II PUC

PREPARATORY EXAMINATION - 2024

Time 3 Hours 15 Minuts
ACCOUNTANCY (30) Max Marks :80
Instructions :
1. The Question paper Contains four parts A, B, Cand D. Part - Acontains four sections I. II, I||l and IV.
2. Provide working notes wherever necessary.
3. 15 Minutes extra has been allotted for candidates to read the questions.
4. Figures in the right hand margin indicate full marks.
PART -A
I. Choose the correct answer from the choices given. 5x1=5
1.The agreenent between the partner should be in
a. Oral b. written c. Oral or written d. None of the above
2. X,Y andZare partners sharing profits in the ratio of 5:3:2. IfZretires, the New profit sharing ratio
between X & Ywill be
a. 3:2 b. 5:3 C. 5:2 d. None of these
3. Equity share holders are,
a. creditors b. Owners C. Customers d. None of the above
4. Acompany issued 2000, 8% debentures of Rs. 100 at par value redeemable at 10% premium, 8%
stands for
a. Rate of Dividend b. Rate of Tax c. Rate of Interest d. Rate of TDS
5. A Company issues annual report to its
a. Directors b.Auditors c. Share holders d. All of the above

II. Fill in the blanks by choosing the appropriate answers from those given in the brackets.
5x1=5
(Artificial, Intangible, Horizontal, Fixed Capital, Gain Ratio)
6. Undet. ...methodthe capitals of the partners shall be remain fixed.
7. New Ratio-Old Ratio =
8. A Company is an... Person.
9. Fixed assets are classified as tangible and assets.
10. Comparative analysis is also Know as analysis.

II. Match the following. 5x1=5

11. A B
a. Goodwill i) Dissolution of a firm
b. Realisation A/c i) AS-26
c. Debentures i) Investing activities
d. Current Ratio iv) Acknowledgement of debt.
e. Cash Payments to aquire shares v) Liquidity Ratio

IV. Answer the following questions in one word or one sentence each. 5x1=5
12.The traditional name of Revaluation Alc is profit and loss adjustment A/c (True/False)
13. State any one circumstances under which a Partnership firm is dissolved.
14. Expand DRR.
15. Write One limitation of ratio analysis.
16. Give the meaning of cash flows.
 PART-B
V. Answer any three questions. Each question carries two marks. 3x2=6
17. Define Partnership.
18.Give the journal entry for an asset taken over by a partner on dissolution of a firm.
19.What is Forfeiture of shares ?
20. Name two types financial statements.
21. Write any two examples for financing activities.
PART- C
VI.Answer any three questions, each question carries 6 marks 3x6=18
22. Payal and Tanvi are partners in a firm. Payal's drawings for the year 2022-23 are given as under
Rs 4000 on 01-06-2022
Rs 6000 on 30-09-2022
Rs 2000 on 30-11-2022
Rs 3000 on 01-01-2023
Calculate interest on payal's drawings at 8% p.a for the year ending 31-03-2023 under product
method.
23.Vani, Raniand Soni are partners in a firm sharing profits and losses in the ratio of 4:3:2. Soni retires
From the firm. Vaniand Raniagreed to share equally infuture.
Calculate Gain Ratio of Vaniand Rani.
24. X, Y and Z are partners sharing prifits and losses inthe ratio of 2:2:1. Their capital balances on
01-04-2022 stood at Rs 90,000, Rs 60,000 and Rs 40,000 respectively. Mr. Y died on 01-01-2023
and the partnership deed provides the following:
a) Intrest oncapital at 10% p.a.
b) Salary to Mr Y Rs 2000 per month.
c) Y's share of goodwill. Goodwill of the firm is Rs 54,000 (AS-26)
d) His share of profit up to the date of death on the basis of previous year's profit. Firm's profit for
2021-22 is Rs 30,000
Prepare Y's capitalAlc
25. Form the following information prepare statement of profit and loss for the year ended 31-03-2023
as per schedule Ill of companies Act, 2013.
Revenue from Operations Rs 5,00,000
Purchase of goods Rs 3,00,000
Salaries to employees Rs 40,000
Leave encashment Rs 10,000
Rent and taxes Rs 30,000
Repairs to machinery Rs 20,000
Tax 30%
26. National Trading company Ltd has given the following information :
Plant as on 01-04-2022 Rs 1,20,000
Plant as on 31-03-2023 Rs 1,50,000
Accumulated depreciation on 01-04-2022 Rs 60,000
Accumulated depreciation on 31-03-2023 Rs 40,000

During the year, a plant costing Rs 60,000with accumulated depreciation of Rs 25,000 was sold
for Rs 30,000.
Calculate cash flow from investing activities.
 PART- D
Vin. Answer any Three questions, each question carries Twelve Marks. 3x12=36
27. Ram 8& Sham are partners in a firn sharing profits and losses in the ratio of 3:2. Their balance sheet
as on 31-03-2022 was as FollowS.
Balance Sheet as on 31-03-2022
Liabilities Rs Assets Rs
Creditors 41,500 Cash at Bank 22,500
Gen. Reserve 4,000 Bills Receivable 3,000
Capital Ac: Debtors 18,000
Ram 30,000 Less: PDD 1,000 17,000
Sham 16,000 Stock 20,000
Buildings 25,000
Machinery 4,000
91,500 91,500
On 01-04-2022 they admitted Krishna as new partner for 1/5th share in the future profits on the
following terms:
a) He has tobring in Rs 10,000 as his capital and Rs 5,000 towards goodwill(AS-26)
b) Appreciate buildings by 20%
c) Maintain PDD at 10% on Debtors.
d) Provide for outstanding repair bills Rs 1,000.
Prepare : i) Revaluation A/c
i) All Partners capital A/c and
ii) New Balance Sheet
28. Shrutiand Shreya were partners in a firm, sharing profits and losses in the ratio of 3:2. They
decided to dissolve the firm. Their balance sheet on the date of dissolution was as follows:
Balance sheet as on 31-03-2022
Liabilities Rs Assets Rs
S. Creditors 30,000 Cash at Bank 6,000
Bills Payable 20,000 S. Debtors 30,000
Shreya's loan 8,000 Stock 30,000
Gen. Reserve 10,000 Furniture 22,000
Capital A/c : Machinery 20,000
Shruti 50,000 Buildings 50,000
Shreya 40,000
1,58,000 1,58,000
a) The assets realised as follows.
Debtors Rs 27,000,Stock realised Rs 45,000, Buildings Rs 60,000 &Furniture Rs 20,000
b) The machinery was taken over by Shruti at Rs 15,000.
c) Creditors and bills payables were paid in full.
d) Cost of dissolution amounted to Rs 1,500.
Prepare: i) Realisation A/c
i) Partners Capital Alc
ii)Bank A/c
29. Surya Company Ltd. issued 10,000 eguity shares of Rs 100each at a premium of Rs 10 per share.
The amount payable as folows.
On Application Rs 20
On Allotment Rs 60 (Including Premium)
On First & Final call Rs 30
 All the shares were subscribed and the money duly recieved except the first and final call on 500
shares. The directors forfeited these shares and re-issued them as fully paid at Rs. 80 per share.
30. Pass the journal entries for the following:
a) Issue of 5000, 8% debentures of Rs 10 each at a discount of 10% and redeemable at par.
b) Issue of 5000, 8% debentures of Rs 10 esch at apremium of Rs 10% and redeemable at par.
c) Issueof 5000, 8% debentures of Rs 10 each at a premium of Rs 10% and redeemable at
premium of 10%.
d) Issue of 5000,8% debentures of Rs 10 each at a discount of Rs 10 each ata discount of 10%
and redeemable at premium of 10%.
31. The following are the balance sheets of Chandra Ltd., as at march 31st 2021 and march 31 2022.
Particulars 31.03.2021 31.03.2022
I. Equity and Liabilities :
Equity share capital 2,00,000 4,00,000
Reserves & Surplus 1,00,000 1,50,000
Long term loans 2,00,000 3,00,000
Current Liabilities 1,20,000 120,000
TOTAL 6,20,000 10,20,000
||. Assets :
Fixed assets 2,00,000 5,00,000
Non-Current investments 1,00,000 1,25,000
Current assets 2,55,000 3,25,000
Short term loans & advances 65,000 70,000
TOTAL 6,20,000 10,20,000
Youare required to prepare acomparative Balance Sheet.
32. From the following particulars,Calculate
a) Net assets turnover ratio
b) Fixed assets turnover ratio
c) WorkingCapital turnover ratio
d) Gross profit ratio
e) Net profit ratio
f) Operating ratio
Particulars Rs
Fixed assets 16,00,000
Current assets 4,00,000
Current liabilities 2,00,000
Revenue from Operations 20,00,000
Cost of revenue from Operations 8,00,000
Net profit 4,00,000
Operating expenses 1,00,000
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 B SECOND PUC PREPARATORY EXAMINATION - JANUARY 2024
Time: 3 Irs. 15 Min. Sub: ACCOUNTANCY (30) Total Marks: 80

Instructions
a. The question papers contains 4 parts - Part A, Part B, Part C and Part D.

b. Part- Aconsists of 4 scctions. I, II, Ill and IV.

C. Write the serial number of questions properly as given in the question paper while answering.
d. Write the correct and complete answer.
PART A
I. Choose the correct answer from the choices given:
1. In order to form
5x1 =5
partnership there should be at least
(a) One person (b) Two persons (c) Seven persons (d) Ten persons
2. A, Band C are partners sharing
profits and losses in the ratio of 3: 4:6 respectively. If C retires,
the NPSR of A and B is

(a)3:6 (b)4 6 (c) 3:4 (d) 12

3. Shilpa Ltd., forfeited 4,000 equity shares of Rs. 10 each issued at premium of Rs. 4 each, for
non-payment of first and final call of Rs. 3 per share. On forfeiture, share forfeiture a/c will be
credited by
(a) 16,000 (b) 28,000 (c) 30,000 (d) 40,000
4. Current assets includes
(a) Inventories (b) Debentures (c) Buildings (d) Share capital
ratio provides information about profitability of the firm
(a) Liquid ratio (b) Current ratio (c) Solvency ratio (d) Net profit
L. Fill in the blanks by cho0sing the appropriate answers from those given in the brackets.
(Old partners Capital Alc, Credited, Creditors, Horizontal, Short - term, debited) 5 x1 =5
6. At the time of admission of a new partner, reserve fund appearing in the old balance sheet is
transferred to account.
7. If a partner paid off liability at the time of dissolution of firm, such partners capital a/cis
8. Debenture holders are
the of the company.
9. Comparative statement is also known as analysis.
10. Liquid ratios are calculated to measure the solvency of the business.
III. Match the following: 5x1 5
11 A B
(a) Partnership deed i) Retirement of a partner

(b) Gain ratio (ii) Dissolution of partnership fim

(c) Realisation a/c (ii) Written agreement

(d) Share capital (iv) Investing activity

(e)Sale of fixed asset (v) Admission of a partner

(vi) Share holders funds

IV. Answer the following questions in one word or one sentence each. 5x1 5
12. State any one method of valuation of goodwill.
13. Debentures cannot be converted into share [True / Fálse].
14. Give any one example for current assets.
15. State any one tool of financial statement analysis.
16. Expand ICAI.
 PART B
V. Answer any Three
questions, each question carries two marks. 3x 2 6
17. Mention any two methods of
maintaining partners capital a/c in partnership firm.
18. Mention any two circumstances
for retirement of a partner.
19. What is minimum
subscription?
20. What are the features of financial statements?
21. What is cash flow statement?

PART C
VI. Answer any three
questions, each
question carries Six marks. 3x6 188
22. Anu and
Deepu
are
partners in a firm
sharing P and L in the ratio of 21 with capitals of Rs.
2,00,000 and Rs. 1,00,000
respectively. Partnership deed provides the following
(a) Interest on capital at 8% p.a.
(b) Interest on drawings: Anu: Rs. 1,000 and
Deepu Rs. 500
(c) Monthly salary of Rs. 200 to Anu
(d) Yearly commission to Deepu Rs. 2,400
They earned profits of Rs. 40,000 before allowing the above items.
Prepare profit and loss appropriate alc for the year
ending 31.3.2023.
23. Harish, Suresh and Mahesh are
partners sharing profits in the ratio of 4:3:2. Harish retires,
Suresh and Mahesh decided to share
the profits in future in the ratio
24. X, Y and Z are of 5:3. Calculate gain ratio.
partners sharing P and L in the ratio of 2: 2: 1
on 1.4.2023 stood at
Rs. 60,000, Rs. 40,000 and Rs.
respectively. Their capital balance
the partnership deed 20,000 respectively. X died on 30-9-2023,
provides the following:
(a) X's capital
(b) Interest on capital at 5% p.a.
(c) Salary to X Rs. 500 p.m.
(d) X's share of goodwill. Goodwill of the firm Rs. 20,000 [as per AS 26]
(e) X's share of accrued profits upto the date of death Rs. 2,000
Prepare X's executor a/c.
25. From the following information, prepare statement of profit and loss for the year ended
31-3-2023 as per Schedule IlI of Companies Act, 2013.
Particulars Rs.
Revenue from operations 10,00,000
Purchase of goods 6,00,000
Salaries to employees 80,000
-

Leave encashment 20,000

Interest on debentures 60,000
Insurance 40,000
Tax 30%
26. Aravind Ltd., arrived at Net Income of Rs. 5,00,000 for the year ended 3 1-3-2023. Depreciation
for the year was Rs. 1,00,000. There was a profit of Rs. 10,000 on sale of machinery transferred
to profit and loss. Trade receivables decreased by Rs. 40,000 and trade payables increased by Rs.
60,000. Compute cash flow from operating activities by indirect method.
 PART D
VII. Answer any Three of the questions. Each question carries
Twelve marks. 3x 12 3 6
27. A and B are partners in a firm sharing
profits and losses in the ratio of 3 2 respectivcly.
Their Balance Sheet as on 31-3-2023 was as follows:
Balance Shect as on 31-3-2023
Amount Amount
Liabilities Assets
Rs. Rs
Creditors 40,000 Cash in hand 10,000
Bills payable 6,000 Debtors 40,000
Bank overdraft 6,000 Less: PDD 2.000 38,000
General Reserve 8,000 Stock 15,000
A's Capital 80,000 Furniture 17,000
B's Capital 60,000 Buildings 60,000
Machinery 60,000
Total 2,00,000 Total 2,00,000
On 1-4-2023, Mr. C is admitted into the partnership on the following terms:
1. C should bring in Rs. 50,000 as capital and Rs. 10,000 toward goodwill for 1/6" share in the
future profits.
2. Depreciate machinery at 10% and appreciate buildings by Rs. 20,000.
3. Createprovision for doubtful debts at 10% on debtors.
4. There was a prepaid rent of Rs. 2,000.
5. Goodwill is withdrawn by old
partners [As per AS 26]
Prepare 1. Revaluation 2. Partners capital alc
3. Cash a/c 4. Balance sheet of the new firm.
28. Suhas and Manasa are
partners are partners in a firm sharing profits and losses equally. Their
balance sheet was as follows as on 31.3.2023.
Balance Sheet as on 31-3-2023
Amount Amount
Liabilities Assets
Rs. Rs.
Creditors 20,000 Cash at bank 10,000
B/P 10,000 B/R 20,000
Suhas's Loan 10,000 Debtors 21,000
Bank Loan 10,000 Less: PDD 1.000 20,000
Reserve fund 20,000 Stock 30,000
Suhas's Capital 60,000 Machinery 30,000
Manasa's Capital 80,000 Furniture 20,000
Investments 20,000
Buildings 60,000
2,10,000 2,10,000
On the above date the firm was dissolved.
(a) Assets realised as follows:
Debtors realised at Rs. 19,500, Stock at 10% more than book value, building sold for Rs. 80,00o.
Furniture at Rs. 19,500.
(b) B/R taken over by Suhas at book value.
(c) Investments were taken over by Manasa at Rs. 21,000
(d) Creditors and B/P were paid in full.
(e) Cost of dissolution Rs. 600
Prepare (i) Realisation A/c (ii) Partners capital a/c and (ii) Bank a/c.
29. Varma Company Ltd., issued 20,000 equity shares of Rs. 100 cach at premium of Rs. 10 each.
Amounts payable on application Rs. 20, on allotment Rs. 50 (including premium), and on first
and final call Rs. 40 each. All the shares were subscribed and money duly received except 800
shares on first and final call. Directors of the company decided to forfeit these shares and re-
issued at Rs. 9 per shares as fully paid-up. Pass necessary journal entries.
 30. Pass the Journal Entries for the
following:
(a) Issue of Rs. 50,000, 8% debentures of Rs. 100 each at a discount of 10% and redeemable at a

par
(6) Issue of Rs. 50,000, 8% debentures of Rs. 100 each at a premium of 10% and redeemable at

par.
(c) Issue of Rs. 50,000, 8% debentures of Rs. 100 each at a premium of 10% and redeemable at a
premium of 10%
(d) Issue of Rs. 50,000, 8% debentures of Rs. 100 each at a par and redeemable at a premium of
10%.
31. From the following information, prepare common size position statement of Sundar Company
Ltd.
Particulars 31-3-2022 31-3-2023
Rs Rs.
Share Capital 4,00,000 5,00,000
General Reserve 50,000 60,000
8% Debentures
15,000 20,000
Current Liabilities 50,000 70,000
Buildings 2.00,000 2,50,000
Machinery 1,50,000 2,00,000
Stock 1,00,000 1,10,000
Cash and Cash Equivalents 65.000 90,000
32. Following
information related Swapna Company
to Ltd.
Particulars Amount Rs.
1.Revenue from operations 12,00.000
2. Gross prolit 4.00.000o
3.Average inventory 2,00,000
4. Net credit revenue from
operations 8,00,000
5. Net credit purchases 5,00,000
6.Averagetrade payables 2.00.000
7. Averagetradereceivables 2,00,000
8.Operating expenses 1,00,000
9.Net profit 3,00,000
Calculate
1. Inventory Turnover Ratio
2. Trade receivable turnover ratio
3. Trade payable turnover ratio
4. Gross profit ratio
5. Net profit ratio
6. Operating ratio

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