ACCOUNTANCY
Class 12
Time Allowed : 3 Hours
Most Marks : 80
Paper Code : 67/2/3(CBSE 2020)
Common Directions :
Learn the next directions very rigorously and strictly observe them :
(i) This query paper includes two Components – A and B. There are 32 questions within the query paper. All questions are obligatory.
(ii) Half A is obligatory for all candidates.
(iii) Half B has two choices i.e. (1) Evaluation of Monetary Statements and (2) Computerized Accounting. You need to try solely one of the given choices.
(iv) Heading of the choice opted should be written on the Reply-Ebook earlier than making an attempt the questions of that exact OPTION.
(v) Query nos. 1 to 13 and 23 to 29 are very quick reply kind questions carrying 1 mark every.
(vi) Query nos. 14 and 30 are quick reply kind–I questions carrying 3 marks every.
(vii) Query nos. 15 to 18 and 31 are quick reply kind–II questions carrying 4 marks every.
(viii) Query nos. 19, 20, and 32 are lengthy reply kind–I questions carrying 6 marks every.
(ix) Query nos. 21 and 22 are lengthy reply kind–II questions carrying 8 marks every.
(x) Solutions needs to be transient and to the purpose. The reply of every half needs to be written at one place.
(xi) There isn’t any general selection. Nevertheless, an inner selection has been offered in 2 questions of three marks, 2 questions of 4 marks, 1 query of six marks, and 2 questions of eight marks. You need to try solely one of many decisions in such questions.
(xii) Nevertheless, separate directions are given with every half and query, wherever obligatory.
PART A
(Accounting for Not-for-Revenue Organizations, Partnership Corporations and Corporations)
1. Nominal share capital is:
(A) That a part of authorised capital which is issued by the corporate.
(B) The quantity of capital which is definitely utilized by potential shareholders.
(C) The quantity of capital which is paid by the shareholders.
(D) The utmost quantity of share capital that an organization is authorised to subject.
Reply: (D) The utmost quantity of share capital that an organization is authorised to subject.
2. Swati and Aman had been companions in a agency. Their fastened capitals had been ₹ 9,00,000 and ₹ 3,00,000, respectively. They shared earnings within the ratio of their capitals. Divya was admitted as a brand new associate for 1/4th share within the earnings of the agency. the earnings of the agency. Divya introduced ₹ 60,000 as her share of goodwill premium and ₹ 6,00,000 as her capital. The quantity of goodwill premium credited to Swati’s account might be:
(A) ₹ 60,000
(B) ₹ 30,000
(C) ₹ 45,000
(D) ₹ 15,000
Reply: (C) ₹ 45,000
Rationalization:
₹ 60,000 might be divided within the previous revenue sharing ratio i.e. 9:3 or 3:1 between Swati and Aman, respectively.
3. Distinguish between Earnings and Expenditure Account and Receipts and Funds Account on the premise of ‘Closing Stability’.
Reply: Closing stability of Earnings and Expenditure Account represents surplus/deficit whereas the closing stability of Receipts and Funds Account is money in hand, money at financial institution or financial institution overdraft.
4. Manu and Kanu had been companions in a agency, sharing earnings and losses within the ratio of two : 3. Their fastened capitals had been ₹ 10,00,000 and ₹ 5,00,000, respectively. They had been entitled to an curiosity on capital @ 10% p.a. The agency earned a revenue of ₹ 60,000 throughout the 12 months. The quantity of curiosity on capital credited to Kanu might be:
(A) ₹ 20,000
(B) ₹ 40,000
(C) ₹ 36,000
(D) ₹ 24,000
Reply: (A) ₹ 20,000
Rationalization:
Curiosity on Capital of Manu =
Curiosity on Capital of Kanu =
Whole Curiosity on Capital of each the companions,i.e., ₹ 1,50,000 is greater than the revenue earned by the agency,i.e.,₹ 60,000, due to this fact Curiosity is allowed solely to the extent of revenue within the ratio of curiosity on capital of every associate, i.e., 2 : 1.
Now, Curiosity on Capital of Kanu =
5. On the time of admission of a brand new associate within the agency, the brand new associate compensates the previous companions for his or her lack of share within the superprofits of the agency for which he brings in an extra quantity which is named ___________ .
Reply: Premium for Goodwill
6. V.F. Ltd. forfeited 8,000 fairness shares of ₹ 100 every, issued at a premium of 10% for non-payment of first and closing name of ₹ 30 per share. The utmost quantity of low cost at which these shares could be reissued might be:
(A) ₹ 5,60,000
(B) ₹ 8,00,000
(C) ₹ 3,20,000
(D) ₹ 2,40,000
Reply: (A) ₹ 5,60,000
Rationalization:
Stability within the forfeiture Account =
The utmost quantity of low cost on re-issue could be offered as much as an prolong of quantity within the forfeiture Account.
7. What is supposed by ‘Concern of Debentures as a Collateral Safety’?
Reply: ‘Concern of Debentures as a Collateral Safety’ implies that the corporate issued debentures as secondary securities towards the mortgage taken by the corporate.
8. Priya Ltd. determined to redeem its 10,000, 6% debentures of ₹ 100 every, issued at a reduction of 10% redeemable at a premium of 10%. The minimal quantity that’s to be transferred to Debenture Redemption Reserve might be:
(A) ₹ 2,75,000
(B) ₹ 2,50,000
(C) ₹ 11,00,000
(D) ₹ 10,00,000
Reply: (B) ₹ 2,50,000
Rationalization:
As per SEBI Guildlines, an organization shall create DRR equal to 25% of the quantity of debtentures issued earlier than beginning the redemption course of.
Due to this fact, on this query quantity transferred to Debenture Redemption Reserve = 25% of 10,00,000 = ₹ 2,50,000.
9. ‘Curiosity paid on debentures is a cost towards the earnings of the corporate.’ Is that this assertion appropriate? Give cause in assist of your reply.
Reply: Sure, as a result of Curiosity on debentures must be paid even within the case of loss incurred by the corporate.
10. From the given extracts obtained from the Receipts and Funds Account of Cheema Membership for the 12 months ended thirty first March, 2019 and extra data, calculate the quantity of subscription in arrears as on thirty first March, 2019.
Further Info :
The Membership had 130 members paying an annual subscription of ₹ 1,000 every. Subscriptions in arrears originally of the 12 months had been ₹ 16,000. 10 members paid subscriptions for 2018-19 in 2017-18.
Reply:
Rationalization:
Subscription to be acquired in 2018-19 = 1,30,000
Much less: Subscription really acquired in 2018-19 = 1,20,000
Much less: Subscription in Advance = 10,000
So, there isn’t any arrear for the subscription of 2018-19
11. The administrators of Neelkamal Ltd. forfeited 70,000 fairness shares of ₹ 10 every, ₹ 10 known as up, for non-payment of ultimate name of ₹ 1 per share. Half of the forfeited shares had been reissued at ₹ 20 per share totally paid-up. On reissue of forfeited shares, the next quantity might be transferred to the Capital Reserve Account :
(A) ₹ 70,000
(B) ₹ 1,40,000
(C) ₹ 4,20,000
(D) ₹ 3,15,000
Reply: (D) ₹ 3,15,000
Rationalization:
Whole quantity in forfeiture account=
No. of shares re-issued = 35,000. So, Quantity to be transferred to Capital Reserve =
12. Nidhi, Kunal and Kabir had been companions in a agency, sharing earnings and losses within the ratio of two : 3 : 5. Nidhi retired, promoting her share of earnings to Kunal for ₹ 30,000 and to Kabir for ₹ 50,000. The brand new profit-sharing ratio between Kunal and Kabir might be :
(A) 2 : 3
(B) 3 : 5
(C) 2 : 5
(D) 5 : 3
Reply: (B) 3 : 5
13. Which of the next is NOT a capital receipt?
(A) Endowment Fund
(B) Authorities Grants
(C) Life-Membership Charges
(D) Donations for Constructing
Reply: (B) Authorities Grants
14. How will the next data of Royal Sports activities Membership be offered within the Earnings and Expenditure Account for the 12 months ended thirty first March, 2019 and its Stability Sheet as on that date?
Reply:
Rationalization:
Event Bills exceed the stability within the Event Fund by ₹ 30,000, so this quantity is debited to Earnings and Expenditure A/c.
OR
From the next particulars referring to Ganesh Charitable Society, put together a Receipts and Funds Account for the 12 months ending thirty first March, 2019:
Reply:
15. Amit, Daksh and Surbhi had been companions sharing earnings and losses within the ratio of 5 : 3 : 2. Amit died on 30 th September, 2019. The Stability Sheet of the agency as at 31 st March, 2019 was as follows :
In line with the partnership deed, along with the deceased associate’s capital, his executor is entitled to :
(i) Share in earnings on the premise of common earnings of the final two years. Revenue for the 12 months 2017-18 was ₹ 2,00,000.
(ii) His share within the goodwill of the agency. Goodwill of the agency might be valued on the premise of two years’ buy of the typical earnings of the final two years.
(iii) Amit withdrew ₹ 40,000 on 31 st Could, 2019.
Put together Amit’s Capital Account to be rendered to his executor.
Reply:
Workings:
1. Common revenue of final 2 years = 
Revenue as much as thirtieth September, 2019 = 
Amit’s share of revenue = 
2. Common revenue of final 2 years =
Agency’s Goodwill = 
Amit’s share of Goodwill = 
₹3,00,000 might be contributed by Daksh and Surbhi within the gaining ratio 3:2.
16. From the given Receipts and Funds Account and extra data of Premier Membership for the 12 months ended thirty first March, 2019, put together Earnings and Expenditure Account for the 12 months ended thirty first March, 2019 and Stability Sheet as on that date.
Further Info :
(i) On 1st April, 2018, the Membership had the next stability of property and liabilities :
Furnishings and Tools ₹ 1,80,000, Subscriptions in arrears ₹ 15,000, and Excellent Wage ₹ 13,000.
(ii) Cost depreciation on Furnishings and Tools @ 10% p.a.
(iii) The Membership had 90 members, every paying an annual subscription of ₹ 1,000.
Reply:
Working Notes:
1. Stability Sheet (opening)
2. Calculation of Depreciation:
1 April’18 – 31 March’19: 
1 Oct’18 – 31 March’19: 
17. Yash and Karan had been companions in an inside designer agency. Their fastened capitals had been ₹ 6,00,000 and ₹ 4,00,000 respectively. There have been credit score balances of their present accounts of ₹ 4,00,000 and ₹ 5,00,000, respectively. The agency had a stability of ₹ 1,00,000 in Common Reserve. The agency didn’t have any legal responsibility. They admitted Radhika right into a partnership for 
th share within the earnings of the agency. The typical earnings of the agency for the final 5 years had been ₹ 5,00,000. Calculate the worth of goodwill of the agency by a capitalization of the typical earnings technique. The conventional charge of return within the enterprise is 10%.
Reply:
Common Revenue = ₹ 5,00,000.
Capitalised Worth of the Common Revenue = 
Capital Employed = Capital and Present account balances of each the companions and Common Reserve.
Capital Employed = 6,00,000 + 4,00,000 + 4,00,000 + 5,00,000 + 1,00,000 = ₹ 20,00,000
Goodwill = Capitalised Worth of the Common Revenue − Capital Employed (Web Property)
Goodwill = 50,00,000 − 20,00,000 = ₹30,00,000
OR
Samiksha, Ash, and Divya had been companions in a agency sharing earnings and losses within the ratio of 5 : 3 : 2. With impact from 1st April, 2019, they agreed to share future earnings and losses within the ratio of two : 5 : 3. Their Stability Sheet confirmed a debit stability of ₹ 50,000 within the Revenue and Loss Account and a stability of ₹ 40,000 within the Funding Fluctuation Fund. For this function, it was agreed that :
(i) Goodwill of the agency is valued at ₹ 3,00,000.
(ii) Investments of the e book worth of ₹ 5,00,000 be valued at ₹ 4,80,000.
Move the mandatory journal entries to report the above transactions within the books of the agency.
Reply:
Working Be aware:
Calculation of Sacrificing/Gaining Ratio:
Samiksha: 
(Sacrifice)
Ash: 
(Achieve)
Divya: 
(Achieve)
Goodwill to be introduced in =
Ash’s share of Goodwill = 
Divya’s share of Goodwill = 
18. The capital accounts of Alka and Archana confirmed credit score balances of ₹ 4,00,000 and ₹ 3,00,000 respectively, after considering drawings and web revenue of ₹ 2,00,000. The drawings of the companions throughout the 12 months 2018-19 had been:
(i) Alka withdrew ₹ 10,000 on the finish of every quarter.
(ii) Archana’s drawings had been :
Calculate curiosity on companions’ capitals @ 10% p.a. and curiosity on companions’ drawings @ 6% p.a. for the 12 months ended thirty first March 2019.
Reply:
Calculation of Opening Capital :
Curiosity on Capital:
Alka’s Curiosity on Capital: 
Archana’s Curiosity on Capital: 
Curiosity on Drawing:
Alka’s Whole Drawing = 
Alka’s Curiosity on Drawing =
Archana’s Curiosity on Drawing:
Archana’s Curiosity on Drawing: 
19. Prateek, Neeraj and Umang had been companions in a agency, sharing earnings and losses within the ratio of seven : 2 : 1. The agency was dissolved on 31 st March, 2019. After switch of property (aside from money) and exterior liabilities to the Realisation Account, the next transactions happened :
(i) Furnishings of ₹ 45,000 was offered by public sale for ₹ 66,000 and the auctioneer’s fee amounted to ₹ 2,000.
(ii) Workplace gear of ₹ 90,000 was taken over by collectors of the e book worth of ₹ 82,000 in full settlement.
(iii) Umang had given a mortgage of ₹ 1,09,000 to the agency. He accepted ₹ 1,00,000 in full settlement of his mortgage.
(iv) Investments had been ₹ 53,000 out of which ₹ 23,000 was taken over by Neeraj at ₹ 25,000. Stability of the investments had been offered for ₹ 35,000.
(v) Bills incurred on dissolution had been ₹ 21,000 and had been paid by Prateek.
(vi) Loss on dissolution amounted to ₹ 40,000.
Move the mandatory journal entries for the above transactions within the books of the agency.
Reply:
20. (i) Kati Ltd. issued 8,000, 9% debentures of ₹ 100 every at a reduction of 10%. The total quantity was payable on software. Purposes had been acquired for 9,000 debentures and allotment was made on a pro-rata foundation.
Move the mandatory journal entries for the above transactions within the books of Kati Ltd.
Reply:
(ii) Pivot Ltd. issued 40,000, 11% debentures of ₹ 100 every on 1st April, 2015. Half of the debentures had been due for redemption on thirty first March, 2019. The corporate determined to switch the minimal required quantity to Debenture Redemption Reserve on thirty first March, 2018 and invested the mandatory quantity in Debenture Redemption Investments on thirtieth April, 2018.
Move the mandatory journal entries for Redemption of Debentures.
Reply:
OR
(i) Rama Ltd. took over the next property and liabilities of Krishna Ltd. on 1st April, 2019:
Land and Constructing : ₹50,00,000
Furnishings : ₹10,00,000
Inventory : ₹5,00,000
Collectors : ₹7,00,000
The acquisition consideration of ₹ 60,00,000 was paid by issuing 12% debentures of ₹ 100 every at a premium of 20%.
Move the mandatory journal entries for the above within the books of Rama Ltd.
Reply:
(ii) On 1st April, 2018, Sakshi Ltd. issued 1,000, 11% Debentures of ₹ 100 every at a reduction of 6%, redeemable at a premium of 5% after three years. Move the mandatory journal entries for the difficulty of debentures within the books of Sakshi Ltd.
Reply:
(iii) On 1st April, 2016, Canara Financial institution issued 5,000, 9% debentures of ₹ 100 every at a premium of 6%, redeemable on thirty first March, 2019, at a premium of 10%. The problem was totally subscribed.
Move the mandatory journal entries for redemption of debentures within the books of Canara Financial institution.
Reply:
21. V.D. Ltd. invited purposes for issuing 2,00,000 fairness shares of ₹ 10 every at a premium of ₹ 6 per share. The quantity per share was payable as follows :
On software – ₹ 3 (together with premium ₹ 1)
On allotment – ₹ 7 (together with premium ₹ 5)
On first and closing name – Stability quantity
Purposes had been acquired for two,50,000 shares. Candidates for 10,000 shares had been despatched letters of remorse and software cash returned to them. Shares had been allotted to the remaining candidates on a pro-rata foundation. Cash overpaid on software was adjusted in the direction of the sums due on allotment. The corporate acquired all the cash due on allotment besides from Agam,who was allotted 1,000 shares. Her shares had been forfeited instantly after allotment. Afterwards, the primary and closing name was made. Seema, the holder of two,000 shares, didn’t pay the primary and closing name on her shares. Her shares had been additionally forfeited. 50% of the forfeited shares, every of Agam and Seema, had been reissued as totally paid-up @ ₹ 16 per share.
Move the mandatory journal entries to report the above transactions within the books of V.D. Ltd.
Reply:
Workings:
1. Calculating Agam’s Calls-in-Arrear:
Agam from Class A did not pay Allotment cash:
No. of shares utilized by him = x
No. of shares allotted to him = 1,000 shares
due to this fact, x =
shares
Advance paid by him on the time of software = 
Quantity payable by him on allotment =
so, Calls-in-Arrears of Agam=7,000−600 = ₹6,400.
2. Calculating Seema’s Calls-in-Arrear:
Calls-in-Arrears of Seema = 
OR
Konark Ltd. invited purposes for issuing 3,00,000 shares of ₹ 10 every. The quantity per share was payable as follows: ₹ 3 on software, ₹ 3 on allotment, and ₹ 4 on the primary and closing name. The corporate acquired purposes for 4,00,000 shares. Allotment was performed as follows :
(i) Candidates of two,40,000 shares had been allotted 2,00,000 shares.
(ii) Candidates of 1,20,000 shares had been allotted 80,000 shares.
(iii) Remaining candidates had been allotted 20,000 shares.
Cash overpaid on purposes was adjusted in the direction of sums due on allotment. Divij, a shareholder, belonging to group (ii), who had utilized for six,000 shares, did not pay allotment and name cash. Faisal, one other shareholder, who was allotted 10,000 shares, paid the decision cash together with the allotment. Faisal belonged to group (i). Divij’s shares had been forfeited after the primary and closing name. Half of the forfeited shares had been reissued @ ₹ 10 per share totally paid.
Move the mandatory journal entries to report the above transactions within the books of the corporate.
Reply:
Workings:
1. Calculating Divij’s Calls-in-Arrear:
Divij from Class (i) did not pay Allotment cash:
No. of shares utilized by him = 6,000 shares
No. of shares allotted to him = x
due to this fact, x = 
Advance paid by him on the time of software = 
The precise quantity payable by him on allotment = 
so, Calls-in-Arrears of Divij = 12,000−6,000 = ₹ 6,000.
2. Calls-in-Advance paid by Faisal =
22. Madhuri and Arsh had been companions in a agency sharing earnings and losses within the ratio of three : 1. Their Stability Sheet as at thirty first March, 2019, was as follows :
On 1st April, 2019, they admitted Jyoti right into a partnership for 
th share within the earnings of the agency. Jyoti introduced proportionate capital and ₹40,000 as her share of the goodwill premium. The next phrases had been agreed upon :
(i) Provision for uncertain money owed was to be maintained at 10% on debtors.
(ii) Inventory was undervalued by ₹ 10,000.
(iii) An previous buyer whose account was written off as dangerous, paid ₹ 15,000.
(iv) 20% of the investments had been taken over by Arsh at e book worth.
(v) Declare on account of workmen’s compensation amounted to ₹ 70,000.
(vi) Collectors included a sum of ₹ 27,000 which was not prone to be claimed.
Put together the Revaluation Account, Companions’ Capital Accounts, and the Stability Sheet of the reconstituted agency.
Reply:
Workings:
1. Calculation of Sacrificing Ratio:
Sacrificing ratio of Madhuri = 
Sacrificing ratio of Arsh = 
So, Sacrificing ratio of Madhuri and Arsh = 3 : 1
2. Calculation of Proportionate Capital of New Associate:
Adjusted Capital of Madhuri and Arsh = 3,60,000 + 1,98,000 = ₹5,58,000
Whole Capital of the New agency = 
Proportionate Capital of Joyti = 
OR
Anita, Gaurav and Sonu had been companions in a agency sharing earnings and losses in proportion to their capitals. Their Stability Sheet as at thirty first March, 2019 was as follows :
On the above date, Anita retired from the agency and the remaining companions determined to hold on the enterprise. It was agreed to revalue the property and reassess the liabilities as follows:
(i) Goodwill of the agency was valued at ₹ 3,00,000 and Anita’s share of goodwill was adjusted within the capital accounts of the remaining companions, Gaurav and Sonu.
(ii) Land and Constructing was to be introduced as much as 120% of its e book worth.
(iii) Unhealthy money owed amounted to ₹ 20,000. A provision for uncertain money owed was to be maintained at 10% on debtors.
(iv) Market worth of investments was ₹ 1,10,000.
(v) ₹ 1,00,000 was paid instantly by cheque to Anita out of the quantity due and the stability was to be transferred to her mortgage account which was to be paid in two equal annual instalments together with curiosity @ 10% p.a.
Put together the Revaluation Account, Companions’ Capital Accounts and the Stability Sheet of the reconstituted agency on Anita’s retirement.
Reply:
Workings:
1. Calculation of New Ratio and Gaining Ratio:
New Ratio of Gaurav and Sonu = 2 : 1
Gaining Ratio of Gaurav = 
Gaining Ratio of Sonu = 
Gaining Ratio of Gaurav and Sonu = 2 : 1
2. Calculation of worth of Debtors:
Debtors = 1,50,000 − 20,000 = ₹ 1,30,000
Creating Provision for Uncertain Money owed:
Provision for Uncertain Money owed = 
3. Calculation of Share of Goodwill of Anita:
Anita’s Share of Goodwill = 
Goodwill to be paid by Gaurav = 
Goodwill to be paid by Sonu = 
Be aware:
(a) Unhealthy Money owed price ₹ 10,000 is adjusted towards the Provision for Uncertain Money owed.
(b) Lower in worth of funding is adjusted towards the Funding Fluctuation Fund.
PART-B
OPTION 1
(Evaluation of Monetary Statements)
23. Whereas making ready Money Movement Assertion, money includes __________ and __________ with financial institution.
Reply: Whereas making ready Money Movement Assertion, money includes Money in hand and demand deposits with financial institution.
24. ‘Forfeited Shares Account’ seems within the Stability Sheet of the corporate below the subhead:
(A) Reserves and Surplus
(B) Lengthy-term Provisions
(C) Share Capital
(D) Different Present Liabilities
Reply: (C) Share Capital
25. Which of the next is NOT offered below ‘Present Liabilities’ within the Stability Sheet of an organization?
(A) Quick-term Borrowings
(B) Deferred Tax Liabilities
(C) Quick-term Provisions
(D) Commerce Payables
Reply: (B) Deferred Tax Liabilities
26. ‘Sale of products on credit score for ₹ 67,000 will enhance the Gross Revenue Ratio.’ Is that this assertion appropriate ? Give cause in assist of your reply.
Reply: No Change as a result of Sale of products on credit score is not going to have an effect on the Gross revenue ratio, because the gross sales and gross revenue will enhance by the identical share.
27. ‘An funding usually qualifies as a money equal solely when it has a maturity of three months or extra from the date of acquisition.’ Is that this assertion appropriate? Give cause in assist of your reply.
Reply: False, as a result of an funding qualifies as a money equal solely when it has a maturity of three months or much less from the date of acquisition.
28. Z Ltd. bought a constructing for ₹ 50,00,000 from J Ltd., paying 40% by the difficulty of 9% debentures and the stability by cheque. The above transaction will end in:
(A) Money utilized in investing actions ₹ 20,00,000.
(B) Money generated from financing actions ₹ 20,00,000.
(C) Lower in money and money equivalents ₹ 20,00,000.
(D) Money utilized in investing actions ₹ 30,00,000.
Reply: (D) Money utilized in investing actions ₹ 30,00,000.
29. Which of the next is NOT a limitation of ‘Monetary Statements Evaluation’?
(A) It’s affected by private bias.
(B) Inter-firm comparative research potential.
(C) Lack of qualitative evaluation.
(D) Ignores worth stage modifications.
Reply: (B) Inter-firm comparative research potential.
30. From the next data obtained from the books of P. Ltd., calculate, (i) Return on Funding, and (ii) Debt Fairness Ratio:
Info: Web Revenue after curiosity and tax ₹ 6,00,000; 6% Debentures ₹ 10,00,000;
Capital employed ₹ 20,00,000, and Tax charge 40%.
Reply:
1. 
Web Revenue earlier than Tax = 
Tax Payable = 
Web Revenue earlier than Tax and curiosity = 6,00,000 + 4,00,000 + 60,000 = ₹10,60,000
Return on Funding = 
2. Debt-Fairness Ratio = 
Fairness = Capital Employed – Debt
= 20,00,000 – 10,00,000
Fairness = ₹10,00,000
Debt-Fairness Ratio = 
OR
(i) Present Liabilities ₹ 1,50,000, Present Property ₹ 2,80,000, Inventories ₹ 40,000, Advance Tax ₹ 30,000, and Pay as you go Lease ₹ 10,000. Calculate Fast Ratio.
Reply:
Fast Ratio = 
Liquid Asset = Present Property − Stock − Pay as you go Bills
Liquid Property = 2,80,000 − 40,000 − 40,000 = ₹ 2,00,000
Fast Ratio = 
= 4:3 or 1.33:1
(ii) Common Stock ₹ 60,000, Income from Operations ₹ 6,00,000, the speed of Gross Loss on Gross sales is 10%. Calculate the Stock Turnover Ratio.
Reply:
Stock Turnover Ratio = 
Price of Income from Operation = Gross sales + Gross Loss
Price of Income from Operation = 
Stock Turnover Ratio = 
31. From the next particulars obtained from the books of Mark Ltd., put together a Comparative Assertion of Revenue and Loss:
Reply:
OR
From the next Stability Sheet of Swaraj Ltd., as at thirty first March, 2019, put together a common-size Stability Sheet:
32. Money stream from the working actions of Pinnacle Ltd. for the 12 months ended thirty first March, 2019 was ₹ 28,000. The Stability Sheet together with notes to accounts of Pinnacle Ltd. as at thirty first March, 2019 is given beneath:
You’re given the next extra data :
(i) A equipment of a e book worth of ₹ 90,000 (depreciation offered thereon was ₹ 23,000), was offered at a revenue of ₹ 12,000.
(ii) 9% debentures had been issued on 1st April, 2018.
Put together the Money Movement Assertion.
Reply:
Working Notes:
PART B
OPTION 2
(Computerised Accounting)
23. A ___________ voucher is used for adjustment of non-cash transaction within the ledger.
Reply: A Journal voucher is used for adjustment of non-cash transactions within the ledger.
24. A code which consists of alphabet or abbreviation as image to codify a chunk of data is named ___________ code.
Reply: A code which consists of alphabet or abbreviation as a logo to codify a chunk of data is named Mnemonic code.
25. The ___________ offers actual energy to database by way of its capacities to reply advanced requests involving information to be taken from ___________tables.
Reply: The Question offers actual energy to database by way of its capability to reply advanced requests involving information to be taken from A number of tables.
26. {Hardware} refers to:
(A) System software program and software software program.
(B) Pc-associated peripherals and their community.
(C) A logical sequence of actions to carry out a job.
(D) The entire above.
Reply: (B) Pc-associated peripherals and their community.
27. To safeguard property and optimise the usage of assets, a enterprise:
(A) Retains inner controls.
(B) Solely tries to attain most income.
(C) Solely ensures correct accounting information.
(D) Solely safeguards property.
Reply: (A) Retains inner controls.
28. The existence of information in a ‘main key’ area is:
(A) Not essentially required.
(B) Required however needn’t be distinctive.
(C) Required and should be distinctive.
(D) The entire above.
Reply: (C) Required and should be distinctive.
29. A ##### error seems when:
(A) A unfavourable information is used.
(B) Column will not be vast sufficient.
(C) Unfavourable time is used.
(D) The entire above.
Reply: (D) The entire above.
30. What data is offered by a wage invoice?
Reply: A Wage Invoice offers the next data:
1. Info associated to Worker like Worker’s Identify, Quantity, Attendance, Designation and different particulars.
2. Dates of Pay Interval for which wage invoice has been generated.
3. Detailed details about Gross Wage and Web Wage (Exhibiting all of the deductions relevant).
4. Employer’s data like Identify and speak to particulars, taxes particulars, if any.
5. Particulars concerning the Medical Advantages offered to staff on month-to-month foundation.
6. Detailed details about the incentives or bonuses offered to staff as appreciation for a employee’s efforts.
OR
Record the varied attributes of a ‘payroll’ database.
Reply: The assorted attributes of a ‘payroll’ database contains:
1. Worker particulars: Identify, Payroll Quantity, Designation, Location.
2. Working Hours: Payroll offers particulars of hours that the staff have labored to precisely calculate the wage.
3. Wage and wages: Payroll exhibits the wage and wages of the staff together with different advantages like incentives, medical advantages, and so forth.
4. Time-Off: Payroll retains a monitor of leaves and holidays of staff.
5. Payroll Taxes: Taxes deducted from the wage and wages.
6. Gross and Web Wage: Payroll exhibits the gross wage and Take-Dwelling wage of the staff.
31. Clarify ‘closing entry’ and ‘adjustment entry’ with the assistance of examples.
Reply: The closing Entry is a journal entry handed for transferring the info of Trial Stability to the Buying and selling and Revenue and Loss Account.
Instance: Buy Return Account is closed by transferring the stability to the Buy Account.
An adjustment Entry is a journal entry handed on the finish of the accounting interval to have correct balances of the accounts.
Instance: Depreciation on Plant to be charged @ 10% each year. The adjustment entry at finish of the accounting interval shall be:
OR
Clarify any 4 benefits anticipated by the person for paying excessive worth for a selected server database.
Reply:
4 Benefits of a selected server database:
1. Scalability: Server database can retailer a considerable amount of information and is, due to this fact, appropriate for large-scale purposes.
2. Efficiency: Server database is very environment friendly to deal with advanced queries and large-scale information.
3. Safety: Server database ensures varied safety measures like person authentication and encryption safety. and so on.
4. Flexibility: Server database present entry to information from wherever and anytime, offering flexibility to entry.
32. Deepshikha Ltd. has its places of work in Jaipur and Satara. HRA for Jaipur is ₹ 8,000 and for Satara is ₹ 6,000. DA is calculated on Fundamental Pay (BP) as 8% for BP ≤ ₹ 10,000 and 6% for BP ≤ ₹ 18,000. Normal variety of days are taken as 30 days monthly.
Give the formulae and calculate the quantity of Gross Wage utilizing Excel for the next staff :
(i) Jagat is working in Jaipur workplace. His Fundamental Pay is ₹ 25,000. Out of the sick go away allowed by the corporate, he has availed sick go away for 5 days.
(ii) Reeta is working in Satara workplace. Her Fundamental Pay is ₹ 9,500. She has availed sick go away for 2 days.
Reply:
Keys :
Worker Identify = A1
HRA = B1
Fundamental Pay = C1
DA = D1
1. Calculation of DA:
DA = If (C1 ≥ ₹25,000, 6%, 8% ) * C1
= If (C1 ≤ ₹30,000, 8%, 6% ) * C1
Jagat DA = ₹1,500
Gross Wage = ₹15,000 + ₹8,000 + ₹25,000
= ₹48,000/-
(No wage might be deducted as go away with out pay will not be talked about)
Reeta DA = ₹700
Gross wage = ₹16,260/-
(No wage might be deducted as go away with out pay will not be talked about)
