Rajasthan Board 2020

Grade 12
Accountancy
Time: 3 ¼ Hours Max. Marks: 80
1. Why does interest on partners loan is not shown in profit and
loss appropriation account ? 1
2. What will be the entry for reducing the provision for bad-
debts at the time of admission of a partner ? 1
3. Write down the name of accounts in which general-reserve
transfer at the time of admission of a partner. 1
4. Som, Mangal and Yuvraj were partners sharing profit in the
ratio of 1/2, 3/10 and 1/5 Som retires from the firm. Calculate
the gain ratio. 1
5. At the time of dissolution of a firm a creditor ₹ 50,000 is
shown in the books is settled by typewriter ₹ 40,000 is not
shown in the books, write entry which is made it ? 1
6. Write down the name of methods write-off discount/loss on
issue of debentures by statement of profit and loss ? 1
7. In which rate, zero coupon rate debentures are issued? 1
8. State the maximum number of ventures in joint venture. 1
9. Pushpak, Pankaj and Ravi arc partners in sharing profit in the

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 ratio of 2 : 2 : 1. Ravi retires from the firm. The profit on
revaluation is ₹40,000. Amount of asset and liabilities arc
not to be changed. Pass journal entries of profit on
revaluation. 2
10. Kamlesh and Kishan are co-ventures in an underwriting
business. Each one keep record of all the transactions in their
books. Kishan sold the shares received from a company of
₹1,50,000 at ₹1,80,000. Give journal entries in the books of
both the parties for sold shares. 2
11. Distinguish between consignment and sale on the basis of
following points :
(i) Relation
(ii) Remuneration 2
12. A consignee sold goods of invoice price of ₹ 40,000 at
60,000. Which includes credit sales ₹ 18,000. The consignee
is entitled to a commission of 10% on invoice price and 25%
of the excess sale value over that. lie also receives 5% del
credere commission on credit value sale. Only ₹ 15,000 were
received from debtors. Prepare commission a/c in the book
of consignee ? 2
13. Write the name of the books kept for the purpose of finding
basic information in non-trading concern. 2
14. Write the following item in income and expenditure account

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 and in balance-sheet : Building fund 8,00,000; Expenses on
building ₹6,50,000; Environment fund ₹1,00,000; Expenses
on environment 1,20,000. 2
15. Arpita, Archita and Sunita are partners in a firm sharing
profit and losses in the ratio of 2 : 2 : 1. Their fixed capital
were ₹ 3,00,000; ₹ 2,00,000 and ₹ 1,00,000 respectively. For
the year ended 3151 March, 2019, interest on capital was
credited to them @ 10% per annum instead of 8% per annum.
Showing your working note clearly, pass necessary
adjustment journal entry. 4
16. Neha, Neeru and Shyamu were partners sharing profit and
losses in the ratio of 4 : 3 : 2. Neeru retired on 1" April,
2019. On the date their capitals after all such adjustments
stood at ₹ 3,93,000; ₹ 3,96,000; and ₹ 1,83,000. The entire
capital of the firm as newly constituted is fixed at ₹
5,60,900. Their new profit sharing ratio of 5 : 3. Calculate
actual cash to be paid off and to be brought in by the
remaining partners. 4
17. Rohit, Siddharth, Yash and Yashraj are partners in a firm
sharing profit in the ratio of 4 : 3 : 2 : 1. Their fixed capital
balances were ₹ 50,000 (Cr.); ₹ 40,000 (Cr.); ₹ 30,000 (Dr.)
and ₹ 20,000 (Dr.) respectively The firm dissolved on 31st
March, 2019 due to Yashraj become insolvent. Only ₹ 2,000
realised from Yashraj. Prepare partners' capital a/c, if Gamer
V/s. Murrey rules applies. 4

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18. Prepare a format of company’s statement of profit and loss
with main heading as per the Indian company Act, 2013
under Schedule III Part II. 4
19. Mahadev consigned 100 bales of cotton to Satyam at invoice
price of ₹1,000 per tale. Consignment expenses were ₹
10,000. 10 bales stolen in transit and the insurance company
accepted the claim amount of ₹ 8,000. Satyam received the
remaining bales and paid cart hire ₹2,000. 90 bales were
sold by Satyam @ 1,500 per bale. Prepare consignment
account at cost price, if goods consigned with cost plus 25%
on profit. 4
20. Write down the difference between joint venture and
partnership on the basis of following points:
(i) Objects
(ii) Registration
(iii) Member
(iv) Act 4
21. From the following information calculate the capital fund of
“Kiran Welfare Club”

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 Income and Expenditure Account
₹ ₹
To Salary By Rent
28,000 30,000 (including one month
(+) Outstanding advance of last year)
2,000 4,000 By subscription 24,000
To Depreciation 12,000 By Interest 36,000
(@ 10% on 22,000 (@ 10% on F.D.) 8,000
Furniture)
To
Advertisement
Exp.
To Surplus

68,000 68,000

Opening balances were:

Opening Cash Balance ₹ 22,000; Outstanding Salary ₹
8,000 ; Advance subscription ₹2,000. 4
22. Rohit and Rahul arc partners in a firm sharing profits in the
ratio of 7 : 3. Their balance sheet as on 31st March, 2019
was as follow :

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Liabilities ₹ Assets ₹
Creditor 60,000 Cash 36,000
General 10,000 Debtors
Reserve 46,000 44,000
Capital (-) PBD 50,000
Accounts: 90,000 2,000 30,000
Rohit – Stock
50,000 Plant
Rohit –
40,000
1,60,000 1,60,000

On 1st April, 2019 they admitted Bhavesh as a new partner

on the following terms :
(i) Bhavesh will bring ₹ 30,000 for his Capital and ₹ 10,000 for
premium.
(ii) 20% General Reserve will be transferred to provision for
bad-debt account.
(iii) Stock and Plant value reduced upto 60%.
(iv) New profit and losses ratio will be 21 : 9 : 10.
(v) The capital of old-partner are also to be adjusted according
to new partner capital. Prepare Revaluation account and
partner's capital accounts.
OR

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 On 1-4-2019 x, y and z are partners sharing profit and
losses in the ratio of 2 : 2 : 1. They had a joint life
insurance policy of ? 2,40,000 and the annual premium of Z
8,000 has been charged to Profit and Loss account every
year. Account were closed on 31' March annually. z died
on 15' August, 2019. Besides his capital and insurance
money z's Legal representatives are entitled to :
(i) Interest on Capital at 10% per annum upto the date of
death.
(ii) Partner's share in profit based on average profit of last
four completed year.
(iii) partner share in goodwill (premium), which is to be
calculated at three years of purchase of average profit
of the last four years.
(iv) z's Capital on 1s' April, 2019 at ₹ 3,60,000 and his
drawings from the date to the death amounted to ₹
22.000.
(v) Profit and Loss for last four years were ₹ 60,000; ₹
1,12,000; ₹ 20,000 (loss) and ₹ 1,36,000 respectively.
Prepare Legal representative's account of z. 6
23. Asha Ltd. issued 10,000 equity shares of ₹ 100 each at 10%
premium, payable as follow : 40 on application (including
premium), ₹40 on allotment and ₹30 on call. Application

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 were received for 9,500 shares and full allotment was made.
Komal holding 300 shares failed to paid allotment and call
money. Another shareholder Raj holding 200 shares paid
call money with allotment in advance. Pass necessary
journal entries. 6
SECTION – B
24. Write down the name of item which is taken as 100 in
common size statement of Profit and loss (income) 1
25. What will be the operating profit ratio, if operation ratio is
87.5%? 1
26. What is trend-analysis and write down the name of its
methods. 2
27. Current ration of a company is 4:1 and working capital is
₹ 75,000. Calculate the amount of Current Assets and
Current Labilities. 2
28. What is window – dressing in ethics ? Write down any three
examples of its. 4
29. Fill the black the following information for common-size
Balance Sheet : 4

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Particulars Note Absolute Amount % of Balance
No. Sheet Total
(A) Equities & 2018(₹) 2019(₹) % for % for
Liabilites : 2018 2019
Equity Share 3,00,000. ………… 60.00 40.00
Capital Res. & ………… 1,95,000 ………. ………
Surplus Current ……….. …………. 20.00 ……….
Liabilities 50,00,000 6,50,000 100.00 100.00
Total: 2,00,000 …………. ………... 50.00
(B) Assets: ……………. 2,62,000 30.00 ………
Fixed Assets 1,50,000 ………….. ………… ………
Investment
Current Assets ……………. 6,50,000 ………… 100.00
Total:

30. Following are the information of Shree Sanwaliya Ltd :

Equity Share Capital 40,00,000
Capital Reserve 4,00,000
10% Debenture 16,00,000
Net Sales 28,00,000
Gross Profit 16,00,000
Selling Expenses 2,00,000
Current Assets 4,00,000
Current Liabilities 3,00,000

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 Closing Stock is 20% excess on Opening Stock
Opening Stock 50,000
Calculate the following rations:
(i) Liquidity ratio
(ii) Proprietary ratio
(iii) Operating ratio
(iv) Stock Turnover ratio
OR
(i) Calculate the Rate of Return on investments and "Debt-
Equity ratio" from following information :
Net Profit (after interest and tax) ₹ 3,50,000
10% Debentures ₹ 5,00,000
Tax Rate 50%
Capital employed ₹40,00,000
(ii) Calculate the amount of opening and closing inventory
(stock) from the following
Information:
Total Sales ₹ 12,00,000; Gross Profit 1/3 of cost; Stock turnover
ratio - times;
Closing Stock is ₹ 24,000 excess over the Opening Stock. 6

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