MBOSE Class 12 Question Paper 2024 for Accountancy

Meghalaya Board of School Education

QUESTION
PAPERS

Total No. of Printed Pages—20
HS/XII/Com/Ac/24

2024

ACCOUNTANCY

( Commerce )

Full Marks : 80

Time : 3 hours

The figures in the margin indicate full marks for the questions

General Instructions :
(i) This question paper contains two Parts—A and B.
(ii) Part—A and Part—B are compulsory for all candidates.
(iii) All parts of the questions should be attempted at one
place.

PART—A
( Accounting for Partnership Firms and Companies )
( Marks : 60 )

1. Choose and write the correct answer (any seven) : 1×7=7

(a) In the absence of partnership deed, interest on loan
from a partner is allowed at

(i) 8% p.a.

(ii) 6% p.a.

(iii) 12% p.a.

(iv) 5% p.a.

/33 [ P.T.O.

( 2 )

(b) When a new partner brings his share of goodwill in
cash, the amount is debited to

(i) Cash A/c

(ii) Premium A/c

(iii) Old Partner’s Capital A/c

(iv) New Partner’s Capital A/c

(c) X and Y are partners in a firm sharing profits and
losses in the proportion of 2 : 1. They admit a new
partner Z. The new profit-sharing ratio after Z ’s
admission is 10 : 5 : 3. The sacrificing ratio is

(i) 3 : 2

(ii) 2 : 3

(iii) 2 : 1

(iv) 1 : 1

(d) The amount due on shares which has been called up
by the company but has not been paid by the
shareholders is

(i) subscribed capital

(ii) nominal capital

(iii) reserve capital

(iv) calls-in-arrear

HS/XII/Com/Ac/24/33 [ Contd.

( 3 )

(e) In the case of dissolution of a partnership firm, all
assets are transferred to Realization A/c at their

(i) market value

(ii) realized value

(iii) book value

(iv) cost or market price whichever is less

(f) Premium received on shares issued, is shown at

(i) debit side of Profit & Loss A/c

(ii) liabilities side of Balance Sheet

(iii) assets side of Balance Sheet

(iv) credit side of Profit & Loss A/c

(g) Debenture holders get

(i) interest

(ii) dividend

(iii) commission

(iv) salary

HS/XII/Com/Ac/24/33 [ P.T.O.

( 4 )

(h) Debenture certificate is issued by

(i) banker of the company

(ii) managing director

(iii) a company

(iv) shareholders

(i) Profits of a firm during the last 5 years were R 15,000;
R 25,000; R 18,000; R 22,000 and R 30,000. Goodwill
at 3 years’ purchase of the average profit will be

(i) R 66,000

(ii) R 69,000

(iii) R 64,000

(iv) R 61,000

(j) On the death of a partner, his share in the profits of
the firm till the date of his death is transferred to the

(i) debit side of Profit & Loss A/c

(ii) credit side of Profit & Loss A/c

(iii) credit side of Profit & Loss Suspense A/c

(iv) debit side of Profit & Loss Suspense A/c

HS/XII/Com/Ac/24/33 [ Contd.

( 5 )

2. Answer any seven of the following questions : 1×7=7

(a) What is meant by authorized capital of a company?

(b) What is reserve capital?

(c) Name any two factors affecting the valuation of
goodwill.

(d) Why is Profit & Loss Appropriation A/c prepared?

(e) State one point of difference between sacrificing ratio
and gaining ratio.

(f) What is Employee Stock Option Plan?

(g) What do you mean by convertible debentures?

(h) What is Revaluation A/c?

(i) What is forfeiture of shares?

(j) What is a Partnership Deed?

HS/XII/Com/Ac/24/33 [ P.T.O.

( 6 )

3. Jay and Raj started a partnership business sharing
profits and losses in the ratio of 3 : 2. They contributed
R 2,00,000 and R 1,60,000 respectively towards their
capitals. The following are the terms and conditions of the
agreement :

(i) Interest on Capital and Drawings is @ 8% p.a.

(ii) Jay and Raj are to get monthly salary of R 2,000 and
R 3,000 respectively

(iii) Their Profit & Loss A/c for the year ended
31st December, 2022 showed a net profit of
R 1,37,580

During the year 2022, Jay and Raj withdrew R 25,000 and
R 8,000 respectively for their personal use.

Prepare Profit & Loss Appropriation A/c for the year
ended 31st December, 2022. 3

Or

A and B were partners in a partnership firm sharing
profits in the ratio of 2 : 1. On 1st January, 2022, C was
admitted as a new partner. C was to get 1 th of future
10
profits with a guaranteed minimum amount of R 32,000.
A and B continued to share profits as before. The amount
of profit for the year ended 31st December, 2022
amounted to R 2,00,000.

Prepare Profit & Loss Appropriation A/c.

HS/XII/Com/Ac/24/33 [ Contd.

( 7 )

4. Axis Ltd. forfeited 500 shares of R 10 each issued at
a premium of R 2 per share for the non-payment
of allotment money of R 5 per share (including
premium). The first and final call of R 2 has not been
made as yet. The forfeited shares were reissued at R 7
each (R 8 paid-up).

Pass necessary Journal Entries to record the above
transactions.
3

Or

Scooty India Ltd. is registered with an authorized capital
of R 50,00,000 divided into 500000 shares of R 10 each.
The company issued 100000 shares for subscriptions to
the public at par. The amount was payable as follows :

On Application and Allotment—R 3 per share
On First Call—R 2 per share
On Second and Final Call—R 5 per share

The issue was fully subscribed. All calls were made and
were duly received except the second and final call on
1000 shares held by Ram. His shares were forfeited and
afterwards reissued at R 8 per share as fully paid-up.

Present share capital in the Balance Sheet of the company
as per Schedule III, Part I of the Companies Act, 2013.
Also prepare Notes to Accounts for the same.

HS/XII/Com/Ac/24/33 [ P.T.O.

( 8 )

5. Singh Ltd. purchased plant and machinery from Jain Ltd.
for R 9,50,000. R 5,00,000 were paid through bank and
the balance by issuing 9% debentures of R 100 each at a
discount of 10%.

Pass necessary Journal Entries in the books of Singh Ltd. 3

Or

Pearl Ltd. purchased the business of Sohan Ltd.
consisting of sundry assets of R 5,00,000 and Creditors of
R 50,000 for a purchase consideration of R 4,30,000.
Pearl Ltd. issued 8% debentures of R 100 each at par as
purchase consideration.

Pass necessary Journal Entries in the books of Pearl Ltd.

6. Average profit of the firm is R 3,00,000. Total assets of the
firm are R 28,00,000 and external liabilities are
R 8,00,000. In the same type of business, the normal rate
of return is 10% of the capital employed.

Calculate the Value of Goodwill by capitalization of
Average Profit Method. 3

7. Leo Ltd. issued 600, 9% Debentures of R 500 each. Pass
necessary Journal Entries for the issue of debentures in
the following cases : 4

(i) When debentures were issued at 5% discount,
redeemable at 10% premium

(ii) When debentures were issued at 12% premium,
redeemable at 6% premium

HS/XII/Com/Ac/24/33 [ Contd.

( 9 )

8. Alex and Brown are partners in a firm sharing profits and
losses in the ratio of 3 : 2. Crown is admitted as a new
partner. After Crown’s admission, the new profit-sharing
ratio among the partners becomes 1 : 1 : 1. Crown brings
in R 50,000 as capital and R 30,000 as premium for
goodwill.

Give necessary Journal Entries. 4

9. Vikas, Akash and Prakash were partners in a firm sharing
profits in the ratio of 2 : 2 : 1. The firm closes its books on
31st March every year. On 30th September, 2022,
Prakash died. According to the provisions of partnership
deed, the legal representatives of a deceased partner are
entitled as follows in the event of his death :

(i) Capital as per the last Balance Sheet

(ii) Interest on Capital at 6% p.a.

(iii) His share of profit to the date of death calculated on
the basis of last year’s profit which was R 45,000

(iv) The goodwill of the firm was valued at R 1,35,000

Prakash’s capital on 31st March, 2022 was R 60,000. He
had withdrawn R 10,000 till the date of death. Interest on
drawings amounted to R 300

Prepare Prakash’s Capital A/c to be presented to his
executors.
4

HS/XII/Com/Ac/24/33 [ P.T.O.

( 10 )

10. A, B and C were partners sharing profits and losses in
their capital ratio. Balance Sheet as on 31st March, 2022
was as follows :
Balance Sheet
as on 31st March, 2022
Liabilities R Assets R
Capitals : Plant & Machinery 43,600
A 30,000 Furniture 3,700
B 20,000 Investments 47,600
C 10,000 60,000 Stock 16,000
Creditors 57,400 Cash at Bank 6,500
1,17,400 1,17,400
The firm was dissolved on the above date. A took over
investment and stock at R 40,600. Plant and machinery
were realized for R 82,040 and furniture at book value.
Creditors were paid in full settlement.
Prepare Realization A/c, Partners’ Capital A/cs and
Bank A/c. 6
Or
P and Q shared profits in the ratio of 3 : 2. Their Balance
Sheet as on 31st December, 2021 was as follows :
Balance Sheet
as on 31st December, 2021
Liabilities R Assets R
Creditors 20,000 Cash at Bank 7,000
Capitals : Debtors 40,000
P 1,50,000 Less : Provision
Q 90,000 2,40,000 for Doubtful
Debts 1,800 38,200
Stock 54,800
Machinery 40,000
Land & Buildings 1,20,000
2,60,000 2,60,000

HS/XII/Com/Ac/24/33 [ Contd.

( 11 )

Partners decided to dissolve the firm on the above date.
Assets realized as follows :
Stock—R 45,000
Machinery—20% less than book value
Debtors—R 35,000
Land and Buildings—R 30,000 more than the
book value
Creditors agreed to accept 5% less. Expenses of
realization of assets amounted to R 1,200

Prepare Realization A/c, Partners’ Capital A/cs and
Bank A/c.

11. X and Y are partners sharing profit in ratio of 3 : 2. Their
Balance Sheet as on 31st March, 2022 is as follows :
Balance Sheet
as on 31st March, 2022
Liabilities R Assets R
Creditors 12,000 Bank 20,000
Bank Loan 30,000 Debtors 30,000
General Reserve 15,000 Less : Provision 4,000 26,000
Capitals : Stock 45,000
X 51,000 Machinery 41,000
Y 24,000 75,000
1,32,000 1,32,000

They decided to admit Z into the firm on 1st April, 2022
on the condition that he pays R 5,000 for goodwill and
R 30,000 as capital for getting 1rd share in profits. The
3
other terms agreed upon were :
(i) Machinery is to be valued at R 50,000

HS/XII/Com/Ac/24/33 [ P.T.O.

( 12 )

(ii) Debtors are all good

(iii) A liability of R 2,000 included in creditors is not likely
to be claimed

(iv) Capital A/cs of X and Y are to be adjusted on the
basis of Z ’s capital. Excess or shortage, if any, to be
transferred to Current A/cs

Prepare Revaluation A/c, Partners’ Capital A/cs and the
Balance Sheet of the firm after the admission of new
partner.
8

Or

Moon, Sun and Star are partners in a firm, and share
profits and losses in 2 : 2 : 1 ratio. Balance Sheet of the
firm as on 31st December, 2022 was as follows :

Balance Sheet
as on 31st December, 2022

Liabilities R Assets R
Capitals : Building 1,00,000
Moon 1,00,000 Machinery 60,000
Sun 90,000 Investments 20,000
Star 50,000 2,40,000 Furniture 10,000
Profit & Debtors 60,000
Loss A/c 30,000 Less : Provision 5,000 55,000
Creditors 50,000 Stock 33,000
Bills Payable 20,000 Cash in Hand 62,000

3,40,000 3,40,000

HS/XII/Com/Ac/24/33 [ Contd.

( 13 )

On 1st January, 2023, Star retired from the firm and
partners decided as follows :
(i) Goodwill to be valued at R 80,000
(ii) Building to be appreciated by 10% and furniture to be
depreciated by 20%
(iii) Provision for Doubtful Debts to be raised to 10%
(iv) Stock was overvalued by R 3,000
(v) R 40,000 to be paid to Star on 1st January, 2023, and
remaining amount to be transferred to his Loan
Account
Prepare Revaluation A/c, Partners’ Capital A/cs and the
Balance Sheet of the firm after Star’s retirement.

12. MCL Ltd. invited applications for issuing 200000 equity
shares of R 10 each at a premium of R 3 per share. The
amount was payable as follows :
On Application and Allotment—R 8 per share
(including premium)
On first and final call—R 5 per share
Applications for 300000 shares were received.
Applications for 50000 shares were rejected and money
refunded. Shares were allotted on pro-rata basis to the
remaining applicants. First and final call was made and
was duly received except on 2500 shares applied by
Kumar. His shares were forfeited. The forfeited shares
were reissued at R 7 per share, fully paid-up.

Pass necessary Journal Entries for the above transactions
in the books of the company. 8

HS/XII/Com/Ac/24/33 [ P.T.O.

( 14 )

Or
Sourabh Ltd. issued a prospectus inviting applications for
30000 shares of R 10 each at a premium of R 2 per share,
payable as follows :
On Application—R 2
On Allotment—R 5 (including premium)
On First call—R 3
On Final call—R 2
The company received applications for 45000 shares and
pro-rata allotment was made in respect of application of
40000 shares and the remaining applications were
rejected. Money overpaid on application was employed
towards the sum due on allotment. Both the calls were
made.
B, to whom 30 shares were allotted failed to pay the two
calls. The company decided to forfeit the shares allotted
to B. These shares were subsequently reissued to C as
fully paid for R 9 per share.
Pass necessary Journal Entries in the books of the
company recording the above transactions.

HS/XII/Com/Ac/24/33 [ Contd.

( 15 )

PART—B

( Analysis of Financial Statements )

( Marks : 20 )

13. Choose and write the correct answer : 1×3=3

(a) Ideal liquid ratio is

(i) 1 : 1

(ii) 1 : 2

(iii) 2 : 1

(iv) 3 : 1

(b) Which of the following is a profitability ratio?

(i) Debt to Equity Ratio

(ii) Proprietary Ratio

(iii) Return on Investment Ratio

(iv) Quick Ratio

(c) An example of cash flow from investing activities is

(i) issue of debentures

(ii) repayment of long-term borrowings

(iii) purchase of raw materials for cash

(iv) sale of investments by non-financial enterprise

HS/XII/Com/Ac/24/33 [ P.T.O.

( 16 )

14. State any two limitations of ratio analysis. 1

15. Give the formula for calculating receivable turnover ratio. 1

16. State the meaning of cash equivalents. 1

17. From the following statement of profit and loss of
Nirma Ltd. for the years ended 31st March, 2022
and 2023, prepare a Comparative Statement of Profit and
Loss : 4

Particulars Note 2023 2022
No. R R

Revenue from
operations 20,00,000 12,00,000

Other incomes 12,00,000 9,00,000

Expenses 13,00,000 10,00,000

Or

State any four tools or techniques of Financial Statement
Analysis.

18. A business has Current Ratio of 2·5 : 1 and Quick Ratio of
1·5 : 1. If the working capital is R 1,80,000, calculate the
total current assets and inventory. 4

HS/XII/Com/Ac/24/33 [ Contd.

( 17 )

Or

From the following information related to a company,
calculate—

(a) return on investment;

(b) total assets to debt ratio :

Information :
R
Fixed Assets 75,00,000

Current Assets 40,00,000

Current Liabilities 27,00,000

12% Debentures 80,00,000

Net Profit before Interest,
Tax and Dividend 14,50,000

19. Following are the Balance Sheets of Fortuner Ltd. as on
31st March, 2021 and 2022 :
Particulars 2022 2021
R R
I. Equity and Liabilities

1. Shareholders’ Funds :
(a) Share Capital 2,50,000 2,25,000
(b) Reserves and Surplus
(Profit & Loss Balance) 59,000 35,000

2. Current Liabilities :
Trade Payables 49,500 37,500
3,58,500 2,97,500

HS/XII/Com/Ac/24/33 [ P.T.O.

( 18 )

Particulars 2022 2021
R R
II. Assets
1. Non-current Assets :
Fixed Assets :
(a) Tangible Assets :
(i) Plant & Machinery 1,00,000 40,000
(ii) Building 60,000 80,000

(b) Intangible Assets :
Goodwill 20,000 36,000
2. Current Assets :
(a) Inventories 15,000 10,000
(b) Trade Receivables 1,54,500 1,19,000
(c) Cash and Cash
Equivalents 9,000 12,500
3,58,500 2,97,500

Additional Infomation :
Depreciation charged on Plant and Machinery was
R 10,000 and on Building R 60,000.
Prepare Cash Flow Statement. 6
Or
From the following Balance Sheets of Weston Ltd.,
prepare a Cash Flow Statement :
Particulars 31.03.2022 31.03.2021
R R
I. Equity and Liabilities
1. Shareholders’ Funds :
(a) Share Capital 14,00,000 10,00,000
(b) Reserves and Surplus
(Balance of Profit & Loss) 5,00,000 4,00,000

HS/XII/Com/Ac/24/33 [ Contd.

( 19 )

Particulars 31.03.2022 31.03.2021
R R
2. Non-current Liabilities :
Long-term Borrowings
(10% Debentures) 5,00,000 1,40,000

3. Current Liabilities :
(a) Short-term Borrowings
(Bank Overdraft) 20,000 30,000

(b) Trade Payables
(Creditors) 1,00,000 60,000

(c) Short-term Provisions
(Provision for Taxation) 60,000 30,000
25,80,000 16,60,000
II. Assets
1. Non-current Assets :
Fixed Assets :
(a) Tangible Assets :
Plant & Machinery 17,60,000 10,00,000
Less : Accumulated
Depreciation (1,60,000) (1,00,000)
16,00,000 9,00,000

(b) Intangible Assets :
Goodwill 1,40,000 2,00,000

2. Current Assets :

(a) Inventories 2,50,000 2,00,000

(b) Trade Receivables 5,00,000 3,00,000

(c) Cash and Cash
Equivalents 90,000 60,000
25,80,000 16,60,000

HS/XII/Com/Ac/24/33 [ P.T.O.

( 20 )

Additional Information :
(i) A part of the machine, costing R 50,000, accumulated
depreciation thereon being R 20,000 was sold for
R 18,000
(ii) Tax paid—R 20,000
(iii) Interest paid on debentures—R 50,000

HHH

HS/XII/Com/Ac/24/33 24K—3700

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