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    Practice Paper Accounts Class 12

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    Aryan Verma

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    © All Rights Reserved
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    Model Test Paper 2 Time Allowed: 3 Hours Max. Marks; go General instruction AS per Model Test Paper 1 — Partl Section A Instructions: > From question number 1 to 18, attempt any 15 questions. 1. A new partner brings in__()____ into the firm to acquire the Right to share the future profits of the firm and brings ___(ii)___ into the firm to acquire the Right t share the Assets of the firm. () ( Capital (ii) Goodwill. (©) @ Fixed Assets (ji) Current Assets. . Subscribed capital is (@) that part of authorised capital which is issued to the public for subscription. () (@ Goodwill, (ii) Capital (d) (i) Current Assets (ii) Fixed Assets wy (6) that part of issued capital which has been subscribed by the public. (©) that part of subscribed capital which has been called-up on the shares. (@ that part of subscribed capital which has not yet been called-up on the shares, 3. Petromax Ltd. issued a prospectus inviting applications for 40,000 shares. Applications were received for 60,000 shares and allotment was made pro rata to 80% of applicants. If Mahesh has been allotted 1,600 shares, how many shares he must have applied for? (a) 1,750. (b) 1,800 (©) 1,920. (d) 2,000. 4. Sunrise Ltd. purchased machinery of € 11,50,000 from Indian Traders, payment was made 1,00,000 by crossed cheque and the remaining amount by issue of equity shares of the face value of % 100 each fully paid at an issue price of = 105 each. Amount of securities premium will be: (a) % 60,000. (6) % 70,000. (©) % 50,000. (d) % 40,000. 5. Match the following: Column! Column I When shares are issued at face value () Atpremium Applications received from public are more than issued shares | (i) Undersubscription ‘When shares are issued at more than face value (i) Atpar Applications received from public are less than issued shares (iv) Oversubscription v epee erecta eee eee EET uot Test Pe MAT B < nom w) Wi) 2 : : £ : a : 0 (h) wa r i) (i Tay Hi oH g. Viiay and Vikas are equal partners in a fi - the time of admi Total parinars in A firm. They adinitted Gauray axa partner. At Luray, Stock (Book Value % 1,00,000) ia to he reduced by . Mona and Tina were partn |. Ifthere is no Part 40% and furniture (Book V, ‘alte % 60,000) i «gon Revaluation trans 000) is to be reduced to 40% te oe Be wation transferred to partners’ capital accounts is: a) % 64,000. 4 % 60,000. (b) 76,000. (d) None of these. _ Which of the following i : : 8 is correct regarding partner's interest on capital in case of Fluctuating Capital Accounts? (a) Debit Partner's Capital A/c and Credit Profit and Loss Appropration A/c. (6) Debit Profit and Loss Ave and Credit Partner's Capital Vc. (c) Debit Profit and Loss Appropriation A/c and Credit Partner's Current A/c (qd) Debit Profit and Loss Appropriation A/c and Credit Partner's Capital A/c. Suraj and Chand are partners sharing profits in the ratio of 8: 2. They admit Tara into the firm for 3/7th share in profits. He gets this share as 1/7th from Suraj and vith from Chand. Calculate the new profit Sharing Ratio. () 3:2:5. (d) 25:15: 30. s in the ratio of 5: 4: 1. Cis given guarantee less than % 5,000. Profit for the year ended he guaranteed profit of C is to be borne (0) 16 A, Band C are partners sharing profit that his share in a year will not be 31st March, 2021 is € 40,000. Deficiency intl by B. Deficiency to be borne by Bis: (a) Deficiency of C’% 1,500 met by B. (b) Deficiency of C% 1,000 met by B. (c) Deficiency of C% 4,000 met by B. (@) None of these. ers in a firm sharing profits in the ratio of 3: 2. Naina was admitted with 1/6th share in the profits of the firm. At the time Gt admission, Workmen's: Compensation Reserve in the Balance Sheet was % 39,000, ‘The claim on account of workmen's compensation was € 40,000, Excess of claim over the reserve will be (a) Credited to Revaluation Account. (b) Debited to Revaluation Account. (c) Credited to Old Partner's Capital Account. (d) Debited to Old Partner's Capital Account. nership Deed and the firm incurs a loss, the loss is to be ; ] invested. (a) divided in proportion to the capita (6) borne by the partner with the highest capital, (©) borne by the manager of the firm. (q) divided equally. Mas An Aid to Accountancy —CBSE x7 12. Unless agreed otherwise, it is presumed that (@) The new partner acquires his share in profit from all the old partners in their og profit-sharing ratio. (®) The new partner acquires his share in profit from all the old partners equally, (©) The old partners continue to share the remaining profit equally. (d) None of the above. 13. The ‘share of premium for goodwill’ brought in by the incoming partner is credited to the sacrificing partners’ Capital/Current Accounts : (a) in their Capital Ratio. (b) in their New Ratio. (0) in their Sacrificing Ratio. @ equally. 14. Ifthe number of shares applied is more than the number of shares issued, the shares are said to be (a) Oversubscribed (b) Undersubscribed (c) Minimum Subscription (d) None of these 15. M/s. Supertech India has assets of % 5,00,000, whereas Liabilities are: Partners’ Capitals—% 3,50,000, General Reserve—% 60,000 and Sundry Creditors—% 90,000. If Normal Rate of Return is 10% and Goodwill of the firm is valued at = 90,000 at 2 years’ purchase of Super Profit, the Average Profit of the firm will be (a) % 46,000. (6) % 86,000. (©) %1,63,000. (d) % 23,000. 16. Which of the following statements is true with regard to issue of shares by a Joint Stock Company? (a) Shares cannot be issued for consideration other than cash. (b) In the event of Oversubscription, the company can allot more number of shares than those specified in the prospectus. (c) Except the issue of Sweat Equity Shares, a company can not issue shares at a discount. (d) It is mandatory to reissue forfeited shares. 17. The excess of Net Assets acquired over Purchase consideration should be debited to (6) Goodwill Account. (® Sundry Liabilities Account. (a) Capital Reserve Account. (c) Vender’s Account. 18. Asin, Shreyas and Ajay are partners in a firm sharing profits in the ratio of 5 : 3: 2. If Shreyas’s share of profit at the end of the year amounted to % 3,00,000, what will be Ajay’s share of profit? (a) %1,00,000. (©) %2,00,000. (b) &3,00,000. (@® %4,00,000. yr Model Test Papers M19 Part! Si Instructions: ection B > From question number 19 to 36, attempt any 15 questions. hand Dee} A pad ; ‘ h ee a partners sharing profits in the ratio of 3: 2. They admit aoneweae ner i 14th share. Their Balance Sheet showed Stock & 2,30,000, Datioee 1 70.000 (ee, ebtors: ¥ 1,90,000 - Provision for Doubtful Debts: % 20,000), eee ‘artners decided to deprecinte Stock by 5% and Debtors are all good, An outs anding Dill for repair & 10,000 will be brought in books. Piyush’s share in lo aluation amounted to % 9,900. Revalued figure of furniture will be (a) = 1,00,000. (b) % 1,20,000. (0 %1,35,000. (d) % 1,40,000. 20, Arti and Bharti are partners in a firm sharing profits in the ratio of 5 : 3. Seema is amitted for 3/10th share of profits half of which was gifted by Arti and the remaining share was taken by Seema equally. Goodwill of the firm is valued at ® 1,00,000. How much amount for goodwill will be credited to Arti’s Capital Account? (@ % 10,000. (b) % 15,000. (9 % 50,000. (d) % 25,000. 21, Ankit and Unnati are partners sharing profits in the ratio of 3 : 2. They admit Aryan as a partner for 1/4th share. Goodwill appeared in the books at % 30,000. Journal entry for the treatment of goodwill will be: z z (a) Goodwill A/c Dr. 30,000 To Ankit’s Capital A/c 18,000 To Unnati’s Capital A/c 12,000 (6) Ankit’s Capital A/c 18,000 Unnati’s Capital A/c 12,000 To Goodwill A/c 30,000 (c) Goodwill Ale 7,500 To Aryan’s Capital A/c 7,500 (d) Aryan’s Capital A/c .-Dr. 7,500 7,500 To Goodwill A/c 22, Given below are two statements, one lab as Reason (R): Assertion (A): Excess of Investment Fluctuation Reserve over difference between Book Value and Market Value should be credited to old partners in their old profit-sharing ratio. Reason (R): Investment Fluctuation Reserve is a reserve created out of past profit to meet fall in value of investments below its Book Value. In the context of the above statement, which one of the following is correct? yelled as Assertion (A) and the other labelled (@) Assertion (A) is correct, but Reason (R) is wrong. (0) Both Assertion (A) and Reason ®) are correct, (©) Assertion (A) is wrong, but Reason (R) is correct. (@) Both Assertion (A) and Reason (R) are wrong. ce, | M.20 An Ald to Accountancy—Cygp Xn 28. Due to change in profit-sharing ratio, X's snerifice ie 3/10, while Zs jain i 24, 25. 26. 27. 7 WO. Tye decide to record the effect of the following without alfecting the book figures, by poe an adjusting entry: Pain General Reserve 235,000 Profit and Loss (Cr.) 2 15,000 Advertisement Suspense A/e (Dr.) % 20,000 The necessary adjustment entry will be (@) Dr. Zand Cr. Xby 9,000. (0) Dr. Xand Cr. Yby 9,000, (©) Dr. Xand Cr. Yby ® 18,000. (@ Dr. Vand Cr. X by % 9,000, Hemant and Nishat are partners, their Partnership deed provides for interest on drawings @ 10% p.a. Hemant withdrew a fixed amount in the middle of each quarter His interest on drawings amounted to % 12,000 at the end of the year. What was the amount of his quarterly drawings? (a) 760,000, (6) %1,80,000. (c) = 90,000. (d) 1,50,000. James and Thomas are partners in a firm sharing profits and losses in the ratio of 3:2.On3ist March, 2021, firm’s net profit is 5,60,000. The partnership deed provided James is entitled to salary of & 60,000 p.a. while Thomas is entitled tocommission@ 10% of net divisible profit. Calculate profit to be transferred to Partners’ Capital Accounts. (a) & 4,00,000. () % 4,40,000. (© %4,28,000. (@) %3,60,000. Given below are two statements, one labelled as Assertion (A) and the other labelled as Reason (R): Assertion (A): At the time of admission of a new partner, Reserves, Accumulated Profits & Losses are not transferred to incoming Partner's Capital Account. Reason (R): Such Reserves, profits & losses relate to pre-admission period and hence belong to Old Partners and not to incoming partner. In the context of above statements, which one of the following is correct? (a) Both Assertion (A) and Reason (R) are correct and Reason (R) is the correct explanation of Assertion (A). (6) Both Assertion (A) and Reason (R) are correct but Reason (R) is not the correct explanation of Assertion (A). (© Only Reason @) is correct, (d) Both Assertion (A) and Reason (R) are wrong. Alok Ltd. forfeited 300 shares of Sanjay who had applied for 500 stuart] fr non-payment of allotment money of % 5[% 3 + & 2 (premium)] and first call % 2. mi % 3 per share was received with application. Out of these 200 shares were re-issue Vijay as fully paid shares of % 10 each for @ 8 per share. Calculate gain on reissue transferred to Capital Reserve. (a) % 500. @) 7550. (©) %600. (d) = 700. vr tel Test Papers Meee Mal 9g, Wellness Ltd. forfeited 100 shares of % 100 e allotment money ach issued at 10% premium on which of € 30 pe includ 7 Se eee 2 Per share (including premium) and first call of € 30 per share ea second and final call of % 20 per share was not yet called. ; were reissued as % 80 paid-up for ® 70 per share. On forfeiture, the share Capital Account will be (a) ae a % 3,200, (b) Credited with % 3,200. © ~ cane 78,000. (d) Credited with % 2,800. 29. Saal Bs a partners sharing profits in the ratio of 2: 1. Their combined fixed capt a oN ,00,000, The Partnership Deed provided that Sahaj will get a commission of 10% on the profit after allowing a salary of ® 5,000 per month to Gauri. Net profit of the firm for the year ending 31st March, 2021 was ® 2,80,000. Divisible profit of the firm will be (a) = 2,00,000. (b) &1,98,000. (©) %2,10,000. (d) None of these. 30. Taj Ltd. forfeited 400 shares of & 10 each issued at a premium of € 1 per share for non- payment of allotment money of ® 4 per share. The first & final call of € 3 per share has not been made as yet. Complete the following forfeiture entry: z z Share Capital A/e Dr. x Securities Premium Reserve A/c Dr. 400 To Share Allotment A/c Y To Forfeited Shares Ale Zz Hence X, Yand Z are: (a) 2 1,600, % 1,600; % 2,800 respectively. (b) % 1,600, 2,800; % 1,600 respectively. (c) % 2,800, € 1,600; & 1,600 respectively. (d) % 2,400, % 1,200; € 1,200 respectively. 31. Given below are two statements, one labelled as Assertion (A) and the other labelled as Reason (R): [Assertion (A): The company need not issue the entire authorised capital for public subscription at a time. Reason (R): It may issue share capital depending upon its requirement. However, in any case, the issued capital should not be more than the amount of authorised capital. In the context of above two statements, which one of the following is correct? (@ Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correction explanation of Assertion (A). () Both Assertion (A) and Reason (R) are true and Reason (R) is a correct explanation of Assertion (A). (©) Both Assertion (A) and Reason (R) are false. (d) Assertion (A) is false, but Reason (R) is true. Janak, Chaman and Amol are partners sharing-profits in the ratio of 8:2: 1. After the final accounts have been prepared, it was noticed that interest on drawing was not charged. The interest on drawings of partners amounted to—Janak-—% 250; Chaman— 7190 and Amol— 100. 3: M22 An Aid to Accountancy~CBSE x1 What will be the necessary adjusting entry to rectify the above error? Debit Credit (a)_Janak’s Capital A/c 20 Chaman’s Capital A/c 10; Amol’s Capital A/c % 19 (b) Chaman’s Capital A/c 10; Amol’s Capital A/c%10_| Janak's Capital A/c % 20 (c) _Janak’s Capital A/c % 20 Chaman’s Capital A/c % 20 (d)_Amol's Capital A/c % 20 Janak’s Capital A/c % 20 38. SSS Ltd. forfeited 1,000 Equity Shares of ® 100 each for non-payment of first and final call of € 45 per share. These shares are reissued at 50 per share fully paid-up, What will be the amount of Capital Reserve? (@ %3,000 (b) % 4,000 (© 5,000 (@) % 2,500 34. Famous Ltd. forfeited 100 shares of € 100 each for non-payment of final call of % 20 per share. These shares were reissued and gain on reissue transferred to Capital Reserve amounted to % 5,000. Calculate the amount realised from reissue of shares, (a) % 5,000. (b) % 4,500, (©) % 7,000. (d) 24,000. 35. Following were the profits of a firm for the last 3 years: Year Profit (%) 2019-20 3,00,000 (including abnormal gain of € 90,000) 2020-21 2,40,000 (after charging abnormal loss of & 1,20,000) 2021-22 3,60,000 (excluding % 1,20,000 payable on the insurance of machinery) Goodwill of the firm on the basis of 4 years’ purchase of the average profit for the last 3 years will be (@) 2 12,00,000. (6) % 10,80,000. (2) %12,80,000. (d) None of these. 36. Milton Ltd. was registered with an authorised capital of % 10,00,000 dividend into 1,00,000 equity shares of € 10 each. The company offered 80,000 shares for subscription to the public, out of which 75,000 shares were subscribed. All amounts were received except the final call of & 20 per share on 3,000 shares. What will be the amount shown as ‘Subscribed Capital in the Balance ‘Sheet of the company? (a) 80,00,000. (6) %75,00,000. (©) © 74,40,000. @ %1,00,00,000. Part! Section C Instructions: > From question number 37 to 41, attempt any 4 questions. Question no.’s 37 and 38 are based on the hypothetical situation given below. Raj, Ramesh and Mahesh are friends, Raj is a Chartered Accountant while Ramesh and Mahesh have degrees in Information Technology. All of them have rich experience in theit respective fields. The pandemic had changed the way of life and also education, educational institutions were closed and their opening was not in sight. They decided to set up a company for imparting Online Education with a robust IT Platform which will meet the all-important b Model Test Papers iss life, i.c., education, The aspect of life, . They set up a company with th ‘The Online Educ Le eee : pany with the name 'T'he Online Education Ltd. oe i. aera an 12,50,000 (12,500 Equity Shares of @ 100 ench). Raj was =p MD an Govern ng the company. In the process of company incorporation, he spent ©?! . = rnment Fee besides putting in personal time? In terme ‘ : a ea of Association of the company, Raj, Ramesh and Mahesh subecried auity ares each and paid the amount. Raj was issued equity shares of ¢ 40,000 for amount spent by him and for his time to incorporate the company. Thecompany ssid 10,000 equity shares payable as®30 on application, 30 on allotment, ¥20on first call ant 7 ae on final call, 9,000 shares were subscribed by the public. Allotment was made and calls made were duly received except the final call on 500 shares. On the basis of above information, choose the correct option to the following questions: 37. The Authorised Capital of the company is (a) © 11,50,000. (&) %11,50,000. (c) € 12,50,000. (d) % 11,00,000. 38, The Issued Capital of the company is (a) & 12,50,000. (b) 7 10,90,000. (©) % 10,50,000. @ %11,90,000. Question nos 39, 40 and 41 are based on the hypothetical situation given below. ad capitals of € 5,00,000 ‘Akhil and Bipul were in partnership. On Ist April, 2020, they h 0 and and % 3,00,000 respectively, General Reserve existed in the Balance Sheet at 50,001 also Profit and Loss Account (Credit) of € 1,00,000. On 1st October, 2020. Akhil advanced 7 1,00,000 as loan to the firm and on the same date, the firm advanced loan of % 50,000 to Bipul. Both the loans were without an agreement. Interest on Capital is to be allowed @ 5% p.a, as a charge. Loss for the year pefore allowing and charging interest on loans was % 50,000. Answer the following questions on the basis of above: 39. Interest on Capital . (a) will be allowed by debiting Profit and Loss Account (Accumulated Profits). (6) will be allowed by debiting General Reserve. (0 will be allowed and it will increase the amount of loss. (@ will not be allowed. 40, Interest on Loan by Akhil (@ will be allowed @ 6% p.a. and debited to Profit and Loss Account (Accumulated Profits) because the firm has incurred loss during the year. (b) will be allowed @ 6% p.a. and debited to General Reserve because the firm has incurred loss during the year. (©) will be allowed @ 6% p.a. and debited to. Profit and Loss Account, which will increase the amount of loss. (@) will not be allowed because the firm has incurred loss during the year. 41. What will be the amount of accumulated profit as on 31st March, 2021? (@ % 50,000. (©) 7 1,00,000. (9 % 7,000, (@ None of these. M24 Au Aid to Accountancy—CBSE x1 Partil SectionA Instructions: > From question number 42 to 48, attempt any 5 questions. 42. Given below are two statements, one labelled as Assertion (A) and the other labelleq as Reason (R): Assertion (A): Ratio Analysis is not free from personal bias. Reason (R): In many situations, the accountant has to make choice out of alternatives available, e.g., choice in the method of depreciation, choice in the method of inventory valuation. In the context of the above two statements, which of the following is correct? (a) Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A). (b) Both Assertion (A) and Reason (R) are true and Reason (R) is a correct explanation of Assertion (A). (c) Both Assertion (A) and Reason (R) are false. (d) Assertion (A) is false, but Reason (R) is true. 43. Match the Ratios given under I with the correct options given under II. t tl ‘A. Working Capital Turnover Ratio 1, Operating Cost Revenue from Operations B. Trade Receivables Turnover Ratio 2, Quick Assets CurrentLiabilities C Quick Ratio 3, Credit Revenue from Operations ‘Average Trade Receivables D. Operating Ratio 1g, Revenue from Operations Working Capital A 8 c D A 8 C D (a) 3 2 1 4 (b) 2 1 4 © 4 3 2 1 @ 1 4 2 3 44. Which of the following Ratios are in the group of Activity Ratios? (i) Debt-Equity Ratio (ii) Total Assets to Debt Ratio. (ii) Inventory Turnover Ratio. (iv) Interest Coverage Ratio. (v) Trade Payable Turnover Ratio. (vi) Current Ratio @ (@, (v). (6) (i), (i). © Gi), @. (d) (iv), (vd). 45. Which of the ratio shows profitability in relation to Capital Employed? (a) Earning Per Share. (b) Price Earning Ratio. (©) Operating Profit Ratio. (@ Return on Investment Ratio. aN Model Test Papers M25 46. Which of the following is correct? (i Ratio Analysis is the pro f estoblishi i ‘i Rac relationship be Process of establishing and interpreting quantitative between two related items of Financial Statements. (ii) Ratio Analysis is useful in determining profitability. (iii) Capital Employed = Non-current Assets - Working Capital. a) Activity Rati (iv) Activity Ratios are calculated to measure the effectiveness with which the available resources are being utilised by the enterprise. (@ All, Gi), Gi) and (iv) are correct. __(b) Only (i), (ii) and (jv) are correct. (c) Only (ii), (iii) and (iv) are correct. (d) Only (ii) and (iv) are correct. 47. Incalculating Interest Coverage Ratio, Interest includes: (a) Interest on short-term and long-term loans. (b) Interest on short-term loans. (o) Interest on long-term loans, (@) Interest on long-term loans from banks. 48. Match the items given in Column I with the headings/subheadings (Balance sheet) as per Schedule III of Companies Act, 2013. Column t (). Cheques/Draft on Hand (i) Mining Rights (Wl) Capital Reserve (W)_Debentures (W). Land Choose the correct option: Column il (A) Intangible Fixed Assets (8) Reserves and Surplus (©) Long-term Borrowings (0) Cash and Cash Equivalents (Tangible Fixed assets © 0A OO MBMO.ME 0) ©), 4), AD B), Iv) ©, W) OOO.OUMWBMOMO. @ OF, (i) D), CD A), CV) (B), (V) B)- Part Il Section B Instructions: > From question number 49 to 55, attempt any 6 questions. 49. If Revenue from operations is € 2,00,000 and Gross Profit is 25% on cost. Cost of Revenue from Operations will be: (@ %1,50,000. (© %1,80,000. (b) = 1,60,000. (@) % 2,50,000. 50, Purchases: € 5,90,000; Opening Inventory: T 70,000; Closing Inventory; © 60,000; Revenue from Operations: & 7,20,000. What will be the amount of Gross Profit? (@) %1,00,000. (©) = 1,10,000. (b) % 120,000. @ %1,25,000. M26 An Ald to Accountaney—CBSE xy 51. Given below are two statements, one Inbelled na Assertion (A) and the other Inbettog Reason (R): Assertion (A): Ifinventory turnover Ratio of a company is 5 times, increase in valyy of Closing Inventory by % 60,000 will decrease the ratio, Reason (R): Cost of Revenue from Operations will not change due to increase ip & Closing Inventory but Average Inventory will incrense die s¢ in Closing Inventory. at of the above two statements, which of the following in correct? ertion (A) and Reason (R) are correct and Reason (R) is the correct tion of Assertion (A). In the con: (a) Both ¢ sertion (A). s correct. tion of A (©) Only Reason (R) (d) Both Assertion (A) and Reason (R) are wrong. Which of the following statements are false? A. Solvency refers to the ability of the enterprise to meet its current obligations. B. Current Ratio is a part of Profitability Ratio. C. Lower the Gross Profit Ratio, higher will be the profitability of a company. Choose from the following options: (a) Both (A) and (B). (0) Both (A) and (C). (c) Both (B) and (C). (d) All three (A), (B), (C): 53. For calculating Return on Investment, Capital Employed is: (a) Shareholders’ Funds + Non-current Liabilities — Non Trade Investments. (6) Non-current Assets (excluding Non-trade Investment) + Working Capital. (c) Fixed Assets + Trade Investments + Working Capital. (d) All of the above. 54. Given below are two statements, one labelled as Assertion (A) and the other labelled as Reason (R): Assertion (A): The Operating Ratio of a company is 80%. Purchase of Goods for % 50,000 will not change the ratio. Reason (R): Both Purchase and Closing Stock will increase and hence Cost of Revenue from Operations will remain unchanged. In the context of the above two statements, which of the following is otra? (a) Assertion (A) and Reason (R) both are correct and Reason (R) correctly explai Assertion (A). ; (b) Both Assertion (A) and Reason (R) are correct but Reason (R) does not explain Assertion (A). (©) Both Assertion (A) and Reason (R) are incorrect. (d) Assertion (A) is correct but Reason (R) is incorrect. 55. Provision for Doubtful Debts is deducted while computing (a) Inventory Turnover Ratio. (b) ‘Trade Receivables Turnov (c) Current Ratio. (d) None of these. or Ratio. est Papers Maz ost PARTI SECTION A 2. (0) 10 ® 3.0 Working Note: 48,000 shares applied by Mahesh 70,0)" 1,600 = 1,920 shares. 4.0 Working Note: Novot Shares sued = ©1252.000 _19 090 shares. 105 securities Premium = 10,000 x5 = 50,000. 5. (0) 6. (b) Working Note: Loss on Revaluation = 40% of 1,00,000 (Stock) + 609% of ® 60,000 (Furniture). = © 40,000 + % 36,000 = % 76,000. 1@ 8 © Working Note: Surajs New Share = hand's New Share = New Profit Sharing Ratio = 55°35 9% (6) 10. (6) 1. @ 12. (a) 8. © 14. @ 15. @) Working Note: Capital Employed = € 3,50,000 + € 60,000 = & 4,10,000 Normal Profit = 10% of & 4,10,000 = © 41,000 Goodwill = € 90,000 10,000 Super Prost = © = © 45,000 Average Profit = Normal Profit + Super Profit 16. = % 41,000 + 45,000 = % 86,000. - 17. () 18. (0 M. Au Aid to Acconntaney—~COsp y, ‘ 28 Part I Section B 19. () Working Note: Or. REVALUATION ACCOUNT ; & Particulars 7 __ [Particulars To Stock A/c 771500 } By Provision for Doubtful Debts A/c 2009 To Outstanding Bll A/c 10,000 | By Loss transferred to: ¥5 Capital Alc (Given) 2200, To Furniture A/c Balancing Figure) 15,000 | —_Piyush’s Capi Deepika’ Capital Ale(& 16500%2/5) 6,600 1650 7 [ss 36,500 as Value of Furniture will be: = 1,50,000 - & 15,000 (Depreciation) = 1,35,000. _ 20. (6) 21. 6) 22. (b) - (a) 24. (a) Working Note: : Drawings x 12. O" Interest on Drawings = Amount of Drawing: foo ni2 10 6 12,000 = Amount’x 00" 712 Amount = % 12,000 x 2 u 2,40,000 Quartely Drawing = £240,000 60,000 iod = Months Left after First Drawings + Months Left after Last Drawings “Average Perio a = (05415) «6 months, 25. (a) Working Note: te a 10 Thomass Commission = +7 (®5,60,000 -¥ 60,000 (Salary 1,00,000 interest on Capital) +€ 40,000 (Interest on Drawings) 10 = = of €4,40,000 = no 40,000 =% 40,000 ula Pret 5 60 000-—* 6.00 © cage 3 e

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