Wednesday, February 8, 2023
HomeSoftware DevelopmentCBSE Class 12 Accountancy Solved Query (Paper-67/2/1-2020)

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


ACCOUNTANCY
Class 12

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

Basic Directions :

Learn the next directions very rigorously and strictly observe them :

(i) This query paper includes 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 must try solely one of the given choices.

(iv) Heading of the choice opted should 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 quick reply sort questions carrying 1 mark every.

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

(vii) Query nos. 15 to 18 and 31 are quick 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 must be transient and to the purpose. The reply of every half must be written at one place.

(xi) There isn’t any total alternative. Nonetheless, an inside alternative has been offered in 2 questions of three marks, 2 questions of 4 marks, 1 query of six marks, and 2 questions of eight marks. You must try just one ofthe decisions in such questions.

(xii) Nonetheless, separate directions are given with every half and query, wherever essential.

PART A

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

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

(A) 3 : 2

(B) 17 : 11

(C) 2 : 1

(D) 19 : 11

Reply: (C) 2 : 1

Rationalization:

Outdated Ratio = 3 : 2 : 1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 associate for frac{1}{4}th     share within the earnings 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 shall be: 

(A) ₹ 40,000

(B) ₹ 30,000

(C) ₹ 72,000

(D) ₹ 60,000

Reply: (D) ₹ 60,000

Rationalization:

Query is silent concerning the Outdated profit-sharing ratio, so it assumed that Outdated Ratio is 1 : 1.

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

Due to this fact, 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 information solely objects of Income nature, whereas the Receipts and Funds Account information objects of each Capital and Income nature.

6. Vidit and Seema have been companions in a agency sharing earnings 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 through the 12 months. The curiosity on Vidit’s capital shall be: 

(A) ₹ 12,000

(B) ₹ 10,800

(C) ₹ 7,200

(D) ₹ 6,000

Reply: (D) ₹ 6,000

Rationalization:

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

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

Complete 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 associate within the agency, the brand new associate compensates the previous companions for his or her lack of share within the super-profits of the agency for which he brings in an extra 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 closing name of ₹ 30 per share. The utmost quantity of low cost at which these shares may be reissued shall be:

(A) ₹ 80,000

(B) ₹ 3,20,000

(C) ₹ 5,60,000

(D) ₹ 2,40,000

Reply: (C) ₹ 5,60,000

Rationalization:

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

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

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

Reply: ‘Difficulty of Debentures as a Collateral Safety’ signifies 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 shall be:

(A) ₹ 4,00,000

(B) ₹ 2,00,000

(C) ₹ 1,10,000

(D) ₹ 1,00,000

Reply: (D) ₹ 1,00,000

Rationalization:

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.

Due to this fact, 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 earnings of the corporate.’ Is that this assertion appropriate? 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 12 months ended thirty first March, 2019 and extra info, calculate the quantity of subscription in arrears as on thirty first March, 2019.

 

Extra Data :

The Membership had 130 members paying an annual subscription of ₹ 1,000 every. Subscriptions in arrears firstly of the 12 months have been ₹ 16,000. 10 members paid subscriptions for 2018-19 in 2017-18.

Reply:

 

Rationalization:

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

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

Much less: Subscription in Advance = 10,000

So, there isn’t any 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. Last name of ₹ 2 per share has not been but referred to as. Half of the forfeited shares have been reissued as absolutely paid up for ₹ 15 per share. The quantity transferred to Capital Reserve shall be:

(A) ₹ 2,00,000

(B) ₹ 1,20,000

(C) ₹ 60,000

(D) ₹ 40,000

Reply: (C) ₹ 60,000

Rationalization: 

Complete 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 offered within the Revenue and Expenditure Account for the 12 months ended thirty first March, 2019 and its Stability Sheet as on that date?

 

Reply:

 

 

Rationalization:

Match Bills exceed the steadiness 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 12 months ending thirty first March, 2019:

 

Reply:

 

 

15. Yash and Karan have been companions in an inside designer agency. Their fastened 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 steadiness of ₹ 1,00,000 in Basic Reserve. The agency didn’t have any legal responsibility. They admitted Radhika right into a partnership for frac{1}{4}      th share within the earnings of the agency. The typical earnings 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 common earnings methodology. The traditional price 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 Basic 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 earnings and losses within the ratio of 5 : 3 : 2. With impact from 1st April, 2019, they agreed to share future earnings and losses within the ratio of two : 5 : 3. Their Stability Sheet confirmed a debit steadiness of ₹ 50,000 within the Revenue and Loss Account and a steadiness 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 guide worth of ₹ 5,00,000 be valued at ₹ 4,80,000.

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

Reply:

 

Working Be aware:

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 taking into consideration drawings and web revenue of ₹ 2,00,000. The drawings of the companions through the 12 months 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 12 months 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 Complete 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 earnings and losses within the ratio of 5 : 4 : 1. Their Stability Sheet as at thirty first March, 2019 was as follows :

 

 

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

(i) His share in earnings on the premise of common earnings of the final two years. The revenue for the 12 months 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 common earnings 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 Be aware:

1. Calculation of Gaining Ratio:

Outdated 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 loss of life:

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 12 months ended thirty first March, 2019, put together Revenue and Expenditure Account for the 12 months ended thirty first March, 2019 and Stability Sheet as on that date.

 

Extra Data :

(i) On 1st April, 2018, the Membership had the next steadiness of property 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. Stability 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 earnings and losses within the ratio of two : 2 : 1. The agency was dissolved on thirty first March, 2019. After the switch of property (aside from money) and exterior liabilities to the Realization Account, the next transactions passed off :

(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 resulting from be paid, accepted inventory at ₹ 71,000 and the steadiness 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 steadiness of the investments have been offered 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 obtained 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 property 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 difficulty 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 difficulty was absolutely subscribed.

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

Reply:

 

21. V.D. Ltd. invited purposes 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 closing name – Stability quantity

Purposes have been obtained 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 the direction of the sums due on allotment. The corporate obtained 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 closing name was made. Seema, the holder of two,000 shares, didn’t pay the primary and closing name on her shares. Her shares have been additionally forfeited. 50% of the forfeited shares, every of Agam and Seema, have been reissued as absolutely paid-up @ ₹ 16 per share.

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

Reply:

 

Workings:

 

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

 Agam from Class A did not 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 purposes 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 closing name. The corporate obtained purposes 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 purposes was adjusted in the direction of sums due on allotment. Divij, a shareholder, belonging to group (ii), who had utilized for six,000 shares, did not 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 closing name. Half of the forfeited shares have been reissued @ ₹ 10 per share absolutely paid.

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

Reply:

 

Workings:

 

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

Divij from Class (i) did not 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 earnings and losses within the ratio of three : 1. Their Stability 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 earnings 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 previous buyer whose account was written off as dangerous, paid ₹ 15,000.
(iv) 20% of the investments have been taken over by Arsh at guide 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 Stability 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

Complete 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 earnings and losses in proportion to their capitals. Their Stability 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 property 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 guide 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 steadiness 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 Stability 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

Be aware:

 (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 steadiness 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) Improve 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 research doable.

(C) Lack of qualitative evaluation.

(D) Ignores value degree adjustments.

Reply: (B) Inter-firm comparative research doable.

26. State the target of making ready ‘Money Stream Assertion’. 

Reply: The target of ‘Money Stream 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 web adjustments in such money and money equivalents.

27. Below which of the next heads/subheads is ‘Forfeited Shares’ offered within the Stability 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) Logos

(C) Brief-term Loans and Advances

(D) Inventories

Reply: (B) Logos

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

Reply: No Impact

Rationalization:

The acquisition of products is added to value of fine offered beneath the top Purchases, alternatively similar worth of products are deducted from value of fine offered as closing stock, so the web 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:

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

Capital employed ₹ 20,00,000, and Tax price 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 Lease ₹ 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}

Price of Income from Operation = Gross sales + Gross Loss

Price 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 Stability Sheet of Swaraj Ltd., as at thirty first March, 2019, put together a common-size Stability Sheet:

 

 

32. Money movement from the working actions of Pinnacle Ltd. for the 12 months ended thirty first March, 2019 was ₹ 28,000. The Stability 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 guide worth of ₹ 90,000 (depreciation offered thereon was ₹ 23,000), was offered at a revenue of ₹ 12,000.
(ii) 9% debentures have been issued on 1st April, 2018.
Put together the Money Stream Assertion.

Reply:

 

Working Notes:

 

 

PART B

OPTION 2
(Computerised Accounting)

23. {Hardware} refers to: 

(A) System software program and utility software program.

(B) Pc-associated peripherals and their community.

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

(D) The entire above.

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

24. To safeguard property and optimise using sources, a enterprise: 

(A) Retains inside controls.

(B) Solely tries to attain most income.

(C) Solely ensures correct accounting information.

(D) Solely safeguards property.

Reply: (A) Retains inside controls.

25. The existence of information in a ‘main key’ subject is: 

(A) Not essentially required.

(B) Required however needn’t be distinctive.

(C) Required and should be distinctive.

(D) The entire above.

Reply: (C) Required and should be distinctive.

26. A ##### error seems when: 

(A) A unfavourable information is used.

(B) Column just isn’t broad sufficient.

(C) Detrimental time is used.

(D) The entire above.

Reply: (D) The entire above.

27. The ___________ gives actual energy to database by way of its capacities to reply advanced requests involving information to be taken from ___________tables. 

Reply: The Question gives actual energy to database by way of its capability to reply advanced requests involving information to be taken from A number of tables.
 
28. A code which consists of alphabet or abbreviation as image to codify a bit of data is named ___________ code. 

Reply:  A code which consists of alphabet or abbreviation as an emblem to codify a bit 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 offered by a wage invoice? 

Reply: A Wage Invoice gives the next info:

1. Data 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 (Displaying 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 offered to staff on month-to-month foundation.

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

OR

Checklist the varied attributes of a ‘payroll’ database.

Reply: The assorted 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-Residence 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 info of Trial Stability to the Buying and selling and Revenue and Loss Account.

Instance: Buy Return Account is closed by transferring the steadiness 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% each year. The adjustment entry at finish of the accounting interval shall be:

 

OR

Clarify any 4 benefits anticipated by the consumer for paying excessive value for a selected server database. 

Reply: 

4 Benefits of a selected server database:

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

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

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

4. Flexibility: Server database present entry to information from wherever and anytime, offering flexibility to entry.

32. Tolga Ltd. has its workplaces 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. Customary variety of days are taken as 30 days per thirty 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 

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Recent Comments