PM SHRI KENDRIYA VIDYALAYA SILCHAR

WINTER BREAK HOLIDAYS HOMEWORK (2024-25)

CLASS- 12 C SUBJECT- ACCOUNTANCY (055)
Dear Students,

As we approach the winter break, it is essential to maintain the momentum of your preparation for the
upcoming board examinations. To help you revise key concepts and practice effectively, a comprehensive
Sample Paper for Accountancy has been designed.

Instructions:

1. Complete the Sample Paper:

o The sample paper contains questions based on the latest CBSE syllabus and exam pattern. It
covers all important topics such as Accounting for Partnership Firms, Company Accounts,
and Analysis of Financial Statements.
o Solve the paper in your class notebook or remedial class notebook.
2. Presentation and Accuracy:
o Ensure proper format and presentation while solving questions, particularly journal entries,
ledger accounts, and financial statements.
o Pay attention to calculations and the correct application of concepts.
3. Submission Deadline:
o The completed homework must be submitted on the first day after winter break holidays.
o Your work will be reviewed, and any doubts will be clarified during the camp.
4. Additional Practice:
o Revise all classroom notes and practice questions from Question Banks prepared by me and
reference books. Focus on strengthening your weak areas.

Make the most of this opportunity to refine your skills and gear up for the board exams. Wishing you a
productive and enriching holiday season!

GENERAL INSTRUCTIONS:
1. This question paper contains 34 questions. All questions are compulsory.
2. This question paper is divided into two parts, Part A and B.
3. Part – Both are compulsory for all candidates.
4. Question 1 to 16 and 27 to 30 carries 1 mark each.
5. Questions 17 to 20, 31and 32 carries 3 marks each.
6. Questions from 21 ,22 and 33 carries 4 marks each
7. Questions from 23 to 26 and 34 carries 6 marks each
8. There is no overall choice. However, an internal choice has been provided in 7 questions of one mark, 2
questions of three marks, 1 question of four marks and 2 questions of six marks.
S.No. Question Marks
Part A :- Accounting for Partnership Firms and Companies
Ram, Rahim and Roshan were partners sharing profits and losses in the ratio of 2:2:1. Their
1 1
fixed Capital balances were ₹ 2, 50,000; ₹ 2, 00,000 and ₹ 1, 50,000 respectively. For the year
ended March 31, 2024 profits of ₹ 42,000 were distributed without providing for Interest on
Capital @ 10% p.a as per the partnership deed.
While passing an adjustment entry, which of the following is correct?
A. Roshan will be debited by ₹ 2,100
B. Roshan will be credited by ₹ 2,100
 C. Roshan will be credited by ₹ 3,000
D. Roshan will be debited by ₹ 3,000
Aman, Daman and Raman were partners sharing profits and losses in the ratio of 5:4:3.
2 1
Raman’s fixed Capital balance as on March 31, 2024 was ₹ 5, 40,000. Which of the following
items would have affected this Capital balance?
A. Profit/Loss for the year
B. Additional Capital introduced
C. Reduction in Capital due to Capital Adjustment
D. Both B and C
3 Savitri Ltd. issued 50,000, 8% Debentures of ₹ 100 each at certain rate of premium 1
and to be redeemed at 10% premium. At the time of writing off Loss on Issue of
Debentures, Statement of Profit and Loss was debited with ₹ 2, 00,000. At what rate
of premium, these debentures were issued?
A. 10%
B. 16%
C. c) 6%
D. d) 4%
OR
Attire Ltd, issued a prospectus inviting applications for 12,000 shares of ₹10 each
payable ₹3 on application, ₹ 5 on allotment and balance on call. Public had applied
for certain number of shares and application money was received. Which of the
following application money, if received restricts the company to proceed with the
allotment of shares, as per SEBI guidelines?
A. ₹ 36,000
B. ₹ 45,000
C. ₹ 30,000
D. ₹ 32,400
Ganga and Jamuna are partners sharing profits in the ratio of 2:1. They admit
4 Saraswati for 1/5th share in future profits. On the date of admission, Ganga’s capital 1
was ₹ 1, 02,000 and Jamuna’s capital was ₹ 73,000. Saraswati brings ₹ 25,000 as her
share of goodwill and she agrees to contribute proportionate capital of the new firm.
How much capital will be brought by Saraswati?
A. ₹ 43,750
B. ₹ 37,500
C. ₹ 50,000
D. ₹ 40,000
OR

Ram and Shyam were partners sharing profits and losses in the ratio of 3:2. Their balance
sheet shows building at ₹ 1,60,000. They admitted Mohan as a new partner for 1/4th share. In
additional information it is given that building is undervalued by 20%. The share of loss/gain
of revaluation of Shyam is & current value of building shown in new
balance sheet is .
A. Gain ₹ 12,800, Value₹ 1,92,000
B. Loss ₹ 12,800, Value₹ 1,28,000
C. Gain ₹ 16,000, Value₹ 2,00,000
D. Gain ₹ 40,000, Value₹ 2,00,000
Assertion(A): The value of Goodwill calculated on Average profit Method and Super profit
5 Method is not the same 1
Reason (R): The value of Goodwill calculated on Average profit Method and Super profit
Method is not the same as the basis of valuation is different.
 In the context of the above two statements, which of the following is correct?
A. Both Assertion(A) and Reason (R) are true and Reason(R) is the correct explanation of
Assertion(A)
B. Both Assertion(A) and Reason (R) are true and Reason(R) is not the correct explanation
of Assertion(A)
C. Assertion(R) is true but the Reason(R) is false
D. Assertion(R) is false but the Reason(R) is true

Shares issued as sweat equity can be

6 1
(I) Issued at par.
(ii) Issued at discount.
(iii) Issued at a premium.
Which of the following is correct?

A. Only (i) is correct.

B. Both (i) and (iii) are correct.
C. All are correct.
D. Only (ii) is correct.
OR
2,000 shares allotted to Ms. Regal, on which ₹ 80 each called up and ₹ 50 paid were
forfeited and reissued for ₹ 70 each as ₹ 90 paid up. Amount transferred to capital
reserve A/c is
A. ₹ 1,00,000
B. ₹ 60,000
C. ₹ 40,000
D. ₹ 20,000
7 Durga Ltd. issued 80,000, 10% Debentures of ₹ 100 each at certain rate of discount 1
and were to be redeemed at 20% premium. Existing balance of Securities Premium
before issuing of these debentures was ₹ 25, 00,000 and after writing off Loss on
Issue of Debentures, the balance in Securities Premium was ₹ 5, 00,000. At what
rate of discount, these debentures were issued?
A. 10%
B. 5%
C. 25%
D. 15%
At the time of dissolution of a firm, Creditors are ₹ 70,000; Firm’s Capital is ₹ 1,
8 1
20,000; Cash Balance is ₹ 10,000. Other assets realised ₹ 1, 50,000. Gain/Loss in the
realisation account will be:
A. ₹ 30,000 (Gain)
B. ₹ 40,000 (Gain)
C. ₹ 40,000 (Loss)
D. ₹ 30,000 (Loss)
OR
 Dada, Yuvi and Viru were partners sharing profits and losses in the ratio 3:2:1. Their
books showed Workmen Compensation Reserve of ₹ 1, 00,000. Workmen Claim amounted
to ₹ 60,000. How it will affect the books of Accounts at the time of dissolution of firm?
A. Only ₹ 40,000 will be distributed amongst partner’s capital account
B. ₹ 1,00,000 will be credited to Realisation Account and ₹ 60,000 will be paid
Off.
C. ₹ 60,000 will be credited to Realisation Account and will be even paid off.
Balance ₹ 40,000 will be distributed amongst partners.
D. Only ₹ 60,000 will be credited to Realisation Account and will be even paid off
Assertion: Partner’s current accounts are opened when their capital are fluctuating.
9 1
Reasoning: In case of Fixed capitals all the transactions other than Capital are done
through Current account of the partner.
A. Both A and R are true and R is the correct explanation of A.
B. Both A and R are true but R is not the correct explanation of A.
C. A is true but R is false
D. A is false but R is true
Rama, a partner took over Machinery of ₹ 50,000 in full settlement of her Loan of ₹
10 1
60,000. Machinery was already transferred to Realisation Account. How it
will affect the Realisation Account?
A. Realisation Account will be credited by ₹ 60,000
B. Realisation Account will be credited by ₹ 10,000
C. Realisation Account will be credited by ₹ 50,000
D. No effect on Realisation Account
Shubham a partner was being guaranteed that his share of profits will not be less than ₹ 20,000
11 1
p.a. Deficiency, if any was to be borne by other partners Kanak and Gori equally. For the year
ended 31st March, 2024 the firm incurred loss of ₹ 60,000.
What amount will be debited to Kanak’s Capital Account in total at the end of the year?
A. ₹ 20,000
B. ₹ 40,000
C. ₹ 45,000
D. ₹ 30,000
12 If 10,000 shares of ₹10 each were forfeited for non-payment of final call money of ₹ 1
3 per share and only 7,000 shares were re-issued @ ₹ 11 per share as fully paid up,
then what is the amount of maximum possible discount that company can allow at
the time of re-issue of the remaining 3,000 shares?
A. ₹ 28,000
B. ₹ 21,000
C. ₹ 9,000
D. ₹ 16,000
Forfeiture of shares leads to reduction of Capital.
13 1
A. Authorised
B. Issued
C. Subscribed
D. Called up
14 P, Q and R were partners in the ratio of 3:2:1. As on 1st July 2020, they decided to alter their 1
ratio. For this purpose P decided to give ¼ of his share to Q, and Q decided to give ½ of
his share to P and R equally. What will be the Sacrifice/Gainof P?
 A. 3/24 Sacrifice
B. 1/24 Sacrifice
C. 2/24 Gain
D. 1/24 Gain
Aen, Ben and Cen were partners sharing profit and losses in the ratio of 2:2:1. Books are
15 closed on 31st March every year. Cen dies on 5th November, 2023. Under the partnership 1
deed, the executors of the deceased partner are entitled to his share of profit to the date of
death, calculate on the basis of last year’s profit. Profit for the year ended 31st March, 2023
was Rs. 2, 40,000. Cen’s share of profit will be:
A. Rs. 28,000
B. Rs. 32,000
C. Rs. 28,800
D. Rs. 48,000
OR
Mohit, Birat and Jikhar were partners sharing profits and losses in the ratio 3:1:1. Their
Capital balance as on March 31, 2024 was ₹ 3, 00,000; ₹ 2, 70,000 and ₹ 2, 50,000
respectively. On the same date, they admitted Sachin as a new partner for 20% share. Sachin
was to bring ₹ 80,000 for his share of goodwill and 1/5 of the combined capital of all the
partners of new firm. What will be the amount of capital brought in by Sachin on his admission
as a new partner?
A. ₹ 2,25,000
B. ₹ 1,80,000
C. ₹ 2,60,000
D. ₹ 3,05,000
Diwaker and Subhaker were partners sharing profits and losses in the ratio 5:3. They admitted
16 Niwaker as a new partner. Diwaker sacrificed ¼ from his share and Subhaker sacrificed 1/6 1
of his share. What will be the new ratio?
A. 6:5:5
B. 9:5:10
C. 15:10:7
D. 35:21:40
17 Centy and Denty were partners in a firm sharing profits in the ratio of 3:2. On February, 2023 3
firm was dissolved. After transferring assets and outsider’s liabilities to realization a/c, you
are given the following information:
a. A creditor for Rs. 2,00,000 accepted building of Rs.2,80,000 at Rs.2,20,000
and paid the firm Rs.20,000.
b. A second creditor for Rs. 75,000 accepted furniture at Rs.60, 000 in full
settlement of his claim.
c. A third creditor amounting to Rs.80, 000 accepted Rs.20, 000 in cash and
investments of the book value of Rs.65, 000 in full settlement of his claim.
Pass necessary journal entries for the above transactions in the books of the
firm assuming that all payments were made by cheque.
Amit and Kartik are partners sharing profits and losses equally. They decided to admit
18 3
Saurabh for an equal share in the profits. For this purpose, the goodwill of the firm was to be
valued at four years' purchase of super profits.
The Balance Sheet of the firm on Saurabh's admission was as follows:
Liabilities Amount (₹) Assets Amount(₹)
 Capital Accounts Fixed Assets (Tangible) 75,000
Amit 90,000 Furniture 15,000
Kartik 50,000 1,40,000 Stock 30,000
Creditors 5,000 Debtors 20,000
General Reserve 20,000 Cash 50,000
Bills payable 25,000
1,90,000 1,90,000
The normal rate of return is 12% p.a. Average profit of the firm for the last four years was
₹30,000. Calculate Saurabh’s share of goodwill.
OR
A, B and C were partners sharing profits, and losses in the ratio of 2:2:1. C died on 1st July,
2023 on which date the capitals of A, B and C after all necessary adjustments stood at
₹74,000, ₹ 63,750 and 42,250 respectively. A and B continued to carry on the business for
six months without settling the accounts of C. During the period of six months from 1 -7-
2023, a profit of ₹ 20,500 is earned using the firm’s property. State which of the two options
available u/s 37 of the Indian Partnership Act, 1932 should be exercised by executors of C
and why?
19 X Ltd. obtained loan of Rs. 8,00,000 from State Bank of India and issued 10,000; 9% 3
Debentures of Rs. 100 each as collateral security. How will issue of debentures be shown in
the Balance Sheet? Also journalize.
OR
A company forfeited 8,000 shares of ₹ 10 each on which ₹ 8 were called (including ₹ 1
premium) and ₹ 6 was paid (including ₹ 1 premium). Out of these 5,000 shares were re-
issued at maximum possible discount. Pass necessary journal entries.
20 Anshul, Babita and Chander were partners in a firm running a successful business of car 3
accessories. They had agreed to share profits and losses in the ratio of 1/2 : 1/3 : 1/6
respectively. After running business successfully and without any disputes for 10
years,Babita decided to retire due to old age and the Anshul and Chander decided to share
future profits and losses in the ratio of 3 : 2. The accountant passed the following journal
entry for Babita share of goodwill and missed some information. Fill in the missing figures in
the following Journal entry and calculate the gaining ratio.
Date Particulars L.F Dr Cr
Anshul’s Capital A/c Dr ----------
Chander’s Capital A/c Dr 21,000
To Babita’s Capital A/c ---------
(Chander’s share of Goodwill ---
debited to the amounts of continuing
partners in their gaining ratio)

21 ‘Track India Ltd.’ is registered with an authorized capital of Rs. 10, 00,000 divided into Rs. 4
1, 00,000 equity shares of Rs.10 each. The company issued 50,000 equity shares at a
premium of Rs. 5 per share. Rs.2 per share were payable with application, Rs. 8 per share
including premium on allotment and the balance amount on the first and final call. The issue
was fully subscribed and all the amount due was received except the first and final money on
500 shares allotted to Balaram.
Present the ‘Share Capital’ in the balance sheet of ‘Tract India Ltd.’ as per schedule III part 1
 of the Companies Act, 2013. Also prepare notes to account for the same.
The balance sheet of Suresh, Ramesh and Kamlesh who were sharing profit and losses in the
22 ratio of 3:3:4 as at 31 st March 2022 was as follows: 4
Liabilities Rs Assets Rs
General reserve 10,000 Cash 16,000
Bills payable 5,000 Stock 44,000
Loan 12,000 Investments 47,000
Capital Land and building 60,000
Suresh 60,000 Suresh’s loan 10,,000
Ramesh 50,000
Kamlesh 40,000 1,50,000
1,77,000 1,77,000

Suresh died on 30th June 2022. The partnership deed provided for the following on the death
of a partner:

a) Goodwill of the firm be valued at two years purchase of average profits for last three years.

b) Suresh’s share of profit till the date of his death was to be calculated on the basis of sales.
Sales for the year ended 31st March, 2022 was Rs 4, 00,000 and that from 1st April to 30th
June 2022 Rs 1, 50,000. The profit for the year ended 31st March, 2022 was Rs 1, 00,000.
c) interest on capital was to be provided @6%p.a
d) The average profit of last three years were Rs 42,000
e) According to Suresh’s will, the executor should donate his share to “Matrichaya”-an
orphanage for girls.
Prepare Suresh’s capital account to be rendered to his executor.
23 i. Pioneer Fitness Ltd. took over the running business of Healthy World Ltd. having 6
assets of ₹10,00,000 and liabilities of ₹ 1,70,000 by:
a) Issuing 8,000 8% Debentures of ₹ 100 each at 5% premium redeemable after 6
years @ ₹ 110; and
b) Cheque for ₹ 50,000.
Pass the Journal entries in the books of Pioneer Fitness Ltd.
ii. Pass the necessary journal entries for 'Issue of Debenture' for the following:
a. Arman Ltd. issued 750, 12% Debentures of ₹100 each at a discount of 10%
redeemable at a premium of 5%.
b. Sohan Ltd. issued 800, 9% Debentures of ₹100 each at a premium of 20 per
debenture redeemable at a premium of ₹10 per Debenture.
OR
Soumaya Ltd. issued 10,000 equity shares at Rs. 10 per share. It also issued 2,000 shares to
its promoters. You are required to complete the following incomplete information :
Books of Soumaya Ltd.
Journal
Date Particulars L Dr. Cr.
F
…………… Dr. …………
 To …………………………………… ………….
(Being Application money received on 10,000
shares at Rs. 2 per share)

…………………… Dr. 20,000

To …………………………………… 20,000
(Being transfer of application money to share
capital A/c)
…………… Dr. …………...
To ………………………………… ………….
(being allotment money due on 10,000 shares
@ Rs.2)
…………… Dr. ……………
To ………………………………… …………..
(Being Allotment money received)

…………… Dr. ……………

To …………………………………… …………..
(being first call due on 10,000 shares @ Rs. 3
per share)
…………… Dr. ……………
To …………………………………… …………..
(being money due on first call received)

..……… Dr. …………..

To ………………………………… …………..
(being final call due on 10,000 shares @ Rs. 3
per share)

Bank A/c Dr. 30,000

To Equity share Second and final call A/c 30,000
(being money due on first call received)
…………… Dr. 3,000
To Bank A/c 3,000
(being expenses incurred on issue of shares
paid)
…………… Dr. ………….
To ………………………………… …………
(Being 2,000 shares issued as fully paid to
promoters)

a) Pankaj, Quraisi and Rozer were partners with fixed capital of ₹ 80,000, ₹64,000 and
24 6
₹48,000. After distributing the profit of ₹96,000 for the year ended 31st March 2022 in their
agreed ratio of 3 : 1 : 1it was observed that:
(1) Interest on capital was provided at 10% p.a. instead of 8% p.a.
(2) Salary of ₹ 12,000 was credited to Pankaj of Quraisi.
You are required to pass a single journal entry in the beginning of the next year to rectify
the above omissions.
b) Cheese and Slice are equal partners. Their capitals as on April 01, 2022 were Rs. 50,000
and Rs. 1, 00,000 respectively. After the accounts for the financial year ending March 31,
2023 have been prepared, it is observed that interest on capital @ 6% per annum and salary to
Cheese @ ₹5,000 per annum, as provided in the partnership deed has not been credited to the
partners’ capital accounts before distribution of profits.
 You are required to give necessary rectifying entries using P&L adjustment account.
OR
Meghna, Mehak and Mandeep were partners in a firm whose Balance Sheet as on 31st
March, 2023 was as under:
Balance Sheet
Liabilities Amount Assets Amount
Creditors 28,000 Cash 27,000
General Reserve 7,500 Debtors 20,000
Capitals: Stock 28,000
Meghna 20,000 Furniture 5,000
Mehak 14,500
Mandeep 10,000 44,500
80,000 80,000

Mehak retired on this date under following terms:

(i) To reduce stock and furniture by 5% and 10% respectively.
(ii) To provide for doubtful debts at 10% on debtors.
(iii) Goodwill was valued at `12,000.
(iv) Creditors of Rs.8, 000 were settled at Rs.7, 100.
(v) Mehak should be paid off and the entire sum payable to Mehak shall be brought in
by Meghna and Mandeep in such a way that their capitals should be in their new
profit-sharing ratio and a balance of Rs.25, 000 is maintained in the cash account.
Prepare Revaluation Account and partners’ capital accounts of the new firm.
Sunny and Bobby were partners in a firm sharing profits and losses in the ratio of 3:2, 6
25 6
their balance sheet as at 31st March, 2024:
Liabilities Amount Assets Amount
Creditors 1,90,000 Bank 5,000
Bills Payable 1,10,000 Fixed Deposits 70,000
Employees provident fund 50,000 Stock 86,000
Mrs. Sunny’s Loan 55,000 Investments 1,04,000
Bobby’s Loan 85,000 Debtors 1,77,000
Investment Fluctuation Fund 30,000 (-) Provision for D/D 12,000 1,65,000
Capitals: Other Fixed Assets 3,80,000
Sunny 2,20,000 Deferred Revenue Expenditure 35,000
Bobby 1,20,000 3,40,000 Sunny’s Loan 15,000
8,60,000 8,60,000
The firm was dissolved on 31st March, 2024. The assets were realized and the liabilities
were paid as under:
(a) Sunny promised to pay off Mrs. Sunny’s Loan
(b) Bobby took away stock at 20% discount and 80% of the investments at 10% discount.
(c) Dharam, a debtor of Rs. 60,000 had to pay the amount due 2 months after the date of
dissolution. He was allowed a discount of 9% p.a. for making immediate payment.
(d) Creditors were paid Rs.1, 75,000 in full settlement of their claim.
(e) 90% of Other fixed assets realised Rs. 1, 98,000 and remaining were realised at
discount of 15%.
(f) Balance of investments were sold at 75% value and Fixed Deposits were realised
at110%.
(g) There was an old furniture which has been written off completely from the books,
Bobby took away the same for Rs. 41,000 against his loan and balance to him was
given in cash.
 (h) Realisation expenses Rs. 20,000 were paid by Sunny and Bobby equally on behalf of
the firm.
You are required to prepare Realisation A/c.
26 Creative Ltd issued equity shares Rs.10,00,000 divided into Rs.10 shares at a premium @ 6
20% per share, payable as under:
On Application Rs.3 per share
On Allotment Rs.5 per share(including premium)
On First and Final Call Balance
Over payments on application were to be applied towards sums due on allotment. Where no
allotment was made, money was to be refunded in full. The issue was oversubscribed to the
extent of 1, 20,000 shares. Applicants for 10,000shares were sent letters of regret. Shares
were allotted in full to the remaining applicants. All the money due was duly received except
a shareholder who applied for 110 shares failed to pay allotment and first call his share were
forfeited and re-issue at Rs.9.50 fully paid up.
Give Journal Entries to record the above transactions in the books of the company.

Part B :- Analysis of Financial Statements

27 Which one of the following is correct? 1
(i) Quick Ratio can be more than Current Ratio.
(ii) High Inventory Turnover ratio is good for the organisation, except when goods are
bought in small lots or sold quickly at low margins to realise cash.
(iii) Sum of Operating Ratio and Operating Profit ratio is always 100%.
A. All are correct.
B. Only (i) and (iii) are correct.
C. Only (ii) and (iii) are correct.
D. Only (i) and (ii) are correct
OR
When an analyst analysis the financial statements of an enterprise over a number of
years, the analysis is called analysis.
A. Static
B. External
C. Horizontal
D. Vertical

28 From the following calculate Interest coverage ratio: Net profit after tax Rs 12, 00,000; 10% 1
debentures Rs 1, 00, 00,000; Tax Rate 40%.
A. 1.2 times
B. 3 times
C. 2 times
D. 5 times
29 Insurance Claim received by Albert Co. Ltd. of ₹ 5, 00,000 for Loss of Machinery due to 1
theft will be recorded in Cash Flow Statement in which of the following manner?
A. Added under Operating Activities as Extraordinary Item and Subtracted from
Operating Activities also.
B. Subtracted under Operating Activities as Extraordinary Item and Added to Operating
Activities also.
C. Added under Operating Activities as Extraordinary Item and Outflow under Investing
Activity also.
D. Subtracted under Operating Activities as Extraordinary Item and Inflow under
Investing Activities also.
OR
While computing cash from operating activities, which of the following item(s) will be added
to the net profit?
(i) Decrease in value of inventory
(ii) Increase in share capital
(iii) Increase in the value of trade receivables
(iv) Increase in the amount of outstanding expenses
A. Only (i)
B. Only (i) and (ii)
C. Only (i) and (iii)
D. Only (i) and (iv)

30 A company issued 20,000; 9% Debentures of ₹ 100 each at 10% Discount. These 1

debentures were to be redeemed at 15% Premium at the end of 5 years. The balance
in Securities Premium Account as on the date of Issue was ₹ 3, 70,000. How this
transaction will be reflected in Cash Flow Statement?
A. Added ₹ 1, 30,000 under Operating Activities as Loss on Issue of Debentures written
off and Inflow of ₹ 20, 00,000 under Financing Activities.
B. Added ₹ 5, 00,000 under Operating Activities as Loss on Issue of Debentures written
off and Inflow of ₹ 18, 00,000 under Financing Activities.
C. Added ₹ 1, 30,000 under Operating Activities as Loss on Issue of Debentures written
off and Inflow of ₹ 18, 00,000 under Financing Activities.
D. Added ₹ 5, 00,000 under Operating Activities as Loss on Issue of Debentures written
off and Inflow of ₹ 20, 00,000 under Financing Activities.
Classify the following items under Major heads and Sub-head (if any) in the Balance
31 Sheet of a Company as per schedule III of the Companies Act 2013. 3
(i) Current maturities of long term debts
(ii) Furniture and Fixtures
(iii) Provision for Warranties
(iv)Income received in advance
(v) Capital Advances
(vi)Advances recoverable in cash within the operation cycle
Following is the statement of profit and loss of Moon Ltd. For the year ended 31st march, 2023
32 3
 and 2024.
Particulars Note 2023-24(₹) 2022-23(₹)
No.
Revenue from operations 50,00,000 40,00,000

Others income 2,00000 10,00,000

Employees benefit Expenses 60% of 50% of total

total revenue
revenue
Other expenses 10% of 20% of
Employees Employees
benefit benefit
Expenses Expenses
Rate of Tax 50% 40%
You are required to prepare a Comparative Statement of profit and loss.

a) A company had a liquid ratio of 1.5 and current ratio of 2 and inventory turnover ratio 6
33 times. 4
It had total current assets of ₹8, 00,000. Find out annual sales if goods are sold at 25% profit
on cost.
b) Calculate debt to capital employed ratio from the following information.
Shareholder funds ₹ 15,00,000
8% Debenture ₹ 7,50,000
Current liabilities ₹ 2,50,000
Non -current Assets ₹ 17,50,000
Current Assets ₹7, 50,000.
OR
Calculate Gross Profit Ratio from the following information
Revenue from Operations ₹ 10,00,000; Purchases ₹ 3,60,000; Carriage Inwards ₹ 50,000;
Employee benefit Expenses ₹ 1,00,000 (including Wages of ₹ 60,000); Opening Inventory ₹
60,000 and Average Inventory ₹ 80,000.

From the following balance sheets of a company, prepare cash Flow Statement:
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PARTICULARS 31/3/2023 31/3/2024

I. Equity and Liabilities

Shareholder’s Funds
Equity Share Capital 1,00,000 1,00,000
Reserves and Surplus 30,000 60,000
Non-Current Liabilities
Debentures 60,000 80,000
Current Liabilities
Creditors 30,000 35,000
Bills Payable 30,000 10,000
Other Current Liabilities 40,000 45,000
TOTAL 2,90,000 3,30,000
II Assets
Non-Current Assets: Fixed
Assets 1,50,000 1,90,000
Non-Current Investments 40,000 30,000
Current Assets:
 Stock 40,000 55,000
Debtors 40,000 45,000
Cash 20,000 10,000
TOTAL 2,90,000 3,30,000
Additional Information:
(i) Depreciation charged during the year amounted to Rs.22, 000.
(ii) Dividend paid during the year amounted to Rs.12, 000.