Accountancy Delhi Set 2 2024-2025 Commerce (English Medium) Class 12 Question Paper Solution

On 1st April 2023, Veebee Ltd. issued 20,000, 13% debentures of ₹ 100 each at a discount of 10% redeemable at a premium of 5% after 4 years.

Total amount of interest on debentures for the year ending 31st March, 2024 will be ______.

₹ 2,00,000

₹ 2,60,000

₹ 1,00,000

₹ 3,00,000

Arushi, Vivaan, and Mitali were partners in a firm. On 31st March 2024, the firm was dissolved. On that date, the firm had debtors of ₹ 60,000, and a provision for doubtful debts of ₹ 3,000 was existing in the books. Debtors of ₹ 8,000 proved bad, and the full amount was realised from the remaining debtors. The amount realised from debtors was ______.

₹ 60,000

₹ 52,000

₹ 55,000

₹ 49,000

Ashmit, Veena, and Rohan were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. Veena retired on 31st March, 2024. The capital accounts of Ashmit, Veena, and Rohan showed a credit balance of ₹ 2,00,000, ₹ 1,80,000, and ₹ 1,20,000, respectively, after making all adjustments relating to revaluation, goodwill, reserves, etc. Veena was paid in cash brought in by Ashmit and Rohan in such a way that their capitals were in proportion to their new profit-sharing ratio. The new capitals of Ashmit and Rohan will be ______.

Ashmit ₹ 3,75,000 and Rohan ₹ 1,25,000

Ashmit ₹ 2,00,000 and Rohan ₹ 1,20,000

Ashmit ₹ 2,50,000 and Rohan ₹ 2,50,000

Ashmit ₹ 3,00,000 and Rohan ₹ 2,00,000

Nita, Vidur and, Mita were partners in a firm sharing profits and losses in the ratio of 3 : 4 : 1. On 1st April 2024, they decided to admit Samir as a new partner. The new profit-sharing ratio between Nita, Vidur, Mita, and Samir will now be 1 : 1 : 1 : 1. The balance sheet of Nita, Vidur, and Mita before Samir’s admission showed machinery at ₹ 6,00,000. On the date of admission, it was found that the machinery is overvalued by 20%. The value of machinery shown in the new Balance Sheet after Samir’s admission will be ______.

₹ 7,50,000

₹ 4,80,000

₹ 7,20,000

₹ 5,00,000

Sara and Tara were partners in a firm. Their capitals as on 1st April, 2023 were ₹ 6,00,000 and ₹ 4,00,000 respectively. On 1st October, 2023, Tara withdrew ₹ 1,00,000 for personal use. According to the partnership deed, interest on capital was allowed @ 8% p.а.

The amount of interest allowed on Tara’s capital for the year ended 31st March, 2024 was ______.

₹ 28,000

₹ 30,000

₹ 48,000

₹ 32,000

Assertion (A): Each partner carrying on the business of the firm is the principal as well as the agent for all the other partners of the firm.

Reason (R): There exists a relationship of mutual agency between all the partners.

Choose the correct option from the following:

Both Assertion (A) and Reason (R) are correct, and Reason (R) is the correct explanation of Assertion (A).

Both Assertion (A) and Reason (R) are correct, but Reason (R) is not the correct explanation of Assertion (A)

Assertion (A) is correct, but Reason (R) is incorrect.

Assertion (A) is incorrect, but Reason (R) is correct.

VL Ltd. offered for public subscription 90,000 equity shares of ₹ 10 each at a premium of 10%. The entire amount was payable on application. Applications were received for 1,00,000 shares, and allotment was made to all the applicants on a pro-rata basis. The amount received on application was ______.

₹ 10,00,000

₹ 9,00,000

₹ 9,90,000

₹ 11,00,000

VX Ltd. issued 30,000, 8% debentures of ₹ 100 each at a discount of 10% redeemable at a certain rate of premium. On issue of these debentures, ‘Loss on Issue of Debentures Account’ was debited with ₹ 4,50,000. The amount of premium on redemption of debentures was ______.

₹ 3,00,000

₹ 1,50,000

₹ 30,000

₹ 4,50,000

Kartik, Inder, and Lalit were partners in a firm sharing profits and losses in the ratio of 4 : 3 : 2. With effect from 1st April, 2024, they decided to share profits and losses in the ratio of 2 : 3 : 4. For this purpose, the goodwill of the firm was valued at ₹ 1,80,000.

The necessary journal entry to show the effect of the above will be:

Nidhi, Pranav, and Ishu were partners in a firm sharing profits and losses in the ratio of 5 : 4 : 1. With effect from 1st April, 2024, they decided to share profits and losses in the ratio of 4 : 1 : 5. On that date, there was a debit balance of ₹ 4,00,000 in the Profit and Loss Account. The necessary journal entry to show the effect of the above will be:

Moksh and Pran were partners in a firm sharing profits and losses in the ratio of 1 : 2. Their capitals were ₹ 5,00,000 and ₹ 3,00,000, respectively.

They admitted Tushar as a new partner on 1st April, 2024, for a 1/4th share in future profits. Tushar brought ₹ 4,00,000 as his share of capital. The goodwill of the firm on Tushar’s admission will be ______.

₹ 16,00,000

₹ 4,00,000

₹ 8,00,000

₹ 12,00,000

Money received in advance from the shareholders before it is actually called up by the directors is ______.

Credited to the calls in advance account

Debited to calls in advance account

Credited to the calls account

Debited to the calls in arrears account

Debentures in respect of which all details including names, addresses and particulars of holding of the debentureholders are entered in a register kept by the company are called ______.

Bearer debentures

Redeemable debentures

Registered debentures

Secured debentures

That portion of the called-up capital which has been actually received from the shareholders is known as ______.

Paid-up Capital

Called up Capitall

Uncalled Capital

Reserve Capital

Misha, Sarita, and Isha were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. With effect from 1st April 2024, they decided that they would share profits and losses equally. The gain or sacrifice by the partners due to a change in the profit-sharing ratio will be ______.

Misha’s sacrifice 1/6, Isha’s gain 1/6

Misha’s gain 1/6, Isha’s sacrifice 1/6

Misha’s sacrifice 1/6, Sarita gain 1/3, Isha’s sacrifice 1/6

Misha’s sacrifice 1/3, Isha’s gain 1/3

Sia, Tisha, and Aryan were partners sharing profits and losses in the ratio of 4 : 7 : 1. The firm closes its books on 31st March every year.

Tisha died on 1st July, 2024. Sia and Aryan will acquire Tisha’s share in which of the following ratio?

1 : 1

4 : 1

4 : 7

7 : 1

Anuj and Kartik were partners in a firm sharing profits and losses in the ratio of 5 : 4. Anuj withdrew ₹ 20,000 at the beginning of every alternate month starting from 1st April, 2023, during the year ended 31st March, 2024. Interest on Anuj’s drawings @ 6% p.a. for the year ended 31st March, 2024, will be ______.

₹ 8,400

₹ 1,200

₹ 4,200

₹ 3,600

Vishesh, Manik, and Amit were partners in a firm sharing profits and losses in the ratio of 5 : 4 : 1. Amit retired on 31st March, 2024.

Vishesh and Manik acquired Amit’s share in the ratio of 2 : 3. The new profit-sharing ratio between Vishesh and Manik after Amit’s retirement will be ______.

5 : 4

2 : 3

1 : 1

27 : 23

Varsha, Aryan, and Nimit were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. Varsha retired and surrendered 1/3rd of her share in favour of Aryan and the remaining share in favour of Nimit. The new profit sharing ratio between Aryan and Nimit will be ______.

2 : 1

8 : 7

1 : 2

1 : 1

When the partners’ capitals are fixed, the drawings made by a partner are recorded on the ______.

Debit side of Partner’s Capital Account.

Credit side of Partner’s Capital Account.

Debit side of Partner’s Current Account.

Credit side of Partner’s Current Account.

4,000 shares of ₹ 10 each were forfeited for non-payment of the second and final call money of ₹ 2 per share. The minimum amount that the company must collect at the time of reissue of these shares will be ______.

₹ 8,000

₹ 32,000

₹ 40,000

₹ 48,000.

Saurabh, Reena, and Deepak were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. Saurabh died on 31st December, 2024. As per the partnership deed, Saurabh’s share of profit or loss till the date of death was to be calculated on the basis of sales. Sales for the year ended 31st March, 2024, amounted to ₹ 10,00,000, and those from 1st April, 2024, to 31st December, 2024, amounted to ₹ 7,50,000.

The profit for the year ending 31st March, 2024, was calculated as ₹ 5,00,000. The books of accounts are closed on 31st March every year. Calculate Saurabh’s share in the profit of the firm till the date of his death.

Delight Ltd. purchased assets worth ₹ 4,00,000 and took over the liabilities of ₹ 70,000 of Marvel Ltd. for a purchase consideration of ₹ 3,60,000. Delight Ltd. paid the purchase consideration by issuing 11% debentures of ₹ 100 each at a premium of 20%.

Pass the necessary journal entries in the books of Delight Ltd.

Prime Ltd. took over the assets of ₹ 6,00,000 and liabilities of ₹ 1,00,000 of Rabi Ltd. for a purchase consideration of ₹ 3,60,000. Prime Ltd. issued 10% debentures of ₹ 100 each at a discount of 10% in full satisfaction of purchase consideration.

Pass the necessary journal entries in the books of Prime Ltd.

The firm of Amish, Nitish, and Misha, who have been sharing profits in the ratio of 2 : 2 : 1, have existed for some years. Misha wanted that she should get an equal share in the profits with Amish and Nitish, and she further wished that the change in the profit-sharing ratio should come into effect retrospectively for the last three years. Amish and Nitish had agreement for this.

The profits for the last three years were:

Show the adjustment of profits by means of a single adjustment journal entry. Show your working clearly.

Vidhi, Manas, and Ansh were partners sharing profits and losses in the ratio of 2:3:5. Ansh was given a guarantee that his share of profits in any given year would not be less than ₹ 1,20,000. Deficiency, if any, would be borne by Vidhi and Manas equally. Profits for the year ended 31st March, 2024, amounted to ₹ 2,00,000.

Pass necessary journal entries in the books of the firm for the division of profits.

The capital of the firm of Sumit and Asha is ₹ 20,00,000, and the market rate of interest is 12%. The salary of each partner is ₹ 20,000 per annum.

The profits of the last three years were ₹ 3,00,000, ₹ 2,60,000, and ₹ 4,00,000, respectively. Goodwill of the firm is to be valued on the basis of four years’ purchase of the last three years’ average super profits. Calculate the goodwill of the firm.

Raja, Bharat, and Vedika were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. Their Balance Sheet as on 31st March, 2024, was as follows:

Vedika died on 31st July, 2024. According to the partnership deed, her legal representatives are entitled to the following:

1. Balance in her capital account
2. Interest on capital @ 8% p.a.
3. Her share in the profit up to the date of death is to be calculated on the basis of last year’s profit. Vedika’s share of profit was ₹ 3,000.
4. Her share of goodwill is calculated on the basis of two years’ purchase of the average profits of the last three years. The average profit of the last three years was ₹ 40,000. Vedika’s drawings up to the date of death were ₹ 12,000. Prepare Vedika’s Capital Account to be rendered to her executors.

Pass necessary journal entries for the issue of debentures for the following transaction:

Kiero Ltd. issued 80,000, 9% debentures of ₹ 100 each at par, redeemable at a premium of 10%.

Pass necessary journal entries for the issue of debentures for the following transaction:

Naro Ltd. issued 50,000, 10% debentures of ₹ 100 each at a premium of 5%, redeemable at a premium of 10%.

LK Ltd. was registered with an authorised capital of ₹ 15,00,000 divided into 1,50,000 equity shares of ₹ 10 each. The company offered to the public for subscription 1,45,000 equity shares. Applications were received for 1,40,000 equity shares, and shares were allotted to all the applicants. All money due was received, with the exception of the first and final call money of ₹ 1 per share on 4,000 shares allotted to Nupur. Her shares were forfeited. Answer the following questions:

1. The amount of ‘Calls in Arrears’ disclosed in ‘Notes to Accounts’ will be ______.
   1. ₹ 1,40,000
   2. ₹ 36,000
   3. ₹ 4,000
   4. Nil
2. The number of shares of LK Ltd. after forfeiture will be ______.
   1. ₹ 1,46,000
   2. ₹ 1,36,000
   3. ₹ 1,41,000
   4. ₹ 1,40,000
3. In the ‘Notes to Accounts’, the amount disclosed under ‘Share Forfeiture Account’ will be ______.
   1. ₹ 4,000
   2. ₹ 36,000
   3. ₹ 40,000
   4. Nil
4. In the ‘Notes to Accounts’, the amount disclosed under ‘Issued Capital’ will be ______.
   1. ₹ 14,00,000
   2. ₹ 14,50,000
   3. ₹ 15,00,000
   4. ₹ 13,60,000
5. Balance in ‘Share Forfeiture Account’ will be shown in ‘Notes to Accounts’ in the balance sheet of LK Ltd. under ______.
   1. Subscribed capital
   2. Will not be shown in ‘Notes to Accounts’
   3. Issued capital
   4. Authorised capital
6. The amount of ‘Share Capital’ disclosed in the balance sheet of LK Ltd. will be ______.
   1. ₹ 13,56,000
   2. ₹ 13,64,000
   3. ₹ 13,96,000
   4. ₹ 14,00,000

Pass necessary journal entries for the following transactions on the dissolution of the partnership firm of Mansha and Rajiv after various assets (other than cash) and external liabilities have been transferred to the Realisation Account:

1. Mansha’s loan of ₹ 18,000 was settled by giving her an unrecorded furniture of ₹ 20,000.
2. The machinery of the book value of ₹ 80,000 was sold at a loss of 10%.
3. A creditor of ₹ 40,000 ассеpted cash of ₹ 21,000 and stock of the book value of 25,000 in full settlement of his claim.
4. Bank loan of ₹ 1,00,000 was paid along with interest of ₹ 10,000.
5. Investment, of the face value was ₹ 52,000 were sold in the open market for ₹ 63,000 for which a commission of ₹ 2,000 were sold in the open market for ₹ 63,000 for which a commission of ₹ 2,000 was paid to the broker.
6. Profit and Loss Account balance of ₹ 30,000 appeared on the asset side of the balance sheet.

Aryan and Adya were partners in a firm sharing profits and losses in the ratio of 3 : 1. Their Balance Sheet on 31st March, 2024, was as follows:

Dev was admitted into the firm on 1st April, 2024 for 1/5th share in the profits of the firm on the following terms:

1. Dev will bring capital proportionate to his share in the profits of the firm.
2. Goodwill of the firm was valued at ₹ 2,00,000, and Dev will bring his share of goodwill premium in cash.
3. Machinery was revalued at ₹ 4,50,000.
4. A provision for doubtful debts was to be created at 5% on debtors.
5. A liability of ₹ 3,500 included in creditors was not likely to arise.

Prepare Revaluation Account and Partners’ Capital Accounts on Dev’s admission.

Ashish, Vinit, and Reema were partners sharing profits and losses in the ratio of 2 : 2 : 1. Their Balance Sheet on 31st March, 2024, was as follows:

On the above date, Vinit retired on the following terms:

1. Goodwill of the firm was valued at ₹ 60,000, and the same was adjusted into the capital accounts of Ashish and Reema, who will share profits in the future in the ratio of 3 : 2.
2. The value of the stock was to be reduced by ₹ 10,000.
3. Patents are found undervalued by 20%.
4. Vinit was paid ₹ 20,000 immediately on retirement, and the balance was transferred to his loan account carrying interest @ 8% p.a.

Pass the necessary journal entries on Vinit’s retirement.

Altima Ltd. invited applications for issuing 2,00,000 equity shares of ₹ 10 each at a premium of ₹ 4 per share. The amount was payable as follows:

On application and allotment – ₹ 7 per share (including premium ₹ 1)

On first and final call – Balance

Applications were received for 2,40,000 shares. Applications for 30,000 shares were rejected, and pro-rata allotment was made to the remaining applicants. Excess money received on the application and allotment was returned. Manvi, who was allotted 4,000 shares, failed to pay the first and final call money. Her shares were forfeited. All the forfeited shares were reissued at 4 per share, fully paid-up.

Pass the necessary journal entries in the books of Altima Ltd.

Pass necessary journal entries for the forfeiture and reissue of forfeited shares in the following case:

Macil Ltd. forfeited 3,000 shares of ₹ 100 each issued at 20% premium for the non-payment of allotment money of ₹ 30 per share and first call of ₹ 40 per share (including premium ₹ 10). The second and final call of ₹ 30 per share (including a premium of ₹ 10) was not yet called. Out of these, 2,000 shares were reissued at ₹ 80 per share paid-up for ₹ 90 per share.

Pass necessary journal entries for the forfeiture and reissue of forfeited shares in the following case:

Avian Ltd. forfeited 10,000 shares of ₹ 10 each on which the first call of ₹ 4 per share was not received, and the second and final call of ₹ 1 per share was not yet called. Out of these, 4,000 shares were reissued to Ajay as fully paid-up for ₹ 9 per share.

The Debt Equity Ratio of Manak Enterprises is 2.5 : 1. Which of the following transactions will result in an increase in this ratio?

Purchase of goods on credit ₹ 2,00,000.

Payment to creditors ₹ 3,00,000.

Issue of debentures ₹ 6,00,000.

Sale of furniture of the book value of ₹ 4,00,000 at a profit of 10%.

Which of the following are operating activities for the purpose of preparing a cash flow statement?

1. Cash payments to suppliers for goods and services.
2. Dividend received from investments in other enterprises.
3. Cash receipts from royalties, fees, commissions, and other revenues.
4. Cash repayments of amounts borrowed.

(i), (ii), and (iii)

(i) and (iii)

(i), (iii) and (iv)

(iii) and (iv)

Which of the following statements is incorrect?

Payment of dividends and interest will result in a cash outflow from financing activities.

Payment of employee benefit expenses will result in cash outflows from operating activities.

Receipt of interest and dividends will result in cash inflow from financing activities.

Operating activities are the principal revenue-generating activities of the enterprise.

Statement – I: Investing activities are the acquisition and disposal of long-term assets and other investments not included in cash equivalents.

Statement – II: Cash payments to acquire fixed assets, including intangibles and capitalised research and development, result in cash outflow from investing activities.

Choose the correct option from the following:

Both Statements are true.

Both Statements are false.

Only Statement I is true.

Only Statement II is true.

The tool of analysis of financial statements which indicates the trend and direction of financial position and operating results is ______.

Comparative Statements

Common Size Statements

Cash Flow Analysis

Ratio Analysis

Ratios that are calculated for measuring the efficiency of operations of business based on effective utilisation of resources are known as ______.

Liquidity Ratios

Turnover Ratios

Solvency Ratios

Profitability Ratios

Classify the following items under major heads and sub-heads (if any) in the balance sheet of the company as per Schedule-III, Part-I of the Companies Act, 2013:

1. Trademarks
2. Raw materials
3. Mortagage loan

From the following information of PK Ltd., prepare a common-size Statement of Profit and Loss for the years ended 31st March, 2023, and 31st March, 2024:

Calculate opening and closing Trade Payables from the following information:

Total purchases ₹ 15,00,000.

Cash purchases are 25% of credit purchases.

Trade payables turnover ratio is 4 times.

Closing trade payables are two times of opening trade payables.

From the following information, calculate ‘Return on Investment’:

Net profit after tax was ₹ 3,00,000, and the tax amounted to ₹ 1,00,000.

(a) From the following information, calculate Cash Flows from Investing Activities: (4)

Additional Information:

A machine costing ₹ 50,000 on which accumulated depreciation was ₹ 20,000 was sold at a profit of 10%.

(b) From the following information, calculate Cash flows from Financing Activities: (6)

Additional Information:

Interest paid on debentures amounted to ₹ 40,000.