[Average Concept] Time Allowed: 3 Hours] . [Maximum Marks: 80 General Instructions: 1. This question paper contains 34 questions. All questions are compulsory. 2. This question paper is divided into two parts, Part A and B. 3. Part-A is compulsory for all the candidates. 4, Part-B has two options i, (i) Analysis of Financial Statements and (ji) Computerised Accounting. Students must attempt only one of the given options as per the subject opted. 5. Question Nos. 1 to 16 and 27 to 30 carry 1 mark each. Question Nos. 17 to 20, 31 and 32 carry 3 marks each. Question Nos. 21, 22 and 33 carry 4 marks each. Question Nos. 23 to 26 and 34 carry 6 marks each. ‘There is no overall choice. However, an internal choice has been provided in 7 questions of one mark, 2 questions of three marks, 1 question of four marks and 2 questions of six marks, I sccoueiog 0 a 1. Assertion (A): In order to avoid all misunderstandings and disputes, itis always the best course to have a written agreement duly signed and registered under the Act. Reason (R): The partnership deed may be either written or oral. (@ (A) is correct but (R) is wrong. (6) Both (A) and (R) are correct, but (R) is not the correct explanation of (A). (©) Both (A) and (R) are incorrect. (@ Both (A) and (R) are correct, and (R) is the correct explanation of (A). 2. X and Y were partners in a firm sharing profits and losses in equal ratio. Z was admitted as a new partner with 1/4 share in profit in the firm on 31-03-2023. An extract of their Balance Sheet as at 31st March, 2023 was as follows: Se ae eens ms and Companies ) Amount (®) “Assets Amount @®) ‘Workmen, Compensation Fund 8,000 Liability against workmen compensation claim is © 6,000. In the above case which of the statement is correct? (0 Revaluation A/c is debited by & 2,000. (i) Workmen compensation claim of 2 6,000 to be shown in new Balance Sheet as a liability. (iii) Old partners’ Capital Ales are credited by & 1,000 each. (iv) Old partners’ Capital Ales are debited by & 1,000 each. (@) Only Statements (i), (iii) and (jv) are correct. (6) Only Statements (j) and (ii) are correct. Sample Papers yer(c) Only Statements (ii), (iii) and (jv) are correct. (d) Only Statements (ii) and (iii) are correct. 3. A firm earns profit of & 1,80,000, The normal rate of return is 9% on capital employed. Assets of the firm are % 28,00,000 and Liabilities are = 14,00,000. Value of Goodwill by Capitalisation of Average Profit will be: (a) & 4,00,000 (6) 5,00,000 (© % 6,00,000 (a) %5,50,000 Or Shibu and Bishu are equal partners in a firm. Their capital accounts showed the balance on Ist April, 2021 as&3,60,000 and @ 1,80,000 respectively. With effective from 1-10-2023 both the partners decided to maintain their total capital of € 2,50,000 each. For this they agree to introduce or withdraw the cash. Interest on capital is allowed @ 8% p.a. on the capital. Calculate interest on capital of each partner. (a) Shibu 24,000 ; Bishu = 10,000 (b) Shibu & 24,400 ; Bishu & 17,200 (©) Shibu % 14,400 ; Bishu & 7,200 (@) Shibu Z 10,000 ; Bishu & 10,000 4. A, Band C are partners in a firm sharing profits in the ratio 3 : 2: 1. A is entitled a commission of % 15,000 at the rate of 10% of net profit after charging such commission. The amount of net profit is: (a) &1,50,000 (6) %1,53,000 (©) & 1,60,000 @ % 1,65,000 Or ‘Tapan and Jyoti are partners in a firm sharing profit in the ratio of 3 : 2. With effect from 1 April 2023 they decided to share future profit equally. Value of plant reduced from & 25,000 to & 18,000 on that date. Partners decided not to revise the value of plant. Journal entry for the transaction will be: (a) Dr. Tapan’s Capital A/c and Cr. Jyoti’s Capital A/c by € 7,000. (6) Dr. Revaluation A/c and Cr. Plant A/c by = 7,000. (0) Dr. dyoti’s Capital A/c and Cr. Tapan’s Capital A/e by & 700. (@) Dr. Plant A/c and Cr. Revaluation A/c by = 700. 5, Ansh and Vansh are partners in a firin sharing profits and losses in the ratio of 2 : 1. Their capitals were % 1,59,000 and & 90,000 as on April 01, 2023. Ansh withdrew & 6,000 at the end of each quarter, Interest charged by the firm on his drawings was € 810. Interest rate on drawings will be: (@) 8% pa (b) 9% p.a. (©) 10% pa. (@ 11% ps 6. SS Ltd. forfeited 100 shares of % 10 each, issued to Mohan who applied 150 shares due to non- payment of allotment of ® 4 and final call of € 1 per share. The amount credited to Calls in Arrear Alc at the time of share forfeiture will be: (a) € 150 (6) & 250 (©) & 500 (a) % 350 Or On 1-4-2022, Zitu Itd issued 6% 1,00,00,000 debentures of & 1,000 each at a discount of 5% redeemable at a premium of 5% after five years. Company paid interest half yearly on 30th September and 31st March every year. It has a balance in securities premium of 3,00,000. Interest ‘on debentures written off at the end of the year will be: (a) © 3,00,000 from Securities Premium and % 3,00,000 from Statement of Profit & Loss (b) 150,000 from Securities Premium and & 1,50,000 from Statement of Profit & Loss (c) % 6,00;000 from Statement of Profit & Loss (@ % 3,00.000 from Statement of Profit & Loss 7. X and Y are partners sharing profits in the ratio of 5: 3. They admit Z for 1/4th share, which he acquires from X and Y in the ratio of 2 : 1. Find new profit sharing ratio. @ 10:7:5 © 11:7:6 (© 5:3:1 (@ 10:5:48. The amount of profit of deceased partner till the date of death is credited to his capital account and debited to: (@ Revaluation Alc (b) Profit and Loss A/e (0) Profit and Loss Suspense A/c (@ Goodwill Ale Or Furniture of 75,000 were already transferred in realisation account. It was given to a creditor of % 1,50,000 at 20% discount and balance paid by cheque to him. The Journal entry for the above transaction will be: (a) Realisation Ale Dr. 75,000 To Creditor “70,000 To Bank Alc 5,000 (b) Realisation Ale Dr. 90,000 To Bank Ae 90,000 (©) Bank Alc Dr. 41,50,000 To Realisation Ale 41,50,000 (@ Realisation A/c Dr. 135,000 ‘To Bank Ale 1,35,000 Read the following hypothetical situation, answer Question No. 9 and 10. Beetal Ltd. invited applications for issuing 40,000 equity shares of € 10 each. The amount was payable as follows: (On application & 5, On allotment & 3, On first and final call balance amount. Applications were received for $5,000 shares and pro-rata was made on applications for 50,000 shares and the remaining applicants were refused and letters of regret were sent to them. Chintu, who applied 1,500 shares failed to pay the allotment money. Sanjay, another shareholder holding 800 shares paid the entire uncalled money along with allotment. 9, Find the amount of calls in arrear at the time of allotment. (a) 2,100 (&) 74,500 (©) 3,600 (@) 71,650 10. Calls in advance account will be: (a) Debited with © 1,600 (b) Credited with & 1,600 (c) Debited with © 3,200 (d) Credited with & 3,200 11. A, B and C are sharing profits in the ratio 2 : 1: 1. A died on 30th September 2023. Accounts are closed on 31st March each year. Sales and profits for the year ended 31st March 2023 were 12,80,000 and % 64,000 respectively. The sales of firm between the period from Ist April 2023 to 30th September 2023 amounted to F 6,00,000. The amount of profit to be credited to A's executors’ Alc will be: (@) % 30,000 ° () % 15,000 (6) & 7,500 (@) %5,500 12. Forever Ltd. issued & 80,00,000, 8% Debentures of 100 each at a discount of 8%, redeemable at a premium of 5% after 4 years. It had a balance in Securities Premium A/c of & 3,40,000. Journal entry for writing of loss on issue of debentures will be: Date Particulars LE Dr. @) cr @), (@) | Securities Premium Alc Dr. 3,40,000 ‘To Loss on Issue of Debentures A/e 3,40,000 Sample Papers (re) Statement of Profit & Loss To Loss on Issue of Debentures A/c 10,40,000 (©) | Loss on Issue of Debentures Ale Dr. 10,40,000 To Securities Premium A/c 3,40,000 To Statement of Profit & Loss 7,00,000 (@) | Loss on Issue of Debentures Ale Dr, 3.40,000 ‘To Securities Premium A/e 340,000 13. Alfa and Beta are partner in a firm sharing profits and losses in the ratio of 3 : 2. Their capital on Bist March, 2023 are % 5,60,000 and & 4,40,000 respectively. On that date they decided to admit Gama as a new partner for 1/5 share of profit. Gama brings proportionate capital. The amount of capital that should be brought by Gama will be: (@) © 2,00,000 (b) % 3,00,000 (©) & 2,50,000 (4) %5,00,000 14, X and ¥ are partners in a firm sharing profit in the ratio of 3 : 2. With effect from 1st april 2023 they decided to share future profit in the ratio of 2 : 3. Goodwill of the firm was valued on that date at & 90,000. Adjustment entry will be: (a) Dr. X’s Capital A/c and Cr. Y's Capital A/e by & 18,000 () Dr. Y’s Capital A/c and Cr. X’s Capital A/e by & 18,000 (c) Dr. X’s Capital A/c and Cr. Y's Capital A/e by & 90,000 () Dr. Y's Capital A/c and Cr. X's Capital A/e by € 90,000 15. If Jolly Ltd. issued fully paid shares of & 12,00,000 to a vendor in consideration of net assets % 13,40,000. Then the balance of € 1,40,000 will be: (a) Debited of Discount Account (b) Credited to Securities Premium Account (c) Credited to Capital Reserve Account (d) Debited to Goodwill Account Or Rishu Ltd, purchased a Plant from SS Ltd. for € 5,50,000. The consideration was paid by issuing cheque of & 2,20,000 and balance by issuing 6% Debentures of € 100 each at a premium of 10%. The securities premium account is credited with: (a) © 33,000 (b) % 50,000 (©) 60,000 (@) % 30,000 16. Ali and Akbar are equal partners in a Firm. Ali has given a guarantee to Akbar that his share of profit would not be less than % 50,000 in any year. At the end of the year 31st March, 2021, the firm suffered a loss of ® 80,000, Calculate the amount of deficiency to be borne by Ali. (@) 80,000 () % 50,000 (©) € 60,000 (2) % 90,000 Mayank and Manik are partners in a firm, Mahesh was admitted in the firm for 1/4th share. On the date of admission, General Reserve of @ 16,000 was shown in the books of account. Mahesh will bring his share of goodwill % 4,000 in cash, his capital was determined 50,000. Mahesh brought Stock & 8,000, Building € 20,000, Debtors & 12,000 and rest amount will be brought in cash Give necessary Journal entries at the time of admission of Mahesh. 17. 18. Jatin Ltd. issued 2,000 shares of @ 100 each to promotors for their services rendered to incorporate the company and also issued 3,000 shares of & 100 each to underwriters for their underwriting services. Journalise the above transactions. Or GT Ltd, purchased a running business from TP Ltd. for a sum of € 20,00,000. 20% of the consideration was paid by bank draft, 25% by accepting a bill for 3 months and rest by issuing equity shares of, 100 each at a premium of 10%. The assets and liabilities consisted of the following:Land & 12,00,000, Plant & 7,40,000, Stock % 6,00,000, Furniture € 4,60,000 and Bills Payable 6,70,000. Pass necessary Journal entries in the books of GT Ltd. 19. Atharva, Astha and Asha were partners sharing profit in the ratio of 3: 2: 1. Their capital were % 1,20,000; Z 90,000 and & 80,000 respectively. According to the partnership deed they were entitled: (@) Interest on capital at 8% p.a. (b) Asha was entitled monthly salary of & 600. (©) Inaddition, interest on drawing charged @ 6% pa. which is calculated for Atharva & 350, Astha % 250 and Asha & 100. The net profits for the year & 1,50,000 were distributed equally without providing the above, Pass the necessary adjustment entry showing the workings clearly. Or Ashish, Ayush and Piyush are partners with capitals € 90,000, & 70,000 and © 60,000 respectively. ‘According to partnership deed, interest on capital will be allowed @ 8% p.a. and interest on ‘drawings will be charged @ 6% p.a, Partners divide profit in the ratio of 2: 2: 1. Piyush will be given % 12,000 as salary each year. During the year 2022-23, each partner withdrew & 10,000. Trading profit for the year 2022-23 was & 1,80,000 before recording the above. Prepare Profit and Loss Appropriation Account for the year ended 31st March, 2023. 20. X and Y were partners sharing profits in ratio of 2 : 1. Z was admitted for 1/4th share of profit. At the time of admission following were agreed among partners: Plant (Book value 40,000) would be depreciated by 12% and Furniture (Book value & 45,000) would be undervalued by 10%. Unrecorded creditor of € 2,000 would be brought into books and ‘a debtor amounting to % 4,500 became bankrupt and nothing was recoverable from him. Prepare Revaluation Account, also give Journal entry for distribution of profit or loss of Revaluation Alc between the partners? Zedex Ltd. was registered with an authorised capital of % 50,00,000 divided into equity shares of % 100 each. The company invited applications for the issue of 40,000 shares. Amount payable was % 20 an Application, @ 30 on Allotment, %'20 on First Call and balance on Final Call. Applications for 50,000 shares were received. All the applicants were allotted shares on pro rata basis. All calls except final call were made and were duly received except the Allotment and First Call by applicant of 500 shares. (i) Show how ‘Share Capital’ will appear in the Balance Sheet of Zedex Ltd. as per Schedule II, Part I of the Companies Act, 20132 (ii) Also prepare ‘Notes to Accounts’ for the same. ass the necessary Journal entries on the dissolution of a partnership firm in the following cases: (i) Mohan, a creditor of % 60,000 accepted Plant at & 78,000 and balance paid to the firm. (i) Sohan, a second creditor of % 80,000 accepted Furniture of the book value of 2 60,000 for % 47,000 and balance was paid to him by cheque. (ii) Rohan, a third creditor of & 1,20,000 accepted equipment of the book value of € 95,000 in full settlement of his claim. (iv) An unrecorded asset of € 20,000 was purchased by Sumit, a partner for cash at an agreed value of 18,000. 23, Hariom Ltd, invited applications for issuing 40,000 equity shares of & 10 cach at a premium of % 4 per share. ‘The amount was payable as follows: On Application ~ & 5 per share including premium of € 2 per share On Allotment - & 6 per share including premium of % 2 per share On First and Final Call - Balance Amount ‘Applications were received for 72,000 shares and pro-rata was made on 60,000 shares and remaining applicants were refused and letters of regret were sent to them. Sample Papers ft 2,24, Romil, who had applied 1,500 shares, failed to pay the allotment money and his shares were forfeited immediately after the allotment. Afterwards the final call was made and duly received. Of the forfeited shares, 450 shares were reissued as fully paid up for % 7 per share. Pass Journal entries for the above transactions by opening Calls in Arrear Account. Or ‘Adani Ltd, was registered with nominal capital of & 10,00,000 in equity shares of 100 each. 4,000 of these share were issued to the public at a premium of € 20 per share, payable as : % 30 on Application, % 50 on Allotment (including & 20 premium), ist and Final Call. Applications were received for 6,500 shares and Allotment was made as follows : (a) Applications for 500 shares were rejected and application money were refunded. (©) Applicants for another 4,000 shares were allotted 2,500 shares. (c) Allotted 1,500 shares to the remaining applicants on pro-rata basis. Money overpaid on application was employed on account of sums due on allotment and over the allotment money was refunded. Parul, a holder of 75 shares (belonging to category b), failed to pay the allotment and call money. Manita, who applied 200 shares (belonging to category c), failed to pay the call money. ‘Company forfeited shares of both after First and Final Call. Out of the forfeited shares, 100 shares (including all of Parul) were reissued to Mamta at the rate of € 90 per share as fully paid-up. Pass necessary Journal entries for the above transactions in the books of the company. Sudhir and Kabir were partners in a firm sharing profits in the ratio of 3 : 2. On 31-3-2023 their Balance Sheet was as follows: The balance on Balance Sheet RES Amount aoe Amount -®) ® Sudhit’s Capital Ale 1,00,000 | Freehold Premises 160,000 Kabir’s Capital A/e 80,000 | Stock 43,000 Workmen Compensation Reserve Debtors 28,000 Employees Provident Fund 13,000 | Less: Provision 2,000 | 26,000 General Reserve 16,700 | Bills Receivable 13,500 Creditors 9,600 | Cash at Bank 19,500 Bank Loan 16,400 | Advertisement Suspense A/c 13,700 40,000 2,753,700 275,700 On the above date Sudhir and Kabir decided to admit Adheer as a new partner for 1/Sth share of profit, which he takes equally from Sudhir and Kabir, on the following terms: () Adheer is to bring capital proportionate to his share in the firm, and & 18,000 for his share of goodwill in cash, (i) Half ofthe goodwill was withdrawn by old partners. (iii) Freehold premises appreciated by 8%. (iv) Provision for doubtful was found to be in excess by € 500 (v) Workmen compensation claim was & 23,000. Prepare Revaluation A/c, Partners’ Capital Accounts and Balance Sheet of the new firm.or Gita, Rita and Tabasum are partners in a firm sharing profits and losses in the ratio of their capital. Their Balance Sheet as at 31st March, 2023 is as under: : = Amount 5 : Amount Liabilities ae - Assets: ee ® ® Creditors 54,000 | Cash in Hand 14000] Bills Payable 20,600 | Debtors 28,000 Employees Provident fund 5,200 | Less: Provision for Capital Ales: Doubtful Debts 3,000 25,000 Gita 1,00,000, Stock 78,800 Rita 1,00,000 Premises: 1,10,000. Tabasum 50,000 2,50,000 | Investments 90,000 ‘Advertisement Suspense A/c 12,000 3,29,800 3,29,800 Rita retired on Ist April, 2023 on the following terms: (i) Out of debtors € 2,500 became bad and 10% provision required for remaining debtors (i) Creditors will be paid & 2,000 more. (ii) There is an outstanding claim for damages of 2,300 and it is to be provided in the books. (iv) Stock was overvalued by & 3,800 and Premises appreciated by 25%. (¥) Goodwill of the firm is valued at 30,000, (vi) Rita is paid his dues with the amount brought in by Gita and Tabasum in a manner that their capitals are in proportion to their new profit-sharing ratio of 1 : 1 and cash in hand remains for working capital % 35,000. Prepare Revaluation Account, Partners’ Capital Accounts and Balance Sheet of new firm. 28, Alex, Juely and Tom were partners in a firm sharing profits in the ratio of 7 : 2: 1. The Balance Sheet of the firm as on 31st March, 2023 was as follows: Balance Sheet as on 3st March, 2023 = Amount Amount abies @) Assets = Capitals; Goodwill 78,000 Alex 140,000 Land and Buildings 1,20,000 Juely 40,000 Machinery 80,000 Tom 20,000} 2,00,000| Stock 14,000 General Reserve 36,000 | Debtors 24,000 Loan from Bank 64,000 | Cash 12,000 Creditors 28,000 ~ |__ 328,000 3,28,000 ‘Alex died on 30th September, 2023. Partnership Deed provides for the settlements of claims on the death of a partner by considering following points: (a) The share of profits of deceased partner to be computed up to the date of death on the basis of average profits of the past three years which was % 80,000. Sample Papers (8(6) The net amount payable transferred to Alex's executors’ Account, to be paid later on. (©) Goodwill of the firm is valued & 1,20/000. On the basis of the above information: (i) Give the Journal entry for treatment of goodwill valued. (ii) Give the Journal entry for profit of deceased partner til the date of death. (ii) Find out the amount to be transferred to Alex’s executors’ A/c. 26. Swati Ltd. issued & 40,00,000 7% debentures of T 100 each at a discount of 7% redeemable at a premium of 10%, in three equal annual instalments. The first redemption of debentures is made ‘at the end of second year. The amount of debentures were payable as € 65 on application and balance on allotment. lll the debentures were applied and allotted in full (i) Give the necessary Journal entries at the time of issue of debentures. (ii) Prepare Loss on Issue of Debentures Account (Ignoring interest on debentures). Part - B Analysis of Financial Statement 27. Which of the following transaction will result into outflow of cash: (@ Deposited cash into bank. (b) Purchased short-term investment. (©) Interest paid on loan. (@ Cash withdrew from bank. Or ‘Arrange following sub heads of Current Liabilities in correct order as per Balance Sheet ofa company: (i) Trade Payables (i) Other Current Liabilities (iii) Short-term Provisions (iv) Short-term Borrowings Options: wy (6) Gis Gi); O @) ©) Gis Ms); O @) @) @; @; Gi) 28, Inventory turnover ratio is 8 times and cdst of revenue from operations is € 96,000. Closing inventory is € 12,000 more than the opening inventory. The opening inventory is: (@) 6,000 (6) © 12,000 (©) % 18,000 (@ 224,000 29. Statement I: Previous year’s proposed dividend is added under net profit before tax and extraordinary items used deducted under financing activity. Statement Il: Payment of bonus to the employees by an insurance company is an investing activity. (a) Both Statements are correct. (b) Both Statements are incorrect. (c) Statement I is correct and Statement II is incorrect. (a) Statement I is incorrect and Statement Il is correct. Or Which of the following will increase Proprietary Ratic (a) Purchase of fixed asset for deferred payment. (b) Conversion of & 2,00,000 debentures into shares. (c) Sale of goods for cash costing & 40,000 for & 35,000. (a) Cash reveived from a debtors € 12,000. 30. X Lid. sold a plant, whose original cost was % 80,000 (accumulated depreciation © 16,000) for & 46,000. While preparing cash flow statement its effect on cash flow will be: (a) Cash flow from operating activities € 16,000 (b) Cash flow from financing activities & 46,000 (c) Cash flow from investing activities € 46,000 (@) Cash flow from investing activities 16,00031, Under what heads and sub-heads the following items will appear in the Balance Sheet of a company as per Schedule III, Part-I of the Companies Act 2013? (@ Bills Payable (i) Unpaid Dividends (iii) Provision for Taxation (iv) Investment in Mutual Funds (v) Stores and Spares (vi) Debentures maturing in current year 32. (a) The Current Ratio of a company is 2.25 : 1. State giving reasons, which of the following would improve, reduce or not change the rat (@ Purchase of goods on credit of 8 months, (i) Sale of goods at a loss of 10% for cash. (iii) Redemption of debentures at a premium of 10%. or (b) From the following information, compute Current Ratio of a company: Inventory Turnover Ratio: 5 Times Inventory at the end was % 54,000 more than the opening inventory. Revenue from Operations & 3,00,000 Gross Profit Ratio: 20% Current Liabilities: T 40,000 Quick Ratio 0.8 : 1 33, Prepare Common-size Statement of Profit and Loss from the following: March 31, 2022 (2) March 31, 2023 (%) Revenue from Operations 1,00,000 1,00,000 Employee Benefit Expenses 70,000 74,800 Other Expenses 8,000 9,800 Tax rate is 50% Or From the following Statement of Profit and Loss of Suntrack Ltd. for the years ended 31st March, 2022 and 2023, prepare Comparative Statement of Profit and Loss: Particulars Note No. | 2022-23 @) 2021-22 Revenue from Operations 720,00,000 12,00,000 Other Income 12,00,000 9,00,000 Expenses 13,00,000 10,00,000 ‘Tax rate 50% 34, Following is the Balance Sheet of Vedanta Ltd. as at 31st March, 2023: ee Note | 313.2023 313.2022 No. ® ® I. EQUITY AND LIABILITIES 1. Shareholders’ Funds: (@), Share Capital 6,00,000, 5,50,000 (®) Reserves and Surplus 1 150,000 100,000 2. Non-current Liabi Long-term Borrowings (6% Bank Loan) 1,20,000 85,000 3. Current Liabilities (a) Trade Payables 89,500 102,000 (6). Short-term Provisions 25,000 38,500 Total 984,500 8,75,500 Sample Papers (35M1, ASSETS 1. Non-Current Assets: Property, Plant and Equipments and Intangible Assets (@)_ Property, Plant and Equipments (®) Intangible Assets 2. Current Assets: (@)_ Current Investments (b) Inventories (©) Trade Receivables (@) Cash and Cash Equivalents Total 535,000 425,000 20,000 56,000 1,20,000 75,000 64,500 60,500 85,000 71,500 1,60,000 1,87,500 984,500 8,73,500 Notes to Accounts: 1, Reserves & Surplus: Surplus, i, Balance in Statement of Profit and Loss 2. Property, Plant and Equipments Machinery Accumulated Depreciation 3. Intangible Assets: Goodwill 150,000 1,00,000, 6,35,000 5,00,000 (4,00,000) (75,000) 5,35,000 4,25,000 20,000 56,000 ‘Additional Information: (Additional bank loan was taken on 31-3-2023. (ii) During the year a piece of machinery costing @ 12,000, on which accumulated depreciation was % 8,000, was sold for & 3,000. Prepare Cash Flow Statement.