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Class XII – Accountancy Test Date : 06.02.22

Time : 1Hr 30 Min M.M. – 40

1. Following information has been provided by M/s Achyut Health Care. You are
required to calculate the amount of medicines consumed during the year 2020-21: [2]
Particulars ₹
Stock of medicines as on April 1, 2020 15,00,000
Creditors for medicines as on April 1, 2020 3,50,000
Stock of medicines as on March 31, 2021 10,00,000
Creditors for medicines as on March 31, 2021 4,20,000
Cash purchases of medicines during the year 2020-21 2,00,000
Credit purchases of medicines during the year 2020-21 6,00,000

2. Distinguish between ‘Dissolution of Partnership’ and ‘Dissolution of Partnership Firm’

based on: [2]
(i) Settlement of assets and liabilities
(ii) Economic relationship

3. Suresh, Ramesh and Tushar were partners of a firm sharing profits in the ratio of
6:5:4. Ramesh retired and his capital after making adjustments on account of reserves,
revaluation of assets and reassessment of liabilities stood at ₹ 2,50,400. Suresh and
Tushar agreed to pay him ₹ 2,90,000 in full settlement of his claim. Pass necessary
journal entry for the treatment of goodwill. Show workings clearly. [2]

4. From the following information given by Modern Dance Academy, calculate the
amount of Subscription received during the year 2020-21.
(i) Subscription credited to Income & Expenditure A/c for the year ending 31st
March, 2021 amounted to ₹3,00,000 and each member is required to pay an
annual subscription of ₹ 3,000.
(ii) Subscription in arrears as on 1st April 2020 amounted to ₹ 16,000.
(iii) During the year 2020-21, 10 members made partial payment of ₹26,000
towards subscription, 8 members failed to pay the subscription amount and 5
members paid the subscription amount for the year2021-22.
(iv) During the year 2019-20, 12 members paid the subscription amount for the year
2020-21. [3]

5. Harihar, Hemang and Harit were partners with fixed capitals of ₹3,00,000, ₹ 2,00,000
& ₹ 1,00,000 respectively. They shared profits in the ratio of their fixed capitals. Harit
died on 31st May, 2020, whereas the firm closes its books of accounts on 31st March
every year. According to their partnership deed, Harit’s representatives would be
entitled to get share in the interim profits of the firm on the basis of sales. Sales and
profit for the year 2019-20 amounted to ₹8,00,000 and ₹2,40,000 respectively and

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sales from 1st April, 2020 to 31st May 2020 amounted to ₹ 1,50,000. The rate of profit
to sales remained constant during these two years. You are required to:
(i) Calculate Harit’s share in profit.
(ii) Pass journal entry to record Harit’s share in profit. [3]

6. Vedesh Ltd. purchased a running business of Vibhu Enterprises for a sum of

₹12,00,000. Vedesh Ltd. paid ₹ 60,000 by drawing a promissory note in favour of
Vibhu Enterprises., ₹1,90,000 through bank draft and balance by issue of 8%
debentures of ₹100 each at a discount of 5%. The assets and liabilities of Vibhu
Enterprises consisted of Fixed Assets valued at ₹ 17,30,000 and Trade Payables at
₹3,20,000.
You are required to pass necessary journal entries in the books of Vedesh Ltd.
OR
Youth Ltd. took a loan of ₹ 15,00,000 from State Bank of India against the security of
tangible assets. In addition to principal security, it issued 10,000 11% debentures of
₹ 100 each as collateral security.
Pass necessary journal entries for the above transactions, if the company decided to
record the issue of 11% debentures as collateral security and show the presentation
in the Balance Sheet of Youth Ltd. [3]

7. Gini, Bini and Mini were in partnership sharing profits and losses in the ratio of 5:2:2.
Their Balance Sheet as at 31st March, 2021 was as follows: [5]
Balance Sheet as at 31 March, 2021
st

Liabilities ₹ Assets ₹
Sundry Creditors 56,500 Cash 1,17,300
Bank Overdraft 61,500 Debtors 38,000
Workmen’s Comp. Res. 32,000 Less: Prov. For D/D (2,300) 35,700
Capitals : Inventories 1,34,000
Gini 4,60,000 Machinery 1,00,000
Bini 3,00,000 Furniture 1,80,000
Mini 2,90,000 10,50,000 Building 5,70,000
Goodwill 63,000
12,00,000 12,00,000
On 31st March, 2021, Gini retired from the firm. All the partners agreed to revalue the
assets and liabilities on the following basis:
(i) Bad debts amounted to ₹ 5,000. A provision for doubtful debts was to be
maintained at 10% on debtors.
(ii) Partners have decided to write off existing goodwill.
(iii) Goodwill of the firm was valued at ₹ 54,000 and be adjusted into the Capital
Accounts of Bini and Mini, who will share profits in future in the ratio of 5:4.
(iv) The assets and liabilities valued as: Inventories ₹1,30,000; Machinery ₹ 82,000;
Furniture ₹1,95,000 and Building ₹ 6,00,000.
(v) Liability of ₹23,000 is to be created on account of Claim for Workmen
Compensation.

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(vi) There was an unrecorded investment in shares of ₹ 25,000. It was decided to
pay off Gini by giving her unrecorded investment in full settlement of her part
payment of ₹ 28,000 and remaining amount after two months.
Prepare Revaluation Account and Partners’ Capital Accounts as on 31st March, 2021.

8. Yogadatra Ltd. (pharmaceutical company) appointed marketing expert, Mr. Kartikay

as the CEO of the company, with a target to penetrate their roots in the rural regions.
Mr. kartikay discussed the ways and means to achieve target of the company with
financial, production and marketing departmental heads and asked the finance
manager to prepare the budget. After reviewing the suggestions given by all the
departmental heads, the finance manager proposed requirement of an additional fund
of ₹52,50,000.
Yogadatra Ltd. is a zero-debt company. To avail the benefits of financial leverage, the
finance manager proposed to include debt in the capital structure. After deliberations,
on April1,2020, the board of directors had decided to issue 6% Debentures of ₹100
each to the public at a premium of 5%, redeemable after 5 years at ₹110 per share.
You are required to answer the following questions:
(i) Calculate the number of debentures to be issued to raise additional funds.
(ii) Pass Journal entry for the allotment of debentures.
(iii) Pass Journal entry to write off loss on issue of debentures.
(iv) Calculate the amount of annual fixed obligation associated with debentures.
(v) Prepare Loss on Issue of Debentures Account. [5]

9. From the following Receipts and Payments Account and additional information
provided by Ramanath Club, Prepare Income and Expenditure Account for the year
ending on 31st March 2021.
Receipts and Payments Account
for the year ending 31st March, 2021
Receipts ₹ Payments ₹
To Balance b/d 48,000 By Salaries and Wages :
To Subscription 95,000 2019 – 20 10,600
To Entrance Fee 1,56,000 2020 – 21 1,03,200 1,13,800
To Locker rent 50,000 By Sundry expenses 47,000
To Interest on 8% govt. Securities 5,400 By Refreshment expenses 60,400
To Revenue from refreshment 52,000 By Telephone bill 5,000
To Sale of old newspapers 4,600 By Rents and Rates 24,000
To Sale of furniture By Library Book 25,000
(Book value : ₹11,000) 12,000 By 8% Govt. Securities 30,000
By Honorarium to Secretary 5,000
By Balance c/d 1,12,800
4,23,000 4,23,000
Additional Information:
(i) Subscription received during the year includes ₹ 25,000 as donation for Building.
(ii) Telephone bill unpaid as on March 31, 2020 was ₹ 4,000 and on March 31, 2021
₹2,600.
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(iii) Value of 8% Government Securities on March 31, 2020 was ₹ 80,000.
(iv) Additional Government Securities worth ₹ 30,000 were purchased on March 31,
2021. [5]

10. Following information is given by Alchemy Medical College, Library department for the
year 2020-21. [2]
Particulars ₹
Books and Journals Fund as on 1.4.2020 4,50,000
7% Books and Journals Fund Investments as on 1.4.2020 4,00,000
Interest on Books and Journals Fund Investments 13,000
Donations for Books and Journals 20,000
Books Purchased 70,000
General Fund as on 1.4.2020 10,00,000
Show the accounting treatment of the above-mentioned items in the Balance Sheet of
the Alchemy Medical College as at 31st March, 2021.

11. From the following details provided by Kumud Ltd., prepare Comparative Statement of
Profit & Loss for the year ended 31st March 2021:
Particulars 31.03.20 (₹) 31.03.21(₹)
Revenue from Operations 30,00,000 35,00,000
Other Income 3,00,000 4,50,000
Cost of materials Consumed 20,00,000 23,00,000
Other Expenses 1,00,000 1,20,000
Tax Rate 40% 40%
OR

From the following Balance Sheets of Vinayak Ltd. as at 31st March, 2021, prepare a
Common-size Balance Sheet. [3]
Vinayak Ltd. Balance Sheet as on 31 March, 2021
st

Particulars 31.03.21 (₹) 31.03.20 (₹)

I. EQUITY AND LIABILITIES
1. Shareholder’s Funds :
(a) Share Capital 30,50,000 20,00,000
(b) Reserve and Surplus 2,80,000 6,00,000
2. Current Liabilities :
(a) Trade Payable 6,70,000 4,00,000
Total 40,00,000 30,00,000
II. ASSETS
1. Non-Current Assets :
(a) Fixed Assets :
(i) Tangible Assets 16,00,000 12,00,000
(ii) Intangible Assets 2,00,000 3,00,000
2. Current Assets
(a) Inventories 8,00,000 3,00,000
(b) Trade Receivables 12,00,000 10,00,000
(c) Cash and Cash Equivalents 2,00,000 2,00,000
Total 40,00,000 30,00,000

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12. Madhav, Madhusudan and Mukund were partners in Jaganath Associates. They
decided to dissolve the firm on 31st March 2021.
Pass necessary Journal entries for the following transactions after various assets
(other than cash) and third –party liabilities have been transferred to realization
account: [5]

(i) Old machine fully written off was sold for Rs. 42,000 while a payment of Rs.
6,000 is made to bank for bill discounted being dishonoured.
(ii) Madhusudan accepted an unrecorded asset of Rs. 80,000 at Rs. 75,000 and
the balance through cheque, against the payment of his loan to the firm of Rs.
1,00,000.
(iii) Stock of book value of Rs. 30,000 was taken by Madhav, Madhusudan and
Mukund in their profit sharing ratio.
(iv) The firm had paid realization expenses amounting to Rs. 5,000 on behalf of
Mukund.
(v) There was a vehicle loan of Rs. 2,00,000 which was paid by surrender of
asset to the bank at an agreed value of Rs. 1,40,000 and the shortfall was met
from firm’s bank account.

Mobile Number – 9811069125, 9015909125 5

Address – 1A, First Floor, Arjun Nagar, Near Reliance Fresh, Safdarjung Enclave, New Delhi - 110029 |
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Class XII – Accountancy Test Solution Date : 06.02.22

Mobile Number – 9811069125, 9015909125 6

Address – 1A, First Floor, Arjun Nagar, Near Reliance Fresh, Safdarjung Enclave, New Delhi - 110029 |
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Or

Subscription received during the year 20-21 - ₹2,67,000

Working Note :
P/Y – 19-20
C/Y – 20-21
N/Y – 21-22
Subscription A/c
₹ ₹
To Subscription O/s 16,000 By Receipts & Payments (B/Fig.) 2,67,000
To Sub. Received in Adv. 15,000 By Sub. Received in Adv. 36,000
To Income & Expenditure By Subscription O/s 28,000
(₹3,000 × 100) 3,00,000
3,31,000 3,31,000

Subscription O/s
₹ ₹
To Balance b/d 16,000 By Subscription 16,000
By Balance c/d
P/Y Nil
To Subscription A/c 28,000 C/Y 28,000 28,000
44,000 44,000

Subscription Received in Advance A/c

₹ ₹
To Subscription A/c 36,000 By Balance b/d 36,000
To Balance c/d 15,000 By Subscription A/c 15,000
51,000 51,000

Mobile Number – 9811069125, 9015909125 7

Address – 1A, First Floor, Arjun Nagar, Near Reliance Fresh, Safdarjung Enclave, New Delhi - 110029 |
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Mobile Number – 9811069125, 9015909125 8

Address – 1A, First Floor, Arjun Nagar, Near Reliance Fresh, Safdarjung Enclave, New Delhi - 110029 |
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7.

Dr. Partner’s Capital Account Cr.

Particulars Gini (₹) Bini (₹) Mini (₹) Particulars Gini (₹) Bini (₹) Mini (₹)
To Goodwill A/c 35,000 14,000 14,000 By Balance c/d 4,60,000 3,00,000 2,90,000
To Gini’s Capital A/c 18,000 12,000 By WCR A/c 5,000 2,000 2,000
By Bini’s Capital A/c 18,000
To Balance c/d 4,85,000 2,80,000 2,76,000 By Mini’s Capital A/c 12,000
By Revaluation A/c 25,000 10,000 10,000
5,20,000 3,12,000 3,02,000 5,20,000 3,12,000 3,02,000
To Investment A/c 28,000 --- --- By Balance b/d 4,85,000 2,80,000 2,76,000
To Gini’s Loan A/c 4,57,000

To Balance c/d --- 2,80,000 2,76,000

5,20,000 3,12,000 3,02,000 5,20,000 3,12,000 3,02,000

Mobile Number – 9811069125, 9015909125 9

Address – 1A, First Floor, Arjun Nagar, Near Reliance Fresh, Safdarjung Enclave, New Delhi - 110029 |
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Mobile Number – 9811069125, 9015909125 10

Address – 1A, First Floor, Arjun Nagar, Near Reliance Fresh, Safdarjung Enclave, New Delhi - 110029 |
 Aadhar : The Scholar’s Hub

Mobile Number – 9811069125, 9015909125 11

Address – 1A, First Floor, Arjun Nagar, Near Reliance Fresh, Safdarjung Enclave, New Delhi - 110029 |
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12.

Mobile Number – 9811069125, 9015909125 12

Address – 1A, First Floor, Arjun Nagar, Near Reliance Fresh, Safdarjung Enclave, New Delhi - 110029 |