CBSE Class 12 Accountancy Question Paper 2020 Set 67-4-2

SET – 2
Series : HMJ/4
 .
Code No. 67/4/2
 .
   -  - 
Roll No.   
Candidates must write the Code on
the title page of the answer-book.

 NOTE
(I)       -   (I) Please check that this question
 31   paper contains 31 printed pages.
(II) -         (II) Code number given on the right
hand side of the question paper
   -  -  should be written on the title page
  of the answer-book by the candidate.
(III)       -  32 (III) Please check that this question
   paper contains 32 questions.
(IV)         (IV) Please write down the Serial
,       Number of the question in the
answer-book before attempting it.
(V)  -     15   (V) 15 minute time has been allotted to
read this question paper. The
     -   question paper will be distributed at
  10.15     10.15 10.15 a.m. From 10.15 a.m. to 10.30
  10.30     - a.m., the students will read the
question paper only and will not
        - write any answer on the answer-
       book during this period.


ACCOUNTANCY
{ZYm©[aV g‘¶ : 3 KÊQ>o A{YH$V‘ A§H$ : 80
Time allowed : 3 hours Maximum Marks : 80

.67/4/2. 314B 1 P.T.O.

  :
           
(i) -      – -  - 
-  32        
(ii) -       
(iii) -       –        
–           
(iv)                  
   
(v)   1  13    23  29  -    , 
 1    
(vi)   14  30  -1   ,   3    
(vii)   15  18  31  -2   ,   4    
(viii)   19  20  32  -1   ,   6    
(ix)   21  22  -2   ,   8    
(x)                    
  
(xi)        -   2  , -   2 
, -   1    -   2      
               
(xii)  , ,       -   
  
 – 
( ,       )
1.     -  ,        ________ 1

2.          :
(a)          
(b)        
(c)      
(d)       1

.67/4/2. 2

General Instructions :
Read the following instructions very carefully and strictly follow them :
(i) This question paper comprises two PARTS – A and B. There are 32
questions in the question paper. All questions are compulsory.
(ii) Part - A is compulsory for all candidates.
(iii) Part - B has two options i.e. (i) Analysis of Financial Statement and
(ii) Computerized Accounting. You have to attempt only one of the given
OPTIONS.
(iv) Heading of the option opted must be written on the Answer-Book before
attempting the questions of that particular OPTION.
(v) Question number 1 to 13 and 23 to 29 are very short answer type
questions carrying 1 mark each.
(vi) Question number 14 and 30 are short answer type-I questions carrying
3 marks each.
(vii) Question number 15 to 18 and 31 are short answer type-II questions
carrying 4 marks each.
(viii) Question number 19 to 20 and 32 are also long answer type-I questions
carrying 6 marks each.
(ix) Question number 21 and 22 are long answer type-II questions carrying
8 marks each.
(x) Answer should be brief and to the point. The answer of each part should
be written at one place.
(xi) There is no overall choice. However, an internal choice has been
provided in 2 questions of three marks, 2 questions of four marks,
1 question of six marks and 2 questions of eight marks. You have to
attempt only one of the choices in such questions.
(xii) However, separate instructions are given with each section and
question, wherever necessary.

PART – A
(Accounting for Not-for-profit-organizations,
Partnership Firms and Companies)
1. When the business of the firm becomes illegal, the way of dissolution of
the firm is ________. 1

2. Income and Expenditure Account records :
(a) Receipts and Payments of Revenue and Capital nature both.
(b) Income and Expenditure of Revenue nature only.
(c) Expenditure of Capital nature only.
(d) Receipts of Revenue nature only. 1
.67/4/2. 3 P.T.O.

3.      ` 14,00,000    ` 4,00,000     
` 1,50,000      10%        :
(a) ` 10,00,000 (b) ` 1,00,000
(c) ` 50,000 (d) ` 20,000 1

4.                 ?
(a)           
(b)           
(c)          
(d)         ()  1

5. ,       -   2 : 1 : 1      
  ` 14,000             ` 20,000    
               1

6. ,         -   4 : 3 : 2 
               ` 90,000 
  -             :
    
(`) (`)
(a)      10,000
    10,000
(b)      10,000
    10,000
(c)      90,000
    90,000
(d)      10,000
    10,000 1

7. ,       4 : 3 : 1    -    
         ` 3,600     ` 3,000   
          :
(a) 4:5 (b) 2:1
(c) 6:5 (d) 4:1 1

.67/4/2. 4

3. Tangible Assets of the firm are ` 14,00,000 and outside liabilities are
` 4,00,000. Profit of the firm is ` 1,50,000 and normal rate of return is
10%. The amount of Capital employed will be
(a) ` 10,00,000 (b) ` 1,00,000
(c) ` 50,000 (d) ` 20,000 1

4. Which of the following is not a purpose for which the Securities Premium
amount can be used ?
(a) Issuing fully paid bonus shares to shareholders.
(b) Issuing partly paid up bonus shares to shareholders.
(c) Writing off preliminary expenses of the company.
(d) In purchasing its own shares (buy back) 1

5. Mohit, Shobhit and Rohit are partners sharing profits and losses in the
ratio 2 : 1 : 1. Rohit is guaranteed a profit of ` 14,000. The firm incurred a
profit of ` 20,000 during the year. Calculate the amount of deficiency
borne by Mohit and Shobhit. 1

6. Avya, Divya and Kavya were equal partners. They decided to change the
profit sharing ratio to 4 : 3 : 2. For this purpose the goodwill of the firm
was valued at ` 90,000.
The journal entry for the treatment of Goodwill on change in profit
sharing ratio will be :
Particular Debit Credit
Amt. (`) Amt. (`)
(a) Kavya’s Capital A/c. Dr. 10,000
To Avya’s Capital A/c. 10,000
(b) Divya’s Capital A/c. Dr. 10,000
To Avya’s Capital A/c. 10,000
(c) Avya’s Capital A/c. Dr. 90,000
To Kavya’s Capital A/c. 90,000
(d) Avya’s Capital A/c. Dr. 10,000
To Kavya’s Capital A/c. 10,000 1

7. Amla, Bimla and Kavita were partners sharing profits and losses in the ratio
of 4 : 3 : 1. Bimla retires and gives her share of profit to Amla for ` 3,600 and
to Kavita for ` 3,000. The gaining ratio of Amla and Kavita will be :
(a) 4 : 5 (b) 2 : 1
(c) 6 : 5 (d) 4 : 1 1

.67/4/2. 5 P.T.O.

8.     ______        1

9.       3 : 1    -      1/5  
                   
              :
      
.. (`) (`)
     24,000
    8,000
    16,000
(       )

,         
(a) 41 : 7 : 12 (b) 13 : 12 : 10
(c) 3:1:1 (d) 5:3:2 1

10.     31 , 2019         
    
  (`)
     5,00,000
    3,75,000
         1,24,000
  10,00,000
                
    ?
(a)      ` 1,000, 31 , 2019       
  
(b)      ` 5,00,000, 1-4-2018       
  
(c)     , ` 1,000, 31-3-2019        
         
(d) (b)  (c)  1

.67/4/2. 6

8. Capital Reserve is created out of ______ profits. 1

9. Anita and Babita were partners sharing profits and losses in the ratio of
3 : 1. Savita was admitted for 1/5th share in the profits. Savita was unable
to bring her share of goodwill premium in cash. The journal entry
recorded for goodwill premium is given below :
Date Particular LF Debit Credit
Amt. (`) Amt. (`)
Savita’s Current A/c. Dr. 24,000
To Anita’s Capital A/c. 8,000
To Babita’s Capital A/c. 16,000
(Being adjustment of goodwill
premium on Savita’s Admission)

The new profit sharing ratio of Anita, Babita and Savita, will be
(a) 41 : 7 : 12 (b) 13 : 12 : 10
(c) 3 : 1 : 1 (d) 5 : 3 : 2 1

10. The following information has been extracted from the financial
statements of a not-for-profit-organization for the year ended 31st March,
2019.
Particulars Amount (`)
Opening balance of Match Fund 5,00,000
Sale of Match tickets 3,75,000
Donation for Match Fund received during the year 1,24,000
Match expenses 10,00,000
Which of the following statements is correct for the presentation of the
above items in the financial statements of the not-for-profit-organization ?
(a) Negative Balance of Match fund ` 1,000 will be shown on the
liabilities side of the Balance sheet as at 31st March, 2019.
(b) Opening Balance of Match Fund ` 5,00,000 will be shown on the
liabilities side of Balance Sheet as at 1-4-2018.
(c) Negative balance of match fund, ` 1,000 will be shown on the
expenditure side of the Income and Expenditure Account for the year
ended 31-3-2019.
(d) Both (b) and (c). 1
.67/4/2. 7 P.T.O.

11.     ,             
                  
(i)    6%       
(ii)                
(iii)    9%       
      ?
(a) (i) (b) (ii)
(c) (iii) (d) (i)  (ii)          1

12. _______         1

13.               ,    
    ______ %           
      1

14. 31 , 2018      ` 100   50,000, 10%     
 31 , 2019     31 , 2018      ` 5,00,000
   
               3

1 , 2018     ` 100   4,000, 12%      
      30   31         
  10%  
 2018-19            3

15.    31-03-2019             
         ( )       
1-4-2018 31-3-2019

(`) (`)
    2,00,000 2,50,000
    3,50,000 2,90,000
      70,000 1,10,000
  :
       ` 1,79,000          ` 2,40,000
     4
.67/4/2. 8

11. In the case of retirement, if full or part of the amount payable to the
retiring partner still remains to be paid, and there is no agreement among
the partners then retiring partner will get
(i) Interest @ 6% p.a on the Balance amount.
(ii) Share of profit earned proportionate to his amount outstanding to
total capital of the firm.
(iii) Interest @ 9% p.a. on the balance amount.
Which out of the following is correct ?
(a) (i) (b) (ii)
(c) (iii) (d) Have a choice to get either (i) or (ii) 1

12. _______ capital accounts always show a credit balance. 1

13. When a company plans to redeem its debentures out of profits, it should
transfer minimum ______ % of the face value of the outstanding
debentures to Debenture Redemption Reserve out of surplus available for
payment of dividend. 1

14. On 31st March 2018 SS Ltd. had 50,000 10% debentures of ` 100 each
outstanding . These debentures were due for redemption on 31st March,
2019. Debenture Redemption Reserve has a balance of ` 5,00,000 on 31st
March, 2018.
Ignoring the entries for interest, pass the necessary journal entries for
redemption of debentures. 3
OR
X Ltd. has 4,000 12% debentures of ` 100 each on 1st April, 2018.
According to the terms of issue interest on debentures is payable half
yearly on 30th September and 31st March and the rate of tax deducted at
source is 10%.
Pass necessary journal entries for interest on debentures for the year
2018-19. 3

15. From the following information, calculate the amount of sports material
that will be debited to Income and Expenditure Account of Sharda Club
for the year ended 31-03-2019.
Particulars 1-4-2018 31-3-2019
(`) (`)
Stock of Sports material 2,00,000 2,50,000
Creditors for sports material 3,50,000 2,90,000
Advance paid for sports material 70,000 1,10,000
Additional Information :
Cash purchase of sports material during the year was ` 1,79,000.
` 2,40,000 were paid to the creditors of sports material during the year. 4

.67/4/2. 9 P.T.O.

16. 31 , 2019              
       31-03-2019          
  
31-03-2019              

   
(`) (`)
    1,42,000
 20,000   70,000
 30,000 50,000   40,000
 :    
2017-18 13,000  22,000
2018-19 4,00,000  1,91,000
2019-20 47,000 4,60,000  
  30,000 31-3-2019  7%
        2,30,000 4,43,000
(  ` 12,000) 16,000
   38,000
   91,000
  10,000
6,95,000 6,95,000
  :
  450      ` 1,000         
  1-10-2018        20%        4

17.       - 3 : 2       31 , 2018  
      ` 1,65,500  ` 1,27,600  
  12%         2017-18   ` 50,000 
              ` 15,000     
   ` 40,000              
   5%               
             
    4

.67/4/2. 10

16. From the following Receipts and Payments Account of Vandana Music
Club for the year ended 31st March, 2019 and additional information,
Prepare Income and Expenditure Account for the year ended 31-03-2019.
Receipts and Payments Account of Vandana Music Club
for the year ended 31-03-2019
Amount Amount
Receipts Payments
(`) (`)
To Balance b/d By Honorarium 1,42,000
Cash 20,000 By Musical Instruments 70,000
Bank 30,000 50,000 By Electricity Bill 40,000
To Subscriptions : By Balance c/d
2017-18 13,000 Cash 22,000
2018-19 4,00,000 Bank 1,91,000
2019-20 47,000 4,60,000 Fixed deposit
To Locker Rent 30,000 @7% p.a on
To Sale of Old furniture 16,000 31-3-2019 2,30,000 4,43,000
(book value ` 12,000)

To Building Fund Donations 38,000
To Life Membership Fees 91,000
To Entrance Fees 10,000
6,95,000 6,95,000
Additional Information :
The Club had 450 members each paying an annual subscription of ` 1,000.
Musical Instruments were purchased on 1-10-2018. Depreciation @ 20%
p.a. was to be charged on Musical Instruments. 4

17. A and B are partners sharing profits and losses in the ratio of 3 : 2. Their
capital on 31st March, 2018 after all adjustments stood at ` 1,65,500 and
` 1,27,600 respectively.
Profits amounting to ` 50,000 for the year 2017-18 were distributed after
allowing interest on drawings @ 12% p.a. During the year A withdrew `
15,000 at the beginning of every quarter and B withdrew ` 40,000 during
the year. Partnership deed is silent on interest on drawings but provides
for interest on Capital @ 5% p.a. Interest on Capital has not been provided.
Showing your workings clearly, pass the necessary adjustment entry to
rectify the above errors. 4
OR

.67/4/2. 11 P.T.O.

,          1 , 2018     
` 1,00,000, ` 50,000  ` 50,000  
    
(i)    ` 20,000      
(ii)   10%       
(iii)  3 : 1 : 1        31 , 2019     
` 90,000  
            4

18. ,          3 : 4 : 3    -   
     31       1-10-2019       
         ` 3,50,000         
                    
    2015-16 ` 1,70,000; 2016-17 ` 1,30,000, 2017-18 ` 1,90,000
 2018-19 ` 1,10,000            
` 7,35,000     15-10-2019    
             4

19.          3 : 2        31 , 2018
        :
31 , 2018       

   
(`) (`)
 36,000  47,000
  10,000  93,000
     50,000  76,000
 :  2,00,000
 2,80,000  20,000
 1,60,000 4,40,000    1,00,000
5,36,000 5,36,000
                 
    :
(i)             
(ii)     ` 1,50,000      ` 12,000    

.67/4/2. 12

Arun, Shobha and Yuvraj were partners in a firm. On 1st April, 2018 their
Fixed Capitals Stood at ` 1,00,000, ` 50,000 and ` 50,000 respectively.
As per the provisions of partnership deed,
(i) Partners were entitled to an annual salary of ` 20,000 each.
(ii) Interest on Capital @ 10% p.a. was to be provided.
(iii) Profits were to be shared in the ratio 3 : 1 : 1. Net profit for the year
ended 31st March, 2019 was ` 90,000.
Pass Journal Entries for the above in the books of the firm. 4

18. Karim, Saleem and Raheem were partners in a firm sharing profits and
losses in the ratio of 3 : 4 : 3. The firm closes its books on 31st March every
year. On 1-10-2019 Karim died. On Karim’s death the goodwill of the firm
was valued at ` 3,50,000. Karim’s share in the profits of the firm in the
year of his death was to be calculated on the basis of average profits of
last four years. The profits for the last four years were 2015-16 ` 1,70,000;
2016-17 ` 1,30,000; 2017-18 ` 1,90,000 and 2018-19 ` 1,10,000. The total
amount payable to Karim’s executors on his death was ` 7,35,000. It was
paid on 15-10-2019.
Pass necessary journal entries for the above transactions in the books of
the firm. 4

19. Harish and Gopal were partners in a firm sharing profits in the ratio of
3 : 2. On 31st March, 2018, their Balance Sheet was as follows :

Balance Sheet of Harish and Gopal as at March 31, 2018
Amount Assets Amount
Liabilities
(`) (`)
Creditors 36,000 Cash 47,000
Outstanding expenses 10,000 Bank 93,000
Gopal’s wife’s loan 50,000 Debtors 76,000
Capitals : Stock 2,00,000
Harish 2,80,000 Furniture 20,000
Gopal 1,60,000 4,40,000 Leasehold premises 1,00,000
5,36,000 5,36,000

On the above date the firm was dissolved. The various assets were
realized and liabilities were settled as under :
(i) Gopal agreed to pay his wife’s loan.
(ii) Leasehold premises realised ` 1,50,000 and Debtors ` 12,000 less.

.67/4/2. 13 P.T.O.

(iii)                   
 10%       
(iv) 50%     ` 90,000           
` 94,000    
(v) ` 10,000           
     6

,          5 : 3 : 2        
   ` 6,00,000; ` 4,00,000  ` 2,00,000       
  ` 75,000              :
(i)   9%    
(ii)     12%    
(iii)   ` 30,000     ` 40,000     
(iv)     9%     
          ` 50,000   ,   
     ` 50,000            
` 70,000    
        31 , 2019        
` 7,06,750  
-      6

20.             
(i) ` 100   ` 2,00,000, 9%    10%      
 15%     
(ii) ` 100   4,000, 9%    5%      
 10%     
(iii) ` 100   ` 10,00,000, 9%         
 12.5%      6

.67/4/2. 14

(iii) Half of the creditors agreed to accept furniture of the firm as full
settlement of their claim and remaining half agreed to accept 10%
less.
(iv) 50% stock was taken over by Harish on payment by cheque of
` 90,000 and remaining stock was sold for ` 94,000.
(v) Realization expenses of ` 10,000 were paid by Gopal on behalf of the
firm.
Prepare Realization Account. 6
OR
Sudha, Naresh and Geeta were partners in a firm sharing profits in the
ratio of 5 : 3 : 2. Their fixed capitals were ` 6,00,000; ` 4,00,000 and
` 2,00,000 respectively. Besides her capital Geeta had given a loan of
` 75,000 to the firm. Their partnership deed provided for the following :
(i) Interest on capital @ 9% p.a.
(ii) Interest on partners’ drawings @ 12% p.a.
(iii) Salary to Sudha ` 30,000 per month and to Naresh ` 40,000 per
quarter.
(iv) Interest on Geeta’s loan @ 9% p.a.
During the year Sudha withdrew ` 50,000 at the end of each quarter;
Naresh withdrew ` 50,000 in the beginning of each half year and
Geeta withdrew ` 70,000 at the end of each half year.
The profit of the firm for the year ended 31-3-2019 before allowing
interest on Geeta’s loan was ` 7,06,750.
Prepare Profit and Loss Appropriation Account. 6

20. Pass necessary journal entries for the issue of debentures in the following
cases :
(i) Issued ` 2,00,000 9% debentures of ` 100 each at a discount of 10%
redeemable at a premium of 15%.
(ii) Issued 4,000, 9% debentures of ` 100 each at a premium of 5%
redeemable at a premium of 10%.
(iii) Issued ` 10,00,000, 9% debentures of ` 100 each at par redeemable at
a premium of 12.5%. 6

.67/4/2. 15 P.T.O.

21.          3 : 1    -   
31-3-2019         :

31-3-2019       

 
 
` `
     7,000  24,000

  18,000   80,000

  47,000   95,000

  1,02,000  14,000

   55,000  70,000

 2,00,000

 :    1,96,000

 3,00,000
 1,50,000 4,50,000

6,79,000 6,79,000
     1/5           
        :
(i)       ` 2,00,000        
            ` 1,00,000   
(ii)        ` 5,000        
       5%     
(iii)     ` 60,000        
(iv)    ` 18,000          ` 54,000 
  
            8

.67/4/2. 16

21. Raman and Aman were partners in a firm and were sharing profits in
3 : 1 ratio. On 31-3-2019 their balance sheet was as follows :

Balance Sheet of Raman and Aman as on 31-3-2019
Amount Amount
Liabilities Assets
` `
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 Furniture 70,000
Compensation Reserve 55,000 Machinery 2,00,000
Capitals : Land & Building 1,96,000
Raman 3,00,000
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 :
(i) Suman will bring ` 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.
(ii) Outstanding expenses will be paid off. ` 5,000 will be written off as
bad debts and a provision of 5% for bad debts on debtors was to
maintained.
(iii) The liability towards workmen compensation was estimated at
` 60,000.
(iv) Machinery was to be depreciated by ` 18,000 and Land and Building
was to be depreciated by ` 54,000.
Pass necessary journal entries for the above transactions in the books of
the firm. 8
OR

.67/4/2. 17 P.T.O.

,          31 , 2019         :
31 , 2019  ,      

   
` `
  20,000  20,000
 40,000  28,000
  30,000  20,000
   6,000  : 45,000
 :  :   
  5,000 40,000
 60,000    1,20,000
 40,000
 32,000 1,32,000
2,28,000 2,28,000
1 , 2019               - 2 : 1 
         :
(i)      ` 30,000   
(ii) ` 4,000              10%   
    
(iii)       ` 1,32,000    
(iv)  ` 20,000      -      
(v)     ` 1,500       
(vi)     ` 20,000            
    
 ,           8

22.    ` 10   3,40,000    ` 5       
              
  – ` 4   (` 2  )
  – ` 5   (` 2  )
     – 
6,00,000        1,80,000        
                  
                  
.67/4/2. 18

A, B and C were partners in a firm. Their Balance Sheet as at 31st March,
2019 was as follows :
Balance Sheet of A, B and C as at 31st March, 2019
Amount Amount
Liabilities Assets
` `
Bill payable 20,000 Bank 20,000
Creditors 40,000 Furniture 28,000
General Reserve 30,000 Stock 20,000
Workmen Compensation Debtors : 45,000
Reserve 6,000 Less : Provision
Capitals : for doubtful debts 5,000 40,000
A 60,000 Land & Building 1,20,000
B 40,000
C 32,000 1,32,000
2,28,000 2,28,000
B retired on 1st April, 2019. A and C decided to share profits in the ratio of
2 : 1. The following terms were agreed upon :
(i) Goodwill of the firm was valued at ` 30,000.
(ii) Bad-debts ` 4,000 were written off. The provision for doubtful debts
was to be maintained @ 10% on debtors.
(iii) Land and Building was to be increased to ` 1,32,000.
(iv) Furniture was sold for ` 20,000 and the payment was received by
cheque.
(v) Liability towards Workmen Compensation was estimated at ` 1,500.
(vi) B was to be paid ` 20,000 through a cheque and the balance was
transferred to his loan account.
Prepare Revaluation Account, Partners’ Capital Accounts and Bank
Account. 8

22. Zee Ltd. invited applications for issuing 3,40,000 equity shares of ` 10
each at a premium of ` 5 per share. The amount was payable as follows :
On application ` 4 per share (including ` 2 premium)
On allotment ` 5 per share (including ` 2 premium)
On First and Final call – Balance.
Applications for 6,00,000 shares were received. Application for 1,80,000
shares were rejected and application money was refunded. Shares were
allotted on prorata basis to the remaining applicants. Excess money
received with applications was adjusted towards sum due on allotment.

.67/4/2. 19 P.T.O.

,  2,100      ,        
         ,  6,800      , 
                 
             850     ` 8    
     
              
     8

..   ` 10   6,00,000    ` 3      
               :
    – ` 3  
   – ` 4  
     –  ( )
8,00,000        50,000        
                  
 :
 I :  4,00,000      ,    
3,00,000      
 II :             
                 ,
 6,000      ,            I
                  ` 13    
               
    ..          8

 – 
 – I
(   )

23.      0.75 : 0.50    ` 10,000       
,        ?         1

24.  -  ___________    ( /  / ) 1

.67/4/2. 20

Yamini who had applied for 2100 shares failed to pay allotment money
and her shares were forfeited immediately. Vani to whom 6800 shares
were allotted paid her entire share money due on allotment. Afterwards
First and Final call was made and was duly received. Out of the forfeited
shares 850 shares were reissued to Vansh at ` 8 per share fully paid up.
Pass necessary journal entries for the above transactions in the books of
the company by opening calls-in-arrears and calls-in-advance accounts. 8
OR
K.N. Ltd. invited applications for issuing 6,00,000 equity shares of ` 10
each at a premium of ` 3 per share. The amount was payable as follows :
On Application and Allotment ` 3 per share.
On First Call ` 4 per share.
On Second and Final Call Balance (including premium).
Applications for 8,00,000 shares were received. Applications for 50,000
shares were rejected and the application money was refunded. Shares
were allotted to the remaining applicants as follows :
Category I : Those who had applied for 4,00,000 share were allotted
3,00,000 shares on pro-rata basis.
Category II : The remaining applicants were allotted the remaining
shares on pro-rata basis.
Excess application money received with applications was adjusted
towards sums due on first call. Rakesh to whom 6,000 shares were
allotted failed to pay the first call money. Rakesh belonged to
category I. His shares were forfeited. The forfeited shares were re-issued
at ` 13 per share fully paid up. The second call was made afterwards and
was duly received.
Pass necessary journal entries for the above transactions in the
books of K.N. Ltd. 8

PART – B
Option – I
(Analysis of Financial Statements)
23. The quick ratio of a company is 0.75 : 0.50. Will credit purchase of goods
` 10,000 increase, decrease or not change the ratio ? Give reason in
support of your answer. 1

24. Employee benefit expenses include ___________. (bonus/depreciation/
income tax) 1

.67/4/2. 21 P.T.O.

25.             ?
(a) 
(b)    
(c)   
(d)   ( ) 1

26.                  _____
     1

27.  , 2013     III,  I        
‘ ’   /     ?
(a)  
(b)  
(c)     
(d)    1

28.  , 2013   III  I         ‘
 ’             1

29.                , 
      ?         1

30.          :
(i)     
(ii)        
 : (`)
  15,00,000
 2,00,000
  79,000
  87,000
 2,21,000
 11,48,000 3

.67/4/2. 22

25. Which of the following is not a limitation of financial analysis ?
(a) Subjectivity
(b) Qualitative aspects ignored
(c) Inter-firm comparison
(d) Window dressing 1

26. Interest received in cash from loans and advance is considered as _____
activity while preparing cash flow statement. 1

27. Under which of the following headings/sub-headings, Calls in advance will
be presented in the Balance Sheet of a Company as per Schedule III
Part I of the Companies Act, 2013 ?
(a) Current Liabilities
(b) Share Capital
(c) Share Application Money Pending Allotment
(d) Reserves and Surplus. 1

28. List any two items that may be presented under ‘Other Current
Liabilities’ in the balance sheet of a Company as per Schedule III Part I of
the Companies Act 2013. 1

29. While preparing cash flow statement, will ‘Cash withdrawn from bank’
result into inflow, outflow or no flow of cash ? Give reason in support of
your answer. 1

30. From the following information obtained from the books of Raja Ltd,
calculate :
(i) Trade Receivables Turnover Ratio, and
(ii) Trade Payables Turnover Ratio.
Information : (`)
Revenue from operations 15,00,000
Creditors 2,00,000
Bills receivable 79,000
Bills Payable 87,000
Debtors 2,21,000
Purchases 11,48,000 3

.67/4/2. 23 P.T.O.

31. 31 , 2019          -     
   
31 , 2019         - 
    %
 2017-18 2018-19 2017-18 2018-19
` `
I.   20,00,000 25,00,000 _______ 100
II.   1,00,000 2,50,000 _______ 10
III.   21,00,000 27,50,000 105 110
IV. 
(a)    
  _______ 8,00,000 30 32

(b)  ()  1,00,000 2,00,000 _______ 8

(c)     _______ 4,50,000 15 18
(d)   _______ 2,25,000 10 9
  12,00,000 16,75,000 _______ 67
V.    (III-IV) 9,00,000 10,75,000 45 43
 :  2,00,000 2,50,000 10 _______
VI.    7,00,000 8,25,000 35 33 4

31 , 2019           - 
  -    :
 . 2018-19 2017-18

(`) (`)
  45,00,000 20,00,000
    10,00,000 8,00,000
  5,00,000 2,00,000
  30% 4

.67/4/2. 24

31. Fill in the amounts left blank in the following Common Size Statement of
Profit and Loss for the year ended 31st March, 2019.
Common-Size Statement of Profit & Loss
for the year ended 31st March, 2019

Absolute Change % of Revenue
from operations
Particulars
2017-18 2018-19 2017-18 2018-19
` `
I. Revenue from operations 20,00,000 25,00,000 ________ 100
II. Other Income 1,00,000 2,50,000 ________ 10
III. Total Revenue 21,00,000 27,50,000 105 110
IV. Expenses
(a) Cost of Material
consumed ________ 8,00,000 30 32
(b) Change in Inventory 1,00,000 2,00,000 ________ 8
(c) Employee Benefit
Expense ________ 4,50,000 15 18
(d) Other expenses ________ 2,25,000 10 9
Total Expenses 12,00,000 16,75,000 ________ 67
V. Profit before Tax (III-IV) 9,00,000 10,75,000 45 43
Less : Tax 2,00,000 2,50,000 10 ________
VI. Profit after Tax 7,00,000 8,25,000 35 33 4
OR
From the following Statement of Profit and Loss of Skills India Ltd. for
the year ended 31st March, 2018 and 2019, prepare a Comparative
Statement of Profit and Loss.
Note 2018-19 2017-18
Particulars No.
(`) (`)
Revenue from Operations 45,00,000 20,00,000
Employee Benefit Expenses 10,00,000 8,00,000
Other Expenses 5,00,000 2,00,000
Tax Rate 30% 4

.67/4/2. 25 P.T.O.

32. 31 , 2019            
           ` 2,32,000  
 
31-3-2019   
 . 31 , 2019 31 , 2019

(`) (`)
I.    :
1.  
(a)   10,00,000 8,00,000
(b)    1 4,00,000 (1,00,000)
2.  
  2 9,00,000 9,00,000
3.  
(a)   3 2,40,000 1,00,000
(b)   4 2,00,000 1,75,000
 : 27,40,000 18,75,000
II.  :
1.  
(a)  
(i)   5 20,00,000 14,42,000
(ii)   6 46,000 58,000
(b)   1,00,000 45,000
2.   :
(a)   2,00,000 1,20,000
(b)  () 7 2,14,000 90,000
(c)     1,80,000 1,20,000
 : 27,40,000 18,75,000

.67/4/2. 26

32. From the following Balance Sheet of Gopal Ltd. and the additional
information as at 31st March, 2019, prepare a Cash Flow statement when
cash flows from financing activities is ` 2,32,000.
Gopal Ltd.
Balance Sheet as at 31-3-2019
Note 31st March, 31st March,
Particulars
No. 2019 (`) 2018 (`)
I. Equity and Liabilities :
1. Shareholder’s Fund
(a) Share Capital 10,00,000 8,00,000
(b) Reserve and Surplus 1 4,00,000 (1,00,000)
2. Non-Current Liabilities
Long term Borrowings 2 9,00,000 9,00,000
3. Current Liabilities
(a) Short term Borrowings 3 2,40,000 1,00,000
(b) Short term Provisions 4 2,00,000 1,75,000
Total : 27,40,000 18,75,000

II. Assets :
1. Non-Current Assets
(a) Fixed Asset
(i) Tangible Assets 5 20,00,000 14,42,000
(ii) Intangible Assets 6 46,000 58,000
(b) Non-current Investments 1,00,000 45,000
2. Current Assets :
(a) Current Investments 2,00,000 1,20,000
(b) Inventories 7 2,14,000 90,000
(c) Cash and Cash
equivalents 1,80,000 1,20,000
Total : 27,40,000 18,75,000

.67/4/2. 27 P.T.O.

   :
 31 , 31 ,

 2019 (`) 2018 (`)
1.   
 (-   ) 4,00,000 (1,00,000)
2.  
12%  9,00,000 9,00,000
3.  
  2,40,000 1,00,000
4.  
  2,00,000 1,75,000
5.  
 24,00,000 16,42,000
 :  ()  (4,00,000) (2,00,000)
20,00,000 14,42,000
6.  
 46,000 58,000
7.  ()
  2,14,000 90,000
  :
   ` 1,50,000        6

 – II
( )
23.                
    
(a)     (b)     
(c)   (d)   1

24.     _____     _____ ,      
     1

25.                 
(a)   (b)  
(c)   (d)   1
.67/4/2. 28

Notes to Accounts :
Note Particulars 31 March, 31 March,
No. 2019 (`) 2018 (`)
1. Reserve and Surplus
Surplus (Balance in statement of
Profit and Loss) 4,00,000 (1,00,000)
2. Long term Borrowings
12% debentures 9,00,000 9,00,000
3. Short term Borrowings
Bank overdraft 2,40,000 1,00,000
4. Short term provisions
Provision for tax 2,00,000 1,75,000
5. Tangible Assets
Machinery 24,00,000 16,42,000
Less : Accumulated Depreciation (4,00,000) (2,00,000)
20,00,000 14,42,000
6. Intangible Assets
Goodwill 46,000 58,000
7. Inventories
Stock in trade 2,14,000 90,000

Additional Information :
Tax ` 1,50,000 was paid during the year. 6

OPTION – II
(Computerized Accounting)
23. Name the accounting information sub-system which generates periodic
reports about sales and collections made.
(a) Cash and Bank sub-system.
(b) Sales and accounts receivable sub-system.
(c) Inventory sub-system.
(d) Budget sub-system. 1

24. A spread sheet is used to _____ calculate and compare _____ or financial
data. 1

25. The process of comparing input data with some known data is called
(a) storage data (b) information data
(c) data validation (d) data entry 1

.67/4/2. 29 P.T.O.

26.  ______          ,   _____  
 -      1

27.      :
(a)       
(b)     
(c)           
(d)   1

28.       -  (Key-Stroks)   
(i)    (a)    ()  
(ii)    (b)    ()
(c)   ()
(d)   ()
(i) (ii)
(A) (a) (d)
(B) (b) (c)
(C) (d) (a)
(D) (a) (c) 1

29. _______                 
                    1

30.            3

                  
       3

31.         ‘’            
  4

                  ? 4

32. ‘ ’               
   
           
             6
_____________
.67/4/2. 30

26. A ______ attribute can be divided into smaller sub-parts but a _____
attribute cannot be further sub divided. 1

27. Hardware refers to
(a) System software and application software.
(b) Computer associated peripherals and their network.
(c) A logical sequence of actions to perform a task.
(d) All of the above. 1

28. Match the movement of mouse with the key strokes.
(i) One cell down (a) Down arrow key () or enter
(ii) One cell up (b) Up arrow key ()
(c) Right arrow key ()
(d) Left arrow key ()
(i) (ii)
(A) (a) (d)
(B) (b) (c)
(C) (d) (a)
(D) (a) (c) 1

29. _______ prompts the user to enter parameters or criteria through an input
box for selecting a set of records with different criteria. 1

30. State any three features of good Accounting Software. 3
OR
Name the function of Excel which converts numeric value to text in a
specific number format. Explain its syntax. 3

31. Explain the elements to be considered for calculating “deductions” for a
current pay roll. 4
OR
Show with the help of a flow chart, how are accounting transactions
processed in computerized accounting system. 4

32. ‘A Ltd.’ wants to enter their sales related data on excel sheet, for their
three products to prepare a graphic presentation to be presented in the
Board Of Directors’ meeting.
State the basic steps to prepare presentation. 6

___________
.67/4/2. 31 P.T.O.

.67/4/2. 32