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Published on: 01/01/2019
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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.
How the 'Earning capacity of a business' is assessed by "Financial Statement Analysis"?
2.
How the solvency of business is assessed by ' Financial Statement Analysis' ?
3.
At what rate can the company charge interest on 'calls-in-arrears' according to Table F of the Companies Act, 2013.
4.
Give two circumstances in which sacrifice ratio may be applied.
5.
Declaration of final dividend would result into inflow, outflow or no flow of cash.Give your answer with reason.
6.
Why heirs of a retiring/deceased partner are entitled to a share of goodwill of the firm ?
7.
State the nature of business afftect the value of goodwill of a firm ?
8.
A and B were partners in a firm sharing profits in the ratio of 11:4. C was admitted as a new partner for 1/5th share in the profits on 31st March, 2015. The balance sheet of A and B on 31st March, 2015 was as follows
Balance Sheet
as at 31st March, 2015
| Liabilities | Amt (RS) | Assets | Amt (RS) | ||
|---|---|---|---|---|---|
| Creditors | 15,000 | Bank | 17,000 | ||
| Bills Payable | 30,000 | Stock | 29,000 | ||
| Employees Provident Fund | 20,000 | Debtors | 30,000 | ||
| Workmen Compensation Fund | 1,60,000 | (-) Provision for Doubtful Debts | (1,000) | 29,000 | |
| Capital A/cs | Plant | 3,00,000 | |||
| A | 20,00,000 | Land | 10,00,000 | ||
| B | 5,50,000 | 25,50,000 | Buildings | 14,00,000 | |
| 27,75,000 | 27,75,000 | ||||
It was agreed that
(i) C bring in capital to the extent of 1/5th of the total capital of the new firm and RS.1,50,000 for his share of goodwill, half of which was withdrawn by A and B.
(ii) Buildings and plant were to be depreciated by RS.20%.
(iii) Provision for bad debts was to be increased by RS.200.
(iv) Claim on account of workmen compensation is RS.10,000.
Prepare revaluation account, partners' capital accounts and balance sheet of a new firm.
9.
Following was the balance sheet of Suraj and Abeer as at 31st March, 2018.
| Liabilities | Amt(Rs) | Assets | Amt(Rs) | |
|---|---|---|---|---|
| Creditors | 76,000 | Cash at Bank | 23,000 | |
| Mrs Suraj's Loan | 20,000 | Stock | 12,000 | |
| Abeer's Loan | 30,000 | Debtors | 38,000 | |
| Reserve | 10,000 | Furniture | 8,000 | |
| Capital A/cs | Plant | 56,000 | ||
| Suraj | 20,000 | Investments | 20,000 | |
| Abeer | 16,000 | 36,000 | Profit and loss A/c | 15,000 |
| 1,72,000 | 1,72,000 | |||
The firm was dissolved on 31st MArch, 2015 and both the partners agreeing to following
(i) Suraj agreeing to take over investments t an agreed value of Rs16,000. He also agreed to settle Mrs Suraj's loan.
(ii) Other assets realised as : stock Rs.10,000, debtors Rs 37,000, Furniture Rs 9,000, plant Rs.50,000.
(iii) Expenses of realisation came to Rs.3,200.
(iv) Creditors agreed to accept Rs.74,000 in full settlement of their claims.
Prepare realisation account, partner's capital accounts and bank account.
10.
What rate of interest the company pays on calls-in-advance, if it has not prepared its own Articles of Association?
11.
A and B entered into a partnership business on 1st April, 2014 and contributed Rs.80,000 and Rs.60,000 respectively as their capitals.On 1st October, A granted a loan of Rs.20,000. The terms of the partnership agreement are as follow
(i) 20% of profits charging interest on drawings but after making appropriation to be transferred to general reserve.
(ii) Interest on capital @12% per annum and interest on drawings @10% per annum.
(iii) A to get a monthly salary of Rs.2,000 and B to get salary of Rs.9,000 per quarter.
(iv) A is entitled to a commission of 2% on sale.Sale for the year were Rs.3,50,000
(v) Profits and losses to be shared in the ratio of their capital contributed up to Rs.70,000 and above 70,000 equally
The profit for the year ended 31st march, 2015 before providing for any interest was Rs.1,84,400. The drawings of A and B were rs.40,000 and Rs.50,000 respectively. The partners decided to construct toilets in the remote area of Jammu.
Prepare profit and loss appropriation account.also, identify the values involved.
12.
Mention any one difference between premium on issue of debentures and premium on redemption of debentures
13.
List the items which are shown under the heading 'Current Liabilities' as per schedule III part-I of the Companies Act,2013.
14.
Calculate Current Ratio from the following information:
Inventory Turnover :4 times
Inventory in the beginning was Rs 20,000 less than Inventory at the end.
Revenue from Operation Rs.6,00,000.
Groos Profit Ratio 25%.
Current Liabilities Rs.60,000.
Quick Ratio 0.75:1.
15.
What is meant by irredeemable debentures?
16.
DLF Ltd issued 20,000, 10% debentures of Rs.100 each on 1st April. 2014. 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, 2015 and transfer of interest on debentures of the year to the statement of profit and loss.
17.
From the following information, compute 'proprietary ratio'.
| Particulars | Amt(Rs) |
|---|---|
| Long-term Borrowings | 2,00,000 |
| Long-term Provisions | 1,00,000 |
| Current Liabilities | 50,000 |
| Non-current Assets | 3,60,000 |
| Current Assets | 90,000 |
18.
A company offers 20,000 shares to the public. The amount payable is as follows
On application Rs 3 per share, on allotment Rs 2 per share, on first call Rs 3 per share and on final call Rs 2 per share, on first cal Rs 3 per share and on
final call Rs 2 per share.
Applications are received for 30,000 shares.
The directors make the allotment as follows
(i) No allotment to applicants for 6,000 shares.
(ii) Rest were allotted on a pro-rata basis.
All calls were duly made and paid except
(i) a, a holder of 200 shares paid both the calls with allotment.
(ii) B, a holder of 400 shares fails to pay both the calls.
(iii) C, a holder of 200 shares fails to pay the second call.
Pass the necessary journal entries to record the above transactions in the company's books.
Identify the values being violated by the company and shareholders.
19.
Golu and Monu are partners in a firm sharing profits in the ratio of 3 : 2 They had advanced to the firm a sum of Rs.80,000 as loan in their profit sharing ratio on 1st July, 2015. The partnership deed is silent on the question of the interest on loan from partner. Compute the interest payable by the firm to the partner. Compute the interest payable by the firm to the partner assuming that the firm closes its book on 31st December.
20.
List any two items of operating activities, that are typical of and pertaining to Hotel Industry.
21.
A and B are partners in a firm sharing profits in the ratio of 3:2. Their balance sheet as at 31st December, 2015 stood as under
Balance Sheet
as at 31st December, 2015
| Liabilities | Amt (RS) | Assets | Amt (RS) | ||
|---|---|---|---|---|---|
| Capital A/Cs | Machinery | 33,000 | |||
| A | 35,000 | Furniture | 15,000 | ||
| B | 30,000 | 65,000 | Investments | 20,000 | |
| General Reserve | 10,000 | Stock | 23,000 | ||
| Bank Loan | 9,000 | Debtors | 19,000 | ||
| Sundry Creditors | 36,000 | (-) Provision for Doubtful Debts | (2,000) | 17,000 | |
| Cash | 12,000 | ||||
| 1,20,000 | 1,20,000 | ||||
On the date they admitted C into partnership for 1/4th share in the profit on the following terms
(i) C brings capital proportionate to his share. He brings RS.7,000 in cash as his share of goodwill.
(ii) Debtors are all good.
(iii) Depreciate stock 5% and Furniture by 10%. Market value of machinery was RS.45,000.
(iv) An outstanding bill for repair RS.1,000 will be brought in books.
(v) Half of the investments were to be taken over by A and B in their profit sharing ratio at book value.
(vi) Bank loan is paid off.
(vii) Partners agreed to share future profits in the ratio 3:3:2.
(viii) Capital of the firm is fixed at RS.1,60,000. Excess or shortfall, if any, to be transferred to current accounts.
Prepare revaluation account, partners' capital accounts and balance sheet.
22.
Vardhman Ltd has a term-loan of Rs.20,00,000. Interest on the loan for the year is Rs.2,50,000 and its profit before interest and tax is Rs.10,00,000. Calculate interest coverage ratio.
23.
A company issued 8,000, 10% debentures of Rs 100 each, payable Rs 20 on application and the remaining amount on allotment. The debentures were applied for and allotted. All money was received. Give the journal entries and the balance sheet.
24.
Makkar Ltd invited applications for 4,000 equity shares of Rs10 at the issue price of Rs10. the amount payable along with application is Rs10. Applications were received for 3,800 were received for 3,800 shares. Give the journal entries for the above transactions. Also, prepare the balance sheet.
25.
Give the journal entry to distribute workman compensation reserve of Rs.60,000 at the time of retirement of Sajjan, when there is no claim against it.The firm three partners Rajat, Sajjan and Kavita.
1.
( )
Earning capacity of a business is assessed by applying solvency ratios, e.g., debt equity ratio,proprietary ratio, total assets to debt ratio and interest coverage ratio.
2.
( )
Solvency of business is assessed by applying solvency ratios, e.g., debt equity ratio, proprietary ratio, total assets to debt ratio and interest coverage ratio.
3.
( )
As per Schedule I-Table F of the Companies Act 2013; Company is required of receive interest @ 10% p.a.
4.
( )
(i) At the time of admission of a partner (ii) Change in profit sharing ratio among the existing partners.
5.
No flow of cash as final dividend is declared only, not yet paid.
6.
( )
The retiring partner/heirs of deceased partner are entitled to his share of goodwill because the goodwill earned by the firm is result of efforts of all the existing partners in the past. As they will not be sharing future profits, it will be fair to compensate them for the same.
7.
( )
A business which products best quality of products or have a stable demand is likely to earn more profits and therefore, has more value of goodwill.
8.
Loss on revaluation=RS.3,40,200; capital of A (after adjustments)=RS.19,15,520; Capital of B (after adjustments)=RS.5,19,280; C's share of capital=RS.6,08,700; Balance sheet total=RS.31,18,500
9.
Loss on realisation= Rs.13,200; Suraj to be paid= Rs.13,080, Abeer to be paid= Rs.8,720
10.
As per Table F of the Companies Act, interest on calls-in-advance is payable @ 12% per annum by the company.
11.
Profit transferred to A's capital account = Rs.47,250; B's capital account = Rs.37,250
12.
Premium on issue of debentures is a capital profit to a company; whereas premium on redemption of debentures is a capital loss to a company.
13.
Current Liabilities:
(i)Short-term borrowings
(ii)Trade payables
(iii)Other current liabilities
(iv)Short-term provisions
14.
Liquid Assets Rs.45,000 (i.e., 75XRs.60,000), Closing Inventory Rs.1,22,500, Current Assets Rs.1,67,500 (i.e., Rs.45,000+Rs.1,22,500), Current Ratio 2.79:1 (i.e., \(Rs.1,67,500\div 60,000\) )
[Hints: (i) Cost of revenue from operations Rs.4,50,000 i.e., Rs.6,00,000 (Revenue from operations) - Rs 1,50,000 (G.P. i.e., 25% of Rs.6,00,000)
(ii) Average Inventory Rs.1,12,500 (i.e., \(Rs.4.50,000\div 4\) )]
15.
(i) A share is a part of the capital of the company whereas a debentures is a part of loan of the company.
(ii) Shares cannot be converted into debentures whereas debentures can be converted into shares.
16.
Debenture interest for half year = Rs.1,00,000;
TDS for half year = Rs.10,000
17.
Proprietary ratio = 0.22 : 1
18.
Amount received at allotment = Rs 29,000
Amount received at first call = Rs 58,200
Amount received at second call = Rs 38,400
Balane sheet total = Rs 1,97,600
19.
Golu = Rs.1,440, Monu = Rs.960
20.
For hotel industry, operating activities will be (i) renting of rooms and providing food and beverages and (ii) purchase of grocery items and maintenance of house keeping activities.
21.
Dr Revaluation A/c Cr
| Particulars | Amt (RS) | Particulars | Amt (RS) | |
|---|---|---|---|---|
| To Stock A/c | 1,150 | By Provision and Debtors A/C | 2,000 | |
| To Furniture A/c | 1,500 | By Loss Transferred to | ||
| To Outstanding Bill A/c | 1,000 | A | 990 | |
| B | 660 | 1,650 | ||
| 3,650 | 3,650 | |||
Dr Partners' Capital Account Cr
| Particulars | A (RS) | B (RS) | C (RS) | Particulars | A (RS) | B (RS) | C (RS) |
|---|---|---|---|---|---|---|---|
| To Revaluation A/c | 990 | 660 | - | By Blaance b/d | 35,000 | 30,000 | - |
| To Investment A/c | 6,000 | 4,000 | - | By Cash A/c | - | - | 40,000 |
| To Balance c/d | 40,310 | 30,040 | 40,000 | By General Reserve A/c | 6,000 | 4,000 | - |
| By Premium for Goodwill A/c | 6,300 | 700 | - | ||||
| 47,300 | 34,700 | 40,000 | 47,300 | 34,700 | 40,000 | ||
| To Balance c/d | 60,000 | 60,000 | 40,000 | By Balance b/d | 40,310 | 30,040 | 40,00 |
| By Current A/c | 19,610 | 29,960 | - | ||||
| 60,000 | 60,000 | 40,000 | 60,000 | 60,000 | 40,000 |
Dr Cash A/c Cr
| Particulars | Amt (RS) | Particulars | Amt (RS) |
|---|---|---|---|
| To Balance b/d | 12,000 | By Bank Loan A/c | 9,000 |
| To C's Capital A/c | 40,000 | By Balance c/d | 50,000 |
| To Premium for Goodwill A/c | 7,000 | ||
| 59,000 | 59,000 |
Balance Sheet
| Liabilities | Amt (RS) | Assets | Amt (RS) | |
|---|---|---|---|---|
| Capital A/cs | Machinery | 33,000 | ||
| A | 60,000 | Furniture (15,000-1,500) | 13,500 | |
| B | 60,000 | Investment (20,000-10,000) | 10,000 | |
| C | 40,000 | 1,60,000 | Debtors | 19,000 |
| Outstanding Bill for Repair | 1,000 | Stock | 21,850 | |
| Creditors | 36,000 | Cash | 50,000 | |
| A's Current A/c | 19650 | |||
| B's Current A/c | 29,960 | |||
| 1,97,000 | 1,97,000 | |||
22.
Interest coverage ratiio=\(\frac { Profit\quad before\quad interest\quad and\quad tax }{ Interest\quad on\quad ling-term\quad debt } =\frac { 10,00,000 }{ 2,50,000 } \)= 4 times
23.
| Date | Particulars | LF | Amt(Dr) | Amt(Cr) | |
|---|---|---|---|---|---|
| BankA/c (8,000 x 20) | Dr. | 1,60,000 | |||
| To Debenture Application A/c | 1,60,000 | ||||
| (Being 8,00e applications received for debentures of Rs. 100 each | |||||
| accompanied by the application money of Rs. 20 per debenture) | |||||
| Debenture Application A/c | Dr. | 1,60,000 | |||
| To 10% Debentures A/c | 1,60,000 | ||||
| (Being the allotment of 8,000 debentures, application money transferred to debentures account) | |||||
| Debenture Allotment A/c (8,000 x 80) | Dr. | 6,40,000 | |||
| To 10% Debentures A//c | 6,40,000 | ||||
| (Being the amount due on 8,000 debenture allotment @ Rs.80 per debenture) | |||||
| Bank A/c | Dr | 6,40,000 | |||
| To Debenture Allotment A/c | 6,40,000 | ||||
| (Being the amount received against allotment) | |||||
Balance Sheet
as at...
| Particulars | Note No. | Amt (Rs) |
|---|---|---|
| I. Equity And Liabilities | 8,00,000 |
|
| 1. Non-current Liabilities | ||
| Long-term Borrowings* | 1 | |
| Total | 8,00,000 | |
| II. ASSETS | 8,00,000 |
|
| 1. Current Assets | ||
| Cash and Cash Equivalents | 2 | |
| Total | 8,00,000 |
Notes to Accounts
| Particulars | Amt (Rs) |
|---|---|
| 1. Long-term Borrowings | 8,00,000 |
| 8,000, 10% Debentures of Rs 100 each | |
| 2. Cash and Cash Equivalents | |
| Cash at Bank | 8,00,000 |
*Debentures are classified or shown as long-term borrowings as they are redeemable after 12 months from the date of issue of debentures.
The above entries are passed when the amount received on debentures is on the basis of instalments.
If debentures are issued at par for cash which is receivable in a single instalment i.e. in lumpsum, following entries are passed:
| Date | Particulars | LF | Amt( Dr) |
Amt (Cr) | |
|---|---|---|---|---|---|
| Bank A/c | Dr | 8,00,000 | 8,00,000 8,00,000 |
||
| To Debenture Application and Allotment A/c | |||||
| (Being the application money received) | |||||
| Debenture Application and Allotment A/c | Dr | 8,00,000 | |||
| To 10% Debentures A/c | |||||
| (Being the debenture application money transferred to debentures account) | |||||
24.
JOURNAL
| Date | Particulars | LF | Amt(Dr) | Amt(Cr) |
|---|---|---|---|---|
| Bank A/c (3,800 \(\times\) 10) Dr | 38,000 | |||
| To Equity Share Application any Allotment A/c | 38,000 | |||
| (Being application money received on 3,800 equity shares) | ||||
| Equity Share Application and Allotment A/c Dr | 38,000 | |||
| To Equity Share Capital A/c | 38,000 | |||
| (Being application money transferred to share capital on allotment) |
Balance Sheet
| Particulars | Note No. | Amt(Rs) |
|---|---|---|
| I.EQUITY AND LIABILITIES | ||
| 1. Shareholders' Funds | ||
| Share Capital | 1 | 38,000 |
| Total | 38,000 | |
| II.ASSETS | ||
| 1. Current Asstes | ||
| Cash and Cash Equivalents | 2 | 38,000 |
| Total | 38,000 |
25.
Journal
| Date | Particular | LF | Amt(Dr) | Amt(Cr) |
|---|---|---|---|---|
| Workmen Compensation Reserve A/c Dr | 60,000 | |||
| To Rajat's capital A/c | 20,000 | |||
| To Sajjan's Capital A/c | 20,000 | |||
| To Kavita's Capital A/c | 20,000 | |||
| (Being workmen compensation reserve distributed to old partners in old ratio) |
Since the profit-sharing ratio is not given, it is distributed equally.
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