ISC (Commerce) इयत्ता १२ - CISCE Question Bank Solutions for Accounts

Anita and Anil are partners in a firm. On 1st April, 2024, they admitted Jia as a third partner. The capital accounts of the partners after considering the following adjustments on Jia’s admission are given below:

1. Loss on revaluation due to depreciation on machinery @ 20% per annum.
2. The General Reserve maintained in the old firm was not to be disturbed in the reconstituted firm.

Partners’ Capital Accounts

Additional information:

On 31st March, 2024, the firm of Anita and Anil, apart from plant and machinery and a bank balance of ₹ 2,15,000, had no other asset. You are required to prepare the Balance Sheet of the reconstituted firm on the date of Jia’s admission after considering the information given above.

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

How is a Formula different from a Function in Excel?

The capital accounts of Amar and Harsh stood at  20,000 and 30,000 respectively after the necessary
adjustments in respect of drawings and net profit for the year ended 31st March, 2017. lt was subsequently
ascertained that interest on capital @ 12% per annum was not taken into account while arriving at the
divisible profits for the year.
During the year 2016-17, Amar had withdrawn 2,000 and Harsh's drawings were ` 1,000.
The net profit for the year amounted to  15,000.
The partners shared profits and losses in the ratio of 3:2.
You are required to pass the necessary journal entries to rectify the error in accounting.

State whether the following would result in inflow, outflow or no flow of cash:
(i) Bill Receivable endorsed to Creditors.
(ii) Old vehicle written off.

Which property describes the various characteristics of an entity?

Give any two basic commands of SQL.

What is meant by inter-firm analysis?

How is a view created in SQL?

Give any two differences between Static (embedded) SQL and Dynamic SQL.

Credit Access Grameen Ltd., a listed NBFC - MFI (Micro Finance Institution), is all set to enter the bond market next week to raise up to ₹ 1,000 crore in non-convertible debentures, as it looks to diversify its liability profile. 
According to the provisions of the Companies Act, 2013, what is the maximum amount of these non-convertible debentures which Credit Access Grameen Ltd. will redeem out of its capital?

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.

Mitu and Ritu are partners sharing profits and losses in the ratio of 2 : 3. An extract of their Balance Sheet as at 31^st March, 2023, is given below:

On 1^st April, 2023, they admit Nitu as a new partner for 1/5 share in the profits on the following terms regarding the treatment of the reserves and the accumulated losses:

1. Accumulated losses, if any, to be written off.
2. A workmen compensation claim of ₹ 10,000 to be adjusted against the Workmen Compensation Reserve. The balance of the reserve is not to be distributed.
3. Any loss in the value of investments to be adjusted against the Investment Fluctuation Reserve. The balance of the Investment Fluctuation Reserve is to be distributed.
4. Provision for doubtful debts to be created to the extent of 10% of the debtors from the General Reserve. The remaining amount in the General Reserve is to be distributed.

You are required to pass the necessary journal entries to record the above adjustments at the time of Nitu's admission.

Calculate the Working Capital Turnover Ratio of Moonlight Ltd., (up-to two decimal places) from the following particulars.

Which one of the following is the shortcut key in MS Excel to 'undo the last action'?

Which one of the following files contains one or more worksheets to organise data?

What is the intersection of a column and a row in a worksheet called?

Which programming language is used to write a Macro in MS Excel?

State any one advantage of maintaining a journal using an electronic spreadsheet instead of preparing it manually.