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Question Bank Solutions for CBSE (Arts) Class 12 - CBSE - Accountancy

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C and D were partners in a firm sharing profits in the ratio of 3:2. On 28-2-2016 the firm was dissolved. After transferring assets (other than cash) and outsiders' liabilities to realization account 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.

(d) Loss on dissolution was Rs 7,500. Pass necessary journal entries for the above transactions in the books of the firm assuming that all payments were made by cheque.

[0.015] Dissolution of Partnership Firm
Chapter: [0.015] Dissolution of Partnership Firm
Concept: Dissolution of Partnership Firm

E and F were partners in a firm sharing profits in the ratio of 7:3. On 28-2-2016 the firm was dissolved. After transferring assets (other than cash) and outsider's liabilities to realization account you are given the following information:

(a) A creditor for Rs 3, 00,000 accepted building valued Rs 3, 75,000 and paid the firm Rs 75,000.

(b) A second creditor for Rs 93,000 accepted stock valued at Rs 90,000 in full settlement of his claim.

(c) A third creditor amounting to Rs 60,000 accepted Rs 37,000 in cash and investments of the book value of Rs 40,000 in full settlement of his claim.

(d) Loss on dissolution was Rs 7,000.

Pass necessary journal entries for the above transactions in the books of the firm assuming that all payments were made by cheque.

[0.015] Dissolution of Partnership Firm
Chapter: [0.015] Dissolution of Partnership Firm
Concept: Dissolution of Partnership Firm

R and L were partners in a firm sharing profits in the ratio of 13:7. On 4-3-2016 their firm was dissolved. After transferring assets (other than cash) and outsiders liabilities to the realization account, you are given the following information :

(a) Subh, a creditor for Rs 4,90,000 accepted building at Rs 6,50,000 and paid the balance to the firm by a cheque.

(b) Sudha, a second creditor for Rs 1, 80,000 accepted machinery of the book value of Rs 1,80,000 at Rs 1,76,000 in full settlement of his claim.

(c) Sudhir, a third creditor for Rs 2,00,000 accepted investments of Rs 1,20,000 and a bank draft of Rs 79,000 in full settlement of his claim.

(d) Loss on dissolution was Rs 30,000. Pass necessary journal entries for the above transactions in the books of the firm

[0.015] Dissolution of Partnership Firm
Chapter: [0.015] Dissolution of Partnership Firm
Concept: Dissolution of Partnership Firm

What is meant by 'Financial Statements' of a company?

[0.040999999999999995] Analysis of Financial Statements
Chapter: [0.040999999999999995] Analysis of Financial Statements
Concept: Financial Statements of a Company

What is meant by 'Financial Statements' of a company?

[0.023] Financial Statements of a Company
Chapter: [0.023] Financial Statements of a Company
Concept: Financial Statements of a Company

Distinguish between 'Dissolution of partnership' and 'Dissolution of partnership firm' on the basis of settlement of assets and liabilities.

[0.015] Dissolution of Partnership Firm
Chapter: [0.015] Dissolution of Partnership Firm
Concept: Dissolution of Partnership Firm

Complete the following journal entries left blank in the books of VK Ltd.:

VK Ltd.
Journal
Date Particulars L.F.

Dr.

Rs

Cr.

Rs

2018
Feb 1

___________________             Dr.

        ___________________

(Purchased own 500, 9% debentures of Rs 100 each at Rs 97 each for immediate cancellation)

 

  ________

 

 

  ________

 

Feb 1

___________________             Dr.

       ___________________

       ___________________

(Cancelled own debentures)

 

  ________

 

 

 

 ________

 ________

______

___________________             Dr.

      ___________________

(______________________)

 

  ________

 

 

  ________

 

[0.023] Financial Statements of a Company
Chapter: [0.023] Financial Statements of a Company
Concept: Financial Statements of a Company

Complete the following journal entries left blank in the books of VK Ltd.:

VK Ltd.
Journal
Date Particulars L.F.

Dr.

Rs

Cr.

Rs

2018
Feb 1

___________________             Dr.

        ___________________

(Purchased own 500, 9% debentures of Rs 100 each at Rs 97 each for immediate cancellation)

 

  ________

 

 

  ________

 

Feb 1

___________________             Dr.

       ___________________

       ___________________

(Cancelled own debentures)

 

  ________

 

 

 

 ________

 ________

______

___________________             Dr.

      ___________________

(______________________)

 

  ________

 

 

  ________

 

[0.040999999999999995] Analysis of Financial Statements
Chapter: [0.040999999999999995] Analysis of Financial Statements
Concept: Financial Statements of a Company

State the primary objective of preparing a Cash Flow Statement.

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

'Interest received and paid' is considered as which type of activity by a finance company while preparing a Cash Flow Statement?

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

From the following Balance Sheet of JY Ltd. as at 31st March 2017, prepare a Cash Flow Statement :

Balance Sheet of JY Ltd.
as at 31.3.2017
Particular Note No.

31-3-2017

Rs

31-3-2016

Rs

I. Equity and Liabilities

  1. Shareholders' Funds:

     (a) Share capital

     (b) Reserves and surplus

  2. Non-current Liabilities:

    Long term-borrowing

  3. Current Liabilities:

    (a) Short-term borrowings

    (b) Short-term provisions

 

 

 

1

 

2

 

3

4

 

 

5,00,000

1,00,000

 

2,50,000

 

1,50,000

2,00,000

 

 

5,00,000

(25,000)

 

1,50,000

 

1,00,000

1,25,000

Total   12,00,000 8,50,000

II. Assets

   1. Non- Current Assets:

     (a) Fixed Assets:

         (i) Tangible

   2. Current Assets:

    (a) Trade Receivable

    (b) Cash and Cash Equivalents

    (c) Short-term Loans and Advances

 

 

 

5

 

 

 

 

 

 

 

6,00,000

 

2,75,000

1,25,000

2,00,000

 

 

 

4,50,000

 

2,25,000

75,000

1,00,000

Total   12,00,000 8,50,000

 

Notes to Accounts

Note No Particulars

31-3-2017

Rs

31-3-2016

Rs

1

 

 

2

 

 

3

 

 

 

4

 

 

 

5

 

 

Reserve and Surplus

(Surplus i.e. Balance in Statement of Profit and Loss)

 

 

1,00,000

 

(25,000)

1,00,000 (25,000)

Long-term borrowings :

10 % Debentures

 

 

2,50,000

 

1,50,000

2,50,000 1,50,000

Short-term borrowings :

Bank Overdraft

 

 

1,50,000

 

1,00,000

1,50,000 1,00,000

Short-term provisions:

(i) Proposed Dividend

(ii) Provision for Tax

 

 

75,000

1,25,000

 

50,000

75,000

2,00,000 1,25,000

Tangible Assets:

Machinery

Accumulated Depreciation

 

 

7,37,500

(1,37,500)

 

5,25,000

(75,000)

6,00,000 4,50,000

Additional Information:

Rs 1,00,000, 10% Debentures were issued on 31-3-2017.

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

Pass necessary journal entries on the dissolution of a partnership firm in the following cases :

1) Expenses of dissolution were Rs 9,000.

2) Expenses of dissolution Rs 3,400 were paid by a partner, Vishal

3) Shiv, a partner, agreed to do the work for dissolution for a commission of Rs 4,500. He also agreed to bear the dissolution expenses. Actual dissolution expenses Rs 3,900 were paid from the firm's bank account.

4) Naveen, a partner, agreed to look after the dissolution work for which he was allowed a remuneration of Rs 3,000. Naveen also agreed to bear the dissolution expenses. Actual expenses on dissolution Rs 2,700 were paid by Naveen.

5) Vivek, a partner, was appointed to look after the dissolution work for a remuneration of Rs 7,000. He agreed to bear the dissolution expenses. Actual dissolution expenses Rs 6,500 were paid by Rishi, another partner, on behalf of Vivek.

6) Gaurav, a partner, was appointed to look after the work of dissolution for a commission of Rs 12,500. He agreed to bear the dissolution expenses. Gaurav took over furniture of Rs 12,500 as his commission. The furniture had already been transferred to realisation account.

[0.015] Dissolution of Partnership Firm
Chapter: [0.015] Dissolution of Partnership Firm
Concept: Dissolution of Partnership Firm

State whether the following will increase, decrease or have no effect on cash flow from operating activities while preparing 'Cash Flow Statement':

1) A decrease in outstanding employees benefits expenses by Rs 3,000

2) Increase in prepaid insurance by Rs 2,000

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

State the objectives of 'Analysis of Financial Statements'.

[0.040999999999999995] Analysis of Financial Statements
Chapter: [0.040999999999999995] Analysis of Financial Statements
Concept: Financial Statements of a Company

State the objectives of 'Analysis of Financial Statements'.

[0.023] Financial Statements of a Company
Chapter: [0.023] Financial Statements of a Company
Concept: Financial Statements of a Company

Will 'acquisition of machinery by an issue of equity shares' be considered while preparing 'Cash Flow Statement'? Give reason in support of your answer.

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

Financial Statements are prepared following the constituent accounting concepts principles procedures and also the legal environment in which the business organisation operate. These statements are the source of information on the basis of which conclusions are drawn about the profitability and financial position of a company so that their users can easily understand and use them in their economic decisions in a meaningful way.

From the above statements identify any two values that a company should observe while preparing its financial statements. Also, State under which major headings and sub-headings the following items will be presented in the Balance Sheet of a company as per Schedule III of the Companies Act 2013

(1) Capital Reserve
(2) Calls-in-Advance
(3) Loose Tools
(4) Bank overdraft

[0.023] Financial Statements of a Company
Chapter: [0.023] Financial Statements of a Company
Concept: Financial Statements of a Company

Financial Statements are prepared following the constituent accounting concepts principles procedures and also the legal environment in which the business organisation operate. These statements are the source of information on the basis of which conclusions are drawn about the profitability and financial position of a company so that their users can easily understand and use them in their economic decisions in a meaningful way.

From the above statements identify any two values that a company should observe while preparing its financial statements. Also, State under which major headings and sub-headings the following items will be presented in the Balance Sheet of a company as per Schedule III of the Companies Act 2013

(1) Capital Reserve
(2) Calls-in-Advance
(3) Loose Tools
(4) Bank overdraft

[0.040999999999999995] Analysis of Financial Statements
Chapter: [0.040999999999999995] Analysis of Financial Statements
Concept: Financial Statements of a Company

Pass necessary journal entries on the dissolution of a partnership firm in the following cases :

1) Expenses of dissolution Rs 500 were paid by John, a partner.

2) Joney, a partner, agreed to bear the dissolution expenses for a commission of 750. Actual dissolution expenses 650 were paid by Joney

3) Bony, partner agreed to look after the dissolution work for a remuneration of Rs 3,700. He also agreed to bear the dissolution expenses. Actual dissolution expenses Rs 4,200 were paid by Bony from the firm’s cash.

4) Sony, a partner, was appointed to look after the dissolution work for a remuneration of Rs 10,000. Sony agreed to bear the dissolution expenses. Sony took away stock worth Rs 10,000 as his remuneration. The stock had already been transferred to realisation account.

5) Vikky, a partner, agreed to look after the dissolution work for a remuneration of Rs 12,000. Vikky also agreed to bear the dissolution expenses. Actual dissolution expenses Rs 12,500 were paid by another partner, Clive, on behalf of Vikky.

6) Dissolution expenses were Rs 5,000

[0.015] Dissolution of Partnership Firm
Chapter: [0.015] Dissolution of Partnership Firm
Concept: Dissolution of Partnership Firm

Will 'Net decrease in working capital' other than cash and cash equivalents, increase, decrease or not change Cash Flow from Operating Activities? Give reason in support of your answer.

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