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Published on: 04/03/2020
12th Standard CBSE Accountancy Public Exam Model Question 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 is Capital Fund? How is it calculated?
2.
What steps are taken to prepare Income and Expenditure Account from a Receipt and Payment Account?
3.
Nonu, Monu and Sonu are partners sharing profits and losses in the ratio of 4:3:1 respectively.Monu retires, selling his of profit to Nonu and Sonu for Rs.810, i.e Rs.,360 bring paid by Nonu and Rs.450 being paid by Sonu.The profit of the firm after Monu's retirement is Rs,500.Distribute the given profit between Nonu and Sonu, showing how you arrive at the same.
4.
State the provision of The Companies Act, regarding debenture redemption reserve.
5.
At what rate is interest payable on the amount remaining unpaid to the executor of deceased partner?
6.
X Ltd invited applications for 10,000 shares of Rs10 each. Applications were received for 15,000 shares. Name the kind of subscription. Give three alternatives for allotting shares.
7.
Compute cost of materials consumed from the following information.
Opening inventory of raw material Rs 3,00,000, opening inventory of work-in-progress Rs 4,00,000, raw material purchased Rs 30,00,000, closing inventory of raw material Rs 5,00,000 and closing inventory of work-in-progress Rs 3,00,000.
8.
List the item which may be debited or credited in capital accounts of the partners when
(i) Capital are fixed
(ii) Capital are fluctuating
9.
Arihant Ltd was dissolved on 31st MArch, 2015. Raj, a partner wants that his loan of Rs. 32,000 should be paid off before the payment of capitals must be paid before the payment of Raj's Loan. Who is correct?
10.
What is meant by cash flow statement?
11.
State the need for treatment of goodwill on change in profit sharing ratio
12.
From the following Statement of Profit and Loss of Purab Ltd. prepare a Comparative Statement of Profit and Loss:
| Particulars | Note No. | 2011-12 | 2010-11 |
|---|---|---|---|
|
Revenue from Operations |
6,00,000 |
4,00,000 |
|
|
Expenses |
1,50,000 |
50,000 |
|
|
Other Income |
2,00,000 |
1,00,000 |
|
| Income tax | 50% | 50% |
13.
Deepak Ltd. Purchased furniture Rs.2,20,000 from M/s Furniture Mart. 50% of the amount was paid to Furniture Mart by accepting a bill of exchange and for the balance the company issued 9% debentures of Rs.100 each at a premium of 10% in favour of Furniture Mart.
Pass necessary journal entries in the books of Deepak Ltd. for the above transactions.
14.
(a)A and B are partners in a firm sharing profits in the ratio of 3:2. C is admitted as a partner. A and B surrender 1/2 of their respective shares in favour of C. Find the new profit sharing ratio and also the sacrificing ratio.
(b)C is a bring his share of premium for goodwill in cash. The goodwill of the firm is estimated at Rs.40,000. Pass necessary entries for the record od goodwill in the above case.
15.
From the following Receipt and Payment Account for the year ending March 31, 2015 of Negi's Club, prepare Income and Expenditure Account for the same period:
| Expenditure | Amount (Rs.) |
Amount (Rs.) |
Income | Amount (Rs.) |
|---|---|---|---|---|
| Balance c/d Bank | 25,000 | Purchase of furniture (1.7.14 | 5,000 | |
| Subscriptions | Salaries | 2,000 | ||
| 2013 | 1,500 | Telephone expenses | 300 | |
| 2014 | 10,000 | Electricity charges | 600 | |
| 2015 | 500 | 12,000 | Postage and Stationery | 150 |
| Donation | 2,000 | Purchase of books | 2,500 | |
| Hall rent | 300 | Entertainment expenses | 900 | |
| Interest on bank deposits | 450 | Purchase of 5% government papers (1.7.14 | 8,000 | |
| Entrance fees | 1,000 | Miscellaneous expenses | 600 | |
| Balance c/d: | ||||
| Cash | 300 | |||
| Bank | 20,400 | |||
| 40,750 | 40,750 |
The following additional information is available:
(i) Salaries outstanding – Rs. 1,500;
(ii) Entertainment expenses outstanding – Rs. 500;
(iii) Bank interest receivable – Rs. 150;
(iv) Subscriptions accrued – Rs. 400;
(v) 50 per cent of entrance fees is to be capitalised;
(vi) Furniture is to be depreciated at 10 per cent per annum.
16.
Prepare Comparative and Common Size income statement form the following information for the year's enden march 31, 2008 and 2009.
| Particulars | 2008(Rs.) | 2009(Rs.) |
|---|---|---|
| 1. Net Sales | 8,00,000 | 10,00,000 |
| 2. Cost of Goods Sold | 60% of sales | 60% of sales |
| 3. Indirect Expenses | 10% of Gross Profit | 10% of Gross profit |
| 4. Income Tax rate | 5% | 60% |
17.
DP Shah Company Ltd made an issue of 1,00,000 equity shares of Rs 10 each at a premium of 30% payable as follows
On application Rs 3.50 per share, on allotment Rs 6.50 per share, balance on first and final call.
Applications were received for 2,00,000 equity shares and the directors made pro-rata allotment. Harsh, who had applied for 1,600 shares did not pay the allotment and final call money, as a result his shares were forfeited. Later on, 60% of the forfeited shares were re-issued at Rs 8 per share fully paid-up.
Pass necessary journal entries for the mentioned transactions in the books of the company.
18.
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.
19.
In the question given above, determine the amount that will be shown in the statement of profit and loss against change in inventories of finished goods, work-in-progress and stock-in-trade.
20.
Current ratio of a company is 3:1 and working capital is Rs.30,000. Calculate the amount of current assets and current liabilities.
21.
Raj and Sameer are partners sharing profits equally.Raj withdrew regularly Rs 8000 at the end of every month for six months ended 30th September 2017. Calculate interest on drawings @ 5% per annum.
22.
List any two items of operating activities, that are typical of and pertaining to Film Production House.
23.
Prepare Income and Expenditure Account of Entertainment Club for the year ending March 31, 2017 and Balance Sheet as on that date from the following information:
| Receipts | Amount (Rs.) |
Amount (Rs.) |
Payments | Amount (Rs.) |
|---|---|---|---|---|
| Balance b/d | 24,000 | Rent and Rates | 48,750 | |
| Subscriptions | Furniture purchased | 40,000 | ||
| 2015-16 | 23,250 | Creditors for sports materials | 61,000 | |
| 2016-17 | 3,36,000 | Purchases for sports materials | 10,000 | |
| 2017-18 | 13,000 | 3,72,250 | Cost of prizes awarded | 20,750 |
| Sale of sports materials | 26,000 | Match expenses | 35,150 | |
| Entrance fees | 40,000 | Miscellaneous expenses | 1,50,000 | |
| General donation | 20,250 | Balance c/d | 1,34,050 | |
| Donation for prize fund | 14,000 | |||
| Interest on prize fund Investments | 1,500 | |||
| Miscellaneous receipts | 1,700 | |||
| 4,99,700 | 4,99,700 |
Additional Information:
| Details | Apr. 01, 2016 | Mar. 31, 2017 |
|---|---|---|
| Sports materials | 20,000 | 25,000 |
| Furniture | 2,00,000 | ? |
| 5% Prize fund investments | 60,000 | ? |
| Creditors for sports materials | 7,000 | 14,750 |
| Subscription in arrears | 23,750 | ? |
| Prize fund | 60,000 | ? |
| Rent paid in advance | ---- | 3,750 |
| Outstanding rent | 3,750 | |
| Outstanding miscellaneous expenses | 11,400 | 20,100 |
| Miscellaneous expenses paid in advance | 3,750 | 4,250 |
| Book value of sports materials sold was Rs. 20000 Depreciation on furniture is to be provided @ 10%. Half of the entrance fee is to be capitalised. There are 1440 members, each paying an annual subscription @ Rs. 250. Subscription received in advance on 1.4.2016 were Rs. 7,000. |
24.
The following is the balance sheet of S and M who share profits and losses in the ratio of 3:2.
Balance Sheet
as at 31st March, 2015
| Liabilities | Amt (RS) | Assets | Amt (RS) | |
|---|---|---|---|---|
| Bills payable | 15,000 | Cash | 30,000 | |
| Creditors | 30,000 | Debtors | 15,000 | |
| General Reserve | 10,000 | Land | 20,000 | |
| Capital A/cs | Machinery | 45,000 | ||
| S | 30,000 | |||
| M | 25,000 | 55,000 | ||
| 1,10,000 | 1,10,000 | |||
On the following conditions, T was admitted on 1st April, 2016 as the third partner.
(i) Machinery was found overvalued by 25%.
(ii) S takes overland at RS.22,000.
(iii) M assumes to pay off bills payable at an agreed value of RS.14,000.
(iv) A reserve of 4% is to be created on debtors.
(v) T brings RS.40,000 as his capital and gets 1/5th share in future profits.
(vi) Goodwill of the firm is valued at RS.1,00,000 but he was unable to bring his share of goodwill in cash.
Prepare the revaluation account, partners' capital accounts and balance sheet.
25.
Akshat Ltd issued 5,000, 9% debentures on Rs.100 each at par for cash and also raised a loan of Rs.80,000 from America Bank, for which the company placed with the bank Rs.1,00,000, 9% debentures as collateral security. As per the terms, the bank is obliged and bound to immediately release the debentures, as soon as the loan is repaid. How will y u show the debentures in the balance sheet of the company assuming that the company has recorded the issue of debentures as collateral in the books? Identify the value which according to you motivated the bank, to insist the company for issuing debentures as collateral security against the loan.
26.
Z Ltd was founded with a nominal capital of Rs 3,00,000 divided into 6,000 equity shares of Rs 50 each. 2,000 shares were issued as fully paid to the vendors for purchase consideration. 2,000 shares were offered for public subscription at a premium of Rs 5 per share payable as
On application Rs 15, on allotment Rs 15 (including premium), on first call Rs 10 and on final call Rs 15. Applications were received for 1,950 shares which were duly allotted. A holder of 200 shares failed to pay the first call money and his shares were forfeited. These shares were re-issued @ Rs 35 per share paid-up. Find call has not been made. Give necessary journal entries.
27.
P, Q and R were equal partners.Their balance sheet as at 31st March, 2018 is
| Liabilities | Amt(Rs) | Assets | Amt(Rs) | ||
|---|---|---|---|---|---|
| Bills Payable | 20,000 | Bank | 20,00 | ||
| Creditors | 40,000 | Stock | 20,000 | ||
| General Reserve | 30,000 | Furniture | 28,000 | ||
| Profit and Loss A/c | 6,000 | Debtors | 45,000 | ||
| Capital A/cs | (-)Provision for Doubtful debts | (5,000) | 40,000 | ||
| P | 60,00 | Land and Building | 1,20,00 | ||
| Q | 40,000 | ||||
| R | 32,000 | 1,3,2,000 | |||
| 2,28,000 | 2,28,000 | ||||
Q retired on 1st April 2015.P and R decided to continue the business as equal partners on the following terms.
(i) Goodwill of the firm was valued at Rs.57,600
(ii) The provision for doubtful debts to be maintained @ 10% on debtors
(iii) Land and building to increased to Rs.1,32,000
(iv) Furniture to be reduced by Rs.8,000
(v) Rent outstanding (not provided for as yet)was Rs.1,500
The remaining partners decided to bring in sufficient cash in the business to pay off Q and to maintain a bank balance of Rs.24,800.They also decided to readjust their capitals as per their new profit sharing ratio.
Prepare the necessary ledger accounts and the balance sheet.
28.
From the following information, calculate total assets to debt ratio of M/s Kundan Pharmacy.
| Amt(Rs.) | |
|---|---|
| Capital employed | 15,00,000 |
| Investments | 1,75,000 |
| Land | 5,00,000 |
| Trade receivables | 1,50,000 |
| Cash and cash equivalents | 80,000 |
| Equity share capital | 6,00,000 |
| 8% Debentures | 1,75,000 |
| Capital reserve | 25,000 |
Surplus, i.e. balance in the statement of profit and loss Rs(15,000)
29.
The balance Sheet of Modi,Gandhi and Yadav who share profits in the ratioof 2:2:1 is given below
Balance Sheet
as at 31st March,2015
| Liabilities | Amt(rs) | Assets | Amt(Rs) |
|---|---|---|---|
| Capital A/cs | Goodwill | 25,000 | |
| Modi 2,00,000 | Building | 5,50,000 | |
| Gandhi 3,00,00 | Machinery | 1,75,000 | |
| Yadav 2,00,000 | 7,00,000 | Furniture and Fittings | 20,000 |
| Contingency Reserve | 50,000 | Debtors | 50,000 |
| Workmen Compensation Reserve | 75,000 | Stock | 1,00,000 |
| Sundry Credtors | 60,000 | Cash | 10,000 |
| Outstanding Expenses | 10,000 | Advertisement Suspense A/c | 15,000 |
| 9,45,000 | 9,45,000 |
On 1st April,2015, they decide that in (i)Stock is for future, they will share profits in the ratio of 3:2:1, the following adjustments are agreed upon.
(i) Stock is found to be undervalued by 10%.
(ii)Building will be appreciated by Rs 50,000.
(iii)Machinery and furniture and fittings will be depreciated by 5% and 10% respectively.
(iv)Goodwill will be valued at 2 year's purchase of average profits of last 3 years which were Rs 2,00,000, Rs 2,25,000 and Rs 3,75,000 respectively.The profit of Rs 3,75,000 includes profit on sale of machinery Rs 5000.
(vi)Claim on account of workmen compensation is estimated to be Rs 60,000.Prepare revaluation account, partners' capital accounts and the balance sheet of the new firm.
30.
From the following information, calculate cash flow from investing activities.
| Particulars | Closing(Rs.) | Opening(Rs.) |
|---|---|---|
| Machinery | 8,40,000 | 8,00,000 |
| Accumulated Depreciation | 2,20,000 | 2,00,000 |
| Patents | 3,20,000 | 5,60,000 |
Additional Information(i) During the year, a machine costing Rs.80,000, accumulated depreciation Rs.48,000 was sold for Rs.40,000.
(ii) Patents were written-off to the extent of Rs.80,000 and some patents were sold at a profit of Rs.40,000.
31.
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 |
32.
Radha and Mohan were Partners. They decided to dissolve their firm. The goodwill appeared in the books at Rs. 6000. Show journal entries in their books, if goodwill realised Rs. 9,000.
33.
Vishal and Gaurav are partners and they had Rs.40,000 and Rs.60,000 in their respective account as on 1st January, 2017. Vishal paid in further Rs.5,000 on 1st August,2017 and another Rs.5,000 on 15th November, 2017 Compute the interest on capital to be allowed to Vishal assuming the rate of interest to be 6% per annum.
34.
'Sale of marketable securities at par' would result into inflow or outflow of cash.Give your answer with reason.
35.
Rs10,000 received as the annual membership subscription. Out of this, Rs.2000 is pertaining to the previous accounting period whereas Rs.1000 is receivable at the end of the current accounting period. Calculate the amount of subscription that will be shown in the income and expenditure account for this accounting
Rs.10,000
Rs.9000
Rs.12,000
Rs.8,000
36.
Subscription received but not yet earned is considered as a/an
Asset
Liability
Income
Expenditure
37.
On the reconstitution of a firm change in the value of assets is called ________
Revaluation of assets
Reassessment of assets
Devaluation of assets
Reassessment of liabilities
38.
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
39.
A person who declares by word of mouth as partner of the firm is called:
Active partner
Estople partner
Dormant partner
Nominal partner
40.
Retirement or death of a partner.
Is dissolution of partnership agreement
Is dissolution of a firm
May or may not be a dissolution of partnership agreement
None of above
41.
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
42.
The partnership may come to an end due to the:
Death of a partner
Insolvency of partner
By giving notice
All of the above
43.
Good will of the firm is valued Rs. 30000. C an incoming partner purchase 1/4 share of total profit Good will be raised in the books.
Rs. 30000
Rs. 7500
Rs. 120000
Rs. 7000
44.
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
45.
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
46.
Purchase of building results in
inflow of cash
outflow of cash
no flow of cash
both inflow and outflow
47.
Stock is not included in
current assets
quick ratio
debt ratio
gross profit
48.
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
49.
When debentures are issued at a discount, should be written off the discount
In the year of the issue of debentures
Within 5 years of the issue of debentures
During the life of the debentures
In the year of redemption of debentures
50.
When debentures are issued as secondary securities it is called
Issue for consideration other than cash
Issue as collateral securities
Issued at a discount
Issued at premium
51.
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
52.
Share allotment is a:
Personal a/c
real a/c
nominal a/c
53.
Goodwill is a/an :
Current asset
Tangible asset
Intangible asset
Fictitious asset
54.
Interest on partner’s capital is :
a gain
a loss
an appropriation
None of these
1.
Capital fund is the excess of NPOs, assets over its liabilities. In other words, the excess of assets over the liabilities for a profit earning organisation is termed as capital and the same for an NPO is termed as capital fund. Any surplus or deficit ascertained from Income and Expenditure account is added to (deducted from) the capital fund. It is also termed as Accumulated Fund.
Calculation of Capital Fund
| Capital Fund at the beginning of the year | ** | |
|---|---|---|
| Add: Surplus from Income and Expenditure Account | ** | |
| Add: Subscription Amount (Capitalised amount) | ** | |
| Add: Life membership fee. | ** | ** |
| Less: Deficit from Income and Expenditure Account | ** | |
| Capital Fund at the end of the year | *** |
2.
The following steps are taken to prepare Income and Expenditure Account (I&E) from Receipts and Payment Account (R&P).
Step 1: All the revenue expenditures paid for the current accounting period are transferred from the Payments side of R&P to the Expenditure side of I&E.
Step 2: All the revenue receipts for the current accounting period are transferred from the Receipts side of R&P to the Income side of I&E.
Step 3: Expenses outstanding for the current period and expenses paid in advance (prepaid expenses) for the current period in the preceding accounting periods are to be added (adjusted) to their related expenses in the Step 1.
Step 4: Income outstanding (accrued income) for the current period and income received in advance for the current period in the preceding accounting periods are to be added (adjusted) to their related incomes in Step 2.
Step 5: Non-cash items like depreciation, appreciation for the current accounting period are to be adjusted in the I&E.
Step 6: After adjusting all the revenue items for the current accounting period, the Income and the Expenditure sides are totaled. If the sum total of the Income side exceeds (or is lesser than) the sum total of the Expenditure side, then the balancing figure is termed as surplus (or deficit).
3.
Share of profit Nonu=Rs.7,000, Sonu=Rs.3,500
4.
As per The Companies Act, a company is required to transfer adequate amount out of its profits every year to debenture redemption reserve until such debentures are redeemed.
5.
Interest is payable @6% per annum on the amount remaining unpaid to the executor of deceased partner
6.
Oversubscription.
Three alternatives are:
(i) Reject the excess applications received for 5,000 shares.
(ii) Pro-rata allotment in the ratio of 10:15.
(iii) Full allotment to some applications, pro-rata to some applications and reject the remaining applications.
7.
Cost of materials consumed=Opening inventory of raw material+Purchase of raw material-Closing inventory of raw material
= Rs 3,00,000+Rs 30,00,000-Rs 5,00,000
= Rs 28,00,000
8.
(i) When capitals are fixed Withdrawal of capital will be debited and addition of capital will be credited.
(II) When capitals are fluctuating interest on drawings will be debited and interest on capital will be credited.
9.
Raj is correct, as according to Section 48 Partner's loan is paid before the payment of partners' capitals.
10.
Cash flow statement is a statement showing the changes in financial position of a business concern during different intervals of time in terms of cash and cash equivalents.
11.
Whenever there is a change in profit sharing ratio,the gaining partner (i.e.,the partner whose share has increased as a result of change ) is required to compensate the sacrificing partner (i.e.. the partner whose share has decreased as a result of change)
12.
Percentage : Revenue from Operations 50%, Other Income 100%,Expenses 200%,PBT 44.44% Others 44.44%
13.
(i) Dr.Furniture, Cr.M/s Furniture Mart by Rs.2,20,000.
(ii) Dr.M/s Furniture Mart, Cr.B/P A/c by Rs.1,10,000
(iii) Dr.M/s Furniture Mart Rs.1,10,000; Cr.9% Debentures Rs.1,00,000 and Securities Premium Reserve Rs.10,000. (No. of Debentures issued 1,000, i.e., Rs.\(1,10,000\div 110\) ).
14.
(a)New Ratio 3:2:5, Sacrificing ratio 3:2, C's share of a goodwill=Rs.40,000X5/10=Rs.20,000.
(b)(i)Dr.Bank A/c, Cr.Premium for goodwill A/c by Rs.20,000
(ii)Dr.Premium for Goodwill A/c Rs.20,000; Cr.A's Capital A/c Rs.12,000 and B's Capital A/c Rs.8,000
15.
Dr. Books of Negi's Club Income and Expenditure Account for the year ending 31.3.2015 Cr.
| Expenditure | Amount (Rs.) |
Amount (Rs.) |
Income | Amount (Rs.) |
Amount (Rs.) |
|---|---|---|---|---|---|
| Salaries | 2,000 | Subscriptions | 10,400 | ||
| Add: Outstanding | 1,500 | 3,500 | Donation | 2,000 | |
| Telephone expenses | 300 | Entrance Fees (50% of Rs. 1,000) | 500 | ||
| Electricity charges | 600 | Bank interest | 450 | ||
| Postage and Stationery | 150 | Add: Outstanding interest | 150 | 600 | |
| Entertainment expenses | 900 | Interest on investment | 200 | ||
| Add: Outstanding expenses | 500 | 1,400 | Hall rent | 300 | |
| Miscellaneous expenses | 600 | ||||
| Depreciation on furniture | 375 | ||||
| Surplus | 7,075 | ||||
| (Excess of Income over Expenditure) | |||||
| 14,000 | 14,000 |
16.
| Particular | 2008 amount | 2009 amount | Change in amount | Change in Percentage |
|---|---|---|---|---|
| Net Sales | 8,00,000 | 10,00,000 | 2,00,000 | 25% |
| Less: C.O.G.S | 4,8,000 | 6,00,000 | 1,20,000 | 25% |
| Gross Profit | 3,20,000 | 4,00,000 | 80,000 | 25% |
| Less: Indirect Experenses | 32,000 | 40,000 | 8,000 | 25% |
| Operating Profit/PBT | 2,88,000 | 3,60,000 | 72,000 | 25% |
| Less: tax | 1,44,000 | 2,16,000 | 72,000 | 50% |
| Priofit after tax | 1,44,000 | 1,44,000 | __________ | __________ |
| Particular | 2008 amount | 2009 amount | Percentage of Net Sales in P.Y | Percentage Net Sales in C.Y |
|---|---|---|---|---|
| Net Sales | 8,00,000 | 10,00,000 | 100% | 100% |
| Less: C.O.G.S | 4,8,000 | 6,00,000 | 60% | 60% |
| Gross Profit | 3,20,000 | 4,00,000 | 40% | 25% |
| Less: Indirect Experenses | 32,000 | 40,000 | 4% | 25% |
| Operating Profit/PBT | 2,88,000 | 3,60,000 | 36% | 25% |
| Less: tax | 1,44,000 | 2,16,000 | 18% | 50% |
| Priofit after tax | 1,44,000 | 1,44,000 | 18% | 14.4% |
17.
Transfer to capital reserve = Rs 2,400
18.
Number of debentures issued = 6,000
19.
Change in inventories will be (89,500).
20.
Current assets = Rs.45,000 ; Current liabilities = Rs.15,000
21.
Interest on drawings = Rs 500
22.
For film production house, operating activities will be (i) making films and (ii) selling to its distributors.
23.
| Expenditure | Amount (Rs.) |
Amount (Rs.) |
Income | Amount (Rs.) |
Amount (Rs.) |
|---|---|---|---|---|---|
| Rent | 48,750 | Subscriptions | 3,36,000 | ||
| Less: Opening Outstanding | 3,750 | Add: Received in advance 01.04.2016 | 7,000 | ||
| 45,000 | Add: Outstanding (2015–2016) | 17,000 | 3,60,000 | ||
| Less: Closing rent paid in advance Sports Materials | 3,750 | 41,250 | (Rs.3,60,000–Rs.3,43,000) | ||
| Opening stock | 20,000 | General donations | 20,250 | ||
| Add: Payments to creditor | 61,000 | Entrance fees | 20,000 | ||
| 81,000 | Sports materials | ||||
| Add: Closing creditor | 14,750 | (Profit on sale)(i.e. 26,000–20,000) | 6,000 | ||
| 95,750 | Miscellaneous receipts | 1,700 | |||
| Add: Cash purchase | 10,000 | ||||
| 1,05,750 | |||||
| Less: Opening creditor | 7,000 | ||||
| 98,750 | |||||
| Less: Sports material Sold | 20,000 | ||||
| 78,750 | |||||
| Less: Closing stock | 25,000 | 53,750 | |||
| Match expenses | 35,150 | ||||
| Depreciation on furniture | 24,000 | ||||
| Miscellaneous expenses: | |||||
| Paid 1,50,000 | |||||
| Less: Outstanding (Opening) | 11,400 | ||||
| 1,38,600 | |||||
| Paid in advance (Opening) | 4,250 | ||||
| 1,34,350 | |||||
| Add: Outstanding (Closing) | 20,100 | ||||
| 1,54,250 | |||||
| Paid in advance (Closing) | 3,750 | ||||
| Surplus (Excess of income over expenditure) | 95,600 | ||||
| 4,07,950 | 4,07,950 |
| Liabilities | Amount (Rs.) |
Amount (Rs.) |
Assets | Amount (Rs.) |
|---|---|---|---|---|
| Capital Fund (Balancing figure) | 2,42,350 | Furniture | 2,00,000 | |
| Prize fund | 60,000 | 5% Prize Fund Investments | 60,000 | |
| Creditors for | 7,000 | Subscription Receivable (i.e. outstanding) |
23,750 | |
| Sports Materials Subscription Received in Advance | 7,000 | Stock of Sports Materials | 20,000 | |
| Outstanding Expenses: | Miscellaneous Expenses | 3,750 | ||
| Rent | 3,750 | Paid in Advance | ||
| Miscellaneous Expenses | 11,400 | 15,150 | Cash in hand | 24,000 |
| 3,31,500 | 3,31,500 |
| Liabilities | Amount (Rs.) |
Amount (Rs.) |
Assets | Amount (Rs.) |
Amount (Rs.) |
|---|---|---|---|---|---|
| Capital fund | 2,42,350 | Furniture: | |||
| Add: Surplus | 95,600 | Opening balance | 2,00,000 | ||
| Entrance fees | 20,000 | 3,57,950 | Additions | 40,000 | |
| Prize fund | 60,000 | 2,40,000 | |||
| Add: Donations | 14,000 | Less: Depreciation | 24,000 | 2,16,000 | |
| Interest received | 1,500 | 5% Prize fund investments | 60,000 | ||
| Interest accrued* | 1,500 | Subscription receivable | |||
| 77,000 | (i.e. Outstanding): | ||||
| Less: Prizes awarded | 20,750 | 56,250 | (2015-2016) | 500 | |
| Creditors for sports materials | 14,750 | (2016-2017) | 17,000 | 17,500 | |
| Subscription received in advance | 13,000 | Stock of sports materials | 25,000 | ||
| Outstanding miscellaneous expenses | 20,100 | Miscellaneous expenses | 4,250 | ||
| Paid in advance | |||||
| Prepaid rent | 3,750 | ||||
| Accrued interest on Prize fund investments | 1,500 | ||||
| Cash in hand | 1,34,050 | ||||
| 4,62,050 | 4,62,050 |
24.
Loss on revaluation=RS.8,850; Capitals: S=RS.20,690, M=RS.47,460, T=RS.20,000; Balance sheet total=RS.1,18,150
25.
Balance Sheet
as at...
| Particulars | Note No. | Amt(Rs) |
| I. Equity and liabilities | ||
| 1.Non-current Liabilities | ||
| Long-term Borrowings | 1 | 5,80,000 |
| 5,80,000 | ||
| Particulars | Amt(Rs) | |
| 1. Long-termBorrowings | ||
| Loan from Bank | 80,000 | |
| Debentures | ||
| 5,000, 9% Debentures of Rs.100 each | 5,00,000 | |
| 1,000, 9% Debentures of Rs.100 each Issued as Collateral Security | 1,00,000 | |
| (-)Debenture Suspense | (1,00,000) | - |
| 5,80,000 | ||
26.
JOURNAL
| Date | Particulars | LF | Amt (Dr) | Amt (Cr) |
|---|---|---|---|---|
| Sundry Assets A/c Dr | 1,00,000 | |||
| To Vendor's A/c \((2,000\times 50)\) | 1,00,000 | |||
| (Being assets purchased from vendor) | ||||
| Vendor's A/c Dr | 1.00,000 | |||
| To Equity Share Capital A/c | 1,00,000 | |||
| (Being 2,000 shares of Rs 50 each issued to vendor) | ||||
| Bank A/c \((1,950\times15)\) Dr | 29,250 | |||
| To Equity Share Application A/c | 29,250 | |||
| (Being application money received on 1,950 equity shares @ Rs 15 each) | ||||
| Equity Share Application A/c Dr | 29,250 | |||
| To Equity Share Capital A/c | 29,950 | |||
| (Being application money received transferred to equity share capital account) | ||||
| Equity Share Allotment A/c Dr | 29,250 | |||
| To Equity Share Capital A/c \((1,950\times10)\) | 19,500 | |||
| To Securities Premium Reserve A/c \((1,950\times5)\) | 9,750 | |||
| (Being allotment money due on 1,950 shares @ Rs 15 each including premium) | ||||
| Bank A/c Dr | 29,250 | |||
| To Equity Share Allotment A/c | 29,950 | |||
| (Being allotment money duly received) | ||||
| Equity Share First Call A/c Dr | 19,500 | |||
| To Equity Share Capital A/c \((1,950\times10)\) | 19,500 | |||
| (Being first call money due to the holders of 1,950 shares @ Rs 10 each) | ||||
| Bank A/c\((1,750\times10)\) Dr | 17,500 | |||
| To Equity Share First Call A/c | 17,500 | |||
| (Being call money duly received except for 200 shares) | ||||
| Equity Share Capital A/c \((200\times35)\) Dr | 7,000 | |||
| To Equity Share First Call A/c\((200\times10)\) | 2,000 | |||
| To Equity Share Forfeiture A/c \((200\times25)\) | 5,000 | |||
| (Being 200 shares forfeited due to non-payment of first call) | ||||
| Bank A/c \((200\times35)\) Dr | 7,000 | |||
| To Equity Share Capital A/c | 7,000 | |||
| (Being re-issue of 200 shares @ Rs 35 each) | ||||
| Equity Share Forfeiture A/c | 5,000 | |||
| To Capital Reserve A/c | 5,000 | |||
| (Being profit on forfeiture transferred to capital reserve account) |
27.
Dr Revaluation Account Cr
| Particulars | Amt(Rs) | Particulars | Amt(Rs) | |
|---|---|---|---|---|
| To furniture A/c | 8,000 | By Provision for Doubtful Debts A/c | 500 | |
| To Outstanding Rent A/c | 1,500 | By Land and Building A/c | 12,000 | |
| To Gain (Profit) on Revaluation Transferred to | ||||
| P's Capital A/c | 1,000 | |||
| Q's Capital | 1,000 | |||
| R's Capital | 1,000 | 3,000 | ||
| 12,500 | 12,500 | |||
Dr Partners' Capital Account Cr
| Particulars | P(Rs) | Q(Rs) | R(Rs) | Particulars | P(Rs) | Q(Rs) | R(Rs) |
|---|---|---|---|---|---|---|---|
| To Q's Capital A/c | 9,600 | - | 9,600 | By balance b/d | 60,000 | 40,000 | 32,000 |
| (Goodwill) | By General Reserve A/c | 10,000 | 10,000 | 10,000 | |||
| To Bank A/c | - | 72,200 | - | By Profit and Loss A/c | 2,000 | 2,000 | - |
| To Balance c/d (WN) | 87,900 | - | 87,900 | By P's Capital A/c | - | 9,600 | - |
| By R's Capital A/c | - | 9,600 | - | ||||
| By Revaluation A/c (Profit) | 1,000 | 1,000 | 1,000 | ||||
| By Bank A/c | 24,500 | - | 52,500 | ||||
| 97,500 | 72,200 | 97,500 | 97,500 | 72,200 | 97,500 |
Dr Bank Account Cr
| Date | Particulars | Amt(rs) | Date | Particulars | Amt(Rs) |
|---|---|---|---|---|---|
| 2015 | 2015 | ||||
| Apr 1 | To Balance b/d | 20,000 | Apr 1 | By Q's Capital A/c | 72,200 |
| Apr 1 | To P's Capital A/c | 24,500 | Apr 1 | By Balance c/d | 24,800 |
| Apr 1 | To R's Capital A/c | 52,500 | |||
| 97,000 | 97,000 |
| Liabilities | Amt(rs) | Assets | Amt(Rs) | ||
|---|---|---|---|---|---|
| Capital A/cs | Land and Byuilding | 1,32,000 | |||
| P | 87,900 | Furniture | 20,000 | ||
| R | 87,900 | 1,75,800 | Stock | 20,000 | |
| Creditors | 40,000 | Debtors | 45,000 | ||
| Bills Payable | 20,000 | (-)Provision for Doubtful Debts | (4,500) | 40,500 | |
| Outstanding Rent | 1,500 | Bank | 24,800 | ||
| 2,37,000 | 2,37,000 | ||||
28.
Total assets to debt ratio=\(\quad \frac { Total\quad assets* }{ Debt** }\)
\( =\frac { 9,05,000 }{ 8,90,000 } =1.02:1\)
*Total assets = Investments + Land + Trade receivables + Cash and cash equivalents
= 1,75,000 + 5,00,000 + 1,50,000 + 80,000
=Rs.9,05,000
Shareholders' funds = Equity share capital + Capital reserve + Surplus
=6,00,000+25,000-15,000
=Rs.6,10,000
**Debt = Capital employed - Shareholders' funds
=15,00,000-6,10,000=Rs.8,90,000
29.
Profit on revaluation = Rs 46,750; Value of good will=Rs 5,30,000; Blance of capital accounts: Modi=Rs 1,75,700, Gandhi=Rs 3,64,033, Yadav=Rs 2,32,017; Balance sheet total=Rs 9,51,750
30.
Cash Flow from Investing Activities
| Particulars | Amt(Rs.) |
|---|---|
| Proceeds from Sale of Machinery | 40,000 |
| Payment on Purchase of Machinery (WN 1) | (1,20,000) |
| Proceeds from Sale of Patents (WN 3) | 2,00,000 |
| Cash Flow from Investing Activities | 1,20,000 |
31.
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 |
32.
| Date | Particulars | LF | Amt(Dr) | Amt(Cr) |
|---|---|---|---|---|
| Realisation A/c Dr | 6,000 | |||
| To Goodwill A/c | 6,000 | |||
| (Being transfer of goodwill to realisation account) | ||||
| Cash/BankA/c Dr | 9,000 | |||
| To Realisation A/c | 9,000 | |||
| (Being amount realised from sale of goodwill) |
33.
Interest on capital to be allowed to Vishal will be calculated as follows
On Rs.40,000 for full year = 40,000\(\times \frac { 6 }{ 100 } =\) Rs.2,400
On Rs.5,000 for 5 months = 5,000\(\times \frac { 6 }{ 100 } \times \frac { 5 }{ 12 } =\) Rs.125
On rs..5,000 for 11/2 months = 5,000\(\times \frac { 6 }{ 100 } \times \frac { 1.5 }{ 12 } =\) Rs.37.50
total interest allowed to Vishal (2,400 + 12 5+ 37.50) = Rs.2,562.50
34.
No flow of cash as marketable securities are cash equivalent.
35.
(b)
Rs.9000
36.
(b)
Liability
37.
(a)
Revaluation of assets
38.
(a)
All of these
39.
(b)
Estople partner
40.
(a)
Is dissolution of partnership agreement
41.
(d)
All of above
42.
(d)
All of the above
43.
(a)
Rs. 30000
44.
(b)
Rs. 30000
45.
(c)
Cash flow from Financing activities
46.
(b)
outflow of cash
47.
(b)
quick ratio
48.
(d)
All of them
49.
(c)
During the life of the debentures
50.
(b)
Issue as collateral securities
51.
(b)
5% of nominal value of shares
52.
(c)
nominal a/c
53.
(c)
Intangible asset
54.
(c)
an appropriation
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