CLASS - XII at SUBJECT — ACCOUNTANCY DATE - 03.01.2025 MM- 80 General Instructions: This question paper contains 34 questions, Allquestions are compulsory ‘This question paper is divided into two parts, Part A and B. {Questions 1 to 16 and 27 to 30 carry 1 mark each, Questions 17 1020, 31and 32 carry 3 marks each. Questions 21, 22 and 33 carry 4 marks each, Questions from 23 to 26 andl 34 carty 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. PartA {Accounting for Partnership Firms and Companies) 1. On the date of admission of Ajay as a partner, the Balance Sheet of the firm of Nita and Rita showed balance of € 30,000 in the Workmen Compensation Reserve. Choose the correct option to record the effect of a workmen compensation claim of % 90,000 on the accounts of the partnership firm. (@) The Revaluation Account to be credited with % 10,000. WY The Revaluation Account to be debited with T 10,000. (©) The Capital Accounts of Nita and Rita to be debited with & 90,000. (@ The Capital Accounts of Nita and Rita to be credited with % 90,000. {1} 2. A, Band Care partners sharing profits and losses in the ratio of 3:2: 1. Dis admitted ‘The new profit-sharing ratio between A, B, C and D will be 8 : 8:2: 2. Goodwill of the firm is valued at € 1,80,000. D brings his share of goodwill by cheque. Journal entry for adjustment of goodwill will be: "0003" %, = 4000 conv! © Premium for Goodwill Ale Dr. 36,000 : To 4’s Capital Alc = 18,000 ‘To B's Capital Ale 12,000 ‘To C’s Capital Ale 76,000 (b) Premium for Goodwill Ale Dr. 36,000 Yo A's Capital Ale 18,000 i To B's Capital Ale 18,000 (© Cs Capital Ae Dr. 76,000 Premium for Goottwill A/c Dr. 36,000 To 4’s Capital Alc % 36,000 ‘To’ B's Capital Ale 6,000 (@ None of the above il 8, Assertion (A): Rent paid toa partners transferred to the debit of Profit & Loss Account Reason (R): Rent paid to a partner is a charge against the profits In the context of above two statements, which of the following is correct? (a) Assertion (A) is correct but Reason (R) is incorrect. (®) Both Assertion (A) and Reason (R) are correct, but Reason (R) is not th correct explanation of Assertion (A), (© Both Assertion (A) and Reason (R) are incorrect. (gf Both Assertion (A) and Reason (R) are correct, and Reason (R) is the correc explanation of Assertion (A). tl (@ © scanned with OKEN Scannerjent of mn of 20% for non-payment ; at which 4, Alpha Ld. forfeited a share of & 100 issued at a promiun first call of & 30 por share and final call of @ 10 per share. The minimum price this share can be reissued is @ %40. (by 60. © T20. (@ © 100. or Coco Light Lid, issued prospectus inviting applientions for 10,000, 10% Debentures ‘The issue was oversubscribed to the extent of 15,000 debentures. Applications for 3,000 debentures were sont letter of regret and reinaining applicants were allotted debentures. Shiva was allotted 700 debentures under pro rata category. How many aebentures he must have applied for? (@ 1,000. (®) 940. © 740, @ 840. a 5. Anil, Sunil and Ramesh are partaers sharing profits and losses in the ratio of 5:4:2. On 1st April, 2024, they decided to share future profits & losses in the ratio of 4:3:2, On this date, General Reserve was ® 87,250 and loss on revaluation of assets ‘and liabilities was 18,000. They also decided that adjustment should be made without affecting the book figures of assets and liabilities. Which of the following option reflect the correct treatment of the above information? (a) Ramesh’s Capital A/c Dr. 73,000 To Ani's Capital Ae 750 To Sunil’s Capital Ale £2,250 (©) Anis Capital Ale Dr. €3,000 ‘To Ramosh's Capital Ale 2750 ‘To Sunil’s Capital A’e % 2,250 © Sunil’s Capital Ave Dr. % 3,000 ‘To Anil's Capital Alc 750 To Ramosh’s Capital Ale £2,250 (@) None ofthe above or Profits ofa firm forthe last four years were as follows: Year mm [ine | aoa aa Foe soma (conto Tatoo oon0 Additional Information: apes 7 On 1st April, 2022, 0 major repair cost of 100,000 ineurred at the time of purch a second hand machine was debited to Profit Lore purchasing Account, Depreciation is charged @ 10% p.a. on written down value method. The average profit of the last fare ee (a) © 12,750. Wt 32050, (@) © 92,750. (a) ¥ 50,250, io 6, Interest on capital ofa partner provide Ff @6% pa. Provided for in the partnership deed is © @8%pa ©) @T%pa (@) Any vate ip (a © scanned with OKEN Scanner4. Choose the corroet orlerin which a partnership firm, at the time ofits dissolution, will t coon ae ort ala rm tonto sae nludingany mount emtsbuted | by the partners, towards the payment of: t P Pavtner's loan i @ Firm's debts } R_ Balance of partner's eapital | '§ Surplus divided amongst the partners in their profit-sharing ratio } @ PGBS W QPSK | © SPQR Star Ltd. issued ata premium. Lo Statement of Pro! (a) € 105. Jo U6. Prabhat 1d. issued 50,009, redeemable at a premium. L from Securities Pi pretium payable per debenture on redemption? FQ, PRS ay 00,000, 9% Debentaresof® 100 each at 10% discount and redeemable eva teste of Debentures was ®20,00,000 which was written off rom 5 ee Lane Tho amount at which each debenture will be redeemed is ( 110. (a @ 120. Or 3% Debentures of ¥ 100 each at a discount of 5% and sce on Tasue of Debentures was written off - & 8,00,000 rerrtm and ® 70,000 from Statement of Profit & Loss, What is the | @ %10 ® U5 © @ 220 ay y (@) Assertion (A): Securities Premium can bbe applied to issue fully-paid bonus shares. Reason (R): While passing an entry for forfeiture, Share Capital Account is debited | «with the amount paid-up (excluding secur ‘ies premium) till the stage of forfeiture. Jin the context of above tuo statements, which of the allowing is correct? : ‘Assertion (A) is correct but Reason (R) is incorrect. {®) Both Assertion (A) and Reason (R) are correct, but Reason @®) is not the | correct explanation of Assertion (A). (o) Both Assertion (A) and Reason (R) are incorrect (@) Both Assertion (A) and Reagon (R) are correct, and Reason ) is the correct § explanation of Assertion (A) ay 10, Onretirementidoath ofa partner, zemaining partner(@) who have gained due to change in profit-sharing ratio compensates the (a) retiving partner only. 7 tomaining partners (who have sacrificed) as well as retiring partner. (c) remaining partners only (who have sacrificed. (@) None of these. Or Match the following with respect to Accounting Treatment of Goodwill: Group! Group Tange in Profit sharing Rat K Gaining Partners Capital Nes To Retiring Partner’ Capital Nc TZ Feision of Partner Gaining Pariers Capital Ales De “o_Sactificing Partner's Capital Ale 3 Watvemert ofa Parner Premium for Goodwil Ae De ‘ @, i € @ 7 8 Select the Corrent Answer: To. Saciicing Partner’ Capital A o @ (ay 1] © scanned with OKEN Scannertions in context of distribution of LAs Choose the correct sequence of the following transat profits: (i Guarantee by Hirm to Partners (i Guarantee by Partners to Firm (ii) Transfer of Profit to Profit & Loss Appropriation Gia) Guarantee by Pavtne” to Partner wh (ity, ; GH: GO) Account Co © dds Gods : Go) Gis GD: GO) @) G; Gi; sO a 12, 5,000, 10% Debentures of 100 each are issued aa a collateral security against @ bank Toasi, Interest on these debentures will be paid @ 6% p.a. (b) paid at market rate of interest. \ a (@ not be paid ach, @ 8 callod-up, on which Rajuhad paid 0 shares were reissued (©) paid @ 10% pa 418, Bright Star Ltd. forfeited 200 shares of € 10. application and allotment money of 5 per share, OF these, 15 to Parker as fully paid-up for & 6 per share. What is the balance in Share Forfeiture Account Capital Reserve Account? @ Nil @) 50. 250 @ %1,000 ir 14. X and ¥ are partners sharing profits in the ratio of 5 : 3. They admitted Z for SPI ote ye 2-2 cdot anes atl Aco 75100 | 1000001) ‘You are required to: = = (Give cing Journal entry (i Find the opening capital balan the Partners’ Capital Account, for interest on loan due from Amit, sae te Partners on Ist April, 2023, by preparin, ond, he year 2093. get ADEIL 2025, by preparing © scanned with OKEN Scannera interest being (Smart Limited took loan of @ 10,00,000 from State Bank Of Lee oe @ 10% p.a, It issued € 15,00,000, 10% Dobentures of € 200 each a8 Pass necessary Journal entries for the above transactions: : Security. (@ Whencompany decides not to record the issue of 10% ‘Debentures as cae a (i) When company decides o 2ecor the issue of 10% Debentures as CoTaters : . Or Neon Ltd, purchased assets of € 18,00,000 and took over liabilities off 200,000 j of Zenith Ltd. for a purchase consideration of ® 15,00,000. Neon Ltd. pal famount by accepting & cheque for & 8,00,000 and the balance was settled by 1680 0% arity slncosoF< 100 each at a premium of 20%, Pass necessary Journal entries for the Stove transactions in the books of Neon Ltd. and also explain.how issue of shares for consideration other than cash is disclosed in Balance Sheet of the company. B) 20, Parth, Angad and Leesha are partners ina firm sharing profits and losses in the ratio of 3:27 1 Angad retired and his claim, including his Capital and entitlements from the firm including his share of Goodwill of the firm, is € 50,000. ‘After this amount was determined, it was noticed that there was an unrecorded furniture valued at @ 12,000 which was to be recorded. Upon recording the furniture, revised amount due to Angad was determined and settled by giving him unrecorded ond now recorded furniture and the balance by cheque. ‘You are required to give the Journal entries for recording the payment to Angad i the books of the firm, ee et A 21, Apple Orchards Ltd, has an authorised capital of €50,00,000 divided into 60,000 Fi i Sas ‘of Z 100 each. The company offered 20,000 shares for subscription cer 1 2 50 on application, € 60 on allotment (including. € 10 premium) and balance on call. the amount due was duly called and received except allotment and call money on 1,250 shares held by Ramesh and call money on 1,000 shares held by Vinod. Ramesh’s | 4 i shares wore forfeited and out of these 750 shares were reissued for € 90 per share as fully paid-up. how how share capital will appear in the Balance Sheet of the company as per Schedule III of the Companies Act 2018? Also prepare Note to Accounts. 4] ‘An extract of Balance Sheet of Yuv, Veer and Yash sharing profits and losses in the Jatio of 5 : 3: 2 respectively, on 31st March, 2024 is given below: ibis wal ea : General Reserve 5450 Ivestnent are Vale € 19,00) 20000 pecan 44880 | AdvertsementBxperture(DeferedRevenue) | 1,000 Workmen Compensation Reserve 1200 : Employees Provident Fund Taal investment Futustin Reserve aa “With effect from 1st April, 2024, they decided to share futur ; 2; 3:5 respectively. to share future profits in the ratio of A claim on account of Workmen Compensation is estimated at € 150. Give the necessary Journal entries relating i : and losses. ig to the adjustment of accumulated profits 4] (6) © scanned with OKEN Scanner_gGoare Rahul and Kamlesh are partners sharing profits in the ratio of 5: 3: 2. They dissolved the firm on Ist April, 2024 when their Balance Sheet was as follows: abies z__ [Assets z Capital Als: Building 720,000 Sindhu 4,000 Plant 44,900 Rahul 32,200 Investments 60,000 Kamlesh 20800 Stock 12,000 ‘Mrs. Rahul's Loan Debtors 10,000 General Reserve Accrued Interest 2,000 Employees Provident Fund Cashat Bank 8,000 Creditors 156,000, Following transactions took place at the time of dissolution: @ Sindhu took over building at book value and agreed to pay creditors. (ii) Accrued interest was not collected whe % 1,200 which was met. (ii) Rahul agreed to pay Mrs. Rahul’ 10% discount. () Other assets realised: Plant & 50,000 and Stock & 10,000, (0) Remaining investment was sold at 10% (vi) There was a car in the firr by Sindhu for € 24,400. Hi provided in the books, (vii) Realisation expenses creas there was a contingent liability of 's loan and took half of the investment at discount, ‘m which was written off from the books. It was taken fe also agreed to pay outstanding salary of € 1,000 not ‘were to be borne by Sindhu for which he is to get a eredit Ef, 200. Actual realisation expenses paid out of firm's Bank Acct were 1,500. Prepare Realisation Account. @ Grand Hotels Ltd, issued 10,000 Equity shares : Ps Grand FasL ‘auity shares of € 10 each at a premium of € 3 per On Application—-& 4; On Allotment 5 balance as and when required. Applications were received for 1 e orate weve * 12,000 shares, The company made pro rata allotment (including premium); On First Call 2, The ‘who was allotted You are required to pace Tovsnal enrales OR © scanned with OKEN Scanner aYou are required to pass downal entries for the issue of debentures in the following conditions: (@) Ben La, issued 5,000, 10% Debentures of @ 100 each at pary redeemable at 5% premium after five years. (®) Rex Lt, issued % 200,000, 10% Debentures of € 100 each at a discount of 2%, redeemable at a premium of 5% after 5 years (©) dosh Ltd. issued 6,000, 10% Debentures of € 100 each at a premium of 5%, _- redeemable at a premium of 10% after 6 years. (6) P®. Raghu and Rishu are partners sharing profits in the ratio of 3: 2. Their Balance Sheet as at 81st March, 2024 was as follows: Liabilities e_ [Assets . Creditors 765000 | Cashin and 0,000 General Reserve 30000 | Debtors #2900 Capital A's Les: Provision fr Doubtful Debts 35,000 Raghu 135,000 Stock 28,000 Rishu 90.000} 2.25000 | Building 9,000 Plant and Machinery 85,000 ‘AdvertisementExpenditure(DeferredRevenue) | __5,000 | 331,000, Rishabh was admitted on that date for 1/4th share of profit on the following terms: (@ Rishabh will bring & 1,00,000 as his share of capital, but was not able to bring Premium for Goodwill to compensate the sacrificing partners. (ii) Goodwill of the firm is valued at € 1,20,000. (iii) Plant and Machinery were found to be undervalued by % 15,000. Building was to be brought up to & 1,08,000. (iv) All debtors are good. (v) Capital Accounts of the partners will be adjusted on the basis of Risabh’s Capital in their profit-sharing ratio by Opening Current Accounts. Prepare Revaluation Account and Partners’ Capital Accounts. Or X, ¥ and Z were in partnership sharing profits in proportion to their capitals, Their Balance Sheet as on 31st March, 2024 was as follows: abilities ze [Assets Si Sundry Creditors 726,600 | Cash sean \Werkmeris Compensation Reserve 9.000 | Debtors ao General Reserve 24000 | less: Provision for Doubtful Debts 1,400) ) 19,600 Capital Acs: Stock Sato 9 x 190,000 Machinery ea y 60.000 Building 58,000 Zz 30,000 | 1.80000 | Profit Loss Ale ‘100.009 600 18,000 239600 \ | ad © scanned with OKEN Scanner