CBSE Solved Paper - 2023

Outside Delhi Set-I Fuy Solved by Vaibhav Chaurasia,

Marks Obtained in Aoeuntancy 2023 Boards-100100
Time:3 Hours Max. Marks :80

General Instructions :
Read the following instructions carefully and strictly follow them:
(i) This question paper contains 34 questions. All questions are compulsory.
(ii) This question paper is divided into two parts - Part - A and Part - B.
(ii) Part -A is compulsory for all candiates.
(ir) Part - B has two options i.e. (1) Analysis of Financial Statenents and (I))Computerised Accounting. Candidates must
attempt only one of the given options as per the subject opted.
(v) Ouestion Nos. I to 16 and 27 to 30 carries 1 mark cach.
(vi) Question Nos. 17 to 20, 31 and 32 carries 3 marks each.
(vii) Question Nos. 21, 22, and 33 carries 4 nmarks cach.
(vii) Question Nos. 23 to 26 and 34 carries 6 marks cach.
(ix) There is nooverall choice. However, an internal choice has been provided in 7questions of one mark, 2questions of thre
marks, 1question of four marks and 2 questions of six marks.
"This Paper is solely for reference purpose. The pattern of the paper has been changed for 2024 Exam which is been followed in subsequent Sample Papers.
Outside Delhi Set-I 67/2/1

PART - A
(Accounting for Partnership Firms and Companies)
1. (A) Ram and Mohan were partners with fixed capitals of 3,00,000 and 2,00,000 respectively. As per their
partnership deed, interest on capital was allowed @10% p.a. Net profit for the year ended 31* March, 2022
was 30,000. The amount of interest on capital was credited toeach partner's current account for the year
ended 31$ March, 2022 was:
(a) Ram30,000 and Mohan 20,000 (b) Ram 20,000and Mohan 10,000
(c) Ram 18,000 and Mohan 12,000 (d) Ram 30,000and Mohan Nil 1
OR
(B) Anu, Binduand Siya were partners in a firm sharing profits and losses in the ratio of 2:2:1. Siya was
guaranteed that her share of profit will not be les than 50,000. The firm's profit for the year ended 31*
March,2022 was 2,00,000. The amount of deficiency to be borne by Anu was:
(a) 10,000 (b) 2,500
(c) 75,000 (d) 5,000 1

Ans.
(9) ( Ram I8,c00 and Mchan ,000
.:Total intecst on Capital i far &3,DO,EROA1O6
Mokan Z0, D0DX I0O
Q30,DD.
20, 00D
fotto of Appsapsiation 9 3:2
So, Toc to bc codtdRem 30,0on1 &18,000
Mohane3o, DDOA l2,00O
2. Pabitand Mohit were partners sharing profits and losses in the ratio of 2:1. Their capital accounts as on 31 22003
bada credit balance of 1,09,000 and 66,00O respectively. They admitted Sahil as a new partner on 1 April 2021
1th
for share in profits. Sahil brought R25,000as his share of goodwill premium. He agreed to contributecanis.t
in new profit-sharing ratio. The amount of capital brought by Sahil was:
(a) 40,000 (b) 32,000
(c)12,50,000 (d) ?50,000 1

Ans.

Total.captel.enplayed..o9,00D+ RGE,DRO+ 95, DCa

00,O0o-(6u.ha)
Capitel tobe.bxought by Sahil eB2,00,000xnt
so, DOD.
3per share.
3. (A) Radhe Ltd. forfeited 500 shares of 10 each fully called up for non-payment of final call of
Capital Reserve
300 of these shares were reissued at?8 per share as fully paid-up. The amount credited to
Account was:
(a) ? 1,500 (b) 2,100
(d) 1,800 1
(c) 3,200
OR
of?2per share. All
(B) A Company forfeited 1000 shares of 10each, ?7 called up for non-payment of first call
Reserve Account
these shares were reissued at 5per share7 paid up. The amount transferred to Capital
was:

(a) 2,000 (b) ?3,000

1
(c) 4,000 (d) 5,000
Ans.

(6)a)lsDD
llowed on HessUe z 2r3OO 6oo)
Iras: DicoLnt tsonterored to Gepital Reseie I,SDO
DMount to be
4. Suchi and Ruchi were partners in a firm sharing profits and losses equally. Throughout the year Ruchi withdrew
12,000 in the middle of each month. Interest on drawings is to be charged @ 6% p.a. as per partnership
agreement. The average period for calculation of interest on drawings will be:
1
(a) 6, months (b) 6 months

1 1
(c) 5 months (d) 1 month
2
Ans.

6)6 MBatha.
2 2
5. On the reconstitution of afirm the value of furniture increased from7,00,000 to 8,00,000and stock reduced
4,00,000 from 4,20,000. Gain or loss on revaluation will be:
(a) Gain 80,000 (b) Loss 80,000
(c) Gain 8,00,000 (d) Loss 1,20,000 1
Ans.

Baeoti on seUaluatnof tunituse l,00,Dco

Cass on. steualuator pf stc ck
Can on eualuaton
otal asswets of apartnership firm, which was dissolved were 30,00,000 and its total iabilities were 6,00,000.
ANsets were realised at 80% and liabilities were settled at 5% less. If dissolution expenses were ? 30,000, B profit
or loss on dissolution was:
(a) IProfit 18,00,000 (b) Loss 6,00,000
(c) Profit 6,00,000 (d) Loss 18,00,000 1

Ans.
(] loss6,00,70d
Real'satfoa l. C
Pastheuliss Patieulas.
To BankAle
Sundsy LabilthaSta,ao Bykoss onRal'set SCO,DEo
Realketon Epras 3o, oo0l6, Depo
36,Do,0Do 3o, C0,2o
7. Offer of securities or invitation to subscribe securities to a select group of persons by a company (other than by
way of public offer) is known as:
(a) Private placement of shares (b) Sweat equity
(b) Incorporation cost (d) Employee stock option plan 1
Ans.

alSeivate. Ylacemunt ef Shaes.

8. (A)A partnership firm has four partners. How many additional partners can be admitted into the business as per
the provisions of the Companies Act, 2013?
(a) 50 (b) 46
(c) 100 (d) 96 1
OR
(B) Amit and Sumit were partners in a firm with fixed capitals of 6,00,000 and 4,00,000 respectively. Kavi
was admitted as a new partner for 1/5th share in the profit of the firm. Kavi brought R40,000 as his share of
goodwill premium and 3,00,000 as his capital.
The amount of Goodwill premium credited to Sumit will be:
(a) 20,000 (b) 24,000
(c) ? 16,000 (d) 40,000 1

Ans.
9.
(AL (6)46
Gopal, Krishna and Govind were partners sharing profits and losses in the ratio of 5:4:3. Krishna retired on 1st
April, 2022. Gopal and Govind purchased his share of profit by giving him ? 1,20,000. 80,000 was paid by Gopal
and 40,000 by Govind. Gaining ratio is:
(a) 1:2 (b) 5:3
(c) 1:1 (d) 2: 1 1

Ans.
(d)2:1
Ratlo.af.shage a o,000iY0,DDD.2:1
 10. At the time of forfeitureof shares, share capital account is debited with:
(a) Uncalled amount on shares (b) Paid up amount on shares
(c) Called up amount on shares (d) Unpaid amount on shares
Ans.

) alled upaMOunt n shaes

11. Elite Ltd. Issued 20,000,9% Debentures of ? 100each at a discount of 10%,
these debentures, 'Loss on issue of debentures accoune was redeemable at a premium Oie
of debentures is:
debited with? 4,00,000. The premium on redemnt
(a) 4,00,000 (b) 2,00,000
(c) 6,00,000 (d) 10,00,000
Ans. 1

(4)E2,90,00.
o.sso0._Üsue of.de bentuKeAD oo,e0b
lessD kcount on aueof debentuxea 200, DOR)
Poeaium f on sedeMpfion 2,00,D00
12. (A) Net Assets minus capital reserve is:
(a) Purchase consideration (b) Goodwill
(c) Total Assets (d) Liquid Assets 1
OR
(B)When acompany issues shares at a premium, the company can collect securities premium along with the
following:
(a) Application money (b) Allotment money
(c) Call money (d) Any of the above 1
Ans.
(A) a) Paenchqze Conaioxkha
13. (A)On admission of a new partner, the old partners share the gain or loss on revaluation of assets and
reassessment of liabilities in which of the following ratio?
(a) Equally (b) In old profit sharing ratio
(d) In sacrificing ratio 1
(c) In new profit sharing ratio
OR
(B) Asha and Nisha were partners in a firm sharing profitsand losses in the ratio 3:1. Charu was admitted as a
1th
new partner for
4
share in the profits of the firm which she acquired equally from Asha and Nisha. The
new profit sharing ratio of Asha, Nisha and Charu will be:
(a) 3:1:4 (b) 1:1:2
(c) 5:1:2 (d) 1: 2:1 1

Ans.

Read the following hypothetical situation and answer question no. 14 and 15 on its basis:
Rudra, Dev and Shiv were partners in a firm sharing profits in the ratio of 5:3:2. Their fixed capitals were
?600,000, 4,00,000 and R2,00,000 respectively . Besides his capital shiv had given aloan of R75,000 to the firm.
Their partnership deed provided for the following:
(i) Interest on capital @9% .p.a.
(ii) Interest on partner's drawings @ 12% .p.a.
(ii) Salary to Rudra 30,000 per month and to Dev 40,000 per quarter.
(iv) Interest on Shiv's loan @ 9% .p.a.
During the year Rudra withdrew ?50,000 at the end of each quarter; Dev withdrew 50,000 in the beginning of
each half year and Shiv Withdrew 70,000 at the end of each half year.
The profit of the firm for the year ended 31-3-2022 before allowing interest on Shivs's loan was ? 7,06,750.
14. How much amount of net profit will be translered to Profit and Loss Appropriation We?
(a) ?7,06,750 (b) ?7,02,250
(c) R7,00,000 (d) ?7,13,000 1
Ans.

outt to be tanstoored e 7,o6,150 - Z6,150 oD,or

hteest on 8hva' s toane ? DOOr
RG,750.
15. What will be the amount of interest on drawings of the partners?
(a) Rudra 2,250; Dev 4,500 and Shiv 2,100
(b) Rudra 9,000; Dev 9,000 and Shiv 4,200
(c) Rudra 4,500; Dev 4,500and Shiv 2,100
(d) Rudra? 24,000; Dev 12,000 and Shiv 16,800
Ans.

Rucua 2,00,000x Too 212 2

12
12 3
, 40, co0x tooX 12
16. Assertion (A): Under the fluctuating capital method, the balance in the capital account fluctuates from time to
time.

Reason (R): Under the fluctuating capital method, all the adjustments such as share of profit and loss, interest on
capital, drawings,interest on drawings etc. are recorded directly in the capital accounts of the partners.
(a) (A) is correct but (R) is wrong.
(b) Both (A) and (R) are correct but (R) is not the correct explanation of (A).
(c) Both (A)and (R) are incorrect.
1
(d) Both (A)and (R) are correct and (R) is the correct explanation of (A).
Ans.
d) Both CA) Gnd (R)_ 24e Cossect and lR) &canct

17. (a) Sinco Ltd.purchased assets of the book value of 1,98,000 from Dixon Ltd. It was agreed that the purchase
consideration be paid by issuing 10% debentures of 100 each.
Record the necessary journal entries in the books of Sinco Ltd. assuming that the debentures have been
issued:
(i) At a discount of 10%.
3
(ii) At a premium of 10%.
OR
at a discount of 6%.
(b) On 1.4.2021 Y Ltd. invited applications for issuing 10,000, 9% debentures of ? 100 each
received. 9%
The entire amount was payable with application. Application for 12,000, 9% debentures were
debentures were allotted on pro-rata basis to all the applicants. Excess money received with applications
of debentures according to
was refunded. On 31.3.2022 the company decided to write off discount on issue
premium
the provisions of the Companies Act, 2013. On that date the company had 10,000 in its securities
reserve account.
books of the company. 3
Pass necessary journal entries for the above transactions in the
Ans. Ta the boeki afho Ltd
r-al JeURNt
RastiaulanE L.8,Doo

,28,0
DsCont Dn Issue. of De heature D 22,00o
lo (0pehentuxea le 220,pop
(Reng dehentes asuedd D%
dscouat)
ladSundsy Asek fle I,98,000
(Ring Qaset guxchaacd)
L.8,000
I8,n00
|(Being debetises &sued at ios
Suresh was guaranteed
18. (a) Mohan, Sohan and Suresh were partners in a firm sharing profits in the ratio of 2:2:1.
be borne by Mohan and Sohan
a profit of 70,000. Any deficiency on account of guarantee to Suresh was to
in 3:2 ratio. The profit of the firm for the year ended 31.3.2022 amounted to 2,00,000.
Prepare Profit and Loss Appropriation Account of the firm for the year ended 31.3.2022.
OR
A 1,20,000 and B? 80,000. The
(b) Aand B were partners in a firm sharing profits equally. Their capitals were: 38,000 and ?
annual rate of interest is 20%. The profits of the firm for the last three years were 34,000;
valued at 2 years
30,000. They admitted C as a new partner. On C'sadmission the goodwill of the firm was
purchase of the super profits.
Calculate the value of goodwill of the firm on C's admission.

Ans.
Ssyudt and lose ppapsiaton.f
foa the
asthulase arteulas
To Nel Diuille uct: 200,00p
Mohan Bo,0co
Sohan Bo,9e0
 lless fivenb Suvah(12.0po6&,0D0
Suxed 40,000
fodor Soonooo70,000
200,000 |200,009

a Sureah' shaue. of patt

1.
Delciny
To be boxae by: Mohan 30,ODE
30, 000
IB,0tc
19. Vibha, Sudhaand Ashish were partners in a firm sharing profits in the ratio 2:3:1.Sudha retired and the balance
in her capital account after making necessary adjustments on account of reserves, revaluation of assets and re
assessment of liablities was 85,000. Vibha and Ashish agreed to pay Sudha 1,15,000 in full settlemernt of her
3
claim. Record the necessary journal entry for goodwill on Sudha's retirement.
Ans.
JoRNA
PastiulauA
VEbha'sCapial Ale 20,cod
Ashkh's Capal Ale.
6Sudho's Captal A 80,00o

lô,000
Bo, QcOeO.00o
losses in the ratio of 5:3:2. With effect from 1
20. Mita, Geeta and Mohit were partners in afirm sharing profits and
2:2:1. It was agreed that:
April, 2022, they mutually agreed to share profits and losses in the ratio of
(i) Goodwill of the firmn was valued at 140,000.
liabilities amounted to 1,20,000.
(ii) Profit on revaluation of assets and re-assessment of
Show your working notes
Pass necessary journal entries for the above transactions in the books of the firm. 3
clearly.
Ans.

Dr.
|20,00d
To tito's Cap el le
36,Do
(Being proi on heualuaton
efa's Capital Ae Dn (4,000

Calailatioa t sacuitene satto

Mohtt
6ld shae Slo ho
New Shoe

Vhols) hole)

21. Saraswati Ltd. has an authorised capital of ? 10,00,000 divided into equity shares of ? 10 each. Subscribed and
fully paid up share capital of theecompany was?4,00,000. To meet its new financial requirements, the company
issued
first call20,00
and equity sharesand
2 on second of final
10 cach
call.whichwerewas
The issue payable
fuly as follows: The
subscribed. 3onallotment
application; ? 3onwasallotment,
money payable 2
on on
1"
May 20121, firstcall money on 1" August 2021 and final callon 1"October 2021. Xwhom 1000 shares were allotted,
did not pay the allotment and call money; Yan allotee of 60 shares, did not pay the two calls; and Zwhom 400
shares were allotted, did not pay the final call. Present the share capital in the alance Sheet of thecompany as3
Ans.
per Schedule II, Part Iof the Companies Act, 2013. Also prepare Notes to Accounts for the same.
Th the-book of Saxawatltd.
BALANCE SHEE I
tieulang. Note No
I. I.ENurr _AND
Shaveholdox ndTIES
shure Capital S,89,800
Nates to Aaçunt
1. Shaee Captal
Autha:ted Captal
l.00,000 Shasces ot lo each o,00,0Go
Issued Capitl
60,c00 Shasea ot each 600,Doo
Subscibed Gapiteal
Sukscstbed and fully patd-up
S8,000 shares ot 0cach S,80,0 0
Subsceaibeo but nob fuly paid-ys
2000 shOues of lo egch 20, OO
Cess: Calls-in- AANONA 9,Boo
S,89 Bo0
Nctcs to Acccunts
1 Shae Capital
Authasded Capifal
I.DO,000 Shaues ot lo each
Isued Capithl
6D0,000
Subscsibed Gapiteal
Subscetbud and tully paid-yp
Si.000 shoacea ot0eaoh S,8o, Dac
Subsceiked but not ful, paid -u
2,000 shaHea of a to eoth 20,D00
(oo) 2,Bo0
S,89 Bo0
WOakhg Ne tes,:
2400
 22, Meena, Beena and Vena werr partners in a in sharing poits &losses equally Their balaoce
Marh, 2022was as tollows: aheet a on
14
Balanee Sheet of Meena, Beenaand Veenaas on 1" March, 2022
Liabilities Amount () Assets
Amount ()
Capital: Plant a
Meena 1,50,000 Machinery
Beena L,00,000 Stock
2,40,000
o),(000
Veena 75,000 3,25,000 Sundry debtors 36,000
GeneralReserve 30,000 Cash at Bank 50,000
SundryCeditors 30,000
3,85,000 3,85,000

Veena died on 3(" lune, 2022. Avnling to the partnership deed, tle eveutors of the deeased partoer we
entitled to:
(i) Balance in Capital acount.
(ii) Salary tillthe date of death @ 25,000 p.a.
(ii) Share of Goodwill caleulatedon the basis of twiee the average profitsof past three years.
(iv) Share of profit from the cosure of last accounting year till the date of death on the basis of average of thros
completed years' profits betore death.
(v) Profits for 2019-20, 2020-21 and 2021-22 were 1,20,000, R0,00) and &1,50,000 respectively.
Veena withdrew 15,000 on 1" June, 2022 for paying her daughter's school fees.
Prevare Veena's cavital account to berenderedto her executors. 4
Ans.

VEF NA CAPLZAL c
Datelaxticullves |Date Paouteulae?
2022. R022

75,000
leenas.Exezutbi benesal Rescw lo,0 oo
|66,2 so 6,2s0
8yNeenda pihlA4 Yo, coo
supenelo,oan
,6t,2so IL8,2s0

6250.
2

Aottse ,20,000YO,000tI so,o0.

3
2

3. Goodoill 2xI0,000
Veena's shasezl240,900=
3
Ý80,0D:
 .Tsuct tile sthe dat of eath3,20,DDD

lo,00
23. Pass the necessary journal entries for the following transactions on the dissolution of the partnership firm of
Tina and Rina after various assets (other than cash) and external liabilities have been transferred to Realisation
Account:
(i) An unrecorded asset of 18,000 was taken over by Tinaat 16,000.
(ii) Rina agreed to pay her brothers loan of R23,000.
(ii) Stock of 30,000 was taken over by a creditor of 40,000 in full settlemen.
(iv) Expenses of dissolution 40,000 were paid by Rina.
(v) Creditors were paidR 18,800 in full settlement of their account of? 20,000.
6
(vi) Tina's loan of 15,000 was paid through a cheque.
Ans. 3
JoURNA
astieulees.
(JTaa's Capial.Al. 16,0O
To Realisatien

(d Realsation Ale 23.000

ToRinaa Capital fle 23,000

( Neatsy
To Rina'u Capitel t
|(Being disoluten erpenata.
is,&oo
To Benk Ale 18,800.
Beips ccditoss setdec
u0Tha's loon Ale
To Bant le
I(&ehg Ta'sLoanpatd)
24. Pass necessary journal entries for the issue of debentures in the following cases:
) Issued 75,00,000,9% debentures of 100 each at a premium of 10% redeemable at apremium of 5% after 3
years.
(ii) Issued 8000,9% debentures of ? 100 each at a discount of 6% redeemable at a premium of 3% after 5years.
6
(iii) Issued 90,000,9% debentures of ? 100 each at par, redeemable at par after 4 years.
Ans.
JoURNA
Tautulasa.
4| Bank Ae D. B2,50,900
T6 Debentu App4AOlot #e 82,s0,
Debentuea App Allot Al Da S9, 9od
loss on Issue of Debentues Ate Der. 3,75,0o
75,00,Do
ToJeeue 750,0B
T6fentu on Redenpioatt, 3j15,000

DM7,2,oco
Betng applicatiao oney Mece hud
72000

,000

()Bnk Al. 0,o,0

share was
25. (a) Ganga Ltd. invited applications for issuing 10,000 equity shares of ? 10each. The amount per call.
payable as follows:7 2 on application, ?3on allotment,?3 on first call and 2 on second and final
Applications were received for 15,000 shares. The applications for 3,000 shares were rejected and application
money refunded. The shares were allotted on pro-rata basis to the applicants of 12,000 shares. Excess money
received with applications was adjusted towards sums due on allotment. All shareholders paid the allotment
money except one shareholder who was allotted 200shares. These shares were forfeited. The first call was
made thereafterand duly received. The second and final call was not yet made.
 Pass Journal entries for the above transactions in the books of Ganga Ltd. Open Calls in Arrers Account
wherever required.
OR
(b) Mukund Ltd. invited applicationsfor issuing 50,000 equityshares of ? 10 eachat 10% premium. The amount
per share was payable as follows: 3on appication, 3(including premium) on allotment and balance
amount on first and final call. Applications were received for 1,20,000 shares and 'shares were allotted on
Ans. pro-rata basis to all the applicnts. The exCess money received on application was adjusted towards sums
due on allotmentonly. Application money in ees to sums due onallotment was refunded. Ashareholder
who had applied for 6,000 shares, couldnot pay the call money and his shares were forfeited.
Pass necessary lournal entries tor the above transactions in the books of Mukund Itd. 6

Th sthe toka of Ganga ld.

JoURNQL.
Bank fMe.
fauttaleue. De 30,D00

Spuity Shaxes ApphtahonfaDe |30,000

RO,00D
4,000
6,o00
and
30,000
30,e00
Qllateiont aydu)
BonkAla De 2s48o
Ds. S20
|26,000
MDney. AeLe lved
erept on 200 shane
Equity ahase(apitelA Do L,000
tofasseted shasen
To Calln-Atyesae
fte Sa
Reing 200 shava foskito)
 |Cguty Shaca lbst (all Ale Du l2e,x00)
24,4DO
Baa Alc D2,4OD
To lyuty Shanes Bsat GallN

Jhazes Qpplied.b4. sthe Manz 200s 12900..2o

Hpplitaina.Manu tanteuede 200xZ2" RHoo)

26. (a) Madhav and Girdhari were partners in a firm sharing profits and losses in the ratio of 3: 1. Their balance
sheet as at 31 March, 2022 was as follows:
Balance sheet of Madhav and Girdhari as on 315 March, 2022
Liabilities Amount ) Assets Amount ()
Capital: Madhav 3,00,000 Machinery 4,70,000
Girdhari 2,00,000 5,00,000 Investment 1,10,000
Workmen's compensation fund 60,000 Debtors 1,20,000
Less: Provision
Creditors 1,90,000 for doubtful debts (10,000) 1,10,000
Employee's Provident fund 1,10,000 Stock 1,40,000
Cash 30,000
8,60,000 8,60,000
On 1" April, 2022, they admitted Jyoti into partnership for 1/4h share in the profits of the firm. Jyoti brought
1,86,000 as her capital and 40,000 as her share of goodwill premium in cash. The following terms were
agreed upon:
(i) Stock was found undervalued by? 23,000,
(ii)) 20% of the investments were taken over by Girdhari at book value.
(iii) Claim on account of workmen's compensation amounted to 70,000, which was to be paid later.
(iv)Creditors included a sum of 27,000 which was not likely to be claimed.
Prepare Revaluation A/c and Partners Capital Accounts on Jyoti's admission.
OR
(b) Radhika, Ridhima and Rupanshi were partners in afirm sharing profits and losses in the ratio of
31" March, 2022, their balance sheet was as follows: 3:5:2. On
 Balance Sheet of Radhika, Ridhima and Rupanshi as on 31.3.2022
Liabilities Amount () Assets Amount ()
Sundry Creditors 60,000 Cash 50,000
General Reserve 40,000 Stock 80,000
Capitals: Debtors 40,000
Radhika 3,00,000 Investments 30,000
Ridhima 2,00,000 Buildings 5,00,000
Rupanshi 1,00,000 6,00,000
7,00,000 7,00,000
Ridhimà retired on the above date and it was agreed that:
(i) Goodwillof the firm be valued at 3,00,000.
(ii) Building was valued at 6,20,000.
(ii) Capital of the new firm was fixed at 5,00,000, which will be in the new profit sharing ratio of the
partners; the necessary adjustments for this purpose were to be made by opening current accounts of
the partners.
Prepare Revaluation Account and Partners'Capital Accounts on Ridhima's retirement. 6

Ans.

astheulaa festkulana
Csedttoa R7,000
Tofan ong4eualuaton. |23, 000
Madhau. Bo, pos.
So, 000 So00o
D. PARTNER CAPLTA Al
fateuslau Madhau Givdaaotr axticalasd Madhaulesdha Jyoti
Bybalanabla,pod 2.e0,009
22,000| BRevizluati So,p0 D,08o
I,86, 00
B YsteßuH
360, Doo220,000|1 B6,Do |36D Do220,eo1,86,0oD

PART - B
OPTION-I
(Analysisof Financial Statements)
27. (A)Which of the following is a tool of Analysis of Financial Statements?
(a) Statement of Profit & Loss (b) Ratio Analysis
(c) Balance Sheet (d) Notes to Accounts 1
OR
(B) ratios are calculated to determine the ability of the business to service its debt in the long run.
(a) Profitability (b) Solvency 1
(c) Liquidity (d) Turnover

Ans.
a7-la) C6) Rato Analysis.
 28. The Inventory Turnover Ratio' from the following information willbe:
Revenue from operations 12,00,000
Average Inventory 2,00,000
Gross loss ratio 20%
(a) 6 times (b) 5 times
(c) 7.2 times (d) 3 times

Ans.

Ioventsy snavo. Rutio. uyD,D00

29.
200,0Do
(A) Interest of 3,000 received in cash on loans and advances will result in:
(a) cash inflow from operating activities.
(b) cash inflow from investing activities.
(c) cash inflow from financing activities.
(d) Nochange in cash or cash equivalents. 1
OR
(B) Incase of a financial enterprise whose main business is lending and borrowing, 'interest paid' and 'interest
received are classified as:
(a) Operating activities (b) Investing activities
(c) Financing activities (d) Cash equivalents
Ans.

30. Which of the following transactions will not result in flow of cash:
(a) Cash withdrawn from the bank7,000 (b) Issue of shares 20,00,000
(c) Purchase of investments 60,000
(d) Payment of wages 11,000 1
Ans.

lal Cash.wihduaon t4oH Bonk

31. Under which major heads and sub-heads will the following items be
presented in the Balance Sheet of the
company as per Schedule III, Part I of the Companies Act, 2013?
(i) Bills receivable
(ii) Securities premium reserve
(iii) Calls in advance
Ans.
31-B Receivables: Tuade Reeeivablea of uaneat Arehk
fnds
G) ale ih-Acuane. i Dthey CunHEnt Ciabilihe in Cusonent
Liab:iHes
32. It is the process of identifying the financial
strengths and weaknesses of the firm by properly establishing
relationships between the various items of balance sheet and the
Identify the process and state any two objectives of the identified statement profit and loss.
of
process. 3
Ans.
The puoces dicussed hexe s Rato Aal4sh
QHe -

) To detesnine cthe snluency of the bulaincas,its,

abily o pay is dettn
)To ditesne táe Manageal nd opcxatbnel
ape
cficeny o he buhe ontexpa'se.
33. (a) (i) Calculate Revenue from operations of BN Ltd.' from the following information:
Current Assets 8,00,000
Quick ratio 1.5: 1
Current ratio 2: 1
Inventory turnover ratio 6 times
Goods were sold at a profit of 25% on cost.
(i) The operating ratio of a company is 60%. State whether 'purchase of goods costing 20,000 will increase,
decrease or not change the operating ratio. 3+ 1= 4
OR
(b) The debt equity ratio of M Ltd. is 2:1. State with reasons whether the following transactions will increase,
decrease or not change the debt equity ratio:
(i) Obtained a loan from ICICI Bank? 1,00,000 payable after 5 years.
(ii) Purchased machinery for cash 1,50,000.
(iii) Redeemed 9% debentures 1,00,000.
(iv) Issued equity shares for purchase of machinery of 5,00,000 to the vendorS.
Ans.
33-(a))_ Cucneat Rato Cexen ck
Cuss1eat Ciabilihes
2 2X8,DD.Daa.
Cuentiabilhe
» CuLHCAt LabiliHea.
QuickRaho.-Qasek_Asset.
usat abiihc
s Quick Assek
Cutent iabiles
T6o0,0oa
-wentNy sCuseate Assek-Quickh Akset
8,00,000-
Cos of looda sold
Thventosy 6
Avexage Inuentaay
Cost of sooduald
00,0DO
Reuenue fuan. Opaat'oas koa,ab0 f QSA afleco,.
leo0,DOD S,DO,DDo
:i TtoD incteaLe the opesatiag sata as the.
--.puxchaAe of goocs iå apau af cast ofgood
 (6) ) TL oill fncoea&c he deb.hun, Debt
Rato wRVl inceadc.
i) Tt ull not have
Ratb
in alfect Debt -quty
ia)Rcderphion of debenterea otll sedee the
debt ,thus Debt- tg:uily Rato will deceaAc
iu) As Ksue of he &hases w:ll in eeaAe
cgulty; w»ll decxease sthe Dedt -Gzuity
Retfo
34. Readthefollowing hypothetical text and answer the given question on the basis of the same.
Sujata started a small enterprise under the 'Skill India Scheme, As the business grew, the revenue started
increasing andshe decidedto form Sujata Ltd. to achieve her objectives with 10 other likeminded persons. The
financial position of the conpany is given in its Balance Sheet as at 31.3.2022: 6
Balance Sheet of Sujata Ltd. as at 31" March, 2022
Particulars Note No. 31.3.2022 () 31.3.2021 )
1. Equity and Liabilities
1. Shareholders' Funds
(a) Equity share capital 20,00,000 17,00,000
(b) Reserves and Surplus 3,00,000 4,00,000
(Statement of Profit and Loss)
2. Non-current Liabilities
Long term Borrowings 3,00,000 2,00,000
3. Current Liabilities
Trade payables 50,000 25,000
Total 26,50,000 23,25,000
II. Assets
1. Non-current Assets
(a) Fixed Assets
) Tangible Assets 8,00,000 9,00,000
(ii) Intangible Assets 5,00,000 2,00,000
(b) Non-current Investments 3,00,000 4,00,000
2. Current Assets
(a) Inventories 4,00,000 5,00,000
(b) Trade Receivables 1,50,000 1,25,000
(c) Cash & Cash equivalents 5,00,000 2,00,000
Total
26,50,000 23,25,000
Additional Information:
Depreciation of ? 1,00,000 was charged on Tangible Assets during the year.
On the basis of the above information prepare the 'Cash Flow Statement' of Sujata Ltd.
Ans.

In the bDoku of
CASH flo) STaTEHEDNT
foxtkulov. DetailseAouat e)

(00,00)
 Add:Non- Dpexatha hon-lash Treu:
Depeciaton.
Oppattng Poof betone tWokhe CapluayNIL
Deetease n CumeglAaete
Tnuentoxia. LD0,D0
uad Sayablea
L,25,0DO
Lees: InesHeast _în CuMent Assek:
Tyade Receiu ablaa.
LCashPlow fuom ßpexathg Ativit
(s) Cash owOM Testing Letivihes
(3,00,Don)
Boceds sole
20000D)
Peocceda foM: Tasue o Shane 3.0D,Doo

400,DDO
3.00,Doo