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CBSE Class 12 Pre Board 2021 : Accountancy - with ANSWERS / MARKING SCHEME (Kendriya Vidyalaya (KV), Kanpur Cantt)

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KENDRIYA VIDYALAYA KANPUR CANTT S1 PRE BOARD EXAM 2020-21 CLASS XII ACCOUNTANCY TIME ALLOWED: 3 HOURS MAXIMUM MARKS: 80 GENERAL INSTRUCTIONS: This question paper contains Two parts A& B. Both the parts are compulsory for all. All parts of questions should be attempted at one place. Write your name, roll number, class and section at the top. After completion of Paper, make its PDF and submit on Google Classroom. Q.No. 1 2 3 4 5 6 7 8 9 PART A (Accounting for Not-for-Profit Organizations, Partnership Firms and Companies) How are the following items presented in financial statements of a Not-for-Profit organisation:(a) Prize Fund- 80,000 (b) Prize expenses- 14,000 When a new partner is admitted, he is entitled to share of (a) past profits. (b) present profits. (c) future profits. (d) reserve appearing in the balance sheet of the firm. State the order of payment of the following, in case of dissolution of partnership firm. i. to each partner proportionately what is due to him/her from the firm for advances as distinguished from capital (i.e. partner loan); ii. to each partner proportionately what is due to him on account of capital; and iii. for the debts of the firm to the third parties; Rakesh and Ashok earned a profit of Rs.5,000. They employed capital for Rs.25,000 in the firm. It is expected that the average rate of profit is 15% of the capital. Calculate amount of goodwill if goodwill is valued at three years purchase of super profit. Goyal, a partner in a partnership firm withdrew 9,000 at the end of each quarter. For how many months would interest on drawings be charged? Gaining ratio is calculated at the time of (a) retirement of a partner only. (b) death of a partner only. (c) admission of a partner only. (d) change in profit-sharing ratio/retirement/death of a partner. The capital of A and B are Rs. 50,000 and Rs. 40,000. To Increase the Capital base of the firm to Rs. 1,50,000, they admit C to join the firm; C is required to Pay a sum of Rs. 70,000, what is the amount of premium of goodwill? A, B and C were partners in a firm sharing profit and loss in the ratio of 8:7:5. On 2ndNovember 2018, C died. C s share of profits till the date of her death was calculated at 18,750. Pass the necessary journal entry. P and Q are partners in a firm sharing profits and losses in the ratio of 3:2.On 1stApril, 2019 they decided to admit R their new ratio is decided to be equal. Pass the necessary journal entry to distribute Investment Fluctuation Reserve of 60,000 at the time of R s admission, when Investment appear in the books at 1,10,000 and its market value is 90,000. Marks 1 1 1 1 1 1 1 1 1 10 Complete the following statement When a liability is discharged by a partner, at the time of dissolution, Capital Account is credited because________________ . 11 X and Y divide profits and losses in the ratio of 3:2. Z is admitted in the firm as a new partner with 1/6thshare, which he acquires from X and Y in the ratio of 1:1. Calculate the new profit sharing ratio of all partners. 12 Mother Ltd. forfeited 300 shares of ` 10 each, fully called-up, held by Ram for nonpayment of allotment money of ` 3 per share and final call money of ` 4 per share. Out of these shares, 250 shares were reissued to Shyam for ` 2,000 as fully paidup. The gain on reissue is (a) ` 900. (b) ` 400. (c) ` 750. (d) ` 250. 13 In the Balance Sheet of a company, interest accrued and due on debentures is shown under the head (a) Share capital. (b) Reserves and Surplus. (c) Current Liabilities. (d) Non-current Liabilities. 14 Ascertain the amount of salary chargeable to Income & Expenditure A/c for 2019-20 Rs. Total salaries paid in 2019-20 10,200 Prepaid salaries on 31-3-2019 1,200 Prepaid salaries on 31-3-2020 600 Outstanding salaries on 31-3-2019 900 Outstanding salaries on 31-3-2020 750 OR Distinguish between Income and Expenditure Account and Receipt and payment Account on basis of :i. Nature ii. Nature ofitems iii. Period 1 1 1 1 3 3 15 Danish, Ana and Pranjal are partners in a firm sharing profits and losses in the ratio of 5:3:2. Their books are closed on March 31stevery year. Danish died on September 30th , 2019, The executors of Danish are entitled to:i. His share of Capital i.e. 5,00,000 along-with his share of goodwill. The totalgoodwill of the firm was valued at 60,000. ii. His share of profit up to his date of death on the basis of sales till date of death. Sales for the year ended March 31, 2019 was 2,00,000 and profit for the same year was10% on sales. Sales shows a growth trend of 20% and percentage of profit earning is reduced by 1%. iii. Amount payable to Danish was transferred to his executors. Pass necessary Journal Entries and show the workingsclearly. 4 16 17 18 19 20 On 31st March,2016 after the closing of the accounts, the capital accounts of P,Q and R stood in the books of the firm at Rs. 40,000; Rs.30,000 and Rs.20,000 respectively. Subsequently, it was discovered that interest on capital@5% had been omitted. Profit for the year ended 31st March,2016 amounted to Rs.60,000 and the partners drawings had been P- RS.10,000;Q- Rs.7,500 and R- Rs.4,500. The profit sharing ratio of P,Q and R is 3:2:1. Give necessary adjustment Journal entry. OR A, B and C are partners sharing profits in the ratio of 5:4:1. C is given a guarantee that his minimum share of profits in any given year would be Rs. 5,000. Deficiency, if any, would be borne by A and B equally. The profits for the year 2008-09 amounted to Rs.40,000. Prepare profit and Loss Appropriation account and pass Journal Entry. Kanpur forge Products Ltd. registered with capital of 90,00,000 divided into 90,000 equity shares of 100 each. The company issued prospectus inviting applications for 50,000 equity shares of 100 each payable as 20 on application, 30 on allotment, 20 on first call and balance on second call. Applications were received for 40,000 shares. Raman to whom 1600 shares were allotted failed to pay final call money and these shares were forfeited. Of the forfeited shares, 600 shares were reissued to Sukhman, credited as fully paid for 90 per share. Present the Share Capital as per Schedule III of Companies Act, 2013 X and Y are partners in the firm who decided to dissolve the firm. Assets and Liabilities are transferred to Realisation account. Pass necessary journal entries a) Creditors were Rs 1,00,000. They accepted Building valued Rs 1,40,000 and paid cash to the firm Rs 40,000 b) Aman, an old customer whose account of Rs 1000 was written off as bad in the previous year paid 40% of the amount. c) There were 300 shares of Rs 10 each in ABC Ltd which were acquired for Rs 2000 were now valued at Rs 6 each. These were taken over by the partners in the profit sharing ratio. d) Profit on Realisation Rs 42000 was divided among the partners. How would you deal with the following items in the Balance sheet of a NPO? Rs. 1. Donations received for Auditorium construction25,00,000 (Expected total cost of the auditorium Rs.40,00,000) 2. Expenditure on construction of Auditorium 21,00,000 3. Receipts from Charity show 10,000 4. Charity show expenses 11,000 5. Prize Fund 25,000 6. 6% Prize fund Investment 25,000 7. Donation for Prize Fund 5,000 8. Prizes awarded 6,000 12 Pass journal entries for the following at the time of issue of debentures: (a) B Ltd. issues 30,000, 12% Debentures of Rs. 100 each at a discount of 5 % to be repaid at par at the end of 5 years. (b) E Ltd. issues Rs. 60,000, 12% Debentures of Rs. 100 each at a discount of 5 % repayable at a premium of 10% at the end of 5 years. (c) F Ltd. issues Rs. 70,000, 12% Debentures of Rs. 100 each at a premium of 5 % redeemable at 110%. 4 4 4 6 6 OR Goodwill Ltd has total redeemable debentures of 5,00,000. It decides to redeem these debentures in two instalments of 3,00,000 and 2,00,000 on December 31st 2018 and March 31st 2020 respectively. Assuming that the Company has only Rs.50000 in its Debenture Redemption Reserve Account, Pass necessary journal entries ( Regarding legal compliance of Companies Act, 2013) only for creation of DRR, DRRI and transfer of DRR to DRRI etc. 21 The balance sheet of Madan and Mohan who share profits and losses in the ratio 3:2 as at 31 march2012 was as follows: LIABILITIES AMOUNT ASSETS AMOUNT Creditors Workmen s compensation reserve General Reserve Madan s capital Mohan s capital 28,000 Cash 10,000 12,000 Debtors 65000 Less:provision 5000 60,000 20,000 Stock 30,000 60,000 Investments 50,000 40,000 Patents 10,000 1,60,000 1,60,000 They decided to admit Gopal on 1 April 2012 for 1/4th share on following terms 1. Gopal shall bring 25,000 as his share of premium for goodwill and 50,000 for capital. 2. An un accounted accrued income for 500 be provided for. 3. Market value of investments was 45,000. 4. A debtor whose dues of 1,000 were written off as bad debts paid 800 in full settlement. 5. A claim of Rs 2,000 on account of workmen s compensation to be provided for. 6. Patents were undervalued by 5,000. Prepare Revaluation A/C partners Capital A/cs and Balance sheet of New firm. OR The balance sheet of Narang, Suri and Bajaj who share profits and losses 1/2 ,1/6 and 1/3 respectively at 1 April 2015 was as follows: LIABILITIES Creditors Reserves Bills payable Narang s capital Suri s capital Bajaj s capital AMOUNT ASSETS 18,000 Cash 12,000 Debtors 20,000 Less: provision 1,000 12,000 Machinery 30,000 Stock 30,000 Furniture 28,000 Freehold premises 1,30,000 AMOUNT 7,000 19,000 30,000 22,000 12,000 40,000 1,30,000 Bajaj retires from the business on the following terms. 1. Freehold premises and stock appreciated by 20% and 15% respectively. 2. Machinery and furniture depreciated by 10% and 7% respectively. 3. Bad debts reserve increased to 1500. 4. Goodwill valued at 21,000 on Bajaj s retirement. 5. Bajaj will be Rs. paid 5000 immediately and balance will be kept in his loan account. Prepare Revaluation A/C partners Capital A/cs and Balance sheet of New firm. 22 VK Limited issued Rs.10,00,000 new capital divided into Rs.100 at a premium of Rs.20 per share, payable as under: On Application Rs.10 per share Rs.40 per share On Allotment (including premium of Rs.10 per share) On First and Final Call Balance amount Over-payments on application were to be applied towards sums due on allotment and first and final call. Where no allotment was made, money was to be refunded in full. The issue was oversubscribed to the extent of 13,000 shares. Applicants for 12,000 shares were allotted only 2,000 shares and applicants for 3,000 shares were sent letters of regret. Shares were allotted in full to the remaining applicants. All the money due was duly received. Which value has been affected by rejecting the applications of the applicants who had applied for 3,000 shares? Suggest a better alternative for the same. Give Journal Entries to record the above transactions (including cash transactions) in the books of the company. OR X Ltd. Issued 50,000shares of Rs. 10 each at a premium of Rs. 2 each payable as follows: Rs. 3 on Application Rs. 6 on Allotment (including premium) Rs. 3 on call Applications were received for 75,000 shares and a pro rata allotment was made as follows: To the applicants of 40,000 shares, 30,000 shares were issued and for the rest 20,000 shares were issued. All money due was received except the allotment and call money from Ram who had applied for 1,200 shares (out of the group of 40,000 shares). All his shares were forfeited. The forfeited shares were reissued for Rs. 7 per share fully paid up. Give journal entries to record these transactions. Also mentions the values which has been affected by allotting shares on prorate basis to all applicants. 8 PART B (Analysis of Financial Statements) 23 24 25 26 27 28 Comparison of values of one period with those of another period for the same firm is (a) Intra-firm comparison. (b) Inter-firm comparison. (c) Pattern comparison. (d) Trend comparison. Current ratio of Reliance Textiles Ltd. is 1.5 at present. In future it want to improve this ratio to 2.Suggest any two accounting transaction for improving the current ratio. Debt Equity Ratio of a company is 1:2. Purchase of a Fixed asset for 7,00,000 on long term deferred payment basis will increase, decrease or not change the ratio? State one advantage of financial statement analysis. A Mutual Fund Company received a dividend of Rs 10 lakhs on its investment in another company s shares. Whether will it appear in a cash flow statement? While preparing Common-size Balance Sheet, each item of Balance Sheet is expressed as % of (a) Non-current Assets. (b) Current Assets. 1 1 1 1 1 1 29 30 31 (c) Non-current Liabilities. (d) Total Assets. Declaration of final dividend would result into inflow, outflow, or no flow of cash. Give your answer with reason. From the following details calculate Interest Coverage Ratio: Net profit after tax - 7,00,000 6% debentures of 20,00,000 Tax Rate 30% OR Under which major heads and sub-heads will the following items be placed in the Balance Sheet of the company as per Schedule III, Part I of the Companies Act, 2013? (i) Debentures with maturity period in current financialyear (ii) Securities PremiumReserve (iii) ProvidentFund Particulars 2019 2020 Revenue from operations 20,00,000 30,00,000 Expenses 12,00,000 21,00,000 Other incomes 4,00,000 3,60,000 Income Tax 50% 50% Prepare a Comparative Statement of Profit & Loss with the help of following information OR Prepare Common Size income statement from the following information for the year s ended march 31, 2008 and 2009. Particulars 2018(Rs.) 2019(Rs.) 1.Net Sales 8,00,000 10,00,000 2.Cost of Goods Sold 60% of sales 60% of sales 3.Indirect Expenses 10% of Gross profit 10% of Gross Profit 4.Income Tax rate 50% 60% 1 3 4 32 From the following Balance sheet, prepare a Cash Flow Statement as per AS-3 (revised) Particulars 2018 2019 Equity And Liabilities Shareholders Fund Share capital 2,00,000 2,00,000 Balance of Statement of profit and loss 96,000 98,000 Non Current Liabilities Loan from Z Ltd .......... 40,000 Loan from Bank 60,000 50,000 Current Liabilities Trade Payables 72,000 82,000 TOTAL 4,28,000 4,70,000 II. ASSETS Non Current Assets Fixed Assets (Tangible) Land 40,000 60,000 Building 1,00,000 1,10,000 Machinery(Net) 1,60,000 1,72,000 Current Assets Cash and cash equivalents 8,000 7,200 Trade receivables 70,000 76,800 Inventories 50,000 44,000 TOTAL 4,28,000 4,70,000 Additional Information: Provision for Depreciation as on 31st March, 2018 and 31st March, 2019 respectively was Rs. 54000 and Rs. 72000.During the year Rs. 52000 were paid as dividend. Prepare the Cash Flow Statement. 6 KENDRIYA VIDYALAYA SANGATHANLUCKNOW REGION 1ST PRE BOARD EXAM 2019-20 CLASS XII ACCOUNTANCY TIME ALLOWED: 3 HOURS MAXIMUM MARKS: 80 MARKING SCHEME PART A (Accounting for Not-for-Profit Organizations, Partnership Firms and Companies) Q. Answers Marks No 1 BalanceSheetof NPO. as on Liabilities Rs. Date Assets Rs. Prize Fund 80000 Less Prize Expenses 66000 14000 (1) 2 (c) future profits 3 iii.for the debts of the firm to the third parties; (1) ii. to each partner proportionately what is due to him/her from the firm for advances asdistinguished from capital (i.e. partner loan); i. to each partner proportionately what is due to him on account ofcapital (1) 4 Goodwill = (1) 5 4 months Super profit * No. of purchasing year.= 1250*3 = 3,750 (1) 6 (d) change in profit-sharing ratio/retirement/death of a partner. 7 The total capital of the firm is Rs. 90,000. To increase the capital base to Rs. (1) 1,50,000, C is to bring in Rs. 60,000 (Rs. 1, 50,000 - 9, 00, 00) But he bring in Rs. 70,000. Therefore, the excess of Rs. 10,000 represent premium for goodwill. 8 (1) Date Particulars 2018 Profit and Loss Suspense Nov,2 Dr. L.F A/c To C s Capital A/c Dr Amount ( ) Cr Amount ( ) 18,750 18,750 (Being C s share of profit up to the date of her death transferred to her capital account) (1) 9 Journal Investment FluctuationReserveA/c Dr.60000 To Investment A/c 20000 To P s capital A/c 24000 To Q s Capital A/c 16000 (Being the transfer of excess Investment Fluctuation reserve to partner s capital account in old profit sharing ratio) 10 (1) Because the claim of the partner against the firm is increased by the amount of liability 11 (1) Old ratio = X:Y = 1:1 Z is admitted for 1/6th share which he acquire from X,Y in the ratio of 1:1 Since 1/6 X 1/2 = 1/12 from X and Y 12 X s new ratio = 3/5 1/12 = 31/60 Y s New ratio = 2/5 1/12 = 19/60 Z s share = 1/6 New ratio = 31/60, 19/60,1/6 or 31:19:10 (d*) (1) *Amount forfeited on 250 shares (250 ` 3) ` 750 Less: Discount on Reissue ` 500 Gain on reissue to be transferred to Capital Reserve ` 250 13 14 (1) (c) Current Liabilities (1) Total Salaries paid in 2019-20 10,200 Add: - Outstanding salaries on 31-3-20 Prepaid salary on 31-3-19 750 1,200 --------------12,150 Less:- Outstanding on 31-3-19 Prepaid on 31-3-20-600 900 1,500 ------ Salaries dr. to Income & Exp. A/c for 2019-20 --------------10,650 Or Suitable distinction between both concepts 3 1x3 = (3) 15 Date Particulars L.F Dr Amount Dr Amount ( ) ( ) September Ana sCapitalA/c Dr 18,000 30, Pranjal sCapitalA/c Dr 12,000 2019 To Danish s Capital A/c (Being Danish s share of goodwill 30,000 adjusted in capital Accounts of Ana and Pranjal September Profit and LossSuspenseA/c 30, Dr 5,400 To Danish s CapitalA/c 2019 5,400 (Being Danish s share of profit up to date of his death transferred to his capital account) September Danish sCapitalA/c 30, Dr 5,35,400 To Danish s Executor s A/c 2019 5,35,400 (Being amount due to Danish transferred to his executor s account) Working Notes:Sales = 2,00,000 + 20% of 2,00,000 = 2,00,000 +40,000 Profit % = 10% - 1% = 9% Danish s Share of Profit = 2,40,000 X 9/100 X 5/10 X 6/12 = 5,400 16 1X4= 4 Calculation of opening capital P Closing Capital Q R 40,000 30,000 20,000 Add: Drawings during the year10,000 7,500 Less Profit Opening Capital 3:2:1 (30,000) 20,000 17,500 (20,000) Interest on capital 1,000 725 875 14,500 4,500 (10,000) Statement showing adjustment error Particulars Interest on Capital Revised P&L P Q R Firm 1,000 875 725 (2,600) (1,300) (867) (433) 2600 4 Difference (300) 8 292 NIL Rectified Journal Entry P s Capital A/c Dr by Rs. 300 and Q and R will be credited by Rs.8 and Rs.292. OR Profit and loss appropriation account Particulars Amount Particulars Amount To A s Capital A/c 20,000-500 19,500 By Profit & Loss To B s Capital A/c16,000-500 15,500 To C s Capital A/c4,000+500+500 5,000 40,000 Journal Entry: 40,000 40,000 A Debited by Rs.500, B Debited by Rs. 500 and C will be credited by Rs.1,000.2+1 ,1/2 17 Authorised share capital = 9000000 Issued share capital = 5000000 Subscribed share capital = 3900000 Add: forfeited share capital =70000 Total paid up share capital =3970000 for extract of BS and 1+1+1 18 S.N a) Particulars Cash account Dr 4 LF Debit(Rs) Credit(Rs) 40000 Realisation account 40000 (Being cash received from the creditor) b) Cash a/c Dr 400 Realisation a/c 400 (Being cash received from a debtor whose account was wriiten off earlier) c) X s Capital a/c Dr 900 Y s Capital a/c Dr 900 Realisation a/c 1800 (Being Investments taken over by the partners) d) Realisation a/c Dr X s Capital a/c 42000 21000 4 Y s capital a/c 21000 (Being profit on Realisation distributed among the partners) 1x 4= 19 Income & Expenditure A/c (for the year ending on-----) Expenditure Amount Income Amount To charity show 11,000 By Receipts from charity 10,000 expenses show Balance Sheet(As at ----------) Liabilities Amount Capital Fund xxx Assets Amount Auditorium in 21,00,000 Progress Add: Transfer From Auditorium 21,00,000 fund 6% Prize Fund Investment Auditorium Fund 25,000 xxx Accrued Interest Add: Donation on Prize fund 25,00,000 4,00,000 investment Less: Transferred to 1,500 Capital fund 21,00,000 Prize Fund : 25,000 Add: Donation 5,000 25,500 30,000 Add: Accrued Interest 1,500 31,500 x Less: Prizes awarded 12 = 6,000 6 20 Journal of B Ltd.(a) (i) Bank A/C = 6 Dr. 28,50,000 To. Deb. Application & Allotment A/C (ii) Deb. Application & allotment A/C 2 x3 Dr. 28,50,000 28,50,000 Journal of E Ltd.(b) (i) Bank A/C Dr. 57,000 To. Deb. Application & Allotment A/C 57,000 (ii) Deb. Application & allotment A/C Dr. 57,000 Loss on issue of Debentures A/C Dr. 9,000 To 12 % debentures A/C of F Ltd.(c) Journal 60,000 (i) Bank A/C Dr. 73,500 To Debenture Redemption Premium A/C 6000 To. Deb. Application & Allotment A/C 73,500 (ii) Deb. Application & allotment A/C Dr. 73,500 Loss on issue of Debentures A/C Dr. To 12 % debentures A/C 7,000 70,000 OR To Securities1 premium A/Ceach suitable entry. marks for 21 3,500 Revaluation profit 1,300 (madan s share 780, Mohan s share 520) [ 2 marks] To Debenture Redemption Premium A/C 7,000 Madan s capital 93,780 Mohan s Capital 62,520 Gopal will bring 52,100. [3 marks] Balance Sheet 2,38,400 Cash balance 87,900 [3 marks] OR Revaluationprofit Rs.6960;( 3480;1160;2320) [2marks] Narang scapitalAccountRs.49,230andsuri s cap 16,410;Nrang s current A/c Dr 15,00 Suri s current A/c cr 15,000 Bajaj s loan 41,320 [ 3 marks] B/S 1,51,960{3 marks] 22 Bank a/c To Share Application A/c 8 2,30,000 1+ 2,30,000 1.5+ (Being Application money received) Share Application A/c Dr. 1+ 1.5 2,30,000 To Share Capital A/c + 1,00,000 To Share Allotment A/c 80,000 20,000 To calls-in-advance A/c 30,000 To Bank (Being application money adjusted) Share Allotment A/c Dr. 4,00,000 To Share Capital A/c 3,00,000 To Securities Premium Reserve A/c (Being allotment money Reserve due) Bank A/c 1,00,000 3,20,000 To Share Allotment A/c 3,20,000 (Being allotment money due) Share First & Final Call A/c Dr. 7,00,000 To Share Capital A/c 6,00,000 To Securities Premium Reserve A/c (Being Call money due) 1,00,000 Bank A/c Call in advance A/c Dr. 6,80,000 20,000 1.5+ 1.5=8 To Share First & Final Call A/c 7,00,000 (Being call money received) OR Allotment received 15,96,000 1stcall 19,85,000 Capital reserve 4,000 PART B (Analysis of Financial Statements) 23 (a) Intra-firm comparison. 24 (i) Payment of current liabilities. (1) (ii) Issue of share capital etc. (1) 25 Increased (1) 26 Advantages- It facilitates inter-firm comparison. Or any other suitable answer (1) 27 Operating activities (1) 28 (d) Total Assets. 29 No flow of cash as final dividend is declared only, not yet paid. 30 Net Profit Before Tax Tax paid = Net Profit After Tax (1) (1) x 30/100 (x) = 7,00,000 x = 7,00,000 (100/70) x = 10,00,000 Net Profit Before Tax = 10,00,000 Interest Payment = 6/100 ( 20,00,000) = 1,20,000 Earning Before Interest and Tax=Net Profit Before Tax +Interest Payment = 10,00,000 + 1,20,000 Interest Coverage ratio=Earning Before Interest and Tax / Interest Payment Interest Coverage Ratio = 11,20,000/ 1,20,000 Interest Coverage Ratio = 9.33 times OR S.No (i) Item Debentures period year in with current Major Head maturity financial Sub Head Current Other Liabilities Liabilities Current (ii) Securities Premium Reserve Shareholder s Reserves and (iii) Provident Fund Non-Current Long Fund Surplus Term 1 X 3 = 3 Liabilities 31 Particulars 2019 I. Revenue from operations III. Total Revenue (I+II) Profit before Tax PROFIT AFTER TAX Percentage Figures 30,00,00 10,00,00 0 50% 4,00,000 3,60,000 (40,000) 10% 24,00,00 33,60,00 9,60,000 40% 12,00,00 21,00,00 9,00,000 75% 12,00,00 12,60,00 0 60,000 5% 6,00,000 6,30,000 30,000 5% 6,00,000 6,30,000 30,000 5% 0 0 Less Expenses Absolute Absolute 20,00,00 0 II. Add: other Incomes IV. Less Tax (50%) 2020 Provision 0 0 0 0 marks for each row (1/2 *6 = 3) + 1 marks for calculation of tax rate. OR Common Size Income statement Particular 2018 amount 2019 amount Percentage of Net sales in P.Y. Percentage of Net sales in C.Y. Net Sales 8,00,00 10,00,000 100% 100% 0 6,00,000 60% 60% 3,20,00 4,00,000 40% 40% 0 40,000 4% 4% Less: C.O.G.S. 4,80,00 0 Gross Profit Less: Indirect Expenses 32,000 Operating 2,88,00 3,60,000 36% 36% Profit/PBT 0 2,16,000 18% 21.6% 18% 14.4% Less: tax 1,44,00 0 Profit after tax 1,44,.00 1,44,000 0 32 Cash generated from Operating Activities 2,80,000; Cash used in investing activities (8,10,000); Cash from financing activities6,00,000. 4 2+2+2 =6

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