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Published on: 01/01/2019
Class XII Full Portion Exam
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 meant by Common-size Statement of Profit and Loss'?
2.
What will be the operating profit ratio if operating ratio is 83.64%?
3.
Name any two items which are shown under the heading 'Shareholders' Funds'.
4.
A Ltd. forfeited 100 equity shares of Rs.10 each issued at a premium of 20% for the non-payment of final call of Rs.5 including premium. State the maximum amount of discount of discount at which these shares can be re-issued.
5.
State the ratio in which the partners share profits or losses on revaluation of assets and liabilities, when there is a change the profit sharing ratio amongest existing partners?
6.
L, M and N are partners.Their fixed capitals as at 31st March, 2014 were: L Rs.50,000, M Rs.1,00,000 and N Rs.1,50,000.Profit for the year 2014-2015 amounting to Rs.60,000 were distributed.Interest on capital was credited @10% per annum instead of 12% per annum.pass the necessary adjusting entry.
7.
Saya Ltd has 20,000, 7% debentures on 100 each due for redemption on 31 st March, 2015. There is a balance of Rs 3,50,000 in debenture redemption reserve account on the date of redemption Investment, as required by the Companies Act, 2013 is made in fixed deposit bearing interest 6% per annum. Bank deducted TDS @ 10% on its maturity which is 31st March, 2015. Pass journal entries at the time of redemption of debentures.
8.
At the time of forfeiture of shares, with what amount the share capital account is debited?
9.
Kumar Ltd. purchased assets of Rs.6,30,000 from Bhanu Oil Ltd. Kumar Ltd. issued equity share of Rs.100 each fully paid in consideration. What journal entries will be made, if the shares are issued, (a) at par, and (b) at premium of 20%.
10.
Who are mainly interested in liquidity ratios?
11.
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.
12.
P, Q and R were partners in a firm sharing profits in the ratio of 5:4:3.Their capitals were Rs.40,000, Rs.50,000 and Rs.1,00,000 respectively.State the ratio in which the goodwill of the firm amounting to Rs.1,20,000 will be adjusted on the retirement of R.
13.
A and B were partners in a firm sharing profits in the ratio of 3:2. They admitted C and D as new partners. The new profit sharing ratio will be 2:2:1:1. C and D brought Rs.2,75,000 each for their respective capitals and also necessary amount of premium for goodwill in cash. Goodwill was valued at Rs.2,40,000 for the firm. Calculate sacrificing ratio of A and B and pass necessary journal entries for the above transactions in the books of the firm.
14.
Angad,
(i) There was a stock of Rs. 90,000. Raman took over 50% of the stock at 10% discount and remaining stock was sold at 40% profit on book value.
(ii) Profit and Loss Account was showing a credit balance of Rs. 15,000 which distributed among the partners.
(iii) A machinery which was not recorded in the books was sold for Rs. 2,000.
(iv) Angad was paid only Rs. 5,000 (in full settlement) for his loan to the firm which amounted to Rs. 5,500.
(v)
(vi) There were 100 shares of Rs. 10 each in D.C.M. Ltd. acquired at cost of Rs.1,200 which had been written off completely from the books. These shares are valued at Rs. 9 each and divided among the partners in their profit sharing ratio.
15.
State any two deductions that may have to be made from the amount payable to the legal representative of a deceased partner.
16.
State the liability of partners in case of dissolution of firm.
17.
X, Y and Z were partners sharing profits and losses in the ratio of 2:2:1.Z died on 31st March, 2015.Profits and sales for the calendar year 2014 were Rs.2,00,000 and Rs.20,00,000 respectively.Sales during January to March 2014 were Rs.1,50,000.You are required to calculate share of profit of Z upto the date of death.
18.
OLF Ltd has credit balance of Rs 2,52,000 in surplus, i.e. balance in statement of profit and loss. Instead of declaring dividend, it is resolved to utilise the profits to repay its Rs 2,40,000 debentures now redeemable at a premium of 5%.
Pass necessary journal entries in the books of the company.
19.
PS Ltd forfeited 500 shares of Rs 100 each for the non-payment of first call of Rs 30 per share. The final call of Rs 10 per share was not yet made. The forfeited shares were re-issued for Rs 65,000 fully paid-up. Pass necessary journal entries for the books of the company.
20.
From the following information, calculate proprietary ratio.
Information
Paid-up capital Rs.8,00,000, current assets Rs.5,00,000, credit sales Rs.3,00,000, cash sales 75% of credit sales, 9% debentures Rs.3,40,000, current liabilities Rs.2,90,000 and cost of revenue from operations i.e. cost of goods sold Rs.6,80,000.
21.
Karishma and Sheena contributed Rs.40,000 and Rs.20,000 respectively. They decide to allow interest on capital @ 6% per annum. their respective share of profits is 2 : 3 and the firm's profit (before interest) for the year is Rs.3,000. this profit has been credited to their accounts. Show the amount of interest allowed to each partner
(i) where there is no agreement except for interest on capital and
(ii) where there is is a clear agreement that the interest on capital will be allowed even if it involves the firm in loss.
22.
List any two items of operating activities, that are typical of and pertaining to Film Production House.
23.
The balance sheet of X and Y who share profits and losses in the ratio of 3:2, at 31st March, 2015 was as follows
Balance Sheet
as at 31st March, 2015
| Liabilities | Amt (RS) | Assets | Amt (RS) | ||
|---|---|---|---|---|---|
| Creditors | 36,000 | Cash at Bank | 20,000 | ||
| Workmen's Compensation Fund | 24,000 | Debtors | 1,30,000 | ||
| Employees' Provident Fund | 20,000 | (-) Provision for Doubtful Debts | (10,000) | 1,20,000 | |
| General Reserve | 40,000 | Stock | 60,000 | ||
| Capital A/cs | Investments | 1,00,000 | |||
| X | 1,68,000 | Patents | 20,000 | ||
| Y | 1,12,000 | 2,80,000 | Goodwill | 80,000 | |
| 4,00,000 | 4,00,000 | ||||
They decided to admit Z on that date for 1/4th share on the following terms
(i) New profit sharing ratio will be 6:9:5. Z bring in capital equal to 1/4th of the total capital of the new firm.
(ii) Goodwill of the firm is to be valued at 4 years' purchase of the average super profits of the last three years. Average profits of the last three years are RS.70,000, while the normal profit that can be earned with the capital employed is RS.30,000. No goodwill is to appear in the books. Z brings in RS.24,000 cash out of his share of goodwill.
(iii) Patents to be written down to RS.3,000 and stock is undervalued by RS.2,000. 20% of general reserve to be written back as no longer payable.
(iv) 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. Unaccounted accrued income of RS.2,000 to be provided for. A debtor whose dues of RS.10,000 were written-off as bad debts, paid 80% in full settlement. A claim of RS.6,000 on account of workmen's compensation to be provided for.
(v) The market value of investments was RS.90,000. Half of the investments were to be taken over by old partners in their old profit sharing ratio.
Prepare the revaluation account, capital accounts of the partners and the balance sheet of the new firm.
24.
Mona Ltd has issued 20,000, 9"% debentures of Rs 100 each on 31st March, 2014, of which half the amount is due for redemption on 31st March, 2015. The company has its debenture redemption reserve account a balance of 5,00,000. Record the necessary journal entries at the time of redemption of debentures.
25.
The balance sheet of A, B and C who were sharing profits and losses in the ratio of 1/2, 1/3 and 1/6 respectively, was as follows on 1st April, 2014
| Liabilities | Amt(Rs) | Assets | Amt(Rs) | |
|---|---|---|---|---|
| Bills Payable | 6,400 | Cash | 25,650 | |
| Sundry Creditors | 12,500 | Bills Receivable | 5,400 | |
| Capital A/cs | Deptors | 17,800 | ||
| A | 40,000 | Stock | 22,300 | |
| B | 25,000 | Furniture | 3,500 | |
| C | 20,000 | 85,000 | Plant and Machinery | 9,750 |
| Profit and Loss A/c | 4,500 | Building | 24,000 | |
| 1,08,400 | 1,08,400 | |||
A retired from the business on 1st April, 2014 and his share in the firm was to be ascertained on the revaluation of the assets as follows
Stock Rs.20,000; furniture Rs.3,000; plant and machinery Rs.9,000; building Rs.20,000; Rs.850 was to be provided for doubtful debts.The goodwill of the firm was valued at Rs.6,000.
A was to paid Rs.11,500 in cash on retirement and the balance in three equal yearly instalment with interest at 9% per annum.
Prepare revaluation account and partners' capital accounts on the date of A's retirement and A's loan account till final payment is made to him.
26.
The working capital of Washington Ltd is Rs.10,00,000. Its total debts amount to Rs.25,00,000, out of which long-term debts are of Rs.20,00,000.
Calculate the current ratio of Washington Ltd.
1.
( )
Common-size Statement of Profit and Loss express all items of financial statement as a percentage of some common base such as Revenue from Operations (or sales)for income statement and total of liabilities or assets for balance sheet.
2.
( )
Operating Profit Ratio=100-83.64% =16.36%.
3.
( )
(a)Share Capital
(b)Reserves and Surplus
4.
( )
Maximum amount of discount on reissue of forfeited shares Rs.700.
5.
( )
Profit or Loss arising from revaluation of assets and liabilities is shared by old partners in their old profit sharing ratio.
6.
Debit L and Credit N = Rs.1,000
7.
Rs 1,50,000 will be transferred from suplus, i.e. balance in statement of profit and loss to DRR account and after redemption DRR Rs 5,00,000 will be transferred to general reserve; Interest earned on fixed deposit = Rs 18,000; TDS = Rs 1,800
8.
At the time of forfeiture of shares, share capital account is debited with the amount called up (excluding securities premium) on such shares.
9.
Journal
| Date | Particulars | LF | Amt(Dr) | Amt(Cr) |
|---|---|---|---|---|
| Sunday Assets A/c Dr | 6,30,000 | |||
| To Bhanu Oil Ltd | 6,30,000 | |||
| (Being assets purchased from Bhanu Oil Ltd) | ||||
| (i) | When shares are issued at par | 6,30,000 | ||
| Bhanu Oil Ltd Dr | 6,30,000 | |||
| To Equity Share Capital A/c \((6,300\times100)\) | ||||
| (Being 6,300 shares issued par to Bhanu Ltd) | ||||
| (ii) | When shares are issued at premium | |||
| Bhanu Oil Ltd Dr | 6,30,000 | |||
| To Equity Share Capital A/c \((5,250\times100)\) | 5,25,000 | |||
| To Securities Premium Reserve A/c \((5,250\times20)\) | 1,05,000 | |||
| (Being 5,250 shares are issued at 20% premium to Bhanu Ltd in consideration of assets purchased) |
10.
Short-term creditors like bankers and suppliers of material.
11.
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.
12.
R's share of Goodwill, i.e. Rs.30,000 (1,20,000 x 3/12) will be contributed by P and Q in their gaining ratio. i.e. 5:4
13.
(i) Dr.Bank A/c Rs.6,30,000; Cr C's Capital A/c Rs.2,75,000, D's Capital A/c by Rs.2,75,000 and Premium for Goodwill Rs.80,000.
(ii) Dr.premium for Goodwill A/c Rs.80,000; Cr.A/c Rs.64,000 and B's Capital A/c Rs.16,000.
[Hint: Sacrificing Ratio 4:1,C's and D's share of goodwill =Rs.40,000(i.e.,Rs.2,40,000x1/6)each]
14.
(i) Dr. Raman's Capital A/c Rs. 40,500 and Cash A/c Rs. 63,000; Cr. Realisation A/c Rs. 1,03,500. (ii) Dr. Profit and Loss A/c Rs. 15,000; Cr. Angad's Capital A/c, Raman's Capital A/c and Harshit's Capital A/c by Rs. 5,000 each. (iii) Dr. Cash A/c, Cr. Realisation A/c Rs. 500. (v) Dr. Realisation A/c, Cr. Harshit's Capital A/c by Rs. 5,000. (vi) Dr.Angad's Capital A/c and Harshit's Capital A/c by Rs. 300 each; Cr. Realisation A/c Rs. 900.
[Hint: In the absence of information, profits will be shared equally.]
15.
( )
(i) Share of accumulated losses
(ii) Drawings upto death etc.
16.
( )
The private property of the partners can be used for paying business debts.
17.
Percentage of profit to sales=10%; Profit for the period January to March 2015=Rs.30,000; Z's share of profit=Rs.6,000
18.
DRR should be created for Rs 2,40,000 because redemption is out of profit. Investment in specified securities = Rs 36,000.
19.
Transfer to capital reserve = Rs 30,000.
20.
Proprietary ratio = 0.56 : 1
21.
(i) Interest on capital: Krishma = Rs.2,000, Sheena = Rs.1,000
(ii) Inteerst on capital: Krishma = Rs.2,400, Sheena = Rs.1,200
22.
For film production house, operating activities will be (i) making films and (ii) selling to its distributors.
23.
Profit on revaluation=RS.4,000; Capitals X=RS.1,73,400, Y=RS.75,600, Z=RS.83,000; Balance sheet total=RS.3,85,000
24.
Journal
| Date | Particulars | LF | Amt(Dr) | Amt(Cr) | |
|---|---|---|---|---|---|
| 2014 Mar31 |
Depenture Redemption Investment A/c To Bank A/c (Being the investment in specified securities equal to 15 % of amount of debentures to be redeemed) |
Dr |
1,50,000 |
1,50,000 |
|
| 2015 Mar31 |
9% Debentures A/c |
Dr |
10,00,000 |
10,00,000 | |
| Bank A/c To debenture Redemption Investment A/c (Being the investment realized) |
Dr |
1,50,000 |
1,50,000 |
||
|
Debentureholders' A/c |
Dr |
10,00,000 |
10,00,000 | ||
25.
Dr Revaluation Account Cr
| Particular | Amt(Rs) | Particular | Amt(Rs) | |
|---|---|---|---|---|
| T Stock A/c | 2,300 | By Loss Transferred to | ||
| To Furniture A/c | 500 | A's Capital A/c | 4,200 | |
| To Plant and Machinery A/c | 750 | B's Capital A/c | 2,800 | |
| To Building A/c | 4,000 | C's Capital A/c | 1,400 | 8,400 |
| To Provision for Doubtful Debts A/c | 850 | |||
| 8,400 | 8,400 | |||
Dr Partners' Capital Account Cr
| Particular | A(Rs) | B(Rs) | C(Rs) | Particular | A(Rs) | B(Rs) | C(RS) |
|---|---|---|---|---|---|---|---|
| To A's Capital A/c | - | 2,000 | 1,000 | By Balnce b/d | 40,000 | 25,00 | 20,000 |
| To Revaluation A/c (Loss) | 4,200 | 2,800 | 1,400 | By Profit and Loss A/c | 2,250 | 1,500 | 750 |
| To Cash A/c | 11,500 | - | - | By B's Capital A/c | 2,000 | - | - |
| To A's Loan A/c | 29,550 | - | - | By C's Capital A/c | 1,000 | - | - |
| To Balanced c/d | - | 21,700 | 18,350 | ||||
| 45,250 | 26,500 | 20,750 | 45,250 | 26,500 | 20,750 |
Dr A's Loan Account Cr
| ate | Particular | Amt(Rs) | Date | Particular | Amt(Rs) |
|---|---|---|---|---|---|
| 2016 | 2015 | ||||
| Mar 31 | To Bank A/c(9,850+1,773) | 11,623 | Apr 1 | By Balance b/d | 19,700 |
| Mar 31 | To Balance c/d | 9,850 | 2016 | ||
| Mar 31 | By Interest A/c (19,700 x9%) | 1,773 | |||
| 21,473 | 21,473 | ||||
| 2017 | 2016 | ||||
| Mar 31 | To Bank A/c(9,850+887) | 10,737 | Apr 1 | By Balance b/d | 9,850 |
| 2017 | |||||
| Mar 31 | By interest A/c (9,850 x 9%) | 887 | |||
| 10,737 | 10,737 |
Working Note
1. Amount of each equal installment without interest \(=\frac{29,550}{3}=₹ 9,850\)
2. Calculation of A's Share of Goodwill
Firm's goodwill = Rs. 6,000; A's share of goodwill = \(₹ 6,000 \times \frac{1}{2}=₹ 3,000\)
To be contributed by B and C in their gaining ratio i.e. 2 : 1
\(B=3,000 \times \frac{2}{3}=₹ 2,000 ; \quad C=3,000 \times \frac{1}{3}=₹ 1,000\)
26.
\(current\ ratio=\frac { Current\ assets** }{ Current\ liabilities* } \)
\(=\frac { 15,00,000 }{ 5,00,000 } =3.1\)
*Current liabilities = Total debts - Long-term debts
=25,00,000-20,00,000
=Rs.5,00,000
Current assets=Working capital+Current liabilities
=10,00,000+5,00,000=Rs.15,00,000
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