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Published on: 04/03/2020
12th Standard CBSE Accountancy Public Exam Important Question 2019-2020
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.
What are the features of Receipt and Payment Account?
2.
State the meaning of Income and Expenditure Account.
3.
Calculate Fixed Assets turnover ratio
Cost of goods sold: Rs. 16,80,000
Gross profit = Rs. 5,60,000
Capital employed = Rs. 43,00,000
Working captial = Rs. 80,000
4.
How is a Company's balance sheet different from that of a Partnership firm? Give Two point only.
5.
Mohan and Sohan are partners in a firm sharing profits and losses in the ratio of 3:2. They admit Rohan as a new partner for 1/5th share. The goodwill of the firm is valued at RS.30,000. Goodwill already appears in the books at RS.15,000. Rohan brings in 60% of his share of goodwill and RS.1,20,000 as his capital in cash. The amount of goodwill brought in cash is withdrawn by the concerned partners to the extent of 30% of what is credited to them. The profits for the first year of new partnership amounted to RS.60,000.
Give necessary journal entries to adjust goodwill and to distribute profits.
6.
A Ltd forfeited 300 shares of Rs 10 each fully called-up, held by Zee for non-payment of allotment money of Rs 3 per share and final call of Rs 4 per share. He had paid the application money of Rs 3 per share. These shares were re-issued to Cee for Rs 8 per share. Pass necessary journal entries.
7.
A company purchased a running business from Zee Ltd for a sum of Rs 15,00,000 payable Rs 12,00,000 in fully paid shares of Rs 10 each and balance through cheque. The assets and liabilities consisted of the following
| Particulars | Amt(Rs.) | Particulars | Amt(Rs.) |
|---|---|---|---|
| Plant and Machinery | Rs 4,00,000 | Stock | Rs 4,00,000 |
| Building | Rs 4,00,000 | Cash | Rs 3,00,000 |
| Sundry debtors | Rs 3,00,000 | Sundry creditors | Rs 2,00,000 |
You are required to pass necessary journal entries in the company's books.
8.
Following is the balance sheet of A and B who share profits and losses in the ratio of 3:2 as at 31st March, 2018
| Liabilities | Amt(Rs.) | Assets | Amt(Rs.) | ||
|---|---|---|---|---|---|
| Sundry CreditoRs. | 75,000 | Cash at Bank | 4,500 | ||
| Bills Payable | 30,000 | Stock | 25,000 | ||
| MRs. A's Loan | 25,000 | DebtoRs. | 40,500 | ||
| Workmen Compensation Reserve | 8,000 | (-) Provision for Doubtful Debts | (1,000) | 39,500 | |
| Bank Loan | 50,000 | Bills Receivable | 15,000 | ||
| General Reserve | 27,000 | Investments | 60,000 | ||
| Capital A/cs | Plant And Machinery | 80,000 | |||
| A | 30,000 | Building | 61,100 | ||
| B | 40,000 | 70,000 | |||
| 2,85,000 | 2,85,000 | ||||
On the above date, the firm was dissolved and the following arrangments were made.
(i) A promised to pay MRs. A's loan and took half of the investments @10% discount.
(ii) Stock and remaining investments were sold @ 10% discount.
(iii) Goodwill was taken by B for Rs..40,000. He also agreed to pay bills payable at a discount of 10%.
(iv) DebtoRs. realised Rs. 35,000, bills receivable Rs..13,500, plant and machinery Rs. 38,900 and building Rs. 1,20,000.
(v) There was a car in the firm, which was completely written off from the books. It was taken over by A for Rs..23,400.
(vi) CreditoRs. were paid 90% in full and final settlement of their dues.
(vii) Expenses of dissolution amounted to Rs.1,7000.
Prepare realisation account, capital accounts of partneRs. and bank account in the books of the firm.
9.
A company forfeited 100 equity shares of Rs.10 each issued at a premium of 20% for non-payment of final call of Rs.5 including the premium. Show the journal entry for forefeiture of shares.
10.
On the admission of C, A and B decide to record an unrecorded asset worth RS.2,000. State whether the revaluation account will be debited or credited.
11.
P, Q and R shared the profits of rs.75,000 in the ratio of 2 : 2 : 1 but the partnership deed was silent as to the profit sharing ratio.Pass the necessary adjusting entry.
12.
Payment of dividend is classified or shown as financing activity for both non-finance and finance company.Do you agree?
13.
XYZ Finance Ltd, a company engaged in providing loans and investing into shares has received dividend on shares.The accountant has sought your advice on depicting it in the cash flow statement.Give your advice with reasons.
14.
In which ratio is goodwill already existing in the books of account written-off?
15.
Umesh Ltd.'s Debt Equity Ratio is 2:1. State with reason whether this will increase, decrease or there will be no change in it due to the following transactions:
(i) A trade payable of Rs.5,000 was paid
(ii) Issued equity shares of Rs. 2,00,000.
(iii) Issued 9% Debentures of Rs.1,000.
16.
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.
17.
X,Y and Z are partners in a firm. During the year the firm earned Rs. 15,000 and it was distributed equally among the partners but this profit had been distributed after giving Y's salary Rs. 3,000 (which was omitted) in the ratio 4 : 3 : 5. Give an adjustment entry.
18.
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.
19.
Arihant Ltd purchased a machinery from Vidya Ltd for an agreed purchase consideration of Rs.11,52,000 to be satisfied by the issue of 9% debentures of Rs.100 each at 4%discount. Journalise the transactions.
20.
Rochelle and Mandana are partners sharing profits and losses in the ratio of 3:2. Keith is admitted as a partner for 1/5 share. Make entries in the firm's journal, the following adjustments.
(i) The value of buildings increased by RS.2,00,000.
(ii) The landlord has decided to waive the outstanding rent, of RS.5,000 appearing in the books.
(iii) Prepaid insurance RS.2,500 is to be brought into account.
(iv) Investments and investment fluctuation fund appear in the balance sheet at RS.50,000 and RS.5,000 respectively. Presently, the value of investments is RS.42,000.
(v) On 31st December, 2015, goods of RS.20,000 were received by the firm on account of credit purchases. This transaction has not yet been recorded in the books of the firm. (Unrecorded creditors of RS.20,000 and unrecorded stock of RS.20,000).
21.
Net sales of Kamayani Sarees was Rs.3,75,000. It's gross profit amounted to Rs.75,000. The opening inventory was Rs.25,000, which was Rs.5,000 more than the closing inventory. Calculate it's stock turnover ratio.
22.
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.
23.
Calculate interest on drawings of Mr.Ghai @ 10% per annum for the year ended 31st March 2018, in each of the following alternative cases
Case I If he Withdrew Rs.15,000 in the beginning of each quarter.
Case II If he Withdrew Rs.15,000 at the end of each quarter.
Case III If he Withdrew Rs.15,000 during the middle of each quarter.
24.
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
25.
Pawan,Prem and Poonam were partners in a firm sharing profits in the ratio of 2:1:2. Their fixed capitals were RS.2,00,000, RS.1,50,000 and 2,00,000 respectively. The firm closses its books on 31st March every year. On 31.03.2006 Prem died. The executor of a deceased partner according to the agreement was entitled for the following:
(i) Interest on capital from the first day of the accounting year till the date of his death @ 10% p.a.
(ii) His share of goodwill - The goodwill of the firm for the on Prem's death was valued at RS.3,00,000.
(iii) His share of profits - the profit of the firm for the year ended 31.03.2006 was RS.1,50,000 Prem's executor was paid the sum due in two equal annual instalment with interest @ 10% p.a. prepare Prem's capital account as on 31.03.2006 to be presented to his executor and his executor's loan account for the year ending 31.03.2007 and 31.03.2008.
26.
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.
27.
Receipt and Payment Account of Shankar Sports club is given below, for the year ended March 31, 2017
| Receipts | Amount Rs. |
Payments | Amount Rs. |
|---|---|---|---|
| Opening Cash in hand | 2,600 | Rent | 18,000 |
| Entrance fees | 3,200 | Wages | 7,000 |
| Donation for building | 23,000 | Billiard table | 14,000 |
| Locker rent | 1,200 | Furniture | 10,000 |
| Life membership fee | 7,000 | Interest | 2,000 |
| Profit from entertainment | 3,000 | Postage | 1,000 |
| Subscription | 40,000 | Salary | 24,000 |
| Cash in hand | 4,000 | ||
| 80,000 | 80,000 |
Prepare Income and Expenditure Account and Balance Sheet with help of following Information:
Subscription outstanding on March 31, 2016 is Rs 1, 200 and Rs 2,300 on March 31, 2017, opening stock of postage stamps is Rs 300 and closing stock is Rs 200, Rent Rs 1,500 related to 2015 and Rs 1,500 is still unpaid.
On April 01, 2016 the club owned furniture Rs 15,000, Furniture valued at Rs 22,500
On March 31, 2017. The club took a loan of Rs 20,000 (@ 10% p.a.) in 2017.
28.
Cambridge Ltd issued 50,000 shares of Rs 10 each at a premium of Rs 2 per share, payable as follows
Rs 3 on application, Rs 6 on allotment (including premium) and Rs 3 on call.
Applications were received for 75,000 shares and a pro-rata allotment was made as follows To the applications of 40,000 shares, 30,000 shares were issued and for the rest, 20,000 shares were issued. All money due were received except the allotment and call money from Tom who had applied for 1,200 shares (out of group of 40,000). All his shares were forfeited. The forfeited shares were re-issued for Rs 7 per share fully paid-up.
Pass necessary journal entries for the above transactions.
29.
Bhim Ltd issued 20,000, 9% debentures of Rs.50 each at a discount of 8% redeemable at par at any time after 9 years. Record necessary entries in the books of Bhim Ltd.
30.
Average net profit firm is Rs.3,00,000.Total tangible assets in the firm are Rs.28,00,000 and outside liabilities are Rs.8,00,000.In the same type of business, the normal rate of returns is 10% of the capital employed.
Calculate value of goodwill by capitalisation of super profit method.
31.
The credit sales of Mis Sun Farms Ltd amounted to Rs.10,50,000. Its debtors and bills receivables at the end of the accounting period amounted to Rs.1,00,000 and Rs.75,000 respectively. Calculate its debtor's turnover ratio and also collection period in terms of days, weeks and months.
32.
Nandan, Jhon and Rose are partners sharing profits in the ratio of 4:3:2.On 1st April, 2015, John gave a notice to retire from the firm.Nandan and Rosa decided to share future profits in the ratio of 1:1.The capital accounts of Nandan and Rosa after all adjustments showed a balance of Rs.43,000 and Rs.80,500 respectively.The total amount to be paid to John was Rs.95,500.This amount was to be paid by Nandan and Rosa in such a way that their capitals become proportionate to their new profit sharing ratio.Pass necessary journal entires in the books of the firm for the above transaction.show your working clearly.
33.
From the following information, prepare a cash flow statement.
| Particulars | Note No. | 31st March 2015(Rs.) |
31st March 2014(Rs.) |
|---|---|---|---|
| I.Equity and liabilities | |||
| 1.Shareholder's Funds | |||
| (a) Share Capital | 15,75,000 | 13,50,000 | |
| (b) Reserves and Surplus | 1 | 9,67,000 | 5,73,750 |
| 2.Non-current Liabilities | |||
| Long-term Borrowings | 2 | 4,95,000 | 7,20,000 |
| 3.Current Liabilities | |||
| (a) Trade Payables | 5,62,500 | 3,60,000 | |
| (b) Other Current Liabilities | 3 | 27,000 | 45,000 |
| (c) Short-term Provisions | 4 | 2,47,500 | 2,25,000 |
| Total | 38,74,500 | 32,73,750 | |
| II.Assets | |||
| 1.Non-current Assets | |||
| (a) Tangible Fixed Assets | 5 | 21,37,500 | 18,00,000 |
| (b) Non-current Investments | 3,85,000 | 3,85,000 | |
| 2.Current Assets | |||
| (a) Inventories | 6,07,500 | 4,50,000 | |
| (b) Trade Receivables | 6,97,500 | 5,96,250 | |
| (c) Other Current Assets (prepaid expenses) | 27,000 | 22,500 | |
| (d) Cash and Cash Equivalents | 20,000 | 20,000 | |
| Total | 38,74,500 | 32,73,750 |
Notes to Accounts
| Particulars | 2015(Rs.) | 2014(Rs.) |
|---|---|---|
| 1.Reserves and Surplus | ||
| General Reserve | 5,62,500 | 4,50,000 |
| Surplus.i.e.Balance in Statement of Profit and Loss | 3,82,500 | 1,23,750 |
| Capital Reserve | 22,500 | ---- |
| 9,67,500 | 5,73,750 | |
| 2. Long-term Borrowings | ||
| 10% Debentures | 4,95,000 | 7,20,000 |
| 3. Other Current Liabilities | ||
| Outstanding Expenses | 27,000 | 45,000 |
| 4.Short-term Provisions | ||
| Proposed Dividend | 76,500 | 67,500 |
| Provision for Tax | 1,71,000 | 1,57,500 |
| 2,47,500 | 2,25,000 | |
| 5. Tangible Fixed Assets | ||
| Plant and Machinery (Cost) | 27,00,000 | 22,50,000 |
| (-) Accumulated Depreciation | (5,62,500) | (4,50,000) |
| 21,37,500 | 18,00,000 |
Additional Information
(i) During the year, plant and machinery with a net book value of Rs.22,500 (accumulated depreciation Rs.67,500) were sold for Rs.18,000.
(ii) During the year, investment costing Rs.1,80,000 was sold at a profit of 121/2% on cost, which is transferred to capital reserve and also investment costing Rs.1,80,000 was purchased.
(iii) Tax of Rs.1,23,750 was paid during the year.
(iv) At the beginning of the year, debentures of Rs.2,25,000 were redeemed at par.
(v) Interest on debentures paid during the year Rs.49,500.
Identify the values being conveyed by the company by paying income tax.
34.
The balance sheet of Raj,Rohit and Rohan who are sharing profits in the ratio of 2:3:1, as at 31st March,2015 is given below
Balance sheet
as at March,2015
| Liabilities | Amt(Rs) | Assets | Amt(rs) |
|---|---|---|---|
| Capital A/cs | Goodwill | 24,000 | |
| Raj 20,000 | Land and Building | 5,00,000 | |
| Rahul 4,00,000 | Investments(Market value Rs 92,0000) | 1,00,000 | |
| Rohan 6,00,000 | 12,00,000 | Stock | 1,60,000 |
| Workmen Compensation Reserve | 40,000 | Debtors | 6,00,000 |
| Investment Fluctuation Reserve | 20,000 | Bank | 5,92,000 |
| Provision for Doubtful Debts | 20,000 | Advertisement Suspenses A/c | 24,000 |
| Sundry Creditors | 6,00,000 | ||
| Employees Provident Fund | 1,20,000 | ||
| 20,00,000 | 20,00,000 |
Raj,Rahul and Rohan decide to alter their profit sharing ratio as 3:2:1 from 31st April 2015.
(i) Goodwill is to be valued at 2 years purchase of average of last three completed years The profits were-------Year 1 Rs 96,000 year II Rs 1,86,000 year III Rs 2,76,000.
(ii)Land and building was found undervalued by Rs 40,000 and stock was found overvalued by Rs 76,000.
(iii)Provision for doubtful debts is to be made equal to 5% of the debtors.
(iv) Claim on account of workmen compensation is Rs 16,000.
(v) 10% of the sundry creditors be written back as no longer payable.
(vi) Out of the amount of insurance which was debited entirely to profit and loss account,Rs 10,000 be carried forward as an unexpired insurance.
Prepare the necessary ledger accounts and the balance sheet.
35.
Compute cost of materials consumed from the given information.
| Particulars | Amt(Rs) |
|---|---|
| Opening Inventory: Raw Materials | 11,00,000 |
| Work-in-progress | 2,00,000 |
| Stock-in-trade | 3,00,000 |
| Finished Goods | 5,00,000 |
| Raw Materials Purchased | 45,00,000 |
| Closing Inventory: Raw Materials | 9,00,000 |
| Work-in-progress | 1,00,000 |
| Stock-in-trade | 2,00,000 |
| Finished Goods | 3,00,000 |
36.
Pass the necessary journal entries for the following transactions on the dissolution of the firm of A, B and C (who were sharing profits in the ratio of 4:3:3) after the transfer of all asset (other than cash) and external liabilities to realisation account.
(i) K, a creditor, to whom Rs6,000 were due to be paid, accepted office equipment Rs4,000 and the balance was paid to him in cash.
(ii) L, a creditor, to whom Rs16,000 were due to be paid, took over machinery at Rs20,000. Balance was paid by him in cash.
(iii) M, an unrecorded creditor of Rs9,000 was paid by A at a discount of 10%.
(iv) The amount of sundry liabilities (including creditors) was Rs2,00,000 appearing on the balance sheet, paid off in full
(v). An unrecorded computer of Rs5,000 was taken over by B at discount of 10%
(vi) C's loan of Rs10,000 was discharged along with accrued interest of Rs200(Not Yet recorded)
(vii) The loss on dissolution was Rs10,000.
37.
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%
38.
On 1st April, 2012, Sahil and Charu entered into partnership for sharing profits in the ratio of 4:3 They admitted Tanu as a new partner on 1st April, 2014 for 1/5th share which she acquired equally from Sahil and Charu. Sahil, Charu and Tanu earned profits at a higher rate than the normal rate of return for the year ended 31st March, 2015. Therefore, they decided to expand their business. To meet the requirements of additional capital, they admitted Puneet as a new partner on 1st April, 2015 for 1/7th share in profits which he acquired from Sahil and Charu in 7:3 ratio.
Calculate
(i) New profit sharing ratio of Sahil, Charu and Tanu for the year 2014-15.
(ii) New profit sharing ratio of Sahil, Charu, Tanu and Puneet on Puneet's admission.
39.
On what basis the receipts and payments account is prepared?
Cash basis
Accrual basis
Both accrual and cash basis
40.
Which of the following is regarded as apt to show the purchase of a fixed asset?
Income and Expenditure account
Profit and loss account
Balance sheet
41.
Revaluation of assets on the reconstitution of partnership is necessary because their present value may be different from their _____
Market Value
Net Value
Place value
Book value
42.
An account prepared to carry out the scheme of revaluation of assets and reassessment of liabilities :
Devaluation account
Memorandum of revaluation
Memorandum of valuation
Revaluation account
43.
Upon the sale of an established business its good will:
Marketable value
Not marketable value
(b) and (c)
44.
If a partner takes over an asset of the firm, his capital account:
Will be debited with the amount as agreed
Will be credited with the market value of the asset
Will be debited with book value of the asset
None of above
45.
In case of retirement of a partner full good will is credited to the accounts of:
All partners
Only retiring partner
Only remaining partnerNone of the above
None of the above
46.
The partnership may come to an end due to the:
Death of a partner
Insolvency of partner
By giving notice
All of the above
47.
In the revaluation account a decrease in the value of plant and machinery:
Appears on the debit side
Appears on the credit side.
Appears on the debit side of good will account
Does not appear at all
48.
At the time of admission of a new partner, general reserve is:
Debited to capital of old partners
Credited to capital of old partners
Allowed to remain is balance sheet
Debited to current account
49.
Cash flow from operating activities
Cash flow from Investing activities
Cash flow from Financing activities
Cash Equivalent
50.
Dividend paid by a Trading company is classified under which kind of activity while preparing cash flow statement
Cash flow from operating activities
Cash flow from Investing activities
Cash flow from Financing activities
Cash Equivalent
51.
What are the objectives of financial statement
To provide information about economic resource
To provide information about cash flows
To judge effectiveness of management
All of them
52.
Nature of financial statement
recorded facts
accounting convention
postulates
all of above
53.
Premium on redemption of debentures is in the nature of
Personal account
Real account
Nominal account
None of these
54.
At the time of issue of debentures, Debenture account is
Credited by the amount received
Credited by the issue price of the debenture
Credited by the face value of the debenture
None of the above
55.
The minimum share application money is:
Rs. 5 per share
5% of nominal value of shares
10% of nominal value of shares
none of the above
56.
Share allotment is a:
Personal a/c
real a/c
nominal a/c
57.
Which is not a method to calculate the goodwill?
Average Profit Method
super profit method
Regular profit method
Capitalization method
58.
Goodwill is a/an :
Current asset
Tangible asset
Intangible asset
Fictitious asset
1.
The following are the features of Receipt and Payment Account:
1. Nature: It is a Real Account. It is a summarised version of Cash Book.
2. Nature of Transactions: It records only cash and bank transactions. Transactions other than cash and bank like depreciation, loss/ profit on sale of assets, etc. are not recorded in this account.
3. No distinction between Capital and Revenue items: It records all cash and bank receipts and payments of both capital and revenue nature.
4. Opening and closing balance: It begins with the opening balance of cash and bank and ends with the closing balance of the cash and bank (balancing figure) at the end of the accounting period.
5. Purpose: It reveals the cash position of an organisation. It helps to ascertain the total amount paid and received during an accounting period.
2.
Income and Expenditure Account (I&E) is similar to the Profit and Loss Account in the sense that while the former is prepared to ascertain surplus or deficit during an accounting period, the latter is prepared to ascertain net profit or net loss incurred during an accounting period. I&E Account is a nominal account and is prepared on the accrual basis. It records all transactions of revenue nature that are related to the current accounting period (whether outstanding or prepaid) for which the books are maintained. All expenses and losses are recorded on the debit side (Expenditure side) and all income and gains are recorded on the credit side (Income side) of I&E Account. The closing balance or the balancing figure of I&E Account is termed as surplus (or deficit), if the sum total of the Income side exceeds (is lesser than) the sum total of the Expenditure side.
3.
Fixed assets turnover ratio = Net sales/ Net fixed assets
Net sales = Cost of goods sold + Gross profit
= 16,80,000 + 5,60,000
= 22,40,000
Capital employed = Net fixed assets + Net working Capital
4,00,000 = Net Fixed assets + 80,000
Net Fixed assets = 3,20,000
Fixed assets turnover ratio = 22,40,000/3,20,000 = 7 times
4.
(i) For company's Balance Sheet there are two standard forms prescribed under the companies Act.1959. Whereas, there is no standard from prescribed under the Indian partnership Act, 1932 for a partnership Firms balance sheet.
(ii) In case of company's Balance sheet previous year's figures are required to be given whereas it is not so in the case of a partnership firms balance sheet.
5.
Sacrificing ratio=3:2 and new ratio=12:8:5
6.
Capital reserve = Rs 300.
7.
Capital reserve = Rs 1,00,000.
8.
Profit on realisation= Rs.75,000; Payment to A= Rs.70,960, B= Rs.71,240; Total of bank account= Rs.2,61,400
9.
A company forfeited 100 equity shares of Rs.10 each issued at a premium.
| Date | Particulars | LF | Amt. (Dr) | Amt. (Cr) | |
|---|---|---|---|---|---|
| Share Capital A/c (100 x 10) Securities Premium A/c (100 \(\times\)2) To Share Final Call A/c (100 \(\times\) 5) To Share Forfeiture A/c (Being 100 shares forfeited for non payment of final call Rs 3+ premium Rs 2) |
Dr Dr |
1,000 200 |
500 700 |
10.
Revaluation account will be credited.
11.
Debit P and Q with Rs.5,000 each and credit R with Rs.10,000.
12.
Yes, as payment of dividend is associated with share capital of the company and therefore is a financing activity.
13.
The company is engaged in the business of providing loans and also investing in shares.Any income arising from these activities should be shown under operating activity.
14.
Goodwill alredy existing in the books is written-off in old ratio.
15.
(i) No change: Reason: Neither Debt nor shareholders' fund is affected.
(ii) Decrease: Reason: Long-term debt remain same but shareholders' fund is increasing.
(iii) Increase: Reason: Long-term debts are increased but shareholders' funds remain unchanged.
16.
(i) 31.03.2013 Interest on debentures A/c, Cr. Debentureholders by Rs.50,000
(ii) Dr.Debentureholders A/c Rs.50,000, Cr.Bank A/c Rs. 45,000 and TDS from Debenture Interest Rs.5,000
(iii) Dr.Statement of profit and Loss, Cr.Interest on Debentures by Rs.1,00,000.
17.
| Particulars |
X Rs. |
Y Rs. |
Z Rs. |
Firm Rs. |
|
|---|---|---|---|---|---|
| (i) Distribution of profit Rs. 15,000 in wrong ratio 1 : 1 : 1 to be cancelled by debiting it | (Dr.) | 5,000 | 5,000 | 5,000 | 15,000 |
| (ii) Correct division of firm's profit | |||||
| Salary to Y | Cr. | - | 3,000 | - | 3,000 |
| Remaining Profit Rs. 12,000 : (Rs. 15,000 - Rs. 3,000) Credited to partners' a/c in their correct ratio 4 : 3 : 5 | Cr. | 4,000 | 3,000 | 5,000 | 12,000 |
| (Cr.) | 4,000 | 6,000 | 5,000 | 15,000 | |
| (iii) Net effect to be debited or credited to Partner's Capital A/cs | (Dr.-Cr.) | 1,000 | 1,000 | - | - |
| (Dr.) | (Cr.) | ||||
| Date | Particulars | L.F | Dr.(Rs.) | Cr.(Rs.) | |
|---|---|---|---|---|---|
| X's Capital A/c | Dr. | 1,000 | |||
| To Y's Capital A/c | |||||
| (For adjustment entry passed for correct distribution of profit) | 1,000 | ||||
18.
| Expenditure | Amount (Rs.) |
Income | Amount (Rs.) |
|---|---|---|---|
| Subscriptions | 30,000 | ||
| Received for 2014-15 | |||
| Add: Outstanding for 2014-15 | 17,000 | ||
| Add: Received in advance for 2014-15 | 4,000 | ||
| 51,000 |
| Liabilities | Amount (Rs.) |
Assets | Amount (Rs.) |
Amount (Rs.) |
|---|---|---|---|---|
| Subscription Received in Advance for 2014-15 | Subscription Outstanding: | |||
| 2013-14 | 1,500 | |||
| 5,000 | 2014-15 | 1,7000 | 18,500 |
19.
Number of debentures issued = 6,000
20.
Profit on revaluation =RS.2,04,500
21.
Stock turnover ratio = 13.33 times
22.
Revenue from operations = Rs 12,00,000 ;
Other income = Rs 2,10,000;
Total revenue = Rs 14,10,000.
23.
Case I = Rs.3,750,Case II = Rs 2,250, Case III = Rs.3,000
24.
Net Cash from Operating Activities Rs. 1,51,000; Net Cash used in Investing Activities (Rs. 3,51,000); Net Cash from Financing Activities Rs. 2,00,000.
[Hint: Purchase of fixed tangible assets Rs. 3,56,000]
25.
Balance of Prem's Current A/c RS.1,05,000.i.e., RS.15000 (Interest) + RS.60,000 (Share of goodwill) + RS.30,000 (share of profit) transferred to Prem's Capital A/c; Balance of Prem's Capital A/c RS.2,55,000 i.e., RS.1,50,000 Balance + RS,1,05,000 of transferred to Prem's Executor's Loan A/c; Interest on Executor's Loan on 31.03.2007 RS.25,5000 and on 31.03.2008 RS.12,750; Payment of 1st Installment on 31.03.2007 RS.1.53.000 i.e., (RS.1,27,500 + RS.25,500) and 2nd Installment on 31.03.2008 RS.1,40,250 i.e., (RS.1,27,500 + RS.12,750).
[Hint: Entry for share of profit: Dr.Profit and Loss Appropriation A/c;Cr. Prem's Current A/c by RS.30,000]
26.
Total Capital of the firm Rs. 1,64,000 (i.e., Rs. 1,90,000(Assets)-Rs.26,000 (liabilities) divided in the ratio of 2 : 2 : 1 = p's Capital Rs. 65,600, Q's Capital Rs. 65,600 and R's Capital Rs. 32,800; Loss on Realisation Rs. 21,700 being P's share Rs. 10,850, Q's share Rs. 6,510 and R's share Rs. 4,340; Final payment of Capitals : P Rs. 54,750, Q Rs. 59,090 and R Rs. 28,460; Total of Cash A/c Rs. 1,70,000.
[Hint : (1) Loss = Sundry Assets - Assets Realised Rs. 20,000=Sundry Assets - Rs. 1,70,000. (2) As unrecorded liability Rs. 1,000 will not be shown in balance sheet, so liabilities of Rs. 26,000 will be shown in balance sheet.]
27.
| Expenditure | Amount Rs. |
Amount Rs. |
Income | Amount Rs. |
Amount Rs. |
|---|---|---|---|---|---|
| Rent | 18,000 | Entrance Fees | 3,200 | ||
| Add: Outstanding for 2017 | 1,500 | Locker Rent | 1,200 | ||
| 19,500 | Profit from Entertainment | 3,000 | |||
| Less: Outstanding for 2016 | (1,500) | 18,000 | Subscription | 40,000 | |
| Wages | 7,000 | Less: Outstanding for 2016 | (1,200) | ||
| Depreciation on Furniture | 2,500 | 38,800 | |||
| Interest | 2,000 | Add: Outstanding for 2017 | 2,300 | 41,100 | |
| Postage | 1,000 | Deficit (Balancing Figure) | 6,100 | ||
| Add: Opening Stock | 300 | ||||
| 1,300 | |||||
| Less: Closing Stock | (200) | 1,100 | |||
| Salaries | 24,000 | ||||
| 54,600 | 54,600 |
| Liabilities | Amount Rs. |
Assets | Amount Rs. |
|---|---|---|---|
| Rent Outstanding | 1,500 | Cash in Hand | 2,600 |
| 10% Loan | 20,000 | Subscription Outstanding | 1,200 |
| Furniture | 15,000 | ||
| Stock of Postage Stamps | 300 | ||
| Capital fund Deficit (Balancing figure) | 2,400 | ||
| 21,500 | 21,500 |
| Expenditure | Amount Rs. |
Amount Rs. |
Income | Amount Rs. |
Amount Rs. |
|---|---|---|---|---|---|
| Rent Outstanding | 1,500 | Subscription Outstanding | 2,300 | ||
| 10% Loan | 20,000 | Stock of Postage Stamps | 200 | ||
| Donation for Building | 23,000 | Billiard Table | 14,000 | ||
| Capital Fund | (2,400) | Furniture | 15,000 | ||
| Add: Life Membership Fee | 7,000 | Add: Purchases | 10,000 | ||
| Less: Deficit | (6,100) | 25,000 | |||
| Less: Depreciation | (2,500) | 22,500 | |||
| Cash in Hand | 4,000 | ||||
| * Capital Fund (Deficit) | 1500 | ||||
| 44,500 | 44,500 |
* NOTE 1:
| Particulars | Amt(Rs.) |
|---|---|
| Capital fund | (2,400) |
| Add: Life membershib Fees | 7000 |
| Less: Deficit | (6,100) |
| Net Deficit | (1,500) |
28.
Capital reserve = Rs 900
29.
Journal
| Date | Particulars | LF | Amt(Dr) | Amt(Cr) | |
| Bank A/c (20,000 x 46) | Dr | 9,20,000 | |||
| To Debenture Application and Allotment A/c | 9,20,000 | ||||
| (Being the application money received on 20,000, 9% debentures) | |||||
| Debenture Application and Allotment A/c(20,000 x 46) | Dr | 9,20,000 | |||
| Discount on Issue of Debentures A/c (20,000 x 4) | Dr | 80,000 | |||
| To 9% Debentures A/c | 10,00,000 | ||||
| (Being the transfer of application money to debentures account and recording of discount on issue of debentures) | |||||
(iv) When debentures are issued at a discount and are redeemable at premium.
| Particulars | Amt(Rs.) | |
|---|---|---|
| (a) Bank A/c | Dr | |
| To Debenture Application A/c | [With the Application money] | |
| (b) Debenture Application A/c | Dr | [With the application money] |
| Discount on Issue of Debentures A/c | Dr | [With discount] |
| Loss on Issue of Debentures A/c | Dr | [For providing premium on redemption] |
| To X% Debentures A/c | [With nominal value] | |
| To Premium on Redemption of Debentures A/c | [With premium payable on redemption] | |
In the above entry, the 'discount on issue of debentures' is also a loss on issue of debentures.
This can be fUrther combined into one account under 'loss on issue of debentures account' as follows:
| Particulars | Amt(Rs.) | |
|---|---|---|
| Debenture Application A/c | Dr | [With the application money] |
| Loss on Issue of Debentures A/c | Dr | [With discount + premium on redemption] |
| To X% Debentures A/c | [With nominal value] | |
| To Premium on Redemption of Debentures A/c | [With premium payable on redemption] | |
30.
capital employed = Total tangible assets - Outside liabilities
= 28,00,000 - 8,00,000 = Rs.20,00,000
Normal profit = capital employed x normal rate of return
= 20,00,000 x 10/100 = Rs.2,00,000
Super profit = Average profit - normal profit
= 3,00,000 - 2,00,000 = Rs.1,00,000
goodwill = \(\frac { super\ profits }{ Normal\ rate\ of\ return } \times \ 100\)
\(=\frac { 1,00,000 }{ 10 } \times 100=Rs.10,00,000\)
31.
Debtors' turnover ratio=Net credit sales / Average trade receivables \(=\frac { 10,50,000 }{ (1,00,000+75,000) } =\frac { 10,50,000 }{ 1,75,000 } =6times\)
Average Collection Period
In days=\(\frac { 365 }{ 6 } =60.83days\)
In months=\(\frac { 12 }{ 6 } =2\quad months\)
In weeks=\(\frac { 52 }{ 6 } =8.67weeks\)
32.
| Date | Particulars | LF | Amt (Rs) | Amt(Rs) | |
|---|---|---|---|---|---|
| 2015 | |||||
| Apr 1 | Cash A/c | Dr | 95,500 | ||
| To Nandan's Capital A/c | 66,500 | ||||
| To Rosa's Capital A/c | 29,000 | ||||
| (Being cash to be paid John brought in by Nandan and Rosa) | |||||
| Apr 1 | John's Capital A/c | Dr | 95,500 | ||
| To Cash A/c | |||||
| (Being cash paid to John for his capital) | |||||
33.
Cash Flow Statement
for the year ended 31st March 2015
| Particulars | Amt(Rs.) | |
|---|---|---|
| A.Cash Flow from Operating Activities | ||
| Net Profit before Tax and Extraordinary Items | 5,85,000 | |
| Adjustment for | ||
| (+) Depreciation (WN 2) | 1,80,000 | |
| Interest on Debentures | 49,500 | |
| Loss on Sale of Fixed Assets | 4,500 | 2,34,000 |
| Operating Profit before Working Capital Changes | 8,19,000 | |
| (+) Decrease in Current Assets or Increase in Current Liabilities | ||
| Trade Payables | 2,02,500 | |
| (-) Increase in Current Assets or Decrease in Current Liabilities | ||
| Inventories | (1,57,500) | |
| Trade Receivables | (1,01250) | |
| Prepaid Expenses | (4,500) | |
| Outstanding Expenses | (18,000) | (2,81,250) |
| Cash Generated from Operations | 7,40,250 | |
| (-) Income Tax Paid | (1,23,750) | |
| Cash Flow from Operating Activities | 6,16,500 | |
| B.Cash Flow from Investing Activities | ||
| Proceeds from Sale of Assets(Machinery) | 18,000 | |
| Proceeds from Sale of Investments(Rs.1,80,000+Rs.22,500) | 2,02,500 | |
| Purchase of Machinery(WN 1) | (5,40,000) | |
| Purchase of Investments | (1,80,000) | |
| Cash used in Investing Activities | (4,99,500) | |
| C.Cash Flow from Financing Activities | ||
| Proceeds from Issue of Shares | 2,25,000 | |
| Repayment of Debentures | (2,25,000) | |
| Interest Paid on Debentures | (49,500) | |
| Proposed Dividend Paid | (67,500) | |
| Cash used in Financing Activities | (1,17,000) | |
| Net Increase in Cash and Cash Equivalents(A+B+C) | Nil | |
| (+) Cash and Cash Equivalents in the Beginning of the Year | 20,000 | |
| Cash and Cash Equivalents at the End of the Year | 20,000 | |
34.
Dr Revaluation Account Cr
| Particulars | Amt(Rs) | Particulars | Amt(rs) |
|---|---|---|---|
| To Stock A/c | 76,000 | By Land and Building A/c | 40,000 |
| To Provision for Doubtful Debts A/c | 10,000 | BySundry CreditorsA/c | 60,000 |
| To Provision on Revaluation Transfered to | By Prepaid Insurance A/c | 10,000 | |
| Raj's Capital A/c 8,000 | |||
| Rahul's Capital A/c 12,000 | |||
| Rohan's Capital A/c 4,000 | 24,000 | ||
| 1,10,000 | 1,10,000 |
Dr Partner's Capital Account Cr
| Particulars | Raj(Rs) | Rahul (Rs) | Rohan(Rs) | Particulars | Raj(Rs) | Rahul(Rs) | Rohan(Rs) |
|---|---|---|---|---|---|---|---|
| To Goodwill A/c | 8,000 | 12,000 | 4,000 | By Balance b/d | 2,00,000 | 4,00,000 | 6,00,000 |
| To Rahul's Capital A/c | 62,000 | -------- | -------- | By Raj's Capital A/c | ---------- | 62,000 | -------- |
| To Advertisement | By Revaluation A/c | 8,000 | 12,000 | 4,000 | |||
| Suspense A/c | 8,000 | 12,000 | 4,000 | By Workmen | |||
| To Balance c/d | 1,42,000 | 4,68,000 | 6,02,000 | Compensation | |||
| Reserve A/c | 8,000 | 12,000 | 4,000 | ||||
| By Investment Fluctuation | |||||||
| Reserve A/c | 4,000 | 6,000 | 2,000 | ||||
| 2,20,000 | 4,92,000 | 6,10,000 | 2,20,000 | 4,92,000 | 6,10,000 |
Balance Sheet
as at 1st April,2015
| Liabilities | Amt(Rs) | Assets | Amt(Rs) |
|---|---|---|---|
| Capital A/cs | Land and Building | 5,40,000 | |
| Raj 1,42,000 | Investments | 92,000 | |
| Rahul 4,68,000 | Stock | 84,000 | |
| Rohan 6,02,000 | 12,12,000 | Debtors 6,00,000 | |
| Sundry Creditors | 5,40,000 | (---)Provision for Doubtful Debts (30,000) | 5,70,000 |
| Workmen Compensation Claim | 16,000 | Bank | 5,92,000 |
| Employees Provident Fund | 1,20,000 | Prepaid Insurance | 10,000 |
| 18,88,000 | 18,88,000 |
35.
Cost of materials consumed
=Opening inventory of raw materials+Purchase of raw materials-Closing inventory of raw materials
=Rs 11,00,000+Rs 45,00,000-Rs 9,00,000
=Rs 47,00,000
36.
JOURNAL
| Date | Particulars | LF | Amt(Dr) | Amt(Cr) |
|---|---|---|---|---|
| (i) |
Realisation A/c Dr |
2,000 | ||
| To Cash A/c(6,000-4,000) | 2,000 | |||
| (Being cash paid to a creditor) | ||||
| (ii) | Cash A/c (16,000-20,000) Dr | 4,000 | ||
| To Realisation A/c | 4,000 | |||
| (Being cash received from a creditor) | ||||
| (iii) | Realisation A/c Dr | 8,100 | ||
| To A's Capital A/c (9,000x90%) | 8,100 | |||
| (Being an unrecorded liability taken over by An at a discount of 10%) | ||||
| (iv) | Realisation A/c Dr | 1,78,000 | ||
| To Bank A/c | 1,78,000 | |||
| [Being the payment made to remaining creditors, i.e. Rs2,00,000-Rs6,000-Rs16,000) | ||||
| (v) | B's Capital A/c (5,000x90%) Dr | 4,500 | ||
| To realisation A/c | 4,500 | |||
| (Being an unrecorded asset taken over by B at a discount of 10%) | ||||
| (vi) | C's Loan A/c Dr | 10,000 | ||
| Realisation A/c Dr | 200 | |||
| To Bank A/c | 10,200 | |||
| (Being C's loan discharged along with accrued interest) | ||||
| (vii) | A's Capital A/c Dr | 4,000 | ||
| B's Capital A/c Dr | 3,000 | |||
| C's Capital A/c Dr | 3,000 | |||
| To Realisation A/c | 10,000 | |||
| (Being the transfer of loss on realisation in profit sharing ratio) |
37.
Comparative Statements of profit and Losses
for the years ended 31st March, 2014 and 2015
| Particulars | Absolute Value | Change | ||
|---|---|---|---|---|
| 2013-14(Rs) | 2014-15(Rs) | Absolute Change (Increse or Decrease)(Rs) | Percentage Change (Incresae or Decrease)(%) | |
| I.Revenue from Operations | 6,00,000 | 8,00,000 | 2,00,000 | 33.33 |
| II.Other Income | 50,000 | 1,00,00 | 50,000 | 100 |
| III.Total Revenue(I+II) | 6,50,000 | 9,00,000 | 2,50,000 | 38.46 |
| IV.Expenses | 4,00,000 | 5,00,000 | 1,00,000 | 25 |
| V.Profit before Tax(III-Iv) | 2,50,000 | 4,00,000 | 1,50,000 | 60 |
| (-) Income Tax @ 40% | 1,00,000 | 1,60,000 | 60,000 | 60 |
| VI.Profit after Tax | 1,50,000 | 2,40,000 | 90,000 | 60 |
38.
(i) Calculation of new profit sharing ratio of Sahil, Charu and Tanu for the year 2014-15
Tanu is admitted for\(\frac { 1 }{ 5 } \)th share.
Tanu acquired profit share from Sahil
\(=\frac { 1 }{ 5 } \times \frac { 1 }{ 2 } =\frac { 1 }{ 10 } \)
Tanu acquired profit share from Charu
\(=\frac { 1 }{ 5 } \times \frac { 1 }{ 2 } =\frac { 1 }{ 10 } \)
Sahil's new share=Old share-Sacrificed share
\(=\frac { 4 }{ 7 } -\frac { 1 }{ 10 } \)
\(=\frac { 40-7 }{ 70 } =\frac { 33 }{ 70 } \)
Charu's new share=Old share-Sacrificed share
\(=\frac { 3 }{ 7 } -\frac { 1 }{ 10 } \)
\(=\frac { 30-7 }{ 70 } =\frac { 23 }{ 70 } \)
New profit sharing ratio will be\(=\frac { 33 }{ 70 } :\frac { 23 }{ 70 } :\frac { 1 }{ 5 } \)
\(=\frac { 33:23:14 }{ 70 } \) or 33:23:14
(ii) Calculation of new profit sharing ratio of Sahil, Charu and Tanu and Puneet
Old ratio=33:23:14
Puneet is admitted for \(\frac { 1 }{ 7 } \) th share, which he acquired
from Sahil and Charu in 7:3 ratio.
Puneet acquired share from Sahil\(=\frac { 1 }{ 7 } \times \frac { 7 }{ 10 } =\frac { 7 }{ 70 } \)
Puneet acquired share from Charu\(=\frac { 1 }{ 7 } \times \frac { 3 }{ 10 } =\frac { 3 }{ 70 } \)
Sahil's new share\(=\frac { 33 }{ 70 } -\frac { 7 }{ 70 } =\frac { 26 }{ 70 } \)
Charu's new share\(=\frac { 23 }{ 70 } -\frac { 3 }{ 70 } =\frac { 20 }{ 70 } \)
New ratio\(=\frac { 26 }{ 70 } :\frac { 20 }{ 70 } :\frac { 14 }{ 70 } :\frac { 1 }{ 7 } \)
\(=\frac { 26 }{ 70 } :\frac { 20 }{ 70 } :\frac { 14 }{ 70 } :\frac { 10 }{ 7 } \) or 13:10:7:5
39.
(a)
Cash basis
40.
41.
(d)
Book value
42.
(d)
Revaluation account
43.
(a)
Marketable value
44.
(a)
Will be debited with the amount as agreed
45.
(a)
All partners
46.
(d)
All of the above
47.
(a)
Appears on the debit side
48.
(b)
Credited to capital of old partners
49.
(b)
Cash flow from Investing activities
50.
(c)
Cash flow from Financing activities
51.
(d)
All of them
52.
(d)
all of above
53.
(c)
Nominal account
54.
(c)
Credited by the face value of the debenture
55.
(b)
5% of nominal value of shares
56.
(c)
nominal a/c
57.
(a)
Average Profit Method
58.
(c)
Intangible asset
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