666

General Instructions :
Read the following instructions carefully and follow them :
(i) This question paper contains 34 questions. All questions are compulsory.
(ii) This question paper is divided into two parts Part A and Part B.
(iii) Part A is compulsory for all candidates.
(iv) Part B has two options. Candidates have to attempt only one of the given
options.
Option I : Analysis of Financial Statements
Option II : Computerised Accounting
(v) Questions number 1 to 16 (Part A) and Questions number 27 to 30 (Part B) are
multiple choice questions. Each question carries 1 mark.
(vi) Questions number 17 to 20 (Part A) and Questions number 31 and 32 (Part B)
are short answer type questions. Each question carries 3 marks.
(vii) Questions number 21, 22 (Part A) and Question number 33 (Part B) are Long
answer type-I questions. Each question carries 4 marks.
(viii) Questions number 23 to 26 (Part A) and Question number 34 (Part B) are Long
answer type-II questions. Each question carries 6 marks.
(ix) There is no overall choice. However, an internal choice has been provided in few
questions in each of the parts.
PART A
(Accounting for Partnership Firms and Companies)
1. (a) Atul, Beena and Sita were partners in a firm sharing profits and
losses in the ratio of 8 : 7 : 5. Damini was admitted as a new
1 th
partner for share in the profits which she acquired entirely
5
ission
will be : 1
(A) 7:7:5:1 (B) 4:7:5:4
(C) 8:7:5:4 (D) 7:5:8:4
OR
(b) Rushil and Abheer were partners in a firm sharing profits and
losses in the ratio of 4 : 3. They admitted Sunil as a new partner
3 2
for th share in the profits of firm, which he acquired th share
7 1 7
from Rushil and th share from Abheer. The new profit sharing
7
ratio of Rushil, Abheer and Sunil will be : 1
(A) 4:3:3 (B) 2:1:3
(C) 2:2:3 (D) 4:3:1

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2. Abhay, Boris and Chetan were partners in a firm sharing profits in the
ratio of 5 : 3 : 2. Boris was guaranteed a profit of < 95,000. Any deficiency
on account of this was to be borne by Abhay and Chetan equally. The
firm earned a profit of < 2,00,000 for the year ended 31st March, 2023.
The amount given by Abhay to Boris as guaranteed amount will be : 1
(A) < 17,500 (B) < 35,000
(C) < 25,000 (D) < 10,000

3. Aavya, Mitansh and Praveen were partners in a firm. On 31st March,

2023, the firm was dissolved. Creditors took over furniture of book value of
< 50,000 at < 45,000 in part settlement of their amount of < 60,000. The
balance amount was paid to them through cheque. The amount paid
through cheque will be : 1
(A) < 10,000 (B) < 50,000
(C) < 45,000 (D) < 15,000

4. Piyush, Rajesh and Avinash were partners in a firm sharing profits and
losses equally. Shiva was admitted as a new partner for an equal share.
Shiva brought his share of capital and premium for goodwill in cash. The
premium for goodwill amount will be divided among : 1
(A) Old partners in old ratio
(B) New partners in new ratio
(C) New partners in sacrificing ratio
(D) Old partners in sacrificing ratio

5. Alex, Benn and Cole were partners in a firm sharing profits and losses in
1
the ratio of 5 : 3 : 2. They admitted Dona as a new partner for th share
5
in the future profits. Dona agreed to contribute proportionate capital. On
the date of admission, capitals of Alex, Benn and Cole after all
adjustments were < 1,20,000; < 80,000 and < 1,00,000 respectively.
The amount of capital brought in by Dona will be : 1
(A) < 75,000 (B) < 60,000
(C) < 65,000 (D) < 70,000
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6. Assertion (A) : Each partner is a principal as well as an agent for all the
other partners.
Reason (R) : As per the definition of Partnership Act, partnership
business may be carried on by all the partners or any of
them acting for all.
Choose the correct option from the following : 1
(A) Both Assertion (A) and Reason (R) are correct, but Reason (R) is
not the correct explanation of Assertion (A).
(B) Both Assertion (A) and Reason (R) are correct and Reason (R) is
the correct explanation of Assertion (A).
(C) Assertion (A) is correct, but Reason (R) is incorrect.
(D) Assertion (A) is incorrect, but Reason (R) is correct.

Read the following hypothetical situation and answer questions No. 7 and 8 on
the basis of the given information.

Abha and Babita were partners in a clay toy making firm sharing profits
in the ratio of 2 : 1. On 1st April, 2023, their capital accounts showed
balances of < 5,00,000 and < 10,00,000 respectively. The partnership
deed provides for interest on capital @ 10% p.a. The firm earned a profit
of < 90,000 during the year.

7. The amount of interest on capital allowed to Abha will be : 1

(A) < 50,000 (B) < 1,00,000
(C) < 60,000 (D) < 30,000
8. 1
(A) < 60,000 (B) < 30,000
(C) Nil (D) < 1,00,000
9. Alfa Ltd. invited applications for 50,000 equity shares of < 10 each at a
premium of 30%. The whole amount was payable on application.
Applications were received for 2,50,000 shares. The company decided to
allot the shares on a pro-rata basis to all the applicants. The amount
refunded by the company was : 1
(A) < 32,50,000 (B) < 15,60,000
(C) < 39,00,000 (D) < 26,00,000
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10. Reserve capital is that part of _________ capital which cannot be called
except at the time of winding up of the company. 1
(A) Issued (B) Called up
(C) Uncalled (D) Nominal

11. Xeno Ltd. issued 25,000 equity shares of < 10 each. The amount was
payable as follows :
On Application < 4 per share
On Allotment < 5 per share
On First and Final call Balance
All the shares offered were applied for and allotted. All the money due on
allotment was received except on 1,500 shares. These shares were
forfeited immediately after allotment. First and final call was not yet
made. At the time of forfeiture, Share Capital Account will be debited by : 1
(A) < 15,000 (B) < 24,000
(C) < 13,500 (D) < 18,000
12. Assertion (A) : Irredeemable debentures are also known as perpetual
debentures.
Reason (R) : The company does not give any undertaking for the
repayment of money borrowed by issuing such
debentures. They are repayable on the winding up of the
company or on the expiry of a long period.
Choose the correct option from the following : 1
(A) Both Assertion (A) and Reason (R) are correct and Reason (R) is
the correct explanation of Assertion (A).
(B) Both Assertion (A) and Reason (R) are correct, but Reason (R) is
not the correct explanation of Assertion (A).
(C) Assertion (A) is incorrect, but Reason (R) is correct.
(D) Assertion (A) is correct, but Reason (R) is incorrect.
13. (a) Money received in advance from shareholders before it is actually
called up by the directors is : 1
(A) debited to calls in advance account
(B) credited to calls in advance account
(C) debited to share capital account
(D) credited to share capital account
OR

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(b) An offer of securities or invitation to subscribe securities to a select
group of persons is termed as : 1
(A) Buy back of shares
(B) Employee stock option plan
(C) Private placement of shares
(D) Sweat Equity
14. (a) A share of < 100 on which < 80 is received is forfeited for
non-payment of final call of < 20. The minimum price at which
this share can be reissued is : 1
(A) < 120 (B) < 100
(C) < 80 (D) < 20
OR
(b) Shiv Ltd. forfeited 500 shares of < 10 each on which < 7 per share
was paid. These shares were reissued for < 9 per share fully paid.
Amount transferred to Capital Reserve Account will be : 1
(A) < 3,000 (B) < 5,000
(C) < 4,500 (D) < 3,500

15. (a) Dan, Elf and Furhan were partners in a firm sharing profits in the
ratio of 5 : 3 : 2. With effect from 1st April, 2023, they decided to
change their profit sharing ratio to 2 : 3 : 5. There existed a
General Reserve of < 90,000 on the date of change in profit
sharing ratio. The partners decided not to distribute General
Reserve.
The necessary adjustment entry to show the effect of the above will
be : 1
Date Particulars Dr. Amount Cr. Amount
(<) (<)
(A) 27,000
27,000
(B) Dr. 90,000
90,000
(C) Dr. 27,000
27,000
(D) Dr. 90,000
90,000
OR

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(b) Sia, Tom and Vidhi were partners in a firm sharing profits in the
ratio of 3 : 2 : 1. With effect from 1st April, 2023, they decided to
share profits and losses in the future in the ratio of 1 : 2 : 3. There
existed a Debit Balance of < 60,000 in Profit and Loss Account on
that date.
The necessary journal entry for distribution of the balance in the
Profit and Loss Account will be : 1
Date Particulars Dr. Amount Cr. Amount
(<) (<)
(A) 30,000
20,000
10,000
To Profit and Loss A/c 60,000
(B) Dr. 10,000
20,000
30,000
To Profit and Loss A/c 60,000
(C) 20,000
20,000
(D) /c Dr. 20,000
20,000

16. (a) Anju, Divya and Bobby were partners in a firm sharing profits and
losses in the ratio of 3 : 2 : 1. Bobby retired. The new profit sharing
ent was 5 : 3.
The gaining ratio of remaining partners will be : 1
(A) 3:2 (B) 5:3
(C) 3:1 (D) 2:3
OR
(b) Mita, Veena and Atul were partners in a firm sharing profits and
losses in the ratio of 3 : 2 : 1. Atul retired and his share was taken
over by Mita and Veena in the ratio of 1 : 4. The new profit sharing
1
(A) 3:2 (B) 8:7
(C) 7:3 (D) 2:3
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PART B
OPTION I
(Analysis of Financial Statements)

27. The Quick Ratio of a company is 1 : 2. Which of the following transactions

will result in an increase in this ratio ? 1

(A) Cash received from debtors

(B) Sold goods on credit
(C) Purchased goods on credit
(D) Purchased goods on cash

28. Identify whi

1

(A) Payment to creditors

(B) Interest received by a non-finance company

(C) Dividend received by a non-finance company

(D) Amount received from debtors

29. (a) Analysis of Financial Statements is useful and significant to

different users. Which of the following users is particularly

short period of time ? 1

(A) Labour Unions (B) Trade Payables

(C) Top Management (D) Finance Manager

OR

(b) ___________ ratios are calculated to determine the ability of the

business to service its debt in the long run. 1

(A) Liquidity (B) Turnover

(C) Solvency (D) Profitability

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30. (a) equity shares
of < 5,00,00,000 1
(A) Cash inflow of < 5,00,00,000 from financing activities
(B) Cash outflow of < 5,00,00,000 from financing activities
(C) Cash outflow of < 5,00,00,000 from investing activities
(D) No flow of cash
OR
(b)
classified under which of the following : 1
(A) Operating Activities
(B) Investing Activities
(C) Financing Activities
(D) Cash and Cash Equivalents

31. Classify the following items under major heads and sub-heads (if any) in
the Balance Sheet of the company as per Schedule III Part I of the
Companies Act, 2013 : 3
(a) Long Term Loans from Bank
(b) Loose Tools
(c) Outstanding Expenses

32. From the given information, calculate : 3

(a) Quick Ratio
(b) Inventory Turnover Ratio
Amount
Particulars
(<)
Current Assets 4,00,000
Inventory 1,00,000
Current Liabilities 2,00,000
Net Profit Before Tax 7,20,000
Revenue from Operations 10,00,000
Gross Profit Ratio 20%

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General Instructions :
Read the following instructions carefully and follow them :
(i) This question paper contains 34 questions. All questions are compulsory.
(ii) This question paper is divided into two parts Part A and Part B.
(iii) Part A is compulsory for all candidates.
(iv) Part B has two options. Candidates have to attempt only one of the given
options.
Option I : Analysis of Financial Statements
Option II : Computerised Accounting
(v) Questions number 1 to 16 (Part A) and Questions number 27 to 30 (Part B) are
multiple choice questions. Each question carries 1 mark.
(vi) Questions number 17 to 20 (Part A) and Questions number 31 and 32 (Part B)
are short answer type questions. Each question carries 3 marks.
(vii) Questions number 21, 22 (Part A) and Question number 33 (Part B) are Long
answer type-I questions. Each question carries 4 marks.
(viii) Questions number 23 to 26 (Part A) and Question number 34 (Part B) are Long
answer type-II questions. Each question carries 6 marks.
(ix) There is no overall choice. However, an internal choice has been provided in few
questions in each of the parts.

PART A
(Accounting for Partnership Firms and Companies)

1. (i) If a share of < 100 on which < 70 has been paid is forfeited, then
at which minimum price can it be re-issued ? 1

(A) < 100 (B) < 30

(C) < 70 (D) < 130
OR
(ii) If a share of < 10 issued at a premium of < 2 per share, on which
< 8 (including premium) has been called and < 6 (including
premium) has been paid by the shareholder, is forfeited, then
Share Capital Account will be debited with : 1

(A) < 10 (B) <4

(C) <8 (D) <6
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2. Which of the following items cannot be recorded in the capital account of
partners if the capital accounts of partners are fixed ? 1
(A) Drawings
(B) Withdrawal of capital
(C) Introduction of additional capital
(D) Opening balance of capital

3. Ashu and Basu are partners sharing profits and losses in the ratio of
1 th
2 : 1. Chetan is admitted as a new partner with share in the profits
4
which he acquires equally from Ashu and Basu. The new profit sharing
ratio between Ashu, Basu and Chetan will be : 1
(A) 13 : 5 : 6 (B) 13 : 2 : 1
(C) 2 : 13 : 5 (D) 1:1:1

4. (i) On 1st January, 2023, Abhishek, a partner, advanced a loan

of < 3,00,000 to the firm. In the absence of a partnership
agreement, the amount of interest on the loan for the year ending
31st March, 2023 will be : 1
(A) < 18,000
(B) < 4,500
(C) < 9,000
(D) No interest will be provided
OR
(ii) If a partner withdraws a fixed amount at the end of each quarter,
interest on drawings will be charged for __________ months. 1
(A) 9
1
(B) 7
2
(C) 6
1
(D) 4
2

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5. (i) Bhim, Arjun and Nakul were partners in a firm sharing profits
and losses in the ratio of 4 : 3 : 3. With effect from 1st April, 2023,
they agreed to share profits equally. Due to change in the profit
: 1
1
(A) Sacrifice
30
1
(B) Gain
30
1
(C) Sacrifice
15
1
(D) Gain
15
OR
(ii) Neeru and Meetu are partners in a firm with capitals of < 2,00,000
and < 1,50,000 respectively. If the firm earned a profit of < 17,500
for the year ended 31st March, 2023, then interest on capital
@ 10% p.a. would be : 1
(A) Neeru < 15,000; Meetu < 20,000
(B) Neeru < 8,750; Meetu < 8,750
(C) Neeru < 20,000; Meetu < 15,000
(D) Neeru < 10,000; Meetu < 7,500

6. At the time of dissolution of a firm, the total assets were < 6,00,000 and
outside liabilities were < 2,40,000. If assets realised < 7,20,000 and
realisation expenses of < 8,000 were paid, the profit or loss on realisation
will be : 1
(A) Loss < 1,20,000 (B) Profit < 1,20,000
(C) Loss < 1,12,000 (D) Profit < 1,12,000

7. On 1st April, 2022, Mega Ltd. issued 30,000, 10% Debentures of

< 100 each at a discount of 10%. The total amount of interest due on
debentures for the year ending 31st March, 2023 will be : 1
(A) < 2,70,000 (B) < 3,00,000
(C) < 27,000 (D) < 30,000
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8. (i) Kishore and Bimal are partners in a firm sharing profits and
losses in the ratio of 4 : 3. Nand is admitted as a new partner in
1 th
the firm for share in the profits. Kishore and Bimal decide to
4
share profits and losses equally in the future. The sacrificing ratio
of Kishore and Bimal will be : 1
(A) 1:1 (B) 4:3
(C) 11 : 3 (D) 3 : 11
OR
(ii) Raju, Sohan and Tina are partners in a firm sharing profits and
losses in the ratio of 2 : 2 : 1. Tina is guaranteed a minimum
amount of < 40,000 as share of profit every year. Any deficiency
arising on that account shall be borne by Raju. If profit of the firm
for the year ended 31st March, 2023 is < 1,60,000, Raju will bear a
deficiency of : 1
(A) < 8,000 (B) < 40,000
(C) < 48,000 (D) < 4,000
9. Assertion (A) : The court does not intervene when dissolution of
partnership takes place.
Reason (R) : Dissolution of partnership takes place by mutual
agreement between the partners.
Choose the correct option from the following : 1
(A) Both Assertion (A) and Reason (R) are correct and Reason (R) is
the correct explanation of Assertion (A).
(B) Both Assertion (A) and Reason (R) are correct, but Reason (R) is
not the correct explanation of Assertion (A).
(C) Assertion (A) is incorrect, but Reason (R) is correct.
(D) Assertion (A) is correct, but Reason (R) is incorrect.

10. Maharaja Ltd. took over assets of < 15,00,000 and liabilities of
< 2,00,000 of Dolphin Ltd. for an agreed purchase consideration of
< 12,60,000. It was agreed that the purchase consideration will be paid
by issuing 11% Debentures of < 100 each at 10% discount. The number of
debentures issued will be : 1
(A) 13,000 (B) 12,600
(C) 10,000 (D) 14,000

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11. Misha Ltd. issued 6,000, 8% Debentures of < 100 each at < 96 per
debenture. 8% Debentures Account will be credited by : 1
(A) < 5,76,000 (B) < 24,000
(C) < 6,00,000 (D) < 60,000

12. (i) Nominal/Authorised share capital is : 1

(A) that part of the share capital which is issued by the company.
(B) the amount of share capital which is actually applied for by
the prospective shareholders.
(C) the maximum amount of share capital which a company is
authorised to issue.
(D) the amount actually paid by the shareholders.
OR
(ii) The debentures which do not have a specific charge on the assets of
the company are called : 1
(A) Redeemable Debentures
(B) Unsecured Debentures
(C) Zero Coupon Rate Debentures
(D) Non-Convertible Debentures

13. Manas and Ranvir are partners in a firm having capital balances of

< 1,20,000 and < 80,000 respectively. Sanju is admitted as a new

1 th
partner in the firm for share in future profits. Sanju brought
5
<
will be : 1
(A) < 5,00,000
(B) < 2,00,000
(C) < 3,00,000
(D) < 1,00,000
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Read the following hypothetical situation and answer Questions No. 14 and 15
on the basis of the given information.

Vivek and Nisha were partners in a firm sharing profits and losses in the
ratio of 3 : 2. On 1st April, 2022, their capitals were < 8,00,000 and
< 4,00,000 respectively. On 1st July, 2022, Vivek introduced additional
capital of < 2,00,000 < 40,000
while drawings of Nisha were < 80,000. As per the partnership
agreement, interest on capital is allowed @ 6% p.a., interest on
drawings will be charged @ 5% p.a. The net profit for the year ended
31st March, 2023 amounted to < 6,50,000.

14. Interest on capital payable to Vivek will be : 1

(A) < 48,000 (B) < 60,000
(C) < 57,000 (D) < 24,000

15. The amount of interest on drawings of Nisha would be : 1

(A) < 2,000 (B) < 1,000
(C) < 4,000 (D) < 4,800

16. Assertion (A) : In a partnership firm, at the time of admission, the new
partner brings in an agreed amount of capital either in
cash or in kind.
Reason (R) : In a partnership firm, at the time of admission, the new
partner acquires the right to share the assets and the
profits of the partnership firm.
Choose the correct option from the following : 1
(A) Both Assertion (A) and Reason (R) are correct and Reason (R) is
the correct explanation of Assertion (A).
(B) Both Assertion (A) and Reason (R) are correct, but Reason (R) is
not the correct explanation of Assertion (A).
(C) Assertion (A) is incorrect, but Reason (R) is correct.
(D) Assertion (A) is correct, but Reason (R) is incorrect.
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PART B
OPTION I
(Analysis of Financial Statements)

27. (i) Which of the following is not an

Stat 1

(A) To assess the current profitability and operational efficiency

of the firm.

(B) To ascertain the relative importance of different components

of the financial position of the firm.

(C) To consider the impact of price level changes.

(D) To identify the reasons for change in the profitability/financial

position of the firm.

OR

(ii) ________ is also known as Acid-Test Ratio. 1

(A) Current Ratio

(B) Quick Ratio

(C) Gross profit Ratio

(D) Operating Ratio

28. Current Ratio of Super Ltd. is 2 : 1. Which of the following transactions

will result in decrease in this ratio ? 1

(A) Payment of < 40,000 to creditors

(B) Sale of furniture (book value < 38,000) for < 16,000 only

(C) Repayment of long term loan of < 7,00,000

(D) Cash collected from debtors < 1,18,000

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29. (i) Statement I : Issue of Debentures will result in inflow of cash.
Statement II : Issue of Debentures to the vendors for purchase of
machinery will result in outflow of cash.
Choose the correct option from the following : 1
(A) Both statements are correct.
(B) Both statements are incorrect.
(C) Statement I is correct and Statement II is incorrect.
(D) Statement I is incorrect and Statement II is correct.

OR
(ii)
on Cash Flow Statement ? 1
(A) No effect
(B) Inflow from financing activities
(C) Outflow from investing activities
(D) Outflow from financing activities

30. < 5,00,000 to acquire shares in Neligare Industries and received a

dividend of < 30,000 after acquisition. 1
(A) Cash outflow from financing activities < 4,70,000
(B) Cash inflow from investing activities < 4,70,000
(C) Cash inflow from financing activities < 4,70,000
(D) Cash outflow from investing activities < 4,70,000

31. Classify the following items under major heads and sub-heads (if any) in
the Balance Sheet of a company as per Schedule III, Part I of the
Companies Act, 2013 : 3

(i) Calls in advance

(ii) Mining rights

(iii) Loose tools

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General Instructions :
Read the following instructions carefully and follow them :
(i) This question paper contains 34 questions. All questions are compulsory.
(ii) This question paper is divided into two parts Part A and Part B.
(iii) Part A is compulsory for all candidates.
(iv) Part B has two options. Candidates have to attempt only one of the given
options.
Option I : Analysis of Financial Statements
Option II : Computerised Accounting
(v) Questions number 1 to 16 (Part A) and Questions number 27 to 30 (Part B) are
multiple choice questions. Each question carries 1 mark.
(vi) Questions number 17 to 20 (Part A) and Questions number 31 and 32 (Part B)
are short answer type questions. Each question carries 3 marks.
(vii) Questions number 21, 22 (Part A) and Question number 33 (Part B) are Long
answer type-I questions. Each question carries 4 marks.
(viii) Questions number 23 to 26 (Part A) and Question number 34 (Part B) are Long
answer type-II questions. Each question carries 6 marks.
(ix) There is no overall choice. However, an internal choice has been provided in few
questions in each of the parts.
PART A
(Accounting for Partnership Firms and Companies)
1. (a) Shrikant and Ajay were partners in a firm sharing profits and
losses in the ratio of 5 : 3. Shrikant withdrew < 10,000 in the
beginning of each quarter during the year ended 31st March, 2023.
s drawings @ 6% p.a for the year ended
st
31 March, 2023 will be : 1
(A) < 2,400 (B) < 1,200
(C) < 1,500 (D) < 900
OR
(b) Abha, Manju and Rhea were partners in a firm sharing profits
and losses in the ratio of 3 : 3 : 4. During the year ended
31st March, 2023, Rhea withdrew < 30,000 at the beginning of
each half year. s drawings @ 10% p.a. for the year
st
ended 31 March, 2023 will be : 1
(A) < 6,000 (B) < 4,500
(C) < 3,000 (D) < 1,500
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2. Seema and Laksh were partners in a firm sharing profits and losses
in the ratio of 2 : 1. Their capitals were < 2,00,000 and < 1,80,000
respectively. They admitted Aadi as a new partner on 1st April, 2023 for
1 th
share in future profits. Aadi brought < 1,50,000 as his share of
5
capital. The goodwill of the firm on Aadi s admission will be : 1
(A) < 7,50,000
(B) < 2,20,000
(C) < 3,70,000
(D) < 1,50,000

3. (a) Lata, Mehu and Namita were partners in a firm sharing profits
and losses in the ratio of 3 : 2 : 1. They decided to dissolve the firm
on 31st March, 2023. Creditors took over stock of book value of
< 80,000 at 80%, in part settlement of their amount of < 90,000.
The balance amount was paid to the creditors by cheque. The
amount paid by cheque to the creditors will be : 1
(A) < 26,000
(B) < 64,000
(C) < 80,000
(D) < 1,44,000
OR
(b) Sanya, Sarthak and Nitya were partners in a firm sharing profits
and losses in the ratio of 4 : 3 : 1. They decided to dissolve the firm
on 31st March, 2023. On this date, the firm had debtors amounting
to < 3,00,000 and provision for doubtful debts of < 30,000. On
dissolution, debtors for < 20,000 proved bad and the remaining
debtors realised 90%. Amount realised from the debtors will be : 1
(A) < 3,00,000
(B) < 2,25,000
(C) < 2,80,000
(D) < 2,52,000
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4. Geeta and Hari were partners in a firm sharing profits and losses in the
1 th
ratio of 3 : 2. Krish was admitted as a new partner for share in
5
profits of the firm which he acquired from Geeta and Hari in the ratio of
2 : 3. Krish brought < 1,00,000 as his share of capital and < 50,000 as
premium for goodwill in cash. The sacrificing ratio of Geeta and Hari will
be : 1
(A) 3:2 (B) 1:1
(C) 2:3 (D) 13 : 7

5. Manu, Sonu and Rahul were partners in a firm sharing profits and losses
in the ratio of 4 : 3 : 2. With effect from 1st April, 2023, they decided to
share profits and losses in the future in the ratio of 3 : 2 : 1. Their
Balance Sheet showed Workmen Compensation Reserve of < 84,000. The
claim on account of Workmen Compensation is estimated at < 75,000.
The journal entry to give effect to the above transaction will be : 1
Dr Cr
Date Particulars Amount Amount
(<) (<)
(A) Workmen Compensation Reserve A/c Dr 84,000
To Workmen Compensation Claim A/c 75,000
To Capital A/c 4,000
Capital A/c 3,000
Capital A/c 2,000
(B) Workmen Compensation Reserve A/c Dr 84,000
To Workmen Compensation Claim A/c 75,000
To Ma s Capital A/c 4,500
To s Capital A/c 3,000
To Capital A/c 1,500
(C) Capital A/c Dr 500
500
(D) Workmen Compensation Reserve A/c Dr 84,000
To Workmen Compensation Claim A/c 75,000
Capital A/c 3,000
Capital A/c 3,000
Capital A/c 3,000

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6. Assertion (A) : Partner cur Fixed
Capital Method may show a debit or a credit balance.
Reason (R) : In the Fixed Capital , all items like share of profit
or loss, interest on capital, drawings, interest on drawings
etc. are recorded in the partners capital accounts.
Choose the correct option from the following : 1
(A) Assertion (A) and Reason (R) are correct, but Reason (R) is not the
correct explanation of Assertion (A).
(B) Both Assertion (A) and Reason (R) are correct and Reason (R) is
the correct explanation of Assertion (A).
(C) Assertion (A) is correct, but Reason (R) is not correct.
(D) Both Assertion (A) and Reason (R) are not correct.

Read the following hypothetical situation and answer questions No. 7 and 8 on the
basis of the given information :

Richa, Sheena and Tapti were partners in a firm sharing profits and
losses in the ratio of 3 : 2 : 1. The partnership deed provided for charging
interest on drawings @ 10% p.a. The drawings of Richa, Sheena and
Tapti during the year ended 31st March, 2023 amounted to < 50,000,
< 40,000 and < 30,000 respectively. The net profit for the year ended
31st March, 2023 was < 57,000.

7. s interest on drawings will be : 1

(A) < 5,000 (B) < 4,000
(C) < 3,000 (D) < 2,000
8. s share of profit will be : 1
(A) < 11,500 (B) < 34,500
(C) < 10,500 (D) < 23,000
9. Alfa Ltd. offered for public subscription 50,000 equity shares of < 10 each
at < 110 per share. The entire amount was payable on application.
Applications were received for 48,000 shares and allotment was made to
all the applicants. The amount received on application will be : 1
(A) < 52,80,000 (B) < 55,00,000
(C) < 50,00,000 (D) < 48,00,000
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10. Assertion (A) : When the shares are forfeited, share capital account
is debited with the amount called up and credited to
(i) respective unpaid calls account i.e., calls in arrears and
(ii) share forfeiture account with the amount already
received on shares.
Reason (R) : When the shares are forfeited, all entries relating to
the shares forfeited, except those relating to securities
premium, already recorded in accounting records must be
reversed.
Choose the correct option from the following : 1
(A) Both Assertion (A) and Reason (R) are correct and Reason (R) is
the correct explanation of Assertion (A).
(B) Both Assertion (A) and Reason (R) are correct, but Reason (R) is
not the correct explanation of Assertion (A).
(C) Assertion (A) is incorrect, but Reason (R) is correct.
(D) Assertion (A) is correct, but Reason (R) incorrect.

11. Lexa Ltd. issued 50,000 equity shares of < 10 each at a premium of
< 2 per share. The amount was payable as follows :
On application and allotment < 7 per share (including premium)
On first and final call Balance

The issue was fully subscribed. All the money was duly received except
the first and final call on 1,000 equity shares. These shares were
forfeited. On forfeiture of these shares Calls in Arrears Account will be : 1
(A) credited by < 7,000 (B) debited by < 5,000
(C) credited by < 5,000 (D) debited by < 7,000

12. Minimum subscription for allotment of shares as per Securities and

Exchange Board of India (SEBI) guidelines cannot be less than 90% of
which of the following capital ? 1
(A) Reserve Capital (B) Nominal Capital
(C) Subscribed Capital (D) Issued Capital

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13. (a) KLB Ltd. forfeited 3,000 shares of 10 each, < 8 per share called
up for non-payment of first call of < 2 per share. All these shares
were reissued at < 7 per share, < 8 paid up. The amount
transferred to Capital Reserve Account will be : 1
(A) < 18,000 (B) < 24,000
(C) < 15,000 (D) < 3,000
OR

(b) NUK Ltd. forfeited 1,000 shares of < 10 each, fully called up for
non-payment of final call of < 2 per share. 800 of these shares
were reissued at < 11 per share fully paid. The amount credited to
Capital Reserve Account will be : 1
(A) < 6,400 (B) < 8,000
(C) < 7,200 (D) < 10,000

14. The debentures which do not carry a specific rate of interest are called : 1

(A) Zero Coupon Rate Debentures

(B) Specific Coupon Rate Debentures

(C) Unsecured Debentures

(D) Secured Debentures

15. (a) Nicku, Mala and Ritu were partners in a firm sharing profits in
the ratio of 5 : 3 : 2. Nicku died on 30th September, 2023. The
deceased partner was entitled to his share of profit up to the date
of death which was to be calculated on the basis of previous year
profit. < 80,000. Nicku s share of
profit will be : 1
(A) < 10,000 (B) < 20,000
(C) < 30,000 (D) < 40,000
OR

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(b) Nikhil, Arun and Mansi were partners in a firm sharing profits
and losses in the ratio of 4 : 3 : 3. With effect from 1st April, 2023,
they decided to share profits and losses in the ratio of 5 : 3 : 2. Due
to change in the profit s gain or sacrifice will
be : 1
1 3
(A) Gain (B) Sacrifice
10 10
1 3
(C) Sacrifice (D) Gain
10 10

16. (a) Hema and Tara were partners in a firm sharing profits and losses
in the ratio of 2 : 3. They admitted Ojas as a new partner. Hema
1 rd 1
surrendered of her share and Tara surrendered of her share
3 2
in favour of Ojas. The new profit sharing ratio of Hema, Tara and
Ojas will be : 1

(A) 8 : 9 : 13 (B) 3:2:5

(C) 2:3:5 (D) 2 : 3 : 25
OR
(b) Aaroh, Bhuvan and Charu were partners in a firm sharing profits
and losses in the ratio of 1 : 2 : 6. Charu died. Aaroh and Bhuvan
acquired C
1
(A) 2:1 (B) 1:2
(C) 5:4 (D) 4:5
17. Aaria, Beenu and Clara were partners in a firm sharing profits and
losses in the ratio of 4 : 3 : 3. On 30th
share in the profits of the firm till the date of death was to be calculated
on the basis of sales. Sales during the year 2022 23 were < 20,00,000
and sales from 1st April, 2023 to 30th June, 2023 were < 4,00,000. The
profit for the year ended 31st March, 2023 was < 5,00,000. Calculate
s share of profit up to the date of death and pass the necessary
journal entry for the same in the books of the firm. Show your workings
clearly. 3

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PART B
OPTION I
(Analysis of Financial Statements)

27. The Debt-Equity Ratio of a company is 3 : 2. Which of the following

transactions will result in increase in this ratio ? 1
(A) Purchase of goods on credit
(B) Issue of Debentures
(C) Issue of Equity Shares
(D) Cash received from Debtors

28. Statement I : Issue of fully paid bonus shares out of Securities

Premium Account will result in inflow of cash.
Statement II : Cash withdrawn from bank will result in inflow of cash.
In the context of the above two statements, choose the correct option : 1
(A) Both statement I and statement II are correct
(B) Both statement I and statement II are incorrect
(C) Statement I is correct and statement II is incorrect
(D) Statement I is incorrect and statement II is correct

29. (a) Which of the followi A

indicate the trend and direction of financial position and operating
results ? 1
(A) Comparative statements
(B) Common size statements
(C) Cash flow analysis
(D) Ratio analysis
OR
(b) _____________ indicate the speed at which activities of the business
are being performed. 1
(A) Liquidity ratios
(B) Turnover ratios
(C) Solvency ratios
(D) Profitability ratios

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30. (a) Which of the following transactions will result in cash flows from
operating activities ? 1
(A) Cash receipts from sale of investments < 60,000
(B) Cash receipts from sale of goods < 94,000
(C) Dividend received < 31,000
(D) Payment of cash for purchase of fixed assets < 3,00,000
OR
(b)
the following : 1
(A) Operating Activities
(B) Investing Activities
(C) Financing Activities
(D) Cash and Cash Equivalents

31. Classify the following items under major heads and sub-heads (if any) in
the Balance Sheet of the company as per Schedule III, Part I of the
Companies Act, 2013 : 3
(a) Mining Rights
(b) Loose Tools
(c) Income Received in Advance

32. From the following information, calculate 3

Particulars (<)

Total Assets 22,00,000

10% Debentures 5,00,000
Current Liabilities 2,00,000
Net Profit After Tax 7,20,000
Tax 1,80,000

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