) related to cash flow statement?

  • 5)

    State one objective of cash flow statement.

12th Standard CBSE Accountancy Accounting Ratio Model Question Paper - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    Quick ratio of a company is 1.5:1. State giving reason whether the ratio will improve, decline or not change on payment of dividend by the company.

  • 2)

    The debt-equity ratio of a company is 0.8:1. State whether the long-term loan obtained by the company will improve, decrease or not change the ratio.

  • 3)

    What will be the operating profit ratio if operating ratio is 83.64%? 

  • 4)

    The gross profit ratio of a company is 50%. State with reason whether the rent received by Rs.15,000 will increase, decrease or not change the ratio.

  • 5)

    A business has a current ratio of 3:1. Its networking capital is Rs.4,00,000 and its stocks are valued at Rs.2,50,000. Calculate the quick ratio. Is it satisfactory? Identify the value shown by the company in maintaining such a quick ratio

12th Standard CBSE Accountancy Financial Statement Analysis Model Question Paper - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    Why is the government interested in analysing financial statements ? 

  • 2)

    State any one limitation of financial Statement Analysis.

  • 3)

    State how qualitative aspects are ignored in financial statement analysis

  • 4)

    What is meant by Common-size Statement of Profit and Loss'?

  • 5)

    Give the example of Horizontal Analysis.

12th Standard CBSE Accountancy Financial Statements of a Company Model Question Paper - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    Name the two basic financial statements of a company as per Schedule III part I of the Companies Act,2013.

  • 2)

    What is the number of major heads which appear for the equity and liabilities items of company's Balance Sheet?

  • 3)

    Which Schedule and act prescribes the form for Companies Balance Sheet?

  • 4)

    Define operating cycle

  • 5)

    What is an accounting period in case of a company?

12th Standard CBSE Accountancy Unit 7 Accounting for Debentures Model Questions Paper - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    What is meant by 'Debenture'? 

  • 2)

    What is meant by convertible debentures? 

  • 3)

    Why would an investor prefer to invest in debentures of a company rather than in its shares? 

  • 4)

    Give the meaning of issue of debentures as a collateral security.

  • 5)

    What is meant by irredeemable debentures? 

12th Standard Accountancy Unit 6 Accounting for Share Capital Model Question Paper - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    Give the definition of a share.

  • 2)

    Give the meaning of 'registered capital' of a company.

  • 3)

    What is meant by 'reserve capital' ?

  • 4)

    What is meant by capital reserve?

  • 5)

    Give the meaning of 'Minium Subscription'.

12th CBSE Accountancy Unit 5 Accounting for Partnership - Dissolution of Firm Important Question Paper - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    Give any one difference between reconstitution of firm and dissolution of a firm.

  • 2)

    Distinguish between 'Dissolution of Partnership' and 'Dissolution of Partnership Firm' on the basis of  Settlement of accounts.

  • 3)

    Why is the balance at bank never transferred to the realisation account on the dissolution of partnership firm?

  • 4)

    How are assets taken over by a partner be recorded in the partnership books on dissolution?

  • 5)

    Mention the account where you transfer the amount of cash in hand at the time of dissolution of firm.

12th Standard CBSE Accountancy Unit 4 Reconstitution of a Partnership Firm - Retirement of a Partner Important Question Paper - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    What is the need for treatement of goodwill on the death of a partner ?

  • 2)

    State any two deductions that may have to be made from the amount payable to the legal representative of a deceased partner.

  • 3)

    Name the account which is opened to credit the share of profit of the deceased partner, till the time of his death to his Capital account.

  • 4)

    At what rate is interest payable on the amount remaining unpaid to the executor of deceased partner ?

  • 5)

    Why heirs of a retiring/deceased partner are entitled to a share of goodwill of the firm ?

12th Standard CBSE Accountancy Unit 3 Change in Profit Sharing Ratio Among the Existing Partner Important Question Paper - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    What is meant by change in profit sharing ratio?

  • 2)

    What is meant by sacrificing partner?

  • 3)

    Give two circumstances in which sacrifice ratio may be applied.

  • 4)

    Who should compensate to whom in case of a change in profit sharing ratio of existing partners?

  • 5)

    Why are the 'Reserve and Surplus' distributed at the time of reconstitution of the firm?

12th CBSE Accountancy Unit 2 Reconstitution of a Partnership Firm - Admission of a Partner Important Question Paper - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    L and M are partners in a firm sharing profits and losses in the ratio of 7:3. They admit N on 3/7 share which has takes 2/7 from L and 1/7 from M. Calculate the new profit sharing ratio.

  • 2)

    R and T are partners in a firm sharing profits in the ratio of 3:2. S join the firm , R giving him 1/4th of his share and T giving 1/5th of his share. Find the new profit sharing ratio of partners.

  • 3)

    P and Q are partners in a firm sharing profits in the ratio of 7:5. They admit R as a partner in the firm. The new profit sharing ratio among P,Q and P,Q and R is 1:1:2. Calculate the sacrificing ratio.

  • 4)

    On 1.3.2006 A and C admitted D into the partnership, their profit sharing ratio being 5:4:3 respectively. Assuming before admission, the profit sharing ratio of A and C was equal find the sacrifice ratio.

  • 5)

    A and B are partners in a firm sharing profits and losses in the ratio of 3:2. They admit C into partnership for 1/5th share. C brings Rs.30,000 as capital and Rs.10,000 as goodwill. At the time of admission of C goodwill appears in the balance sheet of A and B at Rs.3,000. New profit sharing of the partners shall be 5:3:2. Pass necessary entries in the books of new firm.

12th CBSE Accountancy Unit 1 Accounting for Partnership Firms - Fundamentals Important Question Paper - by Sathish Kumar - Coimbatore - View & Read

  • 1)

    What is meant by unlimited liability of a partner ?

  • 2)

    State the provisions of Indian Partnership Act, 1932 regarding interest on parther's capital and interest on partner's loan when there is no partnership deed.

  • 3)

    Ram and Mohan are partners in a firm without any partnership deed.  Their capitals are Ram Rs. 8,00,000 and Mohan  Rs. 6,00,000.  Ram is an active partner and looks after the business.  Ram wants that profit should be shared in proportion of capitals.  State with reason whether his claim is valid or not.

  • 4)

    Why is "Goodwill" considered an 'intangible Asset' but not 'Fictitious Asset'?

  • 5)

    What is normal profit ?

CBSE Grade 12 Accountancy Important Questions 2019 - by Bala - View & Read

  • 1)

    How does the factor 'location' after the goodwill of a firm ?

  • 2)

    State the ratio in which the partners share the accumulated profits when there is a change in the profit sharing ratio amongest existing partners.

  • 3)

    A,T and R were partners in a firm sharing profits in the ratio of 5:6:7 respectively. State the ratio in which the goodwill of the firm amounting to RS.16,00,000 will be adjusted in the capital accounts of A and T in case of R's death.

  • 4)

    Distinguish between 'Dissolution of Partnership' and 'Dissolution of Partnership Firm' on the basis of Court's of intervention.

  • 5)

    What is meant by over-subscription.

Class 12 CBSE Accountancy Revision Test - by Bala - View & Read

  • 1)

    Why should a firm have a partnership deed?

  • 2)

    State the ratio in which the partners share profits or losses on revaluation of assets and liabilities, when there is a change the profit sharing ratio amongest existing partners? 

  • 3)

    State any two deductions that may have to be made from the amount payable to the legal representative of a deceased partner.

  • 4)

    State the liability of partners in case of dissolution of firm.

  • 5)

    A Ltd. forfeited 100 equity shares of Rs.10 each issued at a premium of 20% for the non-payment of final call of Rs.5 including premium. State the maximum amount of discount of discount at which these shares can be re-issued.

12th Standard CBSE Accountancy Important Model Question paper - by Bala - View & Read

  • 1)

    What is meant by unlimited liability of a partner ?

  • 2)

    What is meant by change in profit sharing ratio?

  • 3)

    State any two deductions that may have to be made from the amount payable to the legal representative of a deceased partner.

  • 4)

    Distinguish between 'Dissolution of Partnership' and 'Dissolution of Partnership Firm' on the basis of  Settlement of accounts.

  • 5)

    What is meant by capital reserve?

CBSE Class 12 Accountancy Mock Test - by Bala - View & Read

  • 1)

    State the nature of business afftect the value of goodwill of a firm ?

  • 2)

    Give two circumstances in which sacrifice ratio may be applied.

  • 3)

    Why heirs of a retiring/deceased partner are entitled to a share of goodwill of the firm ?

  • 4)

    A and B are partners in a firm sharing profits in the ration of 3 : 2, Mrs A has given a loan of Rs. 20,000 to the firm and the firm also obtained a loan of Rs. 10,000 from B.  The firm was dissolved and its assets were realised for Rs. 25,000.  State the order of payment of Mrs A's  Loan and B's Loan with reason, if there are no creditors of the firm.

  • 5)

    At what rate can the company charge interest on 'calls-in-arrears' according to Table F of the Companies Act, 2013.

12th CBSE Accountancy Accounting for Debentures Important Questions - by Bala - View & Read

  • 1)

    What is meant by 'Debenture'? 

  • 2)

    What is the nature of interest on debentures? 

  • 3)

    Why would an investor prefer to invest in debentures of a company rather than in its shares? 

  • 4)

    What is meant by issue of debentures as a collateral security? 

  • 5)

    What is meant by irredeemable debentures? 

12th CBSE Accountancy Financial Statements of a Company - by Bala - View & Read

  • 1)

    Under what heads and sub-heads the following items will appear in the Balance Sheet of a company as per Schedule III Part-I of companies Act 2013:
    (i)Tax Reserve
    (ii)Interest on calls in Advance
    (iii)Stores and Spares

  • 2)

    Under what heads and sub-heads the following items will appear in the Balance sheet of a company as per Schedule III part-I of the companies Act 2013:
    (i)Mining Rights
    (ii)Encashment of employees earned leave payable on retirement
    (iii)Vehicles

  • 3)

    Under which major sub-headings the following items will be placed in the Balance Sheet of a company as per Schedule III Part I of the Companies Act 2013:
    (i)Bonds
    (ii)Capital Redemption Reserve
    (iii)Short-term Provisions
    (iv)Balance of the statement of profit and Loss
    (v)Provision for Warranties
    (vi)Brand/Trade Marks

  • 4)

    Kotak Finance Ltd, a finance company, has invested its surplus funds in 15% deposit with Reliance Housing Ltd. Is the interest received on the deposit revenue from operations or other revenue?

  • 5)

    Calculate revenue from operations, other income and total revenue of a financial company from the following information.Interest received on loans disbursed Rs 10,20,000, dividend received on investment in equity Rs 1,80,000, profit on sale of assets of business Rs 2,00,000, other incomes Rs 10,000.

12th CBSE Accountancy Financial Statement Analysis Important Questions - by Bala - View & Read

  • 1)

    State why the creditors for goods are interested in analysing financial statements.

  • 2)

    How is analysis of financial statements to important to she shareholders of the company ?

  • 3)

    Name two parties interested in Financial Statement Analysis.

  • 4)

    State the interest of investors in the analysis of financial statements.

  • 5)

    State how financial statement analysis is considered historical in nature.

12th CBSE Accountancy - Accounting Ratio Important Question Paper - by Bala - View & Read

  • 1)

    Quick ratio of a company is 1.5:1. State giving reason whether the ratio will improve, decline or not change on payment of dividend by the company.

  • 2)

    The debt-equity ratio of a company is 0.8:1. State whether the long-term loan obtained by the company will improve, decrease or not change the ratio.

  • 3)

    What will be the operating profit ratio if operating ratio is 83.64%? 

  • 4)

    A business has a current ratio of 3:1. Its networking capital is Rs.4,00,000 and its stocks are valued at Rs.2,50,000. Calculate the quick ratio. Is it satisfactory? Identify the value shown by the company in maintaining such a quick ratio

  • 5)

    A business has a current ratio of 3:1 and quick ratio of 1:2:1. If the working capital is Rs.1,80,000, calculate the total current assets and value of inventory.

12th Standard Accountancy Cash Flow Statement Important Question Paper - by Bala - View & Read

  • 1)

    What is meant by cash flow statement?

  • 2)

    Payment of salary to staff is classified or shown as operating activity for both non-finance and finance company.Do you agree?

  • 3)

    Under which type of activity will you classify 'issuing 9% debentures' while preparing cash flow statement.

  • 4)

    From the following information, calculate cash flow from investing activities and financing activities.

    Particulars Opening (Rs.) Closing(Rs.)
    Furniture (At cost) 40,000 56,000
    Accumulated Depreciation on Furniture 12,000 18,000
    Capital 2,00,000 2,80,000
    Loan from Bank 50,000 30,000

    During the year, furnitures costing Rs.8,000 was sold at a profit of Rs.6,000.Depreciation on furniture charged during the year amounted to Rs.10,000.

  • 5)

    Following Particular are taken from note to accounts to the Balance Sheets of Vijay Ltd. as on 31.03.2014 and 31.03.2015.  Prepare a Cash Flow Statement.

    Particulars

    Note

    No.

    31.03.2015

    Rs.

    31.03.2014

    Rs.

    I. EQUITY AND LIABILITIES

         
           Share Capital   10,00,000 7,50,000

           Reserves and Surplus (Balance in Statement of Profit and Loss)

      1,50,000 Nil

        Current lianilities :

         

           Trade Payables

      2,00,000 1,50,000
           Short-term Provisions (Proposed Dividend)   1,00,000 50,000
      Total   14,50,000 9,50,000
    II.  ASSETS      
            Fixed Assets-Tangible   9,00,000 6,00,000
            Current Assets   5,50,000 3,50,000
      Total  

    14,50,000

    9,50,000

    Additional Information :

    (i) During the year, Rs. 50,000 depreciation was charged on fixed tangible assets.

    (ii) A piece of machinery included in fixed assets, costing Rs. 10,000 in which depreciation charged was Rs. 4,000 sold for Rs. 5,000

12th Standard Accountancy Revision Question Paper 1 - by Bala - View & Read

  • 1)

    What is meant by unlimited liability of a partner ?

  • 2)

    Is dissolution of firm and dissolution of partnership one and the same thing?

  • 3)

    Give any one purpose for which the amount received as 'Securities Premium' may be utilised.

  • 4)

    Why is the management interested in analysing financial statements ?

  • 5)

    How the 'Earning capacity of a business' is assessed by "Financial Statement Analysis"?

CBSE Class 12 Accountancy Term Test Model Questions - by Bala - View & Read

  • 1)

    A Ltd. purchased the business of B Ltd. for Rs.90,000. Payment was made by issue of 12% debentures of Rs.10 each. What journal entries will be made when

    (i) debentures are issued at 20% premium?

    (ii) debentures are issued at 10% discount?

  • 2)

    Y Ltd. Purchased machinery Rs.55,000 from Z Ltd. 10% was paid by Y Ltd. by accepting a bill of exchange in favour of Z Ltd. and the balance was paid by issue of 9% debentures of Rs.100 each at par, redeemable after five years. Pass necessary journal entries in the books of Y Ltd.

  • 3)

    Deepak Ltd. Purchased furniture Rs.2,20,000 from M/s Furniture Mart. 50% of the amount was paid to Furniture Mart by accepting a bill of exchange and for the balance the company issued 9% debentures of Rs.100 each at a premium of 10% in favour of Furniture Mart.

    Pass necessary journal entries in the books of Deepak Ltd. for the above transactions.

  • 4)

    Give journal entries in each of the following cases if the face value of a debenture is Rs.100.

     (i) A debenture issued at Rs.110 repayable at Rs.100

     (ii)  A debenture issued at Rs.100 repayable at Rs.105

     (iii)  A debenture issued at Rs.105 repayable at Rs.105

  • 5)

    Alfa  Ltd. issued 10,000,9% debentures of Rs.100 each. Pass the necessary journal entries for issuing of debentures in the following cases:

    (i) When debentures are issued at par and redeemable at par.

    (ii) When the debentures are issued at par and redeemable at premium of 10%.

    (iii) When debentures are issued at a premium of 25% to the vendors for the purchase of machinery worth Rs.12,50,000.

    (iv) When debentures are issued at a premium of Rs.250 each and are redeemed at par.

12th Standard CBSE Accountancy Model Question Paper - by Bala - View & Read

  • 1)

    Who should compensate to whom in case of a change in profit sharing ratio of existing partners?

  • 2)

    Why are the 'Reserve and Surplus' distributed at the time of reconstitution of the firm?

  • 3)

    On 1.3.2006 A and C admitted D into the partnership, their profit sharing ratio being 5:4:3 respectively. Assuming before admission, the profit sharing ratio of A and C was equal find the sacrifice ratio.

  • 4)

    A and B are partners in a firm sharing profits and losses in the ratio of 3:2. They admit C into partnership for 1/5th share. C brings Rs.30,000 as capital and Rs.10,000 as goodwill. At the time of admission of C goodwill appears in the balance sheet of A and B at Rs.3,000. New profit sharing of the partners shall be 5:3:2. Pass necessary entries in the books of new firm.

  • 5)

    Ram and Mohan were partners in a firm sharing profits in the ratio of 4:1. On 01.03.2015 they admitted Sohan as a new partner for 1/3rd share in the profits of the firm. They fixed the new profit sharing ratio 4:2:3. On the date of Sohan;s admission, the firm had a Contingency Reserve balance of Rs.20,000 and profit and Loss account balance of Rs.32,00(Dr.). The firm also had a reserve of Rs.1,00,000. Sohan is to bring Rs.60,000 as premium for his share of goodwill. Showing your calculations clearly, pass necessary journal entries to record the above transactions. 

Accounting Ratio - Important Questions Model Paper 1 In 12th Accountancy - by Bala - View & Read

  • 1)

    Quick ratio of a company is 1.5:1. State giving reason whether the ratio will improve, decline or not change on payment of dividend by the company.

  • 2)

    The debt-equity ratio of a company is 0.8:1. State whether the long-term loan obtained by the company will improve, decrease or not change the ratio.

  • 3)

    The inventory turnover ratio of a company is 3 times. State, giving reason, whether the ratio improves, declines or does not change because of increase in the value of closing inventory by Rs.5,000.

  • 4)

    The trade receivables turnover ratio of a company is 6 times. State with reason whether the ratio will improve, decrease or not change due to increase in the value of closing inventory by Rs.50,000.

  • 5)

    What will be the operating profit ratio if operating ratio is 83.64%? 

Cash Flow Statement - Important Questions Model Paper In 12th Accountancy - by Bala - View & Read

  • 1)

    State the purpose of preparing a 'cash flow statement'.

  • 2)

    State whether conversion of debentures into equity shares by a financing company will result in inflow, outflow or no flow of cash.

  • 3)

    Under which type of activity will you classify 'commission and royalty received' while preparing cash flow statement?

  • 4)

    Dividend received by a finance company will come under which activity while preparing a cash flow statement?

  • 5)

    Give an example of the activity which remains financing activity for every enterprise.

Accounting Ratio - Important Questions Model Paper 2 In 12th Accountancy - by Bala - View & Read

  • 1)

    Quick ratio of a company is 1.5:1. State giving reason whether the ratio will improve, decline or not change on payment of dividend by the company.

  • 2)

    The debt-equity ratio of a company is 0.8:1. State whether the long-term loan obtained by the company will improve, decrease or not change the ratio.

  • 3)

    The inventory turnover ratio of a company is 3 times. State, giving reason, whether the ratio improves, declines or does not change because of increase in the value of closing inventory by Rs.5,000.

  • 4)

    The trade receivables turnover ratio of a company is 6 times. State with reason whether the ratio will improve, decrease or not change due to increase in the value of closing inventory by Rs.50,000.

  • 5)

    What will be the operating profit ratio if operating ratio is 83.64%? 

Financial Statement Analysis - Important Questions Model Paper In 12th Accountancy - by Bala - View & Read

  • 1)

    Why is the government interested in analysing financial statements ? 

  • 2)

    How the solvency of business is assessed by ' Financial Statement Analysis' ?

  • 3)

    State why shareholders are interested in Financial Statement Analysis

  • 4)

    State the interest of investors in the analysis of financial statements.

  • 5)

    State how financial statement analysis is considered historical in nature.

12th Accountancy Model Question Paper 3 - by Bala - View & Read

  • 1)

    Name the two basic financial statements of a company as per Schedule III part I of the Companies Act,2013.

  • 2)

    What is the number of major heads which appear for the assets items of company's Balance Sheet?

  • 3)

    Which section of the Companies Act 2013, requires the Balance Sheet to be prepared in the prescribed form?

  • 4)

    Name any two items which are shown under the heading 'Shareholders' Funds'.

  • 5)

    Under what heads and sub-heads the following items will appear in the Balance Sheet of a company as per Schedule III Part-I of companies Act 2013:
    (i)Tax Reserve
    (ii)Interest on calls in Advance
    (iii)Stores and Spares

Accounting For Debentures - Important Questions Model Paper In 12th Accountancy - by Bala - View & Read

  • 1)

    What is meant by 'Debenture'? 

  • 2)

    What is meant by convertible debentures? 

  • 3)

    What is the nature of interest on debentures? 

  • 4)

    Why would an investor prefer to invest in debentures of a company rather than in its shares? 

  • 5)

    Give the meaning of issue of debentures as a collateral security.

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CBSE Education Study Materials

12th CBSE Accountancy 2019 - 2020 Academic Syllabus - by Sathish Kumar - Coimbatore Aug 21, 2019

Accountancy 2019 - 2020 Academic Syllabus 

Top Tips to score high marks in CBSE Class 12 Accountancy - by Bala Jan 23, 2019

The CBSE Class 12 Accountancy Syllabus has been divided into 3 major sections – Partnership...

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CBSEStudy Material - Sample Question Papers with Solutions for Class 12 Session 2019 - 2020

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