(c) Share of Loss Soha

n - ~ 820 Mohan - ~
(d.) Sh ar e of Loss So
5. V1haan an d M an n
~
han - 1,180 M oh an
ar e pa rtn er s sharing pr
~
1'230
- 1,770 . 2 Th f m ma10ta1ns
ca pi tal ac co un ts an d th of its and losses in th e ra tio . . fl uct u at in g
e ba lan ce of th e sa me of 3: · 4 65 00 0
~
an d M an n respectively. as on 31st M ar ch 2022 e nd
tr f r Yihaan
Drawings during th e ye is t 4,00,000 a t ,
on ca pi tal @ 10 % p.a. ar we re 65,000 each. As pe • e~ In
on Op en in g Capital ha r th e pa rtn er sh ip D e 1 O te re st
s be en allowed to th em 'f Y ih aa n1
~
. Ca lcu lat e th e op en in
~
given th at th e divisible g ca pi ta
profits during the year
(a ) 3,30,000 2021-22 was t 2,25,000
(b) 4, 40,000 .
6. Savitri Lt d. issued (c) t 4,00,000
50 ,000, 8% De be nt ur es (d) t 3, 00 ,0 00

~
10 % pr em iu m . At th
e time of writing off
de bi te d with 2,00,000
. At what ra te of prem
(a ) 10%
(b) 16%
of t 100 each at ce rta in ra te
of pr em iu m an d to be
Loss on Issue of De be re de em ed at
nt ur es , St at em en t of
Pr of it an d Lo ss w as1
ium, these de be nt ur es
we re issued?
(c) 6%
(d) 4%
 Or
Durga Ltd. issued 80,000, 10% Debentu res of ~ 100 each at certain rate of discount and were to be
redeemed
at 20% premium . Existing balance of Securities Premium before issuing of these debentures was ~
25 ,00,000
and after writing off Loss on Issue of Debentu res, the balance in Securities Premium was ~ 5,00,000.
At what
rate of discount , these debentur es were issued?
(a) 10% (b) 50% (c) 25% (d) 15%
7. Attire Ltd, issued a prospect us inviting applications for 12,000 shares of ~ 10 each payable ~ 3 on
applicatio n,
~ 5 on allotmen t and balance on call. Public had applied for certain number of
shares and application money
with the
was received . Which of the following applicati on money, if received restricts the company to proceed
1
allotmen t of shares, as per SEBI guidelin es?
(a) f 36,000 (b) f 45,000 (c) f 30,000 (d) ~ 32,400

v. Bina and Chande r are partners in a firm with capital balances of f 50,000, f 7?}~~0 -~~~
~. 80:0~0
 (d) Buy Back of Debentures

14. Ganga and Jamuna are partners sharing profits in the ratio of 2:1. They admit Saraswati for 115th share in
future profits. On the date of admission, Ganga's capital was ~ 1,02,000 and Jamuna's capital was f 73. 000.
Saraswati brings ~ 25,000 as her share of goodwill and she agrees to contribute proportionate capital of the
new firm . How much capital will be brought by Saraswati? 1
(a) ~ 43,750 (b) ~ 37,500 (c) ~ 50,000 (d) ~ 40,000
15. Green and Orange are partners. Green draws a fixed amount at the beginning of every month. Interest
on drawings is charged @8% p.a. At the end of the year interest on Green's drawings amounts to ~ 2,600.
Monthly drawings of Green were: 1

(a) ~ 8,000 (b) ~ 60,000 (c) ~ 7,000 (d) ~ 5,000

 (c ) X Z LL, / )lJ; Y Z .\250 (d) X ~ 1,02,375; Y ~ 23 ,625
12. Vikas Ltd. has issu e d capita l of 20,00,000 Equity shares of 10 each. Till date 8 per share have bee n call ed
up
and th e e ntire a m o unt rece ived except call s of 4 pe r share o n 800 shares and 3 pe r sh are from a not he r hold
er
who held 500 sh a res. Wh a t a mount will appea r as ' Subscribe d hut not fully paid capital ' in the balance shee t
of
th e corn pany?
(a) ~ 2,00,00,000 (b) t l ,95,99,000
(c) ~ 1,59,95 ,300 (d) ~ 1,99,95,300
13. Debenture s that do not carry any charge or securit y on assets of the company are known as _ _ __
(a) Secured Debenture s (b) Unsecured Debentures
(c) Convertibl e Debenture s (d) Registered Debentures
 wr itt en off:
Jow ing inf orm ati on fin d ou t the am ou nt of goodwill
JO. Fr om the foJ
31st Ma rch , 20 2l
31st March ' 2022
~ 2'00 '000 ~ 3,00,000
Go od wi ll
Ad dit ion al Information:
the ye ar ~ 30,000.
Purchase of Goodwill du rin g
(a) ~ 1,0 0,0 00 (b) ~ 3,30,000
(c) ~ 30 ,00 0 (d) ~ 1,30,000
me nt of Pr of it an d Loss.
g items are de oicted in St ate
 (a ) ~ 160 (b ) ~ 320 (c) ~ 180 (d ) None of th ese
Or
Maximum discount allowed on reissue of shares ca n be _ _ _ _ the amount forfeited on such shares.
(a) more than (b) less than (c) eq ual to (d) None of these
7. Accounts Guru Ltd. offered ~ 20,00,000 Equity Shares of~ 10 each , of these ~ 19,80,000 shares we re subscribed.
The amount was p ayable as ~ 3 o n application, ~ 4 an allotment and balance on first call. If a shareh olde r
holding 3,000 sh ares h as defaulted on first call, what is the amount of money received on first call?
(a ) ~ 9.000 (b) ~ 5,85 ,000 (c) ~ 5,91 ,000 (d) ~ 6,09,000
8. B. one of the partne r has drawn ~ 500 per month in the middle of each month during the year. Interest o n
drawings is to be calculated @' 8% p.a. Interest on his drawings will be:
(a) ~ 270 (b) ~ 260 (c) t 240 (d) ~ 275
 (d) Bot h (A) and (R) are correct, and
(R) is the correct explanation of (A).
14• At
the tim e of adm issio n of new part ner
Kajal, Old part ners Vaanya and Hetal had
a pro visi on for dou btfu l deb ts of t 20,0 debtors of~ 6,20 ,000 and
00 in their books. As per terms of adm
it was fou nd that deb tors wor th t 15,0 ission, assets were revalued , and
00 had turn ed bad and hence should
refl ects the corr ect accounting trea tme be written off. Which journal entry
nt of the above situation.
(a) Bad Deb ts Ne
Dr. 15,000
To Sun dry Deb tors
15,000
Provision for Dou btfu l Deb ts Ne
Dr. 15,000
To Bad Deb ts Ne
15,000
(b) Bad Deb t Ne Dr. 15,000
To Sun dry Deb tors
15,000
Rev alua tion Ne Dr. 15,000
To Provision for Doubtful Debts Ne
15,000
(c) Rev alua tion Ne Dr. 15,000
To Sundry Deb tors Ne 15,000
(d) Bad Deb t Ne Dr. 15,000
To Revaluation Ne 15,000
A B and car e part ners, their partnership
1 deed provides fo R wit
3
o. ABC Ltd. had inve stme nt of ~ 68,00 0 as on 31.3.2021 and investment of ~ 56,000 as on 31.J.Z0ZZ. Duri ng
ning of peri od at a prof it of
the year, ABC Ltd. sold 40% of inves its investments being held in the begin
~ 16,800. Determine cash flow from ting activities.
(a) t 59,200 (b) t 28,800 (c) t 72,800 (d) Non e of th ese
wing items will be show n in a Com pany 's Bala nce Sheet
31. Give majo r head ing and sub- head ing unde r which follo
panies Act 2013:
as per Sche dule III, Part I of the Com
(a) Preliminary Expenses
 (i) Gaining Ratio (1) Ratio in which partners share profits and losses before recon stituti on of
firm.
(ii) Old Ratio (2) Ratio is which partners acquire the share from other.
(iii ) Sacrificing Ratio (3) Ratio in which partners surrender their share in favour of other partne r.
( 4) Ratio in which partners share future profits and losses.
(a) (i) 2, (ii) 3, (iii) 4 (b) (i) 4, (ii) 2, (iii) 1 (c) (i) 2, (ii) 1, (iii) 3 (d) (i) 1, (ii) 2, (iii) 3
3. Z Ltd. allotted 2,000 equity shares of~ 10 each, fully called up to the public. Out of these shares, final call of
~ 3 on 200 shares were not received. What amount is shown under the head Share Capital in the Balance Sheet
of the company?
(a) ~ 20,000 (b) ~ 19,400
(c) ~ 20,600 (d) None of these
 • · "'"-' ..... '-"'"._ , 1 . J , v u11 )<.. l l l V lJ .r-\... \..... U) . ._ 1 . V VV

(c) D r. R eali sati o n A/c a nd C r. Ba nk A/c by 5.000

(d) No entry
6. Kri s h na Ltd . iss ued 50,000, 12% D e be nt ures o f ~ 100 each a t ce rta in ra te o f disco unt a nd we re to be relkcmed
at P ar. Securiti es Pre mium of ~ 1,50,000 a nd C urre nt yea r profit of~ 50.000 were used to write off D i~count
on I ss u e of D e be ntures . At wh a t ra te of d isco unt. th ese d ebenture s we re iss ued ?
(a) 12% (h) 10o/r (c ) 5% (d) 4%
Or
R o6 p a Ltd . issue d 50,000, 12% D e be ntures of ~ 100 each a t pa r a nd we re to be redee me
d a t a ce rt a in ra te of
Pre mium. Se curiti es Pre mium oft 1,75,000 a nd C urre nt yea r profit of~ 1,25,000 we re used
to w rite off Lm,
o n I ssu e of D ebe ntures. At wh a t ra te of Pre miu m, these d e be ntures we re redeemed ?
(a) 12% (b) 10% (c ) 6% (d) 4%
7. LMR Ltd. fo rfe ite d 400 sha res of t 10 each fu lly called up , on which th e holde r has pa id
only application mlrnt:_v
 (i) State the amount credited to securities premium account while iss uing debentures.
(ii) Pass journal entry for issue of debentures to Vikas.
(iii ) Pass jou rnal entry to write off 'Loss on Issue of Debentures Account'.

PART-B
Analysis of Financial Statements
27. Claim against the company not acknowledged as debts is shown under:
(a) Current Liabiliti es (b) Contingent Liabilities
(c) Non-current Liabilities (d) Capital commitments
Or
Arrange the following sub-heads of Current Assets in correct order as per the prescribed format of Bala
 (c) Dr. Land Ne and Cr. Revaluation Ne by~ 30,000
(d) Dr. Revaluation Ne and Cr. Land Ne by ~ 30,000
12. ABN limited issued 20,000, 6% Debentures of~ 100 each at a discount of 5% on 1st January, 2022. Interest for
r_, the year ended 31st March, 2022 will be:
(a) ~ 60,000 (b) t 45,000
(c) ~ 30,000 (d) t 90,000
13. Mohit had been allotted for 600 shares by a Govinda Ltd. on pro rata basis which had issued two shares for
every three applied. He had paid application money of f 3 per share and could not pay allotment money of <
5 per share. First and final call of~ 2 per share was not yet made by the company. His shares were forfe ited.
The following entry will be passed:
Equity Share Capital Ne Dr. X
 \ u) <Y1o p.a.
(c) 10% p.a.
(d) 12% p.a.
16. Out of the following which one is not a mode of Dissolution by order of Court:
\-... (a) A partner becomes a person of unsound mind.
(b) A p artner is found guilty of misconduct.
( c) The business of firm cannot be carried on except at a loss.
(d) When business of the firm becomes unlawful.

17. Mahesh and Ramesh are partners in a firm sharing profits in the ratio 2:1 Their combined capital on
2021 was ~ 3,84,000. Interest on capital is a 2:reed (@ 5% n.a. The orofits of the vear orior to interest o:
 ~a J ueonea to Kevaluation A/c
(h) Credited to Reva luation /\/c
(c) Debited to Partners Capital in o ld ratio
(d) None of th ese
{___,,,-3. Which of the following capital is not shown in the company's Ba lance Sheet?
(a) Authorised capita! (b) Issued and subscribed ca pital
(c) Called-up & paid up-capital (d) Reserve capital
Or

~ Honest Ltd, issues equity shares of < 10 each at a premium of 80%, payable on Application < 4 (including
premium of < 1), On Allotment < 6 (including premium of< 3), On First call < 4 (including pre mium of < 2 )
and balance on second and final call along with premium which amounts to:
(a) ( 8 (b) ( 4 (c) ( 12 (d) ( 6
 Or
AG Ltd. purchased machinery from Ronaq Ltd and paid the considerati on amount by issuing 5,000 Equity
{_ shares of~ 10 each at a premium of 20% and 1000 7% Debenture s of~ 100 each a t a discoun t of 10%. What
is the purchase price of the Machinery?
(a ) ~ 60,000 (b) ~ 1,00,000
(c) ~ 1,50,000 (d) ~ 90,000
7. As per SEBI, the application money should not be less than:
_j__<1) 25 % of the face value of share (b) 25 % of the issue price of share
(c) 15% of the face value of share (d) None of these

[ Sam ple Papers 103

L /-
on appl ication ~ 2
On allotment ~ 3
Balance First and final call
The excess money on application was adjusted to share allotm ent. Th e am ount received on all o tment after
adjusting this excess application money is ~ 18,500. The amount of al lotment money was not received on
_____ shares.
(a) 2,000 shares (b) 3,000 shares
(c) 2,500 shares (d) 1,500 shares
13. Excess val ue of net assets over purchase consideration at the time of purchase of busi ness is
(_/ (a) Credited to General reserve (b) Credited to Capital reserve
(c) Credited to Vendor's account (d) Debited to Goodwill account.
 (c) Total Assets and Long-te rm Debts (d) None of these
to be paid in 24 mon ths, will he
28. A Trade Payabl e of a co nce rn , whose operatin g cycle is 18 months, is expected
classifie d as:
(a) Current Liabiliti es (b) Non-cur rent Liabilitie s (c) Any of these (d) Non e o f th ese

29. Followi ng is the extract from th e balance sheet of a Ltd. compa ny:
31-3-2022 1-4-2021
Particula rs (~) (~)

2,70,000 3,50,000
Ma chinery
of th e machin e was sold at a loss
Depreci ation on Machin ery durin g the yea r wast 60,000. On 1-4-2021 , a part
of < 12,000. Calcula te cash flows from inves ting activity.
(d) o utfl ow of t 72,000
(a) inflow of < 12,000 (b) outflow oft 80,000 (c) inflow of< 8,000

Sample Papers 109

28. Match the following activities of cash flow statement:
Column A Column B
(i) Proceeds from public deposits (A) Cash and Cash Equivalents
(ii) Furniture sold at a loss (B) Not recorded in cash flow statement
(iii) Purchase of machinery by issue of debentures (C) Investing Activities
(D) Financing Activities
(a) (i) A , (ii) C, (iii) D (b) (i) D, (ii) C, (iii) B
(c) (i) B, (ii) C, (iii) A (d) (i) D, (ii) A, (iii) C
29. From the following information find out the cash outflow from financing activities.
Year - I Year - II
Proposed Dividend t 1,20,000 t 1,50,000
12% Debenture s t 4,00,000 t 5,00,000
Additional Informatio n: Additional Debenture s were issued at the end of year.
Interim Dividend paid t 50,000.
Preference Share capital issued during the year t 2,00,000.
(a) t 82,000 (b) t 2,08,000
(c) t 2,38,000 (d) t 2,48,000
Or
 PART-B
Analysis of Financial Statement s
27. Match the items of Column A with the majo r head unde r which it will be shown given in Column 8 .
Column A Column B

(i) Provision for Employees Benefits (A) Current Liabilities

(B) Non-curren t Assets
(ii) Calls-in-ad vance (C) Non-curre nt Liabilities
(iii) Intere st due and acccured on Investme nts (D) Cu rre nt Assets
(a ) (i) (A). (ii) (B). (iii ) (A) (b) (i) (C), (ii) (A), (iii) (D)
(c) (i) (B). (ii ) (A). (iii) (C) (d) (i) (D), (ii) (A), (iii) (D)
Or

The following information is given:

~

Loss on issue of Debentures written off 32,500

Interest o n Debentures paid 1,40,000

D epreciation on:
Building 42,000

Computers 12,000

Plant and machinery 37,500

12,400
Goodwill written off
4,800
Patents written off
The Depreciati on and Amortisatio n Expense of XYZ Ltd. for the year will be:
(b) t 1,08,700 (c) t 2,81,200 (d) None of these
(a) t 91,500
28. Which of the following transaction will decrease the quick ratio?
(a ) D ebentures converted into equity shares (b) Paid rent in advance
 ,a / ~arn,-111-i1u , a m ., -..
(c) Propose d Divide nd (d) Interes t accrued a nd due on Borrowi ngs
28. D ividend earned by a Financi ng Compa ny is shown in the Statem ent of
Profit a nd Loss as:

(a) Revenu e from operati ons (b) Other Income

(c) Any of these (d) None of these
29. While preparing Cash Flow Stateme nt, match the followin g activities:
(A) Increase in Bank Overdr aft (i) Investin g Activity
(B) Sale of Current Investm ents (ii) Financi ng Activity
(C) Interest received on Investm ents (iii) Operat ing Activity
(iv) Cash and Cash Equiva le nts
(a ) (iv), (ii) , (i) (b) (ii), (iv) , (i)
(c) (ii ), (i) , (iii) (d) (iii), (iv) , (i)
Or
• ·J
.£ " 1 - t11 r i no Pntf'fO flSe .
Q.37) The subscribed capital of Suchi Ltd . Is ~1,60,00,000. nominal value
of a share is ~100. there were no calls in arrears till the final call was
made. The first call was due paid on 1,55,000 shares. The calls in arrears
amounted to ~1,25,000. the amount of final call is

a) ~SO per share

b) ~25 per share

c) ~20 per share

d) ~15 per share

Q.4l)Sarita Ltd. Provided the following information how these transactions will be
reflected in cash flow statements? 31-3-22 31-3-21
Equity share capital 12,00,000 10,00,000
Securities premium reserve 2,00,000 4,00,000
7% Preference share capital 2,00,000 5,00,000
Additional information
i) 7% Preference shares redeemed at a particular of 10%
ii) During the year Sarita Ltd. bonus shares in the ratio of 5:1 capitalizing reserve.

a) Added 30,000 under operating activities as premium on redemption of preference shares.

Added 4,00,000 in financing activities and outflow 3,30,000 under financing activities
b) Added in financing activities 2,00,000 issue of equity shares and 2,00,000 securities premium
reserve
c) Added 30,000 under operating activities at premium on redemption of preference shares and
outflow under financing activities 3,00,000
d) Added 30,000 under operating activities as premium on redemption of preference shares and
outflow of 3,30,000 under financing activities.
Q.61) Mohan, Mayank and Madan are partners, their partnership deed provides for
interest on drawing at 8% per annum, Mayank withdrew fixed amount in the middle
of every month and his interest on drawings amounted to t24,000 at the end of the
year. What was the amount of his monthly drawings?

a) tS0,000

b) t25,000

c) tG,00,000

d) t4,0000