opERN HIGH SCHOOL FOR GIRLS iparsAL EXAMINATION 2024-2025 CLASS 12 ACCOUNTS REH! TIME: 3 HOURS TOTAL MARKS: 80 Instructions to Candidates > You are allowed an additional 15 minutes for nly reading the paper- > You must NOT start writing during reading time. > The question paper has 16 printed pages. > The Question Paper is divided into two sections and has 14 questiot > Section Ais compulsory and has ten questions. > You are required to attempt all questions from Section B . Section B has ins in all. four questions. > Internal choices have been provided in five questions in Section A and in two questions in Section B. > While attempting Multiple Choice Questions in Se\ required to write only ONE option as the answer. > The intended marks for questions or parts of questions are gi brackets []. > All calculations should be shown clearly. > all workings, including rough work, should be done on th adjacent to, the rest of the answer, ctions A and B, you are ven in the ye same page as, andi fi f =F RMA HY |ONS} 1A (60mark: UE (10) Qs 1. ist i) In case of admission of a new partner,premium for goodwill is: a)Credited to the capital accounts of all partners b) Debited to the capital accounts of new partners only : c)Credited to the capital accounts of old partners in their sacrificing ratio d)Debited to the capital accounts of old partners |i) Aand B are partners in a firm sharing profits in the ratio of 2:1. They admit C as a partner and the new profit sharing ratio is 3:2:1. The Investment account appears in the balance sheet at %20,000, there is an investment fluctuation reserve of %5000, what will be the amount debited/ credited to revaluation a/c if ‘the market value of the investment is %24,000? a) Debited with 84000 b) Credited with %4000 ¢) Debited 9000 d) Credited with =9000 lil) XY and Z partners sharing profits in the ratio 5: '3,2 retires, and his share was taken up by X and ¥ in the ratio of 3:2. the new profit sharing ratio of X and Y will a) 54 b) 4:3 ) 53 ¢) 17:13 ‘VI apartner takes responsibilty to pay the realisation expenses, which account will be credited? a) Capital account of partner ) Bank account 6) Partners toan account d) Realisation account beom the following ; v) Pick the odd one out f : 2) Interest alowed on 2109" taken by the fir from partner b) Rent due to @ partner of the firm for using his premises for business purposes ¢) Salary due to th d) Salary due to a partner ‘e manager of the firm of the firm vi) Zodiac Limited issued 40000 10% debentures of rupees 100 each at 10% premium to be redeemed at 2 certain rate of premium. At the time of writing off loss on issue of debentures statement of profit and loss debited with Rs 200000. ‘At what rate of premium these debentures were redeemed ? a) 11% b) 10% ©) 5% d) 15% vii) silicon Limited forfeited 10000 shares of Rs 10 each for non payment of final call of Rs 3 per share and 7000 of these shares were reissued @ Rs 12 per share as fully paid up What is the minimum amount that company must collect on reissue of remaining 3000 shares? a)Rs 20000 'b)Rs 9000 ) Rs16000 )Rs30000 viii) _“ Demand for bigger cars accelerates sale of Wider tyres” Cetro Tyres Ltd an an a: anc Sean additional manufacturin pididntinie <> hensallunwinng ae pi os meeting the fund requirement by issuing State the impart at wet oF R500 each, redeemable after 5 years. on the Balance Sheet of the company:9 mr i serve”, jemption Re: ix) “Listed companies are exempt from pebenture Red ? What impact will it have on reserves of a company? 000 x) On Ast April, 2024 ,the first call oF Rs 2 per share became due e ao za shares issued by Samrat Itd. Rahul, a holder of 200 shares did not p i ein call money. Rohit a shareholder holding 500 shares paid the second an of Rs 3 per share along with the first call. ig Pass the necessary journal entry for the amount received by Opening ‘ Calls -in Arrears ‘and ‘calls -in advance’ Account in the books of the company. Qs2. (3) A, Band C are Partners in 3:2:1 ratio.B died on 30 June 2023. The partnership deed provided for the following on the death of a partner. a) Goodwill of the firm is valued at two years purchase of average profits for the last three years, which were 90,000, b) B's share of the profit from the closure of the last accounting year till the date of his death on the basis of the profit percentage of the preceding Year. Sales for year ended 31st March 23 amounted to 9,00,000and that from first April to 30th June 2023 € 5,40,000. The profit for the year ended, 31 March 2023, was %2,50,000. ¢) Interest on capital was to be provided at the rate of 8% per annum.8’s capital a/c balance on 1.4.23 was %1,20,000, Prepare B's capital account to be rendered to his executors. OR ‘Ani Varun and Charu were partners ina firm sharing profits and losses in the io of 3:2:1.Charu retired from partnership on 31 March 2023. Capital stood at atthe goodwill should be valued at $18,000, but '@ of the assets and liabilities was a reasonable estimate of 00k value €5000 an Artur from partnership Charu took with her @ car Varun agreed tra gn era oie office Furniture book value €2000. Amit and You aerecui cnn eiture shouldbe retirement git for her Of the above s+” P28 the journal entries in the books of the firm to give effect ‘ngements and transfer the capital account to her loan account 517,500. It was agreed th; ‘otherwise the book valu ‘the current value. On hy033. (3) Rs 18, nexus Limited purchased assets . ; 00,000 and took over liabilities of Zen Limited for # ae Consideration of Rs 15,00,000. Nexus Limited paid ha the amount by sue of equity shares of Rs 100 each at lance half By issuing 10% Debentures of Rs 100 each le at a premium ol transactions in the books of Nexus Limited. pass journal entries for the above (3) ‘Ashoka Limited an unlisted interior designing company, has 3000 ; 10% tanding as on 31st March 2022. Rs 100 each outs! due for redemption on 31st March 2023 at a premium of eserve account has balance of Rs 30,000 on 31st pass journal entries for redemption of serve (Ignore Debenture debentures of These debentures are 410%. Debenture Redemption March, 2022. You are required to debentures and closure of Debenture Redemption Re: redemption investment). 10% debentures of company issued 15000; min three yearly an unlisted construction Covit Limited 2019, redeemable at 5% prem jas 100 each at par on 1st Apr installments by draw of lots as follows: 1s to be Redeemed Date of redemption Debentures ‘on 31st March 2021 3000 Debentures on 31st March 2022 6000 Debentures On 31st March 2023 6000 Debentures You are required to prepare: a) Debenture Redemption Investment Account for the ear 2021- 2022 and 2022 -2023 for the year 2021-22 b)10% Debentures Account and Debenture holders Account(3) Qs5 The following particular rs are ess carried on by a ae available in respect of @ busin y 000 2 ee 2021- °60,000; 2022- ¥54,000: 2023-862) Profit fo eee bby 6000 due to stock destroyed by fire and profit c) The closing stock 57022 a ea ee of 2022 has been undervalued by %12,000 n to the manager, not taken into consideration in the calculation of profits is ¥24,000 per annum You are required to compute the value of goodwill on th purchase of the average profits of the last three years. 1e basis of two years, Qsé (6) ler wok Limited was formed with an authorised capital of Rs 60,00,000 Wond: divided into 60,000 Equity shares of Rs 100 each. Ithad existing subscribed and fully paid 15,000 shares. During the year 2023-24 the company: +00 Equity shares to the Public on which tll the date of the balanc e 2024, Rs 80 had been called-up. of Rs100 each at @ premium of 20% to Shiva Limited it a purchase consideration of Rs 5,40, Te ia 9 of B50,000to the underwriters, (a) Issued 10,0 sheet as at 31st Marc (b)Issued Equity shares whom it purchased machinery a (c) Paid underwriting Commissio! of Rs 6,50,000- (a) incurred net loss he Companies Act, 2013 you are required to: orplusin the Notes £0 the Accounts, : schedule It! oft vyad sub-heading Machinery will be shown in the Bal le Balance (i) Show Reserves and (i) Under which needs f the company’ P sheet — the amount of Share capita inthe Balance Sheet ofthe compa (iii) SHO arch 2024- (Also Notes to Accounts for share Hd ny -apital) prepare’ as at 31st As perQs7 Aand B were partners in a firm sharing Profits inthe rat (6) : ratio of 3: 2023 their Balance sheet was as follows: © of 3:2.0n 31st March, meee Liabilities Rs assets Rs Creditors 82,000 Bank General reserve 3000 Debtors aoe Investment fluctuation reserve | 800 i foam Capital €SS provision 200 20,000 A 18,000 sa 15,000 B 12,000 Building 55,000 Investments (market value 4000 33500) 1,15,800 1,15,800 They admitted C as a new partner on 1 April 2023, and the new profit sharing ratio became 5:3:2. C introduces a capital of ¥16,000. He was unable to bring any cash for goodwill, and so it was decided to value the goodwill on the basis of his share in the profits and the capital contributed by him. The following revaluation were made at the time of C’s admission: a) Stock has been overvalued by 8750 b) Provision for doubtful debts to be increased by 100 c) Acreditor of 82350 was paid by B privately, for which no anny wi peel in the books of the firm. i it and balance sheet Prepare the revaluation account and partners, capital accoun' of the new firm. OR 124, They admitted Yug.as 2 Me gr cucnme eee ea gee were £69,900. partner for 1/4th. share in profits. On that date,thye ret son ae ee ind oun oe ee .d by %2000 ané-plant building .it was agreed that stock be 42°7°°" ie and Land and and machinery by 20%. % 5000 to be written off 95 © see sino dig not to be building to be appreciated by 259%, The general '@* ere ea distributed . The following is the capital account iMPartner’s Capital a/c Particular | Mayur | Ved Yug Particular Mayur [Ved [vg ToBalc/d | 172000 | 132000 | 200000 | ay Bal b/d 120000 | 80000 ay Bank 200000 By Premium for Goodwill 45000 45000 By Y's Current 2500 | 2500 By Revaluation | 4500. | 4500 172000 | 132000 200000 172000 132000 | 200000 Prepare balance sheet as on Ist.April 24 after the reconstitution of the firm. Qs8 Arun,Tarun and Varun share profits in the ratio of 2: balance sheet was as follows: (6) On 31st March 2023 the liabilities x assets x Creditors 50,000 | Cash 30,000 Bills payable 30,000 Debtors 50,000 Provident fund 20,000 Stock 36,000 Investment fluctuation reserve | 8000 Investment 20,000 Commission received in 12,000 Plant 90,000 advance Profit & loss account 34,000 Capital Arun 50,000 Tarun 60,000 Varun 30,000 2,60,000 2,60,000 On this date, the firm dissolved, Arun was appointed to realise the assets. Arun ‘wants to receive 5% commission on the sale of assets and wants to bear all expenses of realisation. Arun realised the assets as follows.: Stock %36,000, Debtors %45,000, investments 80% of book value, plant %65,500,4 to 8550, Expenses of realisation eae 3 Commission received in advance was returned to the customer after 8 X4000. The firm had to pay %8000 for unrecorded liability. ot, Prepare realisation account and ParNers capital account. Qs9 4 (10) The capital Accounts of, ‘Adarsh and Amit showed a balance of %8,00,000 and £600,000 after taking into account Drawings and net proftof%4,00,000. the drawings during the 2024-25 were: a) Adarsh withdraws %20,000 at the end of each quarter. b) Amit drawing were 31-5.24-16,000; 1.11,24-R14000; 1.2.25-10,000 Interest on capital @ 10% per; interest On drawings@ 6% per annum and salary to ‘Amit %11,050 has not been provided for. Pass the journal entries to rectify the errors. OR Ram, Shyam and Mohan are in partnership, sharing profits %, %, % Throughout the half year ended, 30 September 2024, the capital accounts have remained unchanged at 60,000, %40,000 and £30,000 respectively. The current account balances on 1 April 2024 were: Ram- %8550(Dr) ; Shyam- %6550(Dr.) ; Mohan-%12,000(Cr.) During the half year, Mohan withdrew %200 at the beginning of each month, Shyam withdrew $400 at the end of each month while Ram withdrew %1800 during the period of six months. Partnership deed provides that: a) Partners are allowed interest on capital@ 5% P.2 b) Partners are allowed or charged interest on current account @ 49% p.2- c) Interest on drawings @6% p.a. 4) Shyam is entitled to a salary of 8500 per month @) Mohan is entitled to a commission of 5% of net profits f)_ Ram is entitled to 2 commission of 5% of net profit after charging such commissionent prof of the firm was .d 30 September 2024" nd partners During the half year ende '=2,07,000 after charging Shyam's salary. fount a You are required to prepare profit and loss appropton 2° current account. as 10 uel Zodiac Limited issued 10,000 equity shares of ps 10each at @ premium of Rs 3 per share payable as follows: on application Rs 4 ‘nallotment Rs 5 (including premium) 000 shares on first call Rs 2 tions were received for 12 The balance as and when require allotment to al The company made pro rata Ilotted 900 shares paid the tot ‘One shareholder who was al with allotment while another ‘shareholder who had applied ot pay the allotment money and oP his subsequent failure to pay the first shares were forfeited. Of the forfeited shares, 800 shares were reissued at RS 7 per share as Rs 8 paid uP You are required to prepare {Share allotment account fi) Securit) jum account iii) Shares jy) €alls-in- arrear ac d. Applicat I the applicants. al outstanding amount for 1200 shares did call his y premit Forfeiture account count. OR fe ed applications for issuing Vasant Limited invit equity shares i com of Rs e issue was over ribed. The company allotted 10,000 sh 100 each. raking 2 Pro 3? allotment in the ratio of 5:4 ares to all the jue of the shares was payable in three instalment: given above and the following aa s of Ledger rte nk column) answer © duestior low eet Bank column) th ns that follow: Th applicants 10i) (EXT si BOOK (BANK COLUMN) (EXTRACT) | i Rs [eeeecccesnnceo 325000 | By Share appl 12500 share application A/C re application char atimer (opieston for 00 shares were rejected) By Balance b/d {seer ameiieseeee or ‘SHARE CAPITAL ACCOUNT. cr Rs Rs By Share Application A/e — By Share allotment A/c 450000 By Share final call A/C -—— or CALLS -IN- ARREAR ACCOUNT, cr Rs Rs To Share allotment A/c 3100 i) What are the number of shares applied? (a) il) What is the amount payable per share with application ? a i) What isthe amount payable per share with first and final call? (1) iv)Vasant Limited didnot receive the allotment money and call money due from jount the shareholder Khushi who had applied for 100 shares What fs the arm received by Vasant Limited with allotment? (2) \) Vasant Ltd frfelted Khushi shares after the final call. It elssued 50% ofthe forfeited shares as fully paid up@ Rs120 per share. Give journal entries passed by the company for: a) Forfeiture these shares (2) b)Reissue of the forfeited shares: @) 1SECTION. (5) Qsi1 5 i) ‘L&T Limited to buy -back equity of rupees sooo crore’ (Source: The Economic Times 21 July ,2023) ‘the compan’ What impact it will have on Debt to Equity Ratio yy ifdebt to equity ratio is 1:1? a) increase b) decrease ¢) no effect d)None of these. i) Are ‘Assets purchased and consideration pid by issue of shares’ shown in the cash flow statement? Give reason in support of your answer. ii) Following figures have been extracted fromthe Balance sheet Of JK Tyres and Industries ‘As at 31st March,2024 (Rs in Cr) ig inventories of Rs 1396.54 cx) ee ey (Source: : urce: Web, Annual Reports) are required to calculate that short term Solvang tion of inventory. 'Y Ratio which is not Current Liabilities Current Assets ( Includin Yot relying upon the realisat tion(A) : comparative statement of profit andi. 5 items sis the vertical analysis tive statements Of profit and log, and expenses is analysed vertically for two or more. a item of revenue inthe context of the above 10 statements, which ofthe nting periods, 3) Both (A) anel(R) are tHe? Dut sno the corre OMINB Is correct? b) Both (A) and(R) are true and(R) is the correct one of (A) tion of(A) oth (A) andi) put(R) is true iv) Asset of revenue and expenst Reason(R) : In compara are false ¢) d) (A) is false, 12i sm The main object¥® of com resent the change al nancial soundness on size statement of profit an various items of income a d loss is not tO nd expenses f different enterprises of ther items oF p) Judge the relat ) Establish relationshiP petween revenue from operations re statement of prof and loss 4) Judge the cost tem Qs12. 7 prepare common size income statement from the following: 313.24 Revenue from operations 10,00,000 7,50,000 50% of Revenue 60% of Revenue from operations from operations Expenses interest on investments Rs 25,000 Gnd tax payable @40% for both the years. 513. io) From the following information of XYZ Limited, prepare Cash flow Statement for the year ended 31.3.23. Particulars | Bist March 23 31st March 22 ‘Trade receivables aventery’ 17,000 20,000. Prepaid expenses 25,000 30,000 Expenses outstanding 32,000 110,000 Provision for tax 000 7000 Cash 15,000 10,000 Furniture (book value) 64,000 75,000 General reserve 1,20,000 1,60,000 10% debentures 50,000 40,000 en 40,000 30,000 cena 60,000 70,000 nae aia account(Cr) 21,000 25,000 1,67,000 1,67,000. Additional information: \ a) Contingent liability Bist March 23st March 22 ' Proposed dividend 4000 5000 jon 3000) was sold b) A piece of furniture costing 830,000 {accumulated depreciati for 825,000 ¢) Tax of $8000 was paid d) Interim dividend of $4000 was paid e) The company paid %3000 as interest on Debentures oRay Read the following information of Ezee Ltd. and answer the questions that follow: Particulars 313.24 (Rs) 31,3.23(Rs) Building 1,90,000 200000 Machinery 169,000 150000 Inventories 74,000 Aabga Trade Receivables 64,200 730000 5000 Goodwill ee 8,600 Cash and Bank Balance a * 2,50,000 ——_____| Share Capital 2,00,000 (8 ee fom | General Reserve 50000, ae ae Loss 1600 Balance in Staternent of Profit as a 5 Bank Loan (Term Loan) ee 70000 Payables 150000 ey Provision for Tex 14‘Additional information: ast March 24 ing the Year amounted to Rs 23 000 During the year ended ui y were PUrchased for a consideration of Rs 50000 i) interim dividend paid dui of another compa" ii)Assets payable in shares Following assets Were purchased Inventory Rs 20 000; ‘Machinery Rs 25000 ;Goodwill Rs 5000 hased for Rs 8000 Rs 200 iii) Machinery was pure! iv) Depreciation on machinery Rs 12000 and loss on sale of machinery vjincome Tax provided during the year Rs 33000. a) What is the company's net profit before tax? a paid by the company during the year? (a) 5? (1) b) what amount of taxis operating profit before working capital change a ¢) State the amount of 4) state the amount of net cash flow from operating activities? ¢e) What is the net cash flow from or used in Investing activities? a ) What is the net cash flow from or used in Financing activities? ry (2+4) aia ceivable turnover ratio: i) From the following information, calculate trade re Credit revenue from operations 29,60,000 Gross Debtors =1,90,000 Bill receivable 350,000 Provision for doubtful debts 10,000 the following ratios ii) From the following information, calculate a) Interest coverage ratio : b) Proprietary ratio 15<2,00,000 Equity share capital 5% preference share capital 60,000 General reserve 21,20,000 Non-current assets 35,05,000 Current assets 21,20,000 Current liabilities 40,000 Loan @ 10% interest 35,00,000 Tax paid during the year 30,000 Profit for the current year after interest & tax 90,000 (This Question paper consists of 16 printed pages)