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.
Distinguish between and 'Income and Expenditure Account' and 'Receipts and Payments Account' on the following basis:
- Nature
- Depreciation
Chapter: [0.011000000000000001] Accounting for Not-for-Profit Organisation
A, B, C and D were partners in a firm sharing profits in the ratio of 3 : 4 : 2 : 1. On 31.3.2022, C retired and his share was taken over equally by A and D. Calculate the new profit sharing ratio of A, B and D.
Chapter: [0.013000000000000001] Reconstitution of a Partnership Firm – Admission of a Partner [0.013999999999999999] Reconstitution of a Partnership Firm – Retirement/Death of a Partner
X, Y and Z were partners in a firm sharing profit and losses in the ratio of 5 : 3 : 2. On 31.3.2022 X retired from the firm. On X's retirement the firm had a balance of ₹ 90,000 in the General Reserve Account. The revaluation of assets and reassessment of liabilities resulted in a loss of ₹ 70,000. Pass necessary journal entries for the above transactions on X's retirement.
Chapter: [0.013999999999999999] Reconstitution of a Partnership Firm – Retirement/Death of a Partner [0.031] Accounting for Partnership Firms
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.
| Particulars | 31.3.2021 Amount (₹) |
31.3.2022 Amount (₹) |
| Stock of medicines | 1,70,000 | 3,75,000 |
| Creditors for medicines | 5,40,000 | 8,25,000 |
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.
Chapter: [0.011000000000000001] Accounting for Not-for-Profit Organisation
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
Chapter: [0.011000000000000001] Accounting for Not-for-Profit Organisation
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
Chapter: [0.011000000000000001] Accounting for Not-for-Profit Organisation
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.
Chapter: [0.011000000000000001] Accounting for Not-for-Profit Organisation
P, Q and R were partners in a firm sharing profits and losses in the ratio of 4: 3 : 3. P died on 30th June 2021. The partnership deed provided that on the death of a partner, his share in the profits of the firm till the date of his death will be calculated on the basis of the average profits of the last five years. The profits of the last five years were:
| Year | ₹ |
| 2016 - 2017 | 2,00,000 |
| 2017 - 2018 | 3,00,000 |
| 2018 - 2019 | 4,00,000 |
| 2019 - 2020 | 5,00,000 |
| 2020 - 2021 | 6,00,000 |
The firm closes its books on 31st March every year.
Calculate P's share in the profits of the firm and pass necessary journal entry for the same.
Chapter: [0.031] Accounting for Partnership Firms
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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.
Chapter: [0.022000000000000002] Issue and Redemption of Debentures
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.
Chapter: [0.032] Accounting for Companies
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.
Chapter: [0.032] Accounting for Companies
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:
- T took away 50% of the stock at book value less 10% for ₹ 90,000, and the remaining stock was sold for ₹ 40,000.
- Creditors of ₹ 78,000 took over machinery of ₹ 80,000 in full settlement of their claim.
- ₹ 5,000 debtors previously written off were recovered.
- Mrs. V's loan of ₹ 72,000 was paid by the firm.
- Loss on dissolution was ₹ 80,000.
Pass necessary journal entries for the above transactions in the book of T. U and V.
Chapter: [0.031] Accounting for Partnership Firms
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:
| Liabilities | Amount (₹) | Amount (₹) | Assets | Amount (₹) |
| Creditors | 53,000 | Cash | 16,000 | |
| Bills Payable | 62,000 | Bank | 17,000 | |
| General Reserve | 2,00,000 | Stock | 18,000 | |
| Capitals: | Debtors | 1,99,000 | ||
| D | 7,00,000 | 18,00,000 | Investments | 1,15,000 |
| E | 5,00,000 | Machinery | 7,50,000 | |
| F | 6,00,000 | Land and Building |
10,00,000 | |
| 21,15,000 | 21,15,000 |
On the above date D retired from the firm and the following was agreed upon:
- Goodwill of the firm was valued at ₹ 1,00,000, D's share of goodwill was adjusted through the capital accounts of remaining partners.
- Investments were to be brought to their market value which was ₹ 85,000.
- Machinery was to be depreciated to ₹ 7,00,000.
- Land and Building was to be appreciated to ₹ 12,00,000.
- The balance in D's capital account was transferred to his loan account.
Prepare Revaluation Account and D's Capital Account on his retirement.
Chapter: [0.013999999999999999] Reconstitution of a Partnership Firm – Retirement/Death of a Partner [0.031] Accounting for Partnership Firms
Pass necessary journal entries for the issue of debentures in the following cases:
- Issued 50,000, 9% debentures of ₹ 100 each at par redeemable at par.
- Issued 10,000, 8% debentures of ₹ 100 each at 7% premium redeemable at par.
- Issued 750, 8% debentures of ₹ 100 each at 10% discount redeemable at par.
- Issued 1,000, 9% debentures of ₹ 100 each at 5% premium redeemable at 8% premium.
- Issued 500, 9% debentures of ₹ 100 each at 10% discount redeemable at 10% premium.
Chapter: [0.032] Accounting for Companies
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From the following 'Receipts and Payments Account' of Golden Club for the year ended 31.3.2022, prepare Income and Expenditure Account:
| Receipts and Payments Account of Golden Club for the year ended 31.3.2022 |
|||||
| Receipts | Amount (₹) | Amount (₹) | Payments | Amount (₹) | Amount (₹) |
| Balance b/d | Honorarium | 75,000 | |||
| Cash | 70,000 | 2,70,000 | Stationery | 15,000 | |
| Bank | 2,00,000 | Electricity Bill | 35,000 | ||
| Subscriptions | 2,00,000 | Rent | 1,20,000 | ||
| Entrance Fees | 50,000 | Furniture | 1,80,000 | ||
| Sale of old newspaper | 2,000 | Fixed Deposit @ 9% p.a. on 31.03.2022 | 1,00,000 | ||
| Sale of old furniture (book value ₹ 10,000) | 4,000 | Balancec/d | |||
| Donations | 45,000 | Cash | 26,000 | 76,000 | |
| Life membership fees | 30,000 | Bank | 50,000 | ||
| 6,01,000 | 6,01,000 | ||||
Additional Information:
- Club had 1750 members each paying an annual subscription of ₹ 100.
- Furniture was purchased on 31.3.2022.
Chapter: [0.011000000000000001] Accounting for Not-for-Profit Organisation
Give the meaning of 'Cash Flow statement'.
Chapter: [0.026000000000000002] Cash Flow Statement
From the following information, prepare a 'Common Size Statement of Profit and Loss' of GG Ltd. for the year ended 31.3.2021 and 31.3.2022:
| 31.3.2022 | 31.3.2021 | |
| Revenue from operations | 20,00,000 | 10,00,000 |
| Other Income | 2,00,000 | 1,00,000 |
| Expenses | 15,00,000 | 8,00,000 |
| Tax @ 50% |
Chapter: [0.024] Analysis of Financial Statements [0.040999999999999995] Analysis of Financial Statements
From the following Balance Sheet of Jay Ltd. as at 31.3.2022, calculate 'Cash Flow from Operating Activities':
| Jay Ltd. Balance Sheet as at 31.3.2022 |
|||
| Particulars | Note No. | 31.3.2022 (₹) | 31.3.2021 (₹) |
| I. Equity and Liabilities | |||
| 1. Shareholders' Funds | |||
| (a) Share Capital | 1 | 50,00,000 | 30,00,000 |
| (b) Reserves and Surplus | 2 | 10,00,000 | 6,00,000 |
| 2. Non-Current Liabilities | |||
| Long-term borrowings | 3 | 8,00,000 | 4,00,000 |
| 3. Current Liabilities | |||
| (a) Trade Payables | 2,00,000 | 3,00,000 | |
| (b) Other Current Liabilities | 4 | 3,00,000 | 1,00,000 |
| (c) Short-term provisions | 5 | 1,50,000 | 1,00,000 |
| Total | 74,50,000 | 45,00,000 | |
| II. Assets | |||
| 1. Non Current Assets | |||
| Fixed Assets | |||
| (i) Tangible Assets | 6 | 60,00,000 | 40,00,000 |
| (ii) Intangible Assets | 7 | 4,00,000 | 4,00,000 |
| 2. Current Assets | |||
| (a) Inventories | 7,00,000 | 40,000 | |
| (b) Cash and Cash equivalents | 3,50,000 | 60,000 | |
| Total | 74,50,000 | 45,00,000 | |
Note to Accounts:
| Note No. | Particulars | 31st march, 2022 (₹) | 31st march, 2021 (₹) |
| 1. | Share Capital: | ||
| Equity Share Capital | 50,00,000 | 30,00,000 | |
| 2. | Reserves and Surplus: | ||
| Surplus i.e. balance in the Statement of Profit and Loss |
10,00,000 | 6,00,000 | |
| 3. | Long-term borrowings: | ||
| 10% debentures | 8,00,000 | 4,00,000 | |
| 4. | Other Current Liabilities: | ||
| Outstanding rent | 3,00,000 | 1,00,000 | |
| 5. | Short-term provisions: | ||
| Provision for tax | 1,50,000 | 1,00,000 | |
| 6. | Tangible Assets: | ||
| Land | 60,00,000 | 40,00,000 | |
| 7. | Intangible Assets: | ||
| Patents | 4,00,000 | 4,00,000 |
Additional Information:
₹ 4,00,000, 10% Debentures were issued on 31.3.2022.
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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