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Accountancy (12th)

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23 views

Accountancy (12th)

Uploaded by

ashisata555
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Accountancy (12th)

Time : 1 Hour 30 Munites Full Marks : 40

1) A, B and C are partners in a firm. Their capital balances as on 1.4.22 were ₹ 50,000, ₹ 60,000 and ₹
70,000 respectively. Marks : 4

Prepare Profit and Loss Appropriation A/c for the year ended 31.3.23 after considering the following
information :

a) Interest on capital @ 5% p.a.

b) C is entitled to get salary @ ₹ 1,500 p.m.

c) Net profit before charging above ₹ 51,000.

d) Partners will share profit or loss equally.

2) X and Y share profits and losses in the ratio of 3:2. Their balance sheet as at 31.3.22 was an under :
Marks : 10

Liabilities Amount(₹) Assets Amount(₹)

Capital A/c Building 80,000

X 60,000 Plant 60,000

Y 40,000 1,00,000 Stock 40,000

Reserve 80,000 Debtors 32,000

Creditors 35,000 ‌ Less : Provision 2,000 30,000

Bills payable 10,000 Cash at bank 15,000

2,25,000 2,25,000

On 1.4.23, Z is admitted in the firm for 1/5 th share in the business on the following terms:

a) Building to be valued at ₹ 1,00,000.

b) Plant to be reduced by ₹ 10,000.

c) Provision on debtors to be increased to ₹ 3,000

d) Stock to be reduced by 5%.

e) Z brings ₹ 10,000 for goodwill and 50% of the combined capital of X and Y after
adjustment as his capital.

f) The new profit sharing ratio after Z's admission will be 2:2:1.

Prepare : (I) Revaluation A/c; (II) Partner's Capital A/c; (III) Balance Sheet as on 1.4.23.

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3) P, Q and R were partners sharing profits and losses in the ratio 2:2:1. Their balance sheet
as at 31.12.2022 was as follows: Marks : 6

Liabilities Amount(₹) Assets Amount(₹)

Sundry Creditors 2,500 Cash 300

Bills payable 1,200 Debtors 2,000

Capital A/c Less : Provision 100 1,900

P 4,000 Closing Stock 3,000

Q 4,000 Furniture 1,000

R 3,000 15,000 Plant & Machinery 4,000

Reserve 1,500 Building 6,000

16,200 16,200

On 31.12.2022 Q retired. The term of retirement provided the following :

I) Goodwill of the firm is to be valued at ₹ 2,000

II) Furniture and Plant are to be depreciated by 20% and 10% respectively.

III) Stock and Building are to be appreciated by 20% and 10% respectively.

IV) Provision for doubtful debts is to be increased to ₹ 150.

V) The amount due to Q is to be transferred to saparate Loan A/c carrying internet @10%.

Show : Revaluation A/c , Partner's Capital A/c.

4) DK Co. Ltd. issued 10,000 shares of ₹ 25 each at a premium of 5 per share payable as
follows : Marks : 6

On application ₹ 5

On allotment ₹ 15 (including premium ₹ 5)

On 1st call ₹ 5

On final call ₹ 5

Applications were received for 12,000 shares. Excess application money will be adjusted
with allotment due. All money were received upto final call, expect one shareholder holding
1,000 shares failed to pay the final call money.

Pass Journal entries in the books of DK Co. Ltd.

5) Light Ltd. purchased the following assets from Black Ltd. : Marks : 4

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Plant & Machinery ₹ 2,00,000 ; Land & Building ₹ 5,00,000. Black Ltd. was paid for such
purchases ₹ 1,00,000 by bank cheque and the balance by issue of 10% debenture (face value
₹ 100) at 20% premium.

Pass necessary Journal entries in the books of Light Ltd.

6) Calculate Debtor's Turnover ratio and Gross Profit ratio from the following information :
Marks : 4

Total sales : ₹ 9,00,000

Opening Debtors : ₹ 1,20,000

Closing Debtors : ₹ 1,30,000

Sales return : ₹ 1,00,000

Cash sales : ₹ 2,50,000

Gross Profit : ₹ 1,80,000

7) From the following Balance Sheet of B Ltd. prepare a Cash Flow Statement for the year
ended 31.03.23. Marks : 6

Liabilities 31.03.22(₹) 31.03.23(₹) Assets 31.03.22(₹) 31.03.23(₹)

Share Capital 4,00,000 5,00,000 Tangible Assets 1,00,000 1,32,000

Profit and Loss A/c 20,000 46,000 Inventories 1,60,000 1,80,000

Creditors 40,000 30,000 Trade receivable 2,40,000 2,30,000

Outstanding exp. 8,000 10,000 Cash at bank 60,000 94,000

Provision for taxation 92,000 50,000 5,60,000 6,36,000

5,60,000 6,36,000

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