PART - A

g for p t h. F. .
(Ac cou ntin ar ner s 1p irm s and Com.pan ies) .
1. .
Kanh a, Res ham and N'1sh a wer e part ners m
f a firm Nis ha had give n a
I ~nta nt of the firm i~
oan °:
_l,0 0,00 0 to the firm @ 10% p.a. The acco
@ 6% p.a. At wha t rate the
~mp hasi zing tha t inte rest on loan will be paid
inte rest on loan will be paid to Nis ha ? ·
(B) 10% p.a. '
(A) 6% p.a. \
(D) No inte rest on loan will be paid .
1
(C) S% p.a.

ing profit in the rati o -of 4:1.

2. G-qpta and Sha rma are part ners in a firm shar
shar e in the profits, whi ch
The y _aq.m itted Pre eti _a s a new part ner for 1/4th
it shar ing ratf o of Gup ta,
she acq uire d who lly from Gup ta. New prof ' ·"
Sha rma and Pre eti will be:
(A) 2: 1:1 (B) 11:4:5
(D) 7:5:4 , 1
(C) 3:3:2
• r• • I '

in a firm sha; mg profit.s and

3. Adi tya, Vis hesh and ·Nim esh were part ners
. Rem aini ng p~rt ners deci ded
foss·es equ ally . Adi tya died on 1 July , 2023
st
to shar e futu re profits in
to con tinu ~ the bus ines s of the firm -and decided
and Nim esh will be :
the rati o of 4:3. The gaining ~atio of Vjsh esh
= · · •

(A) 4:3 (B) . 3:2

\ 1·
(C) 5:2 (D) 1:1

0 equ ity \ 1iar es of .

4. f~f -VisiOhan~dct Ltti'. invited applicatiori~ .for issuilig 6,00
h -it ·16%/ prem ium. The issu e ·was . fully subs
cribed. The
,. [. ,-. '
amo unt per sha re was pay able as follows·: · .·
ludi ng prem ium ), on first
_·-,... Oh app lica tion - f 3, Oli.· allo tment - ~ 3 (inc
hold er of 200 shar es paiq
· call - f 3··an d on fina l call - f 2. Ash ish the
l amo unt r~c~ived o~
the enti re inon ey alon g wit~ al1o~me nt. T~e tota
allo tme nt was :
1
(A) f 18,0 00 (B) t 19,000
(D) f 21,000 \ 1
(C) f 25,0 00
OR
ed at a prem ium
(b) M Ltd. forfeite d 5,000 equ ity sh~ res off 10 each issu The min imu ~
e.
~f 10% for.i1ori-payment of fina l call ·o ff 2 per shar
sued as fully paid up will
.. ... amo unt at whfoh -·t hese sha res can be reis
be:
(B) f 10,000
(A) f 5,00 0 1
(D) f 50,000
(C) t 12,0 00
P.T.O.
Pag e 5of 32
67/4/1/21/QSS4R
 capit al
5. Assertion (A) : Unde r the fixed cap1tal method, partn ers'
..accou nts alwa ys show a credi t balan ce.
_·of profi t
R~as on (R) : Unde r the "fixed capit al meth od, all items like share
ings are
or loss, inter est on capit al, draw ings, inter est on draw
nt.
recor ded in a separ ate accou nt calle d partn ers' curre nt accou
.
Ghoo~,e the corre ct altern ~tive from the following:
on (R) is the
(A) .-.Bot h Asse rtion (A) and Reas on (R) are correct and Reas
corre ct explS:nati6n of Asse rtion (A).
on (R) is not
(B) Both Asse rtion (A) and Reas on (R) are correct, but Reas
the corre ct expla natio n of Asse rtion (AJ.

1
(C) Asse rtion (A) is correct, but Reas on~(R) is incor rect .
. (P) Asse rtion (A) is incor.rect, but Reas on· (R) is correct.
:~f:.. . : :t. . . ' ~
' 1

6. (a) .'' Vany a and Aany a .were partn ers in a firm .shari
ng profi t and· losse s
~ 1,00, 000
-· :in the ratio .of 3:2. -Their capit al were ~ 5,00,000 and
8% p ..a. and
,r--,·,.. r:~spectiViely. Vany a was entitl e~ to inter est on capit al@
net profi t
Aany a was entit led to salar y@ ~ 5,000 per mont h. The
divis ible
befor e any appro priat ion was ~ 1, 75,000. Vany a's share in
profi t will be :
(A) ~ 45,000 (B) ~ 30,000
· (D) ~ 40,000 1
(C) f 37,50 0
i _::· -.~.' '- ,.. ,'f •. ' oR:
. _.. _

entitl ed to a
(br~~Oriik ar.- iiiid Shiv a·irer e partn ers in .a firm. Omk ar was
a salar y of
·,~.-;·: salar y ·of J · 20,000~·p:a. ·wjiile Shiva , Wa$ entitl ed to
after
f 50,00 0 p.a. Net profi t fqr th.e. year ende d 31 - Marc h, . 2023
st

charg ing salar y of .Qmk ar and Shiva was ~ 5,60,000.

The· total
amou nt credi ted to Omk ar's capi_tal accou nt will be:
(A) f ·2,45 ,000 . (B) f 2,65,000
(D) ~ 3,00,000. 1
_1,, , • (C) .f 3; 15,00 0 .· = .

, .. .
n who
7. A~s.ertlon .(~) _; _Inter est on- beare r debe nture s is paid to a p~rso
s.
. . , . produ ces the inter est coupon attac hed to such debe nture
delivery and
Reas on (R) : Bear er debe nture s are· trai:isferred by way of
rs.
the comp any does not keep any recor d of these debe nture holde
Choo se the corre ct ·o ption from the following ·:
on (R) is the
(A) :-l3oth Asse rtion (A) an'd Reas on (R) are corre ct ' and Reas
corre ct expla natio n of Asse rtion (A). ..
on .(R) is not
(B) Both Asse rtion (A) and 'Reas on (R) are corre ct but Reas
the corre ct expla natio n of Asse rtion (A).
(C) Asse rtion (A) is corre ct, but· Reas on (R) is incor rect. 1
(D) Asse rtion (A) is incor rect, but Reas on (R) is cotre ct.
P.T.O.
Page 7of 32
67/4/1/21/QSS4R
 d 9%
8. (a) Arna v Ltd. purc hase d asset s worth f 24 00 000. It issue
. debe nture s of' 100 each at a discount of 4% 'for paym ent
' of the
vend or
purc hase consideration. The num ber of debentures issued io
1

were :
(A) 24,000 (B) 25,000
1
(C) 30,000 (D) 28,000
OR
(b) On l ~JAay, 2023, Amrit Ltd. issued 10,000, 10%
9 debentures off 100
Loss on
each ~J a premium bf 10% redeemable at a premium of 10%.
issue :of debentures will be : ·.·
(A) . f 2,00,000 (B) f 1,30,000
1
(C) f 1,00,000 (D) f 80,000
,
'
h,, 2023
(a) Riya, Rita and Renu were partn ers in a firm. On 31 Marc
st
9.
0 was
Renu retired. The amount payable to Renu f 2, 17,09
est on
. trans ferre d to her loan account; Renu agreed to receive inter
~'The rate
· · · · · this· amo unt as-pe r the provisions of Partn ershi p Act~- 1932
. ~,. :at. whic~.~ter_e st would be paid to Renu is :
(A) 9% p.a. (B) . 6% p.a.·
(D) 10%· p.a. ·1
(C) 12% p.a.
OR -
(b) Ravi, Vani and Tdni were equal partn ers in
a·· firm. After the
were
retir emen t of Vani, the ~apitaJ balances of Ravi · and Toni
f l,p6,000 and f 1,08,000 respe_ctively. The new capital
of. the firiµ
.... -· was deteri;nined at f 2;80,060. It\va s"decided that the capit
al :wi_ll be
. / _,. in proportidn 'of the profit sharing ratio 'of'the rema :ining~-part ners .
· .. · ·
, , _~, Toni wilt,bri:ng · - for deficiency of-his new.capital. -.
(A) , 40,000 . {B) f 12,000 . \'
(D) f 32,000 \ 1
· (C) .,.- ~0,000 ·

-10 and 11 :
. R~ad. the following hypothetic~! situation and answ er questioris
• t
. '

~~: ~nd}.os,es
;,, _, : Aditi ~nd_Sau.!~bh w,eI"e part~ ef~i~ a f11:11?- -~~~~g:._P:t:<?.~5,Qo;qoo a.nd
' -...... '1,1,,.

µi 't4e r~tio of 2:1, On 111t April, 202~ their capitals wer~ r

r.4,00~000 respectively. Before any appropria tion, 'the firm earn ed Net a
rding to the
profit iof f 8t,oo o •for the year ended 31 March, 2023. Acco
st
p·.a. __
. partn ersh ip:deed, inter est on capital was to be pr~vided@ 10%
.. •; \ :
. .
in which of the
10. Interest' on capital will be provided to Aditi and Saur abli -~
following ratio ? ··
(A) 5:4 (B) 2:1
(D) 8:1 1
(C) 1:1 ' .

Page 9o/3 2 P.T.O.

67/~/~/21/QSS4R · '>f C • • f
11. Int ere st on Adi ti's cap ital will be :
(A) '50 ,00 0 (B) f 45,0 00
1
1
(C) '40 ,50 0 (D) , 54,0 00

• . ·
12. Vis hnu and Mis h u are part ner s ma firm. M1shu dra ws a fixed am oun t at
th e -end of eve ry qua rter . Inte res t on dra win gs is cha rge d@ 15% p.a. At
th e end of the yea r inte res t on Mis hu's dra win gs amo unt ed to f 9,0 00.
win gs of Mis hu for :
Int ere st on dra win gs was cha rge d on dra
(B) 7 ½ mo nth s
(A) 6 mo nth s 1
(D) 4 mo nth s
(C) 4 ½ mo nth s

the re wer e deb tors of ., 34, 000 .

13. On the diss olu tion of a par tne rsh ip firm
was rea lize d from th~ rem ain ing
Deb tors off 1,0 00 bec ame bad and 69%
and by how mu ch am oun t on the
deb tors . Wh ich acc oun t wil l be deb ited
rea lisa tion from .deb tor s?
(B) . Pro fit & Los s Ale by f 1,0 00
(A) · Rea lisa tion Ale by , 33, 000 1
(D) Deb tors Ale by , 14, 200 . '\
(C) Cas h Ale by f 19, 800

14. (a) .
--
Wh ich one of the foll. owing item s is not .
dea lt thro
.
ugh Pro fit
.
and Los s

Ap pro pria tion Acc oun t ?

(A) Int ere st on Cap ital (B) Int ere st on Dra win gs
tne r's sala ry 1
(C)'-'-l!-- Ren t pai d to par tne rs . (D), Par
OR
the Bal anc e She et of the .fir m
(b) At the tim e of adm issi on of a par tne r,
erv e off 80, 000 . The clai m f~r
sho wed a wo rkm en com pen sati on res
at, l,00 ,00 0. The sho rtfa ll of
wo rkm en com pen sati on was est ima ted
f 20, 000 will be:
(A) deb ited to Rev alu atio n Acc oun t
·(B) cre dite d ·to Rev alu atio n Acc oun t
oun ts
(C) deb ited to Par tne rs' Cap ital Acc 1
oun ts
:- (D) cre dite d to Par tn,e rs' Cap ital Acc

per the pro vis ion s of Com pan ies Act , 2013 Sec urit ies Pre miu m can not
15. As
be util ize d for :
(A) buy bac k of sha res
(B) iss ue of par tly pai d bon us sha res
#

deb ent ure s . ""

(C) writing off dis cou nt on issu e of 1
·.
(D) wri tin g off pre lim ina ry exp ens es
Pa ge 11 of 32 P.T.O.
67/4/1 /21 /QS S4R
 If ven dor s are is ~ued f11llY paid .
l6.
- .d .- sha res of f 1 25 000 in pur cha se
condisi edration of ;11et asse ts of f 1,50 ,000 , the balan~e ~f t 2·5' 0Q0
·- ·
will :,be
~re te . to.: ·
(A) Sta tem ent of Pro fit and Loss
(B) Goodwill Account
•
.' (C) Cap ital Res erve Account
1
(D) Pro fit and Loss Adj ustm ent Account

Reeha, Mee nu· and Sar a wer~ part ners in a part ners hip firni .. ·shari11g
17 .
effect from 1st April, 202 3,
pro fits and losses, -in the rati o of 2:2:1. Wit h
. On tha t d~te, ther e was a
they -a~ eed to shS;re profits and l~e s equally
fi~m. It was agr~~d tha t :
Gen eral Res erve of'f 50,0 00 in the books of the '
'

(
. - . -
(i) d-oodwill of the firm be valu ed at f 3,00,'000
sni~nt of •tfab iliti es
(ii)
. ~
Pro fit on re~a luat ion of . asse ts and re~asses · '\/
~mo unte d to -f ·30,0 00.
e tran sact ions · in the
Pas s nec essa ry jour nal . entr ies ' for the abov
.3
boo ks of the firm .

n d _Mac hine ry -from I~h _Ltd.. for -.. ·

18. (a) · Ma hes h Ltd . · pur cha sed ·,,Pl_ant a-
and th~ bala nce
. t 4,50 ,000 . f ,50,0-0b was paid by ~h~qlie to i~h Ltd.fof 20%~ ·, -..
--.- ~-·.-:_-~y issilirlg1:-6o/c{d,~ne ~tu res·off .iob each at El-dis~oun
e tran sact i~rt s in the
Pa;ss .the nec essa ry Jou rna l Ent ries for the abov
• • t • '• •• /
•

:_,,._ .· boo ks.· of ¥~h es} l Ltd~ ,, _. \• .. . •.

' )-
r
(b) ' 'Ma nik~ .- ~t(L., forf.~ite_q 5,q9\S.?~~e~ :o( , . 100 eacli .fO~r non-p~yiri¢nt :'of
l call ,of,~. 2~ per ·- s hare .
. fdEft· ~all .off-·2 0---p~r _sha re::~ nd sepond _~nd fina • . '! . :'\ . ' ' ' • • _ .,-· • .

fo fully, -pai d up.

• •. • • •
.

250 of thes e sh~ res wer e reis su_e d. at f 50 per_slia:

·, •
· . '"

sue of sha~e~~. · 3 ·
Pas s the· jou rn~ l Ent ries for :forf eitu re an'd reis
~ .
. I • , ' •
;'f I • •
• ,· •: . ' •
, • I • ,
• _, ~ \ , ; '
,

s· &harili~ .· ~i:ofits ~n~ .~o~s~13 ·~qually.

1 •
/ • .... •

. · ·19. ;~(a) ,~ 1.Aa yus h _artd kris h are :par tner

e_qtlitl ·s~a r~ µt,•· th~. itofi~s. For
.:v
. . _ The y dec ided to ad-Qiit ans h ·far_an·:
to. be vkl\ied at fotfr yea r~
. this pur pos e·, th_e -goodwill _of: the firm was
·pur cha se of sup er prof its.
P.·T.·O~
Page· 13 of 32 · .- • • ..,. : i •

67/4/1/21/QSS4R
 the fi . . .
Th e bal a_nce she et .of· . irm on 31. 3.2 023 bef or~ adm1ss1on ofV ans h
wa s as fol low s:
Ba lan ce Sh ee t. 0 f A a vu sh an d Kr ish .as on 31. 3.2 023
. .
f
Lia bil ~ti es_ ,
I • •• •
AmQunt As set s . · Am ou nt
.. \,
,,) (')
Ca pit als : Machinery 75,000
Aa yu sh 90, 000 Fu rni tur e 15, 000
Kr ish 501000 1,4 0,0 00 . Stock 30, 000
· Ge ner al Reserve 20, 000 Debtors 20, 000
· L>an 25, 000 Cash 50, 000
, ·Cr edi tor s 5,0 00 '
1,9 0,0 00 1,9Q,000
the
~2% per ann um . Average profit. of
. ·,_·..1.1~.e , no rm al rat e of ret urn is 's sha re of
· -~r m for the las t fou r yea rs wa s~ 30 boo ; Calculate Vansh , 3
_, · · '
'· :. -. Goodwilt. · ·. -
OR
Ta run ,. Ar un an d Ba run we re par tne rs in a firm sha rin g
(b) Va run ,.
~tp ~J I.l ;
.~h~ . rat io , o,f 5:3:,2 :2. Ar un ret ire d on 31 st March, 202 3.
•~· ~7,~~ -~ .J;p p~ofits equally ..On
,. _,-. Yaru n, .. r~_ru_n arid ~-a~un ·decided to .shap~ futur~
odw ill 9.f th~ firm ~a s val ued at ~ 9,:oo,ooo.
. ., . · Ar lin 's 'ret ire me nt; Go r e·n try for
:·:-[ ,-,_,·-5r, Sho'win:g Ydiit workings
cle atly, ;pa ss: the: nec ess ary Jou rna
ill
ret ire me nt wit hou t opening goodw
tre atm·e nt of Goodwill on Ar un' s 3
• ! 'i .- .

t' ; • •
:. - J

g profits and losses in the rat io

• • ~·\ , ·
••. · - :-.
, \• " ' I_ 1~·- ;. •
:
i_;_
ta we re par tne rs in a firm sha rin
20. _ At ul an d Gi ely.. ~ r ,-
Th eitd :ix ed:· cap ita ls, we re f 4,00,000 and f .2,00,000 r~spectiv.
,. m'~ ere st on
acc otm t
. s:-~for; t
r, he ye ar. -w~ re prepa;red, it Wf:lS. noticep: that int
. ,-· ~
- ij.ted ·to
-the :p.a rtn ers_hip dee d, wa s not •Grec
'. ,;;citJ.li~al @._q%-;.- p.a; ~ ,as .provi,d,ed in iqu tion-ofprofits. · .·. · :< : . : ·
cou nts of par tne rs bef ore·di ~tr
the cap ita lac 3 .
,ar y adj ust ing Jou rna l e~t cy. Sh o~ yo:u r workings:-c~~Q,rly. ·
Pa ss the necess
I
.~ •
• , • • '

': ci~pital ;of ~ :~5 ~00:000 .

. 21. :·•Roru.t 'Lt d~ w~s·.irE igis tere d -\\ti tl( an . a
_ uth ori sed
invite d
div iae d -·m td 75;0Q!L equ ity ·sh'.are~f -of -~ ·100- eac h: Th e com par(y
res . --- --
app lic ati on s for iss uin g. 45,000 sha 30 per
as s : ~ 30 per sha re on application, f
-T he am ou nt wa s pay abl e- follow l. ·
on fir st call and ·ba lan ce on final cal
sha re on all otm ent , t 25 pe r·sh are de _to
p
; ijca tio ns-.we,:re :re cei yed for -~2 .000, s~a res ~an d .all otm ent -was._ Qia
_. A,J> , failed to
wh om· 3,300 sha r~s we re B:l~otted,
~.-. a;U.~..th~ app lic ant s. ·Ch a;r vt to pit al. in
re forfeited. ~re s~n t the sha re ;~~
pa y bo th the calls. He r sha res we I of the
pan y as pe r .Sc;h.e du le, IIl , Pa rt
·t he Ba lan ce Sh eet of the . com · 4
201 3. Als o pre pa re no tes t9 aCC f?u'.nts.
Co mp ani es Act, 1

P.'f.~.
Pa ge 15 ~f 32
67/4/1/21/QSS4R
 Blan,'.R avi and Rohan were P t . _ h .
On 31•~March , 2023 th • B ar ners s aring profits in the ratio of 2:3: 1.
' eir a1ance Sheet was as follows •
B aIance Sheet of Ram R· av1. an d .
I•
Rohan as on 31.3.20 23
Liabil ities Amou nt(') Assets Amou nt (t)
Credit ors 3,62,000 Cash 14,000
Genera l·Reserv e 18,000 Bank 2,96,000
C-apital~: Stock 80,000
Ram 1,00,000 Debtor s 3,00,000
Ravi . 2,00,000 Less : provision for
Rohan 3~00,000 6,00,000 doubtf ul debts lQ.000 2,90,000
Invest ments 50,000
Land 2.50,000
.9.80,000 · 9.80,00 0
Rohan · died on 30th Septem ber, 2023. On the death of a partne r the
partn·e rship deed J?-r ovided for the following : · . . · .
(i) Goodwill was to be valued at· two years purcha se of averag e profit of
~ast -_three ·years·; The profits for-the last three years wer~ : 2020-21
~ 45,000 , 2021-22 f 90,000 arid 2022-23 f 1,35,000.
-. (ii) · Decea sed partile r;s share of profit till the date .of his death will be
calcula ~ed on th~ basis -. of averag e profit of last three years. · ·
Prepar e Rohan 's Capita l Acceun t to be render ed to his execut ors. 4

23 . . (a) Laza! Lt4.--in vited-~pplications for issuing 2,00,000 equity, shares of ·, 10

~ g!!, ,at_20% premiu m. Amount per share was payable as (ollows : f 5 on
~_p.,plj.(?a~fon_; t 4.{including ,premium) on allotment .; and balart~ .pri.~st
arid-fin al call Public applied for 3,20,000 shares, out of ·which applfoations
foi20,000 shares ·were rejected and shares were allotted·oil pro-rat a basis
to the remami.ng .applications~Kavita, an applicant of 15,000 sl'.lares failed
to pay allotm ent'and call money. Her shares were forfeited.
Pass n~cess ary Journa l entries for the above transac tions . in the
books of-the. compa ny. . ·!-,··
6
t
OR
(b) Chand Ltd. invited applica tions ·for issuing 1,00,000 equity shares of
t 10 each at a premiu m oft 2 per share. The amoun t pei: share was
-payabl e as follows : ~ . 4 (inclu ~g pre111ium) on applica tion, f 5 on
, •_,. allotmen~ and balanc e "on first and final call. Applic ations were
.,:· ' receive d for 1,.80;00 0 shares of which applic ations for 30,000 shares
were ,rejecte d -arid' remain ing·applica nts werea:a llotted shares on pro-ra ta
basfs. Mansi holdin g 5,000 shares fail~cl -to pay first and final call
money and her sh~res were forfeite d. , .
. Pass necess ary Journa l entries for. the above transa ctions in the
books of the compa ny. . a·

Page· 11 of 32 P.T.o.·
67/4/1/21/QSS4R
 24. (a) Anikesh and Bhavesh are . . .
ratio of 7·3 Their B 1 · partners lil a firm sharing profits in the
follows : · · a ance Sheet as on 31st March, 2023 was as
Balance Sheet of An 1"k . h
es and Bhavesh as on 31•t March, 2023
Liabilities Amount Amount
(') Assets (f)
Creditors 36,000
60,000 Cash
Outstanding wages . 9,000 Debtors 54,000
General Reserve 15,000 Less: Provision for
doubtful debts 6,000 48,000
Capitals: Stock 60,000
Anikesh 1,20,000 Furniture 1,20,000
Bhavesh · 1,80,000 3,00,0QO Machinery 1,20;000
3,84,000 .3,84,000
st
On 1 _April, _2023 Chahat was admitted for 114th share in the profits
on the followmg terms : 0 0
• ""',.. • · .

(i) Chahat will bring f 90,000 as her capitalai;id f 30,000 as her

share of Goodwill premium. · : · ·
. (ii) - Outstan~g wages will be paid.
(iii) Stock will be reduced. by 10%-.
(iv) A cr~ditor off 6,300, not recorded in the books, was to :be taken
.
into account.
. .
· -
· · ·
~ Pass necessary Journal Entries for the above transactions in the
the·
. '.'books of firm. _ . . . , -_: . . . · -·- _: . · 6
. OR
(b) Priria, Qadir arid Kian were partners -in a firm sharing profits in the
ratio of7:2:l.On 31 st March, 2023 their Balance Sheet was as follows:
Balance Sheet of Prina, Qadir-and Kian· as on Stst March, 2023
Amount · Amount
· Liabilities Assets
(t) (')
Capitals: -
Land · 12,00,000
/_ r •

Pi;.na ,,-- 9,60,000 Building .9;oo;ooo

,'

Qadir~ 8,40,000 Furniture - 3,60,000

-9,00,000 27,00,000 -Stock 6,60,000
Kian ' ;

General Reserve . 3,00,000 . :Debtors 6,00,000

-Wofkmen's Less : Provision for
......... ~ .._

-compensatiqn Reserve. '.5,40,.000 doubtful debts 30,000 · 5,70,000

' 3,60,000 Cash at Bank -. 2,10,000
Creditors
39,00,000 39,00,000

. Page 19 of 32 P.T.O.
67/4/l/21/QSS4R
 On the above date Q di
~----- ----
.
(i) Goodwill of the~ r retired on the following terms :
(n") Lan d was to b irm was .valued at, 12';00 '·000 · .
d . e appreciated by 30% and building was to be
eprec1ated by , a, 54,000 _
1 : :- • · .,
, ..
(iii) A provision.of 6% is ·to b . . ·
.
(iv ) L' bil' e maintained on debtors.
ia ity for work men's . compensation was determined at
'1,40,000.
~~) Amount payable to Qadir Was transferred to his loan account.
!ot~~~apital of the new firm was.fixed at, 16.,00,000 which will
e a JUSt e~ . according to their · new profit ratio by opening
current accounts. · ·
Prepare Revaluation Account and Partners' Capital Accounts::.· 6

· ·
· transactions
· £or t h e £o11owing
0

25 · Pass
. , . _J.ournal
. ~ . necessary
the _ ent nes. on the
dissolution of the-:Partnership firm of Tina ,a:nd: Rina after the various
assets ,(~ther than '- cash· arid bank) and ext~al . liabilities · have·· been
transferred to realisation account : . · , '· ·
(i)- There wa.~ an. _outstanding bill for repai~s· fo~ which , 20:00~ ~~~~
paid. · · .: · · · . ,· · · · · . · · · ·,. ·. ·
(ii) The·. firm had stock of, 80,000 ..~a,to9k over ·50% .of the stock at a
discount of 20% while the remainin_g stock.)va~ solq off for f .-..52,000. · ·
(iii) 'The firm had 100 share~ off 10 each ~hi~h were taken overby the
at
., · , _.. partners : 'market :value·: of ·f 20· Jter
sha~e· iiPtheif profit shanng:
ratio•of 3:2. ·. ·'. ;-- .. · < ;...... · · ·,;:
(iv) Reali~ation' expenses-of~ .4·,000 _wer~-P.&i~ l>Y R~a-: . . . ,
(v) Tina had given a loan of .f 40,000 to the firm ~hich ·was duly paid. ' '
(vi) Rina agreed tQ pa'.y off herhusband's ·loan of~ 10,000 at a discount ·of
10%,.- ·1 ,· ':_.; ' ; '
6

26. Pass necessary journal entrie~ relating to issue of d~bentures and to write
off disoouri.ttloss on·issue of debentures ifr the ·books of Ajanta Ltd.. in the
following cases : . . . · ,· · . · . . 1r .
(i) 200 9% debentures off 1,000 each are issued ~t-10% . discount and
' , •

at• I . . ' .

red~e~~ble . ·-·par. Balance iri . Securit~es Pretnium account .1S

• -- •

f Ui,000. ,, :· · ·. · . , . ·· . .. -.. , . · .
(ii) .300 11 % debentures off 1,000 each are iestied at 5% discount a~d
· red;emable at · a _premium of 10%. Bala.nee in Securities Premium
.6
account is,·35,000·.

Page21 o/32 . .:' P.T.O.

67/4/I/21/QSS4R
 PA RT -B
OP TI ON -I
nts)
(~ al ys is of Fl n:a nc ial S~ateme ~ I • I •

Finan~ial ~tatements' which helps to assess

27. 1Jf)u,:i~h~. too! •? f.. '~a ly_sis_of. n as :
fficiency .of an enterprise is know
the profitability, _~olvency an d _e
tem en t
(A) . Ca sh flo"! .s_tQ.ie~ent . · (B) • Comparative sta 1
(C) Commo~ ·s_iz~ sta tem en t (D) , Ratio analysis
· . .1: ; :. •. · . . '. : , · OR ·
.

_ _ is also known as the Acid

Test Ratio.
(b)
(A) Cu rre nt rat io · ·(B)' · Quick ratio
io 1
(D) Re tur n on investment rat
(C) Gross p_rofit i;atio · . ., .·
tra ns.acti ons
Qu ick rat io of M
- e~~lll~rt Ltd : i.s 1.5: 1. Which of th~ following
';28.
io :?
.w.jll ··re su lt in-deGrease in .thi s rat
0 for~ 12,000.
(A) Sa le _o f goods costing~ 10,00
(B) Ca sh collected from triid.e
-!ec;~iya.bles. ~ .41,000.
(C) Pu rch as e of goods for ca
sh_ ~_38,000. 1
(D ) Cr ed ito rs were pa id~ 1·
1,obo:. ···· ·· ·

em en t I : Fin an cin g -a~ ti~ iHJ ~ ··relate to long ter m· funds · or

;29. (a) St at
• ; 1~: .rt ·,.~8.p~taJ P4.~~~ente~pru
,e.: .. : ,. ..... ,,. . -· ·: ,
_h flow~ an sin ~ from
~;; _,·:· .,;,-i~~i~w~~r .fin an cin
,~J~~,-i-~e~,r.a.t~ 1:4is_clpsure 9( cas
g, .,a; ctiv,itie s j
, s . .iJn portaµt :b,ecau!:le the y rep res en t
the •

·__. _
_ _
. , . ·:•,: .·· :.:.,1:< i· · • ' :-·

\>eep ma de for resources

·~- 1 \
!. ·, :_, . 't . .. ..- . -· ,~

: .. , '. . ! ...
~,.·:.•.L·: 11 . 1 •.., - . '
JI;~ ·; · t.

t t9, W,hi~ ~ . .
- ~?F.~-~ µdi t"4 r~~ J1a ,ve
"' _ .· . ex ten
• '
• , , '• ,
t ,• C,

e an d cash 'flows.
, J , • , .,
,_•· ~, ':-' "', , l ....r- , 1

int en de d' to'ge ne rat e future incom

• . 1• ·

follow~g : · ·
Choose the correct option from the
en t Il are correct.
'(A) Both Sta tem e.n t I an d Sta tem
·m en t II are incorrect.
(B) Both St ate me nt I an d St ate
(C) St ate me nt I is incorrect ~n.~·
-St~t~m~nt- JI ·is cqrl_'ect. 1
(D ) St ate me nt I is correct _ andS,t~,tem~_n t II is ~c orr ec t. ·
OR ,· '. ·
be the eff ect of tra n~ ~
- ~tion 'Pa ym en t of employee benefit
ll
(b) '~ ' WI':· ha t ~i --· . . .. . •. • . . ' '
en t ?
. expenses' o·n the. ca sh flow··sta tem .
ties) . .. . .
(A). Outflow from op era tin g activi
ties.
(B) Outflow from inv est ing activi
ties.
(C) Outflow from financing activi 1
(D) No effect on ca sh flo w.
P.T.O.
SS 4R Pq g~ t3 of 32
67/4/1/2 1/Q . ' '
r 30.
.

'
{ ''

Purchased (') Sold(')

I

Investments 2,00,000 1,80,000

Goodwill ' 3,00,000 -
Froin: the above information, 'Cash flows from investing activities' will be :
(A) · .Inflow t 3,20,000 (B) Outflow , 3,20,000 ·
(C) Outflow t 2'0,000 · (D) Inflow f 20,000 1
31. Classify the following items under Major Heads and Sub-Heads (if any) in .
the Balance Sheet of · a· company as per Schedule III, Part I of' the
Companies Act,: 2013 _:-
(i) Accrue'd Income (ii) Capital Advances
(iii) Capital ·wo~k-in-prdgress 3
32. A business· has a: current ratio of 3:1 and quick ratio of 1.2 ·: l. If working
capital is, _l;.80~090, cal~ulate total current assets and inventory. _ 3
33. (a) _.P.repare a
Coxµmon Size Balance Sheet of X Ltd. from the following
inf(?r~atio~ ;: . _·_.·_ .. _ _ _ _ . 4
·Balance Sheet ofX Ltd. as on 31st March. 2023
··- J?~rticulars Note 3~.3.2023 31.3.2022
No. (') (')
t· Equity and:Li'atbilities :
-, :,' l., Shareholders'.funds
- ._. ,t .j a) Equity:Sh~r.e Capital 3-0,00;000 15,00,000
" : _··>: _'.(b) ltes~zye~ Eln~ Surplus
.. • ~ -~ ., • .... • • '· , - • r -·
10,00,000 5,00~000
·: -- j; .Non•ctiri~µ:t;
~ ~4-..., '
.::~c., . :~ . .i. .
r~ liaJ~ilities
·--~·;,,-\ ' , ' .· , .
20,00,000 20,00,000
.·: ~;_~,.3: Cu,r reiit lia,bilities 20,00,000 10,00,000
. . ,. Total · 80.00,000 50~00.000
\iliAss·ets i •-·; ·-•-" -
:{ •..Noti-~urretlt -~ssets_ 40,00,000 30,00,000
2·.-: burren:t: asset~. · -
. ··i.O<ar· 'inventories; 40,00,000 20,00,000
~ -~ .. ' ·, . . :Total 80,00,000 50,00,000
. -. . OR .
1
(l)) . 'F~o~ ,th~ foIIJ;wmg.uifortnation prepare a Comparative Statement of
·Profit and Loss ofYLtd : - · 4
·'
f .. -:, .·, '·
;
s•
.p ·a rtic-ulars ·, 31.3.2023 31.3.2022
.. }w.vep~e n:otjt-~op~rations.(') . 40,00;000 20~00,000
-- ~~rchase ·o (stpclt in trade (') 24,.0..:..0,000
' ,
12,00,000
. Qhange in:inventories (% of-purchase 25% 20%
of
·stoc~ trade) .. - . m
. Other _expens~s (') 2,00,000 1;60,000
Tai rate· 40% 40%
67/4/l/21/QSS4R .· .Paie·25 oi:a2 _ P.T.O.
34. Following is the Balance Sheet of Bhara t Gas Ltd. as at 31.3.2023 :
Balan ce Sheet of Bhara t Gas Ltd. as at 31.3.2023
Partic ulars Note 31.3.2023 31.3.2022
No. (f) (f)
I Equit y and Liabil ities :
1. Shareholders' funds
(a) Sha,re capital 14,00,000 10,00,000
(b) Reserves and Surplu s 1 5,00,000 4,00,000
2. Non-current Liabilities
Long term borrowings 5,00,000 1,40,000
3. Curren t liabilit ies
(a) Trade payables 1,00,000 60,000
(b) Short term provisions 2 80,000 60,000
Total 25,80,000 16,60,000
II Asset s:
1. Non-c urren t Asset s
(a) Fixed Assets
(Property, plant and equipment
and intang ible assets) - .
(i) Tangible assets 3 16,00,000 9,00,000
(Property, plant and equipment)
(ii) Intang ible assets - 4 _l,40,00 0 2,00,000
2. Curre nt Asset s ·
(a). Invent ories 2,50,000 2,00,000
(b)_'·'Trad e receiv~bles '.- 5,00,000 '3 00' 000
' -
(c) ' ·C ash a~d: c~sh equivalents 90,000 60,000
~ - · · Total 2·0,80,000 16,60,000
- ..
Notes to·Accounts t ·· ··
' '

N Qte P.art-iculars - 31.3.2023 -31.3.2022

(?) (')
Nd~
1. Reserv es and Surplu s :
Balance in Statem ent ofProfit and Loss . _ .____~5,...,...0_0'--,0_0_0__4~,_00~,_0_00----1
5,00,000 · 4,00,000
IA'.
I
~
I
Short term provisions :.
80,000 60,000
Provision for Taxati on
80,000 60,000
3. Tangible As_~ets : .
(Property, plant and equipment)
18,50,000 10,00,000
Machi nery .
. .(2,50,000) (1,00,000)
Less: Accumulated Depreciation
I
.
·1a,oo,ooo 9,00,000
4. Intang ible Assets : . 2,00,000
1,40,000
Goodwill 2,00,000
1,40,000

Page 27of 92 P.T.O.

67/4/1/21/QSS4R
 3,00,000 on . wh ic h
e ye ar ·a machine -costing_,
··A dj us tm en ts : ·D ur in g 'th ,0 00 ~.
ac cu m ul at ed depreciatio-µ _was
.f '45·,ooo:·wa~ sold fo r~ : 1, 35 6
O pe ra tin g Activities'.
6 C al cu la te 'P as h flows from · • I
'.
P A R T. -B
·()P.TlQN: - II _ . ._ .
·
_. (C oi np.uteri~1;·d A cc o~ nt in g)
th e lim ita tio n of lo w
ty pe of' 11ot:tw~r~ s\l~e~s frOm
27. W hi ch Of th e following.
se cr ec y le ve l an d so ft w ar e be
ing pron_ e t_o da ta fr au ds :?· ..,, :.<"t /.·: ·_,_'.:
-. -·, .· :~ i: • ":~:/ (B) ·;· specific _ ·· '\-.- . .·: _-.·:; . _·
(A) ta ilo r~ d fboth ·.:. · 1
(C) ge ne ri c· · ' , '. ,· '- ___ ·'.-' _ - '. .:·;. -(P)- _ (A) \9:!,id -(B
~
~ • I I '
1
'• _ .:•
, ! l • -
~
.
• •• • • •
: ,_ • • .
\ ,
_.
ch -is as si ~e d ·to .the
I
1 n in _a .graph whi
piece of ·inform·a tio n sh9w
I
. . .. ··
1
i
I 28 . (a)' 'Ada ta se ri es ' is kn ow n as .( ' -: '· •· _ -. '- ' }. • . . . r \'

• • .. • • • _. •
.
,• · :,
(A ) da ta po in t ·. ;_· '.~; ·,,. (B) ·· :d-ata ta bl e·· 1
(C) _pl ot ·p oi nt ··.- · ·· ; .·.·.(µ) · legend .
1 OR · ·, · ·
B EL S' in Excel m ea ns -:
(b) 'L A ~e r . ., . · . _
(A) A .text or sp ec ia l ch~r~c Rcriotive information