Accountancy Term 2 - Outside Delhi Set 2 2021-2022 Commerce (English Medium) Class 12 Question Paper Solution

List any four items that are considered as Capital items while preparing financial statements of a Not-for-Profit Organisation.

A, B, C and D were partners in a firm sharing profits in the ratio of 4:3:2:1. on 31.3.2022, C retired from the firm and his share was taken over by B and D equally.

Calculate the new profit-sharing ratio of A, B and D.

Ravi, Mohan and Sohan were partners in a firm. On 31.3.2022, Mohan retired from the firm. On Mohan’s retirement, the balance sheet of the firm showed debtors at ₹ 1,95,000. It was decided to record unrecorded debtors of ₹ 5,000 and create a provision of 5% on debtors for bad and doubtful debts.

Pass necessary journal entries for the above transactions in the book of the firm on Mohan’s retirement.

From the following information obtained from the books of 'Murlidhar Charitable Hospital', calculate the amount of medicines to be debited to the Income and Expenditure Account of the hospital for the year ended 31.03.2022.

During the year ₹ 11,49,000 were paid to the Creditors for medicines. Medicines of ₹ 3,30,000 were purchased in cash for emergency use.

State with reason how the following item will be treated while preparing the 'Income and Expenditure Account' and 'Balance Sheet' of a Not-for-Profit Organisation:

Sale of used sports material

State with reason how the following item will be treated while preparing the 'Income and Expenditure Account' and 'Balance Sheet' of a Not-for-Profit Organisation:

Life membership fees

State with reason how the following item will be treated while preparing the 'Income and Expenditure Account' and 'Balance Sheet' of a Not-for-Profit Organisation:

Government Grant for the construction of a building.

C, F and S were partners in a firm, sharing profits and losses in the ratio of 5:4:1. F died on 30^th June, 2021. The firm earned a net profit of % 3,00,000 for the year ended 31.3.2021. The deceased partner’s share in the year of his death was to be calculated on the basis of sales. The sales for the year ended 31.3.2021 were ₹ 24,00,000, whereas the sales from 1st April, 2021, to 30th June, 2021 were ₹ 4,00,000.

Calculate F’s share in the profits till the date of his death and pass the necessary journal entry for the same.

X Ltd. purchased assets of ₹ 18,00,000 and took over liabilities of ₹ 6,00,000 of Y Ltd. for a purchase consideration of ₹ 10,00,000. The payment to Y Ltd. was made by issue of 9% debentures of ₹ 100 each at ₹ 125. Calculate the number of 9% debentures issued in favour of Y Ltd. and pass the necessary journal entries for the above transactions in the books of X Ltd.

Pass necessary journal entries in the books of Z Ltd. for the following transaction:

Z Ltd. invited applications for issuing 10,000, 9% debentures of ₹ 100 each at a premium of ₹ 10 per debenture. The full amount was payable on application. Applications were received for 15,000 debentures. Applications for 3,000 debentures were rejected and the applications money was refunded. Debentures were allotted to the remaining applicants on a pro-rata basis.

Pass necessary journal entries in the books of Z Ltd. for the following transaction:

The company has a balance of ₹ 60,000 in securities premium reserve account. Loss on issue of debentures ₹ 1,00,000 was written off as per the provisions of the Companies Act. 2013.

From the following 'Receipts and Payments Account' of Golden Club for the year ended 31.3.2022, prepare Income and Expenditure Account:

Additional Information:

1. Club had 1750 members each paying an annual subscription of ₹ 100.
2. Furniture was purchased on 31.3.2022.

T, U and V were partners in a firm sharing profits and losses in the ratio of 2 : 1 : 2. Their firm was incurring huge losses thus it had to be closed. After transferring assets (other than cash in hand and bank) and third party liabilities to Realization Account the following transactions took place:

1. T took away 50% of the stock at book value less 10% for ₹ 90,000, and the remaining stock was sold for ₹ 40,000.
2. Creditors of ₹ 78,000 took over machinery of ₹ 80,000 in full settlement of their claim.
3. ₹ 5,000 debtors previously written off were recovered.
4. Mrs. V's loan of ₹ 72,000 was paid by the firm.
5. Loss on dissolution was ₹ 80,000.

Pass necessary journal entries for the above transactions in the book of T. U and V.

D, E and F were partners in a firm sharing profits in the ratio of 5 : 2 : 3. On 31.3.2022 their balance sheet was as follows:

On the above date D retired from the firm and the following was agreed upon:

1. Goodwill of the firm was valued at ₹ 1,00,000, D's share of goodwill was adjusted through the capital accounts of remaining partners.
2. Investments were to be brought to their market value which was ₹ 85,000.
3. Machinery was to be depreciated to ₹ 7,00,000.
4. Land and Building was to be appreciated to ₹ 12,00,000.
5. The balance in D's capital account was transferred to his loan account.

Prepare Revaluation Account and D's Capital Account on his retirement.

Pass necessary journal entries for the issue of debentures in the following cases:

1. Issued 50,000, 9% debentures of ₹ 100 each at par redeemable at par.
2. Issued 10,000, 8% debentures of ₹ 100 each at 7% premium redeemable at par.
3. Issued 750, 8% debentures of ₹ 100 each at 10% discount redeemable at par.
4. Issued 1,000, 9% debentures of ₹ 100 each at 5% premium redeemable at 8% premium.
5. Issued 500, 9% debentures of ₹ 100 each at 10% discount redeemable at 10% premium.

Give the meaning of 'Cash Flow statement'.

From the following Statement of Profit and Loss of PP Ltd., prepare a ‘Common Size Statement of Profit and Loss’ for the year ended 31.3.2021 and 31.3.2022:

From the following Balance Sheet of XX Ltd., prepare a ‘Comparative Balance Sheet’ as at 31.3.2022:

From the following Balance Sheet of Jay Ltd. as at 31.3.2022, calculate 'Cash Flow from Operating Activities':

Note to Accounts:

Additional Information:

₹ 4,00,000, 10% Debentures were issued on 31.3.2022.