Department of School Education (Pre-University) II PUC PREPARATORY EXAMINATION — JANUARY - 2024 Subject: ACCOUNTANCY § Time: 3 Hrs 15 Min ‘Max Marks: 80, PART. ee ED I. Choose the correct answer from the choices given: 5x 1, _ In the absence of agreement, the profits or losses of the firm are shared in ee a. Capital ratio b. Different proportion c. Equally, None of the above 2. A, Band Care partners in a firm. If D admitted as a new partner a., Old firm is dissolved ©. Old firm and old partnership dissolved b. Old partnership is reconstituted d. Old partnership is dissolved 3. Issued capital is a part of a. Revenue capital b, unissued capital ¢. Authorized capital. Paid up capital 4, Extemal users of financial statement does not include a ss a. Banks b. Shareholders ©. Creditors d. Government ™ + - 5. Working capital is the ‘a, Capital borrowed from the banks : . Difference between current assets and current liabilities «c. Difference between current assets and fixed assets 4. Cash and bank balance UL. Fill in the blanks by choosing the appropriate answers from those (Vertical, Gain ratio, Creditors, Cash outflow, Debited, Sacrifice ratio) 6. New ratio— old ratio 7. Ifany assets is taken over by partners from the firm, his/her capital A/e will be. 8. Debenture holders are the... of the company 9. Common size statement is also known as. analysis 10. Purchase of any assets by paying cash is enin the brackets 5x1=5 IIL. Match the folloy 1. ig SxI=S A B Partnership deed Tntangible assets ‘Goodwill Shareholders fund Realization Ae ‘Written agreement ‘Share capital 2013 sara ‘Companies act Dissolution of partnership firm 1932 IV. Answer the following questions in one word or one sentence each: Sx1=5 12, Who is an executor? 13, What is buy back of shares? 14, Debentures can be converted in to shares. (True/False) 15, State any one advantage of ratio analysis. 16. Expand ICAL PART-B V. Answer any three questions. Each question carries 2 marks 3x2=6 17. Define partnership. 18, Mention any two circumstances for retirement of a partner. 19. Give the journal entry for an asst taken over by partner on dissolution of a frm. 20, State any two objectives of financial statement. 21, Mention any two activities of cash flow, which are classified as per AS-323. 24. 25. 26. PART-C Answer any three questions. Each question carries 6 marks: 3x6=18 . Vidya and Shreya are partners in firm, Vidya’s drawings for the year 2022-23 are given as under 26,000 on 1-6-2022 % 4,000 on 30-9-2022 % 3,000 on 30-11-2022 %5,000 on 1-2-2023 Calculate interest on vidya’s drawings at 12% p.a for the year ending 31-03-2023 under product method. Arjun, Anush, and Akash are partners in a firm sharing profits and losses in the ratio of 2:2:1 respectively. Anush retires from the firm. Arjun and Akash agreed to share future profits-in the ratio of 3:1. Calculate gain ratio of Arjun and Akash. wee Mahesh, Mohan and Naresh are partners sharing profits and losses in the ratio of 2:2:1. Their capitals as on 1-4-2023 were & 1, 00,000 @ 80,000 and 250,000 respectively. Mahesh died on 1- 10-2023 and the partnership deed provides the following a) Interest on capital at 10% pa b) Mahesh entitles for a monthly salary of & 4,000 ©) Mahesh’s share of goodwill. The total goodwill of the firm is & 50,000 4) His share of profit up to the date of death, on the basis of previous year's profit. Previous year profit is € 20,000. Prepare mahesh’s capital A/c From the following information, prepare statement of profit and loss for the year ended 31-03-2023 as per schedule —IIT of the company’s act ,2013 Particulars z Revenue from operations 5,00,000 Purchase of goods 300,000 Salaries to employees 40,000 ‘Leave encashment 10,000 Rent and taxes 139,000 Repairs to machinery 20,000 Tax 30% From the following information, calculate cash flow from financing activities. Particulars 1-4-2022, 31-3-2023 Equity share capital | 28,00,000 35,00,000 Bank Joan 12,50,000 7,50,000 During the year additional bank loan raised % 4,00,000 and paid dividend of ® 5,00,000PART-D VII. Answer any three questions. Each question carries 12 marks: 3x12=36 27. Raju and Ravi are partners in a firm sharing profits in the ratio of 2:1. Their balance sheet as on 31-03-2023 was as follows : : Balance sheet as on 31/03/2023 Liabilities AMOUNT Assets AMOUNT Bills payable 16,000 | Cash 4,000 ‘Sundry creditors 5,000 | Sundry debtors 30,000 Reserve fund 9,000 | Stock 32,000 Capitals Furniture 8,000 Raju —___ 60,000 | Buildings 56,000 Ravi 50,000 | Motor car 10,000 1,40,000 1,40,000 2 On 1-4-2023, they admitted Abhi for 1/4" share in future profits under the following ferms: a) He should bring cash for capital 240,000 and 230,000 for goodwill b) Half of the goodwill amount withdraw by the old partners (as per AS-26) ©) Buildings are revalued at 266,000 and make provision for legal charges %700 4) Stock and motor car be depreciated by 10% each ©) Provide provision for doubtful debt at 5% on debtors. Prepare: Revaluation A/c, Partners capital A/c, Balance sheet of the new firm 28. Vinay, Vaibhav and Naveen are partners in a firm , sharing profits and losses in the ratio of 3:2:1 respectively. The balance sheet as on 31/03/2023 was as under Balance sheet as on 31/03/2023 Liabilities ‘Amount _| Assets ‘Amount Creditors 40,000 | Cash at bank 15,000 Bills payable 10,000 | Debtors 50,000 ‘Naveen’s loan 12,000 | Stock 60,000 General reserve 6,000 | Furniture 28,000 Capital Machinery 45,000 Vinay 80,000 | Buildings 50,000 Vaibhav 60,000 Naveen 40,000 2,48,000 . 2,48,000 ‘The firm was dissolved on the above date. The assets realized as under a) Debtors realized 10% less than book value, stock realized 15% more than book value. Buildings realized % 60,000 b) Creditors and bills payable were paid in full ©) Furniture was taken over by Vinay for € 25,000 4) Machinery was taken over by Vaibhav for ® 40,000 €) Cost of dissolution amounted to @ 3,000 Prepare: 1. Realization A/c 2. Partners’ capital A/e 3. Bank Ale29, Sanjeev Company Ltd issued 20,000 equity shares of € 100 each at a premium of 10 per share. The amount payable as follows: % 20 on application % 50 on allotment (including premium) 2 40 on first and final call. All the shares were subscribed and the money duly received except the first and final call on 600 shares. The directors forfeited these shares and re-issued at & 80 each as fully paid up pass the necessary journal entries, 30. Pass the journal entries for the followings: a) Issue of & 50,000, 8% debentures of 100 each at a discount of 10% and redeemable at a par. b) Issue of & 50,000 8% debentures of 100 each at a premium of 10% and redeemable at a par. ©) Issue of & 50,000 8% debentures of & 100 each at a premium of 10% and redeemable at a premium of 10%, San d) Issue of & 50,000, 8% debentures of & 100 each at a discount of 10% and redeemable at a premium of 10%. 31. From the following information prepare comparative balance sheet of union company limited. Particulars 31-3-2022_[ 31-3-2023 ‘Share capital 10,00,000 | 16,00,000 Reserves and surplus 3,00,000 | 500,000 Long term borrowings 4,00,000 | 3,00,000 Trade payable 2,00,000 | 4,00,000 Other current liabilities 1,00,000 | 2,00,000 Fixed assets 14,00,000 | Inventories 32. Asha Ltd, Presents the following trading and profit and loss A/c for the year ended 31-03-2023 ‘Trading profit and loss A/c for the year ended 31/03/2023 Particulars @ | Particulars z To opening stock 2,00,000 | By sales 10,00,000 | To purchases 7,00,000 | By closing stock 4,00,000 To wages 1,00,000 To gross profit c/d 4,00,000 14,00,000 14,00,000 To administration expenses | _3,00,000 | By gross profit b/d 4,00,000 To selling expenses 40,000 | By profit on sale of plant 20,000 To net profit 80,000 420,000 4,20,000 a) Debtors on 1-4-2022 @ 3,00,000 and on 31-3-2023 % 2,00,000 b) Creditors on 1-4-2022 & 3,00,000 and on 31-3-2023 % 3,00,000 Calculate: 1. Gross profit ratio 2. Net profit ratio 3. Operating ratio 4, Inventory turnover ratio 5. Trade receivable turnover ratio 6, Trade payable turnover ratio