12th Standard CBSE Syllabus & Materials
12th Standard CBSE
CBSE 12th Economics Government Budget and the Economy Previous year Question Papers Study Material - QB365 Set A
NEW12th Standard CBSE
CBSE 12th Computer Science Interface Python with MySQL - New Previous year Question Papers Study Material - QB365 Set A
NEW12th Standard CBSE
CBSE 12th Computer Science Database Concept - New Previous year Question Papers Study Material - QB365 Set A
NEW12th Standard CBSE
CBSE 12th Computer Science Data Communication - New Previous year Question Papers Study Material - QB365 Set A
NEW12th Standard CBSE
CBSE 12th Computer Science Data Structures - New Previous year Question Papers Study Material - QB365 Set A
NEW12th Standard CBSE
CBSE 12th Computer Science Functions - New Previous year Question Papers Study Material - QB365 Set A
Published on: 25/10/2025
Download CBSE Class 12th Standard CBSE Accountancy question papers, sample papers, important questions, and previous year solved papers in PDF format. Get free study materials, NCERT solutions, and exam preparation resources for Class 12th Standard CBSE Accountancy
Questions + Answers key
Take MCQ Accountancy Test
1.
From the following balance sheets of Vinayak Ltd. as at 31st March, 2021, prepare a common size balance sheet
Balance Sheet as on 31st March, 2021
| Particulars | Note No | 31st March 2021(Rs) | 31st March 2021(Rs) |
|---|---|---|---|
| I.Equity and liabilities | |||
| 1.Shareholders Funds | |||
| (a) Share Capital | 30,50,000 | 20,00,000 | |
| (b) Reserves and Surplus | 2,80,000 | 6,00,000 | |
| 2. Current Liabilties | |||
| (a) Trade Payable | 6,70,000 | 4,00,000 | |
| Total | 40,00,000 | 30,00,000 | |
| II.Assets | |||
| 1.Non-current Assets | |||
| (a) Fixed assets | |||
| (i) Tangible Assets | 16,00,000 | 12,00,000 | |
| (ii) Intangible Assets | 2,00,000 | 3,00,000 | |
| 2. Current Assets | |||
| (i) Inventories | 8,00,000 | 3,00,000 | |
| (ii) Trade Receivables | 12,00,000 | 10,00,000 | |
| (iii) Cash and Cash Equivalents | 2,00,000 | 2,00,000 | |
| Total | 40,00,000 | 30,00,000 |
2.
Azad, Vijay and Amit are partners sharing profits and losses in the proportion of \(\frac{1}{4}, \frac{1}{8} \text { and } \frac{10}{16}\). Calculate the new profit sharing ratio between continuing partners if (a) Azad retires; (b) Vijay retires; (c) Amit retires.
3.
From the following information prepare a comparative statement of profit and loss ofV Ltd for the year ended 31st Mar ch, 2015.
| Particulars | 31st March, 2015 Amt(Rs.) |
31st March, 2014 Amt(Rs.) |
|---|---|---|
| Revenue from Operations | 20,00,000 | 10,00,000 |
| Oost of Material Consumed | 15,00,000 | 6,00,000 |
| Other Expenses | 12% of Cost of Material | 10% of Cost of Material |
| Consumed | Consumed | |
| Tax Rate | 40% | 30% |
Prepare comparative statement of profit and loss.
4.
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 |
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
6.
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.
7.
Prepare a comparative statement of profit and loss from the following information extracted from the statement of profit and loss of Fun Sports Ltd for the year ended 31st March, 2015.
| Particulars | 31st March, 2015(Rs.) | 31st March, 2014(Rs.) |
| Revenue from Operations | 70,00,000 | 50,00,000 |
| Employee Benefit Expenses | 35,00,000 | 20,00,000 |
| Depreciation | 8,00,000 | 5,00,000 |
| Other Expenses | 16,00,000 | 12,00,000 |
| Tax Rate | 40% | 40% |
8.
R, S and M were carrying on business in partnership sharing profits in the ratio of 3:2:1, respectively. On March 31, 2017, Balance Sheet of the firm stood as follows :
| Liabilities | Amount (Rs.) | Assets | Amount (Rs.) | |
|---|---|---|---|---|
| Sundry Creditors | 16,000 | Building | 23,000 | |
| Capitals: | Debtors | 7,000 | ||
| R | 20,000 | Stock | 12,000 | |
| S | 7,500 | Patents | 8,000 | |
| M | 12,500 | 40,000 | Bank | 6,000 |
| 56,000 | 56,000 | |||
Shyam retired on the above mentioned date on the following terms :
(a) Buildings to be appreciated by Rs.8,800.
(b) Provision for doubtful debts to be made @ 5% on debtors.
(c) Goodwill of the firm to be valued at Rs.9,000.
(d) Rs.5,000 to be paid to S immediately and the balance due to him to be treated as a loan carrying interest @ 6% per annum.
Prepare the balance sheet of the reconstituted firm.
9.
Mitali, Indu and Geeta are partners sharing profits and losses in the ratio of 5 : 3 : 2 respectively. On March 31, 2017, their Balance Sheet was as under:
| Liabilities | Amount (Rs.) |
Assets | Amount (Rs. |
|
|---|---|---|---|---|
| Capital Accounts: | Goodwill | 25,000 | ||
| Mitali | 1,50,000 | Buildings | 1,00,000 | |
| Indu | 1,25,000 | Patents | 30,000 | |
| Geeta | 75,000 | 3,50,000 | Machinery | 1,50,000 |
| Sundry Creditors | 55,000 | Stock | 50,000 | |
| General Reserve | 30,000 | Debtors | 40,000 | |
| Cash | 40,000 | |||
| 4,35,000 | 4,35,000 | |||
Geeta retires on the above date. It was agreed that Machinery be valued at Rs.1,40,000; Patents at Rs. 40,000; and Buildings at Rs. 1,25,000. Record the necessary journal entries for the above adjustmentsand prepare the Revaluation Account.
10.
Following in Balance Sheet of A and B who share profits in the ratio of 3:2.
| Liabilities | Amount(Rs.) | Assets | Amount(Rs.) | |
|---|---|---|---|---|
| Sundry creditors | 20,000 | Cash in hand | 3,000 | |
| Captials | Debtors | 12,000 | ||
| A | 30,000 | Stock | 15,000 | |
| B | 20,000 | 50,000 | Furniture | 10,000 |
| Plant and Machinery | 30,000 | |||
| 70,000 | 70,000 | |||
On that date C is admitted into the partnership on the following terms:
1. C is to bring in Rs. 15,000 as capital and Rs. 5,000 as premium for goodwill for \(\frac{1}{6}\) share.
2. The value of stock is reduced by 10% while plant and machinery is appreciated by 10%.
3. Furniture is revalued at Rs. 9,000.
4. A provision for doubtful debts is to be created on sundry debtors at 5% and Rs. 200 is to be provided for an electricity bill.
5. Investment worth Rs. 1,000 (not mentioned in the balance sheet) is to be taken into account.
6. A creditor of Rs. 100 is not likely to claim his money and is to be written off.
Record journal entries and prepare revaluation account and capital account of partners.
11.
The profits of firm for the five years are as follows:
| Year | Profit(Rs.) |
|---|---|
| 2012–13 | 20,000 |
| 2013–14 | 24,000 |
| 2014–15 | 30,000 |
| 2015–16 | 25,000 |
| 2016–17 | 18,000 |
Calculate the value of goodwill on the basis of three years’ purchase of weighted average profits based on weights 1,2,3,4 and 5 respectively.
12.
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.
13.
Radha, Sheela and Meena were in partnership sharing profits and losses in the proportion of 3:2:1. On April 1, 2017, Sheela retires from the firm. On that date, their Balance Sheet was as follows:
| Liabilities | Amount (Rs.) |
Assets | Amount (Rs.) |
|
|---|---|---|---|---|
| Trade Creditors | 3,000 | Cash-in-Hand | 1,500 | |
| Bills Payable | 4,500 | Cash at Bank | 7,500 | |
| Expenses Owing | 4,500 | Debtors | 15,000 | |
| General Reserve | 13,500 | Stock | 12,000 | |
| Capitals: | Factory Premises | 22,500 | ||
| Radha | 15,000 | Machinery | 8,000 | |
| Sheela | 15,000 | Losse Tools | 4,000 | |
| Meena | 15,000 | 45,000 | ||
| 70,500 | 70,500 | |||
The terms were:
a) Goodwill of the firm was valued at Rs. 13,500.
b) Expenses owing to be brought down to Rs. 3,750.
c) Machinery and Loose Tools are to be valued at 10% less than their book value.
d) Factory premises are to be revalued at Rs. 24,300.
Prepare:
1. Revaluation account
2. Partner’s capital accounts and
3. Balance sheet of the firm after retirement of Sheela
14.
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 |
| III.Profit(I-II) | 56250 | 37500 |
| Total | 4,48,750 | 4,68,000 |
15.
Rearrange the following in the form of a comparative income statement or statement of profit and loss.
| Particulars | 31st March, 2014 Amt(Rs) | 31st March,2015 Amt(Rs) |
|---|---|---|
| Revenue from Operations (Net Sales) | 16,00,000 | 19,20,000 |
| Purchase of Stock-in-trade | 9,00,000 | 11,00,000 |
| Changes in Inventories of stock-in-trade | 1,00,000 | 60,000 |
| Other Expenses | ||
| Office and And Administration | 2,80,000 | 3,80,000 |
| Selling and Distribution | 1,80,000 | 1,40,000 |
| General Expenses | 20,000 | 10,000 |
16.
A, B and C are partners sharing profits in the ratio of 4:3:2.B retires and the Goodwill of the firm is valued at Rs.18,000.Pass journal entry for the treatment of good will on B's retirement.
17.
Rao and Reddy were partners in a firm sharing profits in the ratio 3:1. They admitted kutty new partner for 3/8th share in the profits. The new profit sharing ratio will be 3:2:3. Kutty brought Rs.2,00,000 for his capital and Rs.50,000 for his share of premium for goodwill. On 31.03.2014, the date of Kutty's admission, the Balance Sheet of Rao and Reddy was as follows:
| Liabilities | Rs | Assets | Rs | |
|---|---|---|---|---|
| Creditors | 60,000 | Cash | 90,000 | |
| Bills Payable | 20,000 | Debtors | 80,000 | |
| Capitals: | Stock | 1,50,000 | ||
| Rao | 4,00,000 | Furniture | 50,000 | |
| Reddy | 1,00,000 | 5,00,000 | Machinery | 2,10,000 |
| 5,80,000 | 5,80,000 | |||
It was decided that:
(i)Stock is valued at Rs.2,00,000
(ii)Machinery will be depreciated by 12%
(iii)Furniture will be depreciated by Rs.2,000
(iv)A provision of 5% for bad and doubtful debt will be made on debtors.
(v)The capital accounts of all partners were adjusted in the new profit sharing ratio after admission. For surplus or deficiency, the current accounts are to be opened.
Prepare Revaluation Account,Partners' capital Accounts and the Balance sheet of the new firm.
18.
Which of the following is a tool of analysis of financial statements?
(i) Cast flow statement
(ii) Statement of profit and loss
(iii) Notes to accounts
(iv) Balance sheet
Only (i)
(i) and (iii)
Only (ii)
(i), (ii) and (iv)
19.
At the time of admission of a new partner, general reserve appearing in the old balance sheet is transferred to:
all partner’s capital account
new partner’s capital account
old partner’s capital account
none of the above.
20.
An Annual Report is issued by a company to its
Directors
Auditors
Shareholders
Management
21.
The most commonly used tools for financial analysis are
horizontal analysis
vertical analysis
ratio analysis
All of the above
22.
Anand, Bahadur and Chander are partners. Sharing profit equally on Chander's retirement, his share is acquired by Anand and Bahadusr in ratio of 3 : 2. The new profit sharing ratio between Anand and Bahadur will be
8:7
4:5
3:2
2:3
23.
The old profit sharing ratio among Rajender, Satish and Tejpal, were 2 : 2: 1.The new profit sharing ratio after satish's retirement is 3 : 2. The gaining ratio is
3: 2
2: 1
1:1
2 : 2
24.
'X', 'Y' and 'Z' were partners sharing profits in the ratio.of \(\frac{1}{2}, \frac{3}{10}\) and \(\frac{1}{5}\) 'X' retires.The new ratio will be
5: 2
1: 1
3: 2
5:1
25.
How sacrificing ratio is calculated
All of these
Sacrificing ratio = Old ratio – Gaining ratio
Sacrificing ratio = New ratio – Old ratio
Sacrificing ratio = Old ratio – New ratio
26.
The partner whose share has increased as a result of change is called
Sacrificing partner
Sacrificing ratio
Gaining partner
Gaining ratio
27.
The circumstances when change in profit sharing ratio is needed:
All of these
When new partner admitted
When existing partner’s decide
When existing partner retires
28.
The accounting procedure at the retirement of partner is valued:
Revaluation of assets and liabilities
Ascertaining his share of good will
Finding the amount due to him
All of above
29.
The partnership may come to an end due to the:
Death of a partner
Insolvency of partner
By giving notice
All of the above
30.
In the revaluation account an increase in the value of land and building:
Appears on the debit side
Appears on the credit side
Appears on the credit side of good will account
Does not appear at all
31.
Value of good will agreed upon Rs. 30000 on C,S admission and allowing him 1/4 share of total profit Good will is brought in cash, the amount of good-will be as:
Rs. 30000
Rs. 7500
Rs. 150000
Rs. 120000
32.
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:
Rs. 15000
Rs. 30000
Rs. 20000
Rs. 50000
33.
At the time of admission of a new partner the firm is:
Dissolved
Continued
Not effected
RE-organized
34.
What are the tools of financial management
comparative statement
common size statement
Ratio statement
all of them
35.
Assets are divide in to
8
1
10
2
36.
As which act companies is revised schedule VI
1956
1989
1978
1965
37.
What are the importance of financial statement
Disclosing accounting policies
information about activities of business affecting the society
report on stewarding function
all of them
1.
Common Size Balance Sheet of Vinayak Ltd as at 31st March, 2021 and 2020
| Absolute Amounts | Percentage of Balance Sheet Total | ||||
|---|---|---|---|---|---|
| Particulars | Note No | 31st March 2020(Rs) | 31st March 2021(Rs) | 31st March 2020(%) | 31st March 2021(%) |
| I.Equity and liabilities | |||||
| 1.Shareholders Funds | |||||
| (a) Share Capital | 20,00,000 | 30,50,000 | 66.67 | 76.25 | |
| (b) Reserves and Surplus | 6,00,000 | 2,80,000 | 20.00 | 7.00 | |
| 2. Current Liabilties | |||||
| (a) Trade Payable | 4,00,000 | 6,70,000 | 13.33 | 16.75 | |
| Total | 30,00,000 | 40,00,000 | 100.00 | 100.00 | |
| II.Assets | |||||
| 1.Non-current Assets | |||||
| (a) Fixed assets | |||||
| (i) Tangible Assets | 12,00,000 | 16,00,000 | 40.00 | 40.00 | |
| (ii) Intangible Assets | 3,00,000 | 2,00,000 | 10.00 | 5.00 | |
| 2. Current Assets | |||||
| (i) Inventories | 3,00,000 | 8,00,000 | 10.00 | 20.00 | |
| (ii) Trade Receivables | 10,00,000 | 12,00,000 | 33.33 | 30.00 | |
| (iii) Cash and Cash Equivalents | 2,00,000 | 2,00,000 | 6.67 | 5.00 | |
| Total | 30,00,000 | 40,00,000 | 100.00 | 100.00 | |
2.
Share of partners \(=\frac{1}{4}: \frac{1}{8}: \frac{10}{16} \text { or } \frac{4: 2: 10}{16}\)
= 4 : 2 : 10 or 2 : 1 : 5
(a) If Azad retires, Vijay and Amit's share = 1 : 5
(b) If Vijay retires, Azad and Amit's share = 2 : 5
(c) It Amit retires, Azad and Vijay's share = 2 : 1
3.
| Particulars | 2014 | 2015 | Absolute Change (Increase or Decrease)(Rs.) |
Percentage Change (Increase or Decrease) (%) |
|---|---|---|---|---|
| I. Revenue from Operations | 10,00,000 | 20,00,000 | 10,00,000 | 100.00 |
| II. Expenses | ||||
| Cost of Material Consumed | 6,00,000 | 15,00,000 | 9,00,000 | 150.00 |
| Other Expenses | 60,000 | 1,80,000 | 1,20,000 | 200.00 |
| Total Expenses | 6,60,000 | 16,80,000 | 10,20,000 | 154.50 |
| III. Profit before Tax (I -ii) | 3,40,000 | 3,20,000 | (20,000) | (5.80) |
| (-) Tax | 1,02,000 | 1,28,000 | 26,000 | 25.00 |
| IV. Profit after Tax | 2,38,000 | 1,92,000 | (46,000) | (19.30) |
4.
Percentage change : Revenue from Operations 25%, Other income 50% , Cost of Material Consumed 16.67% , Other Expenses 20% , Others 57.89% each
5.
(i)Non-current Liabilities-Other long term liabilities
(ii)Current Assets-
(iii)Current Assets-Cash and Cash Equivalents.
6.
Sacrificing ratio of L and M 19:9, O's share of goodwill =Rs.70,000 X 4/10=Rs.28,000.
(i) Dr.Bank A/c Rs.2,28,000; Cr.O's Capital A/c Rs.2,00,000 and premium for Goodwill A/c Rs.28,000.
(ii) Dr.Premium for Goodwill A/c Rs.28,000; Cr.L's Capital A/c Rs.19,000 and M's Capital A/c Rs.9,000.
7.
Comparative Statement of Profit and Loss for the year ended 3lst March, 2015
| Particulars | 31st March, 2014(Rs.) | 31st March, 2015(Rs.) | Absolute Change (Rs) | Percentage Change (%) |
| I.Revenue from Operations | 50,00,000 | 70,00,000 | 20,00,000 | 40.00 |
| II. Expenses | ||||
| Employee Benefit Expenses | 20,00,000 | 35,00,000 | 15,00,000 | 75.00 |
| Depreciation | 5,00,000 | 8,00,000 | 3,00,000 | 60.00 |
| Other Expenses | 12,00,000 | 16,00,000 | 4,00,000 | 33.33 |
| Total Expenses | 37,00,000 | 59,00,000 | 22,00,000 | 59.46 |
| III. Profit before Tax (l –III) | 13,00,000 | 11,00,000 | (2,00,000) | (15.38) |
| (–) Tax @ 40% | (5,20,000) | (4,40,000) | (80,000) | (15.38) |
| V. Profit after Tax | 7,80,000 | 6,60,000 | (1,20,000) | (15.38) |
8.
| Particulars | Amount | Particulars | Amount | |
|---|---|---|---|---|
| Rs | Rs | |||
| To Provision for Dounbtful Debts | 350 | By Building | 8,800 | |
| To Gain on Revaluation | ||||
| Transferred to : | ||||
| R's Capital | 4,225 | |||
| S's Capital | 2,817 | |||
| M's Capital | 1,408 | 8,450 | ||
| 8,800 | 8,800 | |||
| Particulars | R | S | M | Particulars | R | S | M |
|---|---|---|---|---|---|---|---|
| Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | ||
| To S's Capital | 2,250 | 750 | By Balance b/d | 20,000 | 7,500 | 12,500 | |
| To Bank | 5,000 | By Revaluation | 4,225 | 2,817 | 1,408 | ||
| To S's Loan | 8,317 | By R's Capital | 2,250 | ||||
| To Balance c/d | 21,975 | 13,158 | By M's Capital | 750 | |||
| 24,225 | 13,317 | 13,908 | 24,225 | 13,317 | 13,908 |
| Liabilities | Amount | Assets | Amount | ||
|---|---|---|---|---|---|
| Rs. | Rs. | ||||
| Sundry Creditors | 16,000 | Building | 31,800 | ||
| S's Loan | 8,317 | Debtors | 7,000 | ||
| R | 21,975 | Less: Provision for Dounbtful Debts | 350 | 6,650 | |
| M | 13,158 | 35,133 | Stock | 12,000 | |
| Patents | 8,000 | ||||
| Bank (6,000 - 5,000) | 1,000 | ||||
| 59,450 | 59,450 | ||||
Working Note:
S.s share of goodwill = \(9,000 \times \frac{2}{6}=3,000\)
To be contributed by remaining partners in gaining ratio
R.s Share \(\begin{aligned} =3,000 \times \frac{3}{4}=2,250 \end{aligned}\)
M.s share \(\begin{aligned} =3,000 \times \frac{1}{4}=750 \end{aligned}\)
9.
| Date 2017 |
Liabilities | L.F. | Debit Amount (Rs.) |
Credit Amount (Rs. |
||
|---|---|---|---|---|---|---|
| Mar. 31 | Revaluation A/c | Dr. | 10,000 | |||
| To Machinery A/c | 10,000 | |||||
| (Decrease in the value of machinery) | ||||||
| Patents A/c | Dr. | 10,000 | ||||
| Buildings A/c | Dr. | 25,000 | ||||
| To Revaluation A/c | Dr. | 35,000 | ||||
| (Increase in the value of patents and buildings) | ||||||
| Revaluation A/c | Dr. | 25,000 | ||||
| To Mitali’s Capital A/c | 12,500 | |||||
| To Indu’s Capital A/c | 7,500 | |||||
| To Geeta’s Capital A/c | 5000 | |||||
| (Profit on revaluation transferred to all partner’s capital accounts in old profit sharing ratio) |
||||||
| Liabilities | Amount (Rs.) |
Assets | Amount (Rs. |
||
|---|---|---|---|---|---|
| Machinery | 10,000 | Patents | 10,000 | ||
| Profit | Buildings | 25,000 | |||
| transferred to: | |||||
| Mitali’s Capital A/c | 12,500 | ||||
| Indu’s Capital A/c | 7,500 | ||||
| Geeta’s Capital A/c | 5,000 | 25,000 | |||
| 35,000 | 35,000 | ||||
10.
| Date 2015 | Particulars | L.F | Debit Amount (Rs.) | Credit Amount (Rs.) | |
|---|---|---|---|---|---|
| April 01 | Bank A/c | Dr. | 20,000 | ||
| To C’s capital account | 15,000 | ||||
| To Goodwill A/c | 5,000 | ||||
| (Cash brought in by C as capital and goodwill/premium) | |||||
| 02 | Goodwill A/c | Dr. | 5,000 | ||
| To A’s Capital A/c | 3,000 | ||||
| To B’s Capital A/c | 2,000 | ||||
| (Premium divided between | |||||
| A and B in sacrificing ratio 3:2) | |||||
| 03 | Revaluation A/c | Dr. | 3,100 | ||
| To Stock A/c | 1,500 | ||||
| To Furniture | 1,000 | ||||
| To Provision for Doubtful Debt A/c | 600 | ||||
| (Revaluation in the value of assets on revaluation | |||||
| 04 | Plant and Machinery A/c | Dr. | 3,000 | ||
| Investment A/c | 1,000 | ||||
| To Revaluation A/c | 4,000 | ||||
| (Increase in the value of assets on revaluation) | |||||
| 05 | Revaluation A/c | Dr. | 200 | ||
| To Outstanding Electricity A/c | |||||
| (Amount provided for outstanding electricity bill) | |||||
| 06 | Sundry Creditors A/c | Dr. | 100 | ||
| To Revaluation A/c | 100 | ||||
| (Amount not likely to be claimed | |||||
| by the creditors written off) | |||||
| 07 | Revaluation A/c | Dr. | 800 | ||
| To A’s Capital A/c | 480 | ||||
| To B’s Capital A/c | 320 | ||||
| (Profit on revaluation of assets and | |||||
| re-assessment of liabilities transferred | |||||
| to A and B in old profit sharing ratio) | |||||
| Particulars | Amount(Rs.) | Particulars | Amount(Rs.) |
|---|---|---|---|
| Stock | 1,500 | Plant and Machinery | 3,000 |
| Furniture | 1,000 | Investments | 1,000 |
| Provision for Doubtful | 600 | Sundry Creditors | 100 |
| Outstanding Electricity | 200 | ||
| Profit on Revaluation | |||
| transferred to: | |||
| A’s Capital | 480 | ||
| B’s Capital | 320 | ||
| 4,100 | 4,100 |
| Date 2017 |
Particulars | A(Rs.) | B(Rs.) | C(Rs.) | Date 2017 |
Particulars A | B(Rs.) | C(Rs.) | (Rs.) |
|---|---|---|---|---|---|---|---|---|---|
| Apr.01 | Balance c/d | 33,480 | 22,320 | 15,000 | Apr.1 | Balance b/d | 30,000 | 20,000 | |
| Bank | 15,000 | ||||||||
| Goodwill | 3,000 | 2,000 | |||||||
| Revaluation | 480 | 320 | |||||||
| (Profit) | |||||||||
| 33,480 | 22,320 | 15,000 | 33,480 | 22,320 | 15,000 |
11.
| Year Ended 31st March | Profit(Rs.) | Weight | Product |
|---|---|---|---|
| 2012–13 | 20,000 | 1 | 20,000 |
| 2013–14 | 24,000 | 2 | 48,000 |
| 2014–15 | 30,000 | 3 | 90,000 |
| 2015–16 | 25,000 | 4 | 1,00,000 |
| 2016–17 | 18,000 | 5 | 90,000 |
| 15 | 3,48,000 |
Weighted Average Profit = \(\text { Rs. } \frac{3,48,000}{15}=\text { Rs. } 23,200\)
Goodwill = Rs. 23,200 × 3 = Rs. 69,600.
12.
(i) Sacrifing ratio between Uday and Kaushal 2:3.
(ii) New ratio of Uday,Kaushal,Govund and Hari 8:5:14:3.
(iii) New ratio of Uday,Kaushal and Hari on Govind's death 3:1:2.
[Hint: In the absence of information, profits will be shared equally].
13.
| Particulars |
Amt |
Particulars |
Amt |
|
|---|---|---|---|---|
| Machinery | 800 | Expenses Owing | 750 | |
| Loose Tools | 400 | Factory Premises | 1,800 | |
| Profit transferred to Capital Account: | ||||
| Meena | 675 | |||
| Radha | 450 | |||
| Sheela | 225 | |||
| 1,350 | ||||
| 2,550 | 2,550 | |||
| Particulars | Radha | Sheela | Meena | Particulars | Radha | Sheela | Meena |
|---|---|---|---|---|---|---|---|
| Sheela’s Capital A/c | 3,375 | 1,125 | Balance b/d | 15,000 | 15,000 | 15,000 | |
| Sheela’s Loan A/c | 24,450 | General Reserve | 6,750 | 4,500 | 2,250 | ||
| Balance c/d | 19,050 | 16,350 | Revaluation (Profit) | 675 | 450 | 225 | |
| Radha’s Capital A/c | 3,375 | ||||||
| Meena’s Capital A/c | 1,125 | ||||||
| 22,425 | 24,450 | 17,475 | 22,425 | 24,450 | 17,475 |
| Liabilities | Amt (Rs.) |
Assets | Amt (Rs.) |
||
|---|---|---|---|---|---|
| Trade Creditors | 3,000 | Cash in Hand | 1,500 | ||
| Bills Payable | 4,500 | Cash at Bank | 7,500 | ||
| Expenses Owing | 3,750 | Debtors | 15,000 | ||
| Sheela’s Loan | 24,450 | Stock | 12,000 | ||
| Factory Premises | 24,300 | ||||
| Capitals: | Machinery | 8,000 | |||
| Radha | 19,050 | Less: 10% | (800) | 7,200 | |
| Meena | 16,350 | 35,400 | Loose Tools | 4,000 | |
| Less: 10% | (400) | 3,600 | |||
| 71,100 | 71,100 | ||||
Working Notes:
1) Sheela’s share of goodwill
=Total goodwill of the firm x Retiring Partner’s share
\(=13,500 \times \frac{2}{6}=4,500\)
2) Gaining Ratio = New Ratio − Old Ratio
\(\text { Radha's Share }=\frac{3}{3}-\frac{3}{6}=\frac{18-12}{24}=\frac{6}{24}\)
\(\text { Meena's Shares }=\frac{1}{4}-\frac{1}{6}=\frac{6-4}{24}=\frac{2}{6}\)
Gaining Ratio between Radha and Meena = 6 : 2 or 3 : 1.
14.
Common size Income Statement
for the years ended 31st March,2014 and 2015
| particulars | Absolute Amount | Percentage of Revenue from Operations (Net Sales) | ||
|---|---|---|---|---|
| 2014 (Rs) | 2015 (Rs) | 2014 (%) | 2015 (%) | |
| I.Revenue from Operations(Net Sales) | 5,00,000 | 5,00,000 | 100.00 | 100.00 |
| II.Other Income | 5,000 | 5,500 | 1.00 | 1.10 |
| III.Total Revenue(I+III) | 5,05,000 | 5,05,500 | 101.00 | 101.10 |
| IV.Expenses | ||||
| (a) Purchase of Stock-in-trade | 3,25,000 | 3,50,000 | 65.00 | 70.00 |
| (b) Changes in Inventories of Stock-in-trade | 25,000 | 24,000 | 5.00 | 4.80 |
| (c) Employees Benefit Expenses | 40,000 | 49,000 | 8.00 | 9.80 |
| (d) other Expenses | 2,500 | 7,500 | 0.50 | 1.50 |
| Total Expenses | 3,92,5000 | 4,30,500 | 78.50 | 86.10 |
| V.Profit before Tax(III-IV) | 1,12,500 | 75,000 | 22.50 | 15.00 |
| (-) Provision for Tax | 56,250 | 37,500 | 11.25 | 7.50 |
| VI.Profit after Tax | 56,250 | 37,500 | 11.25 | 7.50 |
15.
Comparative Statement of Profit and Loss
for the years ended 31st march, 2014 and 2015
| Particulars | 31st March 2014 Amt(Rs) | 31st March 2015 Amt(Rs) | Absolute change (Increase or Decrease) (Rs) |
Percentage Change (Increase or Decrease) (Rs) |
|---|---|---|---|---|
| I. Revenue from Operations(Net Sales) | 16,00,000 | 19,20,000 | 3,20,000 | 20.00 |
| II. Expenses | ||||
| (a) Purchase of Stock-in-trade | 9,00,000 | 11,00,000 | 2,00,000 | 22.22 |
| (b) Changes in Inventories of Stock-in-trade | 1,00,000 | 60,000 | (40,000) | (40.00) |
| (c) Other Expenses | 4,80,000 | 5,30,000 | 50,000 | 10.42 |
| Total Expenses | 14,80,000 | 16,90,000 | 2,10,000 | 14.19 |
| III. Profit before and after Tax(1-III) | 1,20,000 | 2,30,000 | 1,10,000 | 91.67 |
16.
Journal
| Date | Particulars | LF | Amt(Dr | Amt(Cr) |
|---|---|---|---|---|
| A's Capital A/C Dr | 4,000 | |||
| C's capital A/C Dr | 2,000 | |||
| To B's capital A/C | 6,000 | |||
| (Being retiring partner's amount of goodwill adjusted) |
17.
Profit on Revaluation Rs.18,800; Premium for Goodwill Cr.Rao by Rs.50,000, Balance of Capital after adjustments Dr.Rao Rs.4,64,100, Reddy Rs.1,04,700 and kutty Rs.2,00,000, Balance of Capital rearranged: Rao Rs.2,00,000, Reddy Rs.1,33,000 and kutty Rs.2,00,000. Balance of current A/cs: Rao Rs.2,64,100(Cr.) and Reddy Rs.28,633(Dr.) Cash Balance Rs.3,40,000(i.e.,Rs.90,000+Rs.2,00,000+Rs.50,000) Balance Sheet total Rs.8,77,433.
[Hints: (i)Only Rao sacrifices.
(ii)Total capital of new firm Rs.5,33,333(i.e.,2,00,000x8/3)Which is divided in new ratio 3:2:3]
18.
(a)
Only (i)
19.
(c)
old partner’s capital account
20.
(c)
Shareholders
21.
(d)
All of the above
22.
(a)
8:7
23.
(c)
1:1
24.
(c)
3: 2
25.
(d)
Sacrificing ratio = Old ratio – New ratio
26.
(c)
Gaining partner
27.
(a)
All of these
28.
(d)
All of above
29.
(d)
All of the above
30.
(b)
Appears on the credit side
31.
(b)
Rs. 7500
32.
(b)
Rs. 30000
33.
(a)
Dissolved
34.
(d)
all of them
35.
(d)
2
36.
(a)
1956
37.
(c)
report on stewarding function
12th Standard CBSE Syllabus & Materials
12th Standard CBSE
CBSE 12th Computer Science Python Revision Tour I - New Previous year Question Papers Study Material - QB365 Set A
NEW12th Standard CBSE
CBSE 12th Business Studies Planning Important Questions And Answers Study Material - QB365 Set A
NEW12th Standard CBSE
CBSE 12th Business Studies Business Environment Important Questions And Answers Study Material - QB365 Set A
NEW12th Standard CBSE
CBSE 12th Business Studies Principles of Management Important Questions And Answers Study Material - QB365 Set A
NCERT Books
Syllabus
Exam Pattern
Sample Question Papers
Previous year Question Papers
Important Notes
MCQ Practice test
NCERT Exemplers
Case study Questions
Image Based Questions
Passage based Questions
HOT Questions
Value Based Questions
Model Questions Papers
NCERT ( Book Back ) Questions
Assertion and Reason
Important Questions And Answers
CBSE 12th Standard CBSE Subjects
CBSE Standards
