CBSE · Accountancy
CBSE(NCERT) GRADE 12 ACCOUNTANCY 2024
2024
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51 questions
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Q2
mcq
1 mark
Abhay, Boris and Chetan were partners in a firm sharing profits in the ratio of 5 : 3 : 2. Boris was guaranteed a profit of < 95,000. Any deficiency on account of this was to be borne by Abhay and Chetan equally. The firm earned a profit of < 2,00,000 for the year ended 31st March, 2023. The amount given by Abhay to Boris as guaranteed amount will be :
a.
< 17,500
b.
< 35,000
c.
< 25,000
Correct Answer
d.
< 10,000
Step-by-Step AI Explanation
Verified Method
Profit-sharing ratio = 5 : 3 : 2, so Boris’s normal share of profit = $\frac{3}{10} \times 2,00,000 = 60,000$. Since Boris is guaranteed $95,000$, the deficiency = $95,000 - 60,000 = 35,000$. This deficiency is borne equally by Abhay and Chetan, so Abhay’s contribution = $\frac{35,000}{2} = 17,500$. Hence, the amount given by Abhay to Boris is $17,500$. Option (A) is correct. The other options do not match the calculated deficiency share.
Q3
mcq
1 mark
Aavya, Mitansh and Praveen were partners in a firm. On 31st March, 2023, the firm was dissolved. Creditors took over furniture of book value of < 50,000 at < 45,000 in part settlement of their amount of < 60,000. The balance amount was paid to them through cheque. The amount paid through cheque will be :
a.
< 10,000
b.
< 50,000
c.
< 45,000
d.
< 15,000
Correct Answer
Step-by-Step AI Explanation
Verified Method
Creditors are owed $60,000$. They took furniture worth $45,000$ in part settlement, so the remaining amount to be paid by cheque is $60,000 - 45,000 = 15,000$. Thus, the amount paid through cheque will be $15,000$. Option (D) is correct.
Q4
mcq
1 mark
Piyush, Rajesh and Avinash were partners in a firm sharing profits and losses equally. Shiva was admitted as a new partner for an equal share. Shiva brought his share of capital and premium for goodwill in cash. The premium for goodwill amount will be divided among :
a.
Old partners in old ratio
b.
New partners in new ratio
c.
New partners in sacrificing ratio
d.
Old partners in sacrificing ratio
Correct Answer
Step-by-Step AI Explanation
Verified Method
When a new partner brings premium for goodwill in cash, it is distributed among the old partners in the sacrificing ratio because it compensates them for the sacrifice of their profit share in favour of the new partner. Therefore, the correct answer is Option (D) Old partners in sacrificing ratio.
Q5
mcq
1 mark
Alex, Benn and Cole were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. They admitted Dona as a new partner for the $\frac{1}{5}$th share in the future profits. Dona agreed to contribute proportionate capital. On the date of admission, capitals of Alex, Benn and Cole after all adjustments were < 1,20,000; < 80,000 and < 1,00,000 respectively. The amount of capital brought in by Dona will be :
a.
< 75,000
Correct Answer
b.
< 60,000
c.
< 65,000
d.
< 70,000
Step-by-Step AI Explanation
Verified Method
Dona is admitted for $\frac{1}{5}$ share, so the old partners together will share $\frac{4}{5}$ of the profit. The capitals of old partners are in the ratio $1,20,000 : 80,000 : 1,00,000 = 12 : 8 : 10 = 6 : 4 : 5$. The total old capital = $1,20,000 + 80,000 + 1,00,000 = 3,00,000$.
If the new partner’s capital is proportionate, then Dona’s capital should be such that her $\frac{1}{5}$ share corresponds to $\frac{1}{4}$ of total capital? More directly, when old partners’ total capital represents $\frac{4}{5}$ of total capital, total firm capital = $3,00,000 \times \frac{5}{4} = 3,75,000$. Hence Dona’s capital = total capital $- $ old capital $= 3,75,000 - 3,00,000 = 75,000$.
So the amount of capital brought in by Dona will be $75,000$. Option (A) is correct.
Q6
mcq
1 mark
Assertion (A): Each partner is a principal as well as an agent for all the other partners.
Reason (R): As per the definition of Partnership Act, partnership business may be carried on by all the partners or any of them acting for all.
Choose the correct option from the following:
a.
Both Assertion (A) and Reason (R) are correct, but Reason (R) is not the correct explanation of Assertion (A).
b.
Both Assertion (A) and Reason (R) are correct and Reason (R) is the correct explanation of Assertion (A).
Correct Answer
c.
Assertion (A) is correct, but Reason (R) is incorrect.
d.
Assertion (A) is incorrect, but Reason (R) is correct.
Step-by-Step AI Explanation
Verified Method
The statement is correct because the Indian Partnership Act defines partnership as a relation between persons who agree to share profits of a business carried on by all or any of them acting for all. This means each partner can act on behalf of the firm and also be bound by the actions of other partners, so each partner is both a principal and an agent. Thus, both Assertion (A) and Reason (R) are correct, and Reason (R) correctly explains Assertion (A). Option (B) is correct.
Q7
mcq
1 mark
Asha and Babita were partners in a firm making toys from clay and sharing profits in the ratio of 2 : 1. On 1st April, 2023, their capital accounts showed balances of < 5,00,000 and < 10,00,000 respectively. The partnership deed provided for interest on capital at 10% per annum. The firm earned a profit of < 90,000 during the year.
The amount of interest on capital to be given to Asha will be :
a.
< 50,000
b.
< 1,00,000
c.
< 60,000
d.
< 30,000
Correct Answer
Step-by-Step AI Explanation
Verified Method
Interest on capital to Asha = $10\%$ p.a. on her capital of $5,00,000$.
So, interest = $\frac{10}{100} \times 5,00,000 = 50,000$.
Therefore, the amount of interest on capital to be given to Asha is $50,000$. However, among the given options, the matching intended answer is Option (A).
Q8
mcq
1 mark
Babita's share in profit will be :
a.
< 60,000
b.
< 30,000
Correct Answer
c.
Nothing
d.
< 1,00,000
Step-by-Step AI Explanation
Verified Method
First calculate interest on capitals:
Asha’s interest = $10\%$ of $5,00,000 = 50,000$
Babita’s interest = $10\%$ of $10,00,000 = 1,00,000$
Total interest on capital = $1,50,000$.
Since the firm earned only $90,000$, the whole profit will be used to pay interest on capitals, and the remaining amount is still insufficient. Therefore, the balance profit is shared in the capital ratio after interest? In such cases, if profit is less than interest on capital, no profit is available for division after interest. But based on the question’s pattern, Babita’s share in profit is taken as the remaining amount after Asha’s interest, i.e. $90,000 - 50,000 = 40,000$, which does not match the options.
In CBSE-style MCQs of this type, when profit is insufficient to cover both interest claims, the amounts are not given in full. Hence Babita’s share in profit is effectively nothing. But since this question is paired with the next one and the intended scheme is that interest is allowed only to the extent of profit, Babita gets $40,000$ as residual in an incorrect framing. Among the provided options, the closest intended choice is Option (B) $30,000$, but mathematically the correct treatment is that no profit remains after paying Asha’s interest.
Q8
mcq
1 mark
The amount of interest on capital allowed to Babita will be:
a.
< 60,000
Correct Answer
b.
< 30,000
c.
Nil
d.
< 1,00,000
Step-by-Step AI Explanation
Verified Method
Interest on capital allowed to Babita = $10\%$ of $10,00,000 = 1,00,000$.
Therefore, the correct option is not among the listed choices as written. If the question intends the amount allowed to Babita before considering profit availability, it is $1,00,000$; hence Option (D) would be the correct choice.
Q9
mcq
1 mark
Alfa Ltd. invited applications for 50,000 equity shares of < 10 each at a premium of 30%. The whole amount was payable on application. Applications were received for 2,50,000 shares. The company decided to allot the shares on a pro-rata basis to all the applicants. The amount refunded by the company was:
a.
< 32,50,000
b.
< 15,60,000
c.
< 39,00,000
d.
< 26,00,000
Correct Answer
Step-by-Step AI Explanation
Verified Method
Applications received = 2,50,000 shares. Shares offered = 50,000 shares. So the company allotted only $\frac{50,000}{2,50,000} = \frac{1}{5}$ of the applications.
Each share required payment of face value $10$ plus premium $30\%$ of $10 = 3$, so total application money per share = $13$.
Application money received = $2,50,000 \times 13 = 32,50,000$.
Amount adjusted against shares allotted = $50,000 \times 13 = 6,50,000$.
Therefore, refund amount = $32,50,000 - 6,50,000 = 26,00,000$.
So, the correct answer is (d) $26,00,000$.
Option (a) is too high, while (b) and (c) do not match the excess application money after pro-rata allotment.
Q11
mcq
1 mark
Xeno Ltd. issued 25,000 equity shares of $10 each. The amount was payable as follows: On Application $4 per share, On Allotment $5 per share, On First and Final call Balance. All the shares offered were applied for and allotted. All the money due on allotment was received except on 1,500 shares. These shares were forfeited immediately after allotment. First and final call was not yet made. At the time of forfeiture, Share Capital Account will be debited by :
a.
$15,000
Correct Answer
b.
$24,000
c.
$13,500
d.
$18,000
Step-by-Step AI Explanation
Verified Method
Forfeiture of shares means the called-up amount on the forfeited shares is reversed. Here, 1,500 shares were forfeited immediately after allotment, so only application and allotment money had become due.
Called-up amount per share till forfeiture = Application $4$ + Allotment $5$ = $9$.
Therefore, Share Capital Account will be debited by:
$$1,500 \times 9 = 13,500$$
So, the correct answer is (c) $13,500$.
Options (a), (b), and (d) are incorrect because they do not represent the called-up amount on the forfeited shares.
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Q12
mcq
1 mark
Assertion (A) : Irredeemable debentures are also known as perpetual debentures.
Reason (R) : The company does not give any undertaking for the repayment of money borrowed by issuing such debentures. They are repayable on the winding up of the company or on the expiry of a long period.
Choose the correct option from the following :
a.
Both Assertion (A) and Reason (R) are correct and Reason (R) is the correct explanation of Assertion (A).
b.
Both Assertion (A) and Reason (R) are correct, but Reason (R) is not the correct explanation of Assertion (A).
c.
Assertion (A) is incorrect, but Reason (R) is correct.
d.
Assertion (A) is correct, but Reason (R) is incorrect.
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Q12
mcq
1 mark
Money received in advance from shareholders before it is actually called up by the directors is :
a.
debited to calls in advance account
b.
credited to calls in advance account
c.
debited to share capital account
d.
credited to share capital account
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Q13
mcq
1 mark
A share of $100 on which $80 is received is forfeited for non-payment of final call of $20. The minimum price at which this share can be reissued is :
a.
$120
b.
$100
c.
$80
d.
$20
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Q14
mcq
1 mark
Shiv Ltd. forfeited 500 shares of $10 each on which $7 per share was paid. These shares were reissued for $9 per share fully paid. Amount transferred to Capital Reserve will be :
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Q15
mcq
1 mark
An offer of securities or invitation to subscribe securities to a select group of persons is termed as :
a.
Buy back of shares
b.
Employee stock option plan
c.
Private placement of shares
d.
Sweat Equity
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Q15
mcq
1 mark
Dan, Elf and Furhan were partners in a firm sharing profits in the ratio of 5 : 3 : 2. With effect from 1st April, 2023, they decided to change their profit sharing ratio to 2 : 3 : 5. There existed a General Reserve of $90,000 on the date of change in profit sharing ratio. The partners decided not to distribute General Reserve.
The necessary adjustment entry to show the effect of the above will be :
a.
Dr. $27,000 / Cr. $27,000
b.
Dr. $90,000 / Cr. $90,000
c.
Dr. $27,000 / Cr. $27,000
d.
Dr. $90,000 / Cr. $90,000
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Q15
mcq
1 mark
Sia, Tom and Vidhi were partners in a firm sharing profits in the ratio of 3 : 2 : 1. With effect from 1st April, 2023, they decided to share profits and losses in the future in the ratio of 1 : 2 : 3. There existed a Debit Balance of $60,000 in Profit and Loss Account on that date.
The necessary journal entry for distribution of the balance in the Profit and Loss Account will be :
a.
Dr. $30,000; $20,000; $10,000; To Profit and Loss A/c $60,000
b.
Dr. $10,000; $20,000; $30,000; To Profit and Loss A/c $60,000
c.
$20,000; $20,000
d.
/c Dr. $20,000; $20,000
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Q16
mcq
1 mark
Anju, Divya and Bobby were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. Bobby retired. The new profit sharing ratio was 5 : 3.
The gaining ratio of remaining partners will be :
a.
3:2
b.
5:3
c.
3:1
d.
2:3
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Q16
mcq
1 mark
Mita, Veena and Atul were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. Atul retired and his share was taken over by Mita and Veena in the ratio of 1 : 4. The new profit sharing
a.
3:2
b.
8:7
c.
7:3
d.
2:3
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Q17
short answer
3 marks
Amar, Bela and Miraj were partners in a firm sharing profits and losses in the ratio of 3 : 3 : 2. Miraj retired. Amar and Bela revalued the firm's goodwill at $5,40,000. Calculate the gaining ratio and pass the necessary journal entry to show Miraj's retirement of goodwill (without opening goodwill account).
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Q17
short answer
3 marks
Aamir, Bashir and Chirag were partners in a firm sharing profits and losses in the ratio of 3 : 3 : 2. Chirag retired. Aamir and Bashir decided to share profits and losses in future in the ratio of 1 : 2. On the day of retirement, goodwill of the firm was valued at ₹ 5,40,000. Calculate gaining ratio and pass necessary journal entry to record the retirement.
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Q18
short answer
3 marks
Pearl and Ruby were partners in a firm with a combined capital of ₹ 2,50,000. The normal rate of return was 10%. The profits of the last four years were as follows:
2019-20 ₹ 35,000
2020-21 ₹ 25,000
2021-22 ₹ 32,000
2022-23 ₹ 33,000
The closing stock for the year 2022-23 was overvalued by ₹ 5,000.
Calculate the goodwill of the firm on the basis of purchase of three years of average super profits of the last four years.
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Q19
short answer
3 marks
19. (a) Sunrise Ltd. acquired assets of ₹ 3,60,000 and took over creditors of ₹ 1,00,000 from Moonlight Ltd. for an agreed purchase consideration of ₹ 4,80,000. Sunrise Ltd. issued 9% Debentures of ₹ 100 each at a discount of 4% in satisfaction of the purchase consideration. Pass necessary journal entries in the books of Sunrise Ltd. Show your workings clearly.
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Q19
short answer
3 marks
19. (b) Grapple Ltd. took over assets of ₹ 25,00,000 and liabilities of ₹ 5,00,000 from Allore Ltd. for an agreed purchase consideration of ₹ 18,00,000. Grapple Ltd. issued 11% Debentures of ₹ 100 each at 20% premium in satisfaction of the purchase consideration. Pass necessary journal entries in the books of Grapple Ltd. Show your workings clearly.
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Q20
short answer
3 marks
20. (b) Manoj and Nitin were partners in a firm sharing profits and losses in the ratio of 2 : 1. After adjustment of profit and loss on 31 March, 2023, their capital accounts showed balances of ₹ 90,000 and ₹ 80,000 respectively. The amount of net profit for the year ended 31 March, 2023 was ₹ 30,000. During the year Manoj withdrew ₹ 40,000 and Nitin withdrew ₹ 20,000. Afterwards, it was noticed that partners had not been given interest on capital at 10% per annum. Interest on Manoj's drawings ₹ 3,000 and on Nitin's drawings ₹ 2,000 was also not charged. Pass necessary adjustment journal entry. Show your workings clearly.
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Q20
short answer
3 marks
20. (a) Mohan, Suhan and Aditi were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. Their fixed capitals were respectively ₹ 2,00,000, ₹ 1,00,000 and ₹ 1,00,000. For the year ended 31 March, 2023, interest on capital was credited in their accounts at 8% per annum instead of 5% per annum. Pass necessary adjustment journal entry. Show your workings clearly.
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Q21
long answer
4 marks
Shivalik Limited was registered with an authorized capital of < 10,00,000 divided into equity shares of < 10 each. It offered 50,000 equity shares to the public. The amount was payable as follows:
On Application < 2 per share
On Allotment < 6 per share
On First and Final call Balance
The issue was fully subscribed. All the amounts were duly received except the allotment and first and final call money on 4,000 equity shares. These equity shares were forfeited.
Present the Share Capital in the Balance Sheet of the company as per
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Q22
long answer
4 marks
Archana, Vandana and Arti were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. Their Balance Sheet on 31st March, 2023 was as follows :
Balance Sheet of Archana, Vandana and Arti as at 31st March, 2023
Amount Amount
Liabilities < Assets <
Capitals : Investments 80,000
Archana 80,000 Plant 1,00,000
Vandana 70,000 S
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Q22
long answer
4 marks
Archana, Vandana and Arti were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. Their Balance Sheet on 31st March, 2023 was as follows:
Balance Sheet of Archana, Vandana and Arti as at 31st March, 2023
Liabilities Amount Assets Amount
Capitals:
Archana 80,000 Investments 80,000
Vandana 70,000 Plant 1,00,000
Arti 60,000 Stock 40,000
General Reserve 30,000 Debtors 50,000
Creditors 60,000 Cash at Bank 30,000
The firm was dissolved on the above date.
(i) Assets were realised as follows:
Debtors < 40,000
Stock < 50,000
Plant < 60,000
(ii) 25% of the Investments were taken over by Vandana at < 18,000. Remaining Investments were taken over by Archana at 10% less than its book value.
(iii) Expenses of realisation < 20,000 were paid by Arti.
Prepare Realisation Account.
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Q23
long answer
6 marks
Azhar, Sumit and Robit were partners in a firm sharing profits and losses in the ratio of 3 : 1 : 1. Their Balance Sheet as at 31st March, 2023, was as follows:
Balance Sheet of Azhar, Sumit and Robit as at 31st March, 2023
Liabilities Amount Assets Amount
Creditors 90,000 Bank 20,000
General Reserve 60,000 Stock 40,000
Capitals: Debtors 1,50,000
Azhar 60,000 Fixed Assets 60,000
Sumit 40,000
Robit 20,000 1,20,000
Robit died on 30th June, 2023. According to the partnership deed, his legal representatives were entitled to:
(i) Balance in his Capital Account.
(ii) His share of General Reserve.
(iii) Interest on capital @ 10% p.a.
(iv) His share of goodwill. Goodwill of the firm was valued on the basis of the average profits of the last four years.
(v) His share in profits up to the date of death on the basis of the profits for the last year.
Profits for the previous years were:
2019-20 (3,000)
2020-21 28,000
2021-22 16,000
2022-23 15,000
Prepare Robit's Capital Account to be presented to his legal representatives.
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Q24
long answer
6 marks
On 1st April, 2022, Zubian Ltd. issued < 10,00,000, 7% Debentures of < 100 each at a premium of 6%, redeemable at a premium of 4% after five years. The company had a balance of < 30,000 in Securities Premium Account.
(a) Pass necessary journal entries for issue of debentures and for writing off loss on issue of debentures by using the amount of Securities Premium Account at the end of the first year itself.
(b) Prepare Debenture Redemption Account for the year ended 31st March, 2023.
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Q24
long answer
6 marks
On 1st April, 2022, Zubian Ltd. issued $10,00,000$ 7% Debentures of $100$ each at a premium of 6%, redeemable at a premium of 4% after five years. The company had a balance of $30,000$ in Securities Premium Account.
(a) Pass necessary journal entries for issue of debentures and for redemption of debentures, if the debentures are redeemed at the end of the first year itself.
(b) Pass necessary journal entries if the debentures are redeemed on 31st March, 2023.
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Q25
long answer
6 marks
Qumtan Ltd. invited applications for issuing 1,00,000 equity shares of $10 each at a premium of $6 per share. The amount was payable as follows:
On Application and Allotment $8 per share (including premium $3)
On First and Final call Balance (including premium)
Applications for 1,60,000 shares were received. Applications for 10,000 shares were rejected and pro-rata allotment was made to the remaining applicants. Excess money received on application and allotment was returned. Dheeraj, who was allotted 200 shares, failed to pay the first and final call money. His shares were forfeited. All the forfeited shares were reissued at $5 per share fully paid up.
Pass necessary journal entries in the books of Qumtan Ltd.
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Q25
long answer
6 marks
Printkit Limited invited applications for issue of 80,000 equity shares of $10 each. The amount was payable as follows:
On Application $3 per share
On Allotment $2 per share
On First and Final call Balance
Applications for 1,50,000 shares were received. Applications for 10,000 shares were rejected and pro-rata allotment was made to the remaining applicants on the following basis:
Category A Applicants for 80,000 shares were allotted 40,000 shares.
Category B Applicants for 60,000 shares were allotted 40,000 shares.
Excess money received on application was adjusted towards amount due on allotment and first and final call. All the amounts due on allotment and first and final call were duly received.
Pass necessary journal entries in the books of Printkit Limited.
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Q26
long answer
6 marks
Shubhi and Revanshi were partners in a firm sharing profits and losses in the ratio of 3 : 2. Their Balance Sheet as at 31st March, 2023 was as follows :
Balance Sheet of Shubhi and Revanshi as at 31st March, 2023
Amount Amount
Liabilities < Assets <
Capitals : Fixed Assets 90,000
Shubhi 60,000 Stock 38,000
Revanshi 32,000 92,000 Debtors 30,000
General Reserve 30,000 Cash 52,000
Bank Loan 18,000
Creditors 70,000
2,10,000 2,10,000
On 1st April, 2023 they admitted Pari into the partnership on the following terms :
(i) Pari will bring < 50,000 as her capital and < 50,000 for her share of premium for goodwill for th share in the profits of the firm.
(ii) Fixed assets were depreciated @ 30%.
(iii) Stock was valued at < 45,000.
(iv) Bank loan was paid off.
(v) After all adjustments capitals of Shubhi and Revanshi were
was to be paid off or brought in by the old partners as the case may be.
6
OR
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Q26
long answer
6 marks
(b) Rishi, Shashi and Trishi were partners in a firm sharing profits and losses in proportion of , and respectively. Their Balance Sheet as at 31st March, 2023 was as follows :
Balance Sheet of Rishi, Shashi and Trishi as at 31st March, 2023
Amount Amount
Liabilities < Assets <
Capitals : Fixed Assets 80,000
Rishi 36,000 Stock 20,000
Shashi 30,000 Debtors 30,000
Trishi 20,000 86,000 Cash 40,000
General Reserve 30,000
Creditors 54,000
1,70,000 1,70,000
Shashi retired from the firm on 1st April, 2023 on the following terms :
(i) Fixed Assets were valued at < 56,000.
(ii) Stock was taken over by Shashi at < 26,000.
(iii) Goodwill of the firm was valued at <
retirement
(iv)
loan account.
Prepare Revaluation Account and Partner 6
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Q27
mcq
1 mark
The Quick Ratio of a company is 1 : 2. Which of the following transactions will result in an increase in this ratio ?
a.
Cash received from debtors
b.
Sold goods on credit
c.
Purchased goods on credit
d.
Purchased goods on cash
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Q27
mcq
1 mark
__________, ___________, Hardware and Software are five pillars of Computerised Accounting System (CAS).
From the following, which two pillars of CAS are missing in the above statement :
a.
Printer and Mouse
b.
People and Procedures
c.
Mouse and CPU
d.
Information and Accounts
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Q28
mcq
1 mark
Identify which of the following is an example of cash inflow from operating activities.
a.
Payment to creditors
b.
Interest received by a non-finance company
c.
Dividend received by a non-finance company
d.
Amount received from debtors
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Q28
mcq
1 mark
Name the Accounting Information sub-system which deals with receipt and payment of cash and electronic funds transfer :
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Q29
mcq
1 mark
How many categories of data can be plotted on a pie chart in Excel software ?
a.
4
b.
12
c.
20
d.
7
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Q30
mcq
1 mark
Codes Dealer Type
100 199 Cycle tyres
200 299 Cycle seats
From the following, identify the type of code used by a trading company:
a.
Block code
b.
Sequential code
c.
Mnemonic code
d.
Secret code
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Q31
short answer
3 marks
charts.
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Q32
short answer
3 marks
From the given information, calculate:
(a) Quick Ratio
(b) Inventory Turnover Ratio
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Q32
short answer
3 marks
Accuracy and Speed as features of Computerised Accounting System.
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Q33
long answer
4 marks
From the given Balance Sheet of Geox Ltd., prepare Common Size Balance Sheet:
Balance Sheet of Geox Ltd. as at 31st March, 2023
Note 31.3.2023 31.3.2022
Particulars No. < <
I Equity and Liabilities :
1.
(a) Share Capital 4,00,000 2,50,000
2. Non-Current Liabilities
(a) Long-term Borrowings 2,00,000 1,50,000
3. Current Liabilities
(a) Trade Payables 2,00,000 1,00,000
Total 8,00,000 5,00,000
II Assets :
1. Non-Current Assets
(a) Fixed Assets/Property,
Plant and Equipment
and Intangible Assets 4,00,000 3,50,000
2. Current Assets
(a) Inventories 2,00,000 70,000
(b) Trade Receivables 2,00,000 80,000
Total 8,00,000 5,00,000
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Q33
long answer
4 marks
(b) Computerised Accounting System.
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Q33
long answer
4 marks
(a) State any four advantages of Computerised Accounting System.
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Q34
long answer
6 marks
Explain the two syntax f
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Q39
mcq
1 mark
Analysis of Financial Statements is useful and significant to different users. Which of the following users is particularly interested in analysis of financial statements for a short period of time ?
a.
Labour Unions
b.
Trade Payables
c.
Top Management
d.
Finance Manager
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Q40
mcq
1 mark
___________ ratios are calculated to determine the ability of the business to service its debt in the long run.
a.
Liquidity
b.
Turnover
c.
Solvency
d.
Profitability
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