CBSE Class 12 Accountancy Solved Query (Paper-67/2/1-2020)

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ACCOUNTANCY
Class 12

Time Allowed : 3 Hours
Most Marks : 80
Paper Code : 67/2/1(CBSE 2020)

Normal Directions :

Learn the next directions very fastidiously and strictly comply with them :

(i) This query paper contains two Components – A and B. There are 32 questions within the query paper. All questions are obligatory.

(ii) Half A is obligatory for all candidates.

(iii) Half B has two choices i.e. (1) Evaluation of Monetary Statements and (2) Computerized Accounting. You need to try solely one of the given choices.

(iv) Heading of the choice opted have to be written on the Reply-E book earlier than trying the questions of that exact OPTION.

(v) Query nos. 1 to 13 and 23 to 29 are very brief reply sort questions carrying 1 mark every.

(vi) Query nos. 14 and 30 are brief reply sort–I questions carrying 3 marks every.

(vii) Query nos. 15 to 18 and 31 are brief reply sort–II questions carrying 4 marks every.

(viii) Query nos. 19, 20, and 32 are lengthy reply sort–I questions carrying 6 marks every.

(ix) Query nos. 21 and 22 are lengthy reply sort–II questions carrying 8 marks every.

(x) Solutions ought to be transient and to the purpose. The reply of every half ought to be written at one place.

(xi) There isn’t a general selection. Nevertheless, an inside selection has been supplied in 2 questions of three marks, 2 questions of 4 marks, 1 query of six marks, and 2 questions of eight marks. You need to try just one ofthe selections in such questions.

(xii) Nevertheless, separate directions are given with every half and query, wherever vital.

PART A

(Accounting for Not-for-Revenue Organizations, Partnership Companies and Corporations)

1. Srishti, Nitya and Anand have been companions in a agency sharing income and losses within the ratio of three : 2 : 1. Srishti retired from the agency promoting her share of income to Nitya and Anand within the ratio of two : 1. The brand new revenue sharing ratio between Nitya and Anand might be:

(A) 3 : 2

(B) 17 : 11

(C) 2 : 1

(D) 19 : 11

Reply: (C) 2 : 1

Clarification:

Previous Ratio = 3 : 2 : 1

Buying Ratio of Nitya and Anand = 2 : 1

Share Acquired by Nitya = frac{3}{6}timesfrac{2}{3}=frac{1}{3}

Share Acquired By Anand = frac{3}{6}timesfrac{1}{3}=frac{1}{6}

New Share of Nitya = frac{2}{6}+frac{1}{3}=frac{2}{3}

New Share of Anand = frac{1}{6}+frac{1}{6}=frac{1}{3}

2. Which of the next is NOT a income receipt?

(A) Donations for Match

(B) Authorities Grants

(C) Subscriptions

(D) Entrance Charges

Reply: (A) Donations for Match

3. Nominal share capital is: 

(A) That a part of authorised capital which is issued by the corporate.

(B) The quantity of capital which is definitely utilized by potential shareholders. 

(C) The quantity of capital which is paid by the shareholders.

(D) The utmost quantity of share capital that an organization is authorised to concern.

Reply: (D) The utmost quantity of share capital that an organization is authorised to concern.

4. Aditya and Shiv have been companions in a agency with capitals of ₹ 3,00,000 and ₹ 2,00,000, respectively. Naina was admitted as a brand new companion for frac{1}{4}th     share within the income of the agency. Naina introduced ₹ 1,20,000 for her share of goodwill premium and ₹ 2,40,000 for her capital. The quantity of goodwill premium credited to Aditya might be: 

(A) ₹ 40,000

(B) ₹ 30,000

(C) ₹ 72,000

(D) ₹ 60,000

Reply: (D) ₹ 60,000

Clarification:

Query is silent relating to the Previous profit-sharing ratio, so it assumed that Previous Ratio is 1 : 1.

For the reason that share of a brand new companion is given, however no details about the sacrificing ratio of outdated companions is given, it’s assumed that the brand new companion has acquired the share from the outdated companions of their outdated profit-sharing ratio ,i.e., 1 : 1. 

Subsequently, the Premium for Goodwill is distributed equally between Aditya and Shiv,i.e., frac{1,20,000}{2}=₹60,000

5. Distinguish between Revenue and Expenditure Account and Receipts and Funds Account on the premise of ‘Nature of things’.

Reply:  Revenue and Expenditure Account data solely gadgets of Income nature, whereas the Receipts and Funds Account data gadgets of each Capital and Income nature.

6. Vidit and Seema have been companions in a agency sharing income and losses within the ratio of three : 2. Their capitals have been ₹ 1,20,000 and ₹ 2,40,000 respectively. They have been entitled to curiosity on capitals @ 10% p.a. The agency earned a revenue of ₹ 18,000 in the course of the yr. The curiosity on Vidit’s capital might be: 

(A) ₹ 12,000

(B) ₹ 10,800

(C) ₹ 7,200

(D) ₹ 6,000

Reply: (D) ₹ 6,000

Clarification:

Curiosity on Capital of Vidit = 1,20,000timesfrac{10}{100}=₹12,000

Curiosity on Capital of Seema = 2,40,000timesfrac{10}{100}=₹24,000

Whole Curiosity on Capital of each the companions,i.e., ₹ 36,000 is greater than the revenue earned by the agency ,i.e.,₹ 18,000, subsequently Curiosity is allowed solely to the extent of revenue within the ratio of curiosity on capital of every companions,i.e., 1 : 2.

Now, Curiosity on Capital of Vidit = 18,000timesfrac{1}{3}=₹6,000

7. On the time of admission of a brand new companion within the agency, the brand new companion compensates the outdated companions for his or her lack of share within the super-profits of the agency for which he brings in a further quantity which is named ___________ .

Reply: Premium for Goodwill.

8. Pragya Ltd. forfeited 8,000 fairness shares of ₹ 100 every issued at a premium of 10% for non-payment of first and last name of ₹ 30 per share. The utmost quantity of low cost at which these shares may be reissued might be:

(A) ₹ 80,000

(B) ₹ 3,20,000

(C) ₹ 5,60,000

(D) ₹ 2,40,000

Reply: (C) ₹ 5,60,000

Clarification:

Steadiness within the forfeiture Account = 8,000times70=₹5,60,000

The utmost quantity of low cost on re-issue may be supplied as much as an lengthen of quantity within the forfeiture Account.

9. What is supposed by ‘Concern of Debentures as a Collateral Safety’?

Reply: ‘Concern of Debentures as a Collateral Safety’ implies that firm issued debentures as secondary securities in opposition to the mortgage taken by the corporate.

10. Utsav Ltd. determined to redeem its 4,000, 9% Debentures of ₹ 100 every which have been issued at a reduction of 8%, and have been redeemable at a premium of 10%. The quantity transferred to Debenture Redemption Reserve might be:

(A) ₹ 4,00,000

(B) ₹ 2,00,000

(C) ₹ 1,10,000

(D) ₹ 1,00,000

Reply: (D) ₹ 1,00,000

Clarification:

As per SEBI Guildlines, an organization shall create DRR equal to 25% of the quantity of debtentures issued earlier than beginning the redemption course of.

Subsequently, on this query quantity transferred to Debenture Redemption Reserve = 25% of 4,00,000 = ₹ 1,00,000.

11. ‘Curiosity paid on debentures is a cost in opposition to the income of the corporate.’ Is that this assertion right? Give cause in assist of your reply. 

Reply: Sure, as a result of Curiosity on debentures must be paid even within the case of loss incurred by the corporate.

12. From the given extracts obtained from the Receipts and Funds Account of Cheema Membership for the yr ended thirty first March, 2019 and extra info, calculate the quantity of subscription in arrears as on thirty first March, 2019.

 

Further Info :

The Membership had 130 members paying an annual subscription of ₹ 1,000 every. Subscriptions in arrears at the start of the yr have been ₹ 16,000. 10 members paid subscriptions for 2018-19 in 2017-18.

Reply:

 

Clarification:

Subscription to be acquired in 2018-19 = 1,30,000

Much less: Subscription truly acquired in 2018-19 = 1,20,000

Much less: Subscription in Advance = 10,000

So, there is no such thing as a arrear for the subscription of 2018-19

13. The administrators of Axim Ltd. forfeited 20,000 fairness shares of ₹ 10 every, ₹ 8 per share referred to as up for non-payment of first name of ₹ 2 per share. Closing name of ₹ 2 per share has not been but referred to as. Half of the forfeited shares have been reissued as totally paid up for ₹ 15 per share. The quantity transferred to Capital Reserve might be:

(A) ₹ 2,00,000

(B) ₹ 1,20,000

(C) ₹ 60,000

(D) ₹ 40,000

Reply: (C) ₹ 60,000

Clarification: 

Whole quantity in forfeiture account= 20,000times6=₹1,20,000

No. of shares re-issued = 10,000. So, Amunt to be transferred to Capital Account = 10,000times6=₹60,000

14. How will the next info of Royal Sports activities Membership be introduced within the Revenue and Expenditure Account for the yr ended thirty first March, 2019 and its Steadiness Sheet as on that date?

 

Reply:

 

 

Clarification:

Match Bills exceed the stability within the Match Fund by ₹ 30,000, so this quantity is debited to Revenue and Expenditure A/c.
         

  OR

From the next particulars referring to Ganesh Charitable Society, put together a Receipts and Funds Account for the yr ending thirty first March, 2019:

 

Reply:

 

 

15. Yash and Karan have been companions in an inside designer agency. Their mounted capitals have been ₹ 6,00,000 and ₹ 4,00,000 respectively. There have been credit score balances of their present accounts of ₹  4,00,000 and ₹ 5,00,000, respectively. The agency had a stability of ₹ 1,00,000 in Normal Reserve. The agency didn’t have any legal responsibility. They admitted Radhika right into a partnership for frac{1}{4}      th share within the income of the agency. The common income of the agency for the final 5 years have been ₹ 5,00,000. Calculate the worth of goodwill of the agency by a capitalization of the typical income methodology. The conventional charge of return within the enterprise is 10%.

Reply:

Common Revenue = ₹ 5,00,000.

Capitalised Worth of the Common Revenue = 5,00,000timesfrac{100}{10}=₹50,00,000

Capital Employed = Capital and Present account balances of each the companions and Normal Reserve.

Capital Employed = 6,00,000 + 4,00,000 + 4,00,000 + 5,00,000 + 1,00,000 = ₹ 20,00,000

Goodwill = Capitalised Worth of the Common Revenue − Capital Employed (Web Belongings)

Goodwill = 50,00,000 − 20,00,000 = ₹30,00,000

OR

Samiksha, Ash, and Divya have been companions in a agency sharing income and losses within the ratio of 5 : 3 : 2. With impact from 1st April, 2019, they agreed to share future income and losses within the ratio of two : 5 : 3. Their Steadiness Sheet confirmed a debit stability of ₹ 50,000 within the Revenue and Loss Account and a stability of ₹ 40,000 within the Funding Fluctuation Fund. For this goal, it was agreed that :

(i) Goodwill of the agency is valued at ₹ 3,00,000.
(ii) Investments of the e book worth of ₹ 5,00,000 be valued at ₹ 4,80,000.

Cross the mandatory journal entries to document the above transactions within the books of the agency.

Reply:

 

Working Notice:

Calculation of Sacrificing/Gaining Ratio:

Samiksha: frac{5}{10}-frac{2}{10}=frac{3}{10}     (Sacrifice)

Ash: frac{3}{10}-frac{5}{10}=frac{2}{10}     (Acquire)

Divya: frac{2}{10}-frac{3}{10}=frac{1}{10}     (Acquire)

Goodwill to be introduced in =3,00,000timesfrac{3}{10}=90,000

Ash’s share of Goodwill = 90,000timesfrac{2}{3}= 60,000

Divya’s share of Goodwill = 90,000timesfrac{1}{3}= 30,000

16. The capital accounts of Alka and Archana confirmed credit score balances of ₹ 4,00,000 and ₹ 3,00,000 respectively, after making an allowance for drawings and web revenue of ₹ 2,00,000. The drawings of the companions in the course of the yr 2018-19 have been :

(i) Alka withdrew ₹ 10,000 on the finish of every quarter.

(ii) Archana’s drawings have been :

 

Calculate curiosity on companions’ capitals @ 10% p.a. and curiosity on companions’ drawings @ 6% p.a. for the yr ended thirty first March 2019.

Reply: 

Calculation of Opening Capital :

 

Curiosity on Capital:

Alka’s Curiosity on Capital: 3,40,000timesfrac{10}{100}=₹34,000

Archana’s Curiosity on Capital: 2,20,000timesfrac{10}{100}=₹22,000

Curiosity on Drawing:

Alka’s Whole Drawing = 10,000times4=₹40,000

Alka’s Curiosity on Drawing =frac{40,0000times6}{100}timesfrac{4.5}{12}=₹900

Archana’s Curiosity on Drawing:

 

Archana’s Curiosity on Drawing: 1,25,000timesfrac{6}{100}timesfrac{1}{12}=₹625

17. Naveen, Kavita and Vishesh have been companions in a agency sharing income and losses within the ratio of 5 : 4 : 1. Their Steadiness Sheet as at thirty first March, 2019 was as follows :

 

 

Naveen died on thirtieth June, 2019. Based on the partnership deed, along with the deceased companion’s capital, the executors are entitled to

(i) His share in income on the premise of common income of the final two years. The revenue for the yr 2017-18 was ₹ 50,000.

(ii) His share within the goodwill of the agency. Goodwill was to be calculated on the premise of two years’ buy of the typical income of the final two years. 

Naveen withdrew ₹60,000 on 1st June, 2019.

Put together Naveen’s Capital Account which is to be rendered to his executor.

Reply:

 

Working Notice:

1. Calculation of Gaining Ratio:

Previous Ratio = 5 : 4 : 1

New Ratio of Kavita and Vishesh = 4 : 1

Gaining Ratio of Kavita = frac{4}{5}-frac{4}{10}=frac{4}{10}

Gaining Ratio of Vishesh = frac{1}{5}-frac{1}{10}=frac{1}{10}

2. Calculating Revenue until the date of dying:

Common Revenue of final two years = frac{1,50,000+50,000}{2}=₹1,00,000

Naveen’s Share of revenue until June 30 = 1,00,000timesfrac{5}{10}timesfrac{3}{12}=₹12,500

3. Calculating Share of Goodwill of Naveen:

Worth of Goodwill = 1,00,000times2=₹2,00,000

Naveen Share of Goodwill = 2,00,000timesfrac{5}{10}=₹1,00,000

Goodwill payable by Kavita = 1,00,000timesfrac{4}{5}=₹80,000     

Goodwill payable by Vishesh = 1,00,000timesfrac{1}{5}=₹20,000

From the given Receipts and Funds Account and extra info of Premier Membership for the yr ended thirty first March, 2019, put together Revenue and Expenditure Account for the yr ended thirty first March, 2019 and Steadiness Sheet as on that date.

 

Further Info :

(i) On 1st April, 2018, the Membership had the next stability of belongings and liabilities :

Furnishings and Gear ₹ 1,80,000, Subscriptions in arrears ₹ 15,000, and Excellent Wage ₹ 13,000.

(ii) Cost depreciation on Furnishings and Gear @ 10% p.a.

(iii) The Membership had 90 members, every paying an annual subscription of ₹ 1,000.

Reply:

 

 

Working Notes:

1. Steadiness Sheet (opening)

 

2. Calculation of Depreciation:

1 April’18 – 31 March’19: 1,80,000timesfrac{10}{100}=₹18,000                        

1 Oct’18 – 31 March’19:  1,00,000timesfrac{10}{100}=₹5,000

19. Simar, Raja and Rita have been companions in a agency sharing income and losses within the ratio of two : 2 : 1. The agency was dissolved on thirty first March, 2019. After the switch of belongings (aside from money) and exterior liabilities to the Realization Account, the next transactions happened :

(i) A debtor whose debt of ₹ 90,000 had been written off as dangerous, paid ₹ 88,000 in full settlement.

(ii) Collectors to whom ₹ 1,21,000 have been as a consequence of be paid, accepted inventory at ₹ 71,000 and the stability was paid to them by a cheque.

(iii) Raja had given a mortgage to the agency of ₹ 18,000. He was paid ₹ 17,000 in full settlement of his mortgage.

(iv) Investments have been ₹ 53,000 out of which investments value ₹ 43,000 have been taken over by Simar at ₹ 52,000 and the stability of the investments have been bought for ₹ 12,000.

(v) Bills on dissolution amounted to ₹ 19,000 and the identical have been paid by the agency.

(vi) Revenue on dissolution amounted to ₹ 30,000.

Cross the mandatory journal entries for the above transactions within the books of the agency.

Reply:

 

20. (i) Kati Ltd. issued 8,000, 9% debentures of ₹ 100 every at a reduction of 10%. The complete quantity was payable on utility. Purposes have been acquired for 9,000 debentures and allotment was made on pro-rata foundation. 

Cross the mandatory journal entries for the above transactions within the books of Kati Ltd.

Reply:

 

(ii) Pivot Ltd. issued 40,000, 11% debentures of ₹ 100 every on 1st April, 2015. Half of the debentures have been due for redemption on thirty first March, 2019. The corporate determined to switch the minimal required quantity to Debenture Redemption Reserve on thirty first March, 2018 and invested the mandatory quantity in Debenture Redemption Investments on thirtieth April, 2018.

Cross the mandatory journal entries for Redemption of Debentures.

Reply:

 

OR

(i) Rama Ltd. took over the next belongings and liabilities of Krishna Ltd. on 1st April, 2019:

Land and Constructing : ₹50,00,000
Furnishings : ₹10,00,000
Inventory : ₹5,00,000
Collectors : ₹7,00,000

The acquisition consideration of ₹ 60,00,000 was paid by issuing 12% debentures of ₹ 100 every at a premium of 20%.

Cross the mandatory journal entries for the above within the books of Rama Ltd.

Reply:

 

(ii) On 1st April, 2018, Sakshi Ltd. issued 1,000, 11% Debentures of ₹ 100 every at a reduction of 6%, redeemable at a premium of 5% after three years. Cross the mandatory journal entries for the problem of debentures within the books of Sakshi Ltd.

Reply:

 

(iii) On 1st April, 2016, Canara Financial institution issued 5,000, 9% debentures of ₹ 100 every at a premium of 6%, redeemable on thirty first March, 2019, at a premium of 10%. The problem was totally subscribed.

Cross the mandatory journal entries for redemption of debentures within the books of Canara Financial institution.

Reply:

 

21. V.D. Ltd. invited functions for issuing 2,00,000 fairness shares of ₹ 10 every at a premium of ₹ 6 per share. The quantity per share was payable as follows :

On utility – ₹ 3 (together with premium ₹ 1)
On allotment – ₹ 7 (together with premium ₹ 5)
On first and last name – Steadiness quantity

Purposes have been acquired for two,50,000 shares. Candidates for 10,000 shares have been despatched letters of remorse and utility cash returned to them. Shares have been allotted to the remaining candidates on a pro-rata foundation. Cash overpaid on utility was adjusted in direction of the sums due on allotment. The corporate acquired all the cash due on allotment besides from Agam,who was allotted 1,000 shares. Her shares have been forfeited instantly after allotment. Afterwards, the primary and last name was made. Seema, the holder of two,000 shares, didn’t pay the primary and last name on her shares. Her shares have been additionally forfeited. 50% of the forfeited shares, every of Agam and Seema, have been reissued as totally paid-up @ ₹ 16 per share.

Cross the mandatory journal entries to document the above transactions within the books of V.D. Ltd. 

Reply:

 

Workings:

 

1. Calculating Agam’s Calls-in-Arrear:

 Agam from Class A didn’t pay Allotment cash:

No. of shares utilized  by him = x

No. of shares allotted to him = 1,000 shares

subsequently, x =frac{2,40,000times1,000}{2,00,000}=1,200     shares

Advance paid by him on the time of utility = 200times3=₹600

Quantity payable by him on allotment =1,000times7=₹7,000

so, Calls-in-Arrears of Agam=7,000−600 = ₹6,400.

2. Calculating Seema’s Calls-in-Arrear:

Calls-in-Arrears of Seema = 2,000times6=₹12,000

OR

Konark Ltd. invited functions for issuing 3,00,000 shares of ₹ 10 every. The quantity per share was payable as follows : ₹ 3 on utility, ₹ 3 on allotment, and ₹ 4 on first and last name. The corporate acquired functions for 4,00,000 shares. Allotment was accomplished as follows :

(i) Candidates of two,40,000 shares have been allotted 2,00,000 shares.
(ii) Candidates of 1,20,000 shares have been allotted 80,000 shares.
(iii) Remaining candidates have been allotted 20,000 shares.

Cash overpaid on functions was adjusted in direction of sums due on allotment. Divij, a shareholder, belonging to group (ii), who had utilized for six,000 shares, didn’t pay allotment and name cash. Faisal, one other shareholder, who was allotted 10,000 shares, paid the decision cash together with allotment. Faisal belonged to group (i). Divij’s shares have been forfeited after the primary and last name. Half of the forfeited shares have been reissued @ ₹ 10 per share totally paid.

Cross the mandatory journal entries to document the above transactions within the books of the corporate.

Reply:

 

Workings:

 

1. Calculating Divij’s Calls-in-Arrear:

Divij from Class (i) didn’t pay Allotment cash:

No. of shares utilized  by him = 6,000 shares

No. of shares allotted to him = x

subsequently, x = frac{6,000times80,000}{1,20,000}=4,000

Advance paid by him on the time of utility = 2,000times3=₹6,000

The precise quantity payable by him on allotment = 4,000times3=₹12,000

so, Calls-in-Arrears of Divij = 12,000−6,000 = ₹ 6,000.

2. Calls-in-Advance paid by Faisal = 10,000times4=₹40,000

22. Madhuri and Arsh have been companions in a agency sharing income and losses within the ratio of three : 1. Their Steadiness Sheet as at thirty first March, 2019, was as follows :

 

On 1st April, 2019, they admitted Jyoti right into a partnership for frac{1}{4}    th share within the income of the agency. Jyoti introduced proportionate capital and ₹40,000 as her share of the goodwill premium. The next phrases have been agreed upon :

(i) Provision for uncertain money owed was to be maintained at 10% on debtors.
(ii) Inventory was undervalued by ₹ 10,000.
(iii) An outdated buyer whose account was written off as dangerous, paid ₹ 15,000.
(iv) 20% of the investments have been taken over by Arsh at e book worth.
(v) Declare on account of workmen’s compensation amounted to ₹ 70,000.
(vi) Collectors included a sum of ₹ 27,000 which was not prone to be claimed.

Put together the Revaluation Account, Companions’ Capital Accounts, and the Steadiness Sheet of the reconstituted agency.

Reply:

 

 

 

Workings:

1. Calculation of Sacrificing Ratio:

 Sacrificing ratio of Madhuri = frac{3}{4}timesfrac{1}{4}=frac{3}{16}

 Sacrificing ratio of Arsh = frac{1}{4}timesfrac{1}{4}=frac{1}{16}

So, Sacrificing ratio of Madhuri and Arsh = 3 : 1

2. Calculation of Proportionate Capital of New Associate:

Adjusted Capital of Madhuri and Arsh = 3,60,000 + 1,98,000 = ₹5,58,000

Whole Capital of the New agency = 5,58,000timesfrac{4}{3}=₹7,44,000

Proportionate Capital of Joyti = 7,44,000timesfrac{1}{4}=₹1,86,000

OR

Anita, Gaurav and Sonu have been companions in a agency sharing income and losses in proportion to their capitals. Their Steadiness Sheet as at thirty first March, 2019 was as follows :

 

On the above date, Anita retired from the agency and the remaining companions determined to hold on the enterprise. It was agreed to revalue the belongings and reassess the liabilities as follows:

(i) Goodwill of the agency was valued at ₹ 3,00,000 and Anita’s share of goodwill was adjusted within the capital accounts of the remaining companions, Gaurav and Sonu.
(ii) Land and Constructing was to be introduced as much as 120% of its e book worth.
(iii) Dangerous money owed amounted to ₹ 20,000. A provision for uncertain money owed was to be maintained at 10% on debtors.
(iv) Market worth of investments was ₹ 1,10,000.
(v) ₹ 1,00,000 was paid instantly by cheque to Anita out of the quantity due and the stability was to be transferred to her mortgage account which was to be paid in two equal annual instalments together with curiosity @ 10% p.a.

Put together the Revaluation Account, Companions’ Capital Accounts and the Steadiness Sheet of the reconstituted agency on Anita’s retirement.

Reply:

 

 

 

Workings:

1. Calculation of New Ratio and Gaining Ratio:

New Ratio of Gaurav and Sonu = 2 : 1

Gaining Ratio of Gaurav frac{2}{3}-frac{2}{5}=frac{4}{15}

Gaining Ratio of Sonu = frac{1}{3}-frac{1}{5}=frac{2}{15}

Gaining Ratio of Gaurav and Sonu = 2 : 1

2. Calculation of worth of Debtors:

Debtors = 1,50,000 − 20,000 = ₹ 1,30,000

Creating Provision for Uncertain Money owed:

Provision for Uncertain Money owed = 1,30,000timesfrac{10}{100}=₹13,000

3. Calculation of Share of Goodwill of Anita:

Anita’s Share of Goodwill = 3,00,000timesfrac{2}{5}=₹1,20,000

Goodwill to be paid by Gaurav = 1,20,000timesfrac{2}{3}=₹80,000

Goodwill to be paid by Sonu = 1,20,000timesfrac{1}{3}=₹40,000

Notice:

 (a) Dangerous Money owed value ₹ 10,000 is adjusted in opposition to the Provision for Uncertain Money owed.

(b) Lower in worth of funding is adjusted in opposition to the Funding Fluctuation Fund. 

PART-B

OPTION 1
(Evaluation of Monetary Statements)

23. An funding usually qualifies as a money equal solely when it has a maturity of _________ months or much less from the date of acquisition. 

Reply: Three
 
24. X Ltd. bought furnishings for ₹ 20,00,000 paying 60% by concern of fairness shares of ₹ 10 every and the stability by a cheque. This transaction will end in: 

(A) Money utilized in investing actions ₹ 20,00,000.

(B) Money generated from financing actions ₹ 12,00,000.

(C) Enhance in money and money equivalents ₹ 8,00,000.

(D) Money utilized in investing actions ₹ 8,00,000.

Reply: (D) Money utilized in investing actions ₹ 8,00,000.

25. Which of the next is NOT a limitation of ‘Monetary Statements Evaluation’? 

(A) It’s affected by private bias.

(B) Inter-firm comparative examine attainable.

(C) Lack of qualitative evaluation.

(D) Ignores worth stage modifications.

Reply: (B) Inter-firm comparative examine attainable.

26. State the target of getting ready ‘Money Circulate Assertion’. 

Reply: The target of ‘Money Circulate Assertion’ is to determine the sources of receipts and funds of money and money equivalents of a enterprise from its working, investing and financing actions and to determine the online modifications in such money and money equivalents.

27. Below which of the next heads/subheads is ‘Forfeited Shares’ introduced within the Steadiness Sheet of an organization? 

(A) Reserves and Surplus

(B) Share Capital

(C) Different Lengthy-term Liabilities

(D) Different Present Liabilities

Reply: (B) Share Capital

28. Which of the next is NOT a subhead beneath the Present Belongings? 

(A) Money and Money Equivalents

(B) Emblems

(C) Brief-term Loans and Advances

(D) Inventories

Reply: (B) Emblems

29. What would be the impact of buy of products for money ₹ 3,000 on Gross Revenue Ratio? 

Reply: No Impact

Clarification:

The acquisition of products is added to price of excellent bought beneath the top Purchases, however identical worth of products are deducted from price of excellent bought as closing stock, so the online impact of buy on the Gross Revenue Ratio is nil.

30. From the next info obtained from the books of P. Ltd., calculate, (i) Return on Funding, and (ii) Debt Fairness Ratio:

Info: Web Revenue after curiosity and tax ₹ 6,00,000; 6% Debentures ₹ 10,00,000;

Capital employed ₹ 20,00,000, and Tax charge 40%.

Reply: 

1. Return~on~Investment=frac{Net~Profit~Before~Tax~and~Interest}{Capital~Employeed}times100

Web Revenue earlier than Tax = frac{6,00,000}{100-40}times100=₹10,00,000

Tax Payable = 10,00,000timesfrac{40}{100}=₹4,00,000

Web Revenue earlier than Tax and curiosity  = 6,00,000 + 4,00,000 + 60,000 = ₹10,60,000

Return on Funding = frac{10,60,000}{20,00,000}times100=53%

2. Debt-Fairness Ratio = frac{Debt}{Equity}

Fairness = Capital Employed – Debt

= 20,00,000 – 10,00,000

Fairness = ₹10,00,000

Debt-Fairness Ratio = frac{10,00,000}{10,00,000}=1:1

OR

(i) Present Liabilities ₹ 1,50,000, Present Belongings ₹ 2,80,000, Inventories ₹ 40,000, Advance Tax ₹ 30,000, and Pay as you go Hire ₹ 10,000. Calculate Fast Ratio.

Reply:

 Fast Ratio frac{LiquidAsset}{Cuurent Liabilities}

Liquid Asset = Present Belongings − Stock − Pay as you go Bills

Liquid Belongings = 2,80,000 − 40,000 − 40,000 = ₹ 2,00,000

Fast Ratio = frac{2,00,000}{1,50,000}     = 4:3 or 1.33:1

(ii) Common Stock ₹ 60,000, Income from Operations ₹ 6,00,000, the speed of Gross Loss on Gross sales is 10%. Calculate the Stock Turnover Ratio. 

Reply:

Stock Turnover Ratio = frac{Cost~of~Revenue~From~Operation}{Average~Inventory}

Value of Income from Operation = Gross sales + Gross Loss

Value of Income from Operation = 6,00,000+(6,00,000timesfrac{10}{100}) = 6,60,000

Stock Turnover Ratio = frac{6,60,000}{6,00,000}=11~times

31. From the next particulars obtained from the books of Mark Ltd., put together a Comparative Assertion of Revenue and Loss:

 

Reply:

 

OR

From the next Steadiness Sheet of Swaraj Ltd., as at thirty first March, 2019, put together a common-size Steadiness Sheet:

 

 

32. Money circulate from the working actions of Pinnacle Ltd. for the yr ended thirty first March, 2019 was ₹ 28,000. The Steadiness Sheet together with notes to accounts of Pinnacle Ltd. as at thirty first March, 2019 is given beneath :

 

 

You’re given the next extra info :

(i) A equipment of a e book worth of ₹ 90,000 (depreciation supplied thereon was ₹ 23,000), was bought at a revenue of ₹ 12,000.
(ii) 9% debentures have been issued on 1st April, 2018.
Put together the Money Circulate Assertion.

Reply:

 

Working Notes:

 

 

PART B

OPTION 2
(Computerised Accounting)

23. {Hardware} refers to: 

(A) System software program and utility software program.

(B) Laptop-associated peripherals and their community.

(C) A logical sequence of actions to carry out a process.

(D) All the above.

Reply: (B) Laptop-associated peripherals and their community.

24. To safeguard belongings and optimise using assets, a enterprise: 

(A) Retains inside controls.

(B) Solely tries to attain most income.

(C) Solely ensures correct accounting data.

(D) Solely safeguards belongings.

Reply: (A) Retains inside controls.

25. The existence of knowledge in a ‘main key’ area is: 

(A) Not essentially required.

(B) Required however needn’t be distinctive.

(C) Required and have to be distinctive.

(D) All the above.

Reply: (C) Required and have to be distinctive.

26. A ##### error seems when: 

(A) A unfavorable knowledge is used.

(B) Column shouldn’t be extensive sufficient.

(C) Destructive time is used.

(D) All the above.

Reply: (D) All the above.

27. The ___________ offers actual energy to database when it comes to its capacities to reply advanced requests involving knowledge to be taken from ___________tables. 

Reply: The Question offers actual energy to database when it comes to its capability to reply advanced requests involving knowledge to be taken from A number of tables.
 
28. A code which consists of alphabet or abbreviation as image to codify a chunk of data is named ___________ code. 

Reply:  A code which consists of alphabet or abbreviation as an emblem to codify a chunk of data is named Mnemonic code. 

29. A ___________ voucher is used for adjustment of non-cash transaction within the ledger.

Reply:  A Journal voucher is used for adjustment of non-cash transactions within the ledger.

30. What info is supplied by a wage invoice? 

Reply: A Wage Invoice offers the next info:

1. Info associated to Worker like Worker’s Identify, Quantity, Attendance, Designation and different particulars.

2. Dates of Pay Interval for which wage invoice has been generated.

3. Detailed details about Gross Wage and Web Wage (Exhibiting all of the deductions relevant).

4. Employer’s info like Identify and make contact with particulars, taxes particulars if any.

5. Particulars in regards to the Medical Advantages supplied to staff on month-to-month foundation.

6. Detailed details about the incentives, or bonuses supplied to staff as appreciation for a employee’s efforts.

OR

Record the varied attributes of a ‘payroll’ database.

Reply: The varied attributes of a ‘payroll’ database contains:

1. Worker particulars: Identify, Payroll Quantity, Designation, Location.

2. Working Hours: Payroll provides particulars of hours that the workers have labored to precisely calculate the wage.

3. Wage and wages: Payroll exhibits the wage and wages of the workers together with different advantages like incentives, medical advantages, and so forth.

4. Time-Off: Payroll retains a observe of leaves and holidays of staff.

5. Payroll Taxes: Taxes deducted from the wage and wages.
6. Gross and Web Wage: Payroll exhibits the gross wage and Take-House wage of the workers. 

31. Clarify ‘closing entry’ and ‘adjustment entry’ with the assistance of examples. 

Reply: 

The closing Entry is a journal entry handed for transferring the information of Trial Steadiness to the Buying and selling and Revenue and Loss Account.

Instance: Buy Return Account is closed by transferring the stability to the Buy Account.

 

An adjustment Entry is a journal entry handed on the finish of the accounting interval to have correct balances of the accounts.

Instance: Depreciation on Plant to be charged @ 10% every year. The adjustment entry at finish of the accounting interval shall be:

 

OR

Clarify any 4 benefits anticipated by the person for paying excessive worth for a selected server database. 

Reply: 

4 Benefits of a selected server database:

1. Scalability: Server database can retailer a considerable amount of knowledge and is, subsequently, appropriate for large-scale functions.

2. Efficiency: Server database is very environment friendly to deal with advanced queries and large-scale knowledge.

3. Safety: Server database ensures numerous safety measures like person authentication and encryption safety. and so on.

4. Flexibility: Server database present entry to knowledge from anyplace and anytime, offering flexibility to entry.

32. Tolga Ltd. has its places of work in Delhi and Chandigarh. HRA for Delhi is ₹ 25,000 and for Chandigarh is ₹ 20,000. DA is calculated on Primary Pay(BP) as 16% for BP ≤ ₹ 22,000 and 12% for BP ≥ ₹ 23,000. Normal variety of days are taken as 30 days per 30 days. Give the formulae and calculate the quantity of Gross Wage in Excel for the next staff:

(i) Purnima is working in Delhi workplace. Her Primary Pay is ₹ 40,000. She has availed 4 days of depart with out pay.

(ii) Prakash is working in Chandigarh workplace. His Primary Pay is ₹ 20,000. He didn’t take any depart.

Reply: 

Keys :

Worker Identify = A1 

HRA = B1 

Primary Pay = C1 

DA = D1 

Gross Wage = E1

1. Calculation of DA:

D1 =  If (C1 ≤ ₹22000, 16%, 12% ) * C1

D1 =  If (C1 ≥ ₹23000, 12%, 16% ) * C1

Purnima DA = ₹4,800

Gross Wage = Sum (B1,C1,D1) *frac{26}{30}

 = ₹60493/- 

2. Prakash DA = ₹3,200

Gross wage ₹42,200 

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