UDAYA PUBLIC SCHOOL

HALF YEARLY EXAMINATION 2023-24

TIME: 3 Hours SUBJECT: ACCOUNTANCY(055) CLASS: XII MM:80
Instructions:
 All the questions are compulsory.
 Question numbers from 1 to 20 carry 1 marks each.
 Question numbers from 21 to 26 carry 3 marks each.
 Question numbers from 27 to 29 carry 4 marks each.
 Question numbers from 30 to 34 carry 6 marks each.

1. Money received in advance from shareholders before it is actually called by the directors is :
a) Debited to calls in advance account c) Credited to calls in advance account
b) Debited to calls in arrear account d) Credited to calls in arrear account
2. A and B are partners in 3:2. Their balance sheet was on 31st March, 2021 was as follows:
liabilities Amount Assets Amount
A’s Capital 30,000 Drawings : A 4,000
B’s Capital 10,000 B 2,000 6,000

40,000 40,000
st
Net profit of the year ended 31 march 2021, Rs 5,000 was divided without providing for interest on capital
@ 10% p.a. What will be the amount of interest on A’s Capital ?

a) 3,000 b) Nil c)3,100 d) 2,700

3. Gaining Ratio :
a) New – Sacrificing ratio b) Old – Sacrificing Ratio c) New – Old Ratio d) Old – New ratio
4. In the absence of partnership deed interest @ 6 % p.a. will be allowed on :
a) Capital of partners c) Amount withdrew by partners out of profits
b) Loan to the firm d) All of these.
5. B ltd forfeited 300 shares of Rs 100 each , 70 called up, for the non payment of first call of Rs 20 per share.
Out of these 200 shares were reissued for Rs 60 per share as 70 paid up. Amount transferred to capital
reserve account will be ……………..
6. The directors of a company forfeited 200 equity shares of Rs 10 each on which Rs 800 had been paid. The
shares were issued in such a way that Rs 700 were transferred to capital reserve account, at what amount
does the shares were reissued ………………
7. On issue of shares premium is :
a) Profit b) Income c) Revenue receipt d) Capital profit
8. B, P and L are partners in 4:3:2. B retires P and L decided to share profits in 5:3. Gaining ratio will be
a) 11:21 b) 21:11 c) 11:13 d) 13:11
9. The amount of Discount on reissue of forfeited shares cannot exceed:
a) 12 % of Face value of shares c) 10 % of Face value of shares
b) The amount received on forfeited shares d) The amount not received on forfeited shares
10. A company Purchased a building for 12 lac out of which 2 lac were paid in cash. Balance was paid by issuing
equity share of Rs 10 each at premium of 25%. How many shares will be issued by company ?
a) 1,00,000 b) 80,000 c) 1,20,000 d) 96,000
11. When a new partner brings goodwill in cash it is credited to:
a) His capital account c) Sacrificing partners capital account
b) Old partners capital account d) All partners capital account
12. The nature of share application account is …………..account.
a) Real b) Personal c) Nominal d) None of these.
13. A, B and C are partners in a firm in 5:3:2. C retires and his share was purchased by A and B by giving him
10,000 each from their capital account. What will be the value of goodwill of the firm………
14. A, B and C are partners in 2:2:1. B dies and his share was taken by A and C in 1:1. Find new profit sharing
ratio of A and C…………
15. A firm earns 1,10,000. The normal rate of Return is 10% . The Assets of the firm amounted to 11,00,000 and
liabilities 1,00,000. Value of goodwill by capitalisation of Average actual profits will be :
a) 2,00,000 b) 10,000 c) 5,000 d) 1,00,000
16. Goodwill of a firm of A and B is valued 30,000. It is appearing in the books at 12,000. C is admitted for 1/4 th
share. What amount he is supposed to bring for goodwill?
a) 3,000 b) 4,500 c) 7,500 d) 10,500
st
17. X, Y and Z are partners in equal ratio. X died on 1 July 2010. His share of profit was calculated on the basis
on Sales upto date of death. And His share of Profit was 60,000. Pass journal for distribution of profit to
X………
18. Pass journal entry if stock is undervalued by 10% (book value 27,000)……….
19. Anu , Banu and Chanu are partners. Chanu is given guarantee of minimum profit of 8,000 by the firm. Firm
suffered a loss of 5,000 during the year. Capital account of Banu will be …………by Rs……….
a) Credited 6500 b) Debited 6500 c) Credited 1500 d) Debited 1500
20. On 1 February Tata ltd. received in advance 1 call money for 500 share of Rs.3 which was due on 15th
st st

March. Pass journal entry………………

21. A) X and Y are partners in a firm in 3:2. C is admitted for 1/4th share . A and B decided to share future share
equally.
B) X and Y are partners in 2:1 . They admit Z into firm for ¼ share which he takes 1/8 from X and 1/8 from Y.
Calculate new profit sharing ratio in each case.
22. Maulik and Vikas are partners in 3:2. They agreed to admit Ryan into partnership firm for 1/5 th share.
Goodwill was agreed to be valued at 3 years purchase of average profit of last 5 years.
Profits for the last 5 years were:
Year ended Normal profits/loss
31 march 2018 80,000
31 march 2019 1,00,000
31 march 2020 60,000
31 march 2021 70,000(loss)
31 march 2022 80,000

Following are the facts that are noticed from the books of accounts.
1. Firm incurred abnormal loss of 50,000 during the year ended 31 st March 2019.
2. Firm had earned abnormal gain of 40,000 during the year ended 31 st March 2020.
3. During the year ended 31st March 2021, a machine got destroyed in accident and 40,000 was written
off as loss in profit and loss account.
Calculate value of Goodwill.
23. A Company has Authorised capital of 5 lac each at Rs 10. It offered 2 lac shares each at Rs 10 each payable
as On application 2 Rs , On allotment 4 , On first call 3 and balance on final call. All the money were duly
called and received except on first and final call held by Puneet for 15,000 share. Present the information in
the balance sheet of a company as per schedule III of Companies act 2013.
24. A B and C are partners in a firm in 2:3:4. They decided to share future profits and losses in the ratio of 4:3:2.
They also decided to record the following without affecting their book values :
General Reserve 40,000
Profit and loss A/c 20,000
Advertisement Suspense account 15,000
You are required to pass necessary single journal entry.
25. A, B and C were partners in firm sharing profit and loss in 2:2:1. B retires from the firm and goodwill of the
firm valued 10 lac. On the date of retirement General reserve appear in books of account amounted to Rs. 3
lac, workmen compensation Reserve 6 lac ( claim on it Rs 2 lac ). Pass journal entries in the books of
accounts.
26. Shreya and Mona are partners sharing profit and loss in 4:2. They admit shourya for 1/5 th share which he
takes from the partners in 1:1. C brings 15,000 as goodwill out of his share of 25,000. Pass journal entry.
27. A) A company forfeited 3,000 shares of Rs 10 each at premium of 20% payable at the time of allotment for
the non payment of allotment money of Rs 5 including premium and first call of Rs 2.Out of these 2,000m
share were reissued for Rs 8 fully paid up.
B) A company issued 500 share of Rs 10 each to Underwriters for underwriting commission.
Pass journal entries.
28. Mohan Sohan and Ramesh were partners in a firm sharing profit and loss in 3:2:1. Ramesh retires from firm
on 1st April 2009 after giving notice. Amount payable to Ramesh was 12,00,000, Ramesh accepted a bill of
Rs 2 lac and balance was payable in 2 equal installments carrying interest @ 10% p.a. starting year ending
31st march 2010. Prepare Ramesh’s Loan Account up to final settlement of dues.
29. The net profit of the firm for the year 31st March 2021 was 30,000 was distributed amongst partners A,B
and C in their agreed proportion of 3:1:1. It was discovered that on 10 th April the under mentioned
transactions were not passed through the books of accounts of the firm for the year ended 31 st March
2021, which stood closed on that date:
a) Interest on capital at 10%p.a.
b) Interest on Drawings A 350; B 250 ; C 150.
c) Salary of 5,000 to A and 7,500 to B.
d) Commission due to A on special transaction 3,000.
The capital of A 25,000 B 20,000 and C 15,000. You are required to suggest a journal entry to be
passed on 10th April 2021, which will not affect profit and loss appropriation account of the firm.
30. Following is the balancesheet of Punita , Rashi and Seema who are sharing profit and loss in 2:1:2.
Liabilities Amount Assets Amount
Creditors 38,000 Building 2,40,000
Bill payable 2,000 Stock 65,000
Capital : Debtors 30,000
Punita 1,44,000 Cash at bank 5,000
Rashi 92,000 Profit and loss 60,000
Seema 1,24,000 3,60,000
4,00,000 4,00,000
th
Punita died on 30 September 2013. She had withdrawn 44,000 from her capital on July 1 2013. According
to partnership agreement she was entitled to interest on capital @ 8% p.a. Her share of profit till the date
of death calculated on the basis of average profits of last four years. The profits for the year ended 2009-10,
2010-11, 2011-12 were 30,000, 70,000 and 80,000 respectively. Prepare Punita’s account to be rendered to
his executors.
31. Ravish , Lakshit and Vasu are partners in 2:2:1. The profit for the year ended 31 st March 2022 before
interest on Vasu’s loan was 5,00,000. As per partnership deed :-
a) Interest on loan 10,000
b) Interest on capital 10% p.a.
c) Interest on Drawings 8 % p.a.
d) Commission to lakshit 5,000
e) Partners are allowed salary of 10,000 p.a.
The capital of Ravish, Lakshit and Vasu were 4,00,000, 4,00,000 and 2,00,000 respectively.
Ravish withdrew 10,000 in the beginning of each month, lakshit withdrew 5,000 at the end of each
month and Vasu withdrew 4,000 in the middle of each quarter. Prepare profit and loss
appropriation account, and partners capital account for the year ended 31 st March 2022.
32. Raman and suman were partners in a firm sharing profits and loss in 3:1. On 31 st March 2019, their
balancesheet was as follows :

Liabilities Amount Assets Amount

Provision for bad debts 7,000 Bank 24,000
Outstanding expenses 18,000 Bills receivable 80,000
Bills payable 47,000 Sundry Debtors 95,000
Sundry Creditors 1,02,000 Stock 14,000
Workmen compensation reserve 55,000 Furniture 70,000
Capitals : Machinery 2,00,000
 Raman : 3,00,000 Land and Building 1,96,000
Aman: 1,50,000 4,50,000
6,79,000 6,79,000

On the above date Suman was admitted as a new partner for 1/5th share in the profits on the following
conditions:
a) Suman will bring Rs 2,00,000 as her capital and Necessary amount for her share of goodwill premium.
The goodwill of the firm on Suman’s Admission was valued at 1,00,000.
b) Outstanding expenses will be paid off.
c) Rs 5,000 will be written off as bad debts and a provision of 5% for bad debts on debtors was to be
maintained.
d) The liability towards workmen compensation was estimated at Rs 60,000.
e) Machinery was to be depreciated by 18,000 and Land and building was to be depreciated by 54,000.
Pass journal entries for the above transactions in the books of the firm.
33. Mohan, Vinay and Nitya were partners in a firm sharing profit and loss in the proportion of 1/2 , 1/3 and
1/6 respectively. On 31st March 2018 their balance sheet was as follows :

Liabilities Amount Assets Amount

Creditors 48,000 Cash at Bank 31,000
Employees Provident Fund 1,70,000 Bills Receivable 54,000
Contingency Reserve 30,000 Book debts 63,000
Capitals Less : Provision for doubtful debts 2,000 61,000
Mohan 1,20,000 Plant and Machinery 1,20,000
Vinay 1,00,000 Land and Building 2,92,000
Nitya 90,000 3,10,000
5,58,000 5,58,000
Mohan retired on the above date and it was agreed that :
1. Plant and machinery was depreciated by 5%.
2. An old computer previously written off was sold for 4,000.
3. Bad debts amounting to 3,000 will be written off and a provision of 5% on debtors for bad and
doubtful debts will be maintained.
4. Goodwill of the firm valued at 1,80,000 and Mohan’s share of the same was credited in his account
by debiting Vinay’s and Nitya;s Account.
5. The capital of new firm was to be fixed at 90,000 and necessary adjustments was to be made by
bringing or paying off cash as the case may be.
6. New profit sharing ratio of remaining partners will be 3:2.
Prepare Revaluation account, partners capital account and balance sheet of the new firm.
34. Garima Ltd. issued a prospectus inviting applications for 3,000 shares of Rs 100 each at a premium of Rs 20
payable as follows :
On Application Rs 20 per share
On Allotment Rs 50 per share
On 1st call Rs 20 per share
On final call Rs 30 per share
Applications were received for 4,000 shares and allotments made on pro rata basis to the applicants of
3,600 shares , the remaining applications being rejected, money received on applications was adjusted on
account of sums due on allotment.
Renuka to whom 360 shares were allotted , failed to pay allotment money and calls money, and her shares
were forfeited.
Kanika , the applicant of 200 shares failed to pay the two calls, her shares were also forfeited. All these
shares were sold to Naman as fully paid up for Rs 80 per share. Show the journal entries in the books of
company.