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Accountancy Delhi (Set 2) 2019-2020 CBSE (Arts) Class 12 Question Paper Solution

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Accountancy [Delhi (Set 2)]
Marks: 80Academic Year: 2019-2020
Date: February 2020
Duration: 3h
  • Part - A is compulsory for all candidates.
  • Part - B has two options i.e. (i) Analysis of Financial Statement and (ii) Computerized Accounting. You have to attempt only one of the given OPTIONS.
  • Question numbers 1 to 13 and 23 to 29 are very short answer type questions carrying 1 mark each.
  • Question number 14 and 30 are short answer type-I questions carrying 3 marks each.
  • Question number 15 to 18 and 31 are short answer type-II questions carrying 4 marks each.
  • Question number 19 to 20 and 32 also long answers type-I questions carrying 6 marks each.
  • Question numbers 21 and 22 are long answer type-II questions carrying 8 marks each.

[1]1

Choose the appropriate alternative from the given options:
Which of the following does not result into reconstitution of a firm?

Dissolution of partnership firm.

Dissolution of partnership.

Change in profit-sharing-ratio of existing partners.

Death of partner.

Concept: Accounting for Partnership Firms - Reconstitution and Dissolution
Chapter: [0.031] Accounting for Partnership Firms
[1]2

Choose the appropriate alternative from the given options:
No debenture redemption reserve is required for debentures issued by :

manufacturing companies

infrastructure companies

banking companies

trading companies

Concept: Creation of Debenture Redemption Reserve
Chapter: [0.032] Accounting for Companies
[1]3

What is meant by 'Issued Capital'?

Concept: Maintenance of Capital Accounts of Partners
Chapter: [0.012] Accounting for Partnership : Basic Concepts
[1]4

Choose the appropriate alternative from the given options:
Harit and Leela are partners in firm sharing profits and losses in the ratio of 2 : 3. Yash was admitted as a new partner for 1/5th share in the profits of the firm. Yash acquires his share from Leela. The new profit sharing ratio of Harit, Leela, and Yash will be :

2 : 3: 5

2: 2: 1

5 : 3: 2

3: 5: 1

Concept: Retirement and Death of a Partner - Calculation of New Profit Sharing Ratio
Chapter: [0.013000000000000001] Reconstitution of a Partnership Firm – Admission of a Partner [0.013999999999999999] Reconstitution of a Partnership Firm – Retirement/Death of a Partner
[1]5

Choose the appropriate alternative from the given options:
Vanya Ltd. forfeited 20,000 equity shares of ₹ 100 each for non-payment of first and final call of ₹ 40 per share. The maximum amount of discount at which these shares can be re-issued will be:

₹ 8,00,000

₹ 12,00,000

₹ 20,00,000

₹ 20,000

Concept: Accounting Treatment of Forfeiture and Re-issue of Share
Chapter: [0.021] Accounting for Share Capital [0.032] Accounting for Companies
[1]6

Choose the appropriate alternative from the given options:
Mohit and Rohit were partners in a firm with capitals of ₹ 80,000 and ₹ 40,000 respectively. The firm earned a profit of ₹ 30,000 during the year. Mohit's share in the profit will be :

₹ 20,000

₹ 10,000

₹ 15,000

₹ 18,000 

Concept: Nature of Partnership
Chapter: [0.012] Accounting for Partnership : Basic Concepts
[1]7

Fill in the blanks:
In case of retirement of a partner, profit or loss on revaluation of assets and re-assessment of liabilities is distributed among _________ partners in ___________ ratio.

Concept: Retirement Or Death of a Partner - Revaluation of Assets and Liabilities
Chapter: [0.013999999999999999] Reconstitution of a Partnership Firm – Retirement/Death of a Partner [0.031] Accounting for Partnership Firms
[1]8

Fill in the blank.
___________ means any offer of securities to a select group of persons by a company other than by way of the public offer.

Concept: Concept of Private Placement
Chapter: [0.032] Accounting for Companies
[1]9

Choose the appropriate alternative from the given options:
Madura Ltd. decided to redeem its 10,000, 10% debentures of ₹100 each at a premium of 8%. The minimum amount transferred to debenture redemption reserve will be :

₹ 10,00,000

₹ 10,80,000

₹ 2,70,000

₹ 2,50,000

Concept: Creation of Debenture Redemption Reserve
Chapter: [0.032] Accounting for Companies
[1]10

Choose the appropriate alternative from the given options:
Jaipur Club has a prize fund of ₹ 6,00,000. It incurs expenses on prizes amounting to ₹ 5,20,000. The expenses should be

debited to income and expenditure account.

presented on the asset side of the balance sheet.

debited to income and expenditure account and presented on the asset side of the balance sheet.

deducted from the prize fund on the liability side of the balance sheet.

Concept: Preparation of Balance Sheet
Chapter: [0.011000000000000001] Accounting for Not-for-Profit Organisation
[1]11

Choose the appropriate alternative from the given options:
Disha and Abha were partners in a firm. Farad was admitted as a new partner for 1/5th share in the profits of the firm. Farad brought proportionate capital. Capitals of Disha and Abha after all adjustments were ₹ 64,000 and ₹ 46,000 respectively. Capital brought by Farad was:

₹ 22,000

₹ 27,500

₹ 55,000

₹ 28,000

Concept: Admission of a Partner - Adjustment of Capitals
Chapter: [0.013000000000000001] Reconstitution of a Partnership Firm – Admission of a Partner [0.031] Accounting for Partnership Firms
[1]12

Choose the appropriate alternative from the given options:
Which of the following is not a capital receipt?

Donations for tournament

Donations for building fund

Life membership fee 

Entrance fees

Concept: Some Peculiar Items
Chapter: [0.011000000000000001] Accounting for Not-for-Profit Organisation
[1]13

Give the meaning of 'Calls-in-Advance'.

Concept: Accounting Treatment
Chapter: [0.021] Accounting for Share Capital
[3]14
[3]14.1

Kabir and Farid are partners in firm sharing profits in the ratio of 3: 1 on 1-4-2019 they admitted Manik into partnership for 1/4th share in the profits of the firm. Manik brought his share of goodwill premium in cash. Goodwill of the firm was valued on the basis of 2 years purchase of the last three years' average profits. The profits of last three years were:

2016-17 ₹ 90,000
2017-18 ₹ 1,30,000
2018-19 ₹ 86,000

During the year 2018-19, there was a loss of ₹ 20,000 due to fire which was not accounted for while calculating the profit. Calculate the value of goodwill and pass the necessary journal entries to the treatment of goodwill.

Concept: Methods of Valuation of Goodwill
Chapter: [0.013000000000000001] Reconstitution of a Partnership Firm – Admission of a Partner
Advertisement
OR
[3]14.2

Raka, Seema, and Mahesh were partners sharing profits and losses in the ratio of 5: 3: 2. With effect from 1st April, 2019, they mutually agreed to share profits and losses in the ratio of 2: 2: 1.
On that date, there was a workmen's compensation fund of ₹ 90,000 in the books of the firm. It was agreed that:
(i) Goodwill of the firm be valued at ₹ 70,000.
(ii) Claim for workmen's compensation amounted to ₹ 40,000.
(iii) Profit on revaluation of assets and re-assessment of liabilities amounted to ₹ 40,000.
Pass necessary journal entries for the above transactions in the books of the firm.

Concept: Distribution of Profit Among Partners
Chapter: [0.012] Accounting for Partnership : Basic Concepts
[4]15

How will the following items be treated while preparing the financial statements of a not-for-profit organization for the year ended 31st March, 2019?

  As at 31-3-2018 (₹) As at 31-3-2019 (₹)
Creditors for medicines 33,000 67,000
Stock of medicines 27,000 43,000

During 2018-19, the payment made to the creditors was ₹ 4,25,000.

Concept: Preparation of Income and Expenditure Account
Chapter: [0.011000000000000001] Accounting for Not-for-Profit Organisation
[4]16

From the given Receipts and Payments Account and additional information of Shine Club for the year ended 31st March 2019, prepare Income and Expenditure Account for the year ended 31st March 2019.

Receipts and Payments Account of Shine Club for the year ended 31st March, 2019

Receipts

Amount ()

Payments

Amount ()

To balance b/d

50,000

By Furniture & equipments

1,22,000

To donations

45,000

By Salaries

32,000

To subscriptions :

 

By balance c/d

13,400

2017-18   - 1,600

 

 

 

2018-19  - 60,000

 

 

 

2019-20   - 5,000

66,600

 

 

To interest received

5,800

 

 

 

1,67,400

 

1,67,400

Additional Information :
(i) Furniture and equipments were purchased on 1-10-2018. Depreciation @ 10% p.a. was to be provided on furniture and equipments.
(ii) Subscriptions in arrears for the year 2018-19 were ₹ 2,000
(iii) Outstanding salary ₹ 6,000.

Concept: Preparation of Income and Expenditure Account
Chapter: [0.011000000000000001] Accounting for Not-for-Profit Organisation
[4]17

Tripti, Atishay and Radhika were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. Their Balance Sheet as on 31-3-2019 was as follows:

Balance Sheet of Tripti, Atishay, and Radhika as on 31st March, 2019. 

Liabilities

Amount (₹)

Assets Amount (₹)
Capitals :

 

Plant and Machinery 5,00,000
Tripti 3,00,000

 

Stock 1,10,000
Atishay 2,00,000

 

Sundry debtors 60,000
Radhika 1,00,000

6,00,000

Cash at bank  40,000
General Reserve

50,000

   
Sundry creditors

60,000

   
 

7,10,000

  7,10,000

 

Tripti died on 30th June, 2019. According to the partnership deed, the executors of the deceased partner are entitled to :
(a) Balance in partner's capital account.
(b) Salary @ ₹ 12,500 per quarter.
(c) Share of goodwill calculated on the basis of twice the average of past three years' profits and share of profits from the closure of the last accounting year till the date of death on the basis of last year's profit. Profits for 2016-17, 2017-18 and 2018-19 were ₹ 1,00,000, ₹ 1,50,000 and ₹ 2,00,000 respectively.
(d) Tripti withdrew ₹ 20,000 on 1st May, 2019 for her personal use. Prepare Tripti's Capital Account to be rendered to her executors.

Concept: Preparation of Deceased Partner's Capital Account, Executor's Account
Chapter: [0.031] Accounting for Partnership Firms
[4]18

Puneet and Akshara were partners in a firm sharing profits and losses in the ratio of 2: 3. The following was the balance sheet of the firm as on 31st March 2019.

Balance sheet of Puneet and Akshara as on 31st March 2019

Liabilities

Amount(₹)

Assets

Amount(₹)

Capitals:

 

Sundry Assets

2,00,000

Puneet  - 90,000

 

 

 

Akshara - 1,10,000

2,00,000

 

 

 

2,00,000

 

2,00,000

The profits 40,000 for the year ended 31st March 2019 were divided between the partners without allowing interest on capital @ 5% p.a. and commission to Akshara @ ₹ 1,000 per quarter.
The drawings of the partners during the year were :
Puneet ₹ 2,500 per month.
Akshara ₹ 10,000 per quarter.
Showing your workings clearly, pass necessary adjustment entry in the books of the firm.

Concept: Maintenance of Capital Accounts of Partners
Chapter: [0.012] Accounting for Partnership : Basic Concepts
[6]19

Naina, Uday, and Tara were partners in a firm sharing profits and losses in the ratio of 5 : 3: 2. The firm was dissolved on 31-3-2019. After transfer of assets (other than cash) and external liabilities to Realization Account, the following transactions took place :
(a) A typewriter completely written off from the books was sold for ₹ 4,000.
(b) Loan of ₹ 30,000 advanced by Uday to the firm was paid back.
(c) Tara was to get a remuneration of ₹ 42,000 for completing the dissolution process and forbearing realization expenses. Actual realization expenses amounted to ₹ 51,000 and were paid by the firm.
(d) Creditors of ₹ 23,000 took over all the investments at ₹ 12,000. Remaining amount was paid to them in cash.
(e) Uday agreed to pay loan of Mrs. Uday ₹ 45,000.
(f) Profit and Loss Account balance of ₹ 20,000 appeared on the asset side of the balance sheet.
Pass necessary journal entries for the above transactions in the books of the firm.

Concept: Dissolution of a Partnership Firm - Settlement of Accounts
Chapter: [0.015] Dissolution of Partnership Firm [0.031] Accounting for Partnership Firms
[6]20
[3]20.1

On 1st April 2015, Mayfair Ltd. issued 4,000 9% debentures of ₹ 100 each at a discount of 5% redeemable at a premium of 8%. The debentures were redeemable on 31st March 2019. The company created the necessary minimum amount of debenture redemption reserve and purchased the required amount of debenture redemption investments as per the provisions of Companies Act, 2013.
Pass the necessary journal entries for the redemption of debentures.

Concept: Creation of Debenture Redemption Reserve
Chapter: [0.032] Accounting for Companies
[3]20.2

Hero Ltd. purchased plant and machinery for ₹ 18,00,000 from Pearl Machines Ltd. payable ₹ 3,00,000 by drawing a promissory note and the balance by the issue of 9% debentures of ₹ 100 each at a premium of 20%.
Pass the necessary journal entries in the books of Hero Ltd. for the above transactions.

Concept: Issue of Debentures at Par at Premium and at Discount
Chapter: [0.032] Accounting for Companies
OR
[3]20.3

BGP Ltd. invited applications for issuing 15,000, 11% debentures of ₹ 100 each at a premium of ₹ 50 per debenture. The full amount was payable on application. Applications were received for 25,000 debentures. Applications for 5,000 debentures were rejected and the application money was refunded. Debentures were allotted to the remaining applicants on a pro-rata basis.
Pass the necessary journal entries for the above transactions in the books of BGP Ltd.

Concept: Issue of Debentures at Par at Premium and at Discount
Chapter: [0.032] Accounting for Companies
[3]20.4

Agam Ltd. issued 40,000 9% debentures of ₹ 100 each on April 1, 2018, at a discount of 10%, redeemable at a premium of 10%. Assuming that the interest was paid half-yearly on September 30 and March 31 and the tax deducted at source was 10%, give journal entries relating to debenture interest for the half-year ended March 31, 2019.

Concept: Issue of Debentures at Par at Premium and at Discount
Chapter: [0.032] Accounting for Companies
[8]21
[8]21.1

Achla and Bobby were partners in a firm sharing profits and losses in the ratio of 3: 1. On 31st March 2019, their balance sheet was as follows:

Balance Sheet of Achla and Bobby as on 31st March 2019

Liabilities 

Amount(₹)

Assets

Amount(₹)

Creditors

1,10,000

Cash at bank

60,000

General Reserve

40,000

Debtors

40,000

Workmen's compensation reserve

50,000

Stock

45,000

Capitals :

 

Furniture

1,55,000

Achla - 4,00,000

 

Land & Building  

5,00,000

Bobby - 2,00,000

6,00,000

 

 

 

8,00,000

 

8,00,000

On 1st April 2019, they admitted Vihaan as a new partner for 1/5th share in the profits of the firm on the following terms:
(a) Vihaan brought ₹ 1,00,000 as his capital and the capitals of Achla and Bobby were to be adjusted on the basis of Vihaan's capital; any surplus or deficiency was to be adjusted by opening current accounts.
(b) Goodwill of the firm was valued at ₹ 4,00,000. Vihaan brought the necessary amount in cash for his share of goodwill premium, half of which was withdrawn by the old partners.
(c) Liability on account of workmen's compensation amounted to ₹ 80,000.
(d) Achla took overstock at ₹ 35,000.
(e) Land and building was to be appreciated by 20%.

Prepare Revaluation Account, Partner's Capital Accounts, and the Balance Sheet of the reconstituted firm on Vihaan's admission.

Concept: Preparation of Revaluation Account and Balance Sheet
Chapter: [0.031] Accounting for Partnership Firms
OR
[8]21.2

Gita, Radha, and Garv were partners in firm sharing profits and losses in the ratio of 3: 5: 2. On 31st March 2019, their balance sheet was as follows: ​

Balance Sheet of Gita, Radha & Garv as on 31st March 2019 

Liabilities 

Amount (₹)

Assets Amount (₹)
Sundry Creditors

60,000

Cash 50,000
General Reserve

40,000

Stock 80,000
Capitals :

 

Debtors 40,000
Gita  -   3,00,000

 

Investments   30,000
Radha - 2,00,000

 

Buildings 5,00,000
Garv -  1,00,000

6,00,000

   
  7,00,000   7,00,000

Radha retired on the above date and it was agreed that:
(a) Goodwill of the firm be valued at ₹ 3,00,000 and Radha's share be adjusted through the capital accounts of Gita and Gary.
(b) Stock was to be appreciated by 20%.
(c) Buildings were found undervalued by ₹ 1,00,000.
(d) Investments were sold for ₹ 34,000.
(e) Capital of the new firm was fixed at ₹ 5,00,000 which will be in the new profit sharing ratio of the partners; the necessary adjustments for this purpose were to be made by opening current accounts of the partners.

Prepare Revaluation Account, Partner's Capital Accounts, and the Balance Sheet of the reconstituted firm on Radha's retirement.

Concept: Preparation of Revaluation Account and Balance Sheet
Chapter: [0.031] Accounting for Partnership Firms
[8]22
Advertisement
[8]22.1

Premier Tools Ltd. invited applications for issuing 2,00,000 equity shares of ₹ 10 each at a premium of ₹ 2 per share. The amount was payable as follows:
On application - ₹ 5 per share (including premium)
On allotment - ₹ 3 per share
On first & final call – Balance

Applications were received for 2,50,000 shares. Applications for 10,000 shares were rejected and pro-rata allotment was made to the remaining applicants. Over payments received on application were adjusted towards sums due on allotment.

All calls were made and duly received except allotment and first and final call from Naveen who applied for 7,200 shares. His shares were forfeited. Half of the forfeited shares were reissued for ₹ 48,000 as fully paid.

Pass the necessary journal entries for the above transactions in the books of Premier Tools Ltd. Open calls-in-arrears account wherever required.

Concept: Issue at Par and Premium and at Discount
Chapter: [0.032] Accounting for Companies
OR
[8]22.2

Concept Stationary Ltd. invited applications for issuing 3,00,000 shares of ₹ 10 each at a premium of ₹ 3 per share. The amounts were payable as follows:
On application and allotment – ₹ 7 per share.
On first & final call – balance (including a premium of ₹ 3)
Applications were received for 4,00,000 shares & allotment was made as follows:
(i) To applicants for 80,000 shares – 80,000 shares.
(ii) To applicants for 40,000 shares – nil
(iii) The balance of the applicants were allotted shares on a pro-rata basis.

Excess money received with applications was adjusted towards sums due on the first and final call.
Amit, who belonged to category (i) and was allotted 4,000 shares and Veni, who belonged to category (iii) and was allotted 4,400 shares failed to pay the first and final call money. Their shares were forfeited. The forfeited shares were re-issued at ₹ 7 per share fully paid-up.

Pass necessary journal entries for the above transactions in the books of the company.

Concept: Accounting Treatment of Forfeiture and Re-issue of Share
Chapter: [0.021] Accounting for Share Capital [0.032] Accounting for Companies
[1]23

What is meant by 'Operating Activities'?

Concept: Classification of Activities for the Preparation of Cash Flow Statement
Chapter: [0.026000000000000002] Cash Flow Statement
[1]24

Answer the following question:
X Ltd. redeemed ₹ 1,00,000, 9% debentures at 10% premium. What will be the amount of 'Cash Flows from financing activities'?

Concept: Tools of Analysis of Financial Statements
Chapter: [0.024] Analysis of Financial Statements
[1]25

Answer the following question:
The current ratio of a company is 2: 1. State giving reason whether the purchase of goods on credit will increase, decrease, or not change the ratio.

Concept: Types of Ratios
Chapter: [0.025] Accounting Ratios
[1]26

Choose the appropriate alternative from the given options:
Which of the following is not an activity ratio?

Inventory turnover ratio

Interest coverage ratio

Working capital turnover ratio

Trade receivables turnover ratio

Concept: Activity Ratios - Inventory Turnover Ratio
Chapter: [0.040999999999999995] Analysis of Financial Statements
[1]27

Choose the appropriate alternative from the given options:
The Balance Sheet provides information about financial position of an enterprise :

over a period of time

during a period of time

for a period of time

at a point of time

Concept: Preparation of Balance Sheet
Chapter: [0.011000000000000001] Accounting for Not-for-Profit Organisation
[1]28

Answer the following question:
State giving reason, whether the issue of shares for consideration other than cash will result into inflow, outflow or no flow of cash.

Concept: Concept of Cash Flow Statement
Chapter: [0.026000000000000002] Cash Flow Statement
[1]29

Fill in the blank.
'Prepaid Expenses' are presented in the Balance Sheet of a company under the sub-head ____________.

Concept: Preparation of Balance Sheet
Chapter: [0.011000000000000001] Accounting for Not-for-Profit Organisation
[3]30
[3]30.1

A company had a liquid ratio of 1.5: 1 and a current ratio of 2: 1. Its inventory turnover ratio was 6 times. It had total current assets of 2,00,000.
Find out revenue from operations if the goods are sold at a 25% profit on cost.

Concept: Concept of Accounting Ratios
Chapter: [0.025] Accounting Ratios [0.040999999999999995] Analysis of Financial Statements
OR
[3]30.2

Calculate the amount of opening trade receivables and closing trade receivables from the following information:
Trade receivables turnover ratio 8 times
Cost of revenue from operations ₹ 4,80,000
The amount of credit revenue from operations is ₹ 2,00,000 more than cash revenue from operations. Gross profit ratio is 20%. Opening trade receivables are 1/4th of Closing trade receivables.

Concept: Types of Ratios
Chapter: [0.025] Accounting Ratios
[4]31
[4]31.1

Prepare common size statement of profit and loss from the following information:

Particulars Note No. 2017-18 2016-17
Revenue from operations   ₹16,00,000 ₹ 8,00,000
Cost of material consumed
     
(% of revenue from operations)   60% 50%
Operating expenses   ₹ 80,000 ₹ 40,000
Income tax rate   40% 30%
Concept: Common Size Statements
Chapter: [0.024] Analysis of Financial Statements [0.040999999999999995] Analysis of Financial Statements
OR
[4]31.2

From the following Balance Sheets of Vinayak Ltd. as at 31st March, 2019, prepare a comparative Balance Sheet.

Vinayak Ltd. 
Balance Sheet as at 31st March, 2019  

  Particulars

Note No.

31-03-19(₹)

31-03-18(₹)

  Equity and Liabilities

 

 

 

(1) Shareholders Funds

 

 

 

  (a) Share capital

 

21,00,000

20,00,000

  (b) Reserves and Surplus

 

2,30,000

2,00,000

(2) Non-current liabilities

 

 

 

  Long term borrowing

 

5,60,000

2,00,000

(3) Current liabilities

 

 

 

  Trade payables

 

2,80,000

1,00,000

  Total

 

31,70,000

25,00,000

  Assets

 

 

 

(1) Non-current Assets

 

 

 

  Fixed Assets

 

 

 

  (i) Tangible assets

 

21,00,000

20,00,000

  (ii) Intangible assets

 

3,00,000

2,00,000

(2) Current Assets

 

 

 

  (a) Inventories

 

5,60,000

2,00,000

  (b) cash and cash equivalents

 

2,10,000

1,00,000

  Total

 

31,70,000

25,00,000

Concept: Comparative Statements
Chapter: [0.024] Analysis of Financial Statements [0.040999999999999995] Analysis of Financial Statements
Advertisement
[6]32

Cash flow from operating activities of Starline Ltd. for the year ended 31.03.2019 was ₹ 18,000. The Balance Sheet along with notes to accounts of Starline Ltd. as at 31-03-19 is given below :

Starline limited​ 
Balance Sheet as at 31st March, 2019 

Particulars Note No.

31-03-19(₹)

31-03-18(₹)

I. Equity and Liabilities: ​      
1. Shareholders Funds
     
(a) Share Capital
  18,00,000 10,00,000
b) Reserves and Surplus 1 50,000 40,000
       
2. Non-Current Liabilities      
Long term Borrowings
2 1,00,000 4,00,000
       
3. Current Liabilities      
Short term Provisions
3 2,50,000 3,60,000
Total   22,00,000 18,00,000
       
II. Assets      
1. Non-Current Assets
     
Fixed Assets      
(i) Tangible Assets 5 9,80,000 6,35,000
(ii) Intangible Assets 6 2,68,000 1,70,000
2. Current Assets      
(a) Current Investments   1,40,000 70,000
(b) Trade Receivables   4,40,000 1,50,000

c) Cash and Cash Equivalents

  1,55,000 63,000
Total

 

  22,00,000 18,00,000

Notes to Accounts 

  Particulars 31-03-19 (₹) 31-03-18 (₹)
1. Reserves and Surplus 50,000 40,000
  Surplus (Balance in Statement of Profit and Loss) 50,000 40,000
       
2 Long-term Borrowings    
  8% Debentures 1,00,000 4,00,000
    1,00,000 4,00,000
       
3 Short term provisions    
  Provision for tax 2,50,000 3,60,000
    2,50,000 3,60,000
       
4 Tangible Assets    
  Plant and Machinery 15,20,000 10,90,000
  Less: Accumulated Depreciation (1,20,000) (90,000)
    14,00,000 10,00,000
       
5 Intangible Assets    
  Goodwill 1,80,000 70,000
    1,80,000 70,000

You are given the following additional information :

(a) A machinery of the book value of ₹ 40,000 (depreciation provided thereon ₹ 12,000) was sold at a loss of ₹ 6,000.

(b) 8% debentures were redeemed on 1st July 2018.

Prepare Cash Flow Statement.

Concept: Preparation of Cash Flow Statement
Chapter: [0.026000000000000002] Cash Flow Statement

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     CBSE Class 12 Accountancy question paper solution is key to score more marks in final exams. Students who have used our past year paper solution have significantly improved in speed and boosted their confidence to solve any question in the examination. Our CBSE Class 12 Accountancy question paper 2020 serve as a catalyst to prepare for your Accountancy board examination.
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     By referring the question paper Solutions for Accountancy, you can scale your preparation level and work on your weak areas. It will also help the candidates in developing the time-management skills. Practice makes perfect, and there is no better way to practice than to attempt previous year question paper solutions of CBSE Class 12.

How CBSE Class 12 Question Paper solutions Help Students ?
• Question paper solutions for Accountancy will helps students to prepare for exam.
• Question paper with answer will boost students confidence in exam time and also give you an idea About the important questions and topics to be prepared for the board exam.
• For finding solution of question papers no need to refer so multiple sources like textbook or guides.
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