[Difficult Concept]

8 SAMPLE PAPER
Hours)
Tone Allowed: 3
(Maximun Murks )
Coneral Instructions:
,This question paper contains 34 questions. All questions are compulsory.
, This question paper is divided into
two parts. Part Aand B.
: Part-A is compulsory for all the candidates.
4 Part-B has two options iLe. (i) Analysis of Financial Statements and (ii)
Cedents must attempt only one of the given options as per the subject
Computerised Accouiting
opted.
s Ouestion Nos. 1 to 16 and 27 to 30 carry 1 mark each.
k Ouestion Nos. 17 to 20, 31 and 32 carTy 3 marks each.
7 Ouestion Nos. 21, 22 and 33 carry 4 marks each.
8. Question Nos. 23 to 26 and 34 carry 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.
Part - A
Accounting for Partnership Firms and Companies
4:2: 1. Jai retires. selling his
partners sharing profits in the ratio of
1. Jai, Gabbar and Billu are payable as 5.760 by Gabbar and
Billu for a total sum of 9,600
share of profit to Gabbar and Billu will be:
new ratio of Gabbar and (b) 3:2
? 3,840 by Billu. The
(a) 12: 8 (d) 13: 22
(c) 22: 13 profit and decbited to
partner's loan paid by the
tirm is a charge against
Assertion (A): Interest on current account
when
partner's
Profit and Loss A/c.
by the firm is credited to
partner's loan paid
Interest on
Keason (R):
fixed.
the capital accounts are is wrong. correct explanation
of (A).
but (R) is not the
(a) (A) is correct correct, but (R)
and (R) are
(0) Both (A) incorrect. explanation of (A).
and (R) are (R) is the
correct
is requiredto
otfer
() Both (A) correct, and subscribed capital, it
and (R) are increase its
a pre decded
prke. Such
() Both (A) Company
proposes to
financial
institutions etc. at
Limited
3. When a Public venture
capitalists,
promoters,
the shares to
an issue is termed as:
(a) Preferential Allotment
Placement of Shares
(0) Private
Sample Papers 163
(c) Rights Issue
Bonus Shares
(d) Issue of
 Or
If venors are issued Iully paid up shares of 8,000 n
consideraion ol ncl aserho G
the balance of 20,000 will be:
(a) Dchiled to Stateent of P'rofit and Loss (b) Debited lo Goodwill ACOun
(c) Credited to Securities Premium Account (d) Creditcd to Capital Reerve Aunt
4. Palak. Priyanshi and Surbhi were partners shaing profits and losses cquany. 1ron IM
Septenbe
2023, they decided to share future profts in the ratio of 2: 2 : 1.
On the day of change in profit sharing ratio, ollowing changes took place. There was decrcay
Plant and Machinery of 35,000. There was increase in Stock and Prepaid F:xpene of ? 75,
and 5000 respectively and some change in the value of Land and Buildings.
The following entry was passed:
Revaluation Alc Dr 1,20,000
To Palak's Capital A/c 40,000
To Priyanshi's Capital Alc 40,000
To Surbhi's Capital A/c 40,000
What was the change in the value of Land and Buildings if all the remaining assets and liabilit
remained unchanged?
(a) Increase of 75,000
(b) Decrease of 75,000
(c) Decrease of ? 45,000
(d) Increase of R 45,000
5. Match the following:
Column A Column B
A. Interest on Capital (i) Debited to Partner's Capital A/c
B. Interest on Partner's Loan (iü) Profit Sharing Ratio
C. Interest on Drawings (iii) Credited to Partner's Capital A/c
D. Division of Profits (iv) Charge against Profits
Choose the correct option.
(a) A-(iü); B-(iv); C-); D-(iüi)
(b) A-(ü); B-(); C-iv); D-(i1)
(c) A-(iiü); B-(iv); C-ü); D-(i)
(d) A-(iü); B-(iv); C-(); D-(i)
Or
A partner withdraws 9,000 at the end of every alternate month, first drawings being made on sIst
May 2022. What will be interest on drawings for the year ending 31st March 2023 @9 %p.a.?"
(a) ? 1,600 (b) ? 2,025
(c) 2,227.5 (d) 4,860
6. At the time of issue of debentures at a discount, Debentures Account is:
(a) Credited by the issue price of debentures (b) Credited by the face value of debentures
(c) Credited by the amount received (d) None of the above
Or
Perpetual Debenture is the other name of :
(a) Convertible Debenture
(b) Irredeemable Debenture
(c) Naked Debenture
(d) None of the above
164 Together wiek EAD Accountancy-12
 phavay Lid. was registered with an authorised capital of S.0M),00000 ivded into
5,),00 cquity
hares of 100 cach. The company oflered o),000 equity slhares for
public subsciption. Appiicatons
or So.000shares were received and allotment was made to all
the applicants, AIl calis were made
nd duly received except the second and inal call of 20 per share on 50) shares.
Compute the
amount of subscribed share capital.
(a) ? 56,00,000
(b) ? 5,60,000
(c) 55,50,000
(d) ? 55,90,000
There was a balance of 45,000 in Workmen's Compensation Fund in Balance Sheet of X, Yand
7 On Z's death there was workmen compensation claim of 80,000. How willyou treat this?
(a) Dr. Revaluation A/c 45,000
(b) Cr. Revaluation A/c 45.000
(c) Cr. Revaluation A/c 80,000
(d) Dr. Revaluation Alc 35,000
Or
of a partnership firm?
Which of these will be paid first at the time of dissolution
(b) Partner's Loan
(a) Partner's Capital
(d) All to be paid rateably
(c) Partner's Wife's Loan
situation, answer Question No. 9 and 10.
Read the following hypothetical capitals were ? 1,20,000 and
80,000
and Loss equally. Their Fixed
Heena and Sudha share Profit revaluation gain amounted to
in General Reserve and
respectively. There was also a balance of 60,000 brings 90,000 as scapital.
Teena
friend Teena for 1/5th share.
T15,000. They admit their
goodwill of the firm.
9. the amount of
Calculate (b) 1,00,000
(a) 85,000 (d) None of the above
(c) ? 20,000 goodwill?
for Teena's share of Capital
entry will be passed 8,500 and Sudha's
10. Which of the
following
17,000, Cr. Heena's Capital Ac ?
for Goodwill A/c ?
(a) Dr. Premium Sudha's Capital A/c 8,500
A/c 8,500 A/c 8,500 and
Capital A/c 17,000,
Cr. Heena's Capital Sudha's Capital A/c
8,500
(b) Dr. Teena's Capital A/c 8,500 and
Current's A/c
17,000, Cr. Heena's 17,000
Capital A/c
(c) [Link]'s Cr. Heena's
A/c? 17,000 and
partnership
reconstitution of
Teena's Capital context to
(d) Dr. tollowing
transactions in
sequence of the
the correct
11. Choose liabilities
and
firm: revised value of assets liabilities
with of unrecorded
Balance Sheet payment
(i) unrecorded
assets and
Recording of balances
(ii) closing capital accumulated
losses
Calculation of adjusted profits, reserves
and
(üi) ). (i)
(b) (ü), (ii),
accumulated
Distribution of
(iv) (iü). ()
(i), (iüi) (d) (ii), (iv), payment of
0per share.
(a) (ii), (iv), (ii) up, for non- up?
(iv), ), cach, ? 75 called as fully paid
(c) (ii), 1,300 shares
of 100 shares can
be
reissued
forfeited these
12, A
Companv
minimum
price at which (b) ? 65 per
share
be the 95 per
shre
What wvill (d)
sharc Sample Papers 165
(a) 70 per
share
(c) 40 per
 L3 15% Debentures of 6,0,00O afe isued as ollateral ecuity gaint # raik et tm lruk
2022. Interest on these debcntures wll be pad at
(a) 6% p.a. for 6 montbs , Market rate uf interest
(c) 15% p.a. for full yeat (d) No interest will be paid
14. The capital balances of Shalini and Kajal befote crediting premium fot ynbwil 1514, b
by the new partner Payal were l 45,0MM) and M)0 respectively. Peyal brigs ptTtute ta
equal to I3rd of the total capital of the new firn, Her atmtn1nt f tapital will e
(a) ? 40,000 (h) 12 54M)
(c) ? 30,000 (d) 45,(M)
I5. Which of the following is not true with respect to adnission of a wpariner?
(a) A new partncr gets right over the assets of the firm.
(b) A new partner can be admitted, if it is ayreed in the partrerip .
(c) Anew partner can be admitted, if all the partners agret.
(a) A new partncr has to bring relativcly higher capital as oipared to thes ctiz attrs
Or
Realisation expenses amounted to ? 40,000. 25% of thcse epenes Wett paki ty te otm an
balance was paid by Milind, a partner. What entry shvuld be pawi?
(a) Realisation A/c Dr 40,X5)
To Bank Alc 40,60)
(b) Realisation A/c Dr. 40.000)
To Milind's Capital A/c 44),00)
(c) Realisation AC Dr. 40,/50)
To Bank Alc 10,00
To Milind's Capital A/C 3000)
(d) Realisation AC Dr. 40,/00
To Milind's Capital A/C 10,0)
To Bank Ac 309,/46)
16. On the day of dissolution of the firm Vijay Brothers', it had Partrners capitals zting
? 1,60.000, External liabilities ? 45,000, Cash balance ? B,00 and Deferred advertisenet cat
Ac (Dr.)? 7,00. If realisation loss amounted to? 35,60, the zsets werc wld at:
(a) 2.35.000 (b) ? 1,55,/00)
(c) ? 1,95,000 (d) 2,/50
17. X, Yand Z were sharing profits in the ratio of 3:4:[Link] Ist Septermber, 2123, %died Acr áing
to partnership agreenent deccased partner's share in profit was to be cmputed on the basis
last year's profit which was 2,55,00) hich includes ? 2),0) of gzin on salc c machtet
? 5.090 of loss of goods by fire. For the last several years firn's profits arc shcwing upward
of 15% every year.
Compute X's share of profit for broken period assurning that acIunts are concd on 3It March
ycar end pass the Journal entry for X's share in busines profit.
18. Applc and Jio arc partners in Ms. Croma Enterprises. They started their businc on ist Cce
20122 by contributíng? 5.00.00 and 3/).MO respectivety. On It January, 23. Appie up
furniture costing ? 60,000 from his privatc sources for the firm and on the same day Fo pu
Machinery cOsting ?95,0 for the firn from his private sources On iu January, 3123. Agp
Jio had withdrawn ? 25SO0 and 3)09 respectively from the businew for theit perwtal
166 agther wtk EAD Accountancy-12
 Asye the pUviNOs Made inthe
is charged l'aneshipDecd, interesteoncapitals alleowed 12%pa andinteres
0% pa. Apple is to
loiso get coission ( 5 teceive salay of 2,20 per nth wcf Jst Nvember,
o et sales Duriny
an Ifium carnod net the yeat 22 23 et sales of 2,M)M) was
IMake divisible poit of 6O000
iui Ae Iquted Acounting
pae Capital conts of the partncIn
yeat oes on 3t March every year.
under fixed capital neth
Or
hila and Malvika were partnets in a
firnu slurine ofits in the aio of 7:5.
dcapitals were Rishita &0,00,000 Their respcChe
and MalvikaR 7,00,000. The
the following: partnership decd prrvioeo
) Interest on capital (@ 12% p.a.
) Rishita's salary 6,000 per month and
Malvika's salary ? 60,000 per year.
The proit for the year ended 31.3.2023 was
5.04,000 which was distributed cqually, without
providing interest on capital and salary.
Pass an adjustment entry.
10 Accounts Guru LId. issucdB 10,00,000, 12%
Debentures of? 100 each at a discount of 10% payable
ast 50 with application and balance on allotment.
These debentures are repayable at a premium of
10% per debenture alter 5 years. Pass Journal entries
for issue of debentures (Ignore the treatment
of debenture interest and writing off loss
on issue of debentures).
Or
Kajal Lid. took over assets of BS0,00,000 and liabilities of 20,00,000 from
consideration of ? 25,00,000. The purchase consideration was paid by issue Vikas Ltd. for a purchase
of 40,000 12% Debentures
of 50 each at a discount of 10% and balance by
cheque. Pass Journal entries in the books of Kajal
Lid.
20. Vikas, Yogesh and Kunal are partners in a firm. On 31.03.2023
their adjusted closing capital balances
were 50,000, 40,000 and 40,000 respectively. Bank
balance appears at 21,000 on that day.
Mr. Yogesh decides to retire from the firm on the above
mentioned date.
Vikas and Kunal decide to pay him in cash by bringing in capital in
such a manner so that 11,000
are left in the bank and their capitals are in the ratio of 2:1.
Show its accounting treatment by passing necessary Journal entries and giving
proper working notes.
21. Hindustan Ltd. has an authorized capital of ? 50,00,000, which is
divided into Equity Shares of
?100 each. The company invited applications for 38,000 shares. Applications were received for 33.000
shares. Final call of 20 on 1,000 shares was not received. The Directors of the company forfeited
40% of these shares. Later on 50% of the forfeited shares were
reissued at 90 each fully paid up.
Show how Share Capital will appear in the Balance Sheet of the company
as per Schedule lIl, Part
Iof the Companies Act, 2013.
2. Accounts Guru Counselling Services, a limited company
provides its
India. Sceing its growth and success, it decided to expand in other partseducational services in North
of India to0, especially South
India. This would involve huge expenditure for which the directors
decided to issue 60,00,000, 11%
Debentures of 200 cach at par to be redeemed at 5% premium
{ 80,000 in after 6 vears, It has a balance of
Sccurities Premium A/c.
Answer the following questions on the basis of the above information:
) State the amount of application money
() What amount will be debited to
received.
"Loss on Issue of Debentures Account"?
) rassS necessary Journal entry for writing off
"Loss on Issue of Debentures Account"
 n the tatol
who sharcd the profts
Sheet of iya and Shreys
23. The Balance Balance Sheet
Asseis Amunt
Amount
Liabilities
Lcachold Poperty
Capitals Alcs ivesteck
L4,000) 2,54,MMLoe loos
Jiva
1.20,MM0 51,00X0 Stock
Shreya
Creditos 10,000 Debtors
Outstanding Rent 7.2000(-) Provision for
Doubtful Debts 2.00)
Reserve Fund
2.800
Jiva's Current AC
Bank
Shraya's Current A/c
3,25,000
325JA
following terns:
1/4th partner on the
Pragva was admitted as
On Ist April, 2023, 80,000 as her capital.
equipments of ? her share in firm's oovd
(i) She brings Pragya agreed to bring
1,44,000 and
valued at
(i) Firm's goodwill is
by cheque. maintained at 7.59% on debtors.
doubtful debts should be
(mi) Provision for 2,600 and write off loose tools by 20%.
livestock by?
(v) Increase the value of 9,040 in full settlement.
(v) Outstanding rent paid ? prepare Revaluation Account.
the above information and
Pass all the Journal entries for
Or
ratio of 3: 3:2. Their
partners sharing profits and losses in the
Sakshamn, Anil and Deepak were
was as below:
Balance Sheet as on 31-03-2023
Balance Sheet
as on 31lst March, 2023
Amount (3) Assets Amount ?)
Liabilities
Building 1,00,000
Capitals A/cs:
Machinery 1,07.000
Saksham 1.10,000
Furniture 1,00,000
Anil 1,50,000
80,000 3,40,000 Debtors 50,000
Deepak
30,000 Stock 66.000
Bills Payable
Creditors 90,000 Cash 77.000
Reserve Fund 40,000
5,00,000 5,00,000
On ist April, 2023, Deepak retired from the firm on the following terms:
(i) Goodwill of the firm is to be valued at 40,000.
(ii) Assets are to be valued as Stock ? 63,000, Machinery 1,00,000 and Furniture 1.02,000.
(ii) Provision for Doubtful Debts is to be maintained at 10% on Debtors.
(iv) ? 1,000 is to be written off from Creditors.
(v) The amount payable to Deepak is to be transferred to his loan account.
(vi) The continuing partncrs decided to maintain their capital balances in their new profit shanus
ratio. The surplus or deficit capital to be adjusted through cash.
Prepare Revaluation Ac, Partners' Capital A/es and Balance Sheet of the new firm on Ist April,
168 Together wh EAD Accountancy-12
 .. Anad Td issued 00,00 cuuily shues ol 0each at a P e m ,payable as on applaon,
L.0t0,000 shates, out of which letters ol MIM shares,
Cgiet were senl o the applicants lor
tull alloment ws made o the awiemty lox 0000 shalcs Po lata allotmcnt Wis mae
ICaning applicants
\ shareholder hollmg l00sues luwuun ul alateut waN
de faled t pay allmem
Another sharelolkler hoklng 00 shares to whom nroala allotment was made alu laled y
aliomtet oney. On call, there was afurther defaull on 00 shares, All the shares were furfeitea
The first lot of shares were reissued at 8 ner share as fully paid up.
Pass Journal enrics in the books of Anand
LId.
Or
(a) Z Ltd. torfeited 100 shares of 10 eah ( 6 called un) issued al par to Non which he had
paid 2 per share. Out of these, 60 shares were reissued to Mas 8 called up for pet
share and 20 shares were reissucd to S as
10 called up for 9 per sharC.
Give Journal entries for the forfeiture and reissue of these shares.
(b) Om Ltd. issued 10,000 equity shares of 10 cach at a premium of R2per share, payable < On
application, ? 5 on allotment and balance on first and final call. Mukesh who had 1.000 sharcs
could not pay allotment and call money and his shares were forfeited. 60% of the lorteited
shares were reissued to Madan @? 11 per share.
Give necessary Journal entries related to forfeiture and reissue of shares.
25. Gagan, Sanjana and Malini were partners in a firm sharing profits and losses in the ratio o!
2:2:1. Gagan died on 30th June, 2023. The firm closes its books on 31st March every year.
According to their Partnership Deed, the representatives of the deceased partner would be entitled
on sales basis. Sales for the year
to get Gagan's share in the interim profits of the firm calculated
of her death amounted to
2022-23 were 6,00,000 and in the year 2023-24, sales till the date
71.20.000. The profits of the firm for the year 2022-23 were 1,80,000.
You are required to:
(i) Calculate Gagan's share of interim profit.
giving Gagan's representatives her share of profits.
(iü) Pass the necessary Journal entry for date were
dissolved on March 31, 2023. Their capitals on that
26. The partnership firm of AandBwas owed to the firm
1,00,000 was owed by the firm to A and B
1.70.000 and 30,000 respectively. exclusive of what
2,00,000. The assets realised 4,50,000
20,000. Creditors on that date were realisation.
the profit or loss on
was owed by B. Find
Part- B
Statement
Analysis of Financial
company is shown under
Tax" for a financial
27. "Refund of Income (b) Other Income
(a) Other Expenses (d) Finance Cost
Employee Benefit
Expenses
(c) Or
under head and
Long-term Debts is shown
maturities of
Current
Balance Shect.
sub-head of the Liabilities
Liabilities, Other Current
(a) Current Provisions
Short-term
Liabilities,
Current
(b) Short-term
Borrowings
(c) Current Liabilities, Cost
Liabilities, Finance
(d) Non-current
Sample Papers 169
 28. While compuiing Current Ratso, curtent assets do not unclude
(a) Loosc tools and stores and spatcs
(b) ProvISIon for douhtful dcbts
(c) Prepaid expenscs
(d) Both (a) and (b)
affecting current ratx?
29. Whch of the follow1ng will ancrc ase lgud tato without
(a) Sale of stock at loss
(b) Sale of stock atl profit
(C) Sale of investment at cost
(d) Sale of stock at cost
Or
Ltd. issued 50,000. 9% Debentures of e
Statement I: On lst Januar 2022. Accounts Guru
31st March 2023. The net cash flow from frare
cach and paid interest on these debentures on
activity will be 48,87.500.
obtained a loan of 5.0ISS
Statement II: Peak Performance Ltd. a manufacturing company
6,50,000. The net cash outfoa unde
advanced loan of 2.00.000 and purchased a machinery of?
investing Activity will be 8,50.000.
(a) Both Statements are correct.
(b) Both Statements are incorTect.
(c) Statement I is correct and Statement II is incorrect.
(d) Statement I is incorrect and Statement II is correct.
30. Bank overdraft and cash credit are to be treated as:
(a) Cash Equivalents
(b) Non-current Liabilities
(c) Investing Activity
(d) Financing Activity
31. Classify following items under major heads and sub heads (if any) in the Balance Sheet of acompany
as per the Schedule IIIof the Companies Act, 2013,
(i) Provision for Tax
(ü) Live Stock
(ii) Capital Advances
(iv) Commission received in Advance
(v) Advance recoverable in cash within the operating cycle
(vi) Outstanding Rent
32. With the help of the information given below compute (a) Gross Profit Ratio and () Proprneton
ratio:
Particulars Amount ()
8,00,000
Paid-up Share Capital
5,00,000
Current Assets
3.00,000
Credit Revenue from Operations
170 ogether witk EAD Accountancy--12
 Cash Revenue lrOm Operations
y% Debcntures 19% ol Iedit tevenue fem tietatns
Current Taabilities 1M
Cast of Revcnue from Operations
1 Prepare a Conparalive Statement of Profit
ad Los lur the eat eoded 3lst March, 02) fro
following information: the
Particulars
31st March, 2023 H March, W22
Revenue from Operations
Purchase of Stock-in-Trade
12/1)19
Change in Inventories of Stock-in-Trade
Other Expenses 10% of Cst of Revenue
from Operatinn fron (ypettins
Tax Rate 4%
Or
From the following Balance Sheets of Vinayak Ltd, as at 31st March, 223, preparc a Cnn-22
Balance Sheet.
Balance Sheet of Vinayak Ltd.
as on 31st March, 2023
31 March 31" March
Note
No. 2023 2022
Particulars
(3)
I. EQUITY AND LIABILITIES
1. Shareholders' Funds:
30.59/00
(a) Share Capital
28),0
(b) Reserves and Surplus
2. Current Liabilities:
6.70/59
Trade Payables 30000
Total 4000,49
II. ASSETS
1. Non-current Assets:
Assets
Equipment and Intangble
Property. Plant and 169,00 1200
(a) Tangible Assets 3
20000
(b) Intangible Assets
2. Current Assets: 300.00
(a) Inventories 1200 10.00
(b) Trade Receivables 200.0
Equir alents
(c) Casth & Cash Total
Sample Papers 171
34. Following afe the Balance Shects of Krishna Lid. as on 31st March 2022 and 223
Note 31" March 31 March
Particulars No. 2023 2022
() (
L. EQUTTY AND LILABILITIES
1. Shareholders' Funds:
14,00,00)
(a) Share Capital 10,080
(b) Reserves and Surplus 5.00,000
499)
2. Non-current Liabilities:
5,00,000
Long-tern Borrowings 1,40,09
3. Current Liabilities:
1.00,000
(a) Trade Payables 6)909
2 80,000 60./9
(b) Short-term Provisions
25,80,000
Total 16,60,000
II. ASSETS
1. Non-current Assets:
Property, Plant and Equipment and intangible Assets
3 16,00,000 9,00,000
(a) Property, Plant and Equipment
4 1,40,000 2,00,000
(b) Intangible Assets
2. Current Assets:
2,50,000 2,00,000
(a) Inventories
5,00,000 3,00,000
(b) Trade Receivables
90,000 60,000
(c) Cash & Cash Equivalents
Total 25,80,000 16,60,000
Notes to Accounts:
31.3.2023 31.3.2022
Particulars
) )
1 Reserves and Surpius:
Surplus (ie. Balance in Statement of Profit & Loss) 5,00,000 4,00,000
2. Short-tern Pravisions:
Provision for Tax 80,000 60,000
3. Property, Plant and Equipment:
Machinery 17,60,000 10,00,000
(1,60,000) (1,00,000)
Less: Accumulated Depreciation
16,00,000 9,00,000
4. Intangible Assets:
Goodwill 1,40,000 2.00,000
Prepare Cash Flow Statement after taking into account the following adjustment:
Tax paid during the year amounted to 70,000.
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