KENDRIYA VIDYALAYA SANGATHAN R.
O BHOPAL
First Pre-Board Examination 2024-25
Class XII
Subject-Accountancy (055)
Maximum Time- 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 & B both parts are compulsory for all the candidates.
4. Part – A has Accounting for Partnership Firms and Companies
4. Part - B has Analysis of Financial Statements
5. Question Nos.1 to 16 and 27 to 30 carries 1 mark each.
6. Questions Nos. 17 to 20, 31and 32 carries 3 marks each.
7. Questions Nos. from 21 ,22 and 33 carries 4 marks each
8. Questions Nos. from 23 to 26 and 34 carries 6 marks each
9. 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.
Q.N. Question Marks
1 In the absence of partnership deed, partners are entitled to: 1
a) Salary
b) Interest on loan & advances
c) Commission
d) Profit share in capital ratio
OR
Sumit, a partner in a firm withdrew ₹ 5,000 in the beginning of each quarter.
For how many months interest on drawings be charged?
(A)12 months
(B) 7 ½ months
(C) 3 months
(D) 6 months
2 Tick the odd one, out of the following: 1
a) Rent paid to Partner
b)Manager’s Commission
c) Interest on Partner’s Loan
d) Interest on Partner’s Capital
.
1
3 A and B were partners in a firm sharing profits or losses equally.With effect 1
from 01.04.2024, they agreed to share profits in the ratio of 4:3. Due to
change in the profit sharing ratio, B’s gain or sacrifice will be
(a) Gain 1/14
(b) Sacrifice 1/14
( C) Gain 4/7
(d) Sacrifice 3/7
4 A Company forfeited 1,000 shares of Rs 10 each fully paid on which Rs 7,000 1
has been paid. Out of these 800 shares were reissued upon payment of Rs
7,600. Amount transferred to Capital Reserve will be:
a) Rs 7,600
b) Rs 6,600
c) Rs 9,000
d) Rs 5,200
5 On dissolution, goodwill account is transferred to: 1
a) On the Credit of Cash Account
b) On the Debit of Realisation Account
c) In the Capital Accounts of Partners
d) On the Credit of Realisation Account
6 Forfeiture of shares leads to reduction of ________Capital. 1
(a)Authorised
(b)Issued
( C)Subscribed
(d) Called up
7 Amay, Bina and Chandu were partners in a firm sharing profits and losses in 1
the ratio of 2 : 2 : 1. The capital balance are Rs.50,000 for Amay, Rs.70,000
for Bina, Rs.35,000 for Chandu. Bina decided to retire from the firm and
balance in reserve on the date was Rs.25,000. If goodwill of the firm was
valued at Rs.30,000 and profit on revaluation was Rs.7,500 then, what
amount will be payable to Bina?
(a) Rs.70,820 (b) Rs.76,000 (c) Rs.75,000 (d) Rs.95,000
8 Tamy Limited issued 5,000 debentures @ 1,000 each at a discount of 10%. 1
Rs.300 is payable on application and balance payable on the allotment. Find
the amount received on allotment?
a) 45,00,000.
b) 40,00,000
c) 30,00,000
d) 35,00,000
OR
2
Premium received on issue of debentures may be utilised for
a) All of the following
b) For writing off preliminary expenses
c) For writing off premium allowed on redemption of debentures
d) For writing off discount allowed on issue of shares
9 A and B are partners sharing profits in the ratio 4:3. They admitted C as a new 1
partner who get 1/7th share of profit, entirely from A. The new profit sharing
ratio will be:
A) 3:3:1 B) 4:3:1 C) 3:3:2 D) 4:3:2
OR
X and Y are partners sharing profit in the ratio of 3 : 2. Z was admitted with
1/4 share in profits which he acquires equally from X and Y. The new ratio
will be:
(A) 9 : 6 : 5
(B) 19 : 11 : 10
(C) 3 : 3 : 2
(D) 3 : 2 : 4
10 Assertion (A): Forfeited shares may be reissued by the company at a discount 1
also.
Reason (R): Amount of discount on reissue of forfeited shares cannot exceed
the amount forfeited on reissued shares.
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.
11 Given below are two statement, one labelled as Assertion (A) and the other 1
labelled as Reason (R):
Assertion (A) : On the admission of a new partner, increase in the value of
assets is debited to revaluation account.
Reason (R) : Revaluation account is used to transfer the revalued amount of
assets and liabilities.
In the context of the above two statement, which of the following is correct?
(a) Both (A) and (R) are true and (R) is the correct reason of (A).
(b) Both (A) and (R) are true and (R) is not the correct reason of (A).
(c) (A) is true but (R) is false.
(d) (A) is false but (R) is true.
3
12 Rama, a partner took over Machinery of ₹ 50,000 in full settlement of her 1
Loan of ₹ 60,000. Machinery was already transferred to Realisation Account.
How it will effect the Realisation Account?
(a) Realisation account will be credited by Rs 60,000
(b) Realisation account will be credited by Rs 10,000
( C) Realisation account will be credited by Rs 50,000
(d) No effect on realisation account
OR
Unrecorded liabilities when paid are debited to
(a) Realisation Account
(b) Partners’ Capital Accounts.
(c) Bank Account
(d) None of the above
13 A company forfeited 3,000 shares of ₹10 each, on which only ₹ 5 per share 1
(including ₹1 premium) has been paid. Out of these few shares were re-
issued at a discount of ₹ 1 per share and ₹ 6,000 were transferred to Capital
Reserve. How many shares were re-issued?
a) 3,000 shares
b) 1,000 shares
c) 2,000 shares
d) 1,500 shares
14 G, S and T were partners sharing profits in the ratio 3:2:1. G retired and his 1
dues towards the firm including Capital balance, Accumulated profits and
losses share, Revaluation Gain amounted to ₹ 5,80,000. G was being paid ₹
7,00,000 in full settlement. For giving that additional amount of ₹ 1,20,000, S
was debited for ₹ 40,000. Determine goodwill of the firm.
a). ₹ 1,20,000
b). ₹80,000
c). ₹2,40,000
d). ₹ 3,60,000
OR
A, B, and C are partners with profit sharing ratio 4:3:2. B retires and goodwill
was valued ₹1,08,000. If A and C share profits in 5:3, find out the goodwill
shared by A and C in favour of B
A) ₹ 22,500 and ₹ 13,500
B) ₹ 16,500 and ₹ 19,500
C) ₹ 67,500 and ₹ 40,500
D) ₹ 19,500 and ₹ 16,500
4
15 On the death of a partner, Credit balance of Profit and Loss Account 1
appearing in the Balance Sheet should be credited to the Capital Accounts of
(a) All partners including the deceased partner in their profit-sharing
ratio.
(b) The remaining partners in the new profit-sharing ratio.
(c) Neither the deceased partner nor the remaining partners.
(d) None of the above.
16 Gupta and Bose had a firm in which they had invested ₹ 50,000. On an 1
average, the profits were ₹ 16,000. The normal rate of return in the industry
is 15%. Goodwill is to be valued at four years' purchase of profits in excess of
profits @15% on the money invested. What will be the value of goodwill.
(a) Rs 34,000
(b) Rs 16,000
( C) Rs 8,500
(d) Rs 7,500
17 A,B,C and D are partners in a firm sharing profits or losses in the ratio of 3
2:2:1:1. They decided to share profits in future in the ratio of 4:3:2:1. For this
purpose, goodwill of the firm was valued at Rs 1,80,000. There was also a
reserve of 60,000 in the books of the firm.
Find out sacrificing and gaining ratio and pass necessary journal entries
assuming that partners do not want to distribute the reserve.
18 Calculate goodwill of the firm on the basis of 3 years purchase of the average 3
profits of the last 5 years.The profits of the last 5 years were
2018-19 Rs 4,00,000
2019-20 Rs 5,00,000
2020-21 Rs 60,000(loss)
2021-22 Rs 1,50,000
2022-23 Rs 2,50,000
Additional information
(a) On 01.01.2021, a fire broke out which resulted into the loss of goods of Rs
3,00,000 . A claim of Rs 70,000 was received from the insurance company .
(b) During the year ended 31.03.2022,the firm received an unexpected tax
refund of Rs 80,000 .
19 A, B and C are partners in a firm whose books are closed on March 31 each 3
year. A died on 30th June, 2021 and according to the agreement, the share
of profits of a deceased partner up to the date of the death is to be
calculated on the basis of the average profits for the last five years.
5
The net profits for the last 5 years have been: 2017- ₹ 14,000; 2018- ₹
18,000; 2019- ₹ 16,000; 2020- ₹10,000 (loss) and 2021- ₹ 16,000.
Calculate A’s share of the profits up to the date of death and pass necessary
journal entry.
20 Exe Ltd. Purchased assets of Rs 8,40,000 and took over liabilities of Rs 80,000 3
of Hay Ltd. at a value of Rs 7,20,000. Exe Ltd. issued 10% Debentures of Rs
100 each at 10% discount in full satisfaction of the price. The company
decided to write off Discount on Issue of Debentures from Securities
Premium Reserve of Rs 1,00,000.
Pass Journal entries in the books of Exe. Ltd.
OR
st
On 1 April, 2021, Quick Limited issued Rs 10,00,000 12% Debentures of Rs
100 each at a discount of 10%. These debentures were redeemable at a
premium of 5% after 4 years.
Pass necessary journal entries.
21 Govind and Kavita are partners in a firm. As per the Partnership Deed, Govind 4
is to get salary of ₹ 30,000 per month and commission of 10% of net profit
before charging any commission. Kavita is to get a salary of ₹ 50,000 p.a. and
commission of 8% of the net profit after charging all commissions. Profit after
partner's salary but before commission to partners for the year ended
31stMarch, 2023 was ₹ 5,50,000. Show the distribution of profit.
OR
The partners of a firm distributed the profits for the year ended 31 st March,
2023, Rs 1,50,000 in the ratio of 2 : 2 : 1. without providing for the following
adjustments:
i) A and B were entitled to a salary of Rs 1,500 per quarter.
ii) C was entitled to a commission of Rs 18,000.
iiii) Profits were to be shared in the ratio of 3 : 3 : 2.
Pass necessary journal entry for the above adjustments in the books of the
firm
22 On 1 st April 2022, Apurva Ltd was registered with share capital of 4
Rs 10,00,000 divided into 1,00,000 equity shares of Rs10 each. The company
issued prospectus inviting applications for 90,000 Equity shares. The
company received applications for85,000 shares. During the first year, Rs 8
per share was called. Raman holding 1000 shares and Aman holding 2000
shares did not pay first call of Rs 2 per share. Aman’s shares were forfeited
and later on 1500 shares were reissued at Rs 6 per share, 8called up.
Show how ‘Share capital’ will be disclosed in the balance sheet as per
Schedule III of Companies Act 2013. Also prepare Notes to Accounts.
6
23 Neha and Tara are partners in a firm sharing profits and losses in the ratio of 6
3 : 2. Their Balance Sheet as at 31st March 2024 stood as follows:
Balance Sheet as at 31st March 2024
Liabilities Rs. Assets Rs.
Capital Accounts : Plant & Machinery 1,20,000
Neha 80,000 Land and Building 1,40,000
Tara 1,00,000 1,80,000 Debtors 1,90,000
General Reserve 1,20,000 Less: Provision for Bad
Workmen’s Debts 40,000 1,50,000
Compensation Stock 60,000
Reserve 50,000 Cash 30,000
Creditors.
1,50,000
5,00,000 5,00,000
Prachi was admitted for 1/5th share on the following terms:
(a) All debtors to be considered as good.
(b) Value of Land and Building to be increased to Rs.1,80,000.
(c) Value of Plant & Machinery to be reduced by Rs.20,000.
(d) The liability against Workmen’s Compensation Fund is determined at
Rs.20,000 which is to be paid later in the year.
(e) Prachi to bring in her share of goodwill of Rs.1,00,000 in cash.
(f) She will further bring in cash so as to make her capital equal to 20% of the
total capital of the new firm; (show your working clearly)
You are required to Prepare Revaluation account and Partner’s Capital
Account.
OR
X, Y and Z were partners sharing profits in the ratio of 4 : 3 : 2. Z retires from
the business and X & Y decided to share future profits in the ratio of 3 : 2.
Following was their Balance sheet as at 31st March 2024.
Balance Sheet as at 31st March 2024
Liabilities Rs. Assets Rs.
Capital Accounts : Machinery 3,20,000
X 5,00,000 Land and Building 5,00,000
Y 4,00,000 Sundry Debtors
Z 1,50,000 10,50,0 1,50,000
Workmen’s 00 Less: Provision for
Compensation Reserve Doubtful Debts 1,35,000
Sundry Creditors. 15,000
45,000 Stock 1,05,000
Cash at Bank 1,40,000
1,05,00
0
7
12,00,0 12,00,000
00
a) Goodwill of the firm is valued at Rs.1,80,000.
(b) Land and Buiding to be increased to Rs.5,40,000 and Machinery is to be
reduced by Rs.60,000.
(c) The claim on account of Workmen’s Compensation is estimated at
Rs.27,000.
(d) There were bad-debts amounting to Rs.22,000.
(e) Z is to be paid Rs.1,00,000 on retirement and the balance after one year
@ 12% p.a.
You are required to Prepare Revaluation account and Partner’s Capital
Account
24 Hanif and Jubed were partner in a firm sharing profit in the ratio of their 6
capitals. On 31st March, 2013 their Balance Sheet was as follows:
Balance Sheet
As at 31st March, 2013
Liabilities Rs Assets Rs
Creditors 1,50,000 Bank 2,00,000
Workmen’s Debtors 3,40,000
Compensation Fund 3,00,000 Stock 1,50,000
General Reserve 75,000 Furniture 4,60,000
Hanif’s Current Machinery 8,20,000
a/c 25,000 Jubed’s Current
Capitals: Account 80,000
Hanif 10,00,00
Jubed 5,00,000 15,00,000
20,50,000 20,50,000
On the above date the firm was dissolved:
i) Debtors were realized at a discount 5%. 50% of the stock was taken
over by Hanif at 10% less than the book value. Remaining stock was
sold for Rs 65,000.
ii) Furniture was taken over by Jubed for Rs 1,35,000. Machinery was
sold as scrap for Rs 74,000
iii) Creditors were paid in full.
iv) Expenses on realisation Rs 8,000 were paid by Hanif.
Prepare Realisation Account.
25 X Ltd. Issued 15,000, 10% debentures of Rs. 100 each. Give journal entries in 6
8
each of the following cases:
(i) The debentures are issued at a discount of 5%. and redeemed at
10% Premium
(ii) The debentures are issued as a collateral security to bank against
a loan Rs. 12,00,000.
(iii) The debentures are issued to a supplier of machinery costing Rs.
13,50,000.
OR
i) Pass Journal Entries to record the Issue of Debentures
a)1000 7%debentures of Rs.100 each issued at a discount of 5% and
redeemable at par after 5 years.
b)1500 12% debentures of Rs.100 each issued at a discount of 10% and
redeemable at a premium of 5% . after 5 years
(ii) Mona Ltd. Took a loan of Rs. 40,00,000 from SBI Bank. The company
issued Rs. 50,00,000; 8% debentures of Rs. 100 each as collateral security for
the same. Show how these items will be presented in the Note to Accounts in
the Balance Sheet of the company.
26 Nidiya limited was incorporated on 1st April 2017 with registered office in 6
Mumbai. The capital clause of memorandum of Association reflected a
registered capital of 8,00,000 equity shares of Rs.10 each and 1,00,000
preference shares of Rs.50 each. Since some large investments were required
for building and machinery the company in consultation with vendors, Ms.
VPS Enterprises, issued 1,00,000 equity shares and 20,000 preference shares
at par to them in full consideration of assets acquired. Besides this ,the
company issued 2,00,000 equity shares for cash at par payable as Rs 3 on
application, 2 on allotment, 3 on first call and 2 on second call. Till date
second call has not yet been made and all the shareholders have paid except
Mr. Ajay who did not pay allotment and calls on his 300 shares and Mr. Vipul
who did not pay first call on his 200 shares. Shares of Mr. Ajay were then
forfeited and out of them 100 shares were reissued at Rs.12 per share.
Based on above information you are required to answer the following
questions.
(i) Shares issue to vendors of building and machinery, Ms. VPS Enterprises,
would be classified as:
a) Preferential Allotment
b) Employee Stock Option Plan
c) Issue for Consideration other than cash
9
d) Right Issue of Shares
(ii) How many equity shares of the company have been subscribed?
a) 3,00,000
b) 2,99,500
c) 2,99,800
d) None of these
(iii) What is the amount of security premium reflected in the balance sheet at the
end of the year?
a) Rs 200
b) Rs 600
c) Rs 400
d) Rs 1,000
(iv) What amount of share forfeiture would be reflected in the balance sheet?
a) Rs600
b) Rs900
c) Rs200
d) Rs 300
PART- B Analysis of Financial Statements
27 Cash and cash equivalent includes 1
(a) Cash in hand
(b) Cash at bank
( C) Marketable securities
(d) All the above
OR
Which of the following will result into ‘Flow of cash’?
a) Deposited Rs.10,000 into bank
b) Withdrew Rs.14,500 from bank
c) Sale of machine of the book value Rs.74,000 at a loss of Rs.9,000
d) Converted Rs.2,00,000, 9% debentures into equity shares.
28 Dividend received by financial enterprises is shown in cash flow statement 1
under
(a) Operatingactivities
(b) Investing activities
( C) Financing activities
(d) All of the above
29 Opening Inventory Rs.75,000; Closing Inventory Rs.1,05,000; Inventory 1
Turnover Ratio 6; Gross Profit 20% on Cost; What will be Gross Profit?
10
(a) Rs.1,35,000 (b) Rs.1,08,000 (c) Rs.90,000 (d) Rs.18,000
30 Statement 1 : All contingent liabilities are shown in the non-current liabilities 1
section of the Balance Sheet.
Statement 2 : A contingent liability refers to the claim which is uncertain to
arise/which may or may not a rise/which is dependent on a happening in
future.
Choose the correct option from the options given below:
(a) Statement 1 is correct and Statement 2 is wrong.
(b) Statement 2 is correct and Statement 1 is wrong.
(c) Both the statements are correct.
(d) Both the statement are wrong.
Or
Public Deposits appear in a Company’s Balance Sheet under:-
(a) Intangible Assets (b) Current Liabilities
(c) Long - term Provisions (d) Long – term Borrowings
31 Classify the following items under Major heads and Sub-heads (if any) in the 3
Balance Sheet of the Company as per Schedule III of the Companies Act
2013.
(a)Bank Overdraft
(b)Net Loss as shown by Profit & Loss Statement
(C)Bonds
(d)Trademark
(e)Raw Materials
(f) Forfeited Shares Account
32 Determine the value of closing inventory from the following details 3
Revenue from operations - Rs 4,00,000
Gross Profit Ratio 10%
Inventory turnover = 4 times
Closing inventory was Rs 10,000 in excess of opening inventory
OR
Share Capital Rs.90,000, General Reserve Rs.50,000, 12% Loan Rs.80,000,
Revenue from operations during the year RS.1,50,000, Tax paid during the
year Rs.25,000, Profit after interest and tax Rs.60,000.Calculate the return on
Investment .
11
33 From the following information’s, Prepare Comparative Statement of Profit & 4
Loss:
Particulars 31st March 31st March 2023
2024
Revenue from 300% of Cost of 200% of Cost of Materials Consumed
Operations Materials
Consumed
Rs.10,00,000
Cost of Materials
10% of Cost of Materials Consumed
Consumed Rs.12,00,000
50%
Other Expenses 20% of Cost of
Materials
Tax
Consumed
50%
Or
From the information extracted from the statement of Profit & Loss of Zee
Ltd for the year ended 31st March 2023 and 31st March 2024. Prepare a
Common Size Statement of Profit & Loss:
Particulars Not 2023-24 (Rs.) 2022-23 (Rs.)
e
No.
Revenue from Operations 8,00,000 10,00,000
Gross Profit 60% 70%
Other Expenses 2,20,000 2,60,000
Tax Rate 50% 50%
34 Following is Balance sheet of XYZ Ltd. as at 31st March 2024 prepare a
cashFlow Statement: Balance Sheet of XYZ Ltd.
(as at 31.03.2024)
Particulars Note 31.3.2024 31.3.2023
no. Rs Rs
12
I. Equity and Liabilities:
1. Shareholder’s Funds:
(a) Share Capital 5,00,000 5,00,000
(b) Reserve and Surplus 1 1,00,000 (25,000)
2. Non-current Liabilities:
Long-term Borrowings 2,50,000 1,50,000
(10% Debenture)
3. Current Liabilities:
(a) Short-term Borrowings 1,50,000 1,00,000
(Bank Overdraft)
(b) Short- term provisions 2,00,000 1,25,000
(Provision for Tax)
TOTAL 12,00,000 8,50,000
II. Assets:
1. Non-Current Assets:
(a) Property, plant and
equipment and Intangible 2
assets :
( I) Property, plant and
equipment 6,00,000 4,50,000
2. Current Assets:
(a) Trade Receivables 2,75,000 2,25,000
(b) Cash and Cash Equivalents 1,25,000 75,000
(c) Short-term Loans and 2,00,000 1,00,000
Advances
TOTAL 12,00,000 8,50,000
Particulars 31.03.2024 31.03.2023
1 Reserves and Surplus: 1,00,000 (25,000)
(Surplus i.e. Balance in the
statement of profit and loss)
2. Property, plant and equipment:
Machinery 7,37,500 5,25,000
Accumulated Depreciation (1,37,500) (75,000)
6,00,000 4,50,000
Additional Information:
1 Rs 1,00,000, 10% Debentures were issued on 31.03.2024
2. 31.03.2024(Rs) 31.3.2023(Rs)
Contingent Liability:
Proposed Dividend 75,000 50,000
13
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