SECTION-A Question 1 Kartik and Amit invest in a business in the ratio 3: 2. 1f 5% share is 855, the total profit of the total profit ,;oes to charity and Kartik’s (a) 71425, (b) % 1548 (c)" % 6520 (dQ) 21500 Question 2 ~ After declaring an interim dividend, how much maximum time company luke to pay the dividend to (a) Within 50 days (Q) Within 30 days * Question 3 Balance sheet of a company is required to be prepared in the format given in (a) Schedule I Part (b) Schedule I PartI —(¢)_ Schedule I Vart I (a) Schedule IH Part IlI Question 4 Shareholders are (b) Within 365 days (a) Within $00 days (@) Customer of the company (0) creditor of the company (Q), Owner of the company (@) All of the company Question’ ‘The formula for valuing goodwill under the super profit method is: (@) Super profit multiplied by no. of purchase year (b) Super profit made by the firm multiplied by the normal rate of return (©) Super profit made by the firm divided by the normal rate of return (d) All of the above ‘Question 6 ‘At least how many portions of the nominal amount of a share must be called ¢> application money. (a) 50% (©) 100% (© 10% @ 5% Question 7 Ina partnership business, Ram, Vibhu and Kanish invested & 6,300, & 4,200 and { 10,500, respectively. Find the share of Ram in profit of & 12,100 after a year? (a) %3,630 (b) 3,200 (©) 75,600 (a) %2,840 Question 8 Ram and Shyam are partnérs in a firm sharing profit and losses in the ratio of 2:3. Mohan is admitted as.a partner in the firm for 1/6th share in profits. Mohan acquires his share frgny I:ym and Shyam in the ratio of 3: 1. Calculate the new profit sharing ratib of partnéts, . (a) 24:21:30 (b) 44: 6:25 teh 26:49:15) (a) 25:20:15 Question 9 X and Y are partners sharing profits in the ratio of 75. They admitted. Z.as anew partner for 1/6 share in the future profits ofthe firm, wich he acqyvres equally HayyREE; X and Y. Calculate new i ula \ profit sharing ratio of X, Y and Z. (@) 12:95 0) 32:1 * (6) 13:98 ores Question 10 The profit for the three years e yea < 50,00; yer 20145 79096082018 fhe profi three vears of a firm is as follows ~ the year 2013 & 80,000; J Calculate average profil of 3 years (a) % 90,000 (b) 792,000 (©) © 9,50,000 i Question 11 X and Y are partners in firm sharing profits in the ratio of 3:2. Theit capiti respectively. On Jan. 1, 1017, they admitted $ as a new partner for 1/5 share in th % 80,000 as his Capital (i) Calculate the total -opital of all the partners: als were & 1,00,000 and @ 70,000 .e future profits. S brought fa) €2,00,000 4b) ¥2,50,000 (© ©1,80,000 ay #1,10,000 (ii) Calculate the value of goodwill of the firm: (e) %2,00,000 () €1.90,000 (@) ¥ 180,000 (e) 150600 0 . (3) 1,80,00¢ NS Question 12 L, M, and N were partners in firm sharing profit in the ratio of 3: 4:5. The! M %5,00,000 and N & 6 110,000 respectively. The partnership deed provided for thi Interest on capital @ 6", p.a Salary of % 30,000 pa. tN. Interest on partner's druwings will be charged @ 12% p.a. During the year ended 51.3.2009, the firm earned a profit of € 2,701 withdrew @ 12,000 on 31.09.2008. and N withdrew @ 15,000 on 31.12.2008 Jr fixed capitals were L 4,00,000, e following: 000. L withdrew @ 10,000 on 1.4.2008. M (i) Calculate interest on capital (a) % 25.000, % 31,001), & 38,000 (©) 26,000, € 30,0012, & 36,000 _(ii) Calculate interest on drawings a) F 1,200, & 720, @ 150 (c) @ 1,500, € 750, & 300 (iii) The net distributable profit among partners are: (a) % 2,70,000 (b) %1,20,500 (Q %2,72,370 (@_ & 152370 Question 13 Calculate interest on (i) At the beginning o! each Month: (a) = 1,600 (b) @1,700 (oO & 1,850 (@) t1950 (ii) In the middle of eh month: “&) 24,000, % 30,000, % 36,000 (a) © 24,000, % 32,000, 36,000 (b) % 900; % 700, = 500 (4) % 1,500, € 720, 500 drawings of Mr X @ 15% p.a. if he withdrew & 2000 per month. (a) 1,500 ~(e) = L800 () %1,850 (4) 71,950 (iii) At the end of each month: (a) % 1,500 (b) 71,00 (1.650 (a) 1,750 Question 14 | tio are partners in a firm sharing profits in the ratio 23. is admitted into the firm with 1/5 share ia ais He will bring in © 60,000 as capital and capitals of X and Y are to be adjusted in the profit sharing ero The Balance Shee! of X and Y as on March 31, 2017 (before Z's admission) was as under: Balance Sheet of X and Y as at March 31,2017 ———Tiebilities |__ Amount Assets ‘Amount emai | 8,000 | Cash in hand 2,000 Bills Payable 4,000 | Cash at bank | 10,000 | General Reserve | 6,000 | Sundry Debtors 3,000 t 82,000 | Stock 10,000 | Partner Capital(i) Calculate the amount of Calls in advance at the time of allotment: b (a) 2,800 (b) 73,000 (9) %3,200 (a) %3,400 c Gi) Calculate the amount of Reissue (a) 710,000 (b) %11,000 () %12,000 (a) 713,000 (iii) Calculate the amount of securities premium at the time of reissue: (a) 7500 (b) @ 1,000 (oc) %1,500 (a) %2,000 ¢ (iv) Calculate the amount of application money received: (a) %25,00,000 (b) % 10,00,000 (c) © 15,00,000 (4) 2 18,00,000 (v) Calculate the amount transferred to the share forfeiture account: . (a) 2,000 (b) 74,000 (o) 76,000 (4) %8,000 Q ion SECTION-B What will be the operating ratio if the operating profit ratio is 63.64%? : a) 36.36% (b) 27.36% () 35.63% (a) 19% Questic Shyam Ltd has a current ratio of 3: 1 and a quick ratio of 2:1. If the excess of current assets over quick ¢ assets as represented by inventory is & 2,50,000, Calculate current asset: a (a) 73,00,000 (b) 26,05,000 (¢) %7,50,000 (d)_ %4,00,000 juestion 20 Credit Revenue from (Operations = % 87,500. Creditors = ¥ 9000. Bills receivable = % 4800. Bills payable = 10. Purchases = % 42,000. Trade debtors = % 5,900 \4> From the following information, calculate the Trade Receivables Turnover ratio: AX @) 8.18 times (b) 7.28 times (9) 6.23 times (4) 5.18 times (ii) From the following information, calculate the Average collection period: (a) 45 days (b) 55 days (0) 44days (d) 54 days Question 21 Revenue from Operations % 3,40,000 Cost of Revenue from Operations ¢ 1,20,000 Selling expenses % 80,000 ‘Administrative Expenses ® 40,000 Caleulate Gross profit ratio: (a) “64.71% (0) 74.71% (©) 70.25% (a) 59.65% Question 22 How to calculate Return on Capital Employed or Investment: (a) Profit before Interest and Tax / Capital Employed * 100 (b) Profit before Interest and Tax / Capital Employed (c) Profit after Interest and Tax / Capital Employed * 100 (a) Profit before Interest and Tax / Capital Employed/ 100 ~ Question 23> Ifthe activity ratio of a company is 40% and the capacity ratio is 120%, find out its efficiency ratio. (a) 150% (©) 100% (33.33% aero SECTION-C Question 24 Computer spreadsheet cell is highlighted with a heavy border is a: eee (©) The cell containing a formula (©) Locked cell ey on Question 25 Th a computer, page orivntation is changed through: (a) Page setup dialogue box (c)_ Paper dialogue bo» (©) Setup dialogue box (4) Print dialogue boxgi LN ™ ycstion 26 mich command! is use! {0 insert a cut or copied selection toa cell or range of ls? (3 Gay (b) Document propertic a (d) Range et jon 27 es ‘Which of the following places a duplicate of a selection in the Offic Clipboard (a) Paste (b) Document properties (c) Copy (4) Range question 28 When you click the Help button, what opens? (a) SereenTips (b) Key tips (©) Help window (4). Dialogue ox ‘question 29 ‘The COUNT and MIN functions are examples of which category of functions? {ay Text (b) Statistical (c) Financial (d) Logical k | question 30 Which of the following is a bar near the top ofthe Excel window where you cu: enter or edit cel entries or formulas? (a) Cell pointer (b) Column marker (c) Fill handle (d) Formula bar 1, (d) & 1500 Explanation: Let the total profit be ¥ 100. After paying to charity, Kartik’s share = #(55 3) 57. If Kartik’s share is 8 57, total profit = & 100. 100 If Kartik’s share € 855, total profit = (ess) =41,500. 2. (¢) Within 30 days Explanation: Dividend shall be paid within 30 days from the date of declar:stion of dividend 3. (b) Schedule Ill Part I Explanation: As per Schedule IIL, part I of Companies Act, 2013, Balance sheet of a company is prepared. 4, (¢) Owner of the company Explanation: Shareholders are the company owners; they reap the benefits uf the company’s successes in the form of increased stock valuation. If the company does poorly and the price of its stock declines, however, shareholders can lose money. 5. (a) Super profit multiplied by no. of purchase year Explanation: Normal profit = Capital employed x Normal Rate of Riturn/100 Super Profit = Average Profit ~ Normal Profit Goodwill = Super profit x No, of purchase year 6 (€) 5% Explanation: Atleast 5% of share application money of the nominal value of shares. The company must deposit the application money in a ‘Scheduled Bank’. Application money is a part of the company’s share capital, and as such, when the directors allot the shares, the applic.tion money is transferred to the share capital account. Thus, application money is received by the company when its shares are issued to the public. 7. (a) 83,630 (EL TIA,, {jc Explanation: am: Vibhu : Kanish ~ 6300:4200:10500 (_ jE Ram :Vibhu : Kanish : Ram share in profit 8. (c) 26:49:15 Explanation: Calculation of New Profit Sharing Ratio : New share = Old share ~ Sacrifice share 6 0 Explanation: ii) (@) € 1,200, 8720, 84 Ram's new share = Shyam’s new share : 2 3.35.15 Mohan's new share = 2475" 35” jg5 90 New ratio among Ram, Shyam & Mohan = 26: 49: 15 Gaiy(a) 8152370 E ‘ion: 9. (b) 3:21 xplanation: Explanation: Zisshare = 1 Particu 6 To Salary toN ‘To Interest on Capital | M To Profit Transferred to Partner's Capital A 13. () (@*1950 Explanation: Bl* pi- aie Gi) (b) & 1,800 10. (b) % 92,000 Explanation: Total profit of all 3 years = 2,76,000 Explanation: Average Profit = Total Profit of Last 3 Years/ No. of years = © 2,76,000/3 = % 92,000 M1. () (b)%2,50,000 Explanation: X+Y +S =% 1,00,000 + & 70,000 + & 80,000 = % 2,50,000 (iip(c) % 1,650 (ii) (a) & 1,50,000 a0. Explanation: Total capital of Fin 80,000 x 5 =% 4,00,000 Explanation: X+Y +S =21,00,000 + € 70,000 + @ 80,000 =%2,50,000 Goodwill of the firm = % 4,00,000~ 2,50,000 = : 12. (i) (b) 24,000, & 30,000, & 36,000 SOMO moe ® ri at xplanation: tsplaation = 400000 & since nothin: 700 between then = 24,000 M =5,00,000 x © 00=% 30,000 6 N = 6,00,000% +5 = 236,000 (i) (a) © 1,200, 720, 8 450 12 ‘ion: = x = 221,200 Explanation: L=10,000 « 355 =* 1.20 126 : x x5 -¢70 M =12,000« 55X45 #272 N =15,000 x 22 a 100 12 (ii) (4) & 1,52,370 Explanation: Profit and loss Appropriation A/c [ Particulars ‘Amount Particulars ‘Amount To Salary toN 30,000 | By Net Profit 2,70,000 To Interest on Capital ~ | By Interest on Drawing | L 24,000 L 1,200 M 30,000, M 720 N 36,000, 90,000, N 450 | 2,370 | To Profit Transferred | | to Partner's Capital Ale 1,52,370 | 2,72,370 13. () (A) 81,950 acs Explanation: Interest on Drawing = Amount x "2 » > 15 24,000 * 55 (ii) (b) % 1,800 Explanation: Interest on drawing = Amount « ie s 15 6 24,000 i00 x QD =71,800 | Giiy(c) @ 1,650 . Rate 5.5 Explanation: Interest on drawing = Amount x x22 ia 100 * 12 1555 | x —— «x = =%1,650 24,000* 355 * 33 AM (i) () 8: 12:5 Explanation: New Profit Sharing Ratio Since nothing is given as to how Z acquired his share from X and Y., Ii is assuimed that X and Y, between themselves, continue to share the profit in the old ratio of 2:3 Z's Share of Profits = : Remaining Share = 1s New Share * 3 3 Y's New Share = 5 and Cis 8: of Thus, new protit sharing ratio between A, B Gi) (b) X= 296,000, ¥-&1, 44,000 Partner's Capital Ale Particulars [x | Y | Z Particulars To Balance cfd 7 By Balance b/d — | t By Bank Alc | _ By Premium for | Goodwill 96,000 | 1,44,000| 60,000 _| By Rev. profit ; By current A/c | { {| 96,000 | 1,44,000 Explanation: 17, ¢ Total Capital o firm on the basis of Z's capital 8 ( X's share in capital = 3,00,000 * 35 = € 96,000 ( Y's share in capital = 3,00,000 * >¢ =%1,44,000 (iii)(c) & 2,520 Explanation: [ Particulars ‘Amount Particulars ‘Amount | Machinery, 2,000 | Building 5,000) Provision for Bad 480 Debts | Revaluation Profit | 2,520 | 18. | —_ a 5000 | com | () OX= CHU 192, Y- F1,08,288 Explanation: From above Partner's Capital A/c. (v) (b) % 480 Explanation: Provision for Bad Debts = 15. (b) 30 Explanation: Amount to be transferred to Capital Reserve A/c Profit on forfeiture of 300 shares = % 500 Profit on forfeiture of 180 shares = 2.180 =3300 Less: Loss on reissue of 180 shares (180 « 1°5) Transfer to Capital Reserv 270 30 16. (i) (€) © 4,50,000 Explanation: Given below in the notes to accounts 19. 20.sued share capital: 1,500 equity share @ & 150 each *2,25,000 =1,95,000 Explanation: il Particulars ‘Authorized Share Capital: 3,000 equity share @ @150 each 2,25,000 | Ls 0 equity share @ & 150 each Subscribed & Fully Paid-up Share Capit 1,300 equity share @ 150 cach (b) € 13,000 Explanation: Security Premium Reserve (1,300 equity shares @ & 10 each) = & 1,3000 7. (i) (@ £3,200 Explanation: First call on 800 shares = 800 * % 2=% 1,600 Final call on 800 shares = 800% 2= 1,600 73,200 i) (@) € 12,000 Explanation: Being shares relssued @ 12 per share, fully paid-up, 1000 « 12 = 12000 (iiy(d) & 2,000 Explanation: Being shares reissued @ € 12 per share, fully paid-up, 1000 « 12 = € 12,000 Share capital = 1000 x 10 = & 10,000 Securities Premium Amount = 12,000 ~ 10,000 = ¥ 2000 (ivy(b) € 10,00,000 Explanation: (w) (c) © 6,000 Explanation: Amoun! ice, 1,000 x 6 (2. 0n ap 2,50,000 x 4 = € 10,00,000 + received on forfeited shares transferre! to share furfeiture a/c. plication + % 40n allotment) = & 6,000 SECTION-B 18, (a) 36.36% Explanation: Operating Ratio = 100 ~ Operating Profit Katio = 100- 63.64 = 36.36% 19. () 7,50,000 Explanation: Current ratio of 3:1 Quick ratio =2:1 = liquid asset/ current liabilities = 2/1 Liquid asset = current asset ~ inventory 2x =3x- 2,50,000 x =%2,50,000 current asset = 3 * 2,50,000 = & 7,50,000 | 20. (i) (a) 8.18 times | Explanation: Given (ii) (a) 45 days Explanation: Net Credit Revenue from Operation =% 87,500 below in the Notes to Account. | Net Credi Trade Receivables Turnover Ratio a enue from operation verage Trade_ 287,500 ___ 5.18 times ~ 75,900 + % 4,800 365 __365_____ Average Collection Period = T72ge Receivables Turnover Ratio 365 = 28 245 days 8.18 a 21. (i) (a) 64.71% . ; Gross Profit 199 Explanation: Gross Profit Ratio = Revenue from operation %2,20,000 £2,20,099 100 = 64.11% Gross Profit = Re: enue from Operation - Cost of Revenue from Operation = 23 49 999, 22. (a) Profit before Interest and Tax / Capital Employed « 100 ; - Explanation: Capital employed means the long-term funds employed in the business and includ Q, shareholders’ funds, debentures and long-term loans. ; ; Capital employe«! may be taken as the total of non-current assets and Working Capital. Profit refers ty the Profit before Interest and Tax (PBIT) for computation of this ratio.Thus, it is computed as follows Profit before Interest and Tax , 199 Return on Investment (or Capital Employed) = caplet Retayed 23. (c) 33.33% Qe Explanation: Activity ratio = Capacity Ratio x Efficiency Ratio Efficiency ratio = Activity Ratio/ Capacity Ratio 40 * 220 23.33% SECTION-C 24. (a) Active cell Explanation: In arv Excel worksheet, each small rectangle or box is known as a cell. The active cell is the selected cell in w/ich information is entered when you start typing; Only one cell is active at a time, The active cell is the cell bounded by a black border. 25. (a) Page setup dialogue box Explanation: Select the sheet or paragraphs whose orientation you wish to modify. Click PAGE LAYOUT > Page Setup dialog box launcher. In the Page Setup box, under orientation, tick Portrait ot Landscape. Hit it ff the Apply to box, and click chosen text. 26. (a) Paste Explanatio the data. 27. (©) Copy Explanation: If we want to duplicate one file or one selection, we use the copy command. Or we can press ctrl +c. =e 28. (c) Help window Q Explanation: When we don’t understand any key or function, we click on the help button to open the help window. 29. (b) Statistical Explanation: Statistical Functions comprises AVERAGE, COUNT, MAX, MIN, and so on. Excel gives a shortcut to put the commonly used Sum, Average, Cor Max, at : Sum alternative under the Formulas tab, On Max and Min using tie Ou (2 30. (d) Formula bar Explanation: The Formula Bar is where data or formulas i isible for ine hs aan mao gina was sone vi The active cell displays the consequences of its method while we see the method itself in the Formula Q If we want to add the cut or copied data into a cell, we use the paste command to copy aaSECTION-A tion How new partner admits into the partnership: i to} (a) With the consent of any partner (b)_ By the consent of a majority of partners (@ With the consent ofall old partners (a) By the consent of 5 F4 of old partners Question 2 On the admission of a new partner: (a) Old firm is dissolved (b) The old partnership is dissolved (©) Both old partnerships and firms are dissolved (6) Neither partnership nor firm is dissolved Question 3 firm that develops software for industries. P's mingr son R is a computer P and Q both are partners in a wizard, Can he be admitted to a partnership firm? (0) Yes, if Q agrees (a) Yes, if P agrees (a) No, he cannot be acmitted ef __(©)_Yes, if Pand Qagree ‘The amount of goodwill brought in by the newly admitted partner is credited 1 Partner's Capital gf Account: “f _. (@) Old (Q Sacrificing (© Gaining, (@)_ Allof these Question 5 in the ratio of 3. They admit O as a partner who pays & 4,000 as M and N are partners sharing profits Yi goodwill, the new profit sharing ratio ‘being 2: 1: 1 among M, Nand O. The amount will be credited to: \ a) Mand N are 3000 and 2000 (b) 2000 each 1 \o), Only M (@) Only N } Question 6 ; Ifa partner withdraws @ 10,000 at the starting of each quarter and the interest is charged @ 10% on the drawings, then interest on drawings is calculated as: . (a) % 1,000 (b) %1,250 () %1,750 (a) % 2,500 } Question 7 demand Vaishaliaspporiaess aharing roafitiin stein ohibsh ai aatroils d Sent VaRRanyaRAr somo” (a) 12:9:5 eQ 12:8:5 (co) 13:9:5 (d) 13:85 Question 8 ‘The profit for the five years of a firm is as follows ~ the year 2013 € 4,00,000: yer 2014 & 3,98,000; year 2015 7.4,50,000; year 2016 4,45,000 and year 2017 ¥ 5,00,000.we . a Toot 21634400 6AM ou ve firm's capital was employed on December 31, 2015 % 50,000 arg wars were 10-8 S00 D2 - 2 5000; 213 - 2 53/0; 2014 -2 70, arg he normal rate of retum is 10%. sed on 3 years purchase of the super-profits of the business: (yj 7900 (d) % 4000 in the ratio of 3:12) Their capitals were 2 “LON ang i share in the futun mitted Sem as 2 new partne Sem brings his share of goodwill in cash: ‘cy 720 (4) 272300 123 017 10 each issued at a discount of 10% for the non payment of te The forfeited shares were reissued at 12 per share as fully paid-up. ed to the share forfeiture account: © 7450 25,000 of valua!and) turel the} re. the ‘he| of .d B are partners — \JCand B are partners in firm sharing profits in the ratio 2:1 C is admitted into the firm with t share in profits, He wil bring in? 30,000 as capital and capitals of A and B are to be adjusted in the profit-sharing, fatio. heet of A and B as on March 31, 2017 (before C’s admission) was as under: Balance Sheet of A and B as on March 31,2017 Liabilities Amount | ‘Assets ‘Amount] Creditors 8,000 | Cashin hand 2,000 Bills Payable 4,000 | Cash at bank 10,000 | General Reserve 6,000 | Sundry Debtors 8,000 Partner Capital 82,000 | Stock 10,000 | A 50,000 Furniture 5,000 | B 32,000 Building 40,000 | Machinery 25,000 | 1,00,000 | 1,00,000 | Other terms of the agreement are as under: C will bring in & 12,000 as his share of goodwill. Building was valued at % 45,000 and Machinery at € 23,000. ‘A provision for bad debts is to be created @ 6% on debtors. ‘The capital accounts of A and B are to be adjusted by opening current account: (i) Calculate new profit sharing ratio: (a) 24:4 (b) 31:1 (ii) Calculate new capitals of A & B: (a) A= 40,000, B ~ % 20,000 (€) A=%50,000, B = % 20,000 (iii) Calculate revaluation’: (a) 2,000 profit or loss: (b) 72,500 (4:21 (@) *() A=260,000, B= 7 30,000 (d) A=% 50,000, fo) ©2520 (iv) Premium for goodwill brought in by C credited to: (a) Old partner’s capital A/c in new profit sharing ratio (b) All partner's capital A/c in new profit sharing ratio (©) All partner's capital A/cin old profit sharing ratio (4) Old partner's capital A/c in their sacrificing ratio (v) Share of A and B ini capital of newly constituted firm will be: (b) A-T60,000, B-% 3,000 (@) A-% 76,800, B-21.15,000 (a) A~%74,000, B-@ (©) A-% 60,000, B-% ‘Question 15 3,000 shares of % 10 each of Ram was forfeite these, 1,800 shares were reisst 92,000 1,05,000 Calculate the amount transferred to the capital reserve account: (a) 1,200 Question 16 The authorized capital of issued 15,000 shares of & 154 per share on application, % 40 pe and balance on final call. The pul an extract of the balance sh () %1,320 (9 73,200 730,000 (a) 11:2 (d) %2,510 sd by crediting & 5,000 to the Forfeit-d Shares Account, Out of ied to Shyam for ® 9 per share fully paid-up. 21,800 XYZ Ltd is € 45,00,000 divided into 30,000 shares ot & 150 each, The company yr share weot of XYZ Lt disclosing the above information. (i) The authorized capital of the company (a) 2 45,00,000 (by 22,50,000 (oF 21,0000 (d) ‘each ata premium of € 10 per share. The amount v as payable as follows: % 50 ‘on the allotment (including, premium) % 30 per share on first call lic applied for 14,000 shares, All the money was duly received. Prepare cd as per Revised Schedule IM, Part Lv: the Companies Act, 204 tobe shown is Notes to Accounts ur der ’Share Capital’ will br £21,50,000(ii) Calculate the amount of Issued share capital: (a) %20,00,000 —(b)_%21,50,000 (iii) Calculate the amount of share capital to be w1 (a) %45,00,000 (b) © 22,50,000 (iv) Calculate the amount of Reserve and surpl (a) %20,50,000 7 22,50,000 ritten in the balance sheet: (Q %21,00,000 Jus to be written on the balance (a) %20,00,000 sheet: (@) 21,80,000 @ %120000 (yt 1,40,000 (Q 2 1,60,000 a Question 17 Paliwal Ltd. issued 1,00,000 equity shares of @ 10 each, payable as %2on the application; 24 on allotment Fe "ved for 1,50,000 shares. Applicants of 50,009 and @ 2 each on the first and final call. Applications were recei' shares were sent letters of regret and application money was refunded, Madhu, a holder of*9% shares failed to pay the allotment money she paid along with the first call. Ram, a shareholder holding 700 shares, pid both the call along with allotment. Sohan, a holder of 1,000 shares, did not pay the first call and the final call. His shares were forfeited. The forfeited shares were reissued at @ 11 per share as fully paid-up, Pass necessar\’ journal entries for the above transactions in the books of the company. (i). Calculate the amount of Calls in advance at the time of allotment: Qu Dy £2,800 (b) 3,000 (Q %3,200 (a) 3,400 (ii) Calculate the amount of Reissue: (a) 10,000 afb) % 11,000 (Q 212,000 (da) 213,000 (iii) Calculate the amount of Securities Premium at the time of reissue: (a) %500 {b). % 1,000 (71,500 (@) %2,000 (iv) Calculate the amount of Application Money Received: Qu (a) %5,00,000 {b) 71,50,000 g 23,00,000 (a) %3,50,000 (v) Calculate the amount transferred to the Share Forfeiture Account: (a) % 2,000 (b) -% 4,000 @ %6,000 (d) 75,000 Qu SECTION-B Question 18 Total Cash Sales 25% of Credit Sales; Credit Sales ®3,00,000; Gross Profit 20% on Revenue from Operations, i.e, Net Sales; Closing Inventory & 1,60,000; Opening Inventory & 40,000. Qu (i) Calculate Gross Profit: (a) 735,000 (b) 55,000 yo 75,000 (@) 1,05,000 (ii) Calculate COGS: = a) % 1,00,000 (by €2,00,000 0), % 3,00, (ii) ae Inventory Turnover Ratio: (0. *.00.000 (4) ©4,00,000 (a) 2times Ab) 3 times (©) 4times 5 times Qusgton 19 9% Qu “Crodit Revenue from Operations, iv, Net Credit Sales for the year & 1,20,000: Debtors 12,000 Bills Receivable 8,000 Calculate Trade Receivables Turnover Ratio. Qu (a) 5 times (b) 6 times (© 7 times (@) 8times Question 20 Qu Sst March, 2018 (%) 31st March, 2019 (®) Revenue from Operations (Net Sales) 8,00,000 7,00,000 Debtors at the beginnin sof the year 83,000 Debtors a the end of ye" eae nae 17, ‘ Sales Return 1 ole or meron 00,000 50,000 a) <7 times (©) Stimes ee (i) Calculate Debtor Tenover Rati in 2019 ee (@)_10times 1 ~a) 7 times (0) 8times Oo (d) 10 timesa1 nat | Tumover Ratio is 00 °s, je eam saestion 21 Ie Closing Trade Receivables & 1,20,000, Revenue from Operations ¥ 14,40,000. Provision for Doubtful Debts £20,000, Calculate Trade Receivables Turnover Ratio: (a) 10 times (b) 12 times (c) 14 times (d) 16 times owston 2) ronrthe following information, calculate Opening and Closing Trade Receivables, if Trade Re 1 {i) Cash Revenue from Operations is 514 of Credit Revenue from Operation all | Gi) Credit Revenue from Operations is & 3,00,000, lly | Gi Trade Receivables at the end are 4 times more than that of in the beginning, (a) € 40,000, % 160,000 (b) % 50,000, % 1,70,000 — (c)_ %60,000, 1,60,000 (d) & 70,000, % 1,80,000 [Question 23 Calculate Trade Receivables Turnover Ratio in the following case Net Credit Sales ¥ 400,000; Average Trade Receivables ® 1,00,000: (a) 1times (b) 2 times (©) 3times Q 4 times SECTION-C (Question 24 Which of the following help us to perform various calculations? (@) Writer X(b) Spreadsheet (0) Impress (d)_ None of the above (Question 25 A spreadsheet is used for: (a) Managing financial and accounting documents (b) Creating data reports (©) Data analysis (d) Allof the above (Question 26 : Spreadsheet packages also provide built-in... formulae: (a) Mathematical (b) Statistical (©) Bothofthe above (d) None of the above Question 27 Which of the following is not Spreadsheet Software? (@) Microsoft Excel (b) Libre Office Cale (¢). Open Oifice Cale (4) None of the above Question 28 . TM verse ... Operating System, the Libre Office gets installed by clefault: (a) Windows (b) Linux (Ubuntu) (©) Both of the above (a) None of the above Question 29 Quick Access Toolbar icon is present OM wssesnsssesescee (@) Menu Bar (b) Standard Toolbar (¢)__Title bar (4). Status bar Question 30 Default name of spreadsheet open in Libre Office Cale is... (a) Untitled X, where X is a number (b) Cale X, where X is. number (©) Spreadsheet X, where X is a number (d)_ None 0! the above i SECTION-A 1. (9) With the consent of all old partners Explanation: As per Partnership Act, New Partner can be admitted if all prthers are admitted2. (b) The old partnership is dissolved ew agreement comes into existency Explanation: During the time of admission of a new partner, am lated to new profit sharing ratig New partnership deed comes into existence, and adjustments relate: ” revaluation of assets and liabilities etc,, are done. 3. (€) Yes, if P and Q agree . F annot be a partner in a fir Explanation: Section 30 of the partnership act provides that a a eae o e benefits of nd Still, with the consent of all the partner's for the time being, he naa eee partners. tL. ( partnership by the agreement executed through his guardian with the . 4. (b) Sacrificing the capital account Explanation: The amount of goodwill brought in by a new partner is credited to the cap nt of pee ( sacrificing partners to compensate them for their sactifice. 5. (d) Only M . s. Sacrificing Ratios ( Explanation: Gooxiwill will be credited in partners’ capital accounts who sacrifices. Sacrificing Ratio Old Ratio-New Shure 6. (d) 72,500 . x Explanation: Total drawings made by the partner during the full year are € 40,000, i.c., % 10000 x 4, . ( 10 7.5 ings: x x 222500 Interest on drawing 40,000» 795% 45 7. (b) 12: 8:5 1 Explanation: Sonu’s share = = ; hare =e = Remaining share 1- = = = Fi 3 yp 4 2 Aman’s new share = of 5 = 5 2.4 8 ( Vaishali's new share = = of = = 35 The new profit sharing ratio of Aman, Vaishali and Sonu will be 12:8:5. 8. (c) 717,54,400 Explanation: Total profit of all S years = € 21,93,000 Profit = 20t#l profit of last 5 years 3. ( ees No. of years 0 = 788,000 5 4.28,600 5 Goodwill = Average Profits « No. of years purchased = 438,600 « 4 = 17,54,400 9. (©) 30,000 - Explanation: Total Profit of all 5 years = 40,000 + 50,000 + 55,000 + 70,000++85,000=3,00,000 | 3,00, 00¢ Average Profits = oo © - & 60,000 Normal Profit = Capital Employed x Normal rate 100 10 ,00,000 x = Too 7 * 50,000 Super Profit = 60,000 - 50,000 = & 10,000 Goodwill = 10,000 « 3 = % 30,000 ' 10. (6) # 22,000 Explanation: Sam’s Share =xistence Total capital of Firm =% 60,000 « 5 =% 300,000 °B ati Hem + Nem +Sam = ¥ 80,000 + % 50,000 + & 60,1100 = & 1,90,000 " Goodwill of the firm = 3,00,000-@ 1,90,000 = & 1,10,000 Sam’s Share = 1,10,000 22,000 1a firm, tS of theh, @) (€) €4800 i Explanation: Amount to be transferred to share forfeiture A/c =7,200 (800 x 9) ~ 2,400 (8000 * 3) count of =% 4,800 ot) Gy (@) $9600 Explanation: 800 x 12 =% 9600 ;Ratig «| (iil(e) ©4800 Explanation: Amount to be transferred to Capital Reserve A/c ; 600 (12 800) -4,800 (Amount of share forfeiture) 4,800. Ox 4. DG (a) 8 650 Explanation: Interest on Drawing 10 65 12000x 20 x2? = 300 “12 ** 650 Gi) &) © 600 ji _, _ Amount x Rate 6 Explanation: Interest on drawing = x 100 2 10,6 12000xx% = 100 “iz “°° (iiy(o) 8550 Amount x Rate 100 Explanation: Interest on drawing = 3. (i) (©) & 2,06,360 Explanation: Calculation of Adjusted Profits Particulars | 2015-16 2016-17 | 2017-18 | 2018-19 Profit 1,601,000 1,40,000 | 2,50,000 | 2,40,000 | Add: Loss on sale of plant 25,440 | Add: Voluntary Retirement Compensation 50,000 Less: Operating cost (20,000) | (10,0000) | (20,000) | (10,000) | 00,000} Adjusted Profits [71,75,440| 1,80 000 | 2,40,000 | 2,30,000 1,75,440-+1, 80,000+ 2, 10,000-+ 2, 30,000 ite Pott - 8,25,440 4 =F 2,06,360 (ii) (b) % 6,19,080 d Explanation: Goodwill = Average Prolit x No. of purchase years 06,360 » 3 =¥ 6,19,080 Ci) o) & 1,23,816 Explanation: C’s share of goodwill = 6,19, 080 r i = 712381614. (i) (a) 21:1 Explanation: Since nothing is given as to how C acquired his A and B continue to share the profit in the old ratio of 2:1. share from A and B, itis assume, 1 C's Share of Profits = 7 Remaining Share 25,3.6-1 A's New Share = 3 of 7 = 7972 1,.3_/3 1 B's New Share = 3 Of F "G57 1:1 Thus, new prolit sharing ratio between A, B and Cis 2: (ii) (b) A = % 60000, B : ¢ 30000 Explanation: New Capitals of A and B 7 1 C's capital is & 10,000, and his share of profits is 4 Based on C’s cupital, the total capital of the firm will work out at % 1,20,000 (+ 30,000) and t respective capilals of A and! B will be as follows: A’s Capital 2 ‘of 1,20,000 % 60,000 B's Capital - } of 1,20,000 = 730,000 (iii) (c) © 2520 Explanation: Z i Particulars ‘Amount Particulars noua Machinery 2,000 | Building 5,000 Provision for Bad 480 Revaluation Profit 2,520 _ 5,000 5,000 (iv) (€)Old partner's cupital A/c in their sacrificing ratio, Explanation: Goodwill premium bought in by new incoming partner should be distributed amor old partners in their sacrificing ratio to compensate for their sacrifice (v) (b) A ~ % 60,000, B - % 30,000 C's share = Als Explanation: C's capital = & 30,000 Total capital = 30,000 x 4=% 1,20,000 A’s share = 1,20, 0002 = % 60,000 B’s share = 1,20,000%4 = % 30,000 15. (i) (a) = 1,200 ° Explanation: Amount to be transferred to Capital Reserve A/c Protit on forfeiture of 3,000 shares = 5000sommes a Profit on forfeiture of 1,800 shares = Less: Loss on reissuc of 1800 shares (1800 « 1) Transfer to Capital Reserve = (a) € 45,00,000 ‘i 7 Explanation: Notes to Accounts a Particulars a ‘Amount (®) thorized Share Capital: - (a) Authorize’ isi 45,00,000 30,000 equity share @ % 150 each {) Issued share capital: - _ aren 15,000 equity share @ % 150 each ‘(@ Subscribed & Fully Paid-up Share Capital: 21,00,000 14,000 equity share « @ 150 each _ (i (©) © 22,50,000 7 _ ~ Explanation: Issued share capital: 15,000 equity share @ % 150 each = 22,50,000 (ii)(c) & 21,00,000 Explanation: (iv)(b) 1,40,000 Explanation: Security Premium Reserve (14,000 equity shares « € 10 each) =%1,40,000 iven in the above Notes to Account. 17. G) (a) & 2,800 Explanation: call on 700 shares @ ¥ 2 each = 700 x 2= 1400 Final call on 700 shares @ € 2 each ~ 700 x 2 1400 “2800 i) (&) €11,000 Explanation: Being shares reissued @ @ 11 per share, fully paid-up, 1000 « 11 = ¥ 11000 (ii)(b) & 1,000 Explanatién: Being shares reissued @ € 11 per share, fully paid-up, 1,000 « 11 = € 11,000 Share capital = 1,000 * 10 = € 10,000 Securities Amount = 11,000 - 10,000 = % 1000 (iv)(o) % 3,00,000 Explanation: Application money received for 1,50,000 shares @ @ 2 each ) (©) & 6,000 Explanation: Amount received on forfeited shares transferred to shar forfeiture A/c. Application mney received on 1,000 forfeited shares @ ¢ 2 and @ 4 1-spectively Share forfeiture a/c = 1000 = 6 = ¥ 6,000 SECTION-B = 1,50,000 x 2 = % 3,00,000) and allotment mo: 8. (i) (c) & 75,000 Explanation: Credit Sales = 3,00,000 Cash sales = 25% of Credit Sales Cash sales = 300000 x ~ 100 Cash Sales + Credit Soles. 3,75,000) Total Sales 3,00,000 + 75,000Gross Profit = 20% on Sales 20 = =2 75000 375000% 75 Gi) (©) %3,00,000 «Gross Profit Explanation: COGS (Cost of Goods Sol) = Total Sales ~ Gross Pro = 3,75,000 - 75,000 = % 3,00,000 | Opening stock + Closin, i 8 St | Average Inventory = Opening stock + FS SS 8 sto, 40,000-+1,60,000 | eee =11,00,000 (iii)(a) 2 times Explanation: Calculate Cost of goods Inventory Turnover Ratio Average stock 00,000 perio ae =3 times 23. ( Inventory Turnover Ratio = 50 S95 19. (i) (b) 6 times Netsales |. tion: liad eceivabl re Ive ‘atio = ———— + Bills Receivable Explanation: Tiae Receivables Turnover Ratio = SSS 1,20,000 = 120,000 |. 8000 = 6 time: 12,000 6 times 24. ( 20. (i) (b) 8 times Explanation: Average Debtors = Opening Debtors + Closing Debtors att In 2018 = 83,000 + © — = 1,00,000 Debtors Turnover Ratio = Net Sales Average Debtors 8,00,000 _ 9 26. ( Tn 2018 = 7,00,000 =8 times. (ii) (a) 7 times Explanation: In 2019 = 1,17,000 + 83:09 _ z | 49 ggy 7 2 ce L( 7,00,000 In 2019 = 700,000 5 ros 7,00,000 7 times. 21. (b) 12 time: , Explanatio: Closing Tracle Receivables = & 1,20,000 Revenue from Operations = % 14,40,000 Since opening trade reveivables have not been given, we assume closing trade receivables to be our trade receivables, Also, the revenue from operations will be assumed to be revenue from net credit 28. ( Trade Receivables Tumover Ratio = Credit Revenue from Operations Average G ables 29, ( 14, 40, 06 = 120,000" = !2 times 22, (a) % 40,000, & 1,60,0001 a Explanation: Trade Receivable Turnover R, it Revenue tio = Operations Average Trade Receivables3,00,000 Average Trade Receivaoles Average Trade Receivables = 200-000 3 = 1,00,000 Stock Average Trade Receivables = OPening Trade Receivables + Closing Trade Receivables 2 Let Opening Trade Receivables be ‘x’, Then Closing Trade Receivables be 4x Average Trade Receivables = 2+4* 100,000 = 5 2 x =% 40,000 So, x would be & 40,000 -. Opening receivables would be ® 40,000 and, Closing receivables would be 40000 « 4 =% 1,60,000 23, (d) 4times Explanation: Trade Receivables Tamover Ratio = ——Net Credit Sales __ ‘Average Trade Receivables 10,000 Trade Receivables Turnover Ratio = 7,00,000 ~ * mes SECTION-C 24, (b) Spreadsheet Explanation: A spreadsheet is a file of cells in rows and columns and can help arrange, calculate ancl sort data. Data in a spreadsheet can be numeric values and text, formulas, references, and functions. 5. (a) All of the above Explanation: A spreadsheet is a computer application for the organization, analysis, and storage of data in tabular form. Spreadsheets were developed as computerized analogues of paper accounting worksheets. The program operates on data entered in cells ofa table. 26. (0) Both of the above Explanation: Besides basic arithmetic and mathematical functions, modern spreadsheels provide built-in functions for standard financial accountancy and statistical »perations. For example, such calculations as net present value or standard deviation can be applied to tabular data with a preprogrammed function in a formula. 21. (d) None of the above Explanation: © Ability Office Spreadsheet - for MS Windows. : apple Work harnbers included Apple's i Work’08 suite exclusively for Mac OS X 10.4 or higher. © Apple Works ~ for MS Windows and Macintosh. This is a further development of the historical 4 Ses Works Office siege MS Windows Iwas one ofthe gtr spreadsheets (he others being Lotus 123 and Excel). Etc. %8, (b) Linux (Ubuntu) Explanation: Linux Ris an ope a system's hardware and resources, %. (c) Title bar Explanation: The title bar is ah title of the software, the name o} window. ®. () Untitled Xx, where X is a number Explanation: Technical fixes and gener -averagi iit sales n-source operating system (OS). An operating system directly manages like CPU, memory, and storage. orizontal bar located at the top of a winde. in a GUL It displays the f the current document, or other text iden ifying the contents of that J enhancements for the PC version uuestion 9 ove a partner withdrew loses its books on De (a) ©500 Sc uestion 10 jQuestaha and Raman ar py them is & 50,000 a Y annum. Radha ad Pitile in partnership $29,400. Prepare Prot (a) ©8000 SECTION-A Aand Bare partnersin firm shating profits and losses in the ratio 1:2. A &B admitted C into the partnership Ro Ne ion of 10% : commission. Before c and decided to give him id _share of the total profits. net profit was & 2,27, Find the sacrifice ratio: () Calculate net pro a) 2,10,000 SQ) 12 () 23 © 2A (@) 1 @ < ‘Questions i) ae ich of the following capital is not shown in the company’s balance sheet? & 2 (a) Authorized capital (©) Issued and subscribed capital Question 12 (¢) Called and paid-up capital (a) Reserve capital Asha and Lata are F cana entitled to interest a Question, se “iv the balance sheet of » company, under the heading of share capital, at ast, is shown: business for the pas (a) Authorized share capital Xb) Subscribed share capital share of profits will: ) Issued share capital (@) Reserve share capital Question 4 received by Sudha o ‘A maximum number of members in a private company is: ended 31st March 2 a) 7 200 ) 20 (4) No Limit o * © (No bimy (i) The total interes oe a ode is defined ax (@)_%50,000 ) Intangible asset b)_ Fictitious asset (©) Current asset d) Liquid Seas {@) Intangible asset (b) as (4) Liquid asset oy Napeeat Quastion 6 (ii) Deficiency in $ Equity shareholder company forfeits 100 shares of & 10 each, fully called up, on which a shareholder hes (@) Asha 22: failed to pay the first cail money of € 3 pet shave and the second and final call of €3 per share. How mich © Ashaaea amount of the share wr'l be forfeited? eee 2400 ©) t5 juestion (a) %300 ® ©) %500 (a) % 600 A firm has earned Question 7 return in similar bi P and Q are partners in firm sharing profits and losses in the ratio of 7:3. Therefore, they admitted N for 1,80,000. The goo 3 Zan fr 1 34h share, which he takes 2th from Paand + from Q. Calculate the new profit sharing rati a 7 7 areas oeeees @) Calculate norm Ty 29:11:30 (b) 20:25:35 (©) 29:15:26 (a) 30:29:11 mya) 782,000 Question 8 (ii) Calculate supe Land M are partners in) a firm sharing profit and losses in the ratio of 3: is admi as a partner if =, © 18,000 Land - oe 19 of 3:2. Zis admitted asa partner i Gi) The Value of gs the firm for aa share in profits. Thus, Z acquires his share from L and M in the ratio of 2: 1, Calculate the = 34,000 oueliions * ew profit sharing rativ of partners tion ay ty a3 7 Given below is the (a) 24:21:30 (b) 44: 6:25 Ng 44:31:15 (d) 25: 20:15 2017. P and Q sharA ° tio” z ue partner © ithdrew © 10,000 on May 01 and interest on the drawing, {aps books on December 31 every year then the interest of erasing un (b) © 600 (537 e v Fhargest at 10% p.a. and the Frm o rt ion 10 owe ‘nd Raman are partners in firm sharing profits and losses in the ratio ot 52 Capital contributed py them 000 and ¥ 20,000 respectively. Radha was given a salary of ® 10,000 and Raman @ 7,000 wy Hmm Radha advanced Toan of € 20,000 to the firm without any agreemens 0 rate of interest indeed Nhe in partnership deed rate of interest on capital was mentioned as 6% p.a. Profits for the year are PA. Prepare Profit and Loss Appropriation Account for the year ending March 31 2015. (b) 6000 (@, % 7000 (a) 5000 Raj and ema started a partnership firm on July 01, 2018. They agreed thar Seema was entitled to 9 won of 10% of the net profit after charging Raj’s salary of % 2,300 per quarter and Seema’s Snmission. Before charging Raj’s salary and Seema’s commission 10r the year ended March 31, 2019, the pet profit was © 2,27,500. &) Calculate net profit after Ra's salary but before Seema’s commission: (a) £210,000 () = 1,80,000 (ed, & 2,20,000 (a) %2,50,000 {i) Calculate Seema’s commission: (a) € 10,000 (be) % 15,750 ey % 20,000 (a) €18,000 Question 12 ‘ ectively, on which they are "hs and Lata are partner's with capitals of € 5,00,000 and ® 400,000 resp Asha and terest at 10% pa. They divide profits in the ratio of 2:1. They tase Sudha, Manager of the usiness for the past 15 years, as partner in the firm with i shore of profit and guaranteed that her hare of pris will not be less than €2,00,000, Sudha brought & 3,000 as he capital: AMY @ASESS ofits received by Sudha over her ; share will be borne by Asha and Lato in the ratis of 4:1 Profits for the year ended 31st March 2021 before allowing interest on capitals amounted to €7,20 000. {@) The total interest on capital allowed by the firm to partner's will be (a) 50,000 (b) , €1,20,000 (© =150,000 (a) 110,000 {ii) Sudha’s share of profits will’be: a (a) 2,00,000 (b) %1,00,000 (2 €2,50,000 fa, & 150,000 a's profit borne by Asha and Lata amounts (o (b) Asha - 8 30,000, Lata — € 20,000 (d) Asha - 2 10,000, Lai. ~ % 40,000 (ii) Deficiency in Sudh: (2) Asha -¥ 25,000, Lata ~ € 25,000 (©) Asha-% 40,000, Lata -® 10,000 Question 73 A firm has earned average profits of © 1,00,000 during the last few years, and the normal rate of retum in similar business is 10%. The assets of the business were © 10,00,000 and its external liabilities 31,80,000. The goodwill is to be valued at 3 year’s purchase of super profit () Calculate normal profit: ya) 752,000 4H) © 54-000 () % 62,000 (a) % 92,000 (ii) Calculate super profi —ta) 718,000 (b) 20,000 (o) 222,00 (a) % 25,000 (ii) The value of goodwill of the firm on the Basis of super profil method: (©) 764,000 (a) 224,000 Cas 000 (ay 754,000 Quege ion Given below is the Balance Sheet of P and | 2017. P and Q share profits in the ratio of 2 1+ Q, who are carrying on o partnersh: business son March 31= Amount TT Liabilities 10, “Liable comand SS able . ‘ash at bank Sundry creditors cons 60,000 ne Sundry debtors Outstanding expens.s = 40,000 ( | toc — ~_1,80,000 _ B 50,000, + “en Plant and machinery 1.00,000 ale —_———— Building +o r an a] 400,000 4,00, | a — _ 4 i \s: C's admitted as a parner on the date of the balance sheet on the following term: 1 = share in profit 1 C will bring in & 1.00,000 as his capital and % 60,000 as his share of goodwill for Share in profits, | > Plant is to be appi ciated by £ 20,000, and the value of buildings is to be appreciated by, 10% | 3. Stock is found overvalued by & 4,000, A provision for doubtful debis is to be created at 5% of debtors 5. Creditors were ‘unrecorded to the extent of % 1,000. (Calculate revaluation account balance transferred to A’s and B's capital a/c: (2) P's Capital 28,000 Q's Capital € 19,000 ~ (6) P’s Capital 10,000 Qs Capital 5,000 ©) _P’s Capital ® 18,000 Q's Capital %9,000 (@) P's Capital % 8,000 Q's Capital & 6,000 (ii) Calculate partner's capital amount to be Na) P's capital & > 38,000 Q's capital &1,79,000 &C’s capital & 1,00,000 (©) P's capital 1,38,000 Q's capital € 2.79,000 & c's capital ® 1,00,000 (c) P's capital & 2,88,000 Q's capital & 1.59,000 & C's capital & 1,09,000 (2) P's capital & |.18,000 Q's capital ® 1.75,000 & C's capital ® 1,80,000 \ (0 The value of Debtors in the balance sheet of reconstituted fir will be: (a) % 60,000 (b) %56,000 No. 57,000 (a) % 54,000 () The new balance ot bank after C’s admission will ba , (a) %1,70,000 (©),.% 2,00,000 (©) %1,60,000 (4) % 40,000 The total of the new balance sheet of the reconstituted finn will be: %5,78,000 (b)_€5,88,000 (. 478,000 (4) %4,98,000 « Question 15 Jand G Ltd. forfeited 200 equity shares of 8 10 each fully called-up for non-payment of final call @ @2 per : share, These shares were initially issued at a discountof 10%. Application, Allotment and First Call money Per share @ 22, ¥3 am 22 respectively were received in time. Calculate forfeiture amount {a) 71,400 (b) % 1,800 (©) %200 (d) 2400 Q Question 1d) (i) The issued capital ‘Share Capital’ wil (2) %9,00,000 of the cor be: (©) %10,00,000 (©) ¥8,50,000 (a) %8,40,000,(0 TTT OF (2) The subscribed shares of the company at the end of the year 2020-21 will b (a) &1,00,000 (b) % 90,000 (c) 784,500 Ad) 785,000 (iii) ae aaal of Share Capital to be shown in the Balance Sheet of the company as at 31° March, 2021 will be: ° ~| 40) %6,76,000 (b) 6,77,000 (©) %6,74,000 (d) %, —~} 0) Thenet gain made by the company on reissue of 1500 shares will be transterred to: | (a) Reserve Capital Afe y (b) Capital Reserve Aj. | (6). Securities Premium Reserve A/c (a) Statement of P/L I afestion ~~] <~ JOURNAL _ _ = ae _ Particulars Dr | Cr Share Capital Aje irities Premium A/c To Share forfeiture A/c | | To Calls in arrear Afe | (Being 470 shares forfeited for Ron payment of & 13 per share including & 5 per share | premium) (Bank A/c Dr. =a | Share forfeiture A/c Dr. - | To Share Capital A/c | = (Being 70 shares reissuied @ & 9 per share as fully paid) | Share forfeiture A/c De. | = | To Capital Reserve A/c | ~ (Being protit on reissue of 70 shares transferred to capital Reserve Alc) I (i) The calls in arrear A/c was credited with: OO (@) 23,760 Co tanto fo Z 1610 (a) 87,360 (ii) On forfeiture, The Securities Premium A/c aebieth (a) %3,250 (b) %3,500 (© 73,000 ely £2,350 (iii) On re-issue of shares, the share forfeiture a/c in debited with: (a) a= (b) %70 (9 %50 (a) %90 (iv) On reissue of shares, the Share Capital a/c credited with: So 630 (b)_€750 (9 2700 (a) 270 (¥) On reissue of shares, the Capital Reserve a/c credited with: Pet (@) %140 (b) 7120 ~“O_ %70 (a) 850 ney SECTION-B Question 18 What will be the operating profit ratio ifthe operating ratio is 83.61%? ood) Hef 16.36% \ 17.36% (©) 15.63% Wd) 19% ares| Reta were] M Lid has a current raffo of 3.5: 1 and a quick ratio of 2:1. Ifthe excess of curtont assets over quick assets pare} —_as represented by inventory is & 1,50,000, sued} Calculate current assets: Pet (a) %3,00,000 (b) €3,05,000 (©) %3,50,000 (dd) 74,00,000. Question 20 From the following information. Particular @ Revenue from Operations Creditors 90,000)mE Bills receivable “S09 a Bills payable 4 2009 Que Purchases 20000 Trade debtors 00 fe (1) Trade receivables (mover ratio: i Sa) SAS times (b) 7.18 times (c) 6.18 times (d) 9-18 times (1) Average collection period (a) 48 days ' (b) 50 days (©) 55 days one Question 21 Credit purchases during 2018 = 19 = £ 15,00,000. 1. @ Creditors on 14.2018 - © 3,00,000 Bills Payables on 14.2118 = & 1,00,000. Creditors on 313.2018 = 8 1,30,000. Bills Payables on 31.3 2019 = % 70,000, ©) Calculate the Trasie payables turmover ratio and Average Payment Period (a) 4 times and ©) days (&) Stimes and 73 days (2) 6 times and $0 days (a) 7 times and 77 days (1) Calculate average Trade payables: 2. Ne) 3.00,000 (b) 4,00,000 © 350,000 (@) 5.00/00 Question 22 How to calculate net profit ratio: (a)_Net Profit after Tox/Net Sales « 100 (b) Net Profit before Tax/Net Sales « 100 (©) Both (a) and (b) (a) None of the above * Question 23 If the activity ratio is 40% and the capacity ratio is 120%, find out its efficiency ratio. (a) 150% (b) 100%. (c) 80% (da) 66.67% 3. (b SECTION-C Question 24 Which of the followin ; help us to perform various calculations? 4. ¢b (a) Writer (b) Spreadsheet (©) Impress (a) None of the above Question 25 5. (a Quick Access Toolbar icon is present on.. - (a) Menu Bar (B) Standard Toolbar (©) Title bar (4) Status bar Question 26 6 ‘The intersection of a raw and column is called... (a) Cell Address (b) Cell (©) Point of intersection (d) None of the above Question 27 p& Which key combinatinn moves the active cell (Selected Cell) to the end of the data r: direction? (a) Ctrl + Home Question 28 To insert the column before any column, select... (&) Cul+End (a) Sheet > Insert Columns — Columns left (©) Sheet > Insert Columns — Columns. Question 29 Which key do you press to force a page break? (a) Ctrl + alt (b) Ctrl + break ange in a particule! (2); Ctrl+ Arrow keys (4) None of the above () Sheet > Insert Columns > Columns right (4) None of the above (©) Ctrl+enter (d)_ None of the abov?03} ene 04 "8.000 F jon 30 2,009, fo¥*ihch menu do you chovse to create the header? 20,000 Format, header, footer 7 Oi paet (6) View, header 59,000 | (¢) Insert header, and footer Cha SECTION-A r@ke Explanation: Computation of Sacrifice Ratio: A’s sacrifice ratio = ; Bis sacrifice ratio = z 2 Sacrificing Ratio = 5:5 =1:2 2, (@) Reserve capital Explanation: © Reserve Capital is a part of the authorized capital of a firm that has not been called up and is, therefore, available for drawing in case of a need, © Reserve Capital is always included in Authorized Share Capital, but it should’t be part and parcel of the ‘Issued, Subscribed and Paid-up Share Capital’ Balance Sheet as the Reserve Capital has not been called for. @ Moreover, as the transaction of calling reserve capital has not taken place, you cannot reflect it in the Balance Sheet. 3. (b) Subscribed share capital Explanation: Subscribed capital is part of the issued capital, which is subscribed (accepted) by the public. And in the Balance Sheet, only those capital is shown which is subscribed 4, (b) 200 Explanation: There shall be a minimum of 2 Directors to form a I'rivate Company, and the maximum bove no. of Directors under the Companies Act, 2013 is also restricted to 200. 5. (a) Intangible asset Explanation: Goodwill is an intangible asset that is associated with the purchase of one company by another, 6. (b) 400 Explanation: Forfeiture of 100 shares is & 10 each and non-payment of 1" and 2 call 8 3 each then bove (1000-300-300 = 400). 7. (a) 29: 11: 30 | ticular} Explanation: Calculation of New profit sharing, ae » P's New share = 35-5 * 79 bove 7 omer Q's new share = +5 7 2 cht N's share = > (given) New ratio among P, Qand N = bove