Commerce (English Medium)
Arts (English Medium)
Academic Year: 2021-2022
Date & Time: 23rd May 2022, 10:30 am
Duration: 2h
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GENERAL INSTRUCTIONS:
- This question paper contains 12 questions. All questions are compulsory.
- This question paper is divided into two parts, Part A and B.
- Part - A is compulsory for all candidates.
- Part - B has two options i.e. (i) Analysis of Financial Statements and (ii) Computerised Accounting. Students must attempt only one of the given options.
- Questions 1 to 3 and 10 are short-answer type-I questions carrying 2 marks each.
- Questions nos. 4 to 6 and 11 are short-answer type-II questions carrying 3 marks each.
- Questions nos. 7 to 9 and 12 are long-answer type questions carrying 5 marks each.
- There is no overall choice. However, an internal choice has been provided in 3 questions of Three marks, 1 question of five marks.
Show the following information in the Balance Sheet of 'Dev Sports Club':
| Particulars | ₹ |
| Match Fund (as on 31st March, 2020) | 1,70,000 |
| Match Expenses (paid during the year ended 31st 2,50,000 March, 2021) | 2,50,000 |
| Donations for Match (Received during the year ended 31st March, 2021) | 90,000 |
Chapter: [0.011000000000000001] Accounting for Not-for-Profit Organisation
Distinguish between 'Dissolution of Partnership' and 'Dissolution of Partnership Firm' on the basis of Termination of business.
Chapter: [0.015] Dissolution of Partnership Firm [0.015] Dissolution of Partnership Firm [0.031] Accounting for Partnership Firms
Distinguish between 'Dissolution of partnership' and 'Dissolution of partnership firm' on the basis of settlement of assets and liabilities.
Chapter: [0.015] Dissolution of Partnership Firm [0.015] Dissolution of Partnership Firm [0.031] Accounting for Partnership Firms
Madhu, Manav and Mukul were partners in a firm sharing profits in the ratio of 3 : 2: 1. On 31st March, 2021 Mukul retired from the firm. On Mukul's retirement, goodwill of the firm was valued at ₹ 3,00,000. Pass necessary journal entry for the treatment of goodwill without opening Goodwill Account on Mukul's retirement.
Chapter: [0.013000000000000001] Reconstitution of a Partnership Firm – Admission of a Partner [0.031] Accounting for Partnership Firms
As per Receipts and Payments Account of Kala Club for the year ended 31st March, 2021, subscriptions received were ₹ 4,00,000.
| ₹ | |
| Subscriptions outstanding on 1.4.2020 | 1,00,000 |
| Subscriptions outstanding on 31.3.2021 | 70,000 |
| Subscriptions received in advance on 1.4.2020 | 50,000 |
| Subscriptions received in advance on 31.3.2021 | 80,000 |
Calculate the amount of subscriptions to be shown in Income and Expenditure Account for the year ended 31st March, 2021 as income from subscription.
Chapter: [0.011000000000000001] Accounting for Not-for-Profit Organisation
From the following information, calculate the amount of stationery to be shown in Income and Expenditure Account for the year ended 31st March, 2021:
| Particulars | 1st April, 2020 (₹) |
31st March, 2021 (₹) |
| Creditors for Stationery | 5,600 | 12,800 |
| Stock of Stationery | 25,000 | 35,000 |
During the year ended 31st March, 2021 payments made to creditors amounted to ₹ 62,800. Stationery purchased during the year was ₹ 2,00,000.
Chapter: [0.011000000000000001] Accounting for Not-for-Profit Organisation
Puneet, Purav and Parth were partners in a firm sharing profits and losses in the ratio of 4 : 3 : 1. The firm closes its books on 31st March every year. As per the terms of partnership deed, on the death of any partner, the Goodwill of the firm will be calculated on the basis of 3 times the average profits of last 4 years. Puneet died on 1st July, 2021. The profits for last four years were:
| Year | Profit (₹) |
| 2017 - 18 | 90,000 |
| 2018 - 19 | 1,00,000 |
| 2019 - 20 | 1,30,000 |
| 2020 - 21 | 80,000 |
Puneet's share of profit up to the date of death was to be calculated on the basis of previous year's profit.
- Calculate goodwill of the firm and Puneet's share of goodwill.
- Calculate Puneet's share in the profits of the firm till the date of his death.
- Pass necessary journal entries for the treatment of goodwill without opening goodwill account and for Puneet's share of profit at the time of his death.
Chapter: [0.013000000000000001] Reconstitution of a Partnership Firm – Admission of a Partner [0.031] Accounting for Partnership Firms
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Radhey Ltd. took over assets of ₹ 14,00,000 and liabilities of ₹ 6,00,000 of Krishna Ltd. Radhey Ltd. paid the purchase consideration by issuing 10,000, 8% Debentures of 100 each at a premium of 10%.
Pass necessary journal entries in the books of Radhey Ltd.
Chapter: [0.032] Accounting for Companies
Amay Ltd invited applications for issuing 10,000, 8% debentures of ₹ 100 each. The amount was payable as follows:
₹ 30 on application and ₹ 70 on allotment. The public applied for 12,000 debentures. Applications for 8,000 debentures were accepted in full; applications for 3,000 debentures were allotted 2,000 debentures and the remaining applications were rejected. All money was duly received. Pass the necessary journal entries in the books of the company for the above transactions.
Chapter: [0.021] Accounting for Share Capital
Give the necessary Journal entries for the following transactions on dissolution of the firm of Sonu and Monu on 31st March, 2021, after transfer of various assets (other than cash and bank balance) and the third party liabilities to Realisation Account. They shared profits and losses in the ratio of 2 : 1.
- Sonu agreed to take over the firm's goodwill (not recorded in the books of the firm) at a valuation of ₹ 40,000.
- Bills payable of ₹ 30,000 falling due on 30th April, 2021 were discharged at ₹ 29,550.
- Stock worth ₹ 8,00,000 was taken over by partner, Sonu at 10% discount.
- Creditors off ₹ 2,00,000 accepted machinery valued at ₹ 2,20,000 in full settlement of their claim.
- Expenses of realisation ₹ 10,000 were paid by partner, Sonu.
Chapter: [0.031] Accounting for Partnership Firms
Anu, Bhanu and Charu were partners in a firm sharing profits in the ratio of 2 : 2 : 1. Anu decided to retire from the firm on 31st March, 2021. The balance sheet of the firm on that date was as follows:
| Balance sheet of Anu, Bhanu and Charu as on 31st March, 2021: |
|||||
| Liabilities | Amount (₹) | Amount (₹) | Assets | Amount (₹) | Amount (₹) |
| Creditors | 24,000 | Bank | 10,000 | ||
| Profit & Loss A/c | 5,000 | Debtors | 20,000 | 19,600 | |
| Capitals: | Less: Provision for Doubtful debts |
400 | |||
| Anu | 31,000 | 83,000 | Stock | 27,000 | |
| Bhanu | 30,000 | Investments | 10,000 | ||
| Charu | 22,000 | Patents | 2,400 | ||
| Premises | 43,000 | ||||
| 1,12,000 | 1,12,000 | ||||
On retirement of Anu, following terms were agreed upon:
- Anu sold her share of premium for goodwill to Bhanu for ₹ 6,000 and to Charu for ₹ 3,000.
- Provision for doubtful debts was to be raised to 5% on debtors.
- Patents were considered valueless.
- Anu was paid ₹ 9,600 through a cheque and balance was transferred to her Loan A/c.
Prepare Revaluation Account and Anu's Capital Account on her retirement.
Chapter: [0.031] Accounting for Partnership Firms
Pass journal entries relating to issue of debentures for the following transactions:
- Issued 8,000, 10% debentures of ₹ 100 each at a discount of 10%, redeemable at 5% premium.
- Issued 4,000, 12% debentures of ₹ 100 each at 10% premium, redeemable at 6% premium.
- Issued ₹ 1,00,000, 9% debentures of ₹ 100 each at par redeemable at par.
- Issued ₹ 5,00,000, 9% debentures of ₹ 100 each at 10% premium redeemable at par.
- Issued ₹ 6,000, 9% debentures of ₹ 100 each at a discount of 10% redeemable at par.
Chapter: [0.032] Accounting for Companies
Following is the Receipts and Payments Account of Indian Youth Club for the year ended 31st March, 2021.
| 'Receipts and Payments Account of Indian Youth Club for the year ended 31st March, 2021 |
|||||
| Receipts | Amount (₹) | Payments | Amount (₹) | ||
| To Balance b/d: | By Salaries | 3,60,000 | |||
| Cash | 25,000 | 3,10,000 | By Printing & Stationery | 19,000 | |
| Bank | 2,85,000 | By Printer | 40,000 | ||
| To Subscriptions (including ₹ 40,000 for year ending 31.3.2022) | 4,00,000 | By Investments | 80,000 | ||
| To Interest on Investments | 1,000 | By Balance cd: | |||
| Cash | 12,000 | 2,12,000 | |||
| Bank | 2,00,000 | ||||
| 7,11,000 | 7,11,000 | ||||
Additional Information:
- Investments were made on 1st October 2020 @ 5% p.a.
- Salaries for March 2021 ₹ 5,000 are unpaid.
- ₹ 3,000 are payable for stationery.
Prepare Income and Expenditure Account of the Club for the year ended 31st March, 2021.
Chapter: [0.011000000000000001] Accounting for Not-for-Profit Organisation
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State whether the following transaction will result in inflow, outflow or no flow of cash while preparing cash flow statement:
Issued bonus shares ₹ 5,00,000.
Inflow
Outflow
No flow
Chapter: [0.026000000000000002] Cash Flow Statement
State whether the following transaction will result in inflow, outflow or no flow of cash while preparing cash flow statement:
Interest received in cash from loans and advances ₹ 80,000.
Inflow
Outflow
No flow
Chapter: [0.026000000000000002] Cash Flow Statement
From the information extracted from the Statement of Profit and Loss prepare a Comparative Statement of Profit and Loss for the year ended 31st March, 2021:
| Particulars | 2020 - 21 (₹) | 2019 - 20 (₹) |
| Revenue from operations | 7,20,000 | 4,00,000 |
| Expenses | 5,00,000 | 2,00,000 |
| Tax Rate @ 50% |
Chapter: [0.024] Analysis of Financial Statements [0.040999999999999995] Analysis of Financial Statements
From the following Balance Sheet of Rohit Ltd., prepare a Common Size Balance Sheet:
| Balance Sheet of Rohit Ltd. as at 31st Mach, 2021 |
|||
| Particulars | Note No. | 31st March 2021 (₹) |
31st March 2020 (₹) |
| I. Equity and Liabilities | |||
| 1. Shareholders' Funds | 3,20,000 | 1,60,000 | |
| 2. Current Liabilities | 80,000 | 40,000 | |
| Total | 4,00,000 | 2,00,000 | |
| II. Assets | |||
| 1. Non-Current Assets | 3,00,000 | 1,50,000 | |
| 2. Current Assets | 1,00,000 | 50,000 | |
| Total | 4,00,000 | 2,00,000 | |
Chapter: [0.024] Analysis of Financial Statements [0.040999999999999995] Analysis of Financial Statements
Calculate 'Cash Flows from Investing Activities' and 'Cash Flows from Financing Activities' for the year ended 31st March 2021 from the following Balance Sheet of Kamna Ltd. as 31st March 2021 showing your workings clearly:
| Kamna Ltd. Balance Sheet as at 31st March, 2021 |
|||
| Particulars | Note No. | 31st March, 2021 (₹) |
31st March, 2020 (₹) |
| I. Equity and Liabilities | |||
| 1. Shareholders' Funds | |||
| (a) Share Capital | 12,00,000 | 11,00,000 | |
| (b) Reserves and surplus | 1 | 3,00,000 | 2,00,000 |
| 2. Non-Current Liabilities | |||
| Long-term borrowings | 2,40,000 | 1,70,000 | |
| 3. Current Liabilities | |||
| Trade payables | 2,20,000 | 2,81,000 | |
| Total | 19,60,000 | 17,51,000 | |
| II. Assets | |||
| 1. Non Current Assets | |||
| (a) Fixed Assets | |||
| (i) Tangible Assets | 2 | 10,70,000 | 8,50,000 |
| (ii) Intangible Assets | 3 | 40,000 | 1,12,000 |
| 2. Current Assets | |||
| (a) Current Investments | 2,40,000 | 1,50,000 | |
| (b) Inventories | 1,20,000 | 1,21,000 | |
| (c) Trade Receivables | 1,70,000 | 1,43,000 | |
| (d) Cash and Cash Equivalents | 3,20,000 | 3,75,000 | |
| Total | 19,60,000 | 17,51,000 | |
Notes to Accounts:
| Note No. |
Particulars | 31st March, 2021 (₹) |
31st March, 2020 (₹) |
| 1. | Reserve and Surplus: | 3,00,000 | 2,00,000 |
| Surplus i.e. Balance in | |||
| Statement of Profit & Loss | |||
| 2. | Tangible Assets: | ||
| Machinery | 12,70,000 | 10,00,000 | |
| Accumulated Depreciation | (2,00,000) | (1,50,000) | |
| 10,70,000 | 8,50,000 | ||
| 3. | Intangible Assets: | ||
| Goodwill | 4,000 | 1,12,000 |
Additional Information:
A piece of machinery costing ₹ 24,000 on which accumulated depreciation was ₹ 16,000, was sold for ₹ 6,000.
Chapter: [0.026000000000000002] Cash Flow Statement
Explain the meaning of the term 'Normalisation'.
Chapter: [0.05] Data Base Management System for Accounting
Explain the meaning of the term 'Relational database'.
Chapter: [0.05] Data Base Management System for Accounting
Explain any three components of the accounts group 'Current Liabilities'.
Chapter: [0.01] Overview of Computerised Accounting System
Explain the meaning of the term 'Query' as a tool of SQL.
Chapter: [0.05] Data Base Management System for Accounting
Explain the meaning of the term 'Join' as a tool of SQL.
Chapter: [0.05] Data Base Management System for Accounting
State the steps to construct Bank-Reconciliation statement using Tally.
Chapter: [0.03] Use of Spreadsheet in Business Applications
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