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Published on: 23/07/2018
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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.
From the following particulars obtained from the books of Mohan Ltd. calculate the creditors turnover ratio and average payable period.Total purchases Rs.42,500 cash purchases Rs.4,000, purchases return Rs.2,000, creditors at the end of the year Rs.6,000; bills payable at the end of the year Rs.1000.
2.
After the account of a partnership have been drawn up and the books closed, it is discovered that interest on capitals for the year 2013-14 and 2014-15 has been credited to partners though there is no such provision in the partnership deed.the amounts involved are
| Partners | Interest credited | |
|---|---|---|
| 2013-14 (Rs) | 2014-15 (Rs) | |
| A | 350 | 360 |
| B | 200 | 210 |
| C | 110 | 110 |
You are required to put through adjusting entries as on 1st April 2015, If profits were shared as follows
2013-4 - 1 : 1 : 1 2014-15- 3 : 4 : 3
It may be assumed that capitals are fixed.
3.
State whether depreciation charged by a company will result into inflow, outflow or no flow of cash.
4.
A and B are partners in a firm sharing profits in the ratio of 5:3. They admit C into the partnership for 3/10th share in profits which he takes 2/10th from A and 1/10th from A and 1/10th from B. C brings in Rs.3,000 as premium in cash out of his share of Rs.7,800. Goodwill account does not appear in the books of A and B. Give the necessary journal entries in the books of the new firm.
5.
Sharma and Verma were partners in a firm sharing profits in the ratio of 4 : 1. Their capitals on 01- 04 -2006 were Sharma Rs. 5,00,000 and Verma Rs. 1,00,000. The partnership deed provided that Sharma will get a commission of 10% on the profit after allowing a salary Rs. 5,000 per month to Verma. The profit of the firm for the year ended 31st March, 2007 was Rs. 2,80,000.
Prepare Profit and Loss Appropriation Account of Sharma and Verma for the year ended 31.03.2007.
6.
State trhe significance of analysis of financial statements to the 'Lenders'.
7.
How the solvency of business is assessed by ' Financial Statement Analysis' ?
8.
Define operating cycle
9.
Give any one purpose for which the amount received as 'Securities Premium' may be utilised.
10.
What arr preliminary expenses?
11.
State the ratio in which the partners share the accumulated profits when there is a change in the profit sharing ratio amongest existing partners.
12.
LMN Ltd purchased its own debentures of the face value of Rs 2,00,000 from the open market for immediate cancellation at Rs 92. Pass journal entries.
13.
From the following balance sheets, prepare cash flow statement.
| Particulars | Note No. | 31st March, 2015 Amt (RS) |
31st March, 2014 Amt (RS) |
|---|---|---|---|
| I. EQUITY AND LIABILITIES | |||
| 1. Sharehilders' Funds | |||
| (a) Share Capital | 5,00,000 | 4,00,000 | |
| (b) Reserves and Surplus | 1 | 1,81,200 | 1,61,000 |
| 2. Current Liabilities | |||
| (a) Short - term Borrowings : Cash Credit | ... | 1,40,000 | |
| (b) Trade Payables | 2,70,400 | 3,00,000 | |
| (c) Short - term Provisions for Tax | 70,000 | 60,000 | |
| Total | 10,21,600 | 10,61,000 | |
| II. Assets | |||
| 1. Non - current Assets | |||
| (a) Fixed Assets | |||
| (i) Tangible Assets | 2 | 7,18,000 | 7,00,000 |
| (ii) Intangible Assets : Goodwill | 10,000 | ... | |
| 2. Curent Assets | |||
| (a) Inventories | 1,48,000 | 2,00,000 | |
| (b) Trade Receivables | 1,28,400 | 1,60,000 | |
| (c) Cash and Cash Equivalents | 17,200 | 1,000 | |
| Total | 10,21,600 | 10,61,000 |
Notes to Accounts
| Particulars | 2015 (RS) | 2014 (RS) |
|---|---|---|
| Reserves and Surplus | ||
| General Reserve | 1,20,000 | 1,00,000 |
| Surplus, i.e, Balance in Statement of Profit and Loss | 61,200 | 61,000 |
| 1,81,200 | 1,61,000 |
| Particulars | 2015 (RS) | 2014 (RS) |
|---|---|---|
| 2. Tangible Fixed Assets | ||
| Land and Building | 3,80,000 | 4,00,000 |
| Plant and Machinery | 3,38,000 | 3,00,000 |
| 7,18,000 | 7,00,000 |
Additional Information
(i) Dividend of RS. 46,000 was paid
(ii) The income tax paid during the year RS.56,000
(iii) Machinery was purchased during the year RS.66,000
(iv) Depreciation written - off on machinery RS.28,000; building RS.20,000. Identify the values being shown by the company in the above case.
14.
Ayyan Ltd issued 85,000, 12% preference shares Rs 100 each at a premium of Rs 20 per share, payable
(i) Rs 30 on application
(ii) Rs 40 on allotment (including premium)
(iii) Rs 30 on first call
(iv) Rs 20 on second and final call
The company received applications for 1,00,000 shares and the directors approved the following schemes of allotment.
(i) Applicants for 20,000 shares were allotted in full.
(ii) Applicants for 50,000 shares were allotted 50% of the shares applied.
(iii) Applicants for 30,000 shares were allotted \({83}^\frac{1}{2}\) % of the shares applied.
Pass the necessary journal entries
15.
Navya and Kavya are partners in a firm sharing profits and losses equally. They admitted Raju as a partner for 1/5th share of profit. Raju brought into partnership 'book debts' amounting to RS.40,000 (less provision for doubtful debts of 5%). The goodwill of his connections valued at RS.80,000 and the balance amount in cash, borrowed from his Hemraj, so as to take his capital of RS.2,40,000. Show the journal entry in the books of the firm.
16.
Archie,Betty and Veronica are partners sharing profits in the ratio of 3:2:1 With effect from 1st April 2015 they decide to share profits in the ratio of 2:2:1 Their balance sheet as at 31st March,2015
| Liabilities | Amt(Rs) | Assets | Amt (Rs) | |
|---|---|---|---|---|
| Creditors | 1,00,000 | Cash | 62,000 | |
| Outstanding Expenses | 12,000 | Debtors | 50,000 | |
| Capital A/cs | Stock | 75,000 | ||
| Archie | 3,75,000 | Plant and macheinery | 3,25,000 | |
| Betty | 2,25,000 | Land and building | 4,00,000 | |
| Vernoica | 2,00,0000 | 8,00,000 | ||
| 9,12,000 | 9,12,000 | |||
For the above purpose ,it was agreed that
(a) Plant and machinery should be written down by Rs 25,000.
(b)Stock is found overvalued by 10% It was decided to reduce its value accordingly
(c)Land and building has to be appreciated by 25%.(d)Creditors amounting to be Rs 5,500 are not likely to claim their amount.
(d)Creditors amounting to Rs 5,500 are not likely to claim their account.
(e) Goodwill at the time of reconstitution, is to be valued at 3 years purchase of average profits of last five years,which were Rs 22,500.
You are required to give effect to the above adjustments.
(i) By opening revaluation account
(ii) By passing a single adjustment entry
17.
A and B are partners in a firm. They withdrew Rs 96,000 and Rs 72,000 respectively during the year evenly at the middle of every month.According to the Partnership agreement, interest on drawings is to be charged @10% per annum. Calculate interest on drawings of the partners using the appropriate formula.
18.
Following particulars are extracted from notes to accounts to the Balance Sheets of Varun Ltd. as on 31.03.2013 and 31.03.2014. Prepare a Cash Flow Statement.
| Particulars |
Note No. |
31.03.2014 Rs. | 31.03.2013 Rs. | |
|---|---|---|---|---|
| I. Equity and liabilities | ||||
| Share Capital | 1,50,000 | 1,25,000 | ||
| Balance in Statement of Profit and Loss | 75,000 | 60,000 | ||
| Bank Loan | 20,000 | - | ||
| Bills Payable | 35,000 | 20,000 | ||
| Trade Payables | 45,000 | 20,000 | ||
| Total | 3,25,000 | 2,55,000 | ||
| II. Assets | ||||
| Fixed Assets-Tangible | 30,000 | 20,000 | ||
| Non-current Investments | 10,000 | 15,000 | ||
| Inventory | 1,20,000 | 87,000 | ||
| Trade Receivables | 90,000 | 98,000 | ||
| Cash and Cash Equivalents | 75,000 | 35,000 | ||
| Total | 3,25,000 | 2,55,000 | ||
Additional Information :
(i) During the year 2013-2014, Rs. 15,000 depreciation was charged on fixed tangible assets.
(ii) Company has paid Rs. 12,000 interim dividend during the year.
19.
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.
20.
Sandeep, Praveen and Tara are partners sharing profits in the ratio of 3:2:1. On 1st April, 2012 Sandeep gave a notice to retire from the firm. Praveen and Tara after all adjustments showed a balance of Rs.64,000 and Rs.1,00,000 respectively. The total amount to be paid to Sandeep was Rs.1,23,000. This amount was to be paid by Praveen and Tara in such a way Pass necessary Journal entires for the above transations in the books of the firm. Show your working clearly.
21.
Why heirs of a retiring/deceased partner are entitled to a share of goodwill of the firm ?
22.
Mention the account where you transfer the amount of cash in hand at the time of dissolution of firm.
23.
Why would an investor prefer to invest in shares and party in the debentures of a company?
24.
State the liability of partners in case of dissolution of firm.
25.
What are super profits ?
26.
The following is the balance sheet as at 31st December, 2014 of A and B, who share profits and losses in the ratio of 3:2.
Balance Sheet
as at 31st December, 2014
| Liabilities | Amt (RS) | Assets | Amt (RS) | ||
|---|---|---|---|---|---|
| Capital A/c | Plant and Machinery | 10,000 | |||
| A | 10,000 | Land and Building | 8,000 | ||
| B | 10,000 | 20,000 | Debtors | 12,000 | |
| General Reserve | 15,000 | (-) Provision for Doubtful Debts | (1,000) | 11,000 | |
| Workmen's Compensatoion | 5,000 | Stock | 12,000 | ||
| Creditors | 10,000 | Cash | 9,000 | ||
| 50,000 | 50,000 | ||||
On 1st January, 2015, they agreed to admit C into Partnership on the following terms
(i) Provision of doubtful debts would be increased by RS.2,000.
(ii) The value of land and building would be increased to RS.18,000.
(iii) The value of stock would be increased by RS.4,000.
(iv) A worker being injured in the factory, and a claim of RS. 2,000 was declared for him.
(v) C brought in as his share of goodwill RS.10,000 in cash.
(vi) Capital account of A and B will be adjusted by opening cash account.
(vii) C would bring further cash as would make his capital equal to 20% of the total capital of the new firm after the above revaluation and Adjustments are carried out.
Prepare revaluation account, partners' capital accounts and balance sheet of the firm after C's admission.
27.
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.
28.
From the following information, calculate any two of the following ratios.
(i) Current ratio
(ii) Debt to equity ratio
(iii) Inventory turnover ratio
Information
Revenue from operations (Net sales) Rs.5,00,000, opening inventory Rs.7,000, closing inventory Rs.4,000 more than the opening inventory, net purchase Rs.1,00,000 less than net sales, operating expenses Rs.30,000, liquid assets Rs.75,000, prepaid expenses 2,000, current liabilities Rs.60,000, 9% debentures 3,00,000, long-term loan from bank Rs.1,00,000, equity share capital Rs.10,00,000, 8% preference share capital Rs.2,00,000.
29.
The summarised balance sheets of kartik Ltd as at 31st March 2014 and 2015 are
| Particulars | Note No. |
31st March 2014 Amt(Rs.) |
31st March 2015 Amt(Rs.) |
|---|---|---|---|
| I.Equity and liabilities | |||
| 1.Shareholder's Funds | |||
| (a) Share Capital | 4,50,000 | 4,50,000 | |
| (b) Reserves and Surplus | 1 | 3,56,000 | 3,78,000 |
| 2. Non-current Liabilities | |||
| Mortgage Loan | --- | 2,70,000 | |
| 3.Current Liabilities | |||
| (a) Trade Payables (Creditors) | 1,68,000 | 1,34,000 | |
| (b) Short-term Provisions(Provision for taxation) | 75,000 | 10,000 | |
| Total | 10,49,000 | 12,42,000 | |
| II.Assets | |||
| 1.Non-current Assets | |||
| (a) Fixed Assets (Tangible) | 4,00,000 | 3,20,000 | |
| (b) Non-current Investments | 50,000 | 60,000 | |
| 2.Current Assets | |||
| (a) Inventories(Stock) | 2,40,000 | 2,10,000 | |
| (b) Trade Receivables(Debtors) | 2,10,000 | 4,55,000 | |
| (c) Cash and Cash Equivalents | 1,49,000 | 1,97,000 | |
| Total | 10,49,000 | 12,42,000 |
Notes to Accounts
| Particulars | 2014(Rs.) | 2015(Rs.) |
|---|---|---|
| 1.Reserves and Surplus | 3,00,000 | 3,10,000 |
| General Reserve | 56,000 | 68,000 |
| Balance in Statement of Profit and Loss | 3,56,000 | 3,78,000 |
Additional Information(i) Investments costing Rs.8,000 were sold during the year 2014-15 for Rs.8,500.
(ii) Provision for taxation made during the year was Rs.9,000
(iii) During the year, part of the fixed assets costing Rs.10,000 was sold for Rs.12,000 and the profit was included in the statement of profit and loss.
(iv) Dividend paid during the year amounted to Rs.40,000.You are required to prepare the cash flow statement.
30.
D,O and C are partners in a firm sharing profits and losses in the ratio of 5:3:2.They decide to share future profits and losses in the ratio of 2:5:3 with effect from 1st April,2015 Their balance sheet showed a debit balance of Rs 4,800 in profit and loss account and a balance of Rs 28,800 in general reserve.For this purpose,it was agreed that
(I) The goodwill of the firm be valued at Rs 36,000.
(ii)The land (having book value of Rs 60,000) be valued at Rs 96,000.
(iii) The stock (having book value of Rs 60,000) be depreciated by 6%
(iv) Creditors amounting to Rs 480 were not likely to be claimed.
(v)Unrecorded investments to be valued at Rs 27,120.
Give the necessary single adjusting entry to record the above arrangement.
31.
From the following information, prepare the relevant notes to accounts.
| Particulars | Amt(Rs) | Particulars | Amt(Rs) |
|---|---|---|---|
| Buildings | 80,00,000 | Provision for Doubtful Depts | 40,000 |
| Plant and Equipment | 40,00,000 | Consumption of Stores and Spare Parts | 2,80,000 |
| Vehicles | 10,00,000 | Power and Fuel | 3,20,000 |
| Furniture | 12,00,000 | Rent | 2,00,000 |
| Brands | 40,00,000 | Repairs to Buildings | 1,60,000 |
| Computer Software | 18,00,000 | Repairs to Machinery | 1,20,000 |
| Insurance | 80,000 | Rates and Taxes | 40,000 |
| Sundry Debtors | 16,00,000 | Miscellaneous Expenses | 40,000 |
| Payment to the Auditor | 6,40,000 |
Depreciate buildings @ 5%, plant and equipment @ 20%, furniture and fixtures @ 10%, brands @ 10% and computer software @ 60%.
32.
Parul, Payal and Priyanka are Partners. They decided to dissolve the firm, Pass the necessary journal entries for the following after the various assets(other than cash and bank) and outside liabilities have been transferred to realisation account.
(i) There were total debtors of Rs76,000. A provision for bad and doubtful debts also stood in the books at Rs6,000. Rs12,000 debtors proved bad and rest paid the amount due.
(ii) Parul agreed to pay off her husband's loan of Rs7,000 at a discount of 5%.
(iii) A machine which is not recorded in the books was taken over by Payal at Rs3,000 Whereas its expected value was Rs5,000.
(iv) Priyanka paid realisation expenses of Rs15,000 out of her pocket and she was to get a remuneration of Rs18,000 for completing the dissolution process.
(v) contingent liability (not provided for) of Rs4,000 was also discharged.
(vi) The firm had a debit balance of Rs27,000 in the profit and loss account on the date of dissolution.
1.
Creditors turnover ratio = 5.21 times; Average payable period = 70 days
2.
Debit A's current account = Rs.286; credit B's current account = Rs.82 and c's current account = Rs.204
3.
There will be no flow of cash because depreciation is a non-cash expense.
4.
(i) Dr.Cash A/c, Cr.Premium for Goodwill A/c by Rs.3,000
(ii )Dr.Premium for Goodwill A/c Rs.3,000 and C's Current A/c Rs.4,800; Cr.A's Capital A/c Rs.5,200 and B's Capital A/c Rs.2,600(in sacrificing ratio 2:1)
5.
Divisible Profit Rs.1,98,000 transferred to Sharma's Capital Rs.1.58,400 and Verma's Capital Rs.39,600.
6.
( )
Lenders are interested in analysis of financial statements to know the profit earning capacity and long-term solvency of the business.
7.
( )
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.
8.
( )
Operating Cycle means the time between the acquisition of assets for processing and their realisation in cash or cash equivalents. When operating cycle cannot be identified, it is assumed to be 12 months.
9.
( )
According to Section 52 of the Companies Act 2013; Securities Premium may be used for Buying back of its own shares.
10.
( )
Preliminary expenses are those expenses which are incurred in connection with the formation of the companu.
11.
( )
Old profit sharing ratio.
12.
Gain on cancellation of debentures = Rs 16,000
13.
Cash flow operating activities = RS. 1,78,200; Cash used in investing activities = RS.76,000; Cash used in financing activities = RS.86,000; Net increase in cash and cash equivalents = RS. 16,200
Hint: Cash credit will be treated as a part of financing activity.
14.
Amount to be received at the time of allotment = Rs 29,50.000
15.
Cash brought in by Raju is RS.1,22,000.
16.
(i) Profit on revaluation = Rs 73,000
(ii) Betty and Veronica's gaining ratio=2:1 Debit Betty and Vernoica with Rs 9,367 and Rs 4,683 respectively and Credit Archie with Rs14,050.
17.
Interest on A' s drawings = Rs 4,800 and interest on B's drawings = Rs 3,600
18.
Net Cash from Operating Activities Rs. 27,000; Net Cash used in Investing Activities (Rs. 20,000); Net Cash from Financing Activities Rs. 33,000
[Hint : Purchase of fixed tangible assets Rs. 25,000].
19.
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.]
20.
(i) Total capital of New Firm of Praveen and Tara Rs.2,87,000 (i.e., Rs.1,23,000+Rs.64,000+Rs.1,00,000) will be divided in the new ratio 2:3, i.e., 1,14,800 and Rs.1,72,200 respectively.
(ii) (a) Dr. Bank A/c Rs.1,23,000; Cr. Parveen's Capital A/c Rs.50,800, i.e., Rs.1,14,800-Rs.64,000 and Tara's Capital A/c Rs.72,200 i.e., Rs.1,72,200-Rs.1,00,000 (b) Dr. Sandeep's Capital A/c, Cr. Bank A/c by Rs.1,23,000.
[Hint: Gaining Ratio 3:2.]
21.
( )
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.
22.
( )
Cash Account.
23.
( )
An investor would prefer to invest partly in shares and partly in the debentures because he will get liquidity, safety, capital appreciation and higher rate of return.
24.
( )
The private property of the partners can be used for paying business debts.
25.
( )
The term super profit means the profit over and above the normal or average profit earned by similar firms.
26.
Dr Revaluation A/c Cr
| Particulars | Amt (RS) | Particulars | Amt (RS) | |
|---|---|---|---|---|
| To Provision for Doubtful Debts A/c | 2,000 | By Land and Building | 10,000 | |
| To Profit Transferred to | By Stock A/c | 4,000 | ||
| A | 7,200 | |||
| B | 4,800 | 12,000 | ||
| 14,000 | 14,00 | |||
Dr Partners' Capital Account Cr
| Particulars | A (RS) | B (RS) | C (RS) | Particulars | A (RS) | B (RS) | C (RS) |
|---|---|---|---|---|---|---|---|
| To Balance c/d | 34,000 | 26,000 | - | By Blance b/d | 10,000 | 10,000 | - |
| By Revaluation A/c | 7,200 | 4,800 | - | ||||
| By Premium of Goodwill A/c | 6,000 | 4,000 | - | ||||
| By General Reserve A/c | 9,000 | 6,000 | - | ||||
| By Workmen Compensation Fund A/c | 1,800 | 1,200 | - | ||||
| 34,000 | 26,000 | - | 34,000 | 26,000 | - | ||
| To Cash A/c | - | 2,000 | - | By Balance b/d | 34,000 | 26,000 | - |
| To Balance c/d | 36,000 | 24,000 | 15,000 | By Cash A/c | 2,000 | - | 15,00 |
| 36,000 | 26,000 | 15,000 | 36,000 | 26,000 | 15,000 |
Dr Cash A/c Cr
| Particulars | Amt (RS) | Particulars | Amt (RS) |
|---|---|---|---|
| To Balance b/d | 9,000 | By B's Capital A/c | 2,000 |
| To C's Capital A/c | 15,000 | By Balance c/d | 34,000 |
| To Premium for Goodwill A/c | 10,000 | ||
| To A's Capital A/c | 2,000 | ||
| 36,000 | 36,000 |
Balance Sheet
| Liabilities | Amt (RS) | Assets | Amt (RS) | ||
|---|---|---|---|---|---|
| Capital A/cs | Cash | 34,000 | |||
| A | 36,000 | Debtors | 12,000 | ||
| B | 24,000 | (-) Provision for Doubtful Debt | (3,000) | 9,000 | |
| C | 15,000 | 75,000 | Plant and Machinery | 10,000 | |
| Workmen's Compensation Fund | 2,000 | Land and Building | 18,000 | ||
| Creditors | 10,000 | Stock | 16,000 | ||
| 87,000 | 87,000 | ||||
27.
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) |
28.
(i) Current ratio=\(\frac { Current\quad assets* }{ Current\quad liabilities } =\frac { 88,000 }{ 60,000 } =1.47:1\)
**Current assets = Liquid assets + Inventory + Prepaid expenses
= 75,000 + 11,000 + 2,000 = Rs.88,000
Closing inventory is 4,000 more than the opening inventory
:. Closing inventory = 7,000 + 4,000 = Rs.11,000
(ii) Debt to equity ratio=\(\frac { Debt }{ Equity } =\frac { Long-term\quad debts\quad or\quad loans* }{ Shareholders'\quad funds** } =\frac { 4,00,000 }{ 12,00,000 } \)=0.33:1
*Long-term debts = 9% debentures + Long-term loan from bank
=3,00,000+1,00,000=Rs.4,00,000
**Shareholders' funds = Equity share capital + Preference share capital
= 10,00,000 + 2,00,000 = Rs.12,00,000
(iii) Inventory turnover ratio=\(\frac { Cost\quad of\quad revenue\quad from\quad operations* }{ Average\quad inventory** } =\frac { 3,96,000 }{ 9,000 } \)=44 times
*Cost of revenue from operations = Opening inventory + Net purchases - Closing inventory
= 7,000 + (5,00,000 - 1,00,000) - 11,000 = Rs.3,96,000
**Average inventory=\(\frac { Opening\quad inventory+Closing\quad inventory }{ 2 } \\ =\frac { 7,000+11,000 }{ 2 } \)
=Rs.9000
29.
Cash used in operating activities = Rs.(1,84,500); cash flow from financing activities=Rs.2,30,000;
Cash flow from investing activities=Rs.2,500
30.
Net effect=Rs 1,20,000;Delhi O= Rs 24,000 and C=Rs 12,000 and Credit D=Rs36,000.
31.
| Particulars | Amt(Rs) | |
|---|---|---|
| Depreciation | ||
| Buildings(5% of Rs 80,00,000) | 4,00,000 | |
| Plant and Equipment(20% of Rs 40,00,000) | 8,00,000 | |
| Vehicles (20% of Rs 10,00,000) | 2,00,000 | |
| Furniture and Fixtures(10% of Rs 12,00,000) | 1,20,000 | 15,20,000 |
| Amortisation | ||
| Brands (10 % of Rs 40,00,000) | 4,00,000 | |
| Computer Software (60 % of Rs 18,00,000) | 10,80,000 | 14,80,000 |
| 30,00,000 | ||
32.
JOURNAL
| Date | Particulars | LF | Amt(Dr) | Amt(Cr) | |
|---|---|---|---|---|---|
| (i) | Bank A/c (76,000-12,000) | Dr | 64,000 | ||
| To Realisation A/c | 64,000 | ||||
| (Being the debtors realised) | |||||
| (ii) | Realisation A/c | Dr | 6,650 | ||
| To Parul's Capital A/c(7,000x95%) | 6,650 | ||||
| (Being Husband's loan paid off by Parul) | |||||
| (iii) | Payal's Capital A/c | Dr | 3,000 | ||
| To Realisation A/c | 3,000 | ||||
| (Being unrecorded machine taken by Payal) | |||||
| (iv) | Realisation A/c | Dr | 33,000 | ||
| To Priyanka 's Capital A/c | 33,000 | ||||
| (Being the realisation expenses of Rs15,000 paid by Priyanka and remuneration of Rs18,000 also credited to her account) | |||||
| (v) | Realisation A/c | Dr | 4,000 | ||
| To Bank A/c | 4,000 | ||||
| (Being the contingent liability paid off) | |||||
| (vi) | Parul's Capital A/c | Dr | 9,000 | ||
| Payal's Capital A/c | 9,000 | ||||
| Priyanka's Capital A/c | 9,000 | ||||
| To Profit and loss A/c | 27,000 | ||||
| (Being the transfer of debit balance of profit and loss account to partners' capital accounts) | |||||
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