Kendriya Vidyalaya Iit Kanpur
Accountancy
Part A (Marks -55)
1. Accounting for Partnership – Fundamentals (10)
Direct Theory (Memory Based)
1. Define partnership deed. 1
2. Why is interest on drawings charged? 1
3. What is guaranteed profit to a partner? 1
4. When is interest on capital allowed? 1
5. How is partner’s salary treated in Profit & Loss Appropriation A/c? 1
Numerical (Memory Based)
6. A and B share profits in ratio 2:1. They admit C with 1/4th share. Calculate
new ratio. 1
7. Calculate interest on drawings: ₹12,000 withdrawn evenly every month
@10% p.a. 1
8. X invested ₹2,00,000 and Y invested ₹1,50,000. Profit = ₹50,000. Interest
on capital @8% p.a. Calculate interest. 3
2. Change in Profit-Sharing Ratio (6)
Direct Theory
1. What is sacrificing ratio? 1
2. What is gaining ratio? 1
3. Why is goodwill adjusted during change in ratio? 1
4. List three reasons for change in ratio. 1
Numerical
5. A & B share 3:2. They change to 4:1. Calculate sacrificing/gaining ratio. 1
6. X, Y, Z share 5:3:2. X gives 1/5 to Y and 1/10 to Z. Find new ratio. 1
3. Admission of Partner (6)
Direct Theory
1. Define revaluation account. 1
2. How is goodwill treated when it is raised and written off? 1
3. Why do existing partners sacrifice? 1
4. State two adjustments made at the time of admission. 1
Numerical
5. A & B share 3:2. C admitted 1/5th share. Calculate sacrificing ratio. 1
6. Revaluation profit ₹9,000. Allocate to A & B in ratio 4:1. 1
4. Retirement / Death of Partner (8)
Direct Theory
1. What is gaining ratio? 1
2. State treatment of accumulated reserve on retirement. 1
3. How is deceased partner’s share of goodwill recorded? 1
4. Define settlement of retiring partner’s capital. 1
Numerical
5. A, B & C share 5:3:2. C retires; his share taken by A & B in 3:1. Calculate
gaining ratio. 1
6. Calculate deceased partner’s share of profit for period:Profit last year =
₹1,20,000,Months worked = 3/12 3
5. Dissolution of Partnership Firm (8)
Direct Theory
1. Define realisation account. 1
2. What is treatment of unrecorded asset? 1
3. State how settlement of partner’s loan is made. 1
4. Who bears deficiency of insolvent partner? 1
Numerical
5. Realisation profit = ₹25,000. Distributed among partners in 3:2 ratio.
3
6. Machinery sold ₹60,000 (book value ₹70,000), expenses ₹2,000. Journal
entry. 1
6. Company Accounts – Issue of Shares (11)
Direct Theory
1. Define share capital. 1
2. What is calls in arrear? 1
3. What is premium? 1
4. What is forfeiture of shares? When is it done? 1
Numerical
5. Issue 10,000 shares @₹10 at par. Money received on allotment and calls.
Pass journal entries. 1
6. Shares of ₹10 issued @₹2 premium. Application ₹5, allotment
₹4+premium ₹2. Journalize. 1
7. Forfeiture & Re-issue of Shares
Direct Theory
1. Why are shares forfeited? 1
2. What is capital reserve? 1
3. Explain forfeiture impact on share capital. 1
Numerical
4. Forfeiture: 500 shares of ₹10 on which ₹6 received. 1
5. Reissue of forfeited shares at discount: calculate capital reserve. 1
8. Debentures (6)
Direct Theory
1. Define debenture. 1
2. What is discount on issue of debenture? 1
3. What is collateral security? 1
4. What is interest on debenture? 1
Numerical
5. Issue debentures ₹1,00,000 at 10% premium. Journalize. 1
6. Interest on debenture outstanding: Calculate bank interest payable. 1
Part B (24)
9. Financial Statements of a Company (6)
Direct Theory
1. Define Notes to Accounts. 1
2. List components of balance sheet. 1
3. What are current liabilities? Example. 1
4. What are non-current assets? 1
Numerical
5. Calculate Current Ratio:
Current Assets ₹2,40,000,Current Liabilities ₹1,20,000 1
6. Correct classification: Outstanding salary ,Proposed dividend,Prepaid rent
1
10. Cash Flow Statements ( 10)
Direct Theory
1. Define operating activities. 1
2. Define financing activities. 1
3. Write two items of investing activities. 1
4. Add or subtract: Depreciation? 1
Numerical
5. Find cash from operations: 3
Net Profit ₹80,000
Depreciation ₹12,000
Increase in debtors ₹8,000
6. Calculate investing: 3
Purchase of machine ₹50,000
Sale of investment ₹30,000
11. Accounting Ratios (8)
Direct Theory
1. Define current ratio formula. 1
2. What is debt equity ratio? 1
3. What does inventory turnover measure? 1
4. What is return on investment? 1
Numerical
5. Calculate Gross Profit Ratio: 3
Sales = ₹5,00,000
COGS = ₹3,20,000
6. Current assets ₹1,80,000; current liabilities ₹90,000. Find current ratio. 1
Part C (13)
12. Computerised Accounting ( 13)
Direct Theory
1. Define MIS. 1
2. What is database? 1
3. What is voucher entry? 1
4. List two advantages of computerized system. 1
[Link] the diffrence between tailored and generic software. 1
[Link] security features of CAS. 1
[Link] the following:Block code, Mnemonic code, Sequential code . 3
[Link] the syntax of Loan repayment schedule. 3
[Link] do you mean by data validation. 1