ISC Class 12 Question Paper 2025 Accounts

ACCOUNTS
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Maximum Marks: 80
Time Allowed: Three Hours
Reading Time: Additional Fifteen Minutes
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Instructions to Candidates
1. You are allowed an additional fifteen minutes for only reading the paper.
2. You must NOT start writing during reading time.
3. This Question Paper has 16 printed pages.
4. It is divided into three sections and has 18 questions in all.
5. Section A is compulsory and has ten questions.
6. You are required to attempt all questions either from Section B or Section C.
7. Section B and Section C have four questions each.
8. Internal choices have been provided in five questions in Section A and in
two questions each in Section B and Section C.
9. While attempting Multiple Choice Questions in Sections A, B and C, you are
required to write only ONE option as the answer.
10. All calculations should be shown clearly.
11. All workings, including rough work, should be done on the same page as, and
adjacent to, the rest of the answer.
12. The intended marks for questions or parts of questions are given in the
brackets [].
Instruction to Supervising Examiner
1. Kindly read aloud the instructions given above to all the candidates present in
the examination hall.

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© Copyright reserved.

SECTION A (60 Marks)
Answer all questions.
Question 1
In subparts (i) to (v) choose the correct options and in subparts (vi) to (x) answer the questions
as instructed.
(i) Shiv, Ravi and Roshan are partners in a firm following the fixed capital method. [1]
During the year 2023-24, Shiv withdrew ₹ 15,000 in the middle of each half year;
Ravi withdrew ₹ 20,000 to pay for premium of his life insurance policy;
Roshan withdrew ₹ 12,000 from his capital.
What is the interest on drawings charged from the partners at the end of the year, if
the rate of interest on drawings mentioned in the partnership deed is 6% per annum?
(a) Shiv - ₹ 900; Ravi - Nil; Roshan - ₹ 360
(b) Shiv - ₹ 900; Ravi - ₹ 600; Roshan - Nil
(c) Shiv - ₹ 1,800; Ravi - ₹ 1,200; Roshan - ₹ 720
(d) Shiv - ₹ 900; Ravi – ₹ 1,200; Roshan - ₹ 360
(ii) To value the goodwill of a partnership firm at the time of its reconstitution, which one [1]
of the following items is added back to the previous year’s profit to find the normal
profit?
(a) Gain from sale of shares
(b) Insurance premium paid
(c) Undervaluation of closing stock
(d) Overvaluation of closing stock
(iii) Read the following news item regarding issue of shares by TVS Supply Chain and [1]
answer the question that follows:

(Source: The Hindu, Business Line,15 August, 2023)
Which of the following options can TVS Supply Chain avail to deal with its
over-subscribed shares?
P Reject all the over-subscribed shares and refund the excess application
money.
Q Allot all shares applied for on a pro-rata basis.
R Allot all shares applied for.
S Allot in full to some applicants, allot shares on a pro-rata basis to a few
applicants and refund the application money to some applicants.
(a) P, Q and R
(b) Q, R and S
(c) P, R and S
(d) P, Q and S

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(iv) Premium on Redemption of Debentures is debited to: [1]
(a) Debentures Account
(b) Loss on issue of Debentures Account
(c) Debenture holders’ Account
(d) Debenture Application and Allotment Account
(v) Assertion: A partnership firm is said to maintain its accounts by the fixed capital [1]
account method when it has a separate capital account and current account
for every partner.
Reason: A fixed capital account method is maintained to ensure that the balance in
the current account of any partner is not overdrawn at any point of time.
Which one of the following is correct?
(a) Both Assertion and Reason are true and Reason is the correct explanation for
Assertion.
(b) Both Assertion and Reason are true but Reason is not the correct explanation
for Assertion.
(c) Assertion is true and Reason is false.
(d) Both Assertion and Reason are false.
(vi) What does a new partner acquire by contributing his share to the self-generated [1]
goodwill of the firm?
(vii) At the time of dissolution of a partnership firm on 31st March, 2024, its Bills Payable [1]
of ₹ 42,000 due to be paid on 31st July, 2024, was settled at a rebate of ₹ 350.
Calculate the per annum percentage of rebate at which the Bills Payable was
settled.
(viii) At the time of the dissolution of the partnership firm of Sanjay and Mitali, its [1]
Balance Sheet showed Deferred Revenue Expenditure of ₹ 30,000.
Give the journal entry to treat this item.
(ix) Read the following news item and answer the questions which follow: [1]
In a strong display of innovation, IIT Kanpur filed a total of 122 intellectual property
rights (IPR) applications in 2023. To date, it has 1,039 successful IPRs. The patents
for inventions are from varied domains such as MedTech and Nano Technology.
(Source (edited): Financial Express. 11, January, 2024)
(a) Mention the sub-head under which patents would be shown in the
Balance Sheet of a company prepared as per Schedule III of the Companies
Act, 2013.
(b) Give any one other item under the same sub-head.
(x) Why is it advisable for an unlisted manufacturing company to start transferring its [1]
profits to Debenture Redemption Reserve from the year of the issue of its
non-convertible debentures?

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Question 2 [3]
Ajay and Bijoy are two partners sharing profits and losses in the ratio of 2:1.
Balance Sheet of Ajay and Bijoy (extract)
As at 31st March, 2024

Liabilities (₹) Assets (₹)
Workmen Compensation Reserve 1,200
Additional information:
(a) On 1st April, 2024, they admitted Sujay as a partner with ¼ share in the profits.
(b) The Workmen Compensation Reserve to be reduced to ₹ 900 in the reconstituted
firm.
You are required to give the accounting treatment of Workmen Compensation Reserve
on the date of Sujay’s admission.
OR
Gita and Mita are partners in a firm sharing profits and losses in the ratio of 3:2. An extract [3]
of their Balance Sheet as at 31st March, 2024, is as follows:
Balance Sheet of Gita and Mita (extract)
As at 31st March, 2024
Liabilities (₹) Assets (₹)
Creditors 15,000 Plant & Machinery 1,20,000
Sundry Debtors 1,50,000
Less Provision for
Doubtful Debts (15,000) 1,35,000

On the admission of Rita as a third partner for 1⁄4 share in the profits, the assets and liabilities
of the firm were revalued as under:
(i) Creditors include an amount of ₹ 5,000 received as commission from Ajay.
The necessary adjustment to be made.
(ii) Creditors include ₹ 1,000 due to Nikhil paid by partner Gita privately for which she is
not to be reimbursed.
(iii) The value of machinery, overvalued by ₹ 20,000 in the Balance Sheet, to be revised.
(iv) Out of the total insurance premium paid, ₹ 6,000 to be treated as prepaid insurance.
The amount was earlier debited to Profit & Loss A/c.
(v) ₹ 20,000 for damages claimed by a customer had been disputed by the firm. It was
agreed at 70% by a compromise between the customer and the firm.
(vi) The provision for doubtful debts to be increased to ₹ 20,000.
You are required to prepare the Revaluation Account.

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Question 3
On 1st April, 2023, Vishesh Co. Ltd made an issue, which was fully subscribed, of 8,000, [3]
5% Debentures of ₹ 100 each at a premium of 10% repayable at par at the end of 10 years.
The debentures were allotted on 31st August, 2023, subscriptions being payable:
10% with Application
50% (along with premium) on Allotment
20% with First Call
Balance on the Second & Final Call
One debenture holder holding 200 debentures paid the First Call with Allotment.
You are required to prepare the Cash Book for the year 2023-24 to record the above
issue of debentures. (Ignore interest on debentures).
OR
Mint Ltd. issued 5,000, 6% Debentures of ₹ 100 each to be redeemed at par after five years.
The issue price was payable as follows:
₹ 25 on Application payable on 1st May, 2023
₹ 25 on Allotment payable on 1st July, 2023
₹ 20 on First Call payable on 1st October, 2023
Balance on Second & Final Call payable on 1st February, 2024
All these debentures were subscribed and amounts due on them duly received.
One debenture holder holding 1,000 debentures, paid the amount of both the calls with
allotment.
According to the Articles of Association of the company, interest @ 12% per annum is
payable on calls-in-advance. The interest on calls-in-advance was paid by the company to the
debenture holder on 1st February, 2024.
The company follows the financial year and closes its books accordingly.
You are required to prepare the following for the year 2023-24:
(i) Interest on Calls-in-Advance Account. [1]
(ii) Second & Final Call Account. [2]

Question 4
Shyla Ltd., an unlisted manufacturing company, had 30,000, 6% Debentures of ₹ 100 each
due for redemption at par on 31st March, 2024. On this date, the company had the required
amount in its Debenture Redemption Reserve.
Investment, as required by the law, made on 1st April, 2023, earning interest
@ 5% per annum, was realised at 97% on the date of redemption and the debentures were
redeemed on the due date.
Tax @ 10% on the interest was deducted at the source of the investment.
You are required to prepare the following for the year 2023-24:
(i) Debenture Redemption Investment Account. [1½]
(ii) Interest on Debenture Redemption Investment Account. [1½]

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Question 5
Anu, Benu and Sara are partners in a firm sharing profits and losses in the ratio of
4⁄ : 2⁄ : 1⁄ . Anu retires from the firm on 1st April, 2024. She gives half of her share to
9 9 3
Benu and the remaining half to Sara.
On Anu’s retirement, it is decided that goodwill of the firm be valued at two years’ purchase
of the average profits of the preceding four years which were as follows:
Year Profit
2020-21 ₹ 40,000 (including gain from speculation ₹ 4,000)
2021-22 ₹ 80,000 (excluding repairs of machinery ₹ 6,000)
2022-23 ₹ 1,10,000
2023-24 ₹ 40,000 (loss)

You are required to calculate:
(i) The new profit-sharing ratio of the remaining partners in the reconstituted firm. [1]
(ii) The firm’s goodwill on the date of Anu’s retirement. [2]
(Show the workings clearly with the formula)

Question 6 [6]
Hoody Ltd. made the following borrowings in the year 2023-24:
On 1st April, 2023:
Ten year, 10% Bank Loan from AZ Bank secured by a primary security and ₹ 25,00,000
20,000, 6% Debentures of ₹ 100 each as collateral security, the issue of which
was recorded in the books.
On 1st October, 2023:
5,000, 8% Debentures of ₹ 100 each, redeemable at par in five equal annual ₹ 5,00,000
instalments.
The terms of the borrowings were:
• The redemption of 8% Debentures to begin from 30th September, 2024.
• Interest on Bank Loan and Debentures to be paid annually.
Additional information:
In the year 2023-24, the company defaulted on the payment of the interest on bank loan.
You are required to show the above items in Notes to Accounts accompanying the
Balance Sheet of Hoody Ltd. prepared as per Schedule III of the Companies Act, 2013,
as at 31st March, 2024.

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Question 7
Uma and Aman were partners in a firm sharing profits and losses in the ratio of 2:1.
They closed their books on 31st March every year. Uma died on 31st July, 2024, when the
Balance Sheet of the firm was as follows:
Balance Sheet of Uma and Aman
As at 31st July, 2024
Liabilities (₹) Assets (₹)
Sundry Creditors 30,000 Cash at Bank 84,000
Loan from Uma 10,000 Fixed Assets 78,000
General Reserve 24,000 Goodwill 24,000
Profit for four months
(before any interest and
appropriations) 62,000
Capital Accounts:
Uma 36,000
Aman 24,000 60,000
1,86,000 1,86,000
According to the terms of their partnership deed:
(a) Interest on capital to be allowed to the partners @ 4% per annum.
(b) Uma to be allowed a salary of ₹ 250 per month.
The firm’s non-purchased goodwill on the date of Uma’s death was valued at ₹ 12,000.
The amounts due to Uma were transferred to her representative’s loan account.
You are required to prepare:
(i) Uma’s Capital Account. [5]
(ii) Uma’s Loan Account. [1]
OR
Ravi, Ali and Siya are partners in a firm sharing profits and losses in the ratio of 4:3:2. [6]
Ali retired from the firm on 31st March, 2024, when the capitals of the partners before the
following necessary adjustments stood at:
Ravi ₹ 23,000
Ali ₹ 12,000
Siya ₹ 9,000
Adjustments:
(a) The firm’s goodwill to be valued at ₹ 21,600.
(b) Loss on revaluation of assets and liabilities to be ₹ 2,700.
On the date of Ali’s retirement, the firm had:
General Reserve of ₹ 6,300
Cash & Bank Balance of ₹ 18,600
It was decided that Ali be paid through cash brought in by Ravi and Siya in such a manner
so as to make their capitals proportionate to their new profit-sharing ratio and a minimum
Cash & Bank Balance of ₹ 10,000 to be maintained in the reconstituted firm.
You are required to pass journal entries to record the above transactions.

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Question 8 [6]
Mihir and Farhan were partners in a firm sharing profits and losses equally. They dissolved
their partnership firm on 31st March, 2024.
On this date, the Balance Sheet of their firm, apart from the realisable assets and outside
liabilities, showed the following:
Particulars (₹)
Mihir’s Capital 60,000 (Cr)
Farhan’s Capital 20,000 (Dr)
Workmen Compensation Reserve 12,000
Profit & Loss Account 6,000 (Cr)
Bank Account ‘?’
On the date of dissolution:
(a) The firm, upon realisation of assets and settlement of liabilities, suffered a loss
of ₹ 10,000.
(b) The amount paid to settle the liabilities exceeded the amount realised from the
sale of the assets by ₹ 8,000.
(c) Stock worth ₹ 3,000 was taken over by Farhan.
(d) Mihir discharged the Bills Payable, recorded in the books at ₹ 5,000, at a rebate
of ₹ 100.
(e) There was a workmen compensation claim of ₹ 4,000.
You are required to prepare on the date of dissolution of the firm:
(i) The Partners’ Capital Accounts.
(ii) The Bank Account to determine its balance at bank as shown in the Balance Sheet
as at 31st March, 2024, represented by ‘?’.

Question 9 [10]
Tim and Leena started a partnership business on 1st July, 2023, with fixed capital
contributions of ₹ 3,00,000 and ₹ 2,50,000 respectively.
On 1st January, 2024, they decided that:
The total fixed capital of the firm to be ₹ 6,00,000 contributed by the partners in the
profit-sharing ratio. Accordingly on 1st January, 2024, Tim and Leena introduced or withdrew
capital.
Their partnership deed contained the following clauses:
(a) Interest on capital to be allowed @10% per annum to both the partners.
(b) Rent @ ₹ 2,000 per month to Tim for the use of his premises for business purposes.
(c) 10% of the Trading Profit to be transferred to General Reserve.
(d) The profit-sharing ratio of the partners to be 3:2.
The trading profit of the firm for the first year of the partnership after considering all charges
against profits was ₹ 1,50,000.
You are required to pass journal entries for the year 2023-24.
OR

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(A) Nida and Pia, each doing business as sole proprietors, started a partnership on
1stApril, 2023, with capital contributions of ₹ 5,00,000 and ₹ 4,00,000.
Their partnership deed contained the following clauses:
(a) Interest on capital to be allowed @ 10% per annum to both the partners.
(b) Annual commission of ₹ 30,000 to be allowed to Nida.
(c) Interest on drawings to be charged @ 4% per annum.
(d) The profit-sharing ratio to be 3:2.
Nida withdrew ₹ 10,000 during the year 2023-24.
The trading profit of the firm for the year ending 31st March, 2024, was ₹ 70,640 before
considering accrued interest on investments of ₹ 1,600.
Although the accountant had recorded the drawings made by the partners,
he distributed the profits before charging interest on drawings from Nida but after
considering the following:
• Accrued interest on investments of ₹ 1,600.
• Allowing the appropriations of interest on capital and commission.
You are required to prepare the following for the year 2023-24:
(i) Profit and Loss Appropriation Account as prepared by the accountant of [5½]
the firm.
(ii) Nida’s Drawings Account. [2]
(B) At the beginning of the next financial year, the accountant realised his error of not [2½]
having charged interest on drawings from Nida. He rectified the error by passing a
single adjustment entry.
You are required to give the rectified adjustment entry passed by the accountant.
(Show your workings clearly)

Question 10
Cosmic Ltd. issued 40,000 Equity shares of ₹ 10 each at a premium of ₹ 1 per share payable:
On Application ₹3
On Allotment ₹ 4 (including premium)
On First and Final Call Balance

The public applied for 60,000 shares. Pro-rata allotment was made to the applicants of 50,000
shares. Where no allotment was made, money was to be refunded in full.
One shareholder who had applied for 500 shares did not pay the allotment money and his
shares were forfeited after the allotment stage. The company was able to immediately reissue
all the forfeited shares at ₹ 5 per share.
Three months later, the First and Final Call was made to all the shareholders.
You are required to:
(i) Pass journal entries to record the above transactions in the books of the company. [8½]
(ii) Prepare the Calls-in-arrears Account. [1½]
OR

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1. NM Co. Ltd. issued a prospectus inviting applications for 12,000 shares of ₹ 10 each at a
premium of ₹ 1 per share.
2. The public applied for 30,000 shares. The company made pro-rata allotment on 24,000 shares.
3. A shareholder who had applied for 2,000 shares, was allotted 1,000 shares. After having paid
₹ 4 per share on application, he did not pay the allotment money of ₹ 5 per share (including
premium).
4. On his subsequent failure to pay the first call of ₹ 1 per share, his shares were forfeited.
5. These shares were reissued at the rate of ₹ 7 per share ₹ 9 paid up.
The company incurred ₹ 5,000 as share issue expenses.
Based on the information given above and the ledger accounts given below, answer the
questions that follow:
Share Issue Expenses A/c
Particulars Amount (₹) Particulars Amount (₹)
To ‘?’ ‘?’ By ‘?’ ‘?’
Calls-in-Arrears A/c
Particulars Amount (₹) Particulars Amount (₹)
To Share Allotment A/c ‘?’ By Share Capital A/c ‘?’
To Share First Call A/c ‘?’ By Securities Premium A/c ‘?’

You are required to:
(i) Draw the ledger accounts given above filling up the missing information [3]
represented by ‘?’.
(ii) What is the balance left in the Securities Premium A/c after all the transactions [1]
relating to the shares have been completed by NM Co. Ltd?
(iii) Give the journal entries for: [6]
(a) The amount due on allotment.
(b) The amount received on allotment.
(c) Transferring the net gain made on reissue of shares to Capital Reserve
Account.

SECTION B (20 Marks)
Question 11
In subparts (i) and (ii) choose the correct options and in subparts (iii) to (v) answer the
questions as instructed.
(i) Red Health, an ambulance aggregator has paid its employees only half their January [1]
salaries. The company has gone in for funding. In response to queries from Mint, Red
Health’s founder and CEO said, “Our funding round is closed and we are waiting
money to be wired by this week. On the basis of that, and to manage our working
capital, we had given a choice to our old employees to hold their salaries back.”
(Source (edited): Mint, 14 February, 2024)
The original Current Ratio and Quick Ratio of Red Health are more than one.
Which one of the following will be correct for the month of January 2024 if the
company had held back the salaries of its employees for the same month?

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(a) Both Current Ratio and Quick Ratio will decrease.
(b) Both Current Ratio and Quick Ratio will increase.
(c) No change in the Quick Ratio but the Current Ratio will increase.
(d) No change in the Current Ratio but the Quick Ratio will increase.
(ii) On 1st April, 2023, Tarzan Ltd. purchased 7,000, 7% Debentures of ₹ 100 each of [1]
Tintin Ltd. It received interest of ₹ 7,000 on these debentures on 31st March, 2024.
How will this information be presented in the Cash Flow Statement of Tarzan Ltd. for
the year 2023-24?
P ₹ 7,00,000 as cash outflow in Investing Activity
Q ₹ 7,00,000 as cash outflow in Financing Activity
R ₹ 7,000 as cash inflow in Investing Activity
S ₹ 7,000 as cash ouflow in Operating activity
(a) Only P and R
(b) Only P and S
(c) Only P and Q
(d) Only R and S
(iii) According to the ratings agency, Crisil, the food and grocery players will cap their [1]
debt raising in FY 25 in order to ensure that one of the key debt protection metrics,
the interest cover, remains healthy in line with the previous fiscal’s level of 13 times.
(Source(edited): Financial Express, 23 December, 2023)
You are required to give the formula to calculate the interest cover.
(iv) While preparing the Cash Flow Statement, the accountant of Red Hill Co. Ltd. was [1]
undecided about the impact of amortisation of discount on issue of debentures of
₹ 10,000 on the company’s Net Operating Profit before working capital changes.
What should the accountant do to resolve this issue? Give a reason for your
answer.
(v) Read the news item given below and answer the questions that follow: [1]
Online news aggregator, InShorts, saw its loss widen by over a third during the year
ended March, 2023, to ₹ 309·7 crore, from ₹ 231·8 crore in fiscal 2022, as expense
rose faster than revenue. Advertisement income - the company gets most of its ads on
its app- increased 4·3% to ₹147 crore. The remainder of its income came from support
services.
(Source: Economic Times, November 26, 2023)
(a) Mention whether Advertising income is an operating income or a
non-operating income for InShorts.
(b) What is the percentage increase in loss of InShorts in the fiscal year
2022-23 as compared to 2021-22?

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Question 12 [3]
Following are the particulars of Richmond Ltd.,
Particulars 31.03.2024 31.03.2023
(₹) (₹)
Revenue from Operations 5,00,000 4,00,000
Purchases of stock-in-trade 3,00,000 3,60,000
Opening inventory of stock-in-trade 1,40,000 1,00,000
Adjusted purchases of stock-in-trade 4,10,000 3,20,000
You are required to calculate the absolute change and percentage change of the
following items at the end of the year 2023-24 vis-a-vis the closing amounts of the
year 2022-23:
(i) Revenue from operations
(ii) Purchases of stock in trade
(iii) Closing inventory of stock-in-trade

Question 13
Answer any three of the following questions:
(i) Calculate the Gross Profit of Saturn Ltd. from the particulars given below: [2]
Particulars
Average Inventory 8,000
Inventory Turnover Ratio 6 times
Selling Price 25% above cost
(ii) Calculate the Trade Receivables Turnover Ratio of Planet Ltd. from the [2]
particulars given below:
Particulars (₹)
Revenue from Operations 3,60,000
Cash Revenue from Operations 90,000
Net Closing Trade Receivables 45,000
Provision for Doubtful Debts 10,000
(iii) Bajaj Hindustan Sugar, one of the largest sugar and ethanol producers, in order to [2]
revive the company, has offered to invest ₹ 2,500 crore as fresh equity of which
₹ 1,000 crore has already been infused.
(Source(edited): Economic Times, Mumbai Edition 08, August, 2023)
What will be the effect of this decision of Bajaj Hindustan Sugar on its following
ratios?
(a) Proprietary Ratio
(b) Debt to Total Assets Ratio

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(iv) Calculate the Earning per share of Hemisphere Ltd. from the particulars given [2]
below:
Particulars (₹)
10% Debentures 5,00,000
8% Bank Loan 3,00,000
5% Preference Share Capital 2,00,000
Profit before Interest and Tax 2,44,000
Provision for Tax 20,000
Tax paid 18,000
Equity Share Capital (@ ₹ 10 each) 8,00,000

Question 14
From the following information of Realty Ltd., you are required to calculate the [6]
company’s Cash and Cash Equivalent as on 31st March, 2024, by preparing a
Cash Flow Statement (as per AS 3).
Information pertaining to the year 2023-24:
(i) Net profit before tax was ₹ 14,00,000.
(ii) Tax of ₹ 5,00,000 was paid.
(iii) The opening inventory was higher than the closing inventory by ₹ 50,000.
(iv) The Trade Creditors showed a decrease of ₹ 20,000 on 31st March, 2024, when
compared to the amount of Trade Creditors on 31st March, 2023.
(v) Plant & Machinery on 31st March 2023, and 31st March 2024, amounted to
₹ 20,00,000 and ₹ 26,00,000 respectively.
(vi) New machinery was purchased for ₹ 9,00,000; the purchase consideration being
4% Debentures of the face value of ₹ 100 each issued at a discount of 10%.
(vii) The 4% Debentures on 31st March 2023, and 31st March 2024, amounted to
₹ 5,00,000 and ₹ 20,00,000 respectively.
(viii) ₹ 60,000 was paid by the company for interest on debentures against the amount due
of ₹ 80,000.
(ix) Investments of ₹ 5,00,000 were purchased on 30th November, 2023, on which interest
of ₹ 40,000 was earned and received.
(x) The cash and cash equivalent as on 31st March, 2023, was ₹ 3,15,000.

OR

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Read the following information of Celestial Ltd., and answer the questions that follow:
Statement of Profit and Loss
for the year ended 31st March, 2024
Particulars Note No. (₹)
Revenue from operations 10,00,000
Other Income 1 40,000
Total Revenue 10,40,000
Expenses:
Employee Benefit Expenses 1,60,000
Depreciation and Amortisation Expenses 2 60,000
Finance Cost 3 50,000
Other Expenses 2,20,000
Total Expenses 4,90,000
Profit before Tax 5,50,000
Less Provision for Tax (2,00,000)
Profit after Tax 3,50,000

Notes to Accounts:
Particulars (₹)
1. Other Income
Interest on Short-term Loans and Advances 40,000
(including interest accrued ₹10,000)
2. Depreciation and Amortization Expenses:
Depreciation on Plant & Machinery 60,000
3. Finance Cost
Interest on Debentures (including outstanding interest ₹ 20,000) 50,000
Additional information:
1. During the year 2023-24, the company paid tax of ₹ 2,50,000.
2. An extract of the Balance Sheets of the company as at 31st March, 2023, and as
at 31st March, 2024 is as follows:
Particulars 31st March, 2024 31st March, 2023
(₹) (₹)
Plant & Machinery (At Gross Value) 19,00,000 16,00,000
Accumulated Depreciation 4,00,000 5,00,000
Short-term Loans and Advances 5,00,000 6,50,000

(i) State the reason for a part of the accumulated depreciation being written off by [1]
the company.
(ii) What is the cash flow of interest on debentures? [1]
(iii) Calculate Cash from Investing Activities. [1½]
(iv) Calculate Cash from Operating Activities. [2½]

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SECTION C (20 Marks)

Question 15
In subparts (i) and (ii) choose the correct options and in subparts (iii) to (v) answer the
questions as instructed.
(i) What is the cell reference for a range of cells that starts in cell B1 and goes over to [1]
column G and down to row 10?
(a) B1-G10
(b) B1.G10
(c) B1;G10
(d) B1:G10
(ii) Which property describes the various characteristics of an entity in DBMS? [1]
(a) ER Diagram
(b) Column
(c) Relationship
(d) Attribute
(iii) Name the spreadsheet which can be used to manage online records like Signup Form [1]
or Registration Form.
(iv) How can the records of a spreadsheet be: [1]
(a) Imported?
(b) Exported?
(v) Give the description of the following two errors in Excel: [1]
(a) # NULL
(b) # NUM

Question 16 [3]
(i) Give the meaning of Database design.
(ii) What does the PMT function calculate?

Question 17
Answer any three of the following questions.
(i) What is the utility of Freeze Panes in spreadsheets? [2]
(ii) What is a Data Model? [2]
(iii) List the components of storage manager. [2]
(iv) Give any two differences between DELETE command and TRUNCATE command. [2]

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1225-858 15 Turn over

Question 18
Premier Furniture Ltd. runs a furniture store in city C. The store has three Sales Executives,
SE1, SE2 and SE3.
The company has a policy of awarding incentives. SE2 was awarded an incentive as from
1st April, 2023, equal to 10% of his monthly Basic Pay. The incentive was combined with
Other Allowances.
Another policy of Premier Furniture Ltd. is that an employee can increase his portion of PF
contribution from 10% to 15% of the Basic Pay. The contribution of the employer remains
the same at 10% of the Basic Pay.
SE1 accordingly increased his PF contribution from 1st April, 2023, itself, to 15%.

The payroll summary representing the cumulative position of the three executives at the end
of the year 2023-24 is as follows:
Payroll Summary of Premier Furniture Ltd. for the year ended 31st March, 2024
A B C D E F G H I J K
Emp Basic HRA Convey Other PF - PF - Misc. Income Gross Net
loyee Pay ance Allowa Emplo Employee Deduct Tax Salary Salary
1 nces yer Contribut ions
Contri ion from
bution Salary
SE1 3,00,000 75,000 60,000 30,000 30,000 ?? 20,000 5,000 ??
2
SE2 2,40,000 60,000 48,000 ?? 24,000 24,000 25,000 4,000 3,84,000 ??
3
SE3 2,00,000 50,000 40,000 30,000 20,000 20,000 15,000 3,000 ??
4

Based on the above transactions and the information given in the spreadsheet, answer
any three of the following questions:
(i) PF contribution of SE1 in Cell G2. [2]
(ii) Net Salary of SE1 in Cell K2. [2]
(iii) Other Allowances (excluding the incentive) earned by SE2 in Cell E3. [2]
(iv) Gross Salary of SE3 in Cell J4. [2]

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