12 Accountancy Comp Delhi2017 1

CBSE
Class 12 Accountancy
Question Paper Comp. Delhi 2017 (set 1)
General Instructions :
This question paper contains two parts A and B.

Part A is compulsory for all.
Part B has two options : Option – I Analysis of Financial Statements and Option – II
Computerized Accounting.
Attempt only one option of Part B.
All parts of a question should be attempted at one place.
PART – A
(Accounting for Partnership Firms and Companies)
1. Why should a new partner contribute towards goodwill on his admission? (1)
Ans. A new partner should contribute towards the goodwill so as to compensate the
existing partners for the sacrifice they make in favour of the new partner.
2. X, Y and Z were partners sharing profits and losses in the ratio of 3 : 2 : 2. Z retired
and the amount due to him was ₹ 85,000. He was paid ₹ 5,000 immediately. The
balance was payable in three equal annual installments carrying interest @ 6% p.a.
Pass necessary journal entry for recording the same on the date of Z’s retirement.
(1)
Ans.
Books of the X,Y,Z

Journal
Date Particulars LF Dr (₹) Cr (₹)
Z’s Capital A/c .........................................Dr. 85,000
To Cash / Bank A/c 5,000
To Z’s Loan A/c
[Amount due to Z on his retirement transferred to his loan A/c 80,000
Material downloaded from myCBSEguide.com. 1 / 28

after payment of Rs. 5,000]
3. State any one occasion for the dissolution of the firm on court’s orders. (1)
Ans. The court may order a partnership firm to be dissolved on any of the following
grounds: (any one of the following)
a. When a partner becomes insane;
b. When a partner becomes permanently incapable of performing his duties as a
partner;
c. When a partner is guilty of misconduct which is likely to adversely affect the business
of the firm;
d. When a partner persistently commits breach of partnership agreement;
e. When a partner has transferred the whole of his interest in the firm to a third party;
f. When the business of the firm cannot be carried on except at a loss; or
g. When, on any ground, the court regards dissolution to be just and equitable.
4. Change in Profit Sharing Ratio amounts to dissolution of partnership or partnership
firm? Give reason in support of your answer. (1)
Ans. Change in Profit Sharing Ratio amounts to Dissolution of partnership and not
dissolution of firm as the existing agreement comes to an end and the firm continues
under the new agreement.
5. In which ratio do the remaining partners acquire the share of profit of the retiring
partner? (1)
Ans. Remaining partners acquire the share of profit of the retiring partner in Gaining
ratio.
6. What is meant by ‘Employee Stock Option Plan’? (1)
Ans. Employee Stock Option Plan means option granted by the company to its employees
and employee directors to subscribe the shares of the company at a price that is lower
than the market price. But it is not an obligation on the employee to subscribe for it.
7. The total capital of the firm of Sakshi, Mehak and Megha is ₹ 1,00,000 and the
market rate of interest is 15%. The net profits for the last 3 years were ₹ 30,000; ₹
36,000 and ₹ 42,000. Goodwill is to be valued at 2 years purchase of the last 3 years’
super profits. Calculate the goodwill of the firm. (3)
Ans. Goodwill = Super Profits × No. of years’ purchase;
Super Profits = Average Profits – Normal Profits;

Normal Profits = Capital employed
i.e. 1,00,000 × 15/100 = 15,000
Average Profits = = 36,000
8. Madhur Ltd. took over the assets of ₹ 3,90,000 and Liabilities of ₹ 40,000 of Rasova
Ltd. for a consideration of ₹ 4,00,000. 20% was paid by a cheque and the balance by
issue of fully paid equity shares of ₹ 100 each at a premium of 60%. Show necessary
journal entries for these transactions in the books of Madhur Ltd. (3)
Ans.
Books of the Madhur Ltd.

Journal
Dr. Cr.
Date Particulars L.F. Amt. Amt.
(Rs.) (Rs.)
(i) Assets A/c Dr. 3,90,000
Goodwill A/c Dr. 50,000
To Liabilities A/c 40,000
To Rasova A/c 40,000
[Assets and Liabilities of Rasova Ltd. taken over]
(ii) Rasova Ltd. Dr. 4,00,000
To Bank a/c 80,000
To Equity share Capital A/c 2,00,000
To Securities premium Reserve A/c 1,20,000
[20% Payment made to Rasova Ltd. by cheque and balance

and balance settled by issue of equity shares at a premium
of 60%]
OR
Rasova Ltd. Dr. 80,000

To bank A/c 80,000
(20% Payment made of Rasova Ltd. by cheque)
Rasova Ltd. Dr. 3,20,000
To Equity share Capital A/c 2,00,000
To Secuities Premium Reserve A/c 1,20,000
(Balance due to Rasova Ltd. Settled by issue of equity

shares at a premium of 60%)
9. Xansa Ltd. offered 22,000 equity shares of ₹ 100 each to the public at a premium of ₹
20 per share. The amount per share was payable as ₹ 30 on application; ₹ 50
(including premium) on allotment; and the balance on first and final call. 20,000
shares were subscribed by the public. All calls were made. A shareholder holding
1,000 shares failed to pay the first and final call money. His shares were forfeited.
Show ‘Share Capital’ in the Balance Sheet of Xansa Ltd. Also, prepare ‘Notes to
Accounts’. (3)
Ans.
Balance Sheet of Xansa Ltd. As at ............. (As per revised schedule VI)
Particulars Note No. Amount ₹ Current year Amount ₹ Previous year
EQUITY & LIABILITIES

I Shareholder’s funds : 1 19,60,000 -‐-‐-‐-‐-‐-‐-‐-‐
a) Share Capital
Notes to Accounts :
Particular (Rs.)
(1) Share Capital
Authorised Capital: xxxxxxxxx
…….. equity shares of Rs. 100 each
Issued Capital

22,000 equity shares of Rs. 100 each 22,00,000
Subscribed capital
Subscribed and fully paid
19,000 shares of Rs. 100 each 19,00,000
Add: Forfeited shares A/c 60,000
19,60,000
10. Anuj, Manoj and Disha were partners in a firm sharing profits and losses in the ratio
of 2 : 2 : 1. On 1st April, 2016, the capitals of the partners were : ₹ 3,00,000; ₹ 2,00,000
and ₹ 1,00,000 respectively. The firm closes its books on 31stMarch every year. Disha
died on 1st July, 2016.

a. On Disha’s death the goodwill of the firm was valued at ₹ 30,000.
b. Disha’s share of profit till the date of her death was calculated at ₹ 12,000.
Pass necessary journal entries in the books of the firm for the above on Disha’s
Death. (3)
Ans.
Books of Anuj, Manoj and Disha Journal
Dr. Cr.
Date Particulars L.F
(Rs.) (Rs.)
2016
(a) Anuj’s Capital A/c Dr. 3,000
July 1
Manoj’s Capital A/c Dr. 3,000
To Disha’s Capital A/c 6,000
[Disha’s Share of Goodwill adjusted to Anuj and manoj in

their gaining ratio]
July 1 (b) Profit & Loss Suspense A/c Dr. 12,000
To Disha’s Capital A/c 12,000
[Disha’s Share of Profits till her death credited to her A/c]

July 1 (c) Disha’s Capital A/c Dr. 1,18,000
To Disha’s Executors’ A/c 1,18,000
[Balance of Disha’s capital A/c transferred to her

executors’ A/c]
11. Books of the Tvisha and DivyaTvisha and Divya were partners in a firm carrying on
a tiffin service in Hyderabad. Divya noticed that a lot of food is left at the end of the
day. To avoid wastage, she suggested that the same may be distributed among the
needy. Tvisha wanted it to be mixed with the food to be served the next day.
Tvisha then gave a proposal that if her share in the profit is increased, she will not
mind free distribution of left over food. Divya happily agreed. So, they decided to
change their profit sharing ratio to 3 : 2 with immediate effect. On the date of
change in the profit-sharing ratio, the goodwill of the firm was valued at ₹ 50,000.
a. Pass the necessary adjustment entry for the treatment of goodwill.
b. State any two values highlighted in the behavior of Tvisha and Divya. (4)
Ans.
a.
Journal
Dr. Cr.
(Rs.) (Rs.)
2016 Apr
Divya’s Capital A/c Dr. 5,000
1
To Tvisha’s Capital A/c 5,000
[Treatment of goodwill on change in Profit sharing

ratio]
a. Values (Any two):

Compassion,
Sensitivity towards underprivileged,
Optimum utilisation of resources,

Concern for society
(Or any other suitable value)
12. Prayuj Ltd. forfeited 2,000 shares of ₹ 10 each, fully called up, on which they had
received only ₹ 14,000. 50 of the forfeited shares were reissued for ₹ 9 per share
fully paid up. Pass necessary journal entries for forfeiture and re-issue of shares.
Also prepare share forfeited account. (4)
Ans.
Books of the Prayuj Ltd.

Journal
Dr. Cr.
(Rs.) (Rs.)
(i) Share Capital A/c Dr. 20,000
To Forfeited Shares A/c 14,000
To Calls in arrear A/c 6,000
[2,000 shares of Rs. 10 each forfeited for non payment of Rs.

6,000]
(ii) Bank A/c Dr. 450
Forfeited shares A/c Dr. 50
To Share capital A/c 500
[50 of the forfeited shares reissued for Rs. 9 per share]
(iii) Forfeited shares A/c Dr. 300
To Capital Reserve A/c 300
[Gain on reissue of shares transferred to Capital reserve A/c]
Forfeited Shares A/c
Dr. Cr.
Particular Particular

Amt (₹) Amt (₹)
To Equity Share Capital A/c 50

To Capital Reserve A/c 300 By Equity Share Capital A/c 14,000
To Balance c/d 13,650
14,000 14,000
13. a. Journalise the following transaction at the time of issue of 12% debentures;
Nandan Ltd. issued ₹ 90,000, 12% debentures of ₹ 100 each at a discount of 5%
redeemable at 110%.
b. Journalise the following transactions on redemption of debentures :
i. Kipter Ltd. redeemed ₹ 1,90,000, 14% debentures of ₹ 100 each issued at par
by converting them into equity shares of ₹ 10 each issued at a premium of
25%.
ii. Rabtec Ltd. purchased its own 3,000, 12% Debentures of ₹ 100 each at ₹ 96 per
debenture for immediate cancellation. Ignore entries for Debenture
Redemption Reserve, Debenture Redemption Investments and Interest. (6)
Ans.
a.
Books of Nandan Ltd.

Journal
Dr. Cr.
Date Particulars L.F.
(Rs.) (Rs.)
Bank A/c 85,500
To 12% Debentures Application % Allotment A/c 85,000
[Application received for Rs. 90,000, 12 % debentures issued at

5% discount]
12% Debentures Application & Allotment A/c Dr. 85,500
Loss on Issue of Debentures of Debentures A/c 13,500
To 12% Debentures A/c 90,000

To Premium on Redemption of Debentures A/c 9,000
[Allotment of 900 12% debentures at 5% Discount redeemable

at 10% premium]
OR
12% Discount Application & Allotment A/c Dr. 85,500
Discount on issue of Debentures A/c Dr. 4,500
Loss on Issue of Debentures A/c Dr. 9,000
To 12% Debentures A/c 90,000
To Premium on Redemption of Debentures A/c 9,000
[Allotment of 900, 12% Debentures at 5% Discount redeemable

at 10% premium]
b. i.
Books of Kipter Ltd.

ournal
Date Particulars L.F Dr. (Rs.) Cr. (Rs.)
14% Debentures A/c Dr. 1,90,000
To Debentures holder’s A/c 1,90,000
[Amount payable to Debentures holders on Conversion]
Debentures holder’s A/c Dr. 1,90,000
To Equity Share Capital A/c 1,52,000
To Securities Premium Reserve A/c 38,000
[Equity shares issued at 25% Premium to 14% Debentures

holders’ A/c]
ii.
Books of Rabtec Ltd.

Journal
Date Particulars L.F. Dr. (Rs.) Cr. (Rs.)
Own Debentures A/c Dr. 2,88,000
To Bank A/c 2,88,000
[3,000 own Debentures purchased for cancellation]
12% Debentures A/c Dr. 3,00,000
To own Debentures A/c 2,88,000
To profit on Cancellation of own Debentures A/c 12,000
[Cancellation of own Debentures]
Profit on Cancellation of Own Debentures A/c Dr. 12,000
To Capital Reserve A/c 12,000
[Profit on cancellation of own Debentures transferred to

capital reserve A/c]
14. Give the necessary journal entries for the following transactions on dissolution of
the firm of Aman and Rajat on 31st March, 2016, after the transfer of various assets
(other than cash) and the third party liabilities to Realisation Account. They shared
profits and losses in the ratio of 2 : 1. (6)
a. There was a bill of exchange of ₹ 10,000 under discount. The bill was received
from Derek who became insolvent.
b. Bills payable of ₹ 30,000 falling due on 30th April, 2016 were discharged at ₹
29,550.
c. Creditors of ₹ 30,000 took over stock of ₹ 10,000 at 10% discount and the balance
was paid to them in cash.
d. There was an old typewriter which had been written off completely. It was
estimated to realize ₹ 600. It was taken away by Rajat at 25% less than the
estimated price.
e. Aman agreed to take over the responsibility of completing dissolution at an
agreed remuneration of ₹ 1,000 and to bear all realization expenses. Actual

realisation expenses ₹ 800 were paid by the firm.
f. Loss on realization was ₹ 54,000.
Ans.
Books of the Aman and Rajat Journal
Dr. Cr.
Date Particulars L.F.
(Rs.) (Rs.)
(a) Realisation A/c Dr. 10,000
To Bank A/c 10,000
[Payment of a Dishonoured B/R under discount]
(b) Realisation A/c Dr. 29,550
To Bank A/c 29,550
[Bills payable discharged]
(c) Realisation A/c Dr. 21,000
To Bank A/c 21,000
[Creditors took over stock & balance paid in cash]
(d) Rajat’s Capital A/c Dr. 450
To Realisation A/c 450
[Unrecorded old typewriter taken over By Rajat]
(e) [i] Realisation A/c Dr. 1,000
To Aman’s Capital A/c 1,000
[Remuneration given to Aman for completing dissolution

work]
[ii] Aman’s Capital A/c 800
To bank A/c 800
[Expenses paid by the firm but borne by Aman]

(f) Aman’s Capital A/c Dr. 36,000
Rajat’s Capital A/c Dr. 18,000
To Realisation A/c 54,000
[Loss on Realisation]
15. Piya and Bina are partners in a firm sharing profits and losses in the ratio of 3 : 2.
Following was the Balance Sheet of the firm as on 31-3-2016. (6)
Liabilities Amount (₹) Assets Amount (₹)
Capitals : Piya 80,000 Sundry Assets 1,20,000
Bina 40,000 1,20,000
1,20,000 1,20,000
The profits ₹ 30,000 for the year ended 31-3-2016 were divided between the partners
without allowing interest on capital @ 12% p.a. and salary to Piya @ ₹ 1,000 per month.
During the year Piya withdrew ₹ 8,000 and Bina withdrew ₹ 4,000. Showing your
working notes clearly, pass the necessary rectifying entry.
Ans. Books of the Piya and Bina

Journal
2016 Apr 1 Bina’s Capital A/c Dr. 5,856
To Piya’s Capital A/c 5,856
[Rectifying entry for omission of IOC and Piya’s salary]
Working Notes:
1. Calculation of Opening Capital”
PIYA BINA
Closing Capital 80,000 40,000

Add: Drawings 8,000 4,000
88,000 44,000
Less: Profits 18,000 12,000
Opening Capital 70,000 32,000
IOC @ 12% 8,400 3,840
2.
Past Adjustment Table
Particulars Piya Bina Total
Omission of IOC 8,400 (Cr.) 3,840 (Cr.) 12,240 (Dr.)
omission of Piya’ salary 12,000 (Cr.) ………….. 12,000 (Dr.)
20,400 (Cr.) 3,840 (Cr.) 24,240 (Dr.)
Dr. Total divided in PSR 14,544 (Dr.) 9,696 (Dr.) 24,240 (Cr.)
Net Effect 5856 (Cr.) 5,856 (Dr.) 00000
16. Nitro Paints Ltd. invited application for issuing 1,60,000 equity shares of ₹ 10 each at
a premium of ₹ 3 per share. The amount was payable as follows :
On application – ₹ 6 per share (including premium ₹ 1)
On allotment – ₹ 3 per share (including premium ₹ 1) and the balance – on first and
final call.
Application for 1,80,000 shares were received. Applications for 10,000 shares were
rejected and pro-rata allotment was made to the remaining applicants. Over
payment received on application was adjusted towards sums due on allotment. All
calls were made and were duly received except allotment and final call from Aditya
who was allotted 3,200 shares. His shares were forfeited. Half of the forfeited shares
were reissued for ₹ 43,000 as fully paid up.
Pass necessary journal entries for the above transactions in the books of Nitro
Paints Ltd. (8)
OR

Midee Ltd. invited applications for issuing 27,000 shares of ₹ 100 each payable as
follows :
₹ 50 – per share on application
₹ 10 – per share on allotment
Balance – on first and final call.
Applications were received for 40,000 shares. Full allotment was made to the
applicants of 7,000 shares. The remaining applicants were allotted 20,000 shares on
pro-rata basis. Excess money received on application was adjusted towards
allotment and call.
Asha, holding 600 shares was belonged to the category of applicants to whom full
allotment was made, paid the call money at the time of allotment. Ankur, who
belonged to the category of applicants to whom shares were allotted on pro-rata
basis did not pay anything after application on his 200 shares. Ankur’s shares were
forfeited after the first and final call. These shares were later reissued at ₹ 105 per
share as fully paid up. Pass necessary journal entries in the books of Midee Ltd. for
the above transactions, by opening calls in arrears and calls in advance accounts
wherever necessary.
Ans.
Books of Nitro Paints Ltd. Journal
(i) Bank A/c Dr. 10,80,000
To Equity share Application A/c 10,80,000
[Application money received on 1,80,000 Shares]
(ii) Equity share application A/c Dr. 10,80,000
To Securities Premium Reserve A/c 1,60,000
To Equity Share Allotment A/c 60,000

To Bank A/c 60,000
[Application money transferred to Share capital A/c,

Securities Premium A/c, share Allotment A/c & surplus
refunded]
(iii) Equity Share Allotment A/c Dr. 4,80,000
[Allotment money due on 1,60,000 Shares]
(iv) Bank A/c Dr. 4,11,600
To Equity Share Allotment A/c 4,11,600
[Amount Received on allotment except on 3,200 Shares]
OR
Bank A/c Dr. 4,11,600
Calls – in – arrear A/c Dr. 8,400 4,20,000
To Equity share Allotment A/c
[Amount received on Allotment except on 3,200 Shares]
(v) Equity Share first & Final Call A/c Dr. 6,40,000
[First & Final call Money due on 1,60,000 Shares]
(vi) Bank A/c Dr. 6,27,200
To Equity Share First & Final Call A/c 6,27,200
[First & Final call money received except on 3,200 Shares]
OR
Bank A/c Dr. 6,27,200
Calls – in – arrear A/c Dr. 12,800

To Equity share First & Final Call A/c 6,40,000
[First and Final call Money Received except on 3,200

share]
(vii) Equity Share Capital A/c Dr. 32,000
Securities Premium Reserve A/c Dr. 6,400
To Equity Share First & final call A/c 12,800
[Forfeiture of 3,200 Shares for non payment of Allotment

and call money]
OR
Equity Share Capital A/c Dr. 32,000
Securities Premium Reserve A/c Dr. 6,400
To call – in – Arrear A/c 21,800
[Forfeiture of 3,200 Shares for non Payment of allotment

and call money
(viii) Bank A/c Dr. 43,000
To Equity Share Capital A/c 16,000
To Securities Premium Reserve A/c Dr. 27,000
[1,600 of the forfeited shares reissued as fully paid up]
(ix) Forfeited Shares A/c Dr. 8,600
[Gain on 1,600 Reissued shares transferred to capital

reserve A/c]

OR
(i) Bank A/c Dr. 20,00,000
To Equity share Application A/c 20,00,000
[Application Monet Received on 40,000 shares]
(ii) Equity Share Application A/c Dr. 20,00,000
To Equity Share Allotment A/c 2,00,000
To Calls in advance A/c 4,50,000
[application money transferred to share capital A/c and

excess transferred to share allotment and calls in advance
A/c]
(iii) Equity share Allotment A/c Dr. 2,70,000
To Equity share capital A/c 2,70,000
[Allotment money due to 27,000 shares]
(iv) Bank A/c Dr. 94,000
To Calls in Advance A/c 24,000
[Allotment money Received on 27,000 shares and calls in

Advance on 600 shares]
(v) Equity share First & Final Call A/c Dr. 10,80,000
[First & Final Call money due on 27,000 shares]
(vi) Bank A/c Dr. 10,52,500
Calls – in – arrear A/c Dr. 3,500

Calls – in advance A/c 24,000
To Equity Shares first & Final call A/c 10,80,000
[First & Final Call Money Received except on 200 Shares

calls in advance adjusted]
(vii) Equity Share Capital A/c Dr. 20,000
To Calls – in – arrear A/c 3,500
[Forfeiture of 200 shares for non payment of call money]
(viii) Bank A/c Dr. 21,000
To Equity Share Capital A/c 20,000
To Securities Premium Reserve A/c 1,000
[200 forfeited shares reissued as fully paid up]
(ix) Forfeited Shares A/c Dr. 16,500
[Gain on Reissued Shares Transferred to Capital reserve

A/c]
17. The Balance Sheet of Madhu and Vidhi who are sharing profits in the ratio of 2 : 3 as
at 31st March, 2016 is given below : (8)
Madhu’s Capital 5,20,000 Land & Building 3,00,000
Vidhi’s Capital 3,00,000 Machinery 2,80,000
General Reserve 30,000 Stock 80,000
Debtors 3,00,000
Bills payable 1,50,000 2,90,000
Less : Provision 10,000
Bank 50,000

10,00,000 10,00,000
Madhu and Vidhi decided to admit Gayatri as a new partner from 1st April, 2016 and
their new profit sharing ratio will be 2 : 3 : 5. Gayatri brought ₹ 4,00,000 as her capital
and her share of goodwill premium in cash.
a. Goodwill of the firm was valued at ₹ 3,00,000.

b. Land and Building was found undervalued by ₹ 26,000.
c. Provision for doubtful debts was to be made equal to 5% of the debtors.
d. There was a claim of ₹ 6,000 on account of workmen compensation.
Prepare Revaluation Account, Partners Capital Accounts and the Balance Sheet of
the reconstituted firm.
OR
Ativ, Meha and Nupur were partners sharing profits and losses in the ratio of 5 : 3 :
2. On 31-3-2016, their Balance Sheet was as under :
Trade creditors 26,500 Bank 25,000
Employees’ Provident Fund 23,500 Debtors 30,000
Ativ’s capital 1,00,000 Stock 55,000
Meha’s capital 50,000 Fixed assets 1,20,000
Nupur’s capital 40,000 Advertisement expenditure 10,000
2,40,000 2,40,000
Ativ retired on 1-4-2016. For this purpose, the following adjustments were agreed
upon :
(a) Goodwill of the firm was to be valued at 2 years’ purchase of the average profits
of 3 completed years preceding the date of retirement. The profits for previous
years were : 2013-14 ₹ 55,000; 2014-15 ₹ 65,000; 2015-16 ₹ 60,000.
(b) Fixed assets were to be increased by ₹ 25,000.
(c) Stock was overvalued by ₹ 5,000.

(d) ₹ 20,000 were immediately paid to Ativ and the balance was transferred to his
loan account.
Prepare Revaluation account, Partners Capital Accounts and the Balance Sheet of
the reconstituted firm.
Ans.
Revaluation A/c
Particulars Amt(Rs.) Particulars Amt(Rs.)
To Claim for Workmen Compensation 6,000 By Land & Building 26,000
To Provision for Bed debts 5,000
To Partner’s Capital
Accounts (Gain)
Madhu – 6,000
Vidhi – 9,000 15,000
26,000 26,000
Partners’ Capital A/c
Particulars Madhu Vidhi Gayatri Particulars Madhu Vidhi Gayatri
To balance
5,98,000 4,17,000 4,00,000 By balance b/d 5,20,000 3,00,000
c/d
By General
12,000 18,000
Reserve A/c
By Revaluation A/c 6,000 9,000
By Cash A/c 4,00,000
By Premium for 60,000 90,000

goodwill A/c
5,98,000 4,17,000 4,00,000 5,98,000 4,17,000 4,00,000

Balance Sheet of as at 31st March 2016
Liabilities Amt (Rs.) Assets Amt (Rs.)
Partner’s Capital A/c Land & Building 3,26,000
Madhu 5,98,000 Machinery 2,80,000
Vidhi 4,17,000 Stock 80,000
Gayatri 4,00,000 14,15,000 Debtors 3,00,000
Claim for Workmen Less: Provision 15,000 2,85,000
Compensation 6,000 Bank 6,00,000
Bills Payable A/c 1,50,000
15,71,000 15,71,000
Working Bank A/C
Particulars Amt (Rs.) Particulars Amt (Rs.)
To Balance b/d 50,000 By Balance c/d 6,00,000
To Gayatri’s Capital A/c 4,00,000
To Premium for Goodwill A/c 1,50,000
6,00,000 6,00,000
OR Revaluation A/C
Particulars Amt (Rs.) Particulars Amt (Rs.)
To Stock 5,000 By Fixed Assets 25,000
To Partner’s Capital A/cs (Profit)
Ativ 10,000
Mehra 6,000
Nupur 4,000 20,000

25,000 25,000
Partners’ Capital A/c
Dr. Cr.
Particulars Ativ Meha Nupur Particulars Ativ Meha Nupur
To Advertisement By Balance
5,000 3,000 2,000 1,00,000 50,000 40,000
Expenditure A/c b/d
By
To Ativ’s Capital A/c 36,000 24,000 Revaluation 10,000 6,000 4,000
A/c
By Meha’s
To Bank A/c 20,000 36,000
Capital A/c
By Nupur’s
To Ativ’s Loan A/c 1,45,000 24,000
Capital A/c
To Balance c/d 17,000 18,000
1,70,000 56,000 44,000 1,70,000 56,000 44,000
Balance Sheet of Meha & Nupur as at 31st March 2016
Liabilities Amt (Rs.) Assets Amt (Rs.)
Partner’s Capital A/c: Fixed Assets 1,45,000
Mehra 17,000 Stock 50,000
Nupur 18,000 35,000 Debtors 30,000
Ativ’s Loan A/c 1,45,000 Bank 5,000
Employee’s Provident Fund 23,500
Trade Creditors 26,500
2,30,000 2,30,000
Working:

Goodwill = = 1,20,000
PART – B Option – I (Analysis of Financial Statements)
18. Cash Flow Statement shows inflows and outflows of ‘Cash’ and ‘Cash Equivalents’
from various activities of an enterprise during a particular period. Give the
meaning of ‘cash’ for the purpose of preparing Cash Flow Statement. (1)
Ans. For the purpose of preparing Cash Flow Statement, Cash comprises cash in hand
and demand deposits with bank.
19. Give an example of an activity, which is a financing activity for every type of
enterprise. (1)
Ans. Following are the activities which are financing activity for any enterprise (any
one)
Dividends paid
Issue of Shares
Redemption of Preference shares
Buy Back of shares
Issue of Debentures
Redemption of Debentures
Obtaining Long Term Loans
Repayment of long term loans
20. a. Classify the following items under Major Head and Sub-Head (if any) in the
Balance Sheet of a company as per Schedule III of the Companies Act, 2013. (4)
i. Capital Work in progress; and
ii. Provision for warranties.
b. State any two objectives of ‘Analysis of Financial Statements’.
Ans.
a.
Items Heads Sub-heads
Capital Work in progress Non current Assets Fixed Assets
Provision for warranties Non Current Liability Long Term provisions
b. Objectives of ‘Analysis of Financial Statements’ are: (any two)

To assess the current profitability and operational efficiency of the firm as a whole
as well as of its different departments.
To ascertain the relative importance of different components of financial position
of the firm.
To identify the reasons for change in profitability/financial position of the firm.
To judge the ability of the firm to repay its debts i.e. to know its solvency position.
To assess liquidity position of the business.
To facilitate inter-‐firm and intra-‐firm comparisons.
To know the managerial efficiency & to facilitate preparation of budgets.
21. a. Net profit after interest and tax ₹ 1,00,000; Current assets ₹ 4,00,000; Current
liabilities ₹ 2,00,000; Tax rate 20%; Fixed assets ₹ 6,00,000; 10% Long term debt ₹
4,00,000. Calculate Return on Investment.
b. Rate of Gross profit on cost of a company is 25%. Its Gross profit is ₹ 5,00,000. Its
shareholders’ Funds are ₹ 12,00,000; Current liabilities are ₹ 3,00,000 and
Current Assets are ₹ 10,00,000. Calculate its Working Capital Turnover ratio. (4)
Ans. Profit before interest and tax = 1,00,000+ 25,000+40,000= 1,65,000
Return on Investment
= 20.625%
(b) Revenue From Operations = 25,00,000
Cost of Revenue From Operations= 25,00,000 ‐ 5,00,000 = 20,00,000
Working Capital = 10,00,000 - 3,00,000 = 7,00,000
Working Capital Turnover Ratio=
= 2.86 times
OR
Working Capital Turnover Ratio=

= 3.57 time
22. From the following statement of Profit and Loss of Star Ltd., for the years ended 31st
March, 2015 and 2016, prepare a common size statement. (4)
Particulars Note No. 2015-16 (₹) 2014-15 (₹)
Revenue from operations 25,00,000 20,00,000
Employee benefit expenses 10,00,000 7,00,000
Other expenses
2,00,000 3,00,000
Tax rate 40%
Ans. Common Size Statement For the year ending 31st March 2015 and 2016
Note % of Revenue From

Particulars Absolute Amounts
No. Operations
2014-15 2015-16
2014-15
(Rs.) (Rs.)
Revenue from 20,00,000 25,00,000 100% 100%

Operations
Add other income -‐-‐-‐-‐-‐ -‐-‐-‐-‐-‐-‐ -‐-‐-‐-‐-‐ -‐-‐-‐-‐-‐
Total Revenue 20,00,000 25,00,000 100% 100%
Less: Expenses
Employee Benefit 7,00,000 10,00,000 35% 40%

Expenses 3,00,000 2,00,000 15% 8%
Other Expenses
Total Expenses 10,00,000 12,00,000 50% 48%
Profit before Tax 10,00,000 13,00,000 5,00,000 52%

Less: Tax @ 40% 4,00,000 5,20,000 2,50,000 20.8%
Profit after tax 6,00,000 7,80,000 2,50,000 31.2%

23. Calculate Cash Flows from Investing Activities from the following information: (6)
Particulars 31st March, 2015 (₹) 31st March, 2014 (₹)
Investments in Land 16,00,000 6,00,000
10% Long term Investments 2,50,000 4,00,000
Plant and Machinery 3,00,000 2,00,000
Goodwill 80,000 15,000
Additional Information :
A machine costing ₹ 40,000 (depreciation provided thereon ₹ 12,000) was sold for ₹
35,000. Depreciation charged during the year was ₹ 60,000.
Ans.
Cash flows From Investing Activities
Particulars Details (Rs.) Amount (Rs.)
B. Cash flows from investing Activities :
Purchase of Land (10,00,000)
Sale of Long Term Investments 1,50,000
Interest on Long term Investment 40,000
Purchase of Plant and Machinery (1,88,000)
Sales of Plant and Machinery 35,000
Purchase of Good will (65,000)
Net Cash Used in investment Activities (10,28,000)
Notes: Plant and Machinery A/c
Particulars Rs. Particulars Rs.

To Balance b/d 2,00,000 By Cash A/c 35,000
To Statement of P/L 7,000 By Depreciation A/c 60,000
To Cash A/c (Bal figure) 3,46,000 By Balance c/d 3,00,000
(Purchase)
3,95,000 3,95,0000
PART – B Option – II (Computerized Accounting)
18. Name any two software tools for organizing, processing and querying data in
flexible manner. (1)
Ans. Database tools are (any two)
i. Access.
ii. Oracle.
iii. SQL server.
19. What is meant by ‘Database’? (1)
Ans. A database is a shared collection of interrelated data tables, files or structures which
are designed to meet the varied informational needs of an organization. It has the
property of being integrated and being shared.
20. What is meant by a “Form”? How ‘Split Form’ is different from ‘Simple Form’? (4)
Ans. Form: Access provides a user friendly interface, which allows users to enter
information in a graphical way. It is known as ‘Form ‘This information transparently
passes to the underlying database.
Split Form: This presentation shows underlying database in one half of the section and
form in other half for entering information in the record selected in the data sheet. The
two views in the form are synchronized so that scrolling in one view causes scrolling of
the other view to same location of the record.
21. Name and explain the type of software which meets the requirements of large
business organizations with multi-users and scattered locations. (4)
Ans. Name of the software is “Tailored Accounting Software” as they are designed to
meet the requirements of large business organizations with multi users who are scattered
on different geographical locations. They require special training to run and use. They
are important part of the organizational MIS. The secrecy and authenticity checks are
robust in such software and they provide high flexibility in terms of number of users as

well.
22. Explain any four advantages of computerized accounting software. (4)
Ans. Following are the advantages of computerized accounting system (any four):
1. Timely generation of reports and information in desired format.
2. Efficient record keeping.
3. Ensures effective control over the system.
4. Economy in the processing of accounting data.
5. Conditionality of data is maintained.
23. Explain the following formatting tools with example : (6)
i. Number formatting
ii. Currency
iii. Percentage
iv. Dates
Ans. Formatting of spreadsheet makes easier to read and understand important
information.
Currency: excel is equipped to incorporate various currency sighs in pictorial form
for dollar it uses $ similarly for other currencies also. If the user instructs the use of
the format it will assign a currency format along with entry. (Example)
Percentage: If we enter a value representing a percentage as a whole number
followed by the percentage sign without any decimal places, Excel assigns to the cell
the percentage format that follows the pattern along with the entry. (Example)
Date: If we enter a date (dates are values, too) that follows one of the built in excel
formats, such as 16-04-2017 or 16 Apr-2017the program assigns a date format that
follows the pattern of the date. (Example)

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CBSE

This question paper contains two parts A and B.

Books of the X,Y,Z

Date Particulars LF Dr (₹) Cr (₹)

Z’s Capital A/c .........................................Dr. 85,000

To Cash / Bank A/c 5,000

To Z’s Loan A/c

[Amount due to Z on his retirement transferred to his loan A/c 80,000

Material downloaded from myCBSEguide.com. 1 / 28

Material downloaded from myCBSEguide.com. 2 / 28

Books of the Madhur Ltd.

(i) Assets A/c Dr. 3,90,000

Goodwill A/c Dr. 50,000

To Liabilities A/c 40,000

To Rasova A/c 40,000

[Assets and Liabilities of Rasova Ltd. taken over]

(ii) Rasova Ltd. Dr. 4,00,000

To Bank a/c 80,000

To Equity share Capital A/c 2,00,000

To Securities premium Reserve A/c 1,20,000

[20% Payment made to Rasova Ltd. by cheque and balance

Rasova Ltd. Dr. 80,000

Material downloaded from myCBSEguide.com. 3 / 28

(20% Payment made of Rasova Ltd. by cheque)

Rasova Ltd. Dr. 3,20,000

To Equity share Capital A/c 2,00,000

To Secuities Premium Reserve A/c 1,20,000

(Balance due to Rasova Ltd. Settled by issue of equity

Particulars Note No. Amount ₹ Current year Amount ₹ Previous year

EQUITY & LIABILITIES

(1) Share Capital

Authorised Capital: xxxxxxxxx

…….. equity shares of Rs. 100 each

Material downloaded from myCBSEguide.com. 4 / 28

Subscribed and fully paid

19,000 shares of Rs. 100 each 19,00,000

Add: Forfeited shares A/c 60,000

died on 1st July, 2016.

Books of Anuj, Manoj and Disha Journal

Manoj’s Capital A/c Dr. 3,000

To Disha’s Capital A/c 6,000

[Disha’s Share of Goodwill adjusted to Anuj and manoj in

July 1 (b) Profit & Loss Suspense A/c Dr. 12,000

To Disha’s Capital A/c 12,000

[Disha’s Share of Profits till her death credited to her A/c]

Material downloaded from myCBSEguide.com. 5 / 28

To Disha’s Executors’ A/c 1,18,000

[Balance of Disha’s capital A/c transferred to her

To Tvisha’s Capital A/c 5,000

[Treatment of goodwill on change in Profit sharing

a. Values (Any two):

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Books of the Prayuj Ltd.

(i) Share Capital A/c Dr. 20,000

To Forfeited Shares A/c 14,000

To Calls in arrear A/c 6,000

[2,000 shares of Rs. 10 each forfeited for non payment of Rs.

(ii) Bank A/c Dr. 450

Forfeited shares A/c Dr. 50

To Share capital A/c 500

[50 of the forfeited shares reissued for Rs. 9 per share]

(iii) Forfeited shares A/c Dr. 300

To Capital Reserve A/c 300