Board Paper of Class 12-Commerce 2022 Accountancy Term-II Delhi(Set 3) - Solutions
1. This question paper contains 12 Questions. All questions are compulsory.
2. This question paper is divided into two Parts, Part-A and B.
3. Part-A is compulsory for all candidates.
4. Part-B has two options i.e. (i) Analysis of Financial Statements and (ii) Computerized
6. Ouestion nos. 4 to 6 and 11 are short-answer type-ll questions carrying 3 marks each.
7. Question nos. 7 to 9 and 12 are long-answer type questions carrying 5 marks each.
8. There is no overall choice. However, an internal choice has been provided in 3 questions of three marks and 1 question of five marks.
- Question 1
Present the following information in the Balance Sheet of Wisdom Club as at 31st March, 2021:
Prize fund (1st April, 2020)
Prize fund Investment (1st April, 2020)
- Question 2
Distinguish between Dissolution of Partnership' and 'Dissolution of Partnership Firm' on the basis of:
(i) Closure of books
(ii) Termination of business VIEW SOLUTION
- Question 3
David, Dolly and Divya are partners in a firm sharing profits and losses in the ratio 3 : 2 : 1. Divya retired from the firm and David and Dolly decided to share future profits & losses in the ratio 3 : 2. At the time of Divya's retirement, the goodwill of the firm was valued at ₹ 90,000.
Pass the necessary journal entry for treatment of goodwill without opening goodwill account on Divya's retirement. VIEW SOLUTION
- Question 4
Radhey Ltd. took over assets of ₹14,00,000 and liabilities of ₹6,00,000 of Krishna Ltd. Radhey Ltd. paid the purchase consideration by issuing 10,000, 8% Debentures of ₹100 each at a premium of 10%.
Pass necessary journal entries in the books of Radhey Ltd.
Amay Ltd. invited applications for issuing 10,000, 8% debentures of ₹100 each. The amount was payable as follows:
₹30 on application and ₹70 on allotment. The public applied for 12,000 debentures. Applications for 8,000 debentures were accepted in full; applications for 3,000 debentures were allotted 2,000 debentures and the remaining applications were rejected. All money was duly received.
Pass the necessary journal entries in the books of the company for the above transactions. VIEW SOLUTION
- Question 5
As per Receipts and Payments Account of Kala Club for the year ended 31st March, 2021, subscriptions received were ₹4,00,000.
Additional Information:₹Subscriptions Outstanding on 1.4.20201,00,000Subscriptions Outstanding on 31.3.202170,000Subscriptions received in advance on 1.4.202050,000Subscriptions received in advance on 31.3.202180,000
Calculate the amount of subscriptions to be shown in Income and Expenditure Account for the year ended 31st March, 2021 as income from subscription.
From the following information, calculate the amount of stationery to be shown in Income and Expenditure Account for the year ended 31st March, 2021:
Particulars 1st April, 2020
31st March, 2021
Creditors for Stationery 5,600 12,800 Stock of Stationery 25,000 35,000
During the year ended 31st March, 2021 payment made to Creditors amounted ₹62,800. Stationery purchased during the year was ₹2,00,000. VIEW SOLUTION
- Question 6
Madhu, Shilpi and Renuka were partners in a firm sharing profits in the ratio 2:2:1. The firm closes its books on 31st March every year. Shilpi died on 30th June, 2021. On Shilpi's death, the goodwill of the firm was valued at ₹30,000. On Shilpi's death, her share in the profits of the firm till the date of her death was to be calculated on the basis of previous year's profit which was ₹60,000.
(i) Calculate Shilpi's share in the profits of the firm till her death.
(ii) Pass necessary journal entries for the treatment of goodwill without opening goodwill account and Shilpi's share of profit till the date of her death.VIEW SOLUTION
- Question 7
Following is the Receipts and Payments Account of Indian Youth Club for the year ended 31st March, 2021:‘Receipts and Payments Account’ of Indian Youth Clubfor the year ended 31st March, 2021ReceiptsAmount(₹)PaymentsAmount(₹)To Balance b/d:By Salaries3,60,000Cash25,000By Printing & Stationery19,000Bank2,85,0003,10,000By Printer40,000To Subscriptions4,00,000By Investments80,000(including ₹40,000By Balance c/d:for year ending 31.3.2022)Cash12,000To Interest on investments1,000Bank2,00,0002,12,0007,11,0007,11,000VIEW SOLUTION
(i) Investments were made on 1st October, 2020 @ 5% p.a.
(ii) Salaries for March, 2021 ₹5,000 are unpaid.
(iii) ₹3,000 are payable for stationery.
Prepare Income and Expenditure Account of the Club for the year ended 31st March, 2021.
- Question 8
Anu, Bhanu and Charu were partners in a firm sharing profits in the ratio of 2 : 2 : 1. Anu decided to retire from the firm on 31st March, 2021. The balance sheet of the firm on that date was as follows:
Balance Sheet of Anu, Bhanu and Charu as on 31st March, 2021
LiabilitiesAmount(₹)AssetsAmount(₹)Creditors24,000Bank10,000Profit & Loss A/c5,000Debtors20,000Less: Provision for Doubtful Debts–40019,600Capitals:Stock27,000Anu31,000Investments10,000Bhanu30,000Patents2,400Charu22,00083,000Premises43,0001,12,0001,12,000
On retirement of Anu, following terms were agreed upon:
(i) Anu sold her share of premium for goodwill to Bhanu for ₹6,000 and to Charu for ₹3,000.
(ii) Provision for doubtful debts was to be raised to 5% on debtors.
(iii) Patents were considered as valueless.
(iv) Anu was paid ₹9,600 through a cheque and balance was transferred to her loan A/c.
Prepare Revaluation Account and Anu's Capital Account on her retirement.
Give the necessary journal entries for the following transactions on dissolution of the firm of Sonu and Monu on 31st March, 2021, after transfer of various assets (other than cash and bank balance) and the third party liabilities to Reaslisation Account. They shared profits and losses in the ratio of 2 : 1.
(i) Sonu agreed to take over the firm's goodwill (not recorded in the books of the firm) at a valuation of ₹40,000.
(ii) Bills payable of ₹30,000 falling due on 30th April, 2021 were discharged at ₹29,550.
(iii) Stock worth ₹8,00,000 was taken over by partner, Sonu at 10% discount.
(iv) Creditors of ₹2,00,000 accepted machinery valued at ₹2,20,000 in full settlement of their claim.
(v) Expenses of realisation ₹10,000 were paid by partner, Sonu. VIEW SOLUTION
- Question 9
Pass journal entries relating to issue of debentures for the following transactions:
(a) Issued 8,000, 10% debentures of ₹100 each at a discount of 10%, redeemable at 5% premium.
(b) Issued 4,000, 12% debentures of ₹100 each at 10% premium, redeemable at 6% premium.
(c) Issued ₹1,00,000, 9% debentures of ₹100 each at par redeemable at par.
(d) Issued ₹5,00,000, 9% debentures of ₹100 each at 10% premium redeemable at par.
(e) Issued 6,000, 9% debentures of ₹100 each at a discount of 10% redeemable at par. VIEW SOLUTION
- Question 10
State whether the following transactions will result in inflow, outflow or no flow of cash while preparing cash flow statement:
(i) Issued bonus shares ₹5,00,000.
(ii) Interest received in cash from loans and advances ₹80,000. VIEW SOLUTION
- Question 11
From the following information, prepare a Comparative Statement of Profit & Loss for the year ended 31st March, 2021.Particulars2019-20
(₹)Revenue from operations10,00,00015,00,000Expenses5,00,0006,00,000Tax Rate 40%
ORPrepare a Common Size Balance Sheet of Ayush Ltd. from the following Information:ParticularsNoteNo.31-03-2021
(₹)I. Equity and Liabilities1. Shareholders' Funds18,00,0006,00,0002. Non-Current Liabilities2,00,0004,00,000Total20,00,00010,00,000II. Assets1. Non-Current Assets12,00,0007,00,0002. Current Assets8,00,0003,00,000Total20,00,00010,00,000
- Question 12
Calculate 'Cash Flows from Investing Activities' and 'Cash Flows from Financing Activities' for the year ended 31st March, 2021 from the following Balance Sheet of Kamna Ltd. as at 31st March, 2021 showing your workings clearly:
as at 31st March, 2021
I. Equity and Liabilities
1. Shareholders Funds
(a) Share Capital
(b) Reserves and Surplus
2. Non-Current Liabilities
Long term Borrowings
3. Current Liabilities
1. Non-Current Assets
(a) Fixed Assets
(i) Tangible Assets
(ii) Intangible Assets
2. Current Assets
(a) Current Investments
1,20,000 1,21,000(c) Trade Receivables 1,70,000 1,43,000
(d) Cash and Cash Equivalents
Notes to Accounts:
Reserves and Surplus Surplus i.e. Balance in Statement of Profit and Loss
Tangible Assets: Machinery 12,70,000 10,00,000 Accumulated Depreciation
Intangible Assets: Goodwill 40,000 1,12,000
Additional Information:VIEW SOLUTION
A piece of Machinery costing ₹24,000 on which accumulated depreciation was ₹16,000, was sold for ₹6,000.