arate Monje Educational Trusts JAMNABAI NARSEE SCHOOL © comcisgiesscin Nise Monje Bhavan. NarseoMejoo Mare 7 N&Roodi. 7 aveD. setone, Ke corzzenisre75/0015 776 Mio Pa (Womb 400 28 nia bacon FIRST TERM EXAMINATION ~ SEPTEMBER/OCTOBER 2024 ACCOUNTS Std.12 ‘Time: 3 hrs, Marks: 80 Date:25.09.2024 Instructions to Candidates > You are allowed an additional 15 minutes for o > You must NOT start writing during readipg time! > The question paper has 16 printed pagd reading the paper. questions in all. Section B or Section C. questions in restof the answer Question 1 In sub-parts () to (iv), choose the comotfoptions, & in sub-parts (v) to (x), answer the questions as instructed. (In aPartnership business, Profit and Loss appropriation account is prepared to - 0) a. distribute profits and loss for the year among the partner. b, settle the dispute among partners. ©. determine profit remaining for distribution for the year after appropriation. see4. distribute the profit forthe year among the partners. (i) Weighted average profit method of calculating goodwill is useful when- . profits are not similar over the years and are fluctuating. profits show a rising or falling trend profits are higher in one year and lower inthe another b. © 4. profits are similar in all the years (iil) Star Limited issued 5000, 10% debentures of 2109 each at @ premium of 210 each, These debentures were tobe redeemel) 25,000 350,000 40,000 60,000 pes @w) ties are %4,00,000. Profits Hh, The amount of Capital amount of profit available for diet appropriations. Which one of the following is cg a. Both Assertion and Reasd ‘are true and Reason is the correct explanation of Assertion, ._ Both Assertion and Reason are true but Reason is not the correct explanation of Assertion. . Assertion is false and Reason is true. |. Both Assertion and Reason are false, ee a fl a io}~ (vi) Calculate the amount of Super profit when - a 4, Capital Employed is %5,00,000 b. Average profits are %60,000 c. Normal Rate of Return is 10%p.a. a (vii) Rishi Limited forfeited 1000 equity shares o a f for non-payment of final call of 230.7 which can be offered at the time, of (jx) _ State whether the following statement is Oy When a part of debentures appearing under redemption during the current year, they are disclos Liabilities. @) (i 31 fié firm on the basis of 3 years fe profits for last 5 year were- 2021-2022 | 2022-2023 | 2023-2024 Profits (%) (60,000) | 1,50,000 | 2,50,000 Additional information: () On 1* Jenuary, 2022, a fi 33,00,000. A claim of "270,01 (ii) During the year ended 31" March 2024; the firm received an unexpected tax refund of %80,000. out which resulted into a loss of goods of received from the insurance company. OR 3 eeerce‘You are required to calculate goodwill of the firm on the basis of three years’ purchase of weighted average profit of last four years. The profits for last four years were: ‘Year 2020-2021 | 2021-2022 | 2022-2023 | 2023-2024 Profits (®) | 30,800 40,000 30,400 50,400 Additional information: (@) On 31" March 2023, a major redair to plant was carried out for 212,000 which was debited to Profit & Lags A/c. Depreciation @ 10% p.a.was to be charged. i , (i) Closing Stock for thef 24,800, Question 3 Kamath Limitedsecured 2 8 Bibyissuing 10,000, ith Limited has decided to Pace Limited has Securities premium wing balangés in its balance sheets on 31* March 2023: Capital Reserve @ On 1* April 2023, the company ieshed 10,000 fresh 8% debentures of 2100 each at a premium of 5% to be redeemed at spkemium of 10% after 5 years. The entire amount was payable on application. The iss was over-subscribed to the extent of 10,000 debentures and allotment was made proportionately to all the applicants. Use of security premium is restHgl@d as per section 52(2) of the Companies Act 2013 ‘You are required to answer the following questions a. How much amount is received by the company on application and allotment? b, How much amount is refunded by the company? ¢. State the entry for writing off the loss. BIQuestion 4 Airlight limited (a listed NBFC) redeems its 9,000, 10% Debentures of 2100 each at the premium of 5% in installments, as follows: Date of Redemption Debentures to be Redeemed | 31® March 2021 2,000 31® March 2022 2,09 . fe) 31° March 2023 500 You are required to prepare: a, Debenture Redemptior estment a irs 22 and 2022 -2023. 8) ving items are shown in he Companies Act, pital of 50,00,000 divided into 5,00,000 equity iad existing 10,000 shares, The management 227,00,000 the finance manage; the Board of directors: i, Issue 1,80,000 equity shares at a premium of €15 per share, i, Take long-term loan from Bank, interest being 12% per annum iii, Issue 8% debentures of %100 each ata discount of 10%, redeemable after 5 years at a premium of 10%. 5 eeecceAfter evaluating these altematives, the company decided to meet its funds Tequirements by opting for option iii. On 1* April 2023. It issued 8% debentures of 2100 each at 10% discount redeemable after 5 years at a premium of 10%. Answer the following questions. a. Calculate the number of debentures to be issued. f b. Pass journal entry for allotment of the debentures. 14 ¢. Pass journal entry to write off Loss ong@ue @hdebentures v 4. Determine the amount of annual intffest payable on debentures. a e. Prepare Loss on issue of debenture’ 1) Question 7 (6) Anay, Bhim & Dinesh are partners in a‘fign On 1* April 2022, the balance in the capital a€gunts stood af, 210,00,000, 28700,000 and 86,00,000 respectively. They shared mais 9 100 are Sulcoimmission of 216,000 per Reprovisions of partnership deed. terest on capital) is guaranteed at not less than including interest on capital but excluding 2y45,000p.a. Any deficiency art sould be met by Dinesh. The profits of the firm for the year ended farch 2026’amounted to 28,32,000, Prepare the Profit & Los ‘opriation Account for the year ended 31*March 2023. OR BI) @ X, Y & Z are partners sharing profits in the ratio of 3:2:1. Y advanced a loan to the firm on 1* December 2023 for €1,20,000. As per partnership deed- a. Zis entitled to a salary of €2000 pm. b. Interest on partners loan is be allowed @ 10% per annum ©. Profit before providing for the above was 20,000.Show the distribution of profit or loss for the year 2023-2024, BI (i) A&B are partners. Their capitals on I* April 2022 were 90,000 and 80,000 respectively. After closing the accounts on 31% March 2023, it was found that- a, Interest on capital was omitted at 6% per annum b._ Interest on drawings @ 10% per annum was omitted. ¢. Drawings of A during the year were 24,000 and B withdrew 210,000 on 31% March 2023. d. Profits for the year was 60,000 whi Interest on Capital and Interest on gs. e. A had received profit of %52,0 i as_ profits. as distributed without providing for Pass the necessary rectifying ¢ Question 8 You are requirgd.to, prepare, as at 31" March 2022 al Particulars ‘Amount @ G te iil (1,30,000 equity | — 13,00,000 sof 210 each) \Pfant & Machin (Sihare Forfeiture 10,000 (Délit & Loss (9 &) 50,000 \agpdwill 1,00,000 ‘& Bank balances ,000 | Frade Receivables 20,000 i ‘xed Deposit Accepted 450,000 Calls-in-Arrears {4ills -in-Advance 30,000 (Und & Building 8,00, Payables 50,000 Note: ‘The company has an authorize: ‘of 2,00,000 equity shares of £10 each.Question 9 Sun & Moon were partners in a firm sharing profits in the ratio of 3:2. The balances in the capital and current accounts as on 1" April 2022 were as under: Particulars ‘Sun (2) ‘Moon (2) Capital Accounts 3,00,000 2,00,000 ‘Current Accounts 1,00,000 (Cr) 28,000 (Dr) The partnership deed provided that Sun was t alary of $5000 per month while Moon was to get a remunefftion of %30,000 for the year. Interest on capital was to be allowed @ 8%Jp.a and interest on drawings was to be charged @6% p.a. Sun withdrew €3,000 at the beginnfig of each 230,000 on 1* September 2022. The net profit of the firm for the year Bg 21,20,000. Prepare Profit and Loss Appropriation Accowh (fore making the above adjustments was Partners @api junts and Al. salary of %4,000; Brij was allowed Arof net pat ‘as shown by Profit & Loss Account and Brij withdrew 25,000 at the end of each month, ‘Manan withdrew 210,000 at the end of each quarter & Raj withdrew 240,000 at the end of each half year. You are required to prepare - a. Profit & Loss Appropriation Account b. Partners Current AccountQuestion 10 Gagan Limited invited applications for 1,00,000 Equity shares at %10 each at a premium of 40%, payable as: Application 24 along with full premium, Allotment %4 and balance on First and Final call. Applications were received and shares were allotted as under: ¥ Category 1 Applied for 10,000 shares Full allotment Category 2 Applied for 70,000 s 0,000 allotted 40,000 allotted | Category 3 Applied for 50,000 Excess money was to be adjusted One shareholder, Yash belongg to pay allotment and final call. call amount. Shares of both ¥ a th 5 wrfeited shares, fl tu) 0 Secirities Premium amount at the time tl f received on First Call? fi) (vi) Give the journal éngrits passed by the company for: a) Forfeiture of shakes. pI b) Reissue of forfeitedishares. 2] ©) Capital reserve w OR Bajaj Ltd invited applications £1991000 equity shares of 210 each at a premium of 20% payable as: [10] On application ..:2 5 per share On Allotment ... €3 along with premium On 1" and final call... Balance eoereeApplications were received for 1,20,000 shares out of which applications for 20,000 ‘Were rejected and pro-rata allotment made to remaining applicants. Excess if any, to be adjusted towards allotment. Manish, who applied for 1,000 shares and to whom pro-rata allotment was made did Not pay allotment money and his shares were forfeited immediately after allotment, Krishna to whom 500 shares were allotted did not pay the first and final cal, Out of the forfeited shares of Manish, 50% were reis ed at 88 per share as fully paid up. You are required to pass journal entries in Question 11 In sub-parts (i) to (iii) choose options & in sub-part tions as @ i) 4 (i) Young India Limi 1. The repayment of part of current a liabilities will - no change in the current raf |. none of the above poop | & 3, (Gi) Assertion: A company has postponed! paying it suppliers, so thatthe period and cash w balance appears higher in the @OOKS of company. This is an example of Window dressing Reason: Through window dressing, a company can present a better financial postion of the firm than the actual position, ‘Which one of the following is correct? a. Both Assertion and Reason are true and Reason is the correct explanation of Assertion. 10 oe‘Assertion and Reason are true but Reason is not the correct explanation ~ of Assertion. c. Assertion is false and Reason is true. d. Both Assertion and Reason are false. State the basis of preparing common size income statement. rn jness & has to purchase new [1] XYZ Ltd. wants to expand its manufacturing by @) Machinery for the same. In order to do so, it for a long- term loan of 210,00,000 to Laxmi Bank. State any two ratios the bank should calculate to judge the viability of the loan proposal. Question 12 BI Assume that the Debt Equity State giving reasons whether this ratio would increase, decrease or ret unchanged in the following situations- a Pi b. BI @ Questi From the information, pre pmparative statement of profit and \ Joss of Max Li for the year end arch 2023. Partic 31% March 2023 315 March 2022 ‘Amt @) Amt @), Revenue from operations 3,00,000 2,50,000 Cost of material consumed 1,70,000 1,50,000 Interest from investment 20,000 20,000 Employee benefit expenses 10,000 10,000 Tax Rate 50% 50% OR 1 eeFrom the following inform: loss of Maps Limited for the yes |, Prepare a Comparative statement of profit and ar ended 31" March 2023. Particulars 31" March 2023 31" March 2022 Amt ®) Amt @) Revenue from operations | 200% of Raw Material | 17504 of Raw Mateval Consumed Consumed Expenses: Cost of material consumed 3,00,000 Other Expenses S%OFR 5% of Revenue from Tax Rate Gi) From the following information, you a Balance sheet of Excellence Limited as at Particulars XYZ Ltd. ABC. Ltd IL. Equity and Liabilities 1, Shareholders’ Funds 13,00,000 | 15,00,000 2. Current Liabilities 2,00,000 | 2,50,000 a 12 8)@ . wi ii) 15,00,000 | 18,00,000 SETS 1. Non-current Assets _ | 10,00,000 | 16,00,000 2, Current Assets 5,00,000 | 2,00,000 Total 15,00,000 | 18,00,000 Question 14 Answer any three of the followi Calculate the Interest Coverage Rati from the following information. Profit after interest and tax Calculate the Net Profit Ratio of the following information. a. Revenue from operations 210,00,000 b. Gross profit % 4,00,000 ©. Office expenses % 20,000 4. Salaries and wages %2,10,000 ©. Advertisement expenses 210,000 £ Rent received %40,000 13 eeecce (61(iv) Calculate the Return on Investment of Fintel Ltd (up-to two decimal places) @) (iii) 1) from the following information. a. Profit after interest and tax %2,00,000 b. Current Assets %8,00,000 ¢. Current Liabilities %4,00,000 d. Fixed Assets 212,00,000 €. 10% long-term Debts %8,00,000 f. Tax Rate Question 15, In subparts (i) and (i) choose the corréttgption and in subparts (ii) to () ited to computerised databases? number of numerical values from the following range? A2:A5 & C2:C5 Give the meaning of the MODE function in Excel with an example. 14 fo) a) a 1diting a cell in Excel, which ke it , , -Y OF combination of | is en relative, absolute and mixed cell hos? ieee nd iestion 16 () What is a view in SQL? (ii) © How is a view created in SQL? Question 17 Uday and Bijoy are partners in a firm, On 14 partner for 1/3 share in the profits. The adju: follows: pril,2022, they admit Kabir as a ents on the date of admission are as 1* April 2022 Bank Léan to id off. 1* April 2022 Kabir to bring in capital of %40,000 but would be unable to bring in his share of goodwill in cash. ‘These transactions are recorded in the following spreadshe: o] B) {6 0 at articularspf Ledge bit) | Credit(®) ‘oli 2022 losing Balances I farch 31 _| Bank A/c 15,000 2 farch 31 | Uday’s 40,000 Capital balance 3 March 31@Bijoy’s 30,000 Capital Balance ao 4 March 31_| Bank Loan 10,000 2022 Transactions 5 April] | Bank A/ 40,000 6 April] | To Kabir’s 40,000 Capital A/c 7 Apall | Kabir's ? Current A/e 8 April! | To Uday’s 3,000 Capital A/c 9 April! | To Bijoy’s ? Capital A/c 1510 April | Bank Loan 10,000 Ae i ‘April! | To Bank Ale 10,000 i 2022 Opening | balances of reconstituted firm 2 ‘April | Bank A/e 2 | y B April | Uday's 2 i Capital Ale = aa Based on the above transactions and the information given in the spreadsheet, answer any tres ofthe following seston: ?. vi oe (2) Write the formula to calculate Kabir’s share of the non purchased goodwill in cell D7. (©) Write the formula to calculate Uday’s opening capital balance in cell E13. (©) Write the formula to calculate the opening Bank balance of the reconstituted firm in cell D129 (@ Give the amount of total value of the non-purchased goodwill of the firm at the time of Kabir’s ainision i i [6] (iv) How is index hunting ¥@lpful? Give any two measures to achieve index hunting. 16 eeeorce