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CBSE Class 12 Board Exam 2020 : Accountancy (Series 2)

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H$moS> Z . Code No. 67/2/1 narjmWu H$moS >H$mo C ma-nwp VH$m Ho$ _wI-n >na Ad ` {bIo & amob Z . Roll No. Candidates must write the Code on the title page of the answer-book. (I) ZmoQ> H $n`m Om M H$a b| {H$ Bg Z-n _o _w{ V n > 39 h & (II) Z-n _| Xm{hZo hmW H$s Amoa {XE JE H$moS >Z ~a H$mo N>m C ma-nwp VH$m Ho$ _wI-n > na {bI| & (III) H $n`m Om M H$a b| {H$ Bg Z-n _| >32 Z h & H $n`m Z H$m C ma {bIZm ew $ H$aZo go nhbo, C ma-nwp VH$m _| Z H$m H $_m H$ Ad ` {bI| & Bg Z-n H$mo n T>Zo Ho$ {bE 15 {_ZQ >H$m g_` {X`m J`m h & Z-n H$m {dVaU nydm _| 10.15 ~Oo {H$`m OmEJm & 10.15 ~Oo go 10.30 ~Oo VH$ N>m Ho$db Z-n H$mo n T>|Jo Am a Bg Ad{Y Ho$ Xm amZ do C ma-nwp VH$m na H$moB C ma Zht {bI|Jo & (IV) (V) NOTE (I) Please check that this question paper contains 39 printed pages. (II) Code number given on the right hand side of the question paper should be written on the title page of the answer-book by the candidate. (III) Please check that this question paper contains 32 questions. (IV) Please write down the Serial Number of the question in the answer-book before attempting it. (V) 15 minute time has been allotted to read this question paper. The question paper will be distributed at 10.15 a.m. From 10.15 a.m. to 10.30 a.m., the students will read the question paper only and will not write any answer on the answer-book during this period. boImem ACCOUNTANCY {ZYm [aV g_` : 3 K Q>o A{YH$V_ A H$ : 80 Time allowed : 3 hours .67/2/1 Maximum Marks : 80 1 P.T.O. gm_m ` {ZX}e : {Z Z{b{IV {ZX}em| H$mo ~h V gmdYmZr go n{ T>E Am a CZH$m nyar Vah go nmbZ H$s{OE : (i) Z-n Xmo ^mJm| _ | {d^m{OV {H$`m J`m h ^mJ H$ Ed ^mJ I & Bg Z-n _| 32 Z h & g^r Z A{Zdm` h & (ii) ^mJ H$ g^r narjm{W `m| Ho$ {bE A{Zdm` h & (iii) ^mJ I _| Xmo {dH$ n {XE JE h (1) {d mr` {ddaUm| H$m {d bofU VWm (2) A{^H${b boIm H$Z & Bg_| {XE JE {dH$ nm| _| go Amn {H$gr EH$ {dH$ n Ho$ Zm| Ho$ C ma {b{IE & (iv) M`{ZV {dH$ n Ho$ Zm| H$m C ma Ama ^ H$aZo go nyd C ma-nwp VH$m na M`Z {H$E JE {dH$ n H$m erf H$ Ad ` {b{IE & (v) Z g `m 1 go 13 VWm 23 go 29 VH$ A{V bKw-C mar` H$ma Ho$ Z h , `oH$ Z 1 A H$ H$m h & (vi) Z g `m 14 Am a 30 VH$ bKw-C mar` H$ma I Ho$ Z h , `oH$ Z 3 A H$m| H$m h & (vii) Z g `m 15 go 18 VWm 31 bKw-C mar` H$ma II Ho$ Z h , `oH$ Z 4 A H$m| H$m h & (viii) Z g `m 19, 20 VWm 32 XrK -C mar` H$ma I Ho$ Z h , `oH$ Z 6 A H$m| H$m h & (ix) Z g `m 21 Am a 22 XrK -C mar` H$ma II Ho$ Z h , `oH$ Z 8 A H$m| H$m h & (x) C ma g {j VWm q~X dma hmoZo Mm{hE & {H$gr ^mJ> Ho$ g^r Zm| Ho$ C ma EH$ hr WmZ na {bIo OmZo Mm{hE & (xi) H$moB g_J {dH$ n Zht h & hmbm {H$ VrZ-VrZ A H$m| dmbo 2 Zm| _ o, Mma-Mma$ A H$m| dmbo 2 Zm| _ o, N>:-N>: A H$m| dmbo 1 Z _ o Am a AmR>-AmR> A H$m| dmbo 2 Zm| _ o Am V[aH$ {dH$ n {X`m J`m h & AmnH$mo Eogo Zm| _| Ho$db EH$ hr {dH$ n H$m C ma XoZm h & (xii) BgHo$ A{V[a $, Amd `H$VmZwgma, `oH$ ^mJ> Am a Z Ho$ gmW AbJ-AbJ `Wmo{MV {ZX}e {XE JE h & 1. ^mJ> H$ (Abm^H$mar g JR>Zm|, gmPoXmar \$_m] VWm H$ n{Z`m| Ho$ {bE boIm H$Z) g { >, {Z `m VWm AmZ X EH$ \$_ Ho$ gmPoXma Wo VWm 3 : 2 : 1 Ho$ AZwnmV _o| bm^-hm{Z ~m Q>Vo Wo & g { > Zo \$_ go AdH$me J hU {H$`m Am a AnZo bm^ Ho$ ^mJ H$mo 2 : 1 Ho$ AZwnmV _| {Z `m VWm AmZ X H$mo ~oM {X`m & {Z `m VWm AmZ X Ho$ ~rM Z`m bm^ {d^mOZ AZwnmV hmoJm : (A) (B) (C) 3:2 17 : 11 2:1 (D) 19 : 11 .67/2/1 2 1 General Instructions : Read the following instructions very carefully and strictly follow them : (i) This question paper comprises two Parts A and B. There are 32 questions in the question paper. All questions are compulsory. (ii) Part A is compulsory for all candidates. (iii) Part B has two options i.e. (1) Analysis of Financial Statements and (2) Computerized Accounting. You have to attempt only one of the given options. (iv) Heading of the option opted must be written on the Answer-Book before attempting the questions of that particular OPTION. (v) Question nos. 1 to 13 and 23 to 29 are very short answer type questions carrying 1 mark each. (vi) Question nos. 14 and 30 are short answer type I questions carrying 3 marks each. (vii) Question nos. 15 to 18 and 31 are short answer type II questions carrying 4 marks each. (viii) Question nos. 19, 20 and 32 are long answer type I questions carrying 6 marks each. (ix) Question nos. 21 and 22 are long answer type II questions carrying 8 marks each. (x) Answers should be brief and to the point. The answer of each part should be written at one place. (xi) There is no overall choice. However, an internal choice has been provided in 2 questions of three marks, 2 questions of four marks, 1 question of six marks and 2 questions of eight marks. You have to attempt only one of the choices in such questions. (xii) However, separate instructions are given with each part and question, wherever necessary. PART A (Accounting for Not-for-Profit Organizations, Partnership Firms and Companies) 1. Srishti, Nitya and Anand were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. Srishti retired from the firm selling her share of profits to Nitya and Anand in the ratio of 2 : 1. The new profit sharing ratio between Nitya and Anand will be : (A) 3:2 (B) 17 : 11 (C) 2:1 (D) .67/2/1 1 19 : 11 3 P.T.O. 2. {Z Z{b{IV _ | go H$m Z-gr Am`JV m{ V Zht h (A) Qy>Zm _|Q> Ho$ {bE XmZ (B) gaH$mar AZwXmZ (C) M Xm (D) doe ew H$ 3. dm V{dH$ (Zm__m ) A e ny Or h : (A) A{YH $V ny Or H$m dh ^mJ {Ogo H$ nZr mam {ZJ {_V {H$`m J`m h & (B) ny Or H$s dh am{e {OgHo$ {bE ^mdr A eYmaH$m| Zo dm Vd _| A{^XmZ {H$`m h & (C) ny Or H$s dh am{e {OgH$m ^wJVmZ A eYm[a`m| mam {H$`m J`m h & (D) A e ny Or H$s dh A{YH$V_ am{e {OgH$m {ZJ _Z H$aZo Ho$ {bE H$ nZr A{YH $V h & 4. Am{X ` VWm {ed EH$ \$_ Ho$ gmPoXma Wo {OZH$s ny Or H $_e: < 3,00,000 VWm 1 < 2,00,000 Wr & \$_ Ho$ bm^m| _| d| ^mJ Ho$ {bE Z Zm Zo EH$ ZE gmPoXma Ho$ $n _| 4 doe {H$`m & Z Zm AnZo ^mJ H$s `m{V r{_`_ Ho$ {bE < 1,20,000 VWm AnZr ny Or Ho$ {bE < 2,40,000 bmB & Am{X ` Ho$ O_m nj _| {bIr OmZo dmbr `m{V r{_`_ H$s am{e hmoJr : (A) (B) (C) (D) 5. 6. ? 1 1 1 < 40,000 < 30,000 < 72,000 < 60,000 _Xm| H$s H ${V Ho$ AmYma na Am` Ed `` ImVo VWm m{ Ed ^wJVmZ ImVo _| A V^}X H$s{OE & 1 {d{XV VWm gr_m EH$ \$_ Ho$ gmPoXma Wo VWm 3 : 2 Ho$ AZwnmV _| bm^-hm{Z ~m Q>Vo Wo & CZH$s ny Or H $_e: < 1,20,000 VWm < 2,40,000 Wr & do 10% dm{f H$ Xa go ny Or na `mO Ho$ h H$Xma Wo & df Ho$ Xm amZ \$_ Zo < 18,000 H$m bm^ A{O V {H$`m & {d{XV H$s ny Or na `mO hmoJm : 1 (A) (B) (C) (D) .67/2/1 < 12,000 < 10,800 < 7,200 < 6,000 4 2. Which of the following is not a revenue receipt ? (A) Donations for Tournament (B) Government Grants (C) Subscriptions (D) Entrance Fees 1 3. Nominal share capital is : 1 (A) (B) (C) (D) 4. That part of authorised capital which is issued by the company. The amount of capital which is actually applied by prospective shareholders. The amount of capital which is paid by the shareholders. The maximum amount of share capital that a company is authorised to issue. Aditya and Shiv were partners in a firm with capitals of < 3,00,000 and 1 < 2,00,000, respectively. Naina was admitted as a new partner for th 4 share in the profits of the firm. Naina brought < 1,20,000 for her share of goodwill premium and < 2,40,000 for her capital. The amount of goodwill premium credited to Aditya will be : (A) (B) (C) (D) 5. 6. 1 < 40,000 < 30,000 < 72,000 < 60,000 Distinguish between Income and Expenditure Account and Receipts and Payments Account on the basis of Nature of items . Vidit and Seema were partners in a firm sharing profits and losses in the ratio of 3 : 2. Their capitals were < 1,20,000 and < 2,40,000, respectively. They were entitled to interest on capitals @ 10% p.a. The firm earned a profit of < 18,000 during the year. The interest on Vidit s capital will be : (A) < 12,000 (B) (C) (D) .67/2/1 1 1 < 10,800 < 7,200 < 6,000 5 P.T.O. 7. 8. EH$ ZE gmPoXma Ho$ \$_ _| doe Ho$ g_`, Z`m gmPoXma nwamZo gmPoXmam| H$mo \$_ Ho$ A{Ybm^m| _| CZHo$ ^mJ H$s hm{Z Ho$ ~Xbo j{Vny{V H$aVm h {OgHo$ {bE dh EH$ A{V[a $ am{e bmVm h , {Ogo ________ Ho$ Zm_ go OmZm OmVm h & 1 km {b{_Q>oS> Zo < 100 `oH$ Ho$ 8,000 g_Vm A em| H$m {O h o 10% Ho$ r{_`_ na {ZJ {_V {H$`m J`m Wm, < 30 {V A e H$s W_ Ed A {V_ `mMZm am{e H$m ^wJVmZ Z H$aZo na haU H$a {b`m & ~ >o H$s A{YH$V_ am{e {Og na BZ A em| H$mo nwZ:{ZJ {_V {H$`m Om gH$Vm h , dh hmoJr : 1 (A) (B) (C) (D) < 80,000 < 3,20,000 < 5,60,000 < 2,40,000 9. g nmp d H$ {V^y{V Ho$ $n _| G$Un m| Ho$ {ZJ _Z H$m `m AW h 10. C gd {b{_Q>oS> Zo AnZo < 100 `oH$ Ho$ 4,000, 9% G$Un m| H$mo emoYZ H$aZo H$m {ZU ` {b`m & B h| 8% Ho$ ~ >o na {ZJ {_V {H$`m J`m Wm VWm BZH$m emoYZ 10% Ho$ r{_`_ na {H$`m OmZm Wm & G$Un emoYZ g M` _| am{e h Vm V[aV H$s OmEJr : (A) (B) (C) (D) 11. 12. ? 1 1 < 4,00,000 < 2,00,000 < 1,10,000 < 1,00,000 G$Un m| na {X`m OmZo dmbm `mO H$ nZr Ho$ bm^m| Ho$ {V ^ma hmoVm h & `m `h H$WZ ghr h ? AnZo C ma Ho$ g_W Z _| H$maU Xr{OE & 1 31 _mM , 2019 H$mo g_m V h E df Ho$ {bE Mr_m b~ Ho$ m{ Ed ^wJVmZ ImVo go m C aU VWm A{V[a $ gyMZm go 31 _mM , 2019 H$mo AX m M Xo H$s am{e H$s JUZm H$s{OE & M Xm m < 2017 18 2018 19 2019 20 10,000 1,20,000 7,000 A{V[a $ gyMZm : b~ Ho$ 130 gX ` Wo Am a `oH$ < 1,000 dm{f H$ M Xo H$m ^wJVmZ H$aVm h & df Ho$ Ama ^ _| AX m M Xm < 16,000 Wm & 2017 18 _| 10 gX `m| Zo 2018 19 Ho$ M Xo H$s am{e H$m ^wJVmZ H$a {X`m Wm & .67/2/1 6 1 7. 8. At the time of admission of a new partner in the firm, the new partner compensates the old partners for their loss of share in the super-profits of the firm for which he brings in an additional amount which is known as ___________ . Pragya Ltd. forfeited 8,000 equity shares of < 100 each issued at a premium of 10% for non-payment of first and final call of < 30 per share. The maximum amount of discount at which these shares can be reissued will be : (A) < 80,000 (B) < 3,20,000 (C) < 5,60,000 (D) < 2,40,000 9. What is meant by Issue of Debentures as a Collateral Security ? 10. Utsav Ltd. decided to redeem its 4,000, 9% Debentures of < 100 each which were issued at a discount of 8%, and were redeemable at a premium of 10%. The amount transferred to Debenture Redemption Reserve will be : (A) < 4,00,000 (B) < 2,00,000 (C) < 1,10,000 (D) < 1,00,000 11. 12. 1 1 1 Interest paid on debentures is a charge against the profits of the company. Is this statement correct ? Give reason in support of your answer. 1 1 From the given extracts obtained from the Receipts and Payments Account of Cheema Club for the year ended 31st March, 2019 and additional information, calculate the amount of subscription in arrears as on 31st March, 2019. Subscriptions Received < 2017 18 10,000 2018 19 1,20,000 2019 20 7,000 Additional Information : The Club had 130 members paying an annual subscription of < 1,000 each. Subscriptions in arrears at the beginning of the year were < 16,000. 10 members paid subscriptions for 2018 19 in 2017 18. .67/2/1 7 1 P.T.O. 13. Ep g_ {b{_Q>oS> Ho$ {ZXoeH$m| Zo < 10 `oH$ Ho$ 20,000 g_Vm A em| H$mo < 2 {V A e H$s$ W_ `mMZm am{e H$m ^wJVmZ Z H$aZo na haU H$a {b`m, BZ na < 8 {V A e _m Jo JE Wo & < 2 {V A e H$s A {V_ `mMZm A^r _m Jr Zht JB Wr & haU {H$E JE AmYo A em| H$mo < 15 {V A e nyU X m nwZ:{ZJ {_V H$a {X`m J`m & ny Or g M` _| h Vm V[aV H$s OmZo dmbr am{e hmoJr : (A) (B) (C) (D) 14. 1 < 2,00,000 < 1,20,000 < 60,000 < 40,000 am `b nmoQ > g b~ Ho$ 31 _mM , 2019 H$mo g_m h E df Ho$ {bE Am` Ed `` ImVo VWm Bgr {V{W H$mo BgHo$ p W{V {ddaU _| {Z Z{b{IV gyMZm H$mo {H$g H$ma VwV {H$`m OmEJm ? am{e {ddaU 3 < Qy>Zm _|Q> H$mof 1 A b, 2018 H$mo df Ho$ Xm amZ {H$E JE Qy>Zm _|Q> `` df Ho$ Xm amZ m Qy>Zm _|Q> H$mof Ho$ {bE XmZ df Ho$ Xm amZ Qy>Zm _|Q> {Q>H$Q> H$m {dH $` AWdm JUoe M [aQ>o~b gmogm`Q>r go g ~p YV {Z Z{b{IV {ddaUm| go hwE df Ho$ {bE m{ VWm ^wJVmZ ImVm V `ma H$s{OE : 2018 19 1,00,000 2019 20 15,000 1,50,000 31 _mM , 2019 1,40,000 45,000 5,000 19,000 1,00,000 23,000 8 H$mo g_m 3 20,000 m doe ew H$ nwamZo Iob-Hy$X gm_mZ H$s {~H $s {H$am`m ^wJVmZ ^dZ {Z_m U Ho$ {bE m XmZ H$m`m b` ``m| H$m ^wJVmZ .67/2/1 1,20,000 < amoH$ S> H$m Amap ^H$ eof M Xm m h Am : 25,000 8,00,000 am{e {ddaU 2017 18 5,00,000 13. The directors of Axim Ltd. forfeited 20,000 equity shares of < 10 each, < 8 per share called up for non-payment of first call of < 2 per share. Final call of < 2 per share has not been yet called. Half of the forfeited shares were reissued as fully paid up for < 15 per share. The amount transferred to Capital Reserve will be : (A) < 2,00,000 (B) (C) (D) 14. 1 < 1,20,000 < 60,000 < 40,000 How will the following information of Royal Sports Club be presented in the Income and Expenditure Account for the year ended 31st March, 2019 and its Balance Sheet as on that date ? Amount Particulars 3 < Tournament Fund as on 1st April, 2018 5,00,000 Tournament expenses incurred during the year 8,00,000 Donations for Tournament Fund received during the year 1,20,000 Sale of Tournament tickets during the year 1,50,000 OR From the following particulars relating to Ganesh Charitable Society, prepare a Receipts and Payments Account for the year ending 31st March, 2019 : Amount Particulars < Opening balance of cash Subscriptions received : 2017 18 25,000 2018 19 1,00,000 2019 20 15,000 Entrance fees received Sale of old sports material Rent paid Donations received for construction of building Office expenses paid .67/2/1 3 9 20,000 1,40,000 45,000 5,000 19,000 1,00,000 23,000 P.T.O. 15. 16. `e VWm H$aU EH$ Am V[aH$ gmOg mm \$_ Ho$ gmPoXma Wo & CZH$s Wm`r ny Or H $_e: < 6,00,000 VWm < 4,00,000 Wr & CZHo$ Mmby ImVm| _| H $_e: < 4,00,000 VWm < 5,00,000 Ho$ Ho ${S>Q> eof Wo & \$_ Ho$ gm_m ` g M` _| < 1,00,000 H$m eof Wm & \$_ H$s H$moB Xo`Vm Zht Wr & C hm|Zo \$_ Ho$ bm^m| _| 1 d| ^mJ Ho$ {bE am{YH$m H$mo gmPoXma 4 ~Zm`m & {nN>bo nm M dfm] _| \$_ H$m Am gV bm^ < 5,00,000 Wm & Am gV bm^ Ho$ ny OrH$aU H$s {d{Y mam \$_ H$s `m{V Ho$ _y ` H$s JUZm H$s{OE & `dgm` H$s gm_m ` {V\$b Xa 10% h & AWdm g_rjm, Eoe VWm {X `m EH$ \$_ Ho$ gmPoXma Wo VWm 5 : 3 : 2 Ho$ AZwnmV _| bm^-hm{Z ~m Q>Vo Wo & 1 A b, 2019 go Ama ^ H$aHo$ C hm|Zo ^mdr bm^-hm{Z H$m {d^mOZ 2 : 5 : 3 Ho$ AZwnmV _ o H$aZo H$m g_Pm Vm {H$`m & CZH$m p W{V {ddaU bm^ -hm{Z ImVo _| < 50,000 H$m Zm_ eof VWm {Zdoe CVma-M T>md H$mof _| < 40,000 H$m eof Xem ahm Wm & Bg C o ` Ho$ {bE `h gh_{V h B {H$ : (i) \$_ H$s `m{V H$m _y `m H$Z < 3,00,000 {H$`m OmE & (ii) < 5,00,000 nw VH$ _y ` Ho$ {Zdoem| H$m _y `m H$Z < 4,80,000 {H$`m OmE & \$_ H$s nw VH$m| _| Cn`w $ boZXoZm| H$m boIm H$aZo Ho$ {bE Amd `H$ amo OZm_Mm {d{ >`m H$s{OE & 4 4 AmhaU VWm < 2,00,000 Ho$ ew bm^ H$m boIm H$aZo Ho$ n MmV AbH$m VWm AM Zm Ho$ ny Or ImVo H $_e: < 4,00,000 VWm < 3,00,000 H$m O_m eof Xem Vo h & df 2018 19 _| gmPoXmam| Ho$ AmhaU Wo : (i) AbH$m Zo `oH$ {V_mhr Ho$ A V _ o < 10,000 H$m AmhaU {H$`m & (ii) AM Zm Ho$ AmhaU Wo : < 31 8,000 1 7,000 1 _B , 2018 Zd ~a, 2018 \$adar, 2019 5,000 31 _mM , 2019 H$mo g_m h E df Ho$ {bE gmPoXmam| H$s ny Or na 10% dm{f H$ Xa go VWm gmPoXmam| Ho$ AmhaU na 6% dm{f H$ Xa go `mO H$s JUZm H$s{OE & .67/2/1 10 4 15. Yash and Karan were partners in an interior designer firm. Their fixed capitals were < 6,00,000 and < 4,00,000 respectively. There were credit balances in their current accounts of < 4,00,000 and < 5,00,000 respectively. The firm had a balance of < 1,00,000 in General Reserve. The firm did not have any liability. They admitted Radhika into 1 partnership for th share in the profits of the firm. The average profits 4 of the firm for the last five years were < 5,00,000. Calculate the value of goodwill of the firm by capitalization of average profits method. The normal rate of return in the business is 10%. OR 4 Samiksha, Ash and Divya were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. With effect from 1st April, 2019, they agreed to share future profits and losses in the ratio of 2 : 5 : 3. Their Balance Sheet showed a debit balance of < 50,000 in the Profit and Loss Account and a balance of < 40,000 in the Investment Fluctuation Fund. For this purpose, it was agreed that : (i) Goodwill of the firm be valued at < 3,00,000. (ii) Investments of book value of < 5,00,000 be valued at < 4,80,000. Pass the necessary journal entries to record the above transactions in the books of the firm. 16. 4 The capital accounts of Alka and Archana showed credit balances of < 4,00,000 and < 3,00,000 respectively, after taking into account drawings and net profit of < 2,00,000. The drawings of the partners during the year 2018 19 were : (i) Alka withdrew < 10,000 at the end of each quarter. (ii) Archana s drawings were : < 31st May, 2018 8,000 1st November, 2018 7,000 1st February, 2019 5,000 Calculate interest on partners capitals @ 10% p.a. and interest on partners drawings @ 6% p.a. for the year ended 31st March, 2019. .67/2/1 11 4 P.T.O. 17. ZdrZ, H${dVm VWm {deof EH$ \$_ Ho$ gmPoXma Wo VWm 5 : 4 : 1 Ho$ AZwnmV _| bm^-hm{Z ~m Q>Vo Wo & 31 _mM , 2019 H$mo CZH$m p W{V {ddaU {Z Z H$ma go Wm : 31 _mM , 2019 H$mo am{e Xo`VmE ny Or df ZdrZ, H${dVm VWm {deof H$m p W{V {ddaU am{e n[ag n{ m`m < : < g ` VWm _erZar 5,50,000 ZdrZ 3,00,000 Q>m H$ 1,20,000 H${dVm 2,00,000 XoZXma 1,30,000 {deof 1,00,000 2018 19 H$m {d{dY boZXma bm^ 6,00,000 1,50,000 ZJX> 40,000 {dkmnZ `` 20,000 1,10,000 8,60,000 8,60,000 30 OyZ, 2019 H$mo ZdrZ H$s _ `w hmo JB & gmPoXmar g boI Ho$ AZwgma _ V gmPoXma Ho$ {Z nmXH$m| H$mo ny Or Ho$ gmW {Z Z Xo` Wm : 2017 18 (i) {nN>bo Xmo dfm] Ho$ Am gV bm^ Ho$ AmYma na bm^ _| CgH$m ^mJ & df H$m bm^ < 50,000 Wm & (ii) \$_ H$s `m{V _| CgH$m ^mJ & `m{V H$m _y `m H$Z {nN>bo Xmo dfm] Ho$ Am gV bm^ Ho$ Xmo dfm] Ho$ H $` Ho$ AmYma na {H$`m OmEJm & 1 OyZ, 2019 H$mo ZdrZ Zo < 60,000 H$m AmhaU {H$`m & CgHo$ {Z nmXH$ H$mo VwV H$aZo hoVw ZdrZ H$m ny Or ImVm V `ma H$s{OE & .67/2/1 12 4 17. Naveen, Kavita and Vishesh were partners in a firm sharing profits and losses in the ratio of 5 : 4 : 1. Their Balance Sheet as at 31st March, 2019 was as follows : Balance Sheet of Naveen, Kavita and Vishesh as at 31st March, 2019 Liabilities Amount Assets < Capitals : Amount < Plant and Machinery 5,50,000 Naveen 3,00,000 Stock 1,20,000 Kavita 2,00,000 Debtors 1,30,000 Vishesh 1,00,000 6,00,000 Profits for the year 2018 19 1,50,000 Sundry Creditors 1,10,000 Cash 40,000 Advertisement Expenditure 20,000 8,60,000 8,60,000 Naveen died on 30th June, 2019. According to the partnership deed, in addition to the deceased partner s capital, the executors are entitled to (i) His share in profits on the basis of average profits of the last two years. The profit for the year 2017 18 was < 50,000. (ii) His share in the goodwill of the firm. Goodwill was to be calculated on the basis of two years purchase of the average profits of the last two years. Naveen withdrew < 60,000 on 1st June, 2019. Prepare Naveen s Capital Account which is to be rendered to his executor. .67/2/1 13 4 P.T.O. 18. 31 _mM , 2019 H$mo g_m h E df Ho$ {bE r{_`a b~ Ho$ {XE JE m{ Ed ^wJVmZ ImVo VWm A{V[a $ gyMZm go 31 _mM , 2019 H$mo g_m h E df Ho$ {bE Am` VWm `` ImVm VWm Cgr {V{W H$mo p W{V {ddaU V `ma H$s{OE & 31 _mM , 2019 H$mo g_m h E df Ho$ {bE r{_`a b~ H$m m{ VWm ^wJVmZ ImVm am{e m{ `m ^wJVmZ < am{e < eof ZrMo bmE 80,900 \$ZuMa VWm CnH$aU (1.10.2018 H$mo H $`) XmZ 39,000 doVZ 62,000 eof ZrMo bo JE 68,600 M Xm : 2017 18 12,000 2018 19 70,000 2019 20 9,000 1,00,000 91,000 19,700 `mO m 2,30,600 2,30,600 A{V[a $ gyMZm : (i) 1 A b, 2018 (ii) \$ZuMa VWm CnH$aU na (iii) b~ Ho$ Wm & .67/2/1 H$mo b~ H$s n[ag n{V`m| VWm Xo`VmAm| Ho$ eof {Z Z{b{IV Wo : \$ZuMa VWm CnH$aU < 1,80,000, AX m M Xm < 15,000 VWm AX m doVZ < 13,000 & 90 10% dm{f H$ Xa go _y ` mg bJmBE & gX ` Wo VWm `oH$ gX ` < 1,000 dm{f H$ M Xo H$m ^wJVmZ H$aVm 4 14 18. From the given Receipts and Payments Account and additional information of Premier Club for the year ended 31st March, 2019, prepare Income and Expenditure Account for the year ended 31st March, 2019 and Balance Sheet as on that date. Receipts and Payments Account of Premier Club for the year ended 31st March, 2019 Amount Receipts Payments < To Balance b/d By Furniture and 80,900 Equipment (Purchased on 1.10.2018) To Donations 39,000 By Salaries To Subscriptions : By Balance c/d 2017 18 12,000 2018 19 70,000 2019 20 9,000 To Interest received Amount < 1,00,000 62,000 68,600 91,000 19,700 2,30,600 2,30,600 Additional Information : (i) On 1st April, 2018, the Club had the following balance of assets and liabilities : Furniture and Equipment < 1,80,000, Subscriptions arrears < 15,000, and Outstanding Salary < 13,000. in (ii) Charge depreciation on Furniture and Equipment @ 10% p.a. (iii) The Club had 90 members, each paying an annual subscription of < 1,000. .67/2/1 4 15 P.T.O. 19. {g_a, amOm VWm arQ>m EH$ \$_ Ho$ gmPoXma Wo VWm 2 : 2 : 1 Ho$ AZwnmV _| bm^-hm{Z ~m Q>Vo Wo & 31 _mM , 2019 H$mo \$_ H$m {dKQ>Z hmo J`m & n[ag n{ m`m| (amoH$ S> H$mo N>mo S>H$a) VWm ~m Xo`VmAm| H$mo dgybr ImVo _| WmZm V[aV H$aZo Ho$ n MmV {Z Z{b{IV boZXoZ h E : (i) < 90,000 Ho$ EH$ XoZXma, {OgHo$ G$U H$mo S>y~V G$U Ho$ $n _| An{b{IV H$a {X`m J`m Wm, Zo nyU {ZnQ>mZ _| < 88,000 H$m ^wJVmZ {H$`m & (ii) boZXma, {O h| < 1,21,000 H$m ^wJVmZ Xo` Wm, Zo < 71,000 _| Q>m H$ drH$ma H$a {b`m VWm C h| eof H$m ^wJVmZ EH$ M H$ Ho$ mam {H$`m J`m & (iii) amOm Zo \$_ H$mo < 18,000 H$m EH$ G$U {X`m h Am Wm & Cgo AnZo G$U Ho$ nyU {ZnQ>mZ Ho$ $n _| < 17,000 H$m ^wJVmZ {H$`m J`m & (iv) {Zdoe < 53,000 Ho$ Wo {Og_| go < 43,000 Ho$ {Zdoe H$mo {g_a Zo < 52,000 _ o bo {b`m VWm eof {Zdoem| H$mo < 12,000 _| ~oM {X`m J`m & (v) {dKQ>Z na `` < 19,000 Wo VWm CZH$m ^wJVmZ \$_ mam H$a {X`m J`m & (vi) {dKQ>Z na < 30,000 H$m bm^ h Am & Cn`w $ boZXoZm| Ho$ {bE \$_ H$s nw VH$m| _| Amd `H$ amo OZm_Mm {d{ >`m H$s{OE & 20. (i) (ii) .67/2/1 6 Ho$Q>r {b{_Q>oS> Zo < 100 `oH$ Ho$ 8,000, 9% G$Un m| H$m {ZJ _Z, 10% Ho$ ~ >o na {H$`m & gmar am{e H$m ^wJVmZ AmdoXZ na H$aZm Wm & 9,000 G$Un m| Ho$ {bE AmdoXZ m h E VWm AmZwnm{VH$ AmYma na Am~ Q>Z H$a {X`m J`m & Cn`w $ boZXoZm| Ho$ {bE Ho$Q>r {b{_Q>oS> H$s nw VH$m| _| Amd `H$ amo OZm_Mm {d{ >`m H$s{OE & 1 A b, 2015 H$mo {ndQ> {b{_Q>oS> Zo < 100 `oH$ Ho$ 40,000, 11% G$Un m| H$m {ZJ _Z {H$`m & 31 _mM , 2019 H$mo AmYo G$Un emoYZr` Wo & 31 _mM , 2018 H$mo H$ nZr Zo Amd `H$ `yZV_ am{e H$m WmZm VaU G$Un emoYZ g M` _ o H$aZo H$m {ZU ` {b`m VWm 30 A b, 2018 H$mo Amd `H$ am{e H$m {Zdoe G$Un emoYZ {Zdoe _| H$a {X`m & G$Un m| Ho$ emoYZ Ho$ {bE Amd `H$ amo OZm_Mm {d{ >`m H$s{OE & AWdm 16 6 19. Simar, Raja and Rita were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. The firm was dissolved on 31st March, 2019. After the transfer of assets (other than cash) and external liabilities to the Realization Account, the following transactions took place : (i) A debtor whose debt of < 90,000 had been written off as bad, paid < 88,000 in full settlement. (ii) Creditors to whom < 1,21,000 were due to be paid, accepted stock at < 71,000 and the balance was paid to them by a cheque. (iii) Raja had given a loan to the firm of < 18,000. He was paid < 17,000 in full settlement of his loan. (iv) Investments were < 53,000 out of which investments worth < 43,000 were taken over by Simar at < 52,000 and the balance of the investments were sold for < 12,000. (v) Expenses on dissolution amounted to < 19,000 and the same were paid by the firm. (vi) Profit on dissolution amounted to < 30,000. Pass the necessary journal entries for the above transactions in the books of the firm. 20. (i) 6 Kati Ltd. issued 8,000, 9% debentures of < 100 each at a discount of 10%. The full amount was payable on application. Applications were received for 9,000 debentures and allotment was made on pro-rata basis. Pass the necessary journal entries for the above transactions in the books of Kati Ltd. (ii) Pivot Ltd. issued 40,000, 11% debentures of < 100 each on 1st April, 2015. Half of the debentures were due for redemption on 31st March, 2019. The company decided to transfer the minimum required amount to Debenture Redemption Reserve on 31st March, 2018 and invested the necessary amount in Debenture Redemption Investments on 30th April, 2018. Pass the necessary journal entries for Redemption of Debentures. 6 OR .67/2/1 17 P.T.O. (i) 1 A b, 2019 H$mo am_m {b{_Q>oS> Zo H $ Um {b{_Q>oS> H$s {Z Z{b{IV n[ag n{ m`m VWm Xo`VmE bt : < (ii) (iii) 21. ^y{_ VWm ^dZ 50,00,000 \$ZuMa 10,00,000 Q>m H$ 5,00,000 boZXma 7,00,000 < 60,00,000 Ho$ H $` _y ` H$m ^wJVmZ < 100 `oH$ Ho$ 12% G$Un m| H$mo 20% Ho$ r{_`_ na {ZJ {_V H$aHo$ {H$`m J`m & Cn`w $ Ho$ {bE am_m {b{_Q>oS> H$s nw VH$m| _| Amd `H$ amo OZm_Mm {d{ >`m H$s{OE & 1 A b, 2018 H$mo gmjr {b{_Q>oS> Zo < 100 `oH$ Ho$ 1,000, 11% G$Un m| H$m {ZJ _Z 6% Ho$ ~ >o na {H$`m & BZ G$Un m| H$m emoYZ VrZ dfm] Ho$ n MmV 5% r{_`_ na H$aZm Wm & gmjr {b{_Q>oS> H$s nw VH$m| _o| G$Un m| Ho$ {ZJ _Z Ho$ {bE Amd `H$ amo OZm_Mm {d{ >`m H$s{OE & 1 A b, 2016 H$mo H $Zam ~ H$ Zo < 100 `oH$ Ho$ 5,000, 9% G$Un m| H$m {ZJ _Z 6% Ho$ r{_`_ na {H$`m & BZ G$Un m| H$m emoYZ 31 _mM , 2019 H$mo 10% Ho$ r{_`_ na hmoZm Wm & {ZJ _Z nyU $n go A{^X m h Am & H $Zam ~ H$ H$s nw VH$m| _o| G$Un m| Ho$ emoYZ H$s Amd `H$ amo OZm_Mm {d{ >`m H$s{OE & dr.S>r. {b{_Q>oS> Zo < 10 `oH$ Ho$ 2,00,000 g_Vm A em| H$mo < 6 {V A e Ho$ r{_`_ na {ZJ {_V H$aZo Ho$ {bE AmdoXZ Am_p V {H$E & {V A e am{e H$m ^wJVmZ {Z Z H$ma go H$aZm Wm : AmdoXZ na < 3 (< 1 r{_`_ g{hV) Am~ Q>Z na < 7 (< 5 r{_`_ g{hV) W_ VWm Ap V_ `mMZm na eof am{e 2,50,000 A em| Ho$ {bE AmdoXZ m V h E & 10,000 A em| Ho$ {bE AmdoXH$m| H$mo IoX n ^oOo JE VWm C h| AmdoXZ am{e dmng H$a Xr JB & eof AmdoXH$m| H$mo AmZwnm{VH$ AmYma na A em| H$m Am~ Q>Z H$a {X`m J`m & AmdoXZ na ^wJVmZ H$s JB A{V[a $ am{e H$m g_m`moOZ Am~ Q>Z na Xo` am{e _| H$a {b`m J`m & .67/2/1 18 6 (i) Rama Ltd. took over the following assets and liabilities of Krishna Ltd. on 1st April, 2019 : < Land and Building 50,00,000 Furniture 10,00,000 Stock 5,00,000 Creditors 7,00,000 The purchase consideration of < 60,00,000 was paid by issuing 12% debentures of < 100 each at a premium of 20%. Pass the necessary journal entries for the above in the books of Rama Ltd. (ii) On 1st April, 2018, Sakshi Ltd. issued 1,000, 11% Debentures of < 100 each at a discount of 6%, redeemable at a premium of 5% after three years. Pass the necessary journal entries for the issue of debentures in the books of Sakshi Ltd. (iii) On 1st April, 2016, Canara Bank issued 5,000, 9% debentures of < 100 each at a premium of 6%, redeemable on 31st March, 2019, at a premium of 10%. The issue was fully subscribed. Pass the necessary journal entries for redemption of debentures in the books of Canara Bank. 21. 6 V.D. Ltd. invited applications for issuing 2,00,000 equity shares of < 10 each at a premium of < 6 per share. The amount per share was payable as follows : On application < 3 (including premium < 1) On allotment < 7 (including premium < 5) On first and final call Balance amount Applications were received for 2,50,000 shares. Applicants for 10,000 shares were sent letters of regret and application money returned to them. Shares were allotted to the remaining applicants on a pro-rata basis. Money overpaid on application was adjusted towards the sums due on allotment. .67/2/1 19 P.T.O. AJ_ H$mo Am~ {Q>V {H$E JE 1,000 A em| H$mo N>mo S>H$a H$ nZr H$mo Am~ Q>Z na Xo` g^r am{e m hmo JB & Am~ Q>Z Ho$ Vwa V n MmV CgHo$ A em| H$m haU H$a {b`m J`m & CgHo$ n MmV W_ VWm Ap V_ `mMZm _m Jr JB & gr_m Zo, Omo 2,000 A em| H$s YmaH$ Wr, AnZo A em| na W_ VWm Ap V_ `mMZm H$m ^wJVmZ Zht {H$`m & CgHo$ A em| H$m ^r haU H$a {b`m J`m & haU {H$E JE A em| _| go AJ_ VWm gr_m `oH$ Ho$ 50% A em| H$m nwZ:{ZJ _Z < 16 {V A e nyU X m H$a {X`m J`m & Cn`w $ boZXoZm| H$m boIm H$aZo Ho$ {bE dr.S>r. {b{_Q>oS> H$s nw VH$m| _| Amd `H$ amo OZm_Mm {d{ >`m H$s{OE & AWdm 8 H$moUmH $ {b{_Q>oS> Zo < 10 `oH$ Ho$ 3,00,000 A em| H$mo {ZJ {_V H$aZo Ho$ {bE AmdoXZ Am_p V {H$E & {V A e am{e H$m ^wJVmZ {Z Z H$ma go H$aZm Wm : AmdoXZ na < 3, Am~ Q>Z na < 3 VWm W_ VWm Ap V_ `mMZm na < 4. H$ nZr H$mo 4,00,000 A em| Ho$ {bE AmdoXZ m h E & Am~ Q>Z {Z Z H$ma go {H$`m J`m : (i) 2,40,000 A em| Ho$ AmdoXH$m| H$mo 2,00,000 (ii) 1,20,000 A em| Ho$ AmdoXH$m| H$mo 80,000 (iii) eof AmdoXH$m| H$mo 20,000 A em| H$m Am~ Q>Z & A em| H$m Am~ Q>Z & A em| H$m Am~ Q>Z & AmdoXZm| na ^wJVmZ H$s JB A{V[a $ am{e H$m g_m`moOZ Am~ Q>Z na Xo` am{e _| H$a {b`m J`m & {X{dO, EH$ A eYmaH$, Omo loUr (ii) go g ~ {YV Wm VWm {OgZo 6,000 A em| Ho$ {bE AmdoXZ {H$`m Wm, Am~ Q>Z VWm `mMZm am{e H$m ^wJVmZ H$aZo _| Ag\$b ahm & EH$ A ` A eYmaH$ \ $ Ob Zo, {Ogo 10,000 A em| H$m Am~ Q>Z {H$`m J`m Wm, `mMZm am{e H$m ^wJVmZ Am~ Q>Z Ho$ gmW H$a {X`m & \ $ Ob loUr (i) go g ~ {YV Wm & {X{dO Ho$ A em| H$m haU W_ VWm Ap V_ `mMZm Ho$ n MmV H$a {b`m J`m & haU {H$E JE A emo| _| go AmYo A em| H$m < 10 {V A e nyU X m nwZ:{ZJ _Z H$a {X`m J`m & Cn`w $ boZXoZm| H$m boIm H$aZo Ho$ {bE H$ nZr H$s nw VH$m| _| Amd `H$ amo OZm_Mm {d{ >`m H$s{OE & .67/2/1 20 8 The company received all the money due on allotment except from Agam, who was allotted 1,000 shares. Her shares were forfeited immediately after allotment. Afterwards, the first and final call was made. Seema, the holder of 2,000 shares, did not pay the first and final call on her shares. Her shares were also forfeited. 50% of the forfeited shares, each of Agam and Seema, were reissued as fully paid-up @ < 16 per share. Pass the necessary journal entries to record the above transactions in the books of V.D. Ltd. 8 OR Konark Ltd. invited applications for issuing 3,00,000 shares of < 10 each. The amount per share was payable as follows : < 3 on application, < 3 on allotment, and < 4 on first and final call. The company received applications for 4,00,000 shares. Allotment was done as follows : (i) Applicants of 2,40,000 shares were allotted 2,00,000 shares. (ii) Applicants of 1,20,000 shares were allotted 80,000 shares. (iii) Remaining applicants were allotted 20,000 shares. Money overpaid on applications was adjusted towards sums due on allotment. Divij, a shareholder, belonging to group (ii), who had applied for 6,000 shares, failed to pay allotment and call money. Faisal, another shareholder, who was allotted 10,000 shares, paid the call money along with allotment. Faisal belonged to group (i). Divij s shares were forfeited after the first and final call. Half of the forfeited shares were reissued @ < 10 per share fully paid. Pass the necessary journal entries to record the above transactions in the books of the company. .67/2/1 8 21 P.T.O. 22. _mYwar VWm Ae EH$ \$_ Ho$ gmPoXma Wo VWm 3 : 1 Ho$ AZwnmV _o| bm^-hm{Z ~m Q>Vo Wo & 31 _mM , 2019 H$mo CZH$m p W{V {ddaU {Z Z H$ma go Wm : 31 _mM , 2019 H$mo Xo`VmE _mYwar VWm Ae H$m p W{V {ddaU am{e n[ag n{ m`m < ny Or : _mYwar Ae 3,00,000 2,00,000 H$m_Jma j{Vny{V H$mof 5,00,000 60,000 am{e < _erZar 4,70,000 {Zdoe XoZXma 1,10,000 1,20,000 KQ>m : Sy>~V G$Um| Ho$ {bE mdYmZ 10,000 1,10,000 boZXma 1,90,000 Q>m H$ 1,40,000 H$_ Mmar ^{d ` {Z{Y 1,10,000 amoH$ S> 30,000 8,60,000 1 A b, 2019 H$mo C hm|Zo \$_ Ho$ bm^m| _| 8,60,000 1 d| 4 ^mJ Ho$ {bE `mo{V H$mo Z`m gmPoXma ~Zm`m & `mo{V AmZwnm{VH$ ny Or VWm `m{V r{_`_ Ho$ AnZo ^mJ Ho$ {bE < 40,000 bmB & {Z Z{b{IV eVm] na gh_{V ~Zr : (i) g {X Y G$Um| Ho$ mdYmZ H$mo XoZXmam| Ho$ 10% na ~ZmE aIZm Wm & (ii) Q>m H$ H$m _y `m H$Z < 10,000 H$_ {H$`m J`m Wm & (iii) EH$ nwamZo J mhH$ Zo, {OgHo$ ImVo H$mo Sy>~V G$U Ho$ $n _ o An{b{IV H$a {X`m J`m Wm, < 15,000 H$m ^wJVmZ {H$`m & (iv) Ae Zo 20% {Zdoe nw VH$ _y ` na bo {bE & (v) H$m_Jma j{Vny{V H$m Xmdm < 70,000 Wm & (vi) boZXmam| _| < 27,000 H$s EH$ am{e Wr {OgH$m Xmdm Zht {H$`m OmEJm & nwZ_y `m H$Z ImVm, gmPoXmam| Ho$ ny Or ImVo VWm nwZJ {R>V \$_ H$m p W{V {ddaU V `ma H$s{OE & AWdm .67/2/1 22 8 22. Madhuri and Arsh were partners in a firm sharing profits and losses in the ratio of 3 : 1. Their Balance Sheet as at 31st March, 2019, was as follows : Balance Sheet of Madhuri and Arsh as at 31st March, 2019 Liabilities Amount Assets < Capitals : Madhuri 3,00,000 Arsh 2,00,000 Workmen s Compensation Fund Amount < Machinery 4,70,000 Investments 1,10,000 5,00,000 Debtors 1,20,000 Less : Provision for 60,000 doubtful debts 10,000 1,10,000 Creditors 1,90,000 Stock 1,40,000 Employees Provident Fund 1,10,000 Cash 30,000 8,60,000 8,60,000 1 On 1st April, 2019, they admitted Jyoti into partnership for th share in 4 the profits of the firm. Jyoti brought proportionate capital and < 40,000 as her share of goodwill premium. The following terms were agreed upon : (i) Provision for doubtful debts was to be maintained at 10% on debtors. (ii) Stock was undervalued by < 10,000. (iii) An old customer whose account was written off as bad, paid < 15,000. 20% of the investments were taken over by Arsh at book value. Claim on account of workmen s compensation amounted to < 70,000. Creditors included a sum of < 27,000 which was not likely to be claimed. (iv) (v) (vi) Prepare Revaluation Account, Partners Capital Accounts, and the Balance Sheet of the reconstituted firm. 8 OR .67/2/1 23 P.T.O. A{ZVm, Jm ad VWm gmoZy EH$ \$_ Ho$ gmPoXma Wo VWm AnZr ny Or Ho$ AZwnmV _o| bm^-hm{Z ~m Q>Vo Wo & 31 _mM , 2019 H$mo CZH$m p W{V {ddaU {Z Z H$ma go Wm : 31 _mM , 2019 H$mo Xo`VmE A{ZVm, Jm ad VWm gmoZy H$m p W{V {ddaU am{e n[ag n{ m`m < ny Or : am{e < ^y{_ VWm ^dZ 5,00,000 A{ZVm 2,00,000 {Zdoe 1,20,000 Jm ad 2,00,000 gmoZy 1,00,000 XoZXma 1,50,000 KQ>m : Sy>~V G$Um| Ho$ {bE mdYmZ 10,000 1,40,000 {Zdoe CVma-M T>md H$mof gm_m ` g M` boZXma 5,00,000 40,000 30,000 Q>m H$ ~ H$ _| ZJX 1,00,000 1,70,000 4,60,000 10,30,000 10,30,000 Cn`w $ {V{W H$mo A{ZVm Zo \$_ go AdH$me J hU {H$`m VWm eof gmPoXmam| Zo `dgm` H$mo Mmby aIZo H$m {ZU ` {H$`m & n[ag n{ m`m| VWm Xo`VmAm| H$m {Z Z H$ma go nwZ_y `m H$Z H$aZo na gh_{V h B : (i) \$_ H$s `m{V H$m _y `m H$Z < 3,00,000 {H$`m J`m VWm `m{V _| A{ZVm Ho$ ^mJ H$m g_m`moOZ eof gmPoXmam| Jm ad VWm gmoZy Ho$ ny Or ImVm| _| {H$`m J`m & (ii) ^y{_ VWm ^dZ H$mo nw VH$ _yy ` Ho$ 120% VH$ bmZm Wm & (iii) < 20,000 Ho$ Sy>~V G$U Wo & Sy>~V G$Um| Ho$ mdYmZ H$mo XoZXmam| Ho$ 10% na ~ZmE aIZm Wm & (iv) {Zdoem| H$m ~m Oma _y ` < 1,10,000 Wm & (v) A{ZVm H$mo Xo` am{e _| go < 1,00,000 H$m ^wJVmZ Vwa V M H$ Ho$ mam {H$`m J`m VWm eof H$mo CgHo$ G$U ImVo _| WmZm V[aV H$a {X`m J`m, {OgH$m ^wJVmZ Xmo ~am~a dm{f H$ {H$ Vm| _o| 10% {V df `mO Xa g{hV {H$`m OmZm Wm & A{ZVm Ho$ AdH$me J hU H$aZo na nwZ_y `m H$Z ImVm, gmPoXmam| Ho$ ny Or ImVo VWm nwZJ {R>V \$_ H$m p W{V {ddaU V `ma H$s{OE & .67/2/1 24 8 Anita, Gaurav and Sonu were partners in a firm sharing profits and losses in proportion to their capitals. Their Balance Sheet as at 31st March, 2019 was as follows : Balance Sheet of Anita, Gaurav and Sonu as at 31st March, 2019 Liabilities Amount Assets < Capitals : < Land and Building 5,00,000 1,20,000 Anita 2,00,000 Investments Gaurav 2,00,000 Debtors Sonu 1,00,000 5,00,000 Amount 1,50,000 Less : Provision for doubtful debts 10,000 1,40,000 Investment Fluctuation Fund 40,000 Stock 1,00,000 General Reserve 30,000 Cash at bank 1,70,000 Creditors 4,60,000 10,30,000 10,30,000 On the above date, Anita retired from the firm and the remaining partners decided to carry on the business. It was agreed to revalue the assets and reassess the liabilities as follows : (i) Goodwill of the firm was valued at < 3,00,000 and Anita s share of goodwill was adjusted in the capital accounts of the remaining partners, Gaurav and Sonu. (ii) Land and Building was to be brought up to 120% of its book value. (iii) Bad debts amounted to < 20,000. A provision for doubtful debts was to be maintained at 10% on debtors. (iv) Market value of investments was < 1,10,000. (v) < 1,00,000 was paid immediately by cheque to Anita out of the amount due and the balance was to be transferred to her loan account which was to be paid in two equal annual instalments along with interest @ 10% p.a. Prepare the Revaluation Account, Partners Capital Accounts and the Balance Sheet of the reconstituted firm on Anita s retirement. .67/2/1 25 8 P.T.O. ^mJ> I {dH$ n 1 ({d mr` {ddaUm| H$m {d bofU) 23. 24. 25. EH$ {Zdoe gm_m `V: amoH$ S> Vw ` `mo ` V^r _mZm OmVm h O~ A{YJ hU H$s {V{W go BgH$s n[an dVm Ad{Y ___________ _hrZo AWdm Bggo H$_ hmo & E g {b{_Q>oS> Zo < 20,00,000 H$m \$ZuMa IarXm, {OgHo$ 60% H$m ^wJVmZ < 10 `oH$ Ho$ g_Vm A em| H$m {ZJ _Z H$aHo$ VWm eof H$m EH$ M H$ mam {H$`m J`m & Bg boZXoZ H$m n[aUm_ hmoJm : (A) {Zdoe J{V{d{Y`m| _| `w $ amoH$ S> < 20,00,000. (B) {d mr` J{V{d{Y`m| mam C n amoH$ S> < 12,00,000. (C) amoH$ S> VWm amoH$ S> Vw ` _| ~ T>moVar < 8,00,000. (D) {Zdoe J{V{d{Y`m| _| `w $ amoH$ S> < 8,00,000. {Z Z{b{IV _| go H$m Z-gr EH$ {d mr` {ddaU {d bofU H$s gr_m Zht h (A) (B) (C) (D) ? 1 1 `h `{ $JV njnmV go ^m{dV hmoVm h & A Va-\$_ VwbZm _H$ A ``Z g ^d & JwUm _H$ {d bofU H$s H$_r & _y ` Va _| n[adV Z H$s Cnojm H$aVm h & 26. amoH$ S> dmh {ddaU V `ma H$aZo Ho$ C o ` H$m C oI H$s{OE & 27. haU {H$E JE A em| H$mo EH$ H$ nZr Ho$ p W{V {ddaU _| {Z Z{b{IV _| go {H$g erf H$/Cn-erf H$ Ho$ A VJ V VwV {H$`m OmVm h ? (A) g M` Ed Am{Y ` (B) A e ny Or (C) A ` XrKm d{Y Xo`VmE (D) A ` Mmby Xo`VmE .67/2/1 1 26 1 1 PART B OPTION 1 (Analysis of Financial Statements) 23. An investment normally qualifies as a cash equivalent only when it has a maturity of _________ months or less from the date of acquisition. 24. 1 X Ltd. purchased furniture for < 20,00,000 paying 60% by issue of equity shares of < 10 each and the balance by a cheque. This transaction will result in : 25. 1 (A) Cash used in investing activities < 20,00,000. (B) Cash generated from financing activities < 12,00,000. (C) Increase in cash and cash equivalents < 8,00,000. (D) Cash used in investing activities < 8,00,000. Which of the following is not a limitation of Financial Statements Analysis ? 1 (A) It is affected by personal bias. (B) Inter-firm comparative study possible. (C) Lack of qualitative analysis. (D) Ignores price level changes. 26. State the objective of preparing Cash Flow Statement . 27. Under which of the following head/subhead is Forfeited Shares presented in the Balance Sheet of a company ? (A) Reserves and Surplus (B) Share Capital (C) Other Long-term Liabilities (D) Other Current Liabilities .67/2/1 27 1 1 P.T.O. 28. {Z Z{b{IV _| go Mmby n[ag n{ m`m| Ho$ A VJ V H$m Z-gm Cn-erf H$ Zht h (A) amoH$ S> VWm amoH$ S> Vw ` (B) `mnm[aH$ {M (C) bKw-Ad{Y G$U VWm A{J _ (D) Q>m H$ (_mbgyMr) 29. < 3,000 Ho$ ZJX _mb Ho$ H $` H$m gH$b bm^ AZwnmV na `m ^md n S>oJm ? 30. nr. {b{_Q>oS> H$s nw VH$m| go m {Z Z{b{IV gyMZm go (ii) G$U-g_Vm AZwnmV H$s JUZm H$s{OE : (i) ? 1 1 {Zdoe na `m` VWm gyMZm : `mO VWm H$a n MmV ew bm^ < 6,00,000; 6% G$Un < 10,00,000; {d{Z`mo{OV ny Or < 20,00,000, VWm H$a Xa 40%. AWdm (i) Mmby Xo`VmE < 1,50,000, Mmby n[ag n{ m`m < 2,80,000, Q>m H$ < 40,000, A{J _ H$a < 30,000, VWm nyd X m {H$am`m < 10,000. d[aV (Vab) AZwnmV H$s JUZm H$s{OE & (ii) Am gV Q>m H$ < 60,000, MmbZm| go AmJ_ < 6,00,000, {dH $` na gH$b hm{Z Xa 10% h & B do Q >r ( Q>m H$) AmdV AZwnmV H$s JUZm H$s{OE & 31. _mH $ {b{_Q>oS> H$s nw VH$m| go m {Z Z{b{IV {ddaUm| go VwbZm _H$ bm^-hm{Z {ddaU V `ma H$s{OE : {ddaU ZmoQ> g . 2016 17 < < MmbZm| go AmJ_ 50,00,000 40,00,000 `mnma- Q>m H$ H$m H $` 40,00,000 30,00,000 Q>m H$ (B do Q >r) _| n[adV Z 10,00,000 8,00,000 A ` `` 5,00,000 4,00,000 A ` Am` 2,50,000 2,00,000 AWdm .67/2/1 2017 18 28 3 3 4 28. Which of the following is not a subhead under the Current Assets ? (A) Cash and Cash Equivalents (B) Trademarks (C) Short-term Loans and Advances (D) Inventories 29. What will be the effect of purchase of goods for cash < 3,000 on Gross Profit Ratio ? 30. 1 1 From the following information obtained from the books of P. Ltd., calculate, (i) Return on Investment, and (ii) Debt-Equity Ratio : Information : Net Profit after interest and tax < 6,00,000; 6% Debentures < 10,00,000; Capital employed < 20,00,000, and Tax rate 40%. OR (i) Current Liabilities < 1,50,000, Current Assets < 2,80,000, Inventories < 40,000, Advance Tax < 30,000, and Prepaid Rent < 10,000. Calculate Quick Ratio. (ii) Average Inventory < 60,000, Revenue from Operations < 6,00,000, the rate of Gross Loss on Sales is 10%. Calculate the Inventory Turnover Ratio. 31. 3 3 From the following particulars obtained from the books of Mark Ltd., prepare a Comparative Statement of Profit and Loss : Particulars Note No. 4 2017 18 2016 17 < < Revenue from operations 50,00,000 40,00,000 Purchase of stock-in trade 40,00,000 30,00,000 Changes in inventory 10,00,000 8,00,000 Other expenses 5,00,000 4,00,000 Other incomes 2,50,000 2,00,000 OR .67/2/1 29 P.T.O. 31 _mM , 2019 H$mo damO {b{_Q>oS> Ho$ {Z Z{b{IV p W{V {ddaU go gm_m ` AmH$ma p W{V {ddaU V `ma H$s{OE : damO {b{_Q>oS> 31 _mM , 2019 H$m p W{V {ddaU ZmoQ> g . {ddaU I 31.3.2019 31.3.2018 < < g_Vm VWm Xo`VmE : 1. 2. A eYmaH$ {Z{Y`m : (H$) A e ny Or 34,00,000 30,00,000 (I) g M` Ed Am{Y ` 10,00,000 10,00,000 5,00,000 3,00,000 1,00,000 7,00,000 50,00,000 50,00,000 36,00,000 28,00,000 13,00,000 20,00,000 1,00,000 2,00,000 50,00,000 50,00,000 AMb Xo`VmE : XrKm d{Y CYma 3. Mmby Xo`VmE : `mnm[aH$ Xo` Hw$b II 1. n[ag n{ m`m : AMb n[ag n{ m`m : Wm`r n[ag n{ m`m : _yV n[ag n{ m`m 2. Mmby n[ag n{ m`m : (H$) _mbgyMr ( Q>m H$) (I) amoH$ S> Ed amoH$ S> Vw ` Hw$b .67/2/1 30 4 From the following Balance Sheet of Swaraj Ltd., as at 31st March, 2019, prepare a common size Balance Sheet : 4 Swaraj Ltd. Balance Sheet as at 31st March, 2019 Note No. Particulars 31.3.2019 31.3.2018 < < I Equity and Liabilities : 1. Shareholders Funds : (a) Share Capital 34,00,000 30,00,000 (b) Reserves and Surplus 10,00,000 10,00,000 5,00,000 3,00,000 1,00,000 7,00,000 50,00,000 50,00,000 36,00,000 28,00,000 13,00,000 20,00,000 (b) Cash and Cash Equivalents 1,00,000 2,00,000 Total 50,00,000 50,00,000 2. Non-Current Liabilities : Long-term Borrowings 3. Current Liabilities : Trade Payables Total II Assets : 1. Non-Current Assets : Fixed Assets : Tangible Assets 2. Current Assets : (a) Inventories .67/2/1 31 P.T.O. 32. 31 _mM , 2019 H$mo g_m h E df Ho$ {bE {nZoH$b {b{_Q>oS> H$m MmbZ J{V{d{Y`m| go amoH$ S> dmh < 28,000 Wm & 31 _mM , 2019 H$mo {nZoH$b {b{_Q>oS> H$m p W{V {ddaU ImVm| Ho$ ZmoQ >g Ho$ gmW ZrMo {X`m J`m h : {nZoH$b {b{_Q>oS> 31 _mM , 2019 H$m p W{V {ddaU ZmoQ> 31.3.2019 31.3.2018 {ddaU < < g . I g_Vm Ed Xo`VmE : 1. A eYmar$ {Z{Y`m : (H$) A e ny Or (I) g M` Ed Am{Y ` 2. 5,00,000 1 90,000 1,10,000 2 3,00,000 2,00,000 60,000 80,000 13,50,000 8,90,000 3 7,46,000 5,24,000 4 36,000 76,000 1,30,000 20,000 2,00,000 1,30,000 2,38,000 1,40,000 13,50,000 8,90,000 AMb Xo`VmE : XrKm d{Y CYma 3. 9,00,000 Mmby Xo`VmE : `mnm[aH$ Xo` Hw$b II 1. n[ag n{ m`m : AMb n[ag n{ m`m : Wm`r n[ag n{ m`m : (i) _yV n[ag n{ m`m (ii) 2. A_yV n[ag n{ m`m Mmby n[ag n{ m`m : (H$) Mmby {Zdoe (I) _mbgyMr ( Q>m H$) (J) amoH$ S> Ed amoH$ S> Vw ` Hw$b .67/2/1 32 32. Cash flow from the operating activities of Pinnacle Ltd. for the year ended 31st March, 2019 was < 28,000. The Balance Sheet along with notes to accounts of Pinnacle Ltd. as at 31st March, 2019 is given below : Pinnacle Ltd. Balance Sheet as at 31st March, 2019 Note No. Particulars 31.3.2019 31.3.2018 < < I Equity and Liabilities : 1. Shareholders Funds : (a) Share Capital (b) Reserves and Surplus 9,00,000 5,00,000 1 90,000 1,10,000 2 3,00,000 2,00,000 60,000 80,000 13,50,000 8,90,000 2. Non-Current Liabilities : Long-term Borrowings 3. Current Liabilities : Trade Payables Total II Assets : 1. Non-Current Assets : Fixed Assets : (i) Tangible Assets 3 7,46,000 5,24,000 (ii) Intangible Assets 4 36,000 76,000 (a) Current Investments 1,30,000 20,000 (b) Inventories 2,00,000 1,30,000 (c) Cash and Cash Equivalents 2,38,000 1,40,000 13,50,000 8,90,000 2. Current Assets : Total .67/2/1 33 P.T.O. ImVm| Ho$ ZmoQ >g : ZmoQ> {ddaU g . 1. g M` Ed Am{Y ` : 2. 31.3.2019 31.3.2018 < < (bm^-hm{Z {ddaU _| eof) XrKm d{Y CYma : 90,000 1,10,000 3,00,000 2,00,000 8,86,000 (1,40,000) 7,46,000 6,04,000 (80,000) 5,24,000 36,000 76,000 9% G$Un 3. 4. _yV n[ag n{ m`m : g ` VWm _erZar EH${ V (g {MV) _y ` mg A_yV n[ag n{ m`m : `m{V AmnH$mo {Z Z{b{IV A{V[a $ gyMZm Xr JB h : (i) < 90,000 nw VH$ _y ` H$s EH$ _erZar ({Og na < 23,000 H$m _y ` mg {X`m J`m Wm) H$mo < 12,000 bm^ na ~oMm J`m & (ii) 9% G$Un m| H$m {ZJ _Z 1 A b, amoH$ S> dmh {ddaU V `ma H$s{OE & 2018 H$mo {H$`m J`m & 6 ^mJ> I {dH$ n 2 (A{^H${b boIm H$Z) 23. hmS> do`a go Ame` h : (A) V gm Q>do`a d AZw `moJ `mo ` gm Q>do`a & (B) A{^H${b g ~ {YV no[a\o$ab d CZH$m Omb & (C) {H$gr H$m` H$mo H$aZo Ho$ {bE {H $`mAm| H$m EH$ Vm{H $H$ H $_ & (D) Cn`w $ g^r & .67/2/1 34 1 Notes to Accounts : Note No. 1. Particulars 31.3.2019 31.3.2018 < < Reserves and Surplus : (Balance in Statement of Profit and Loss) 2. 90,000 1,10,000 3,00,000 2,00,000 8,86,000 (1,40,000) 6,04,000 (80,000) 7,46,000 5,24,000 36,000 76,000 Long-term Borrowings : 9% Debentures 3. 4. Tangible Assets : Plant and Machinery Accumulated Depreciation Intangible Assets : Goodwill You are given the following additional information : (i) A machinery of the book value of < 90,000 (depreciation provided thereon was < 23,000), was sold at a profit of < 12,000. (ii) 9% debentures were issued on 1st April, 2018. Prepare the Cash Flow Statement. 6 PART B OPTION 2 (Computerised Accounting) 23. Hardware refers to : 1 (A) System software and application software. (B) Computer associated peripherals and their network. (C) A logical sequence of actions to perform a task. (D) All of the above. .67/2/1 35 P.T.O. 24. n[ag n{ m`m| H$s gwajm d g gmYZm| Ho$ AZwHy$bV_ Cn`moJ Ho$ {bE EH$ `dgm` : (A) Am V[aH$ {Z` U aIVm h & (B) Ho$db A{YH$V_ AmJ_ A{O V H$aZo H$m ` Z H$aVm h & (C) Ho$db `WmW boIm H$Z A{^boIm| H$mo gw{Zp MV H$aVm h & (D) Ho$db n[ag n{ m`m| H$s gwajm H$aVm h & 1 25. mB_ar H$s jo _ o S>oQ>m H$m hmoZm : (A) A{Zdm` $n go Amd `H$ Zht h & (B) Amd `H$ Vmo h na dh A{ Vr` hmo O $ar Zht & (C) Amd `H$ ^r h d A{ Vr` ^r hmoZm Mm{hE & (D) Cn`w $ g^r & 1 26. ##### 1 (A) (B) (C) (D) 27. 28. 29. 30. Aew{ {XImB XoVr h O~ : H$moB G$Um _H$ S>oQ>m ^am OmE & H$m b_ H$s Mm S>mB n`m Z hmo & g_` H$s G$Um _H$ BH$mB ^ar hmo & Cn`w $ g^r & ___________ S>oQ>m~og H$mo Eogr dm V{dH$ e{ $ XmZ H$aVm h {H$ dh Eogo O{Q>b Zm| Ho$ C ma XoZo _| gj_ hmo Ohm S>oQ>m H$m g ~ Y ___________ Vm{bH$mAm| go hmo & 1 EH$ Eogm H$moS> {Og_ o Aja d g {j Zm_ H$m `moJ EH$ gyMZm Ho$ ^mJ H$mo {M{ V H$aZo Ho$ {bE {H$`m OmVm h ___________ H$moS> Ho$ Zm_ go OmZm OmVm h & 1 ___________ _mUH$ H$m `moJ ImVm~hr _| J a-ZH$Xr _Xm| (boZXoZ) H$mo g_m`mo{OV H$aZo Ho$ {bE {H$`m OmVm h & EH$ doVZ {~b Ho$ mam `m gyMZm XmZ H$s OmVr h ? 1 3 AWdm noamob S>oQ>m~og Ho$ {d{^ JwUm| H$s gyMr ~ZmBE & .67/2/1 36 3 24. 25. 26. 27. To safeguard assets and optimise the use of resources, a business : (A) Keeps internal controls. (B) Only tries to achieve maximum revenue. (C) Only ensures accurate accounting records. (D) Only safeguards assets. 1 The existence of data in a primary key field is : (A) Not necessarily required. (B) Required but need not be unique. (C) Required and must be unique. (D) All of the above. 1 A ##### error appears when : (A) A negative data is used. (B) Column is not wide enough. (C) Negative time is used. (D) All of the above. 1 The ___________ provides real power to database in terms of its capacities to answer complex requests involving data to be taken from ___________ tables. 28. 1 A code which consists of alphabet or abbreviation as symbol to codify a piece of information is known as ___________ code. 29. 30. 1 A ___________ voucher is used for adjustment of non-cash transaction in the ledger. 1 What information is provided by a salary bill ? 3 OR List the various attributes of a payroll database. .67/2/1 37 3 P.T.O. 31. 32. CXmhaUm| H$s ghm`Vm go Ap V_ {d{ > d g_m`moOZ {d{ > g_PmBE & 4 AWdm Cn`moJH$Vm mam EH$ M`Z {H$E JE gd a S>oQ>m~og Ho$ {bE A{YH$ _y ` H$m ^wJVmZ H$aZo Ho$ H$moB Mma g ^m{dV bm^ ~VmBE & 4 Q>mo Jm {b{_Q>oS> Ho$ H$m`m b` {X r d M S>rJ T> _| p WV h & {X r Ho$ {bE _H$mZ {H$am`m ^ mm (HRA) < 25,000 h Am a M S>rJ T> Ho$ {bE `h < 20,000 h & _h JmB ^ mo (DA) H$s JUZm _yb doVZ (BP) na H$s OmVr h & `{X _yb doVZ < 22,000 h , Vmo$16% VWm `{X _yb doVZ < 23,000 h , Vmo 12% & _mZH$ {Xdg 30 {XZ {V _hrZm _mZo OmVo h & {Z Z{b{IV H$_ Mm[a`m| Ho$ {bE gy ~VmVo h E gH$b doVZ H$s JUZm E gob Ho$ gy m| Ho$ AZwgma H$s{OE : (i) (ii) .67/2/1 ny{U _m {X r H$m`m b` _| H$m` aV h & CgH$m _yb doVZ < 40,000 h & CgZo Mma {XZm| H$m {~Zm doVZ AdH$me {b`m h & H$me M S>rJ T> H$m`m b` _| H$m` aV h & CgH$m _yb doVZ < 20,000 h & CgZo H$moB AdH$me Zht {b`m h & 38 6 31. Explain closing entry and adjustment entry with the help of examples. 4 OR Explain any four advantages expected by the user for paying high price for a chosen server database. 32. 4 Tolga Ltd. has its offices in Delhi and Chandigarh. HRA for Delhi is < 25,000 and for Chandigarh is < 20,000. DA is calculated on Basic Pay (BP) as 16% for BP < 22,000 and 12% for BP < 23,000. Standard number of days are taken as 30 days per month. Give the formulae and calculate the amount of Gross Salary on Excel for the following employees : (i) Purnima is working in Delhi office. Her Basic Pay is < 40,000. She has availed four days of leave without pay. (ii) Prakash is working in Chandigarh office. His Basic Pay is < 20,000. He did not take any leave. .67/2/1 39 6 P.T.O.

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