ISC (Commerce) कक्षा १२ - CISCE Important Questions for Accounts

On 1^st April, 2022, the following balances appeared in the books of Alpha Pvt. Ltd.

The Debenture Redemption Investment, which was purchased by the company on 1^st April, 2022, was realised at 101% on the date of redemption and the debentures were redeemed on the due date. 

You are required to prepare the following accounts for the year 2022-23 in the books of Alpha Pvt. Ltd.

1. Debenture holders' Account.
2. Debenture Redemption Investment Account.

On 1^st April, 2022, Resorts Ltd. (a listed construction company) had 60,000, 5% Debentures of ₹ 100 each due for redemption at par on 31^st March, 2023.
As per the law, investment was made in a fixed deposit of a bank on 30th April, 2022, earning interest @ 5% per annum.
Tax @ 10% was deducted by the bank on the interest.

You are required to pass necessary journal entries in the year of redemption of debentures, including entries for interest on Debenture Redemption Investment. (Ignore the interest on Debentures)

Ronny Ltd. (an unlisted construction company) redeems its 7,000, 10% Debentures of ₹ 100 each at a premium of 5% in instalments, as follows:

You are required to prepare for the year 2023-24:

1. General Reserve Account.
2. Debenture holders’ Account. (Ignore interest on Debentures).

Mention the heading and sub-heading under which Vehicles are shown in the Balance Sheet of a company prepared as per Schedule III of the Companies Act, 2013.

What is meant by inter-firm analysis?

The Annual Report of ITC Ltd., for the financial year 2021-22, showed Claims against the Company not acknowledged as debts of ₹ 880.58 crores including Third party claims arising from disputes relating to contracts aggregating ₹ 29.22 crores.

Mention the heading and the sub-heading under which this item would, have been shown in the Notes to Accounts accompanying the Balance Sheet of ITC Ltd. as at 31st March, 2022.

The Balance Sheet of Hari, Jacob and James as at 31^st March, 2023, stood as follows:

Jacob died on 30^th June, 2023.

His drawings from 1^st April, 2023, up to the date of his death amounted to ₹ 1,00,000 According to the partnership deed, Jacob was:

1. To be charged with interest on drawings @ 4% per annum.
2. Entitled to his share of interim profits for which his capital account was credited with ₹ 1,10,000.
3. Entitled to his share in the non-purchased goodwill of the firm.

The firm's non-purchased goodwill on the date of Jacob's death had no value.
The final amount due to Jacob by the firm was transferred to his executor's loan account.
You are required to prepare the Interim Balance Sheet of the reconstituted firm as at 30^th June, 2023.

Jubilant Food Works Ltd., the company that operates Domino’s restaurants in India, reported a net profit of ₹ 65.7 crore for the three months ending, 31st December, 2023, against ₹ 80 crore for the three months ending, 31st December, 2022.

You are required to give, for the three months ending, 31st December, 2023, as compared to the same period ending, 31st December, 2022:

1. The formula to calculate the percentage change in net profit of the company.
2. The percentage change in the net profit of Jubilant Food Works Ltd. of the three months ending 31st December, 2023 vis-a-vis the three months ending, 31st December, 2022, mentioning the increase/decrease.

Give any two differences between horizontal analysis and vertical analysis of financial statements.

From the following information, prepare a Common Size Statement of Profit and Loss of Prudence Ltd. for the
year ending 31st March, 2017:
Particulars                                                        31.03.2017

Revenue from Operations                                  20,00,000

Purchases                                                          15,00,000

Changes in inventories                                      1,00,000

Other Income (Dividend received)                      40,000

Depreciation and Amortization expenses            60,000

Tax Rate @ 40%

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

What is meant by inter-firm analysis?

From the following data of Horizon Ltd., you are required to prepare a Comparative Statement of Profit and Loss.

The Balance Sheet of Hari, Jacob and James as at 31^st March, 2023, stood as follows:

Jacob died on 30^th June, 2023.

His drawings from 1^st April, 2023, up to the date of his death amounted to ₹ 1,00,000 According to the partnership deed, Jacob was:

1. To be charged with interest on drawings @ 4% per annum.
2. Entitled to his share of interim profits for which his capital account was credited with ₹ 1,10,000.
3. Entitled to his share in the non-purchased goodwill of the firm.

The firm's non-purchased goodwill on the date of Jacob's death had no value.
The final amount due to Jacob by the firm was transferred to his executor's loan account.
You are required to prepare the Interim Balance Sheet of the reconstituted firm as at 30^th June, 2023.

Following is the Comparative Income Statement of Violet Ltd. for the years ending 31-3-2023 and 31-3-2022.

You are required to present the Comparative Income Statement in its complete form after calculating the missing information represented by "??".

Jubilant Food Works Ltd., the company that operates Domino’s restaurants in India, reported a net profit of ₹ 65.7 crore for the three months ending, 31st December, 2023, against ₹ 80 crore for the three months ending, 31st December, 2022.

You are required to give, for the three months ending, 31st December, 2023, as compared to the same period ending, 31st December, 2022:

1. The formula to calculate the percentage change in net profit of the company.
2. The percentage change in the net profit of Jubilant Food Works Ltd. of the three months ending 31st December, 2023 vis-a-vis the three months ending, 31st December, 2022, mentioning the increase/decrease.

From the following information, you are required to prepare a Common Size Balance Sheet of Super Ltd. as at 31st March, 2024.

                    You are required to prepare a Cash-Flow Statement (as per AS-3)
                          for the year 2016-17 from the following Balance Sheet.
                                    Balance Sheet of Honesty Ltd.
                          As at 31st March, 2016 and 31st March, 2017

Notes to Accounts:

During the year 2016-17:
(i) A part of the machine, costing Rs. 50,000, accumulated depreciation thereon being Rs. 20,000, was sold for
Rs.18,000.
(ii) Tax paid Rs. 20,000.
(iii) Interest of Rs. 50,000 paid on Debentures.

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

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 31^st March, 2021.

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.