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ISC Class XII Prelims 2026 : Accounts (Jankidevi Public School (JPS), Mumbai)

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Harsh Shah
PTVA's Sathaye College, Mumbai
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LILAVATIBAI PODAR HIGH SCHOOL (ISC) SUMMATIVE ASSESSMENT-2 (2024-2025) Grade: 12 Subject: ACCOUNTS Time: 3 hour Marks: 80 ---------------------------------------------------------------------------------------------------------------(Candidates are allowed additional 15 minutes for only reading the paper. They must NOT start writing during this time.) ---------------------------------------------------------------------------------------------------------------The intended marks for questions or parts of questions are given in the brackets []. All calculations should be shown clearly. All working, including rough work, should be done on the same page as, and adjacent to, the rest of the answer. This paper consists of 15 printed sides. Answer all the questions. ---------------------------------------------------------------------------------------------------------------Section A Q1. In subparts (i) to (iv) choose the correct options and in subparts (v) to (x) answer the questions as instructed. i Tarun and Vikas are partner sharing profits in the ratio of 3:2 with capitals of [1] 69,000 and 51,000 They admit Rehan as a partner with 1/5th share in the profits. On Rehan s admission, the firm s goodwill is valued at 50,000, loss on revaluation is determined at 5,000 and the firm had General Reserve of 15,000. Calculate Rehan s capital if he contributes capital proportionate to his share of profits. (a) 30,000 (b) 35,000 (c) 40,000 (d) 42,000 ii Assertion (A): When a running business of other company is purchased, and [1] payment is settled by issue of shares, in such a case, if purchase consideration is less than the net assets, then difference is credited to the Capital Reserve. Reason (R): Capital Reserve is a capital loss for the company. a) Both A and R are true and R is the correct explanation of A. b) Both A and R are true but R is not the correct explanation of A. c) A is true but R is false. d) A is false but R is true. iii A company issued 5,000, 10% Debentures of 100 each at a discount of 5%. [1] To write off the capital loss, it has to use its profits in a certain order. Chose the correct order in which the profits are used by the company to write off the capital loss: (P) Statement of Profit & Loss Page 1 of 11 iv v vi vii viii ix (Q) Capital Reserve (R) Securities Premium (S) Debentures Redemption Reserve (a) P, Q, R (b) P, Q, R, S (c) S, R, Q, P (d) R, Q, P VK Ltd. forfeited 1200 shares of 50 each issued at for non-payment of [1] 12,000 on final call. Out of the forfeited shares some were reissued at 45 each and received 40500 and Gain on reissue 31,500 was transferred to the Capital Reserve. Share Forfeiture Account debited at the time of Reissue: (a) 6,500 (b) 3,500 (c) 4,500 (d) 2,500 Vinod, Suraj and Satish were partners sharing profits equally. Suraj [1] withdrew Rs.48,000 during the year for his personal use. Interest on drawings @6% p.a. was charged whereas the partnership deed was silent about interest on drawings. What is the rectifying entry? Satya Ltd. has 10,000, 12% Debentures of 100 each due to be redeemed on [1] 31st May, 2024. Mention the heading and the sub-heading under which this item would have been shown in the Balance Sheet of Satya Ltd. prepared as at 31st March 2024? Rafael Limited purchased machinery for 7,28,000 from Yatch Limited. The company paid the amount by issue of equity shares of 10 each at a premium of 12%. What will be the number of shares to be issued to Rohan Limited? Asha and Deepti were partners in a firm sharing profits and losses in the ratio of 3:1. Their fixed capitals were 3,00,000 and 2,00,000 respectively. They were entitled to interest on capital @ 10% p.a. The firm earned a profit of 20,000 during the year. What will be the amount of interest on capital credited to Deepti? Read the following extract of an article and answer the question which follows. The difference between the price paid to a company as a continuing concern (going concern) and net worth can be individually identified and evaluated. Such difference is the goodwill you get' This is a situation where the price paid to a company is more than its net worth. (i) Identify the type of goodwill mentioned in the extract. (ii) Give any two features of the goodwill so identified. Source: https://economicstimes.indiatimes.com/g/goodwill/profileshow/92988451.cms Page 2 of 11 x Sam, Pam and Ram dissolved their partnership firm. Dissolution expenses were 10,000; out of the said expenses, 4,000 were to be borne by Ram and the balance was to be paid by the firm. 8,000 was paid by Ram and the balance by the firm. What is the entry to record the above transaction? Q2 Vicky, Vikram and Vikrant were partner in a firm sharing profits in the ratio of 5:3:2. The firm closed its books on 31st March every year, Vikrant died on 31th July, 2023. On the date of Vikrant s death: (i) His share of profit from the date of the last Balance Sheet to the date of his death was determined at 12,800. (ii) Amount due to Vikrant was determined as 1,89,600. The remaining partners decided to pay him 2,10,000. (iii) Vikrant s Executor were paid 25,000 immediately and balance amount was transferred to his Executor s Loan Account to be paid in two equal annual installments along with interest @ 6% per annum. You are required to pass journal entries till the date of Vikrant s death. OR Amar, Akbar and Narayan are partners sharing profits in the ratio of 14:5:6. Akbar retired on 1st April, 2023. Amar acquired 5/25 of Akbar s share. On the date Akbar s retirement, the goodwill of the firm is valued at 2 years purchase of super profits based on average profits of last 3 years before retirement which were: 50,000, 55,000 and 60,000 respectively. Normal profit for the similar firm is 30,000. Profit for the year 2023-24 after Akbar s retirement was 1,00,000. [3] You are required to give necessary Journal entries to: (i) Record the goodwill compensation to Akbar. (ii) Distribute the profit for the year 2023-24 between the remaining partners showing your workings. Q3 On 1st April, 2023, Class Ltd. issued 1,000, 15% Debentures of 100 each at 8% [3] discount payable on application. These debentures were to be redeemed at a premium of 5% after five years. All the debentures were subscribed for by the public. Interest on these debentures was to be paid annually by the company. You are required to prepare for the year 2023-24: (i) Prepare 15% Debentures Account. (ii) Loss on issue of Debentures Account. Q4 Excel Motor Ltd., an unlisted (Non-NBFC or HFC) company had 50,000, 8% Debentures of 100 each due for redemption out of profit on 31st March, 2024 at a premium of 5%. On 31st March, 2023 the company had an amount of 5,00,000 in its Debentures Redemption Reserve. The Debenture Page 3 of 11 [3] Redemption Investment which was purchased on 30th April, 2023, was realised at 96% on the date of redemption and debentures were redeemed on the due date. You are required to pass Journal entries in the books of Excel Motor Ltd. for the year 2023 24 (ignore interest on debentures). OR Pen Ltd (Non-NBFC or HFC) has outstanding 14,000 8% Debentures of 100, redeemable at a premium of 10% as follows On 31st March, 2025 7,000 debentures On 31st March, 2026 5,000 debentures On 31st March, 2027 2,000 debentures You are required to prepare for the year 2025-2026 1. Debenture Redemption Reserve A/c 2. Debentures Redemption Investment A/c Q5 Doremon, Shinchan and Nobita are partners sharing profits and losses in the ratio of 3:2:1. With effect from 1st April, 2022 they agree to share profits equally. For this purpose, goodwill is to be valued at two year s purchase of the average profit of last four years which were as follows: Year ending on 31st March,2019 50,000 (Profit) Year ending on 31st March,2020 1,20,000 (Profit) Year ending on 31st March,2021 1,80,000 (Profit) Year ending on 31st March,2022 70,000 (Loss) On 1st April, 2020 a Motor Bike costing 50,000 was purchased and debited to travelling expenses account, on which depreciation is to be charged @ 20% p.a by Straight Line Method. The firm also paid an annual insurance premium of 20,000 which had already been charged to Profit and Loss Account for all the years. [3] Q6 Following balances have been extracted from the books of Crystal Ltd. as at 31st March, 2023. [6] Particulars Share Capital (Equity shares of 10 each) 8,00,000 Calls-in-arrears (5,000 shares @ 2 per share) 10,000 Calls-in-advance 12,500 Surplus in Statement of Profit and Loss (Cr) 12,50,000 Trade Creditors 1,00,000 Bills Receivables 30,000 Land and Building (at Net Value) 16,00,000 Sundry Debtors 40,000 Investment in Government Bonds 5,00,000 Page 4 of 11 Provision for Doubtful Debts 15,000 Discount on issue of Debentures 3,00,000 General Reserve 1,00,000 Provision for Tax 1,50,000 Goodwill 4,50,000 Additional Information: Accumulated depreciation on Land and Building is 4,00,000. 2,00,000 to be transferred to General Reserve. You are required to: (i) Prepare the Notes to Accounts of each of the following: (a) Reserves and Surplus (b) Trade Receivables (ii) Give the amount for each of the following: (a) Subscribed Capital (b) Current Liabilities (c) Non-Current Assets Q7 The Balance Sheet of Hamid and Imad who share profits and losses in the ratio of 3:2 as at 31st March, 2023 was as follows: Liabilities Creditors Employee Provident Fund General Reserve Current Account Hamid Imad Capital Account Hamid Imad Amount Assets Amount 60,000 Cash at Bank 1,20,000 Debtor 1,30,000 20,000 Less Provision For 40,000 Doubtful Debt (10,000) 1,20,000 Stock 60,000 60,000 Investment 1,00,000 40,000 Patents 20,000 Goodwill 80,000 168,000 1,12,000 5,00,000 5,00,000 They admit Afridi on 1st April, 2023, on the following terms: (a) New Profit-sharing Ratio will be 5:3:2. Afridi brings 83,000 as his capital. (b) Afridi brings 24,000 by cheque out of his share of goodwill of 40,000. (c) 20% of General Reserve to be transferred to Provision for Doubtful Debts. (d) 3,000 included in Sundry Creditors to be written back as no longer payable (e) Half of investments are to be taken by old partners in their profit-sharing Page 5 of 11 [6] ratio and remaining valued at 40,000. You are required to pass necessary Journal entries in the books of the firm. OR Anita and Anil are partners in a firm. On 1st April, 2024, they admitted Jia as [6] a third partner. The capital accounts of the partners after considering the following adjustments on Jia s admission are given below: (a) Loss on revaluation due to depreciation on machinery @ 20% per annum. (b) The General Reserve maintained in the old firm was not to be disturbed in the reconstituted firm. Partner s Capital Accounts Particular To Goodwiil To P/L A/c To Revaluation To Balance c/d Anita 10,000 5,000 Anil 10,000 5,000 7,500 1,17,500 7,500 1,07,500 Jia 75,000 Particular By Balance b/d By Bank A/c By Premium for Goodwill A/c By Jia Current A/c Anita 90,000 Anil 80,000 25,000 25,000 25,000 25,000 Jia 75,000 Additional information: On 31st March, 2024, the firm of Anita and Anil, apart from plant and machinery and a bank balance of 2,15,000, had no other asset. You are required to prepare the Balance Sheet of the reconstituted firm on the date of Jia s admission after considering the information given above. Q8 A, B and C were partners sharing profits in the ratio of 3 : 2 : 1. Their Balance Sheet as on 31st March, 2023, the date on which they dissolve their firm was as follows: Particular Amount Particular Amount Capital A/c Land and Building 5,50,000 A 5,00,000 Stock 1,20,000 B 3,00,000 Debtor 3,27,000 C 1,00,000 Less PDD (7,000) 3,20,000 Bank Overdraft 12,000 Plant and Machinery 85,000 Creditor 1,88,000 Cash 25,000 11,00,000 11,00,000 It was agreed that: (a) Assets realised: 60% of the Land and Building realised at 125%; stock realised at 1,30,000; and all debtors were good. (b) B took over 60% Plant and Machinery at 40,000 and remaining was taken over by creditors against 60,000 of their book value. (c) Realisation expenses to be borne by B for which he is to get a credit of 12,000. Realisation expenses paid out of firm's Bank account amounted to 10,500 Page 6 of 11 [6] You are required to prepare Realisation Account. Q9 Krish, Rahul and Aditya are trading in partnership and sharing profit in the ratio of 5:3:2, preparing accounts annually to 31st March. Interest at the rate of 12% p.a. is allowed in respect of capital, 8% is allowed or charged on current accounts and 8% charged on drawings. Rahul is entitled to a rent of 16,000 per month for the use of his premises by the firm. Krish has personally guaranteed that Aditya's share of profit, including interest, shall not be less than 45,000 in respect of any year. [10] The partner s Capital and Current Accounts on 31st March, 2023 were: Capital Accounts Current Accounts Krish 5,00,000 38,000 Rahul 3,00,000 18,000 (Dr.) Aditya 4,00,000 54,000 Rahul brought in an additional capital 1,50,000 on 30th September, 2023 and Aditya withdrew 80,000 on 1st January, 2024 out of its capital. The partners made regular drawings as follows: Krish (beginning of each quarter) 25,000 Rahul (end of each month) 6,000 st Aditya (beginning of each month during 1 half of the year) 4,000 The firm's profit for the year ended 31st March, 2024 after rent was 3,00,000. Prepare the firm's Profit and Loss Appropriation Account and Partners Current Accounts for the year ended 31st March, 2024. OR Sharma and Verma are partners in a firm. On 1st April, 2023, their fixed capital accounts showed a balance of 8,00,000 and 5,60,000 respectively. On this date, their current account balances were 45,000 (Cr.) and 18,000 (Dr.) respectively. On 1st January, 2024, Sharma introduced additional capital of 1,20,000 while Verma took a loan of 40,000 from the firm. The clauses of their partnership deed provided for: (a) Interest on capital and current account to be allowed at the rate of 10% per annum. (b) Interest on drawings to be charged at the rate of 12% p.a. (c) Profits to be shared by them in the ratio of 5:2. (d) 10% of the correct net profit to be transferred to Reserve Fund. (e) Verma to get a commission of 10% on corrected net profits after charging such commission. (f) Interest on loan to be charged @ 10% p.a. from the partners. Page 7 of 11 [10] During the financial year 2023-24, Verma withdrew 8,000 in the beginning of each month for six months starting 1st October, 2023 whereas Sharma withdrew 30,000 on 1st July, 2023 and 90,000 on 30th November, 2023. The net profit of the firm, before any interest for the financial year 2023-24 was 4,85,000. You are required to prepare for the year 2023 24: (i) Profit and Loss Appropriation Account. (ii) Verma s Loan Account. Q10 Vijay Ltd. invited applications for the issue of 50,000 equity shares of 10 each at a premium of 8 per share. The amount was payable as follows: On Application: 4 (Including 2 premium) On Allotment : 6 (Including 3 premium) On First call : 5 (Including 1 premium) On Final call : Balance amount The issue was fully subscribed. Gopal, holding 200 shares, did not pay the allotment money. Madhav, holding 400 shares paid his entire amount along with allotment. Gopal shares were forfeited immediately. The first call was made. Krishna, holding 100 shares, did not pay the first call money. Garish, holding 300 shares, paid second call money along with first call. Krishna shares were forfeited immediately. The second call was not made. You are required to pass the necessary journal entries in the book of Vijay Ltd. OR Royal Ltd. issued 1,00,000 shares of 10 each payable as: 2 on application 3 on allotment 3 on first call 2 on second and final call. Applications were received for 1,50,000 shares and shares were allotted on a pro rata basis to the applicants of 1,20,000 shares. All shareholders paid the allotment money except one shareholder who was allotted 2,000 shares. These shares were forfeited. The first call was made after the shares were forfeited. The forfeited shares were reissued @ 9 per share as 8 paid-up after first call. The second and final call was not yet made. You are required to: (i) Prepare the Cash Book to record the above issue of shares. (ii) Pass Journal entries in the Journal Proper. Page 8 of 11 [10] [10] SECTION B Q11 In subparts (i) and (ii) chose the correct option and in subparts (iii) to (v) answer the questions as instructed. (i) Priya Ltd. has a Current Ratio of 3 :1. Its inventories are 40,000 and Current Liabilities are 75,000. What will be the Quick Ratio of the Company? (a) 3:2 (b) 2:3 (c) 37:15 (d) 15:37 (ii) Read the following news item of ITC Ltd. and answer the question that follows: The company s board declared an interim dividend of 6 25 per share for the financial year ending March, 2024. The dividend will be paid between February 26-28, 2024, to the eligible shareholders. (Source: The Hindu, Financial Express, 30 January, 2024) Which of the following are the attributes of interim dividend? P It is a charge against profits. Q It is an appropriation of profits. R Its declaration and payment will decrease the company s Current Ratio. S Its declaration and payment will increase the company s Debt Equity Ratio. (a) Only P (b) Only Q (c) P, R and S (d) Q, R and S (iii) State one transaction involving decrease in Current Ratio and no change in working capital if Current Ratio is 2:1. (iv) Which of the following statement is Correct? (a) Decrease in Bank overdraft is part of operating activities. (b) Interest Paid on loan is part of investing activities. (c) Decrease in an Intangible fixed asset (without sale) is shown in operating activities. (d) Increase in Short term investment is subtracted from working capital. (v) Explain the objective of Earning per Share. Q12 From the following information of Ricky Ltd, you are required to prepare a Common Size Balance Sheet Shareholder Fund 11,50,000 Current Liabilities 3,50,000 Non Current Assets 9,40,000 Current Assets 6,10,000 Page 9 of 11 Q13 From the following particulars of Aanya Ltd., you are required to calculate: Cash from Operating Activities. Cash from Investing Activities. Particulars 31/03/2024 31/03/2023 Plant and Machinery(at cost) 4,00,000 4,20,000 Provision for Depreciation 1,30,000 1,10,000 Investment 1,20,000 1,70,000 Inventories 20,000 10,000 Cash Credit 20,000 15,000 Provision for Tax 28,000 18,000 Statement of Profit and Loss 1,00,000 (90,000) Interest on Cash Credit 20,000 10,000 Provision for Doubtful Debt 1,500 1,000 Additional information: 1. During the year 2023-24, a machine with a book value of 50,000 (accumulated depreciation 20,000) was sold at a loss of 6,000 2. All debtors are good. 3. Half of the Investments were sold on 1st April 2023 @ profit of 20% on cost. New Investments were bought at the end of the year. OR You are required to prepare a Cash Flow Statement (AS-3) for the year 202324 from the following: Balance Sheets of Honesty Ltd. as at 31st March, 2024 and 31st March, 2023 Particulars Note 31/03/2024 31/03/2023 No Equity and Liabilities 1. Shareholder Funds Share Capital 10,00,000 7,50,000 Reserve and Surplus 1,38,000 (29,500) (Statement of P/L) 2. Non-Current Liabilities Long Term Borrowings 5,00,000 3,50,000 (10% Debentures) 3.Current Liabilities Short Term Borrowing (Bank Overdraft) 50,000 Trade Payable 1,98,500 1,88,000 Short Term Provision 74,500 69,400 Total 19,11.500 13,77,900 Assets 1. Non-Current Assets Property, Plant and Equipment and Page 10 of 11 Intangible - Property, Plant and Equipment 12,00,000 8,00,000 - Intangible 65,000 40,000 Non Current Investment 1,37,000 80,000 2. Current Assets Inventories 2,44,700 1,76,500 Trade Receivables 2,10,000 2,25,900 Cash and Cash Equivalents 54,300 55,500 Total 19,11,500 13,77,900 Additional information: 1. Issued the 10% Debentures on 1st October, 2023, as purchase consideration for the purchase of Plant and Machinery. 2. They sold a machinery with a book value of 1,37,000 (accumulated depreciation 2,40,000) at a profit of 13,000. Depreciation charged during the year was 95,000. 3. The proposed dividend for the years ended 31/03/2024 and 31/03/2023 were 80,000 and 68,000. Q14 From the following information calculate any three ratio 1. Trade Payable Turnover Ratio 2. Working Capital Turnover Ratio 3. Quick Ratio 4. Operating Ratio Inventory Turnover Ratio Current Ratio Opening Inventories Closing Inventories Gross Profit ratio Creditors Non Current Liabilities Total Debt Operating Profit Page 11 of 11 12 times 1.85 : 1 88,000 1,42,000 25% 1,38,000 7,20,000 9,00,000 2,65,000

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