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Question Bank Solutions for ISC (Arts) Class 12 - CISCE

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Relay Ltd. (an unlisted Non NBFC) redeems its 8,000, 10% Debentures of ₹ 100 each in instalments as follows:

Date of Redemption Debentures to be redeemed
31st March, 2019 2,000
31st March, 2020 5,000
31st March, 2021 1,000

On the basis of the above details, what will be the amount of Debenture Redemption Reserve which the company will transfer to General Reserve on 31st March, 2021?

[0.023] Redemption of Debentures
Chapter: [0.023] Redemption of Debentures
Concept: Creation of Debenture Redemption Reserve

What is the maximum amount of debentures which an unlisted company, other than a NBFC and HFC, can redeem out of its capital?

[0.023] Redemption of Debentures
Chapter: [0.023] Redemption of Debentures
Concept: Creation of Debenture Redemption Reserve

On 1st April, 2012, Neptune Finance Company (a listed NBFC) issued 4,000, 9 % Debentures of ₹ 100 each to be redeemed at a premium of 5% on 31st March, 2021.

You are required to pass necessary journal entries for the issue and redemption of debentures.

[0.022000000000000002] Issue of Debentures
Chapter: [0.022000000000000002] Issue of Debentures
Concept: Issue of Debentures at Par at Premium and at Discount

Suhas Ltd. issued 1,000, 7% Debentures of ₹ 100 each to be redeemed after three years at a premium of 5%. The face value of the debentures was payable as:

₹ 20 on Application

₹ 30 on Allotment (on 1st May, 2020)

₹ 30 on First call (on 1st October, 2020)

₹ 20 on Final call (on 1st January, 2021)

All the debentures were applied and allotted.

Ali, to whom 20 debentures were allotted, paid the allotment money and the two calls on 31st March, 2021. The Articles of Association of the company provided for interest on calls-in-arrear to be charged @ 10% per annum, which Ali paid on 31st March, 2021.

You are required to pass journal entries in the books of Suhas Ltd. to record:

  • The adjustment and receipt of interest on calls in arrears
  • The entry to close the interest on calls in arrears account
[0.022000000000000002] Issue of Debentures
Chapter: [0.022000000000000002] Issue of Debentures
Concept: Issue of Debentures at Par at Premium and at Discount

Which one of the following analysis is considered as a dynamic analysis?

[0.051] Liquidity Ratios
Chapter: [0.051] Liquidity Ratios
Concept: Liquidity Ratios

You are required to prepare a Comparative Statement of Profit & Loss from the following particulars of Nishant Ltd.

Particulars No. 31.03.2021
(₹)

31.03.2020
(₹)

Revenue from operations   4,00,000 3,00,000
Cost of raw materials consumed   2,00,000 1,50,000
Changes in inventories of
raw materials
  25,000 (12,500)
[0.03] Financial Statement Analysis
Chapter: [0.03] Financial Statement Analysis
Concept: Comparative Statements

How is a top to bottom relationship among the items in a database established?

[0.07] Database Management System (DBMS)
Chapter: [0.07] Database Management System (DBMS)
Concept: Concept of Database Management System (DBMS)

What is meant by Database Partitioning?

[0.07] Database Management System (DBMS)
Chapter: [0.07] Database Management System (DBMS)
Concept: Concept of Database Management System (DBMS)

List the components of storage manager.

[0.07] Database Management System (DBMS)
Chapter: [0.07] Database Management System (DBMS)
Concept: Concept of Database Management System (DBMS)

List the models into which the development of database technology is divided.

[0.07] Database Management System (DBMS)
Chapter: [0.07] Database Management System (DBMS)
Concept: Type of Database Management System (Dbms)

Which property describes the various characteristics of an entity?

[0.07] Database Management System (DBMS)
Chapter: [0.07] Database Management System (DBMS)
Concept: Features of Database Management System (DBMS)

Give any two basic commands of SQL.

[0.07] Database Management System (DBMS)
Chapter: [0.07] Database Management System (DBMS)
Concept: Features of Database Management System (DBMS)

From the following extracts of a company’s Balance Sheets, and the additional information, you are required to calculate Cash from Operating Activities for the year ending 31st March, 2021.

Anjan Ltd. reported a profit of ₹ 80,000 for the year ended 31st March, 2021, after considering the following:

Particulars (₹)
(i) Tax provided during the year 4,000
(ii) Amortization of Patents 10,000
(iii) Profit on sale of Vehicle 3,000
(iv) Writing off Preliminary expenses 2,000
During the year, machinery costing ₹ 40,000 (accumulated
depreciation thereon being ₹ 18,000) was sold for ₹ 6,000.

 

  31.03.2021 (₹) 31.03.2020 (₹)
Trade Receivable 20,000 16,000
Inventory 12,000 15,000
Cash at Bank 8,000 10,000
Trade Payable 9,000 11,000
Marketable Securities 5,000 2,000
Plant & Machinery 88,000 1,30,000
[0.04] Cash Flow Statement (Only for Non-financing Companies)
Chapter: [0.04] Cash Flow Statement (Only for Non-financing Companies)
Concept: Calculation of Net Cash Flows from Operating Activities Based on Indirect Method

How is index hunting helpful?

[0.07] Database Management System (DBMS)
Chapter: [0.07] Database Management System (DBMS)
Concept: DBMS in Business Application

Give any two measures to achieve index hunting.

[0.07] Database Management System (DBMS)
Chapter: [0.07] Database Management System (DBMS)
Concept: DBMS in Business Application

Give the difference between data and information along with an example.

[0.07] Database Management System (DBMS)
Chapter: [0.07] Database Management System (DBMS)
Concept: DBMS in Business Application

Orange Ltd. took over assets of ₹ 7,00,000 and liabilities of ₹ 60,000 of Purple Ltd. for a purchase consideration of ₹ 6,30,000 payable by the issue of 10% Debentures of ₹100 each at a premium of 10% and if need be, a part of the purchase consideration in cash. How will the company meet the purchase consideration?

[0.023] Redemption of Debentures
Chapter: [0.023] Redemption of Debentures
Concept: Redemption of Debentures for Immediate Cancellation - Draw of Lots, Lump Sum and Purchase in the Open Market

From the following extracts of a company’s Balance Sheets and the additional information, you are required to calculate Cash from Financing Activities for the year ending 31st March, 2021.

Particulars 31.3.2021 (₹) 31.3.2020 (₹)
Equity Share Capital 9,00,000 7,00,000
10% Preference Share Capital 3,00,000 5,00,000
Securities Premium Reserve 30,000 5,000
12% Debentures 4,00,000 3,00,000
Cash Credit 12,000 10,000

Additional information:

  1. During the year 2020-21:
    1. Dividend proposed on Equity Shares in 2019-20 of ₹ 65,000 was declared and paid.
    2. Debentures were issued on 1st July, 2020, at a discount of 10%.
    3. Interest on cash credit of ₹ 500 was paid.
    4. Underwriting commission of ₹ 25,000 was paid to the underwriters.
    5. The Equity shares were issued at a premium.
  2. The 10% Preference Shares were redeemed on 31st March, 2021.
[0.04] Cash Flow Statement (Only for Non-financing Companies)
Chapter: [0.04] Cash Flow Statement (Only for Non-financing Companies)
Concept: Preparation of Cash Flow Statement on Basis of Financing Activities

Which of the following transactions is debited to Revaluation Account?

[0.013000000000000001] Reconstitution of Partnership
Chapter: [0.013000000000000001] Reconstitution of Partnership
Concept: Preparation of Revaluation Account and Balance Sheet

State with reason whether old furniture written off would lead to inflow, outflow or no flow of Cash and Cash Equivalents.

[0.04] Cash Flow Statement (Only for Non-financing Companies)
Chapter: [0.04] Cash Flow Statement (Only for Non-financing Companies)
Concept: Cash and Cash Equivalents
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