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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
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Take MCQ Accountancy Test
1.
'BMY Ltd.' invited applications for issuing 1,00,000 equity shares of Rs.10 each at a premium of Rs.10 per share. The amount was payable as follows;
On Application - Rs. 10 per share (including Rs.5 premium)
On Allotment - The balance.
The issue was fully subscribed. A shareholder holding 300 shares paid the full share money with application. Another shared holding 200 shares failed to pay the allotment money. His shares were forfeited. Later on these shares were re-issued for Rs.4,000 as fully paid up.
Pass necessary journal entries for the above transactions ihn the books of BMY Ltd.
2.
Given below is the information extracted from the books of Shyam Ltd.:
| Particulars | Note No. | 2012-13 | 2011-12 |
|---|---|---|---|
|
Revenue from Operations |
20,00,000 |
17,50,000 |
|
|
Cost of material Consumed |
11,70,000 |
9,75,000 |
|
|
Other Expenses |
11,500 |
7,700 |
|
| Income Tax | 40% | 40% |
Prepare a Comparative Statement of Profit and Loss for the year 2012-13 on the basis of the above information.
3.
From the information available from the books Ram Nath Limited on 31.03.2012, calculate:
(a) Liquid Ratio and (b) Inventory Turnover Ratio.
Inventory Rs.1,00,000, Trade Receivables Rs.1,20,000, Advance Tax Rs.4,00,000, Cash and Cash Equivalent Rs.60,000, Trade payables Rs.1,05,000,
Bank overdraft Rs.8,000, Cost of Revenue from Operations Rs.4,20,000.
Additional Information:
Closing inventory was Rs.20,000 more than opening inventory.
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)Accrued Incomes
(ii)Capital Reserves
(iii)Provision for employees benefits
(iv)Unpaid dividend
(v)Short term Loans
(vi)Long-term Loans
5.
Angad,
(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)
(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.
6.
Suresh and Ramesh were partners in a firm sharing profits in the ratio of 3 : 2. Their fixed capitals were : Suresh Rs. 9,00,000 and Ramesh Rs. 6,00,000. The partnership deed provided for the following :
(i) Interest on capital @ 5% per annum.
(ii) Rs. 60,000 per annum salary to Suresh and salary Rs. 2,000 per month to Ramesh.
The profit earned by the firm for the year ended 31.3.2007 was Rs. 2,34,000.
The profits were divided equally without providing for the above.
Pass adjustment entry.
7.
D, E and F were partners in a firm sharing profits in the ratio of 5 : 7 : 8. Their fixed capitals were D Rs. 5,00,000, E Rs. 7,00,000. and F Rs. 8,00,000. Their partnership deed provided for the following :
(i) Interest on capital @ 10% p.a
(ii) Salary of Rs, 10,000 per month of F.
(iii) Interest on drawings @ 12% p.a.
D withdrew Rs. 40,000 on 31st January, 2009; E withdrew Rs. 50,000 on 31st March, 2009 and F withdrew Rs. 30,000 on 31st December, 2009.
During the year ended on 31st December, 2009 the firm earned a profit of Rs. 3,50,000.
Prepare the Profit and Loss Appropriation Account for the year ended 31st December, 2009.
8.
X Ltd has a debt Enquity Ratio 3 : 1 According to the Management, it should be maintained at 1;1. What are the two choices to do so?
9.
How would you show the following two items in a company's Balance Sheet as at 31st March, 2012 as per the requirement of Schedule VI:
General reserve(Since 31st March, 2011) Rs. 3,00,000, Statement of Profit and Loss(Debit Balance) for 2011-12 Rs. 2,00,000
10.
State any one objective of Financial Statement Analysis ?
11.
State the steps other than rejecting applications that a company can take in case of over subscription.
12.
Kumar,Verma and Naresh were partners in a firm sharing profit and loss in the ratio of 3:2:2. On 23rd January, 2015, Verma died. Verma's share of profit till the date of his death was calculated Rs.2,350.
Pass necessary journal entry for the same in the books of the firm.
13.
Why would an investor prefer to invest in shares and party in the debentures of a company?
14.
From the following particulars, prepare Income and Expenditure account:
| Details | Rs. |
|---|---|
| Fees collected, including Rs 80,000 on account of the previous year | 5,20,000 |
| Fees for the year outstanding | 30,000 |
| Salary paid, including Rs 5,000 on account of the previous year | 68,000 |
| Salary outstanding at the end of the year | 3,000 |
| Entertainment expenses | 8,000 |
| Tournament expenses | 25,000 |
| Meeting Expenses | 18,000 |
| Traveling Expenses | 7,000 |
| Purchase of Books and Periodicals, including Rs 31,000 for purchase of Books | 40,000 |
| Rent | 15,000 |
| Postage, telegrams and telephones | 6,000 |
| Printing and Stationery | 18,000 |
| Donations received | 25,000 |
15.
The balance sheet of Sindhu, Rahul and Kamlesh, who were sharing profits in the ratio of 3:3:4 respectively, as at 31st March, 2015 was as follows
| Liabilities | Amt(Rs) | Assets | Amt(Rs) | |
|---|---|---|---|---|
| General Reserve | 10,000 | Cash | 32,000 | |
| Bills Payable | 20,000 | stock | 88,000 | |
| Loan | 24,000 | Investments | 94,000 | |
| Capital A/cs | Land and Building | 1,20,000 | ||
| Sindhu | 1,20,000 | Sindhu's Loan | 20,000 | |
| Rahul | 1,00,000 | |||
| Kamlesh | 80,000 | 3,00,000 | ||
| 3,54,000 | 3,54,000 | |||
Sindhu died on 31st July, 2015.The partnership deed provided for the following on the death of a partner.
(i)Goodwill of the firm be valued at two years, purchase of average profits for the last three years which were Rs.80,000.
(ii)Sindhu's share of profit till the date of his death was to be calculated on the basis of sales.Sales for the year ended 31st March, 2015 amounted to Rs.8,00,000 and that from 1st April to 31st july, 2015, Rs.3,00,000.The profit for the year ended 31st March, 2015 was Rs.2,00,000
(iii)Interest on capital was to be provided @ 6% per annum.
(iv)According to Sindhu's will, the executors should donate his share to 'Matri Chaya - an orphanage for the question.
16.
Om, Ram and Shanti were in a firm sharing profits in the ratio of 3:2:1. On 1st April, 2015, their balance sheet was as follows
Balance Sheet
as at 1st April, 2015
| Liabilities | Amt (RS) | Assets | Amt (RS) | |
|---|---|---|---|---|
| Capital A/cs | Land and Building | 3,64,000 | ||
| Om | 3,58,000 | Plant and Machinery | 2,95,000 | |
| Ram | 3,00,000 | Furniture | 2,33,000 | |
| Shanti | 2,62,000 | 9,20,000 | Bills Receivable | 38,000 |
| General Reserve | 48,000 | Sudry Debtors | 90,000 | |
| Creditors | 1,60,000 | Stock | 1,11,000 | |
| Bills Payable | 90,000 | Bank | 87,000 | |
| 12,18,000 | 12,18,000 | |||
On the above date, Human was admitted on the following terms
(i) He will bring RS.1,00,000 for his capital and will get 1/10th share in the profits.(ii) He will bring necessary cash his share of goodwill premium. The goodwill of the firm was valued at RS.3,00,000.
(iii) A liability of RS.18,000 will be created against bills receivables discounted.
(iv) The value of stock and furniture will be reduced by 20%.
(v) The value of land and building will be increased by 10%.
(vi) Capital accounts of the partners will be adjusted on the basis of Human's capital in their profit sharing ratio by opening current accounts.
Prepare revaluation account and partners' capital accounts.
17.
From the following balance sheets of Ramesh Ltd as at 31st March 2014 and 2015, prepare a cash flow statement.
| Particulars | Note No. |
31st March 2014 Amt(Rs.) |
31st March 2015 Amt(Rs.) |
|---|---|---|---|
| 1.Equity and liabilities | |||
| 1.Shareholder's Funds | |||
| (a) Equity Share Capital | 3,00,000 | 3,60,000 | |
| (b) Reserves and Surplus | 1 | 1,60,000 | 2,00,000 |
| 2.Non-current Liabilities | |||
| Long-term Borrowings | 2 | 2,62,000 | 3,78,000 |
| 3.Current Liabilities | |||
| (a) Trade Payables (Creditors) | 16,000 | 20,000 | |
| (b) Cash Credit | 12,000 | 8,000 | |
| (c) Other Current Liabilities(Outstanding expenses) | 6,000 | 2,000 | |
| Total | 7,56,000 | 9,68,000 | |
| II.Assets | |||
| 1.Non-current Assets | |||
| (a) Fixed Assets | |||
| (i) Tangible | 3 | 4,60,000 | 6,40,000 |
| (ii) Intangible (Goodwill) | 20,000 | 10,000 | |
| 2.Current Assets | |||
| (a) Inventories | 40,000 | 34,000 | |
| (b) Trade Receivables | 4 | 1,36,000 | 1,68,000 |
| (c) Other Current Assets(Prepaid expenses) | 20,000 | 16,000 | |
| (d) Cash and Cash Equivalents(Cash at bank) | 80,000 | 1,00,000 | |
| Total | 7,56,000 | 9,68,000 |
Notes to Accounts
| Particulars | 2014(Rs.) | 2015(Rs.) |
|---|---|---|
| 1.Reserves and Surplus | ||
| General Reserve | 60,000 | 60,000 |
| Balance of Statement of Profit and Loss | 1,00,000 | 1,40,000 |
| 1,60,000 | 2,00,000 | |
| 2.Long-term Borrowings | ||
| 12% Debentures | 1,02,000 | 1,38,000 |
| 12% Public Deposits | 1,60,000 | 2,40,000 |
| 2,62,000 | 3,78,000 | |
| 3.Fixed Assets(Tangible) | ||
| Building | 3,00,000 | 4,40,000 |
| Plant | 1,60,000 | 2,00,000 |
| 4,60,000 | 6,40,000 | |
| 4.Trade Receivables | ||
| Debtors | 1,20,000 | 1,50,000 |
| Bills Receivables | 16,000 | 18,000 |
| 1,36,000 | 1,68,000 |
Additional Information
(i) Depreciation charged on building Rs.20,000 and plant Rs.10,000.
(ii) Interest paid on debentures Rs.14,400.New debentures of Rs.36,000 were issued on 1st October, 2014.
(iii) Interest paid on deposits from public Rs.19,200 for the year.
18.
Amit, Balan and Chander were partners in a firm sharing profits in the proportion of\({1\over2},{1\over3},{1\over 6}\) respectively.Chander retired on 1st April, 2015.The balance sheet of the firm on the date of Chander's retirement was as follows
| Liabilities | Amt(Rs) | Assets | Amt(Rs) | ||
|---|---|---|---|---|---|
| Sundry Creditors | 12,000 | Bank | 4,100 | ||
| Provident Fund | 3,000 | Debtors | 30,000 | ||
| General Reserve | 9,000 | (-)Provision for Doubtful Debts | (1000) | 29,000 | |
| Capital A/cs | Stock | 25,000 | |||
| Amit | 40,000 | Investments | 10,000 | ||
| Balan | 36,500 | Patents | 5,000 | ||
| Chander | 20,000 | 96,500 | Machinery | 48,000 | |
| 1,21,100 | 1,21,100 | ||||
It was agreed that
(i)Goodwill will be valued at Rs.27,000
(ii)Depreciation of 10% was to be provided on machinery.
(iii)Patents were to reduced by 20%.
(iv)Liability on account of provident fund was estimated at s.2,400
(v)Chander took over investments for Rs.15,800.
(vi)Amit and Balan decided to adjust their capital accounts in proportion of their profit sharing ratio by opening current accounts.
Prepare revaluation account and partners' capital accounts on Chander's retirement.
19.
Hema Ltd.invited applications for issuing 30,000 equity shares of Rs.100 each at a premium of Rs.20 each. The amount was payable as follows:
On Application and Allotment Rs.40 (Including premium Rs.10) per share
On First Call Rs.50 (including premium Rs.10) per share
On Second and Final Call -Balance
Applications for 75,000 shares were received.Applications for 15,000 shares were rejectedand the money received from them was refunded. Shares were allotted on pro-rata basis to the remaining applicants. All calls were made. A who had applied for 2,000 shares failed to pay the second and final call. The shares of both A and B were forfeited. The forfeited shares were re-issued at Rs.160 fully paid.
Pass the necessary journal entries in the books of the company for the above transactions.
20.
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 |
21.
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.
22.
Dipesh Ltd redeemed its 8,000, 11 % Debentures of Rs. 100 each in the following manner;
i) 4,000 debentures were purchased @ Rs. 95.
ii) 3,000 debentures were purchased @ Rs. 93
iii) 1,000 debentures were purchased @ Rs. 97.50.
The expenses on purchase of own debentures amounted to Rs. 200.
The debentures were purchased for immediate cancellation. Pass journal entries.
23.
Honorarium is a kind of remuneration paid to a person who is not the employee of a non-profit organization. Which of the following statements is true about the honorarium payment?
It’s a revenue expenditure
It’s a Capital expenditure
It is not recorded in the books of accounts
24.
A is drawing Rs. 500 regularly on the 16th of every month, he will have to pay interest in a year on Rs. 6000 for the total period of @ given rate of interest):
5 months
6 months
7 months
12 months
25.
When all partners are insolvent creditors will be:
Paid fully
Paid rate ably
Taken over by the partners
Paid by government
26.
Revaluation account is operated to find out gain or loss at the time of:
Admission of a partner
Retirement of a partner
Death of a partner
All of above
27.
Cash flow from operating activities
Cash flow from Investing activities
Cash flow from Financing activities
Cash Equivalent
28.
Bank overdraft will be shown under which heading
Investing activities
Financing activities
Cash and cash equivalents
Operating activities
29.
As which act companies is revised schedule VI
1956
1989
1978
1965
30.
In case debentures of Rs.10,000 are issued at par but payable at a premium of 10%, the premium payable will be debited to
Debentures Suspense account
Premium on redemption of debentures account
Loss on issue of debentures account
Both (a) and (c)
31.
In case of private placement of shares to raise the amount of capital, a company:
Invites the public through prospectus
Does not invite the public
Invite the public through advertisement
None of the above
32.
According to AS 26, which goodwill is recorded in the books:
purchased goodwill
self generated goodwill
both (i) and (ii)
None of the above
1.
Calls-in-Advance Rs.3,000, Calls-in-Arrears Rs.2,000, Capital Reserve Rs.1,000, i.e., Rs.1,000 (Share For feiture) - Rs. Nil (Loss on reissue).
[Hint: (i) Cash at Bank: Rs.10,03,000 (Application) + Rs.9,95,000 (Allotment) + Rs.4,000 (Reissue)]
(ii) It is implied that securities premium reserve Rs.5 per share will also be adjusted with share allotment money.
2.
Percentage change : Revenue from Operations 14.29%, Cost 20%, Other Expenses 49.35%, Cost 20%, Other Expenses (33.33%),Others 6.67% each
3.
(a) Liquid Ratio = 1.59: 1 (i.e.\(Rs.1,80,000\div 1,13,000\) )
(b) Inventory Turnover Ratio = 4.67 times (i.e., \(Rs.4,20,000\div 90,000\) ).
4.
(i)Current Assets-Other Current Assets
(ii)Shareholders' Fund-Reserves and surplus
(iii)Non-Current liabilities-Long term provisions
(iv)Current Liabilities-Other Current Liabilities
(v)Current Liabilities-Short term Borrowings
(vi)Non-current Liabilities-Long-term Borrowings
5.
(i) Dr. Raman's Capital A/c Rs. 40,500 and Cash A/c Rs. 63,000; Cr. Realisation A/c Rs. 1,03,500. (ii) Dr. Profit and Loss A/c Rs. 15,000; Cr. Angad's Capital A/c, Raman's Capital A/c and Harshit's Capital A/c by Rs. 5,000 each. (iii) Dr. Cash A/c, Cr. Realisation A/c Rs. 500. (v) Dr. Realisation A/c, Cr. Harshit's Capital A/c by Rs. 5,000. (vi) Dr.Angad's Capital A/c and Harshit's Capital A/c by Rs. 300 each; Cr. Realisation A/c Rs. 900.
[Hint: In the absence of information, profits will be shared equally.]
6.
Dr. Ramesh's Current A/c, Cr. Suresh's Current A/C by Rs 33,000.
7.
Interest on Drawing D Rs. 4,400, E Rs 4,500 and F Nil; Divisible Profit Rs. 38,900 transferred to D's current A/c Rs 9,725, E's Current A/c Rs 13,615 and F's Current A/c Rs 15,560.
8.
( )
The Two choices to maintain Debt Equity ratio at 1:1 are:
a) To increase the Equity
b) To reduce the debt
9.
( )
Balance Sheet
As at 3131 march, 2012
| Enquity and Liablities | Note No. | Rs |
| Shareholders' fund | ||
| reserve and Surplus | 1 | 1,00,000 |
Notes to Accounts:
Reserve and Surplus
General Reserve (1st April, 2011) 3,00,000
Less: Statement of Profit and Loss(Dr. Balance) 2,00,000
________
1,00,000
10.
( )
Objectives of financial statement analysis are
(i) To judge the operating efficiency and profitability of the business.
(ii) To measure the short-term and long-term financial position of the enterprise.
11.
( )
Pro-rata allotment.
12.
( )
Dr. Profit and Loss suspense A/c, Cr. Verma's capital A/c by RS.2,350.
13.
( )
An investor would prefer to invest partly in shares and partly in the debentures because he will get liquidity, safety, capital appreciation and higher rate of return.
14.
| Expenditure | Amount Rs. |
Amount Rs. |
Income | Amount Rs. |
Amount Rs. |
|---|---|---|---|---|---|
| Salaries | 68,000 | Fees Collected | 5,20,000 | ||
| Less: Previous year's Outstanding | (5,000) | Less: Previous year's Outstanding | (80,000) | ||
| 63,000 | 4,40,000 | ||||
| Add: Current year's Outstanding | 3,000 | 66,000 | Add: Current year's Outstanding | 30,000 | 4,70,000 |
| Entertainment Expenses | 8,000 | Donations | 25,000 | ||
| Tournament Expenses | 25,000 | ||||
| Meeting Expenses | 18,000 | ||||
| Traveling Expenses | 7,000 | ||||
| Purchases of Periodicals (40,000 – 31,000) | 9,000 | ||||
| Postage, Telegrams and Telephone’s | 6,000 | ||||
| Rent | 15.000 | ||||
| Printing and Stationery | 18,000 | ||||
| Surplus (Excess of Income over Expenditure) | 3,23,000 | ||||
| 4,95,000 | 4,95,000 |
NOTE: As per the solution, Excess of Income over Expenditure is Rs 3,23,000; however, as per the book, it is Rs 3,07,000.
15.
Sindhu's Capital Account
| Particulars | Amt(rs) | Particulars | Amt(Rs) |
|---|---|---|---|
| To Sindhu's Loan A/c | 20,000 | By Balanced b/d | 1,20,000 |
| To sindhu's Excutors's A/c | 1,75,900 | By General Reserve A/c | 3,000 |
| By Rahul's Capital A/c | 20,571 | ||
| By Kamlesh's Capital A/c | 27,429 | ||
| By Profit and Loss Suspense A/c (Profits) | 22,500 | ||
| By Interest on Capital A/c | 2,400 | ||
| 1,95,900 | 1,95,900 |
Values being highlighted in ht equestion are (ant one):
(i)Social responsibility The deceased partner showed responsibility and care towards underprivileged sections of the society
(ii)Women empowerment Donation to Matri Chaya is an endeavour towards women empowerment.
(iii)Doing Your best The deceased partner did his best by donating his property for the betterment of the society and upliftment of poor.He has set a great example for thee society to follow
16.
Dr Revaluation Account Cr
| Particulars | Amt (RS) | Particulars | Amt (RS) | |
|---|---|---|---|---|
| To Liability against Bills Receivable A/c | 18,000 | By Land and Building A/c | 36,400 | |
| To Stock A/c | 22,200 | By Loss Transferred to | ||
| To Furniture A/c | 46,600 | Om | 25,200 | |
| Ram | 16,800 | |||
| Shanti | 8,400 | 50,400 | ||
| 86,800 | 86800 | |||
Dr Partner's Current Account Cr
| Particulars | Om (RS) | Ram (RS) | Shanti (RS) | Hanuman (RS) | Particulars | Om (RS) | Ram (RS) | Shanti (RS) | Hanuman (RS) |
|---|---|---|---|---|---|---|---|---|---|
| To Revaluation A/c (Loss) | 25,200 | 16,800 | 8,400 | - | By Balance b/d | 3,58,000 | 3,00,000 | 2,62,000 | - |
| To Current A/c (Balancing figure) | - | 9,200 | 1,16,600 | - | By General Reserve A/c | 24,000 | 16,000 | 8,000 | - |
| To Balance c/d | 4,50,000 | 3,00,000 | 1,00,000 | 1,00,000 | By Cash A/c | - | - | - | 1,00,000 |
| By Premium for Goodwill A/c | 15,000 | 10,000 | 5,000 | - | |||||
| By Current A/c | 78,200 | - | - | - | |||||
| 4,75,200 | 3,26,000 | 2,75,000 | 1,00,000 | 4,75,200 | 3,26,000 | 2,75,000 | 1,00,000 |
17.
Cash Flow Statement
for the year ended 31st March 2015
| Particulars | Amt(Rs.) | |
|---|---|---|
| A.Cash Flow from Operating Activities | ||
| Net Profit as per Statement of Profit and Loss(Rs.1,40,000-Rs.1,00,000) | 40,000 | |
| Adjustments for | ||
| (+)Goodwill Written-off | 10,000 | |
| Depreciation on Building | 20,000 | |
| Depreciation on Plant | 10,000 | |
| Interest on Debentures | 14,400 | |
| Interest on Public Deposits | 19,200 | 73,600 |
| Operating Profit before Working Capital Changes | 1,13,600 | |
| (+) Decrease in Current Assets and Increase in Current Liabilities | ||
| Inventories | 6,000 | |
| Prepaid Expenses | 4,000 | |
| Creditors | 4,000 | 14,000 |
| 1.27,600 | ||
| (-) Increase in Current Assets and Decrease in Current Liabilities | ||
| Debtors | (30,000) | |
| Bills Receivables | (2,000) | |
| Outstanding Expenses | (4,000) | (36,000) |
| Net Cash from Operating Activities | 91,600 | |
| B.Cash Flow from Investing Activities | ||
| Cash Payment for Building (WN 1) | (1,60,000) | |
| Cash Payment for Plant (WN 2) | (50,000) | |
| Net Cash used in investing Activities | (2,10,000) | |
| C.Cash Flow from Financing Activities | ||
| Decrease in Cash Credit | (4,000) | |
| Cash Proceeds from Issue of Equity Shares | 60,000 | |
| Cash Proceeds from Issue of Debentures | 36,000 | |
| Cash Proceeds from Public Deposits | 80,000 | |
| Interest on Debentures Paid | (14,400) | |
| Interest on Public Deposits Paid | (19,200) | |
| Net Cash from Financing Activities | 1,38,400 | |
| Net Increase in Cash and Cash Equivalents (A+B+C) | 20,000 | |
| (+)Cash and Cash Equivalents in the Beginning of the Year | 80,000 | |
| Cash and Cash Equivalents at the End of the Year | 1,00,000 | |
18.
Dr Revaluation Account Cr
| Particulars | Amt(Rs) | Particulars | Amt(Rs) | |
|---|---|---|---|---|
| To Machinery A/c | 4,800 | By Provident A/c | 600 | |
| To Patents A/c | 1,000 | By Investment A/c | 5,800 | |
| To Profit Transferred to Capital A/cs | ||||
| Amit | 300 | |||
| Balan | 200 | |||
| Chander | 100 | 600 | ||
| 6,400 | 6,400 | |||
Dr Partners' Capital Account Cr
| Particulars | Amit (Rs) | Balan(Rs) | Chander (Rs) | Particulars | Amit(Rs) | Balan(Rs) | Chander(Rs) |
|---|---|---|---|---|---|---|---|
| To Investment A/c | - | - | 15,800 | By Balanced b/d | 40,000 | 38,500 | 20,000 |
| To Chander's Capital A/c | 2,700 | 1,800 | - | By Revaluation A/c (Profit) | 300 | 200 | 100 |
| To Chander's Loan A/c | - | - | 10,300 | By General Reserve A/c | 4,500 | 3,000 | 1,500 |
| To Amit's current A/c | - | 5,900 | - | By Amit's Capital A/c | - | - | 2,700 |
| To Balance c/d | 48,000 | 32,000 | - | By Balan's Capital A/c | - | - | 1,800 |
| By Balan's Current A/c | 5,900 | - | - | ||||
| 50,700 | 39,700 | 26,100 | 50,700 | 39,700 | 26,100 |
19.
Capital Reserve Rs.1,40,000 i.e., Rs.1,40,000 (Share Forfeiture)-Rs.Nil (Loss on Reissue)
[Hint: (i) Bank A/c: Rs.30,00,000 (Application) - Rs.6,00,000 (Refund) + Rs.2,90,000 (1st call) + Rs.8,40,000 (2nd call)- Rs.+3,20,000 (Reissue)
(ii) Calculation of First call money received Rs.15,00,000 (due) - Rs.12,00,000 (Calls-in-Advance) = Rs.3,00,000-Rs 10,000 [i.e., Rs.3,00,000\(\div \)30,000 (s) \(\times \)1,000 (s)] = Rs.2,90,000.
20.
| Liabilities | Amount (Rs.) |
Amount (Rs.) |
Assets | Amount (Rs.) |
|---|---|---|---|---|
| Prize fund | 80,000 | Prize Fund Investments | 80,000 | |
| Add: Income from | 8,000 | |||
| Investments | 88,000 | |||
| Less: Prizes Awarded | 6,000 | |||
| 82,000 |
21.
Amount of subscription due for the year 2016-17 irrespective of cash Rs. 28,750 (i.e. Rs. 125 × Rs. 230).
| Details | Amount (Rs.) |
|---|---|
| Subscriptions received as per Receipts and Payments Account | 30,250 |
| Add: Subscriptions outstanding on March 31, 2016 | 2,250 |
| Add: Subscriptions received in advance on April 1, 2016 | NIL |
| 32,500 | |
| Less: Subscriptions outstanding on April 1, 2016 | 2,750 |
| 29,750 | |
| Less: Subscriptions received in advance on March 31, 2017 | 1,000 |
| Income from Subscription for the year 2016-17. (125×230) | 28,750 |
| Details | (Rs.) | (Rs.) |
|---|---|---|
| (i) Outstanding as on 01.04.2016 | 2,750 | |
| Received for 2015–16 | 2,500 | 250 |
| (ii) Due for 2016–17 (125×230) | 28,750 | |
| Received for 2016–17 | 26,750 | 2,000 |
| Outstanding as on 31-3-2017 | 2,250 |
22.
Journal Entries
| Date | Particulars | L.F | Dr.(Rs.) | Cr.(Rs.) | |
|---|---|---|---|---|---|
| P/L appropriation a/c | Dr. | 4,00,000 | |||
| To Debenture Redemption Reserve a/c | 4,00,000 | ||||
| (Being Debenture redemption reserve created @ 50% of debentures.) | |||||
| Own Debentures a/c | Dr. | 7,56,700 | |||
|
To Bank a/c |
7,56,700 | ||||
| (Being Own debentures purchased ) | |||||
| 11% Debentures a/c | Dr. | 8,00,000 | |||
| To Own Debentures a/c | 7,56,700 | ||||
| To Gain on cancellation of own | 43,300 | ||||
| Debentures a/c | |||||
| (Being Own debentures cancelled) | |||||
| Gain on cancellation of own Debentures a/c | Dr. | 43,300 | |||
| To capital reserve a/c | 43,300 | ||||
| (Being Gain transferred to capital reserve) | |||||
| DRR a/c | Dr. | 4,00,000 | |||
| To General reserve a/c | 4,00,000 | ||||
| Being DRR transferred to general Reserve) | |||||
23.
24.
(b)
6 months
25.
(b)
Paid rate ably
26.
(d)
All of above
27.
(b)
Cash flow from Investing activities
28.
(b)
Financing activities
29.
(a)
1956
30.
(c)
Loss on issue of debentures account
31.
32.
(a)
purchased goodwill
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