N.K.

BAGRODIA PUBLIC SCHOOL

PRE BOARD EXAMINATION, SESSION: 2024-25
CLASS: XII
SUB: ACCOUNTANCY
TIME: 3 HRS MAX. MARKS: 80
General Instructions:
1. This question paper contains 34 questions. All questions are compulsory.
2. This question paper is divided into two parts, Part A and B.
3. Question 1 to 16 and 27 to 30 carries 1 mark each.
4. Questions 17 to 20, 31 and 32 carries 3 marks each.
5. Questions from 21, 22 and 33 carries 4 marks each.
6. Questions from 23 to 26 and 34 carries 6 marks each.
7. There is no overall choice. However, an internal choice has been provided in 7
questions of one mark,
mark 2 questions of three marks,
marks 1 question of four marks and 2
questions of six marks.

Part A - Accounting for Partnership Firms and Companies

Q1. E, F and G are partners sharing profits in the ratio of 3:3:2. As per the 1
partnership agreement, G is to get a minimum amount of `80,000 as his share
of profits every year and any deficiency on this account is to be personally
borne by E. The net profit for the year ended 31st March, 2020 amounted to
`3,12 ,000. Calculate the amount of deficiency to be borne by E?
a) `1,000 b) `4,000 c) `8,000 d) ` 2,000

Q2. A and B are partners. The net divisible profit as per Profit and Loss 1
Appropriation A/c is ` 5,00,000. The total interest on partner’s drawing is
`8,000. A’s salary is `8,000 per quarter and B’s salary is `80,000 per annum.
Calculate the net profit/loss earned during the year.
a) ` 6,00,400 b) ` 6,04,000 c) ` 6,00,000 d) ` 6,40,000

Q3. A Ltd forfeited 4,000 shares of `20 each, fully called up, on which only 1
application money of `6 has been paid. Out of these 2,000 shares were
reissued and `8,000 has been transferred to capital reserve. Calculate the
rate at which these shares were reissued.
a) `20 Per share b) `18 Per share
c) `22 Per share d) `8 Per share

OR

Grab Ltd. issued 20,000, 9% debentures of `100 each at a discount of 5%

redeemable at the end of 5 years at a premium of 6%. For what amount Loss on
Issue of Debentures Account will be debited?
a) ` 1,00,000 b) ` 2,80,000
c) ` 1,20,000 d) ` 2,20,000

1
Q4. Kunal and Kusum were partners sharing profits and losses in the ratio 5:3. On 1st 1
April 2021 they admitted Kapil as a new partner and new ratio was decided as
3:2:1. Goodwill of the firm was valued as ` 3,60,000. Kapil could not bring any
amount of his share of goodwill. Amount of goodwill share to be credited to
Kunal’s Capital A/c and Kusum’s Capital A/c will be:

a) ` 37,500 and ` 22,500 respectively.

b) ` 30,000 and ` 30,000 respectively.
c) ` 36,000 and ` 24,000 respectively.
d) ` 45,000 and ` 15,000 respectively.

OR

A and B are partners. C is admitted for 1/4th share. On the date of admission,
the goodwill is calculated on the basis of capitalization of average actual profits
of the firm. The firm earns ` 1,10,000. Normal rate of return is 10%. The assets
of the firm amounted to ` 11,00,000 and liabilities to ` 1,00,000.
The value of goodwill by will be:

a) ` 2,00,000 b) `5,000 c) ` 10,000 d) ` 1,00,000

Q5. X, Y and Z were partners in a firm sharing profits and losses in the ratio of 2:2:1. 1
The capital balance were ` 1,50,000 for X, ` 1,20,000 for Y, ` 1,10,000 for Z. Y
decided to retire from the firm and balance in reserve on the date was ` 50,000.
If goodwill of the firm was valued at ` 60,000 and loss on revaluation was
`15,000 then, what amount will be payable to Y?

a) ` 38,000 b) ` 50,000 c) ` 1,58,000 d) ` 1,90,000

Q6. Aakriti Ltd. issued a prospectus inviting applications for 4,000 shares. 1
Applications were received for 6,000 shares and pro-rata allotment was made to
the applicants of 4,800 shares. If Dhruv has been allotted 80 shares, how many
shares he must have applied for?

a) 80 b) 96 c) 88 d) 104

OR

Viraj Ltd. issued 12,000 Equity Shares of ` 10 each at 10% premium. The Issue
was fully subscribed. Amount per share was payable as follows: On application
`3, on allotment `3 (including premium), On first call `3 and on final call ` 2.
Abhiraj, a holder of 400 shares paid the entire money along with allotment.

The amount received on allotment will be

a) `36,000 b) `38,000 c) ` 50,000 d) ` 42,000

2
Q7. A Ltd. issued ` 25,000 debentures for a loan of ` 15,000 as collateral security. 1
The journal entry for the issue of debentures as collateral security will be:

S. No Particulars LF Dr. (`) Cr (`)

A Bank A/c Dr 15,000
To Debentures A/c 15,000
B Debenture Suspense A/c Dr 15,000
To Debentures A/c 15,000
C Bank A/c Dr 25,000
To Debentures A/c 25,000
D Debenture Suspense A/c Dr 25,000
To Debentures A/c 25,000
Q8. Dissolution expenses to the extent of ` 15,000 were to be borne by partner Y 1
and the balance by the firm. Dissolution expenses amounted to ` 25,000. Entire
amount was paid by Y. The journal entry will be:

S. No Particulars LF Dr (`) Cr (`)

a) Realisation A/c Dr 15,000
To Bank A/c 15,000
b) Realisation A/c Dr 25,000
To Y’s Capital A/c 25,000
c) Realisation A/c Dr 10,000
To Y’s Capital A/c 10,000
d) Realisation A/c Dr 15,000
To Y’s Capital A/c 15,000

OR
On dissolution of a firm, its Balance Sheet revealed total creditors
`50,000; Total Capital `48,000; Cash Balance `3,000. Its assets were
realized at 12% less. Loss on realisation will be:
a) `6,000 b) `11,760
c) `11,400 d) `3,600

Q9. A, B and C are partners sharing profits and losses in the ratio 1:2:3. They have 1
omitted interest on capital @ 8% p.a. for two years ended 31st March 2023.
Their fixed capitals were ` 4,00,000, ` 6,00,000 and ` 8,00,000 respectively. The
necessary adjustment will be:

a) C’s Current A/c Dr 16,000

To A’s Current A/c 16,000
b) C’s Current A/c Dr 8,000
To A’s Current A/c 8,000
c) A’s Current A/c Dr 16,000
To C’s Current A/c 16,000
d) A’s Current A/c Dr 8,000
To C’s Current A/c 8,000

3
Q10. In the event of dissolution of a firm, Karan a partner, was to be given a 1
commission of 3% of the net cash realized on dissolution and he was to meet
all realization expenses. The cash realized from the sale of assets was
`38,000 and cash paid for liabilities amounted to ` 8,000 and actual
realization expenses were ` 3,700. The amount to be credited to Karan’s
Capital Account will be:
a) ` 900 b) ` 1,800 c) ` 2,040 d) ` 1,140
Q11. A and B are partners. A draws a fixed amount at the beginning of every 1
month. Interest on drawings is charged @8% p.a. At the end of the
year interest on A’s drawings amounts to ` 2,600. Monthly drawings of
A were:
a) `8,000 b) `60,000 c) `7,000 d) `5,000
Q12. Mohit had been allotted for 600 shares by a Govinda Ltd on pro rata 1
basis which had issued two shares for every three applied. He had paid
application money of `3 per share and could not pay allotment money of
`5 per share. First and final call of `2 per share was not yet made by the
company. His shares were forfeited. the following entry will be passed:

JOURNAL
Date Particulars LF Dr. (`) Cr (`)
Equity Share Capital A/c Dr X
To Forfeited Share A/c Y
To Equity Share Allotment A/c Z

Here X, Y and Z are:

a) `6,000; `2,700; `3,000 respectively.
b) `9,000; `2,700; `4,500 respectively.
c) `4,800; `2,700; `2,100 respectively.
d) `7,200; `2,700; `4,500 respectively.
Q13. Ferns Ltd took over business of Stem ltd and paid for it by issue of 1
30,000, Equity Shares of `100 each at a par along with 6% Preference
Shares of `1,00,00,000 at a premium of 5% and a cheque of `8,00,000.
What was the total agreed purchase consideration payable to Stem ltd.

a) `1,05,00,000 b) `1,43,00,000
c) `1,40,00,000 d) `1,35,00,000
Q14. A, S and P are partners in a firm sharing profits and losses in the ratio 1
of 2:2:1. On 1st April 2021, they decided to change their profit-
sharing ratio to 5:3:2. On that date, debit balance of Profit & Loss A/c
`30,000 appeared in the balance sheet and partners decided to pass
an adjusting entry for it. Which of the under mentioned options reflect
correct treatment for the above treatment?

JOURNAL
Date Particulars LF Dr. (`) Cr (`)
a) S’s Capital A/c Dr 3,000
To A’s Capital A/c 3,000
b) P’s Capital A/c Dr 3,000
To S’s Capital A/c 3,000

4
 c) S’s Capital A/c Dr 30,000
To A’s Capital A/c 30,000
d) S’s Capital A/c Dr 3,000
To A’s Capital A/c 2,000
To P’s Capital /c 1,000

Q15. At the time of reconstitution of a partnership firm, recording of an 1

unrecorded liability will lead to:

a) Gain to the existing partners

b) Loss to the existing partners
c) Neither gain nor loss to the existing partners
d) None of the above
OR

A, B and C were partners sharing profits and losses in the ratio 3:2:1. The firm
closes its books on 31st March every year. B died on 12th June 2021. On B’s
death, his share of profits till the date of death was to be calculated on the basis
of previous year’s profit which was ` 1,50,000. B’s share of profit on the date of
death will be:

a) ` 12,000 b) ` 10,000 c) ` 15,000 d) ` 11,000

Q16. A and B are partners sharing profits and losses in the ratio 3:2. C is admitted as 1
a partner and he takes ¼th of his share from A. B gives 3/16 from his share to
C. What is the share of C?

a) 1/4 b) 1/16 c) 1/6 d) 1/8

Q17. A, B and C were partners in a firm running a successful business of car 3

accessories. They had agreed to share profits and losses in the ratio of 1/2 : 1/3
: 1/6 respectively. B decided to retire due to old age and the A and C decided to
share future profits and losses in the ratio of 3:2. The accountant passed the
following journal entry for B’s share of goodwill and missed some information.
Fill in the missing figures in the following Journal entry and calculate the gaining
ratio.
JOURNAL
Date Particulars LF Dr (`) Cr (`)
A’s Capital A/c Dr
C’s Capital A/c Dr 42,000
To B’s Capital A/c

(Being C’s share of goodwill

debited to the accounts of
continuing partners in their profit
sharing ratio.)

5
Q18. A, B and C are partners sharing profit and losses in the ratio of 5:4:3. On 31st 3
March 2021 the Balance Sheet was as under:

Liabilities Amount (`) Assets Amount (`)

Creditors 24,000 Building 20,000
Machinery 30,000
Capital Accounts Stock 10,000
of: Patents 11,000
Debtors 8,000
A ` 30,000 Cash at Bank 9,000
B ` 25,000 Advertisement
C ` 15,000 70,000 Suspense 6,000
94,000 94,000

A died on 1st October 2021 and B and C decided to share future profits in the
ratio of 7:5. It was agreed between his executors and remaining partners that:
a) Goodwill of the firm was valued at ` 45,000.
b) There was no revaluation profit or loss.
c) Profits for the year 2021-22 be taken as having accrued at the same
rate as that of previous year that is ` 18,000.
d) Interest on capital is provided @10% p.a.
Prepare A’s Capital A/c as on 1st October 2021.
OR
A, B and C are partners sharing profits and losses equally. They agree to admit
D for equal share. For this purpose goodwill is to be valued at 3 years’
purchase of average profits of last 5 years which were as follows:

Year ending on 31.3.2018 60,000

Year ending on 31.3.2019 1,50,000
Year ending on 31.3.2020 (20,000)
Year ending on 31.3.2021 2,00,000
Year ending on 31.3.2022 1,85,000

On 1st October, 2021 a computer costing Rs.40,000 was purchased and

debited to office expenses account on which depreciation is to be charged
@25% p.a. by Straight line method. Calculate the value of goodwill. Also pass
the journal entry for treatment of Goodwill at the time of D’s admission.
Q19. Journalise the following transactions: 3
a) Mehar Ltd. issued ` 1,00,000, 12% Debentures of ` 100 each at a premium
of 5% redeemable at a premium of 2%.
b) 12 % Debentures were issued at a discount of 10% to a vendor of
Machinery for the payment of ` 9,00,000.
OR
X Ltd. forfeited 1000 shares of ` 10 each, ` 7 called up on which the shareholder
had paid application and allotment money of ` 5 per share. Out of these, 800
shares were re-issued to Y for ` 8 per share at ` 8 paid up per share. Record the
journal entries for forfeiture and reissue of shares by opening call in arrear, call
in advance account.
6
Q20. Sun and Kiran are partners sharing profits and losses equally. They decided to 3
dissolve their firm. Assets and Liabilities have been transferred to Realisation
Account. Pass necessary Journal entries for the following:
a) All partners are agreed that the process of realisation at the time
dissolution will be accomplished by Sun for which he will be paid `10,000
along with the amount of expense which amounted to 2% of total value
realised from the Assets on dissolution. Some assets were sold for Cash at
a cumulative Value of `12,00,000
12,00,000 and the remaining were taken over by
creditors at a valuation of `3,00,000.

b) Deferred Advertisement Expenditure A/c appeared in the books at

`28,000.

c) Out of the Stock of `1,20,000;

1,20,000; Kiran (a partner) took over 1/3 of the stock
at a discount of 25% and 50% of remaining stock was takent over by a
creditor of `30,000
30,000 in full settlement of his claim. Balance amount of stock
realized at `25,000.
25,000.

Q21. Nidhi Ltd. issued 2,000 Shares of ` 100 each. All the money was received except 4
on 200 shares on which only ` 90 per share were received. These shares were
forfeited and out of the forfeited shares 100 shares were reissued at ` 80 each
as fully paid up. Pass necessary journal
ournal entries for the above transactions and
prepare the Forfeited Share Account.

Q22. Khushboo, Leela and Meena were partners in a firm sharing profits in the ratio 4
of 5:3:2.Their Balance Sheet on March 31, 2015 was as follows:

Liabilities Assets

Creditors 70,000 Bank 44,000

Capitals: Debtors 24,000

Khushboo 90,000 Stock 60,000
Leela 56,000 Buildings 1,40,000
Meena 60,000 2,06,000 Profit & LossA/c 8,000

2,76,000 2,76,000

On April 1, 2015 Leela retired on the following terms:

a) Building was to be depreciated by 10,000.
b) A Provision of 5% was to be made on Debtors for doubtful debts.
c) Salary outstanding was 4,800.
d) Goodwill of the firm was valued at 1,40,000.
e) Leela was to be paid 20,800 through cheque and the balance was to
be paid in two equal quarterly installments (starting from June 30,
2015) along with interest @ 10% p.a.

Prepare Revaluation Account, Leela’s Capital Account and her Loan Account till
it is finally paid.
7
Q23. X, Y and Z are partners in 2:2:1. Following is their balance sheet: 6

Balance Sheet as at 31st March 2022

Liabilities Amount (`) Assets Amount (`)
S. Creditors 50,000 Cash at Bank 60,000
General Reserve 20,000 S. Debtors : 1,15,000 1,10,000
Capitals: Less: Prov. 5,000
X: ` 2,00,000 Stock 80,000
Y: ` 1,50,000 Furniture 40,000
Z: ` 1,00,000 4,50,000 Other Fixed Assets 2,00,000
Goodwill 30,000
5,20,000 5,20,000

On the above date X retired from the firm on the following conditions:
a) Goodwill of the firm is valued at ` 3,00,000.
b) Write off bad debts amounting to ` 15,000.
c) Depreciate furniture by 25%.
d) Other fixed assets revalued at ` 2,40,000.
e) Capital of the new firm after X's retirement was fixed at ` 1,50,000. It was
also decided to re-adjust the capital in new ratio by opening current
account.
Prepare Revaluation account and Partners’ capital account

OR
A, P and D are partners in a firm. On 1st April 2021 the balance in their capital
accounts stood at `8,00,000, `6,00,000 and `4,00,000 respectively. They shared
profits in the proportion of 5:3:2 respectively. Partners are entitled to interest
on capital @ 5% p.a. and Salary to P @ ` 3,000 p.m. and commission of ` 12,000
to D as per the provisions of partnership deed.
A's share of profit, excluding interest on capital, is guaranteed at not less than
`25,000 p.a. P’s share of profit, including interest on capital but excluding
salary, is guaranteed at not less than `55,000 p.a. Any deficiency arising on that
account shall be met by D. The profits of the firm for the year ended 31st March
2022 amounted to ` 2,16,000. Prepare Profit and Loss Appropriation Account for
the year ended 31st March 2022.

Q24. A company offered 1,00,000 shares of ` 10 each payable as ` 3 on application, 6

`2.50 on allotment, ` 2.50 on 1st call and ` 2 on the final call.
The public applied for 1,52,000 shares. The shares were allotted on a pro-rata
basis to the applicants of 1,50,000 shares. All shareholders paid the allotment
money except one shareholder who was allotted 200 shares. These shares were
forfeited. The first call was made thereafter. The forfeited shares were re-issued
@ ` 9 per share ` 8 paid up. The final call was not yet made. You are required to
pass journal entries.

8
Q25. Hema and Garima were partners in a firm sharing profits in the ratio of 3:2. On 6
March 31, 2015, their Balance Sheet was as follows:

Liabilities Amount (`) Assets Amount (`)

Creditors 36,000 Bank 40,000
Garima’s Husband’s Loan 60,000 Debtors 76,000
Hema’s Loan 40,000 Stock 2,00,000
Capitals: Furniture 20,000
Hema 2,00,000 Leasehold Premises 1,00,000
Garima 1,00,000 3,00,000
4,36,000 4,36,000

On the above date the firm was dissolved. The various assets were realized and
liabilities were settled as under:
• Garima agreed to pay her husband’s loan.
• Leasehold Premises realized ` 1,50,000 and Debtors ` 2,000 less.
• Half the creditors agreed to accept furniture of the firm as full settlement
of their claim and remaining half agreed to accept 5% less.
• 50% Stock was taken over by Hema on cash payment of ` 90,000 and
remaining stock was sold for ` 94,000.
• Realisation expenses of ` 10,000 were paid by Garima on behalf of firm.
Pass necessary journal entries for the dissolution of the firm.
Q26. 6
Balance Sheet
(Extract of ABC Ltd as at 31.03.2024)
31.03.2024)
(as per schedule -III of Companies Act 2013)
Note no. 31.03.2023 (`) 31.03.2024 (`)
I-Equity & Liabilities

1.Shareholders’Funds
a).Share Capital 1 89,80,000 1,09,80,000
b). Reserves and Surplus
2 4,00,000 7,20,000

Note no.1 (For year ending 31.03.2024)

Share Capital
1). Authorised Share Capital
16,00,000 Equity Shares of `10 each 1,60,00,000

2). Issued Share Capital

11,00,000 Equity Shares of `10 each 1,10,00,000
(Out of these 80,000 shares were issued to the vendors as
consideration for Capital asset purchased)

9
 3). Subscribed Share Capital
a). Subscribed and Fully paid
` 10 per share on 10,90,000 Equity Shares 1,09,00,000

c) Subscribed and not Fully paid

` 10 per share on 10,000 Equity shares 1,00,000
Less not paid : `2 per share on 10,000
Equity shares -20,000
1,09,80,000

Note no. 1 (For year ending 31.03.2023)

Share Capital
1). Authorised Share Capital
16,00,000 Equity Shares of ` 10 each 1,60,00,000

2). Issued Share Capital

9,00,000 Equity Shares of ` 10 each 90,00,000

3). Subscribed Share Capital

a). Subscribed and Fully paid
` 10 per share on 8,90,000 Equity Shares 89,00,000

b). Subscribed and not Fully paid

` 10 per share on 10,000 Equity shares 1,00,000
Less not paid : Rs.2 per share on 10,000
Equity shares -20,000 89,80,000

Note no. 2 –Reserves and Surplus

31.03.2023(`) 31.03.2024(`)
Capital Reserve Nil 80,000
Securities Premium 4,00,000 6,40,000

During the year the company took over the business of P Ltd. With Assets of
` 24,00,000/- and Liabilities of ` 14,60,000. Purchase consideration was paid
in cash and by issue of equity shares at par. The entire transaction resulted
in Capital reserve of ` 80,000.

(i) What is the total face value of Shares issued by the Company during
the year 2023-24.
A). ` 20,00,000 B). ` 12,00,000
C). ` 19,00,000 D). ` 22,40,000

(ii) Shares issued for cash during the year were issued at ____ .
(assuming they were issued together)?
A). ` 10 B). `8 C). ` 12 D). ` 11.20

10
(iii) On April 1, 2024, the company forfeited all the defaulting shares. What
amount will appear in the Share Forfeiture account at the time of
forfeiture?
A). ` 80,000 B). `1,00,000
C). ` 20,000 D). ` 1,20,000

(iv) What will be the number of Issued shares, as on April 1, 2024, after the
forfeiture of these shares?
A). 10,90,000 shares B). 11,00,000 shares
C). 8,90,000 shares D). 10,10,000 shares

(v) If 4,000 of the forfeited shares were reissued at `14 per share, what will be
the amount of securities premium and Capital reserve respectively as on
April 1, 2024?
A). ` 6,40,000, ` 80,000 B). ` 6,56,000, ` 1,12,000
C). ` 6,56,000, ` 40,000 D). ` 6,40,000, ` 1,60,000

(vi) What will be the amount in the "Subscribed and Fully paid" after the reissue
of these 4000 shares?
A). ` 1,09,00,000 B). ` 1,10,00,000
C). ` 1,09,40,000 D). ` 1,09,60,000

OR

(i) N Ltd. took over business of A Ltd. on 1-04-2020. The details of the
agreement regarding the assets and liabilities to be taken over are:

Particulars Book Value (`) Agreed Value (`)

Building 20,00,000 35,00,000
Plant and Machinery 12,00,000 8,00,000
Stock 4,00,000 4,00,000
Trade Receivables 5,00,000 4,00,000
Creditors 2,00,000 3,00,000
Outstanding Expenses 50,000 1,00,000

It was decided to pay for purchase consideration as ` 7,00,000 through

cheque and balance by issue of 2,00,000, 9% Debentures of `20 each at a
premium of 25%. Journalize.

(ii) On April 1, 2019 Z Ltd. issued, 10,000, 8% Debentures of `100 each at

premium of 5%, to be redeemable at a premium of 10%, after 5 years. The
entire amount was payable on application. The issue was oversubscribed to
the extent of 10,000 debentures and the allotment was made
proportionately to all the applicants. The securities premium amount has
not been utilized for any other purpose during the year. Give journal entries
for the issue of debentures and writing off loss on issue of debentures.

11
 Part B : Analysis of Financial Statements

Q27. Which of the following is not the tool of financial statement analysis? 1
a) Ratio Analysis
b) Cash Flow Statement
c) Comparative Statement
d) Securities Analysis
OR
If the current liabilities are ` 1,20,000, Working capital ` 3,60,000 and Inventory
is ` 60000. Its quick ratio will be
(A) 3:1 (B) 3.5:1 (C) 4;1 (D) 1.5:1

Q28. A company has an operating cycle of eight months. It has accounts 1

receivables amounting to `1,00,000 out of which `60,000 have a
maturity period of 11 months. How would this information be presented
in the balance sheet?
(A) `40,000 as current assets and `60,000 as non-current assets.
(B) `60,000 as current assets and `40,000 as non-current assets.
(C) `1,00,000 as non-current assets.
(D) `1,00,000 as Current assets.

Q29. Which of the following is an Operating Activity for a finance company? 1

(a) Purchase of investment
(b) Dividend received
(c) Interest received on Loan
(d) All of these
OR
Paid `4,00,000 to acquire shares in RY Ltd. And received a dividend of `40,000
after acquisition. These transactions will result in:
a) cash used in investing activities `4,00,000
b) cash generated from financing activities ` 4,40,000
c) cash used in investing activities `3,60,000
d) cash generated from financing activities `3,60,000
Q30. Statement-
Statement-I: ‘Shree Ltd.’ was carrying on a business of packaging in Delhi and 1
earned good profits in the past years. The company wanted to expand its
business and required additional funds. To meet its requirements the
company issued equity shares of `30,00,000. It purchased a computerized
machine of `20,00,000. During the current year the Net Profit of the company
was `15,00,000. Cash flows from operating, investing and financing activities
from the above transactions will be `15,00,000: (`20,00,000); `30,00,000
respectively.
Statement-
Statement-II: The patents of X Ltd. increased from `3,00,000 in 2021-22 to
`3,50,000 in 2022-23. It will be taken as purchase of Patents of 50,000 and
will be shown under Cash outflow from Investing Activities.
a) Both the statements are true.
b) Both the statements are false.
c) Only Statement-I is true.
d) Only Statement-II is true.
12
Q31. Classify the following items under Major head and Sub head in the Balance 3
Sheet as per Schedule III of the Companies Act, 2013:

(i) Loose Tools

(ii) Unpaid Dividend
(iii) Copyright and Patents
(iv) Land and Building
(v) Outstanding Salaries
(vi) Capital Advances

Q32. Following is the statement of Profit and Loss of Sun India Ltd. for the year ended 3
31st March, 2023:

Particulars Note 31.3.2023 (`) 31.3.2022 (`)

No.
Revenue from 25,00,000 20,00,000
operations

Other Incomes 1,00,000 5,00,000

Employee benefits 15,60,000 12,50,000

expenses
10% of Employee 20% of Employee
Other Expenses Benefits Expenses Benefits Expenses

Tax Rate 50% 40%

You are required to prepare a Comparative Statement of Profit and Loss of Sun
India Ltd.

Q33. a) Calculate values of Opening and Closing Inventories from the following 4
information: Revenue from operations: ` 6,00,000; Gross Profit 25% of
Revenue from Operations. Inventory Turnover Ratio = 5 times. Closing
Inventory is `12,000 more than the opening Inventory.
b) Quick Assets `3,00,000, Inventory `80,000, Prepaid Expenses `20,000,
working capital ` 2,40,000. Calculate Current ratio.

OR

a) Revenue from operations: ` 4,50,000

Gross profit was 25% above cost
Opening inventory was ` 10,000 more than the closing inventory.
Inventory Turnover Ratio was 6 times.
Calculate the value of Opening Inventory and Closing Inventory from
the above information.

b) Net profit after interest and tax ` 1,00,000, Current Assets ` 4,00,000,
Current liabilities ` 2,00,000, Tax rate 20%, Non-Current assets
`6,00,000, 10% Long term debt ` 4,00,000. Calculate Return on
Investment.
13
Q34. Following is the Balance Sheet of Anu Ltd as at 31st March 2024 6

PARTICULARS NOTE 2023-

2023-24 2022--23
2022
No. ` `
EQUITY & LIABILITIES
Share holders’ Funds
Share Capital 15,00,000 14,00,000
Reserves & Surplus 1 2,50,000 1,10,000
Non-
Non-Current Liabilities
Long Term Borrowings 2,00,000 1,25,000
Current Liabilities
Short term borrowings 2 12,000 10,000
Trade Payables 15,000 83,000
Short term provisions 3 18,000 11,000
TOTAL 19,95,000 17,39,000
(1) Non-
Non-Current Assets
Fixed Assets 4 18,60,000 16,10,000
Tangible assets 5 50,000 30,000
Intangible assets
(2) Current Assets 8,000 5,000
Current Investments
Inventories 37,000 59,000
Trade Receivables 26,000 23,000
Cash & Cash Equivalents 14,000 12,000
TOTAL 19,95,000
19,95,000 17,39,000

Notes to Accounts
Note PARTICULARS 2023-
2023-24 2022--23
2022
No

1 Reserves and Surplus :-

Surplus (balance in Statement of 2,50,000 1,10,000
Profit and Loss)
2 Short Term Borrowings
Bank Overdraft 12,000 10,000
3 Short term provisions
Provision for Tax 18,000 11,000
4 Tangible Assets
Machinery 20,00,000 17,00,000
Accumulated Depreciation (1,40,000) (90,00)
18,60,000 16,10,000
5 Intangible Assets
Patents 50,000 30,000

Additional Information:
a) Tax paid during the year amounted to ` 16,000.
b) Machine with a net book value of ` 10,000 (Accumulated Depreciation
`40,000) was sold for ` 2,000.

14