Class XII Accountancy Semester Paper

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ISC Board - Session 2021

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SECTION A - Question 1. Pick the odd one out from the following: *

1 point

Interest allowed on a loan taken by the firm from a partner

Rent due to a partner of the firm for using his premises for business purposes

Salary due to the manager of the firm

Salary due to partner of the firm

SECTION A - Question 2. If the operating cycle of a company cannot be identified, it is assumed to be: *

1 point

18 Months

12 Months

10 Months

15 Months

SECTION A - Question 3. Which of the following is not shown as a current Liability in the balance Sheet of a company prepared as per Schedule III of the companies Act, 2013? *

1 point

Trade Payable

Short term Borrowings

Deferred tax Liabilities

Short term Provisions

SECTION A - Question 4. The Interest on Calls-in-arrears account is closed By: *

1 point

Crediting it to statement of Profit & Loss

Crediting it to Profit & loss Appropriation Account

Debiting it profit & loss Appropriation Account

Debiting it to Statement of profit & loss

SECTION A - Question 5. The formula for valuing goodwill under the capitalization of super profits method is: *

1 point

Super profit made by the firm multiplied by the normal rate of return

Capital Employed by be the firm multiplied by be the normal rate of return

Capitalized profit of the firm divided by the rate of return

Super profit made by the firm divided by the normal rate of return

SECTION A - Question 6. Ronaldo Ltd. forfeited 300 equity shares of Rs 10 each, fully called up, on which Rs 5 per share(Including premium of Rs 1 per share) was received. It later reissued these shares at discount.The Maximum discount per share, which the company could have given on their reissue would be: *

1 point

Rs 6 per share

Rs 5 per share

Rs 4 per share

Rs 3 per share

SECTION A - Question 7. Veena and Soma are partners in a firm they admit Sara on 1st April, 2020, for 1/4 share in the profits of the firm. Sara acquired her share as 1/12 from Veena and the remaining from Soma. The sacrificing ratio of the old partners will be: *

1 point

11:12

1:1

1:2

1:11

SECTION A - Question 8. Arif, Ravi and Ben are partners in a firm sharing profits and losses in the ratio of 6:4:1. Arif guaranteed a minimum profit of Rs 16,000 to Ben. The trading profit of the firm for the year ending 31st March, 2020, was Rs 1,32,000. Arifs share in the profits of the firm will be: *

1 point

Rs 72,000

Rs 68,000

Rs 69,600

Rs 16,000

SECTION A - Question 9. Simi, Manu, and Beena are partners in a firm sharing profits and losses in the ratio of 2:2:1. The balance of their fixed capital accounts on 1st April, 2020, were: Simi Rs 1,00,000, Manu Rs 1,00,000 and Beena Rs 80,000.After the accounts for the year ended 31st March, 2021, were prepared it was discovered that interest on capital @ 10% per annum had been credited to the partners’ current accounts even though it was not provided in the partnership deed.The error in Simi’s capital account/ current account will be rectified by: *

1 point

Debiting her capital account with Rs 1,200

Crediting her current account with Rs 1,200

Debiting her current account with Rs 1,200

Crediting her capital account with Rs 1,200

Other:

SECTION A - Question 10. Runa and Ria were partners in a firm sharing profits and losses in the ratio of 3:1. On 1st April, 2020, Uday is admitted as a new partner in the firm for 3/8th share in the profits on various terms one of them being his contribution of Rs 42,000 as capital.The new profit-sharing ratio among all the partners to be 3:2:3.The capitals of Runa and Ria, after taking into account all the terms of admission were Rs 61,625 and Rs 25,375.It is decided that the capital accounts of Runa and Ria be adjusted in the ratio off their respective share in the profits after admission, any surplus to be adjusted through the current account while any deficiency through the cash Account.The surplus capital adjusted through current account will be: *

1 point

Ria’s debit capital balance of Rs 2,625

Runa’s credit capital balance of Rs 2,625

Ria’s debit capital balance of Rs19,625

Runa’s Credit Capital Balance of Rs 19,625

SECTION A - Question 11 a. On 1st April, 2020, Pixie, Nixie and Gyps entered into a partnership with fixed capitals of Rs 60,000, Rs 50,000 and Rs 30,000 respectively.On 1st October, 2020, Pixie gave a loan of Rs12,000 to the firm. The partnership deed contained the following clauses:(a) Interest on drawings to be charged @ 4% per annum.(b) Pixie to be entitled to a rent of Rs 2,000 per annum for allowing the firm to carry on the business in his premises. Nixie withdrew Rs 1,000 at the end of the month for the first six months.Net profit of the firm for the year ending 31st March 2021 (Before any interest but after rent on Pixie’s premises) was Rs 1,21,000. (a) The Net Profit of the firm will be: *

1 point

Rs 1,21,000

Rs 1,20,640

Rs 1,18,640

Rs 96, 640

SECTION A - Question 11 b. Interest on Drawings charged from Nixie will be: *

1 point

Rs 340

Rs 220

Rs 170

Rs 18.33

SECTION A - Question 12. Dev Gautam and Kamal were three partners sharing profits and losses in the ratio of 2:1:2. On 1st April, 2020, their capital accounts balances stood at Rs 90,000, Rs 80,000 and Rs 20,000 (Dr) respectively.On this date they admitted Naveen into the partnership with a capital of Rs 50,000 Neveen is to have ¼ share of the profits with guaranteed minimum share of distributable profit of Rs 40,000.The new profit-sharing ratio among the partners being Dev: Guatam: Kamal: Naveen=6:2:7:5.The profit of the firm for the year 2020-21 was Rs 1,60,000 before the following adjustments were made:.Interest on capital @ 10% per annum to be allowed to the partners.. Interest on Drawings: Dev: Rs 3,000; Kamal: Rs 6,000.salary to partners: Gautam Rs 7,000; Naveen: Rs 10,000.(a) The sacrificing ratio of Dev, Gautam and Kamal will be: *

1 point

2:1:2

2:2:1

2:-2:1

2:-1:2

SECTION A - Question 12. (b) The total interest on capital allowed by the firm to the partners will be: *

1 point

Rs 22,000

Rs 23,000

Rs 21,000

Rs 23,100

SECTION A - Question 12. (c) Deficiency in Naveen’s profits will be: *

1 point

Rs 8,000

Rs 7,500

Rs 12,500

Rs 12,000

1 point

Rs 32,500

Rs 60,000

Rs 37,500

Rs 40,000

SECTION A - Question 13 (b) The Value Of Goodwill Of The Firm On Satvik’s admission was: *

1 point

Rs 65,000

Rs 80,000

Rs 75,000

Rs 1,20,000

SECTION A - Question 13 (c) Satvik is unable to bring in cash his share of goodwill. the account to be debited to record his goodwill compensation will be: *

1 point

Satvik’s Capital A/c

Satvik’s Current A/c

Premium for goodwill A/c

Old partners’ Capital A/c

1 point

Rs 5,000 will be credited to the capital accounts of all the partners

Rs 3,000 will be credited to the capital accounts of all the partners

Rs 2,000 will be credited to the capital accounts of old partners

Rs 2,000 will be debited to the capital accounts of all the partners

SECTION A - Question 14. (b) The value of land & Building in the balance Sheet of the reconstituted firm will be *

1 point

Rs 20,000

Rs 31,250

Rs 5,000

Rs 6,250

SECTION A - Question 14. (c) To adjust the creditors in adjustment (iii): *

1 point

Commission A/c will be credited with Rs 5,000

Creditors A/c will be credited with Rs 5,000

Amar’s A/c will be debited with Rs 5,000

Creditors A/c will be debited with Rs 5,000

SECTION A - Question 14. (d) The provision for doubtful debts in the reconstituted firm will be: *

1 point

Rs1,500

Rs 1,800

Nil

None of the above

SECTION A - Question 14. (e) The date of the balance Sheet of the reconstituted firm will be: *

1 point

Balance Sheet for the year ending 31st March 2020.

Balance Sheet as at 31st March 2021.

Balance Sheet for the year ending 1st April, 2021.

Balance Sheet as at 1st April, 2021.

SECTION A - Question 15. ABC Ltd. forfeited 4,000 shares of Rs 10 each fully called up, on which application money of Rs 3 had been paid. out of these 2,000 shares were re-issued as fully paid up. Upon their reissue, the company transferred Rs 4,000 to capital reserve.The rate Which these shares were reissued were:(a) Rs 10 per share(b) Rs 4 per share(c) Rs 9 per share(d) Rs 8 per share *

1 point

Rs 10 per share

Rs 4 per share

Rs 9 per share

Rs 8 per share

SECTION A - Question 16. Xylo Ltd. was formed on 1st April 2018 with an authorized capital of Rs 12,00,000 divided into equity shares of Rs10 each. It invited applications for 30,000 shares to be issued at par in the year of its formation, all of which were subscribed for and the amount due on them fully received. On 1st April, 2020 the company issued another 60,000 shares at a premium of Rs 2 per share to be received with allotment. it received applications for 55,000 shares which were duly allotted all amounts due on the allotted shares was received except the final call of Rs2 per share on 1,000 shares. the company forfeited these shares and later reissued 800 of the forfeited shares @ Rs7 per share fully called up. The balance Sheet of the company was prepared as at 31st March 2021, as per Schedule III of the Companies Act, 2013. (a) The issued capital of the company to be shown in notes to account as at 31st March 2021, under share capital will be: *

1 point

Rs 12,00,000

Rs 9,00,000

Rs 8,50,000

Rs 8,49,000

SECTION A - Question 16 b. the subscribed shares of the company at the end of the year 2020-21 will be: *

1 point

12,00,000

9,00,000

85,000

48,000

SECTION A - Question 16 c. The amount of share capital to be shown in the balance Sheet of the company as at 31st March, 2021, will be: *

1 point

Rs 12,00,000

Rs 9,00,000

Rs 8,50,000

Rs 8,49,600

SECTION A - Question 16 d. The net given amount by the company on reissue of the 800 share will be transferred to: *

1 point

Reserve Capital Account

Capital Reserve Account

Securities Premium Account

Statement of P/L

1 point

Rs10,000

Rs 9,000

Rs12,000

Rs 7,000

SECTION A - Question 17 b. The share were forfeited for non-payment of: *

1 point

Rs10 per share

Rs9 per share

Rs12 per share

Rs 7 per share

SECTION A - Question 17 c. At the time of reissue of shares, the share forfeiture A/c was debited with: *

1 point

Rs 6,300

Rs 7,000

Rs 2,100

Rs 1,400

SECTION A - Question 17 d. At the time of reissue of shares, the share Capital A/c was Credited with: *

1 point

Rs 6,300

Rs 7,000

Rs 2,100

Rs 1,400

SECTION A - Question 17 e. At the time reissue of shares, the account credited with Rs1,400 was: *

1 point

Calls-in-arrears A/c

Capital Reserve A/c

Securities premium Reserve A/c

None of the above

SECTION B - Question 18 a. The Net revenue from operations of gama Ltd. is Rs14,00,000.It gross profit is Rs9,00,000;Operating expenses are Rs75,000;Commission received is Rs5,000;Profit from sale of fixed assets is Rs10,000.The operating profit Ratio of Gama Ltd will be: *

1 point

59.29%

69.29%

60%

58-93%

SECTION b - Question 19. Which of the following four companies is not deriving the benefit of trading on equity’? *

1 point

Mars Ltd., which has a debt-Equity Ratio of 0.49:1

Venus Ltd., Which has a debt-Equity Ratio of 1.54:1

Saturn Ltd., which has a debt-equity Ratio of 1.62:1

Pluto Ltd., which has a debt-equity Ratio of 2.32:1

1 point

1.8 times

2.8 times

3.4 times

2.4 times

SECTION b - Question 20 b. The proprietary Ratio of the company will be: *

1 point

0.47:1

0.75:1

0.61:1

0.38:1

1 point

3.75 times

4 times

4.17 times

8 times

SECTION b - Question 22 a. The correct formula for computing Earning per share is: *

1 point

Net profit after tax ÷ No of shares

Net profit after Tax and preference Dividend ÷ No. of shares

Net profit after tax and preference dividend ÷ No. of Equity shares

Net profit after tax and preference Dividend ÷No. of preference shares

SECTION b - Question 23The current Ratio of a company is 1.8:1 and its Quick Ratio is 1.1:1.From the following transactions, pick out the transactions which involves an increase in both the current Ratio and Quick Ratio: *

1 point

Goods worth Rs10,000 sold at loss of Rs2,000.

Insurance premium of Rs3,000 paid in advance.

Plant and Machinery purchased for Rs9,000.

Bills payable of Rs2,000 honored on the due data.

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