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

When editing a cell in Excel, which key or combination of keys is pressed to toggle between relative, absolute and mixed cell references?

From the following Balance Sheets of Halogen Ltd., you are required to prepare a Cash Flow Statement (as per AS 3) for the year 2022-23.

Notes to Accounts:

Additional Information:

During the year 2022-23, the company:

1. Issued additional debentures on 1^st October, 2022.
2. Sold Plant & Machinery, the book value of which was ₹ 1,20,000 (accumulated depreciation ₹ 38,000), for ₹ 50,000.

Arrange the following in hierarchy to create a DBMS:

FIELD, DATA, FILE, RECORD

Bhim International Ltd., in order to raise additional funds for expansion purpose, took a loan of ₹ 10,00,000 at a rate of 12% per annum from NZ Bank on 1st July, 2023, against which it offered ₹ 15,00,000, 8% Debentures of ₹ 100 each as a collateral security.

Calculate the finance cost to the company for the year 2023-24.

According to the ratings agency Chrisil, healthy demand for grocery items and expansion into tier II and III cities will help organized brick-and-mortar food and grocery (F&G) retailers log a revenue of 14-15% in FY25. The agency further said the debt raising will be capped to ensure healthy key debt protection metrics.

From the following ratios:

• Choose the formula of the ratio to be used by the F&G retailers as a debt protection metrics
• Mention the name of the ratio so chosen

Calculate Interest Coverage Ratio of Criss Cross Ltd. (up-to two decimal places) from the following information:

An index is clustered if:

The spreadsheet below shows the sales of Jupiter Ltd. made by four salesmen in the four quarters of the financial year 2022-23:

Based on the above transactions and the information given in the spreadsheet, answer the following question:

1. Write the formula to calculate the cost of the goods sold by Salesman No. S2 in Qtr 2, if he had sold the goods at a profit of 10% of the sales.
2. Write the formula to calculate the sales made by Salesman No. S2 in Qtr 3 in cell D3, if he had sold the goods at a profit of 10% of the cost.
3. In Qtr 1, Salesman No. S4 sold goods costing ₹ 8,800 at a loss of 10% of the sales. What is the selling price of the goods in cell B6.
4. The company gives a commission of 10% on its total sales. Write the formula to calculate the commission earned by Salesman No. S3 in cell G5.

From the following information calculate the following ratios (up to two decimal places):
(i) Earning per share
(ii) Price Earning Ratio
(iii) Return on Investments
(iv) Working Capital Turnover Ratio
              Particulars                                                             Rs.

Net profit after interest and tax                                       2,40,000
Tax                                                                                    1,60,000
Net Fixed Assets                                                               10,00,000
Non-current Investments (Non-Trade)                             1,00,000
Equity Share Capital (face value ` 10 per share)               5,00,000
15% Preference Share Capital 1,00,000
Reserves and Surplus (including surplus of the               2,00,000
year under consideration)
10% Debentures                                                              4,00,000
Revenue from Operations                                               10,00,000
Working Capital                                                               1,00,000
Note: The market value of an equity share is Rs. 40.

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?

ABC Ltd. offered 60,000 shares of ₹ 10 each to the public. The public applied for 1,00,000 shares. The company made pro-rata allotment in the ratio of 3 : 2 and the remaining applications were rejected and money refunded to the applicants.

On how many shares did the company refund the application money?

On 1^st April, 2022, Lighthouse Ltd. purchased land from Bricks Ltd. The payment was made on the same day by:

1. Issuing a bank draft for ₹ 2,00,000.
2. Drawing a Promissory Note in favour of Bricks Ltd. for ₹ 10,00,000.
3. Issuing 8,000, 10% Debentures of ₹ 100 each at par, redeemable at a premium of 10% after three years.

You are required to pass necessary journal entries in the books of Lighthouse Ltd. on the date of purchase of land.

What is meant by inter-firm analysis?

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.

Gama Ltd. issued 20,000 Equity shares of ₹ 10 each to the public, payable as follows:

₹ 2 on Application

₹ 3 on Allotment (on 1^st November, 2022)

₹ 5 on First & Final Call (on 1^st March, 2023)

Applications were received for 25,000 shares. The directors of the company accepted applications for 20,000 shares and refunded the application money on the remaining shares.
One shareholder who was allotted 30 shares paid the first and final call with allotment.
Another shareholder did not pay his allotment on 20 shares when due but paid it with the first and final call along with interest on calls-in-arrears.
The directors of the company charged interest on calls-in-arrears at the rate provided in Table F of the Companies Act, 2013. No interest was allowed on calls-in-advance.

You are required to pass journal entries to record the above transactions in the books of Gama Ltd.

Based on the following information of Neon Ltd., answer the questions given below in relation to the Cash Flow Statement of the company for the year 2022-23.

Note: Dividend proposed in the years 2021-22 and 2022-23 were ₹ 30,000 and ₹ 40,000 respectively.

Additional information:

During the year 2022-23, the company:

1. Provided ₹ 75,000 for tax.
2. Issued 7% Debentures at a discount of 5%.
3. Purchased Plant & Machinery for ₹ 40,000.

1. What is the amount of tax paid by the company?
2. Give the reason for the opening book value and closing book value of Plant & Machinery remaining the same, despite the purchase of a machine during the year.
3. What is the inflow of cash from the issue of 7% Debentures?
4. Give the company's outflow of cash for dividend paid to the shareholders.
5. State with reason whether Neon Ltd. will consider the decrease in the amount of land as an Operating Activity or as an Investing Activity, while preparing its Cash Flow Statement.

From the following particulars of Hind Ltd., calculate the preference dividend paid by the company:

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.

Read the news item given below and answer the questions which follow:

How would the Cash Flow from Investing Activities of TCS be affected, if instead of buying back its shares, the company had proceeded with its investing programme? 

Anand Ltd. reported a loss of ₹ 80,000 for the year ended 31st March, 2024, after considering the depreciation charged on Plant & Machinery represented by ‘??’ and the following items:

Additional information:

1. During the year 2023-24:

• A machine having a book value ₹ 40,000, was disposed of for ₹ 25,000 and a machine costing ₹ 2,20,000 was purchased.
• Credit sales were ₹ 1,00,000

2. An extract of the balance sheet of the company as at 31st March, 2023, and as at 31st March, 2024:

1. You are required to calculate for the year 2023-24: (Show the workings clearly)
   1. The net operating profit of the company before working capital changes.
   2. Cash from Investing Activity.
2. Taking the information of credit sales into consideration, state with reason, whether the increase in Trade Receivables in the year 2023-24 over the year 2022-23 will cause the cash from operating activities before tax paid to be more or less then the net operating profit of the company before its working capital changes.