i Qss4R/4 No. of Parts : No. of Ques General Instructions This question paper is divided into two parts Part A and B are compulsory forall candid Questions no. Ito 16 and 27 0 30 carry Questions no. 17 to 20,31 an: 1, Kanha, Resham and Nisha were partners in a firm, Nisha had given a loan of € 1,00,000 to the firm @ 10% p.a. The accountant of the firm. is emphasising that interest on loan will be paid @ 6% p.a. At what rate the interest on oan will be paid to Nisha? (a) 6% pa. (6) 10% pa (©) 8% pa, (4) No interest on loan will be paid + Gupta and Sharma are partners in a firm sharing profits in the ratio of 4: 1. They admitted Preeti as a new partner for 1/sth share in the profits, which she acquired Wholly from Gupta ® Page 1 oFT8 Board Exam Paper 2024 : countancy 12th (Code 055) 3. ns. All questions are co per contains 34 questio 32 are Short Answer Type Questions. Each carrie and 33 are Long Answer Type I Questions, Each carrie Questions no, 23 to 26 and 34 are Long Answer Type-II Questions. Each car 5. There is no overall choice. However, an internal choice has been provided in 7 questions o 2 questions of 3 marks, 1 question of 4 marks and 2 questions of 6 marks. Time : 3 Hr Max. M, Wand Part B As Pal 4 k Re ‘ ite ze A tA Accounting for Partnership Firms and Companies New profit sharing ratio of Gupta, Sharm: Preeti will be (@) 2:4: () 11:4:5 (9 3:3:2 (@)7:5:4 3. Aditya, Vishesh and Nimesh were partnets a firm sharing profits and losses equally Aditya died on 1st July, 2023. Remaining Partners decided to continue the business the firm and decided to share future profits! the ratio of4:3, The gaining ratio of Viste! ahd Nimesh will be (4:3 (5:2 (b) 3:2 (@1:1 67/(i Vishant Ltd invited applicati 4 © ‘guing 6,000 equity s at 10% premium. The issue was fully subscribed. The amount per share was payable as follows On application € 3, On allotment € 3 (including premium), On first call €3 and ‘On final call &2. Ashish the holder of 200 shares paid the entire money along with allotment. The total amount received on allotment was o (a) € 18,000 (819,000 (©) £25,000 (a) 21,000 Or (ii) MLtd. forfeited 5,000 equity shares of & 10 each issued at a premium of 10% for non- payment of final call of € 2 per share. The minimum amount at which these shares can be re-issued as fully paid-up will be (@) ¥5,000 (©) 810,000 (©) 8 12,000 (@)%50,000 5, Assertion (A) Under the fixed capital method, partners’ capital accounts always show a credit balance. Reason (R) Under the fixed capital method, all items like share of profit or loss, interest on ‘capital, drawings, interest on drawings are recorded in a separate account called partners’ ‘current account. o Alternatives (a) Both Assertion (A) and Reason (R) are true ‘and Reason (R) is the correct explanation of on (A) ertion (A) and Reason (R) are true, but ot the correct explanation of true, but Reason (R) is false Cr atin ie aay a. rofit for awed! Sitar ate yee Omkar and: ‘Shiva was ® 3 AMouNt credited to Omar’ “sc account will be ne Ouaies Beam 7. Assertion (A) Inerest on beater dene Paid toa person who produces the merce Coupon atached wo auch asker Reason (R) Bearer debentures ar transferred by way of delivery andthe compen a, Keep any record ofthese dcbenborcn Alternatives (a) eae (A) and (R) are true tnd Renn Qi oc core ‘Assertion (A) Een eee ©) Both Aeon (A and Renn a soecniiion cera = ae ed {6 Aeon (A) rs neta be {@) Assertion (A false but Reason Os ee (i) Amay Ltd. purchased assets worth 12,0000. sued 9% debentures of 100 each at a discount of 4% for payment et i ead onder Tenner ‘of debentures issued tovendorwere 4) (@) 24,000 © 30000 ©) 25,000 (28.000 Or (ii) On 1st May, 2023, Amrit Ltd. issued 10,000, 10% debentures of & 100 each ata premium of 10% redeemable at a premium of 10%. Loss on issue of debentures will be (a) %2,00,000 (b) & 1,30,000 “(@81100000 ——_(@) £80,000 ._ (i) Riya, Rita and Renu were partners ina aoe On dst March, 2023 Rena retired it payable to Rema 2,17,000 toher loan account, Rent interest on this amount as ip Act, 1932.were partners ina Ona ecg e provided to Aditi 10. Interest on capital wil be pro snd Saurabh in which of the follow 11. Interest on Aditi capital will be b) 45,000 (a & 54,000 12. Vishnu and Mishu are partners in a firm. Misha: dra a fixed amount at the end of @ 15% pa, Atthe end ofthe year interest on Mishus drawings amounted to ¥ 9,000, of Mishu for ) months 4% months (4) 4 months 13. On the dissolution ofa partnership firm there were debtors of € 34,000, Debtors of & 1,000 became bad and 60% was realised from the remaining debtors. Which account will be debited and by how much amount on the realisation from debtors? (@) Realisation account by £33,000 (©) Profit and toss account by & 1,000 Page Sof T6 rear ended 31st ery quarter. Interest on drawings is charged Interest on drawings was charged on drawings 16. 17. li) At the tin nission lance sheet of th men comp : z estimated at & 1,00,000. The sh £ 20,000 will b aie mortem ape @h ae at 4 wh ae the rte cee tee ee = A in purchase con ide ation of n Bala Deustaget 130000, tc balancer 2 willbe credited to tia (8) good secoun 2 Nisha Mens and Sara were partnersina aan partnership firm sharing profits and losses in Creditor the ratio of 2:2: 1. With effect fr 2023, they agreed to share profits and losses equally. On that date, there was a general reserve of € 50,000 in the books Tt was agreed that Ist Apri ofthe fi () Goodwill of the firm be valued at %3,00,000. (ii) Profit on revaluation of assets and Te-assessment of liabilities amounted to 30,000. Pass necessary journal entries for the above transactions in the books of the firm."ord Exam PPE 2024 janesi td. purchased plant and 0) Meitpery from Ish Ll for & 450,000. WO teas paict by cheque to Ish Ltd, and 250,000 wa F a ‘ theb Hs debentures of | sp wach at a eliscount of 20%. valance by issuing | pass the necessary journal entries for the actions in the books of Mahesh above tt Lid o or i) Mania Ltd. forfeited 500 shares of € 100 each for non-payment of first call of & 20 per share and second and final call of 825 per share. 250 of these shares were re- fssued at € 50 per share fully paid-up. Pass the journal entries for forfeiture and re-issue of shares. 49. (i) Aayush and Krish are partners sharing profits and losses equally. They decided to admit Vansh for an equal share in the profits. For this purpose, the goodwill of the firm was to be valued at four years purchase of super profits. ‘The balance sheet of the firm on 31st March, 2023 before admission of Vansh was as follows Balance Sheet of Aayush and Krish at3ist March, 2023 ‘Amt@ Assets Amt) % Tarun, Arun and p, ; Partners ima firm sharine en ete - Ss poriners afm sharing pte 2 gt walee53:2:2. Anuncie gt - Mare, 2023 Varun Tarunand gaets v2 re Future prot Profits equally, M oodwill at wars valued at 2 9,00,000 he firm £000. Showing your sworkings clearly, pas the neces journal entry for treatment of pond on Aron ctement wince goodwill account On Arun's retirement ‘nt without opening 20. Atul and Gita were partners in a firm s profits and losses inthe ratio of 3-2 The ® fixed capitals were & 4,00,000 and & 2,00,000 respectively. After the accounts for the year ‘were prepared, it was noticed that interest on capital @ 6% p.a. as provided in the partnership deed, was not credited to the capital accounts of partners before distribution of profits, Pass the necessary adjusting journal entry. Show your workings clearly. re 21. Ronit Ltd. was registered with an authorised 7 capital of € 75,00,000 divided into 75,000 y equity shares of € 100 each. \ The company invited applications for issuing 45,000 shares. ‘The amount was payable as follows % 30 per share on application, & 30 per share on allotment, @ 25 per share on first call and balance on final call. Applications were received for 42,000 shares and allotment was made to all the applicants. Charvi, to whom 3,300 shares were allotted, failed to pay both the calls. Her shares were forfeited. Present the share capital in the balance sheet of the company as per Schedule Ill, Part | ‘of the Companies Act, 2013. Also prepare notes to accounts. ®or po ow Jest Uhre rs siv’s capital court 23. (i) Laval Led. invited applications for inating 2; ic ‘amount perefiare was payable an folliris a iam) omallotivent and bolanee 20 high appli: abions for 20,N0 shares wets re ining applications, Kavita. an applic e furfeitu 5.0m application. C4 finchucting pr applied (or 20,009 share ere alloted on pors-cnta Dasis 40 Ue re led to pay allakientand call moncy: Her shares we Fa 2 thiesboww transactions in the: Or (39 Chand [1d invited aprileatioas forissuie pershere The amoual porsThare wats peynble ws alloy 7 fauskucinng preanium) om apy Ticetizme ® entand balance Appleatone were recelved for L40,0N0 shares uf which applications fo" 3 aad memaitine apylicants yes allotted shares on. pro-reta basis. Mansi hold to pay firstand final call naney and he: shaves were forduited, actions in the bouks of the company ‘oul oF Iuoke of Hie compe ngoosvary journal entries theabove 0 Tass necessa 24. (i) Anikesh and Bhavesh are partners in a firm sharing, profils in the ratio 3. Their balance shee! pe asun 313i March, 2023-wn a follows Balance Sheot of Anikesh and Bhavesh ca as at dst March, 2023 Liabtiges (oe 5 | cam ea PERE | snag Hag 300 Dabrare S40 Ceaeeal ese 1500 s fox Doubtful Debts tecn0: a7 ‘Pays Saf 168 "a eratoar ; ate following tern - ot goodll promi standing aes ihe pe 6) Stock will etal by 10 (fy Acredilor Of F 8,300, nev no to: rscordest im the Looiks, was snbe faker inte accoue above sransacti ind Kin were pare, Parme:s ine firm sharing geofits in the matic a lance he AMER sheet wae aa fisllowes Balance Siiect at Pring, Qadir and Kan seat Sle , Lisbiiie ae Lites Ane sams 200 mh, fa1c00 Sain rye stock - Hiecerve See ja ie oak iorkane 3 Carnpenen ion Kesarve edit: (On the aloe date Quer retized on the following, te fo} Goodwill ef their wus ealued ave 1Zaucin. {b) Land was bbe appreciated by 30% and butiding wos tote deprilted by 23,74 000 {c) A provision OF6% is to be maintained on dublors. (a) J sability for workman's compunsation was delecsnmed att 1), fo) Amnount payable 10 Qadir was transterrcu lo nieloan sean 100,000 which yell Be din d according te their (} Total capital of the new frase fixed y new profit ratko by opening curvent acrouls partners’ capital uscount, Prepare revaluation accoant and Wg transactions on the dissotution of the partnership than cash and bank}and external fiabilities have nal eattrieg for the follaw 25, Bass the necessary jour (ter [he various asaels: {oth firm of ‘lina and Rina a boon transferred to realisation account (i) There was an outstanding bill for repa'Ts fear whieh 2 20,000 were pai : {ii) The firm had stock af © 80,000. Tus? Yonk aver 30% of the stock at a discount of remaining stock was sold off tor € 52,000. (iii) The firm had 100 shares o pecshare in their profit sha fav) Realisation expenses of € 4 i while the en over by ile partners at market walue of & 20 were tal 00 were paid by Page 6 of 18mallowing transactions se nS a r shiullow 3 322.000 (hy wuaowe € 3:20, =e {ehovtrinue € 24.cu0 E {a} andlowe€ 20,000 cae () Statement I Financizs activities late Lo EAR iia ionic Ft lngeern uns or capita ofan ecterpriv een = Statement I Separate disclosure of cents Sooner ctu : flows arising from financing activities is Comanuediaan a apn ee 0 ee Seto ee ‘OD Sapitaladances future income aind cash flows. ia Gill) Capital work-in-progress a Alternatives 32. A business haca current ratio nf 3; Land ¢jith (a) Both stan ato bar alin of1.2 1. IE working, capital is 180.00 (1 Bai statement arg a gonrent calculate total current assets and inventor 1 evalsrd Exam Paper 2024 33.) Prepare a common size E X Ltd. from the followis 8, balance sheet of ing information 44) e Sheet of X Lid, sat tat aren Se resteaay | Note stat March, | sar, 20288) | an) | BOUITY AND LIABILITIES 1. Shareholders’ Fund (0 Equity Share Capital (0) Reserves and Surplus £200.00) 1.00000 | 10.00.000| 500.000 2600000) 20 0.000, 2000000 0.00000 2. Non-current Liabilities 3. Current Liabilities Total 1 ASSETS ] 1. Non-current Assets een 2. Current Assets 40.00,000| 20,00,000 me {S200 5000000 Or (ii) From the following information, prepare a comparative statement of profit and loss of YLid. ati ‘31st March,| 31st March, 720,0,000 12,00,000, ‘3 CurrentLiabitities (0 Trade Payabler (i) Short-term Provisions Toul 1, ASSETS 1 Non-eurrent Assets (0 Propery Pant xipmen ‘ange Ase | (0) Broperty Mant and ;quipment 2,00,000 (©) Intangible Assets | | 140000 2. Current Assets 00 i) Inventories: 2,50,000 ep (iy Trade Recetas 0090 eee’ | s0900 | «00 Teal Be (160000 Notes to Accounts Notes torA ccountaio\li. no bevieotniansash a amas @) | 2022)