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ISC Class XII Prelims 2025 : Accounts (Church School, Beldih, Jamshedpur)

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Priya Mahendran
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CHURC H SC IOOL, llELDIM PRE BOARD EKAM INAllO N (7.0H 25) gysx n-A& P t M. ;80 Sublett ; Accounts O I (;C:nerM ln1tnKt foM:- i) ,AddiOonal I.S mlns Is allowed onty fot re9dkts- , q~lkJn ii) QueSlk>n p..,et" b dMdH lnlo 2 ~k,ns. The Intend~ marllJ for 04 ... P 11:/12 124 ..-e s'Y"" In the 1, al qUfl'ltlOt" -1n1 ern1I chokn Is being provldf!'d In ff!W quesOons. bf11Clrets 0. h) Alf the s tfonS are compulsory to ,n-..,pt . d. Jrv) u,e of calculator Is af)owed but ~ other Metronlc: 1.ct,ets Is prohfblte v) All th~ c1kul1tl0ns should be lhown cle1rty. 11 Section qvestlon I , 111 the sub ports corrlos I marlc ..ch. ~(IO Mar b) 1. (I) Court cannot poss th onler to dissolve tho firm, whon........ , ) portno rs become lncopoblo perm1nontly. b) portnor lhlp 1reem ent persistontly followed by portnors. c) business of the firm cannot be carried except at a bu. d) portnor transfor wholo of Its lntorost to third porty. (ii). - (A): The relevant provisions of tho indiofl Companios Act 2013 becomo appliclblo If partnen llip deed is silent rqardin & remuneration to the partners. amoun t " ' p.a if the RAion (A): tf a partner has gMn loin to the firm he Is entit~ to lnte~st on such partner ship deed Is silent. for Assertion (A). expl.anatk>n for Assettk>n (A). bJ loth Assertion (A) and Reuon (R) are true Ind Reason (R) is not the correct -c) Assertion IA) Is false but Reason (R) Is true. d) Both AsMrtlon (Al Is truo but Reason (R) is f11M!. ave-race profits are Rs. 43,CO,. (NO. Goodwill of flrm is Rs. 1,07,500. Find the number of years purchls ed if the a) loth AsMrtlon (A) and Reason (RI aro true and Rlason (R) is tho C0ffect oxplanatlon ,d) 2.5 c) 2 b) 1.5 a) 1 flrm? iv) Woukl a charitab le litq,y run by 8 membe rs be deemed a partnership d) Partially CO<TeCt c) Cln't Sly ..b) False a) Truo ont of loan advance d by the v) At th tlm of dissolution of partner lhlp firm, journal ontry for the sottlom firm to a partner would bo: b) Oebit Loon to Partnor /1,/c credit Bank /1,/c -a) Oobit Banlc a/c Credit Loan to Partnor /1,/c. d) None of tho above c) Ooblt RHlisation /1,/c credit Loon to Partner /1,/c. O Limited and Issued equity sharos of Rs. 100 nch from 0 21,00,00 Rs. of ry vi) J limited purchased a machlno isswd to O limited by J at a premium of 5" for the purchase consider1tion. Identify the number of shares Limited. the fln1ncLal fitness and vii) Capital reserw s are an essent~ l 1spect of financial 11:atNnents that reflect H stand out in the entHPO leaitlmacy of a corporation. Adequa te liquidity and profttlbility make an SUCCHS. their in role competition, and proper manaaement of these reserws pl,ys a critkal Sou ra:-T lmel name any two other rewNes The above st teme nt tafb about capital reserws . Apart from capital re-serves, that a compan y can maintain. on retirem ent, how should his viii) If tho miri1111 partnor Is not paid tho fuH omount due to him Immediately capital aa:oun t ti. shown In the subsequ ent balance sheet? p was to cha'1ed (012" per Ix) 0ev withdre w Rs. 12,000 at the mlddle of fflll( month. lnterost on drawln annum. Ascertain the amount oflnter est on Dev's drawlnas. I I r xl ~I t & orat11 are pa,1ners. Total lnltrtsl on loan ll nded bv Applt lo firm Is Rs. 20,000. firm ha,,,., \>l'Ofi\ of II>. s,000. Th capllal of ~pi t I Ora111 ar In ratio of 2 : 3. Whal will be Applt's sh,ro of p,ofi\/lcm1 2. Give tht majo1 htad and sub -hta d under whic h tht following h ms will 1ppear In the bolonc shto r of company II por Schodult Ill. (JI lll OUutandln& 11111'/ (Ill Offi< fumlluro lill) Proposed OMdtnd 3. Kinan, Manon & Sohan art partners In a firm, 1h1n nc pror,u In lht lll lo~ On 31 OK mbor, 2022 tht-ir b.la nce shtt t was as under - - CrecUtol"l lofance Sheol . . . 31 - , 2 0 2 2 ll1bilities blo unt UhJ S2,000 lS,0 00 ~d C..p italA ,/a Kanan Man .n Soh1 n Assets BuRdlnc Stock Oeb ton 60,000 15,0 00 30,000 Ca,h 1,35,000 - - ~ - 1 j 60.000 S0.000 27.000 2S,000 10,000 30,000 P~nt Bani< 2,02,000 2,02000 k i n . ~ on 1 July 2023 It WH i) Goo dwil l to b@ v11lued at ix .,. Hd be twff n her eicecutor and the rem,ininc partn ers that: 25,000; 2020 Rs. 2o . ; :anRspurd\a1,t of the awr aat profi 000 ts of the last 4 'f1! rs. which IWr t 2019 2 .. . 1 ' Rs. .40 .00 0an d20 :Z2 Rs~ :ue d .at Rs. 70,0 00, plant at Rs .a6,000 Ind ;,od t at Rs. 32,000. ~~!,=~ iv) Interest on ~ye.p~I~!! -~k en! ,! h.v\n .... ~ at ;ii-,. a accrued It the s.me rate n thlt of the pre'Y k>us year . per annum v) On 1 July 2023 herd raw i"IK COU ntsh owt da bl11nce of Rs. 200 00 P~~ Kainan's capi tal acco unt as n t July 202.3. 4 -'Pe (3) ltd. Issu ed 2,00 ,000 , 8"de ben ture sof Rs. lOea ch 1t Rs. 12 on 1" April 2011. The lssu ewa sfuly :~b ed . In term s of the issu e of debe ntur u, Inter est was p,1yable 1t the end of the finan t pum al entr ies for the above trans~cUo clil yeu Piss n. (I} m.y 2024 Sun Ene rrv Ltd. Issue d 50,0 00," ' de:n ture s of lb. 100 each at a disco unt of 10% rede ema ble at par alt~ fiw years. A" the debentures were subscribed. h has a ba\a nce of''> 3 oo,o J kl wcu ritle s prem ium whic h the a,m p,ny ded ded to usefOf writ ln&- offth e km and also dec ldrt dto ~of f therim ilnl nc discount in the fint year Itsel f. Pass the jour NI entr ies for Issue of deb tntu ru ind writi nc -off the db.count. Ako pttp are discount on a . or deb entU t'fl acco unt. (3) f a o m the follo wing infonnatkK1 extracted from the- books of A.man Ltd. Prepare the balun >!w t pf the a,m pan yna t 31 Mar ch, 2022 aspe r Schedule 111 of theC ,omp antH Act, 2013 . Lon& - term Provision Rs. 30,000; Short - term 8orr owin p R.s. 12,000; Other Curf tnt UabUftin lb. 6,000; st,o ,t - term pnw tsion s Rs. 11,0 00; Share Capttal Rs. 26,000; Prop erty, ptan t & Equipme-nt Rs.1 2,00 0; llwenlOries Rs, 1,000; Othe /2 r tune nt Assets Rs. 9,000: C.sh and ca sh ,_, ... Rs. 11,000; Short - term loon and advon<H Rs. 22,000. Or From the followlnc lnform1tJon, prepare ,.IQ $ OOl tf SP vcou nts. Bulldlnp Rs. 10.000: Plan t & Equipment Its. 1,00,000; ""'1l lture & Fblt um Rs. S0,000; Goo dwil l Rs. 30,000; Securities Premium Rs. 60,000; Rev1l1.11tk>n Rrs .rw Rs. 4 ,000 2. (JI nnls hf'd Goo ds As. 2S,OOO, Sf'( uritv [)@posits Rs. 12,()(X); C pltttl Mv n<.e, "' J0,000, Stores A spa re, R.s. IS,000; 000 1S,000 & PrD hlon of r,uo: IIH al0, Rs lJ Deb ul Prov isio n ,o, l.>uublf e Issued s foHows ent utH of Rs. t,00 ,000 whk:h wer 6. ',\tok Ltd. comp,1ny IHu ed Mb lnal l. , 1) for cuh at 90Wo Rs. 50,0 00 (nom cl l m Rs. 2 ,0 00 (noml,,-I). eitp end lture fn uitlJhtctk,n of his ilal cap 00 20,0 Rs, for s itor Ii) for cred 00 (nomlnal>. 20,000 as coHateral sec urity Rs. JS,0 Iii) rob in ken for k,an of Rs. 1 1 1111 o f ~ n 31 Mar ch,2 022 Pan.ne<essary journal entr ies. shir lnl p,oflt a, k>sSl!S In the ratJo firm In , tner par ere ravw I Kal & av 7. Am thei r balance shH t was as folk>ws: . ., --of Anla &1Calrn As t 11 March 202 2 -~-l LI i., _ Cred~on ti! !~ ProvidentFund Mrs. Arnav's Loan Klir lY's Loan ~ COmpensotion Fund Investment AuctuattOn Rew rve C.p iUI A/a ArN v Kal m Bink 42,000 60,000 9,000 35,000 20,000 4,00 0 Stock Dl!b!ors / Fun'Nture ' Pion! / lnvestmenu - Profit & Loss A/c 1,20,000 2,00,000 3,70,000 80,CXX> - -IRs.l 35,0 00 24,0 00 19,0 00 40,0 00 2,10,000 32,0 00 10,0 00 3,70,000 t o ~ ftrm . lv's Loan. u1 Rs. 38,000 and pay -off Mrs. Am I) ArNv11rted to 11k ,..., .fum ltur plant re1IGtd 10!1 more. M) Oebtors rHI Gtd Rs. 18,SOO Ind e. d at 2 " less than the boo k valu iii) K.lirav tool: ow r 4 " of the sto ! of 1 " Remalninc stock WH sold at pk' fuU sett lem ent. In ent stm Inve r ove tv) CredltoB tool! ..,,..,, cemunrratklo of 111. bility of com e!!t l'I d~u tk> n at an v) K.lirav a,,e ed to take over the responsi ed to Rs. 8.000. Actu,1 txp enw s of realisaUon amo unt (ii 12,000 and to bear realisation expenses.. rw. tca1 , ,,_ of, A/< itol Cop l'iijio,w llea llut lon ond as nu shf ft II at 31 Ma rch 202 1 was fits in the ratk l of .3: 2. Their blla 8. 8 & C wer e p,artners, sha tq pro --follows: On the 1bovo d t . they decided Ha t 31 March 2021 -n tll ll, I Ua blC.p ~ I 1/c a C 30,000 20,000 Fum ltlKe 50,000 500 30,000 Provillon fiu: Doub(!uf De-bts CiiaTtors - Lind & 8ul ldi, . Machinery Debtors C.sh Profrt & n u "c 80,500 owi,. terms: Jllilllld for 115 shire on foM ~ 11 The new profit wr i,. r tio wos decided ll. R s . ~ his""'" of1oodwi II) D will btt, . Rs. 15,00015 hfs cap ital -IRs.l 40,0 00 10,0 00 5,00 0 U,5 00 8,000 5,00 0 80,5 00 D wn ~I H1W of the 1oo dwl l - - of rtllced his shore of profit In ta.o ur - w n by the partner who soc ts was 10 be maintained. lvl, A provision of S" for doubtful deb .3 ded In ,undry trt!dltors WII not llk ly to be pold. be mtd for dtlml for d1mo1 1tln11 tho _11,m vl An 1,om ol R,.150 lnclu vi) A PfO'/lsl<>n of R, .00 wll toe.,,,. 10 i,, adju,ted on tilt b11ls of D's C.p~ I I dellcientY If 1ny, mtde In u,h vii) The ,~\Ul1 1.l The .,.,.,,.ry a,Sjll>ID\etllOI.SW:plu """"""Rrvau tlon a/< cfllltol '-/c. capitals of Rs 60 ooo I Rs. 40,000 respectlv!ly. Tho p,ollt I lo<s 1/c of the ' wert partner!, w11" _, 1im, , - 1 net profil of Rs. 41.680 tor th< ym. followiol iolormltl<>n Is provtd<d to you: /2 ~ & Ria i)lnterrst on ~ s k>ln of Rs. 20,000 to the firm. 11) Interest on opiial to be allowed 6 p.a. Ml) lnt~st on dr1w5nls '"' p.a. and drawlnas we,e PNI RI. 1,000 & Ria Rs. 10,000. NI Rll Is to be alowed I comml11ion on sales~"- SIies for the year was Rs. 1,00.000. v) 10K of the dMsible profits Is to be kept In a rtsottve 1 oun1. (a) Cak:ulate Jnttrut on drawfnp to be chilrg!NI from Pll & Rile. (l) (bl Pass joum.l entriH reNlted to providing inte-rest on loan ind cloiffll h. (c) P~re profit & kJss appropri,tion 1ccount & partner's apital 1/c. (7) (2) 0, The partnership acreement of X, Y& Z prOYides that: i) Profits will be shllred by them in the mk> of 2 : 2 : 1. ll)lntttHt on CJ pita! to be alk>wed at the rate of 6" p.a. iii) Interest on drawif-cs to be charsect at Ute rate of 3" p.1. M Yto be afwn I s,lfty of Rs. l,SOO per month. Y11ve 1uar1ntee to the firm that the firm would eam a net profit of at least Rs. 8,00,(X)() per annum and any shortfall in lhue profits would be pt:l"SONllty met by him. TM c.1ptt1lsoftfw partners on 1 Aprff 2021 Wffe; . Z Rs. 10,00,000 Y Rs. 10,00,000; XRs. 12,00,000; f!!lffY of t,e,afnn~ the at eadl 10,000 Rs. wfthd~ partners thrtt the all 22, Doring the financial year 2021 month. The net profit of the firm for the year 2021 22 wu Rs. 7,0/JIJ(JO. You are req~ to: (1) (a) Clk:ulate intffett on drawlnp to be charged from the partner. fl) account. capft I ~rtner's and (b) Prepare profit & k>ss appropriatk>n account 10. Mohft Ltd. Issued 60,000 shlrMof Rs. tOeach at a p,emium of Rs. 2 per ~re paya-.as Rs. 3on application; Rs. 5 on allotment (mdudirc premium) and &.I.nee on the first and final call. A,ppliation were receiwd for 1,02,(X)() Wres. The dirtctors resotwd to allot as follows: Iii Applications of 60,000 ,hores-30,000 ,,,.,.._ (ii) Applications of 40, 000 sham - 30,000 shares. (W.J Applicants of 2,000 shares - NII. PreetJ who had 1pplied for 1,000 sharH In catqory (II and Rohlt, who WIS aUotted 600 sharn In categorv {Ii) biled to pay the allotment money. (1) ( I Calculate the amount reuM<f on anotment. fl) lb) Journalise the above tranuction. 0, lajaj Finance Ltd. Has an authorised apltal of Rs. 15,00,000 divided Into 1,00.000 equity share,s of Rs. 10 each and 50,000, 9" preference shares of Rs. 10 each. The company Invited applattons for all the preference shllres but only 90,000 equity shares. AN the preference shares were subscribed, caWed and paid while subscriptions were received for onty BS,000 equity shares. Durirc the nrst year, lb. I Pff shire wrre c,lled. Roy holdlnc 1,000 shares and Sim hold"'c 2,000 shotes did not poy flrst call of lls. 2. Sim's ,hores ~ forfetted 1tter the first all and liter on l,SOO of the forltlled shires were rt- Issued 1t Rs. 6 per shires Rs. 8 caUed - up. (I) Cllculate the amount of e1pft1I reserve, to be shown in the bilance sheet. (lJ I \thf>d u~ Ill ln "' U"' M11,d1 /07 I (h~ Show ihue C f)itAI In tht! b1tllmce Shf'f'I JtS '"'' (I") ,,...,,.."1! r e ~ 'nott-J lo accounts' f>l m S.ctfo n It f.10 Metk tJ fl) h helr,s pttkl 1tl the c.tedi1on? 11. (ii Which rttfo lndlc1lles lhe speed wilh which amount b) Ave, .,, p ym ent ~,lod ai) Tr1de rettivi !lble turno \'et r tlo. , Ml di Current ,auo c) Tr--.-de pay btes 1urno wr rallo p you but It doesn t ons, decisi l I nnant past your nln1 eun1l for tool (NI A c sh ffow ,tatem enl Is l~d (ll ~Id your busln us futu~ . I timtt,Uon of cash flow statem ent? a,~ on the above statem ent, which of the follow lns Is b) F,clllt ates comp ar,Uw study J Non - c sh transactk>ns ire not show n D) Asc rtains liquid ity and SONfflCY. cJ Detormihes net chont1 in cosh and ca,h equiYllent. ill Rs. 12,000 and loss on sale of furnlt uro Rs. 3,000, find (ii) ~ net profit Is Rs. 55,000 after writln t1- off goodw 11) out the c1sh flow from oper1ting activities. (l) enl analysis? (iv) How is window dr"5slnt1 a !Imitation of financial stattm (l) wr ratio. M From the lollowinR Information calculatt trlde receivables tumo Amou nt (Rs.) Parllcular Credit Revenue from Ope~ tions Gros s~to rl BUls Receivable Provision for Doubtful Debts - 9,60,000 1,90,000 50,000 10,000 Stattm ent of profit & loss 12 From th following lnfom tltlon pre,par, I Common Slz 31 Mard i 20Z2 31 -JO Zl 8,00,0 00 6,00,000 Revenue from Operations 4,10,0 00 4,50,000 Cost of Material Consumed 6',00 0 15,000 Other Expenses 000 1,00 54,000 Jncom eTax ~ the fotk>wlng lnfo,m1tlon, c.k:ul te: 131 (&) (ii O.bt to equtt y ,.tio. (ii) Total ssets to debt ratio (Ill) Proprietary r,tio lnfonnatlon Biven: Loni - term borrowincs Lore - te"" provisions Cumn t llablllties Non - curre nt assets curre nt auets Rs. 1,00,000 Rs. 50,000 Rs. 25,000 Rs. 1,80,000 Rs. 45,000 Or From the 1tven information cakul att the followina:: (I) Cost of ~nu e from o~rat lons. (II) Open lnc & closlnt1 ,_nto ry. (UI) Quick HSN:S (Iv) Current assets Additional tnform tlon: Rs. 6,000 more thiln the Inventory 1n the Inventory turno wr ratio Is 6 timfl ; lnwnt o,y the end js 00; Gross profit 25" on cost, curre nt MabHities Rs. be1lnnlng; rewn ue from oper tlons ( If cfffft s) Rs. 2,40,0 80,000; Quiet ratio 0.80 : 1. Prepar,: ---r.:T rom the following Balance Sllftt of O<Kl e ltd. (2) ties. activi tlnt1 (II Cuh flow from opera (2) (w) Clsh -fro m Investing activities. 5 (1 II) Cnh !low tmm flnon< r octlvtll., Partlcvlan \ t tQUITT ANO UABIUTIB I. No1e No. JI" Mtrth ZOil I" ) I .00,000 10,000 J,00,000 IS,000 1,7S,000 1,00,000 2,9S,000 J,10,000 ~ ,_ Sh rt Ctpltll (I) AtstM 1nd sufl)IUS (ii) 2. Non-a,m,ntl ltllllttff 1 "5ecured loan J. """"1l1 Sundry Cr~ltort (i) Shof1 - term Provflions ! l PT-ovision for TauUon (;H) - _ _J,9S,000 10,75,000 II. ASSETS 1. Non - current Aaets Property, pt nt and Equipment 2. CUrrent(;) lnventorie's Iii Debtors l Iv) ~ BlllsRMeN1ble Cash and C.sh Enulvalents I I - I 1,2$,000 9,20,000 S,50.000 .00.000 2,25,000 1,90,000 1,00,000 10,000 2,00,000 2,10,000 80,000 30,000 t0,7S,000 9,20,000 NotastoAc:coun t:1 -n 1. hMtw&Surp lus Ball nee In Statement of Profit & Loss Securit~ Preffllum Reserve 2. ~ Uabtllty Proposed Dividend (l) JI" Mt<<h ZOU'"') 31 Ma~h 2022 (lb.1 31 Mardi zon (Rs..1 .,.,., 50,000 (Dr.) 60,000 10,000 45,000 (Cr.) 40,000 as.ooo 60,000 Addltk>n,1 lnformahon. A put of property, pi.nt and equlp~nt whose book value on the date of s.le was Rs. 50,000 was sokt at 2 " lou. Deprec~lion char,ed on the property, plant ind equipment was Rs. 1,00,000. l ' i

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