Sample Paper - 1: Book Recommended - Ultimate Book of Accountancy Class 12

Book Recommended ------ Ultimate Book of Accountancy Class 12th
Sample paper – 1
Designed by Dr. Vinod Kumar
Author of Ultimate Book of Accountancy
BEST ACCOUNTANCY BOOK
FOR
TERM – 1
AVAILABLE ON AMAZON
As per CBSE Guidelines

Students should attempt 45 Questions; each question carry equal marks i.e. 0.88
Part -1 (Section – A)
Attempt any 15 Questions
1. X, Y and Z are partners sharing profits in the ratio of 3:2:1. They admit M as a new partner.
Following information is available on the Admission of M:
Creditors 84,000 Machinery 66,000
Stock 30,000
Machinery was overvalued by 10% and creditors were found only Rs.81,000. Stock was also
overvalued. Loss on Revaluation Debited to Z’s Capital Account Rs.1,500.
Stock was overvalued by__________________
(a) 10% (b) 15%
(c) 20% (d) 25%
2. Vinod Ltd. has received a lump sum amount of Rs.3,30,000 on Application and allotted 20,000
Equity Shares of Rs.10 each at a premium of 10%.
How much amount is to be refunded to the applicants?
(a) Nil (b) 1,30,000
(c) 1,00,000 (d) 1,10,000
3. Vinod Ltd. invited Applications for 20,000 Equity Shares of Rs.10 each at a premium of 20%.
Applications were received 2.5 Times. Out of which 40% Applications were rejected, Full
allotment was made to 8,000 Applicants and pro-rata allotment was made to the remaining
applicants. One Shareholder Yuvraj holding 300 Shares on pro-rata basis.
Yuvraj has applied for ______________ Shares
(a) 300 (b) 500
(c) 550 (d) 450
4. Vinod Ltd. offered 50,000 Equity Shares of Rs.10 each, of these 48,000 shares were subscribed.
The amount was payable as Rs.3 on Application, Rs.4 on Allotment along with premium of Rs.2
and Balance on First & Final Call.
Yashika one Shareholder did not pay allotment on 2,000 shares and her shares were forfeited
immediately after the allotment.
Navya another Shareholder holding 1,500 Shares did not pay the First & Final Call.
How much amount is received on First & Final Call by Vinod Ltd.?
(a) 1,33,500 (b) 1,39,500
(b) 1,45,500 (d) 2,22,500
5. What will be the correct sequence of events?

(i) Issued Capital (ii) Nominal Capital
(iii) Subscribed but not Fully paid up (iv) Subscribed and Fully Paid up
Choose the correct option:
(a) (i) (iv) (iii) (ii)
(b) (ii) (i) (iii) (iv)
(c) (ii) (i) (iv) (iii)
(d) (ii) (iii) (iv) (i)
6. Vinod and Parshant are partners, at the time of reconstitution of partnership firm, following
situation was found:
Balance Sheet
Liabilities Amount Assets Amount
Debtors 18,000
Less: Provision for
Doubtful Debts 2,000 16,000
Debtors Rs.1,500 will be written off as bad debts and a provision of 5% will be created for bad
and doubtful debts.
What amount of Debtors will be shown in the new Balance Sheet of the firm?
(a) 16,600 (b) 15,675
(c) 16,700 (d) 13,775
7. Which of the following is true regarding the Interest on Drawings of a partner, when the firm
maintains Fluctuating Capital Accounts?
(a) Profit and Loss Appropriation A/c Cr and Partners Current A/c Dr.
(b) Profit and Loss Appropriation A/c Cr and Partners Capital A/c Cr.
(c) Profit and Loss Appropriation A/c Cr and Partners Current A/c Cr
(d) Profit and Loss Appropriation A/c Cr and Partners Capital A/c Dr.
8. At the time of reconstitution of a Partnership Firm, a partner is ready to meet an unrecorded

liability will lead to:
(a) Revaluation Gain
(b) No effect on Revaluation Account and that partner’s capital account
(c) It will increase the balance of Capital Account of that partner
(d) It will Decrease the Balance of Capital Account of that partner
9. A, B, C and D are partners sharing profits as: A 40%; B 30%; C 10% and D 20%. As per the new
partnership agreement C is to get a minimum amount of Rs.57,500 p.a. Deficiency on this
account will be borne by A and B personally in the ratio of 3:2. The net loss for the year ending
31st March 2021 was Rs.25,000.
The amount of Deficiency to be borne by B:
(a) 36,000 (b) 23,000
(c) 24,000 (d) 25,000
10. X, Y and Z are partners sharing profits in the ratio of 3:2:1. They admit V as a new partner and
following situation is found on the time of admission of V:
Balance Sheet (Extract)
Liabilities Amount Assets Amount
Debtors 66,000
Bills Receivables 43,000
A Debtor whose due of Rs.10,000 were written off last year as bad debts, paid 25% amount in
full settlement of his debt. A Bill Receivable of Rs.15,000 discounted with Bank was
dishonoured, which is to be recorded in the books of account.
Debtors to be shown in New Balance Sheet ___________
(a) 81,000 (b) 73,500
(c) 66,000 (d) 68,500
11. Vinod, Naresh and Gaurav are partners. Their Fixed Closing Capitals on 31st March 2021 were
Rs.2,00,000 each. Additional capital of Rs.50,000 was introduced on 1st October 2020 by Vinod.
As per the partnership deed Interest on capital is provided @6% p.a. The profit made by the
firm at the end of the year 31st March 2021 was Rs.60,000.
Partnership Deed was silent on sharing profit among the partners.
Profit of Vinod will be _____________________
(a) 20,000 (b) 16,000
(c) 8,000 (d) 8,500
12. Vinod, Divij and Kanav are partners sharing profits in the ratio of 3:2:1. They decided to change
their profit sharing ratio from 1st April 2021 as 5:3:2. On that date, they have Workmen
Compensation Reserve Rs.60,000 and General Reserve Rs.45,000. They have decided not to
distribute the General Reserve.
Choose the correct statement from the following:
(a) Divij’s Capital Account is to be credited with 20,000 only
(b) Vinod’s Capital Account is to be credited by 30,000 and Debit by 1,500
(c) Divij’s Capital Account is to be credited with 20,000 and 1,500
(d) Kanav’s Capital Account is to be credited with 10,000 and 1,500
13. Average Profit of a firm during the last few years are 1,20,000 and the normal rate of return in
the similar business is 10%. If the goodwill of the firm is Rs.1,12,500 at 3 years purchase of
Super Profit, the capital employed of the firm was _______________
(a) 8,25,000 (b) 12,00,000
(c) 3,75,000 (d) 5,55,000
14. Which of the following is mentioned in Companies Act, 2013 :

(a) Application money should not be less than 25% of the issue price
(b) Minimum Subscription should be at least 90% of the shares at the time of IPO
(c) Securities Premium Reserve can be used to write off the underwriters’ commission
(d) All of the above
15. Securities Premium Reserve ……………………………….. 5,00,000

Preliminary Expenses ………………………………………….1,00,000

Share issue Expenses ……………………………………………80,000
Old Machinery to be written off …………………………….1,20,000
Bad Debts …………………………………………………………….40,000
If Securities Premium Reserve is utilized as per the Section 52 (2) of the Companies Act, 2013,
Balance of Securities Premium Reserve will be ___________
(a) 5,00,000 (b) 4,00,000
(c) 1,60,000 (d) 3,20,000
16. Vinod Ltd. purchased a running business of AXN Ltd. and paid Rs.30,000 by a bank draft and
balance by issuing equity shares of Rs.10 each at a premium of 60%. Company has acquired
Total Assets of Rs.2,80,000; Creditors Rs.20,000 and a balancing figure was credited as Capital
Reserve Rs.10,000.
Number of Shares to be issued _____________________
(a) 13,750 (b) 22,000
(b) 25,000 (d) 15,625
17. Vanya and Manya are partners. They admit Vinod as a new partner. Following information has
provided by the firm on the admission of new partner:
Partners Capital Account (Extract Only)
Particulars Vanya Manya Vinod Particulars Vanya Manya Vinod
By Bal. b/d 90,000 80,000 --
By Cash A/c -- -- 75,000
By Revaluation A/c (Profit) 2,400 2,400 --
By Premium for Goodwill A/c -- 3,000 --
Vanya made no gain/no sacrifice and Manya’s Sacrifice = 1/6
New Profit Sharing Ratio of the partners:
(a) 1:1:1 (b) 2:1:1
(c) 2:2:1 (d) 3:2:1
18. Albert, Peter and William are partners sharing profits in the ratio of 2:2:1. It is provided that
William’s Share of profit would not be less than Rs.35,000. Deficiency if any will be borne by Albert
35% and remaining by peter. Profit for the year ended 31st March 2021 was Rs.15,000.
Deficiency borne by Peter:
(a) 20,800 (b) 32,000
(c) 11,200 (d) No Deficiency is to borne by any partner due to less profit
Part -1 (Section – B)
19. X and Y are partners sharing profits in the ratio of 7:3. They admit K as a new partner for 1/6th
share. At the time of admission of K the following situation was found:
Stock given in Balance Sheet Rs. 55,000, Some part of the goods costing Rs.8,000 has been
badly damaged and only 10% is realised.
Furniture was undervalued by 20% (Given book value of Furniture is Rs.28,800)
Y’s share in Gain/Loss on Revaluation will be__________________
(a) Nil (b) 240 Loss
(b) 432 Loss (d) 672 Loss
20. Yuvraj and Vinod are partners, sharing profits in the ratio of 5:3. Mayank is admitted as a new
partner for 2/10th share of profit half of which is gifted by Yuvraj and the remaining share is
taken by Mayank from Yuvraj and Vinod equally.
Goodwill of the firm was calculated Rs.60,000.

How much premium for goodwill is to be credited to Yuvraj’s Capital Account?
(a) 9,000 (b) 3,000
(c) 6,000 (d) 7,500
21. X and Y are partners sharing profits in the ratio of 3:2. Z is admitted as a new partner for 1/6th
share. Following situation was found at the time of admission of Z:
Balance Sheet (Extract)
Outstanding Expenses 15,000
Out of the outstanding expenses Rs.15,000, 40% paid now.
Identify the correct entry, for the above transaction:
(a) Outstanding Expenses A/c Dr. 15,000
To Bank A/c 6,000
To Revaluation A/c 9,000
(b) Outstanding Expenses A/c Dr. 6,000

To Revaluation A/c 6,000
(c) Revaluation A/c Dr. 6,000

To Outstanding Expenses 6,000
(d) Outstanding Expenses A/c Dr. 6,000

To Bank A/c 6,000
22. Given below are two statements, one labelled as Assertion (A) and the other labelled as
Reason (R).
Assertion (A) :
Generally Balance of Partners Capital Account remains unchanged when capitals are fixed,
but it may show a decrease in the Balance irrespective of fixed capital.
Reason (R) :
Fixed Capital Account balance will reduce, when a partner withdraws for personal use from
his capital.
In the context of the above statements, which one of the following is correct?
(a) Assertion is correct, but Reason is wrong
(b) Both Assertion and Reason are correct and Reason is the correct explanation of Assertion
(c) Both Assertion and Reason are correct but Reason is not the correct explanation of
Assertion
(d) Assertion is wrong but Reason is correct
23. X, Y and Z are partners sharing profits in the ratio of 3:2:1. They decided to change their profit
sharing ratio to 2:2:1. They also decided to record the effect of the following Revaluations
without affecting the book values of assets and liabilities.
Book Value Revised Value
Machinery 4,00,000 5,00,000
Furniture 1,00,000 90,000
Sundry Creditors 75,000 70,000
Outstanding Expenses 30,000 45,000
Choose the correct option, when single adjustment entry is passed:
(a) Y’s Capital A/c Dr.5,777; Z’s Capital A/c Dr. 2,333 and X’s Capital A/c Cr 8,000
(b) Y’s Capital A/c Dr.5,333; Z’s Capital A/c Dr. 2,667 and X’s Capital A/c Cr 8,000
(c) X’s Capital A/c Dr.8,000; Y’s Capital A/c Cr 5,333; Z’s Capital A/c Cr 2,667
(d) X’s Capital A/c Dr. 8,000; Y’s Capital A/c Cr 5,777; Z’s Capital A/c Cr 2,333
24. Vinod (a partner) withdrew Rs.6,000 at the end of every month for last 6 months ending on
31st March 2021. Interest was calculated on his drawings Rs.375.
Interest on drawings was charged at the rate of _____________
(a) 5% p.a. (b) 6% p.a.
(c) 7% p.a. (d) 8% p.a.
25. Keshav and Vinod are equal partners. As per the partnership deed:
(i) Keshav is to get commission of 10% of net profit before charging any commission.
(ii) Vinod is to get a commission of 10% on net profit after charging all commissions.
Keshav’s commission was Rs.16,500.
What was the commission of Vinod?
(a) 16,500 (b) 14,850
(c) 14,500 (d) 13,500
Reason (R).
Assertion (A)
At the time of admission of a new partner, he brings premium for goodwill, which is
distributed among the sacrificing partners.
Reason (R)
By bringing premium for goodwill, a new partner compensates all old partners.

(a) Both Assertion and Reason are correct and Reason is the correct explanation of the Assertion
(b) Both Assertion and Reason are correct but Reason is not correct explanation of the Assertion
(c) Only Assertion is correct
(d) Only Reason is correct
27. Vinod Ltd. forfeited 600 Equity Shares of Rs.10 each issued at a premium of Rs.5 per share, for
non-payment of allotment money of Rs.8 per share (including premium of Rs.5 per share), the
first call of Rs.2 per share and the final call of Rs.3 per share. Out of these, some shares were
reissued at Rs.14 per share and Rs.800 transferred to the Capital Reserve.
Number of shares reissued _________
(a) 600 (b) 400
(c) 500 (d) 450
28. Which of the following statement is/are true?

(i) Reserve Capital is also known as Unsubscribed Capital
(ii) A special resolution is required to create Capital Reserve
(iii) A special resolution is passed for the private placement of shares
(iv) Issued capital cannot be more than the nominal capital
(a) (i) and (iii) are True
(b) (i) and (ii) are True
(c) (ii) and (iii) are True
(d) (iii) and (iv) are True
29. Vinod, Krish and Madhav started a business in partnership on 1st December 2020 by
introducing capital of Rs.6,00,000; 4,20,000 and Rs.3,00,000. On 1st February 2021 they
decided that their capital should be Rs.4,50,000 each. As per the partnership deed interest on
capital is to be provided @5% p.a. and a salary of Rs.2,000 per month to Madhav. Partnership
deed is silent on profit sharing ratio.
Profit at the end of the year 31st March 2021 before providing the above was Rs. 12,100.
Amount transferred to partners’ capital account in ______________
(a) 1 : 1 : 1 (b) 35 :29 : 57
(b) 20: 21: 15 (d) 25 : 30 : 48
30. Fukrey Ltd. issued 24,000 Equity Shares of Rs.10 each at a premium of 20% per share. The
amount was payable as follows: On Application Rs.4 per share; On Allotment Rs.3 along with
premium of Rs.2 per share; Balance on First & Final Call.
Kapil who was allotted 500 shares (he applied for 950 shares) for non-payment of Allotment
before making the first call. Entry for forfeiture is to be made as follows:
Equity Share Capital A/c Dr. A amount
Securities Premium Reserve A/c Dr. B amount
To Share Forfeiture A/c C amount
To Share Allotment A/c D amount
Find A, B, C and D amount:
(a) A 3,500; B 1,000; C 2,000; D 2,500
(b) A 3,500; B 700; C 3,500; D 700
(c) A 3,500; B 1,000; C 3,000; D 1,500
(d) A 3,500; B 700; C 3,000; D 1,200
Reason (R).
Assertion (A)
A Portion of Uncalled Capital of a company to be called only in the event of winding up of
the company is known as Reserve Capital
Reason (R)
Because Capital Reserve will be utilized only the happening of winding up of the company.

32. Ajay and Vinod started a business in partnership on 1st September 2020 with a profit sharing
ratio of 3:2. Vinod withdrew Rs.4,000 at the end of every month for personal use. As per the
Partnership Deed, interest on his drawings is to be charged @8% p.a. but it was found at the
end of the year that Interest on drawings was charged @5% p.a. by mistake. They decided to
pass an adjustment entry for the same.
Effect of adjustment entry on partners’ capital account:
(a) No effect on Ajay’s Capital Account and Vinod’s Capital A/c was debited with Rs.126
(b) Ajay’s Capital A/c Dr. 126 and Vinod’s Capital A/c Cr 126
(c) Ajay’s Capital A/c Dr. 210 and Vinod’s Capital A/c Cr 210
(d) Vinod’s Capital A/c Dr 126 and Ajay’s Capital A/c Cr. 126
33. Vinod Ltd. issued shares @10 each at a premium of 10% payable as: On application & Allotment
Rs.3 along with premium; on First Call Rs.4 per share and Balance on Second & Final Call. Excess,
if any, is to be adjusted towards calls.
Mohan who applied for 6,000 shares and was allotted on 2/3rd shares, did not pay the calls
money and shares were forfeited. Out of the forfeited shares 90% were reissued at Rs.8 per
share fully paid up.
The amount transferred to capital Reserve ____________
(a) 8,800 (b) 9,800
(c) 10,800 (d) 12,800
34. Vinod Ltd. took over the assets of Rs.15 Lakhs of Ankur Ltd and also debited a balancing figure
amount as Goodwill Rs.3,68,500. Vinod Ltd. also acquired the liabilities of Ankur Ltd. of
Rs.5,00,000. Some amount was paid by cheque to Ankur Ltd. and balance through the 10,744
Equity Shares of Rs.100 each at a premium of 25%.
How much amount was paid by cheque to Ankur Ltd.?
(a) 24,500 (b) 25,500
(c) 26,500 (d) 27,500
35. X, Y and Z are partners sharing profits in the ratio of 10:8:5. They admit M as a new partner. It
was decided that Ratio between Z and M will be same as existing between X and Y.
New Profit sharing ratio ____________
(a) 5:4:3:2 (b) 10:8:5:3
(c) 10:8:5:4 (d) 5:4:5:4
36. Vinod Ltd. issued 10,000 Equity Shares of Rs.10 each at a premium of 20% payable as: On
Application Rs.3 per share; On Allotment Rs.4 (including premium); On First & Final call
Balance. Company continue with Calls-in-Arrears and Calls- in- Advance Account.
Gullu to whom 100 Shares were allotted, failed to pay allotment and call money.
Share Capital amount to be shown in the Balance Sheet of the Company:
(a) 99,300 (b) 99,700
(c) 1,00,000 (d) 1,19,100
Part -1 (Section – C)
Instructions:
From Question number 37 to 41, attempt any 4 Questions. Question numbers 37 and 38 are based
on the hypothetical situation given below:
Vinod Ltd. was in need of funds to complete its new projects in the new Segment of
Communication Technology. For this purpose company needs Rs.70,00,000. Out of which 20%
was arranged through a Term-Loan and Rs.8,00,000 through long term Debts and balance by
issue of equity shares of Rs.100 each at a premium of 20%.
Applications were received 25% in excess out of which 4,000 applications were rejected and
pro-rata allotment was made to the remaining applicants.
37. Amount received on Application ____________________

(a) 40,00,000 (b) 48,00,000
(c) 50,00,000 (d) 60,00,000
38. Amount refunded by the company _______________

(a) 12,00,000 (b) 4,80,000
(c) 4,00,000 (d) 10,00,000
Question Numbers 39, 40 and 41 are based on the hypothetical situation given below:
X and Y are partners sharing profits in the ratio of 3:2. After closing the accounts for the year 31st
March 2021, following information is available:
Particulars X Y
Partners’ Capital Account 7,00,000 6,00,000
Partners’ Current Account 80,000 50,000
Y had introduced Rs.1,00,000 as additional capital on 1st October 2020. As per the partnership
deed partners were allowed interest on capital @10% p.a. Profit for the year was Rs.50,000 which
was divided by the partners without providing interest on capital.
39. Interest on Y’s Capital should be:

(a) 22,000 (b) 60,000
(c) 55,000 (d) 28,000
40. If the above error is rectified by passing a Single adjustment entry, The Current Account of X
will be :
(a) Credit by Rs.2,000 (b) Debit with Rs.2,000
(c) Credit by Rs.4,000 (d) No effect on Current Account
41. If the above error is rectified by passing a Single adjustment entry, The Capital Account of Y will
be :
(a) Credit by Rs.2,000 (b) Debit with Rs.2,000
(c) Credit by Rs.4,000 (d) No effect
PART – II (SECTION – A)
Instructions:
From Question number 42 to 48 attempt any 5 questions.
Reason (R).
Assertion (A)
Liquid or quick assets do not include inventories, it includes only those quick assets which
are in the form of Cash and Cash Equivalents or can be converted into cash within a very
short period.
Reason (R)
Inventories are expenses paid in advance hence cannot be converted into cash.

43. Pick the odd one out from the following:

(a) Horizontal Analysis
(b) Dynamic Analysis
(c) Time Series Analysis
(d) Cross Sectional Analysis
44. Which of the following group shows that high ratio is better for the company?
(a) Interest Coverage Ratio -------Gross Profit Ratio --------------- Debt Equity Ratio
(b) Current Ratio ------------------- Debt Equity Ratio --------------- Net Profit Ratio
(c) Debt Equity Ratio ---------------Quick Ratio ----------------------- Interest Coverage Ratio
(d) Current Ratio ------------------- Quick Ratio ----------------------- Interest Coverage Ratio
45. Which one of the following is correct?

(a) Profitability Ratios are calculated to know that how efficiently a company is using its
resources
(b) Activity Ratios are calculated to measure the profitability of a firm
(c) Solvency Ratios are calculated to know the ability of a firm to meet its short-term financial
obligations.
(d) Liquidity Ratios are also known as Short-term Solvency Ratios.
46. Comparative Balance Sheet and Comparative Income Statements are part of :
(a) Horizontal Analysis
(b) Vertical Analysis
(c) Ratio Analysis
(d) All of the above
47. Match the items given in Column I with the headings/subheading (Balance Sheet) as defined in
Schedule III of the Companies Act, 2013.
Column I Column II
(i) Accrued Income (a) Other Current Liabilities
(ii) Calls in Advance (b) Capital work in progress
(iii) Computer Software (c) Inventories
(iv) Building Under Construction (d) Other Current Assets
(v) Raw Materials (e) Fixed Intangible Assets

(a) (i) d; (ii) a; (iii) c (iv) b; (v) e
(b) (i) d; (ii) a; (iii) b (iv) c; (v) e
(c) (i) d; (ii) a; (iii) e; (iv) b; (v) c
(d) (i) d; (ii) a; (iii) e; (iv) c; (v) b
48. If __________ Ratio is higher, it is considered better. This ratio is important for and meaningful to
Debenture holders and lenders (who provide long-term funds).
(a) Debt Equity Ratio
(b) Interest Coverage Ratio
(c) Current Ratio
(d) Quick Ratio
PART – II (SECTION – B)
Instructions:
From Question number 49 to 55 attempt any 6 questions.
49. Vinod Ltd. has provided the following information on 31st March 2021:
Total Assets ……………………………………. 8,50,000
Working Capital …………………………………60,000
Non-current Assets …………………………..7,50,000
12% Debentures …………………………….…2,00,000
Current Ratio of the Company will be:
(a) 1:1 (b) 2:1
(c) 2.25:1 (d) 2.5:1
50. If Inventory Turnover Ratio is 5 Times. Opening Inventory Rs.28,000 and Closing inventory is
50% more than the opening inventory. Find out the Cost of Revenue from Operations:
(a) 70,000 (b) 1,40,000
(c) 2,10,000 (d) 1,75,000
51. Which of the following statements are false?

(i) Vertical analysis requires financial statements of two or more accounting periods
(ii) Horizontal Analysis deals with different items of same period
(iii) Vertical Analysis is also known as Times Series Analysis
(iv) Horizontal Analysis is also known as Cross-sectional Analysis
Choose the correct answer from the following options:
(a) Both (iii) and (iv)
(b) Both (i) and (ii)
(c) (i) (ii) (iv) are false
(d) All (i) (ii) (iii) (iv) are false
Reason (R).
Assertion (A)
Payment made to creditors in cash will improve the Current Ratio.
Reason (R)
Both Current Assets and Current Liabilities have decreased by same amount.

Reason (R).
Assertion (A)
A low Inventory Turnover Ratio is not good for the firm
Reason (R)
Low Ratio shows overtrading and it may result in shortage of working capital

54. Current Ratio of Vinod Ltd. is 1.5:1. Accountant wants to maintain it at 2:1. Following options
are available:
(i) Creditors can be paid
(ii) Sale of goods at a good profit
(iii) Purchase of goods for cash
(a) Only (i) is Correct
(b) Only (ii) is Correct
(c) Only (i) and (ii) is correct
(d) Only (i) and (iii) is correct
55. A company has an operating cycle of 20 months. It has Trade Receivables amounting to
Rs.4,00,000 out of which 2,50,000 have a maturity period of 15 months. How would this
information be presented in the Balance Sheet?
(a) 4,00,000 as Non-current Assets
(b) 1,50,000 as Non-current Assets and 2,50,000 as Current Asset
(c) Only 1,50,000 will be shown in Balance Sheet as Non-current Asset
(d) 4,00,000 as Current Asset
Answers
1. (d) 25%
2. (d) 1,10,000
3. (c) 550
4. (a) 1,33,500
5. (c) (ii) (i) (iv) (iii)
6. (b) 15,675
7. (d) Profit and Loss Appropriation A/c Cr and Partners Capital A/c Dr.
8. (c) It will increase the balance of Capital Account of that partner
9. (c) 24,000
10. (a) 81,000
11. (d) 8,500
12. (c) Divij’s Capital Account is to be credited with 20,000 and 1,500
13. (a) 8,25,000
14. (c) Securities Premium Reserve can be used to write off the underwriters’ commission
15. (d) 3,20,000
16. (a) 13,750
17. (d) 3:2:1
18. (a) 20,800

19. (a) Nil
20. (b) 3,000

21. (d) Outstanding Expenses A/c Dr. 6,000
To Bank A/c 6,000
22. (b) Both Assertion and Reason are correct and Reason is the correct explanation of
Assertion
23. (b) Y’s Capital A/c Dr.5,333; Z’s Capital A/c Dr. 2,667 and X’s Capital A/c Cr 8,000
24. (a) 5% p.a.
25. (d) 13,500
26. (c) Only Assertion is correct
27. (b) 400
28. (d) (iii) and (iv) are True
29. (b) 35 :29 : 57
30. (b) A 3,500; B 700; C 3,500; D 700
32. (d) Vinod’s Capital A/c Dr 126 and Ajay’s Capital A/c Cr. 126
33. (c) 10,800
34. (b) 25,500
35. (c) 10:8:5:4
36. (a) 99,300
37. (d) 60,00,000

38. (a) 12,00,000
39. (a) 22,000
40. (b) Debit with Rs.2,000
41. (a) Credit by Rs.2,000
43. (d) Cross Sectional Analysis
44. (d) Current Ratio -------------- Quick Ratio ------------------ Interest Coverage Ratio
45. (d) Liquidity Ratios are also known as Short-term Solvency Ratios.
46. (a) Horizontal Analysis
47. (c) (i) d; (ii) a; (iii) e; (iv) b; (v) c
48. (b) Interest Coverage Ratio
49. (d) 2.5:1

50. (d) 3,50,000
51. (d) All (i) (ii) (iii) (iv) are false
52. (a) Both Assertion and Reason are correct and Reason is the correct explanation of the
Assertion
54. (c) Only (i) and (ii) is correct
55. (d) 4,00,000 as Current Asset

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Book Recommended ------ Ultimate Book of Accountancy Class 12th

BEST ACCOUNTANCY BOOK

As per CBSE Guidelines

5. What will be the correct sequence of events?

8. At the time of reconstitution of a Partnership Firm, a partner is ready to meet an unrecorded

14. Which of the following is mentioned in Companies Act, 2013 :

15. Securities Premium Reserve ……………………………….. 5,00,000

Preliminary Expenses ………………………………………….1,00,000

Goodwill of the firm was calculated Rs.60,000.

(b) Outstanding Expenses A/c Dr. 6,000

(c) Revaluation A/c Dr. 6,000

(d) Outstanding Expenses A/c Dr. 6,000

Choose the correct option:

28. Which of the following statement is/are true?

Choose the correct option:

37. Amount received on Application ____________________

38. Amount refunded by the company _______________

39. Interest on Y’s Capital should be:

Choose the correct option:

43. Pick the odd one out from the following:

45. Which one of the following is correct?

(ii) Calls in Advance (b) Capital work in progress

(iii) Computer Software (c) Inventories

(iv) Building Under Construction (d) Other Current Assets

(v) Raw Materials (e) Fixed Intangible Assets

Choose the correct option:

51. Which of the following statements are false?

Choose the correct option:

Choose the correct option:

18. (a) 20,800

19. (a) Nil

20. (b) 3,000

36. (a) 99,300

37. (d) 60,00,000

49. (d) 2.5:1

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