RBSE Class 12 E-Accountancy Self Evaluation Test Papers in English

Students must start practicing the questions from RBSE 12th Accountancy Model Papers E-Accountancy Self Evaluation Test Papers in English Medium provided here.

Section – A

Question 1.
Multiple Choice Questions

(i) Which of the following is/are characteristics of an NPO? [1]
(a) main aim is service
(b) separate entity
(c) managed by elected members
(d) all of these

(ii) Mr. Ram a partner of a partnership firm withdrew Rs. 10,000 during the year. Calculate the interest on drawings to be charged @6% per annum. [1]
(a) ₹ 600
(b) ₹ 300
(c) ₹ 900
(d) ₹ 1,200

(iii) A and B are partners in a partnership firm. They admitted C as a new partner. On his admission, the general reserve appeared in the balance sheet of Rs. 50,000. This will be treated by: [1]
(a) distributed equally between old partners
(b) distributed among all the partners
(c) not to be distributed
(d) none of these

(iv) Mr. Kapil Limited purchased a machinery of Rs. 1,20,000 and issued shares against purchase consideration at 20% premium of Rs. 10 each. Calculate the number of shares issued by Kapil limited to the vendor. [1]
(a) 1,000
(b) 1,00,000
(c) 10,000
(d) none of these

(v) Debentureholders have: [1]
(a) Right to participate in board meeting
(b) Right to get more interest than the fixed one
(c) Right to get interest with a fixed rate
(d) None of these

(vi) Which of the following is not a type of debenture? [1]
(a) Closed debentures
(b) Redeemable debentures
(c) Naked debentures
(d) All of these

(vii) Karim issued 10,000 debentures of Rs. 100 each at a discount of 10%. If the whole amount to be paid on application of debentures. Calculate the amount to be received on application. [1]
(a) Rs. 10,00,000
(b) Rs. 12,00,000
(c) Rs. 9,00,000
(d) None of these

(viii) Rakesh wanted to purchase a machinery of Rs. 9,00,000. He wanted to issue debentures of ₹ 100 each at a discount of 10%. Calculate the number of debentures to be issued to the vendor. [1]
(a) 1,000
(b) 1,00,000
(c) 10,000
(d) None of these

(ix) Calls in arrears are shown under the head: [1]
(a) Share capital
(b) Current assets
(c) Current liabilities
(d) non-current assets

(x) Which of the following is not a tool of financial statements analysis? [1]
(a) Ratio analysis
(b) Comparative statements
(c) common size statements
(d) All of these

(xi) If Vibhal wants to prepare a common size balance sheet. But he doesn’t know, what base to be taken. Help him by identifying the current base to be taken to prepare common size balance sheet. [1]
(a) Share capital
(b) Equity and Liabilities
(c) Current Assets
(d) None of these

(xii) If current assets of a company including stock of ₹ 1,00,000 is ₹ 9,00,000. Calculate the liquid assets of the company. [1]
(a) ₹ 10,00,000
(b) ₹ 9,00,000
(c) ₹ 8,00,000
(d) ₹ 12,00,000

Question 2.
Fill in the blanks

(i) interest on partner’s capital is a ………………….. of profit [1]
(ii) ……………….. is the maximum capital that can be raised by a company during its lifetime. [1]
(iii) Debentures are …………………….. for a company. [1]
(iv) The rate of interest on debentures is ………………….. . [1]
(v) General reserve is to be shown under the head ………………….. of a company’s balance sheet. [1]
(vi) Liquid ratio = Liquid assets/…………………. .[1]

Question 3.
Very Short Answer Type Questions

(i) What do you mean by subscription? [1]

(ii) Ram and Shyam are partners sharing profits/losses equally. Ram withdrew ₹ 1,000 p.m. regularly on the first day of every month during the year 2015-16 for personal expenses. If interest on drawing is charged @5% ;p:a. calculate interest on the drawings of Ram. [1]

(iii) What do you mean by Bearer Debentures? [1]

(iv) What do you mean by Redemption ofdebenture out of capital? [1]

(v) Can debentures be redeemed at premium? [1]

(vi) How will you treat premium received on issue of debentures? [1]

(vii) Amrit Comapny Limited purchased assets of the value of ₹ 2,20,000 from another company and agreed to make the payment of purchase consideration by issuing 2,000,10% debentures of 100 each at a premium of 10%. Record necessary journal entries. [1]

(viii) Profit on cancellation of own debentures is transferred to which account? [1]

(ix) Give any one characteristics of financial statements. [1]

(x) Give any one limitation of comparative statements. [1]

(xi) Name any one common-size statement. [1]

(xii) Give theTormula to calculate operating ratio. [1]

Section – B

Short Answer Type Questions

Question 4.
Distinguish between Receipts and payments account and cash Account. [2]

Question 5.
Yadu, Vidu and Radhu were partners in a firm sharing profits in the ratio of 4 : 3 : 3. Their fixed capitals on 1st April, 2018 were ₹ 9,00,000, ₹ 5,00,000 and ₹ 4,00,000 respectively. On 1st November, 2018, Yadu gave a loan of ₹ 80,000 to the firm. As per the partnership agreement:
(i) The partners were entitled to an interest on capitals @ 6% p.a.
(ii) Interest on partners’drawings was to be charged @ 8% p.a.
The firm earned profits of ₹ 2,53,000 (after interest on Yadu’s loan) during the year 2018-19. partners’ drawings for the year amounted to Yadu : ₹ 80,000, Vidu : ₹ 70,000 and Radhu : ₹ 50,000,
Prepare profit and loss appropriation account for the year ending31st March, 2019. [2]

Question 6.
Explain any two methods of calcualting goodwill. [2]

Question 7.
X and Y who are partners sharing profits in 5 : 3 ratio, admitted Z for 1/10 share which he acquired equally for X and Y. Calculate new profit sharing ratio. [2]

Question 8.
What do you mean by a private company? [2]

Question 9.
Kumar Ltd. purchased assets of ₹ 6,30,000 from Bhanu Oil Ltd. Kumar Ltd. issued equity shares of? 100 each fully paid in consideration. What journal entries will be made, if the shares are issued, (a) at par, and (b) .at premium of 20%. [2]

Question 10.
Give any two differences between preference shares and Equity Shares. [2]

Question 11.
A company purchased assets of the value of ₹ 1,90,000 from another company and agreed to make the payment of purchase consideration by issuing 2,000, 10% debentures of ₹ 100 each at a discount of 5%. Record necessary journal entries. [2]

Question 12.
G. Ltd. a listed company issued 75,00,000,6% debentures of ₹ 50 each at par payable ₹ 15 on application and ₹ 35 on allotment, redeemable at par after 7 years from the date of issue of debentures. Record necessary entries in the books of Company. [2]

Question 13.
What do you mean by trade receivables? [2]

Question 14.
Profit and Loss Account for the year ending 31st March, 2017 and 2018 of X Ltd are given below. Prepare common size profit and loss account: [2]

Question 15.
Cost of Revenue from Operations is ₹ 1,50,000. Operating expenses are ₹ 60,000. Revenue from Operations is ₹ 2,50,000. Calculate Operating Ratio. [2]

Question 16.
Explain the importance of current and liquid ratio. [2]

Section – C

Question 17.
From the following particulars taken from the Cash Book of a health club, prepare a Receipt and Payment account: [3]

Particulars	Amount (₹)
Opening balance
Cash in Hand	5,000
Cash at Bank	25,000
Subscriptions	1,65,000
Donations	35,000
Investment Purchased	80,000
Rent Paid	20,000
General Expenses	21,500
Postage and stationery	2,000
Courier charges	1,000
Sundry Expenses	2,500
Closing Cash in Hand	12,000

Question 18.
Kavita and Lalit are partners sharing profits in the ratio of 2 : 1. They decide to admit Mohan with share in profits with a guaranteed amount of ₹ 25,000. Both Kavita and Lalita undertake to meet the liability arising out of guaranteed amount to Mohan in their respective profit sharing ratio. The profit sharing ratio between Kavita and Lalit does not change. The firm earned profits of ₹ 76,000 for the year 2006-07. Show/ the distribution of profit amongst the partners. [3]

Question 19.
P and Q are partners sharing profits in 2 : 1 ratio. They admitted R into partnership giving him 1/5 share which he acquired from P and Q in 1 : 2 ratio. Calculate new profit sharing ratio. [3]

Question 20.
From the following information obtained from the books of P. Ltd., calculate, (i) Return on Investment, and (ii) Debt-Equity Ratio:
Information: Net Profit after interest and tax ₹ 6,00,000; 6% Debentures ₹ 10,00,000; Capital employed ₹ 20,00,000 and Tax rate 40%. [3]

Section – D

Question 21.
A and B are partners sharing profits and losses in the ratio of 3 : 1. On 1^st April. 2017 they admitted C as a new partner for 1/4 share in the profits of the firm. C brings ₹ 20,000 as for his 1/4 share in the profits of the firm. The capitals of A and B after all adjustments in respect of goodwill, revaluation of assets and liabilities, etc. has been worked out at ₹ 50,000 for A and ₹ 12,000 for B. It is agreed that partners’ capitals will be according to new profit sharing ratio, Calculate the new capitals of A and B and pass the necessary j ournal entries assuming that A and B brought in or withdrew the necessary cash as the case may be for making their capitals in proportion to their profit sharing ratio. [4]
Or
A and B share profits in the proportion of 3/4 and 1/4. Their balance sheet on March 31, 2016 was as follows:

On April 1, 2017 C was admitted into partnership en the followng terms:
(a) That C pays ₹ 10,000 as his capital.
(b) That C pays ₹ 5,000 for goodwill. Half of this sum is to be withdrawn by A and B.
(c) That stock and fixutres be reduced by 10% and 5%, provision for doubtful debts be created on Sundry Debtors and Bills Receivable.
(d) That the value of land and buildings be appreciated by 20%.
(e) There being a claim’against the firm fpr damages, a liability to the extent of ₹ 1,000 should be created.
(f) An item of ₹ 650 included in sundry creditors is no likely to be claimed and hence should be written back Record the above transactions (journal entries) in the books of the firm assuming that the profikj&firtng ratio between A and B has uot changed. Prepare the new Balance Sheet on the admission of C. [4]

Question 22.
Naman Ltd. issued 20,000 shares of ₹ 100 each, payable ₹ 25 on application, ₹ 30 qn allotment, ₹ 25 on first call and the balance on final call. All moiiey duly received except Anubha, who holding 200 shares did not pay allotment and calls money and Kumkum, who holding 100 shares did not pay both the calls. The directors forfeite^the shares of Anubha and Kumkum. Give jqumal entries. [4]

Question 23.
Z Ltdflssued 5,000, 10% debentures of ₹ 100 each at a discount of 10% on 1.4.2019. The debentures are to be redeemed every year hy draw of lots -1,000 debentures to be redeemed every year starting on 31.03.2021. Record the necessary journal entries including the payment of interest and writing off the discount on issue’of debentures. The interest is payable on September 30 and March 31. Z ‘Ltd. closes its books of accounts on March 31 every year.
Or
T. Ltd. offered 2,00,000. 8% debentures of ₹ 500 each on June 30, 2014 at a premium of 10% payable as ₹ 200 on application (including premium) and balance on allotment, redeemable at par after 8 years. But applications are received for 3,00,000 debentures and the allotment is made on pro-rata basis. AU the money due on application and allotment was received. Record necessary entries regarding issue of debentures. [4]

RBSE Class 10 E-Accountancy Self Evaluation Test Paper 2 in English

Question 1.
Multiple Choice Questions

(i) Identify the item not to be shown in the receipts side of the receipts and payments Account: [1]
(a) Beliance Industries
(b) TCS
(c) Aditya Birla Group of Industries
(d) None of these

(ii) Ravi and Kamal are partners sharing profits equally. There is no provision for interest on capital in their partnership deed Bavi has invested ₹ 6,00,000 as capital into the firm. Calculate the interest on capital to be provided to him for the whole year. [1]
(a) ₹ 60,000
(b) ₹ 36,000
(c) ₹ 9,000
(d) No interest will be provided on his capital

(iii) A and B are partners in a partnership firm. They admitted C as a new partner. On his admission, the credit balance of profit and loss account appeared on the assets side of the balance sheet. The treatment of this balance will be: [1]
(a) not to be distributed
(b) distributed among all partners
(c) to be debited to the old partners’capital account
(d) none of these

(iv) Which ofthefollowingis not correct regarding the shares? [1]
(a) Shares can be issued at discount
(b) Shares can be issued at premium
(c) Shares can be issued at par
(d) none of these

(v) debentureholders are: [1]
(a) Creditors of the company
(b) Debtors of the company
(c) Owners’ of the company
(d) None of these

(vi) Which ofthe following is a type of debenture? [1]
(a) Pull bodied debentures
(b) Redeemable debentures
(c) Virtual debentures
(d) All of these

(vii) Vimal Limited issued 5,000 debentures of Rs. 100 each at a premium of 10%. If the whole amount to be paid on
application of debentures. Calculate the amount to be received on application. [1]
(a) ₹ 10,00,000
(b) ₹ 5,00,000
(c) ₹ 5,50,000
(d) None of these

(viii) Vibha wanted to purchase a machinery of ₹ 1,20,00,000. He wanted to issue debentures of ₹ 100 each at a premium of 20%. Calculate the number of debentures to be issued to the vendor. [1]
(a) 1,000
(b) 1,00,000
(c) 10,000
(d) None of these

(ix) Debentures to be redeemed after five years from the year in which balance sheet of a company to be prepared, will be shown under the head: [1]
(a) Share capital
(b) current assets
(c) current liabilities
(d) non-current liabilities

(x) Which ofthe following is a tool of financial statements analysis? [1]
(a) Ratio analysis
(b) Profit and loss statement
(c) Balance sheet
(d) Manufacturing statement

(xi) The items of balance sheet at two periods are written side by side and then the absolute change and percentage change is calculated Identify the financial statements analysis tool being referred above. [1]
(a) Comparative income statement
(b) Comparative balance sheet
(c) Common size income statement
(d) None of these

(xii) Which of the following transactions will not result in to flow of cash ?
(a) Issue of equity shares ₹ 1,00,000
(b) Purchase of machinery ₹ 1,75,000
(c) Redemption of 9% debentures ₹ 3,50,000
(d) Cash deposited into bank ₹ 15,000

Question 2.
Fill in the blanks

(i) ……………………. is a written document which contains all the terms and conditions of the partnership agreement. [1]
(ii) …………………… is a company which has at least seven members and offers its shares to general public, [1]
(iii) Loss on issue of debentures account is a ……………………. loss. [1]
(iv) Perpetual debentures are also known as ………………… debentures. [1]
(v) Financial statements are based upon the …………………… records. [1]
(vi) Working capital = Current Assets-…………………. . [1]

Question 3.
Very Short Answer Type Questions

(i) What do you mean by Endowment fund? [1]

(ii) What is sacrificing ratio? How is it calculated? [1]

(iii) How will you treat discount on issue of debentures? [1]

(iv) What do you mean by issue of debentures as collateral security? [1]

(v) Rose Bond Limited purchased a business for ₹ 22,00,000. Purchase price was paid by giving 6% debentures. Debentures of ₹ 20,00,000 were issued at a premium of 10% for the purpose. Record necessary journal entries. [1]

(vi) Blue Co. Limited issued a debenture of ₹ 100 at 10% discount and redeemable at .10% Premium Give the Journal Entry for the issue of debenture. [1]

(vii) If debentures are issued to vendor to buy a machinery. Which account will be debited for this transation? [1]

(viii) What db you mean by Debenture Redemption Reserve? [1]

(ix) Give any one limitation of financial statements. [1]

(x) Give any two objectives of preparing comparative statements. [1]

(xi) Write a short note on trend Analysis. [1]

(xii) Give the formula to calculate Net Profit Ratio. [1]

Short Answer Type Questions

Question 4.
What aifiount of sports material will be posted to income and expenditure account for the year ended March 31,2016 as expenditure? [2]

Details	Amount (₹)
Stock of sports materials as on April 1, 2015	7,500
Creditors for sports materials as on April 2015	2,000
Stock of sports materials as on March 31.2016	6,200
Amount paid for sports materials during the year 2015-16	17,000
Advance paid for sports material as on March 31.2016	3,500

Question 5.
Reena and Raman are partners with capitals of ₹ 3,00,000 and ₹ 1,00,000 respectively, The profit for the year ended March 31,2017 was ₹ 1,80,000, before paying rent for her personal building to be used as gddown for firm to Reena payable at ₹ 5,000 per month. Interest on capital is to be allowed at 6% p.a. Raman was entiled to a salary of ₹ 30,000 p.a. The drawings of partners were ₹ 30,000 and ? 20,000. The interest on drawings to be charged to Reena was ? 1,000 and Raman ₹ 500:

Assuming that Reena and Raman are equal partners, state their share of profit after necessary appropriations. [2]

Question 6.
Asha and Nisha are partners sharing profit in the ratio of 2 : 1. Asha’s son Ashish was admitted for 1/4 share of which 1/8 was gifted by Asha to her son. The remaining was contributed by Nisha. Goodwill of the firm is valued at ₹ 40,000.low much of the goodwill will be credited to the old partner’s capital account. [2]

Question 7.
The profits of the past three years 6f a company are ₹ 4,00,000, ₹ 6,00,000 and ₹ 10,00,000. Calculation the value of goodwill of the firm on the basis of three years’ purchase. [2]

Question 8.
What do yo mean by calls in Advance? [2]

Question 9.
How will you treat the excess of purchase consideration over nt Assets while purchasing a business? [2]

Question 10.
Bansal Heavy Machine Ltd. purchased machine worth ₹ 3,80,000 from Handa Traders. Payment was made as ₹ 50,000 cash and remaining amount by issue of equity shares of the face value of ₹ 100 each fully paid at an issue price of ₹ 110 each. Give journal entries to record the above transetion. [2]

Question 11.
State the names of heads that lie under Equity and Liabilities side of balance sheet. [2]

Question 12.
Prepare Comparative Statement of profit and loss from the following information: [2]

Particulars	2015-16 (₹)	2016-17 (₹)
Freight Outward	20,000	10,000
Wages (office)	10,000	5,000
Manufacturing Expenses	50,000	20,000
Stock adjustment	(60,000)	30,000
Cash purchases	80,000	60,000
Credit purchases	60,000	20.000
Return inward	8,000	4,000
Gross profit	(30,000)	90,000
Carriage outward	20,000	10,000
Machinery	3,00,000	2,00,000
10% depreciation on Machiner	10,000	5,000
Interest on short-term loans	20,000	20,000
10% debentures	20,000	10,000
Profit on sale of furnture	20,000	10,000
Loss on sale of office car	90,000	60,000
Tax rate	40%	50%

Question 13.
What do you mean by ActNity Ratios? [2]

Question 14.
Calculate the Current Ratio and Debt-Equity Ratio from the following information:

Question 15.
Give any two differences between debentures and shares.

Question 16.
Nikhil and Ashwin Limited bought business of Agarwal Limited consisting sundry assets of ₹ 3,60,000, sundry creditors ₹ 1,00,000 for a consideration of ₹ 3,07,200. It issued 14% debentures of ₹ 100 each fully paid at a discount of 4% in satisfaction of purchase consideration. Record necessary journal entries. [2]

Sectlon – C

Question 17.
The capital accounts of Moli and Golu showed balances of ₹ 40,000 and ₹ 20,000 as on April 01, 2016. They shared profits in the ratio of 3 : 2. They allowed interest on capital @ 10% p.a. and interest on drawings, @ 12 p.a, Golu advanced a loan of ₹ 10,000 to the firm on August 01, 2016.
During the year, Moli withdrew ₹ 1,000 per month at the beginning of every month, whereas Golu withdrew ₹ 1,000 per month at the end of every month. Profit for the year, before the above mentioned adjustments, was ₹ 20,950. Calculate interest on drawings, show distribution ofprofits and prepare partners’capital accounts. [3]

Question 18.
From the following Receipt and Payment account of Dee Club for the year ending 31^st March, 2019 and additional information, prepare an Income and Expenditure Account for the year ending 31st March, 2019 :
Receipt an’d Payment Account of Dee Club

Additional Information:
(i) The club has 400 members, each paying an annual subscription of ₹ 150.
(ii) Salaries paid included ₹ 3,150 for the year 2017-18 and outstanding salaries for the year 2018-19 were ₹ 4,250.
(iii) 9%’investments were made on 30th November, 2018. The club had a similar investment of ₹ 8,000 at the beginning of the year.
(iv) Depreciate furniture @ 10% p.a. No depreciation is charged on the furniture sold. [3]

Question 19.
A, B and C are partners sharing profits in 3 : 2 : 2 ratio. They admitted D as a new partner for 1/5 share which he acquired from A, B and C in 2 : 2 : 1 ratio respectively. Calculate new profit sharing ratio.

Question 20.
Calculate following ratios form the following information:
(i) Current ratio,
(ii) Liquid ratio,
(iii) Operating ratio
(iv) Gross profit ratio.

Current Assets – ₹ 35,000
Inventory – ₹ 15,000
Revenue from Operations – ₹ 60,000
Current Liabilities – ₹ 17,500.
Operating Expenses – ₹ 20,000
Cost of Revenue from Operations – ₹ 30.000 [3]

Section – D

Question 21.
A and B are partners in a firm sharing profits and losses in the ratio of.3 : 2. They decide to admit C into partnership with 1/4 share in profits. C will bring in ₹ 30,000 for capital and the requisite amount of goodwill premium in cash. The goodwill of the firm is valued at ₹ 20,000. The new profit sharing ratio is 2 : 1 : 1. A and B withdrew their share of goodwill. Give necessary journal entries. [4]
Or
Pinky, Qumar and Roopa partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. S is admitted as a new partner for 1/4 share in the profits of the firm, which he gets 1/8 from Pinky, and 1/16 each from Qiimar and Roopa. The total capital of the new firm after Seema’s admission will be ₹ 2,40,000. Seema is required to bring in cash equal to 1/4 of the total capital of the new firm. The capitals of the old partners also have to be adjusted in proportion of their profit sharing ratio. The capitals of Pinky, Qumar and Roopa after all adjustments in respect of goodwill and revaluation of assets and liabilities have been made are Pinky ₹ 80,000, Qumar ₹ 30,000 and Roopa ₹ 20,000, Calculate the capitals of all the partners and record the necessary journal entries for doing adjustments in respect of capitals according to the agreement between the patners. [4]

Question 22.
Sumit Machine Ltd. issued 50,000 shares of ₹ 100 each at premium of 5%. The shares were payable ₹ 25 on application, ₹ 50 on allotment and ₹ 30 on first and final call. The issue was fully subscribed and money was duly received except the final call on 400 shares. The premium was adjusted on allotment. [4]

Question 23.
X. Ltd. issued 15.000,10% debentures of ₹ 100 each. Give journal entries and present it in the balance sheet in each of the following cases:
(i) The debentures are issued at a premium of 10%:
(ii) The debentures are issued at a discount of 5%;
(iii) The debentures are issued as a collateral security to bank against a loan of ₹ 12,00,000; and (iv) The debentures are issued to a supplier of machinery costing ₹ 13,50,000. [4]
Or
Journalise the following:
(i) A debenture issued at ₹ 95, repayable at ₹ 100:
(ii) A debenture issued at ₹ 95, repayable at ₹ 105, and
(iii) A debenture issued at ₹ 100, repayable at ₹ 105
The.face value of debenture in each of the above cases is ₹ 100. [4]

RBSE Class 10 E-Accountancy Self Evaluation Test Paper 3 in English

Question 1.
Multiple Choice Questions

(i) Identify the item not to be shown in the receipts side of the receipts and payments Account: [1]
(af’Prepaid insurance
(b) Subscription received
(c) Building sold
(d) None of these

(ii) Pick the odd one out: [1]
(a) Employees’ provident fund
(b) Statement of profit and loss
(c) General reserve
(d) Capital Reserve

(iii) Bihari and Kavi are partners sharing profits in the ratio of 1 : 2. They admitted Khwaja as a new partner for 1/4th share in profit. Calculate the sacrificing ratio of Bihari and Kavi. [1]
(a) 2 : 3
(b) 1 : 2
(c) 1 : 1
(d) none of these

(iv) Which of the following is/are the feature/features of shares? [1]
(a) Shares are just like a part of the capital of the company
(b) Shares can be issued at premium
(c) Shares can be issued at par
(d) All of these

(v) These are those debentures which will be repaid by the company either in lump-sum at the end of a specified period or by instalments during the lifetime of the company. [1]
(a) Irredeemable debentures
(b) Convertible debentures
(c) Redeemable debentures
(d) None of these

(vi) Which of the following is a-method of redemption of debentures? [1]
(a) Lump- sum method
(b) Payment in installments
(c) Purchase in open market
(d) All of these

(vii) The rate ofinterest on debentures to be paid is: [1]
(a) Tentative
(b) Fixed
(c) Partially fixed
(d) None of these

(viii) Radha Company limited had 10,000,6% debentures of Rs. 100 each. Identify the amount of interest to be paid to debentureholaers for six months. [1]
(a) 30,000
(b) 60,000
(c) 36,000
(d) None of these

(ix) Identify the user(s) of the financial statements.
(a) shareholders
(b) creditors
(c) government

(x) Which of the following is not a tool of financial statements analysis? [1]
(a) Cash flow statement
(b) Profit and loss statement
(c) Comparative balance sheet
(d) All of these

(xi) Each item is expressed in terms of the total of liabilities side or the assets side of balance sheet. Identify the tool of financial statements analysis being referred above. [1]
(a) Comparative income statement
(b) Comparative balance sheet
(c) Common size balance sheet
(d) None of these

(xii) Identify the ratio which is not the profitability ratio. [1]
(a) Gross profit ratio
(b) Operating ratio
(c) Net profit ratio
(d) Trade receivables turnover ratio

Question 2.
Fill in the blanks

(i) In case ofabsenceofpartnership deed, profit and loss to be shared …………………. by the partners. [1]
(ii) …………………… is an artificial person having a separate legal entity incorporated by the law and registered under the companies act 2013. [1]
(iii) Any security in addition to primary security is called ………………… . [1]
(iv) When debentures are issued to vendor, …………………… account is credited. [1]
(v) These are those provisions for liabilities that will be payable after 12 months from the date of balance sheet after the period of operating cycle. [1]
(vi) The …………………… Ratios provide the information critical to the long run operations of the firm. [1]

Question 3.
Very Short Answer Type Questions

(i) What do you mean by legacies? [1]

(ii) Priya and Kajal are partners in a firm, sharing profits and losses in the ratio of 5 : 3. The balance in their fixed capital accounts, on April 1, 2016 were : Priya, ₹ 6,00,000 and Kajal ₹ 8,00,000. The profit of the firm for the year. ended March 31, 2017 was ₹ 1,26,000. Calculate their shares of profits: (a) When there is no agreement ift relict of interest on capital, and (b) when there is an agreement that the interest on capital will be allowed @ 12%p.a. [1]

(iii) What do you mean by debenture holders? [1]

(iv) What do you mean by Debenture RedemptionTnvestment? [1]

(v) Rakesh and comapny issued 9%. 10,000 Debentures of ₹ 100. Each at apremium of 5%. Whole amount was to be paid on application Pass the necessary Journal Entries assuming that there was no calls in Arrears. [1]

(vi) What do you mean by non-convertible debentures? [1]

(vii) Give the Journal Entries for the debentures purchased in the open market. [1]

(viii) X Ltd. issued 2,000, 10% debentures of ₹ 100 each at a discount of 8% on April 01, 2019 which are redeemable. It has balance in Securities Premium Reserve of ₹ 30,000. Calculate the amount to be written off from securities Premium Reserve. [1]

(ix) What do you mean by operating cycle? [1]

(x) What do you mean by Horizontal analysis. [1]

(xi) What do yoja mean by common-size statements? [1]

(xii) From theifollowing information, calculate ‘Interest coverage Ratio’: [1]
Profit after interest and tax – ₹ 6,00,000 . .
10% Debentures – ₹ 8,00,000
Rate of Income Tax – 40% .

Section – B

Short Answer Type Questions

Question 4.
At the beginning of the year, stationery was due of ₹ 6,000 and at the end ₹ 3,500. The amount paid for stationery is ₹ 32,000. What amount will be shown of stationery in Receipts and Payments account? [2]

Question 5.
Amit and Bhola are partners is a firm. They share profits in the ratio of 3 : 2. As per their partnership agreement, interest on drawings irj to be charged @ 10% p.a. Their drawings during 2017 were ₹ 24,000 and ₹ 16,000, respectively. Calculate interest on drawings based on the assumption that the amounts were withdrawn evenly, throughout the year. [2]

Question 6.
How will you treat goodwill when now partner does not bring hiSshare of goodwill in cash? [2]

Question 7.
A, B, C were partners in a firm sharing profits in 3 : 2 : 1 ratio. They admitted D for 10% profits. Calculate the new profit sharing ratio. [2]

Question 8.
What do you mean by a private company? [2]

Question 9.
Give the Journal Entries for (i) forfeiture of shares (ii) Re-issue of shares. [2]

Question 10.
Ashoka Limited Company which had issued equity shares of ₹ 20 each at a premium of ₹ 4 per share, forfeited 1,000 shares for non-payment of final call of ₹ 2 per share. 400 of the forfeited share were reissued at ₹ 14 per share out of the remaining shares of 200 shares reissued at ? 20 per share. Give journal entries for the forfeiture and reissue of shares and show the amount transferred to capital reserve and the balance in Share Forfeiture Account. [2]

Question 11.
Give differences between debentures and shares. [2]

Question 12.
BPL Ltd. converted 500, 9% debentures of ₹ 100 each issued at a discount of 6% into equity shares of ₹ 100 each issued at a premium of ₹ 25 per share. Discount on issue of 9% debentures has not yet been written off. Showing your working notes clearly, pass necessary journal entries for conversion of 9% debentures into equity shares. [2]

Question 13.
What do you mean by statement of profit and loss? [2]

Question 14.
Prepare a Common size statement pf profit and loss of Shefali Ltd. with the help of following information: [2]

Particulars	2015-16 (₹)	2016-17 (₹)
Revenue from operations	6,00,000	8,00,000
Indirect expenses	25% of gross profit	25% of gross profit
Cost of revenue from operations	4,28,000	7,28,000
Other incomes	10,000	12,000
Income tax	30%	30%

Question 15.
What do you mean by operating profit ratio? [2]

Question 16.
Compute Working Capital Turnover Ratio, Debt Equity Ratio and Proprietary. [2]
Paid-up Share Capital – ₹ 5,00,000
Revenue from Operations – ₹ 10,00,000
Current Liabilities – ₹ 2,80,000
Current Assets – ₹ 4,00,000
13% Debentures – ₹ 2,00,000

Section – C

Question 17.
The following is the Receipt and Payment account of Nari Kalayan Samiitee for the year ended December 31.2017:

You are required to prepare the Income and Expenditure account after the following adjusment’s :
(a) Subscription still to be received are ₹ 750 but subscription include ₹ 500 for the year 2018.
(b) In the beginning of the year, the Samittee owned building ₹ 20,000, furniture ₹ 3,000 and books ₹ 2,000.
(c) Provide depreciation on furniture @ 5% (including purchase), books @ 10% and building @ 5%, [3]

Question 18.
Sunflower and Pink Rose started partnership business on April 01,2016 with capital of ₹ 2,50,000 and ₹ 1,50,000, respectively. On October 01, 2016, they decided that their capital should be ₹ 2,00,000 each. The necessary adjustments in the capital is made by introducting or withdrawing cash. Interest on capital is to be allowed @ 10% p.a. Calculate interest on capital as on March 31,2017. [3]

Question 19.
Ravi and Mohan are partners sharing profits in the ratio of 2 : 3. They admitted Raj for 1/4th share. He took one-fourth his share from Ravi and remaining from Mohan. Calculate the new profit sharing ratio of all partners. [3]

Question 20.
From the following information, determine the opening inventory and the closing inventory:
Inventory Turnover Ratio = 5 times
Revenue from Operations = ₹ 8,00,000
Gross Profit Ratio = 25%
Closing inventory was ₹ 20,000 more than the opening inventory. [3]

Section – D

Question 21.
Radha and Rukmani are partners in a firm sharing profits in 3 : 2 ratio, They admitted Gopi as a new partner. Radha surrendered 1/3 of her share in favour of Gopi and Rukmani surrendered 1/4 of her share in favour of Gopi. Calculate new profit sharing ratio. [4]
Or
Raka, Seema and Mahesh were partners sharing profits and losses in the ratio of 5 : 3 : 2. With effect from 1st April, 2019, they mutually agreed to share profits and losses in the ratio of 2 : 2 : 1.
On that date, there was a workmen’s compensation fund of ₹ 90,000 in the books of the firm. It was agreed that:
(i) Goodwill of the firm be valued at ₹ 70,000.
(ii) Claim for workmen’s compensation amounted to ₹ 40,000.
(iii) Profit on revaluation of assets and re-assessment of liabilities amounted to ₹ 40,000.
Pass necessary journal entries for the above transactions in the books of the firm. [4]

Question 22.
The Orient Company Limited offered for public subscription 20,000 equity shares of ₹ 10 each at a premium of 10% payable at ₹ 2 on application : ₹ 4 on allotment including premium : ₹ 3 on First Call and ₹ 2 on Secbhtlmid Final Call. Applications for 26,000 shares were received. Applications for 4,000 shares we-e rejected. Pro-rata allotment was made to the remaining applicants. Both the calls were made and all the money were received except the final call on 500 shares which were forfeited. 300 of the forfeited shares were later reissued as fully paid at? 9 per share. Give journal entries and prepare the balance sheet. [4]

Question 23.
Explain the different types of Debentures. [4]
Or
A Ltd. issued 10,000, debentures of ₹ 100 each at a premium of 5% payable as follows:
₹ 10 on Application:
₹ 20 along with premium on allotmpnt and balance on first and final nil. The debentures were fully subscribed and all money was duly received. Record necessary Journal entries. A. «o show how the amount will appear in the balance sheet. [4]

RBSE Class 10 E-Accountancy Self Evaluation Test Paper 4 in English

Section – A

Question 1.
Multiple Choice Questions

(i) Financial statements of an NPO consist of: [1]
(a) Receipt and payment account
(b) Income and expenditure account
(c) Balance sheet
(d) All of these

(ii) The partnership agreement may be: [1]
(a) Oral
(b) Written
(c) Either oral or written
(d) None of these

(iii) When a new partner brings a machinery of Rs. 1,00,000 for the amount of capital to be paid by him, the account that will be debitx.d for the above transaction will be: [1]
(a) Machinery account
(b) Capital account
(c) Revaluation Account
(d) none of these

(iv) Which of the following is a type of preference share? [1]
(a) Cumulative preference share
(b) Convertible preference share
(c) Irredeemable Preference share
(d) All of these

(vi) A company can ìssue debentures to: [1]
(a) General public
(b) Promoters
(c) Vendors
(d) All of these

(vi) When debentures to be redeemed at premium, the loss on issue of debentures will be: [1]
(a) Credited
(b) Debited
(c) Not to be treated
(d) None of these

(vii) The debentureholders receive: [1]
(a) Interest
(b) Dividend
(c) Profit
(d) None of these

(viii) Mr. Kamal applied for 1,000 debentures which were issued at 20% discount of Rs. 100 each.. Identify the amount to be paid by Mr. Kamal to the company. [1]
(a) 80,000
(b) 1,00,000
(c) 2,00,000
(d) None of these

(ix) Identify the item hot to be shown under the head ‘Shareholders’ funds’ of the company’s balance sheet. [1]
(a) Share capital
(b) Reserves and Surplus
(c) Money received against share warrants
(d) Long term provisions

(x) Identify the objective of analysing the financial statements? [1]
(a) To measure the earning capacity
(b) To measure the solvency of the business
(c) To identify the trend of the business
(d) All of these

(xi) Pick the odd one out: [1]
(a) Comparative income statement
(b) Comparative balance sheet
(c) Common size income statement
(d) Profit and loss statement

(xii) Identify the solvency ratio among the given ratios. [1]
(a) Proprietary ratio
(b) Inventory turnover ratio
(c) Current ratio
(d) Dividend payout ratio

Question 2.
Fill in the blanks

(i) In case of absence of partnership deed, the interest on partner’s loan given to the firm is charged@ …………………. % [1]
(ii) The owners of the company are called ………………. . [1]
(iii) DRI stands for …………………. . [1]
(iv) The amount to be invested in debenture redemption investment account for a non listed company should be equal to …………………….. % of the face value of the debentures. [1]
(v) …………………… are tangible assets held for the purpose of resale in the normal course of the business ………………. [1]
(vi) Price earning ratio a Market price ofa&are/Earning per share [1]

Question 3.
Very Short Answer Type Questions

(i) What do you mean-by endowment, fund? [1]

(ii) A and B share Profits and losses in the ratio of 3 : 1. C is admitted into partnership for 1/4 share. Calculate sacrificing ratio of A and B. [1]

(iii) What do you mean by bonds? [1]

(iv) Give the Journal Entry for the interest due on debentures. [1]

(v) What do you mean by Redemption of debenture out of profits? [1]

(vi) A company purchased assets of the value ₹ 4,40,000 from another company and agreed to make the payment of purchase considration. by issuing 4,000, 9% Debentures of ₹ 100 each at a premium of 105. Record necessary Journal Entries. [1]

(vii) Give Die Journal Entry for the issue of debenture at par and redeemable at premium. [1]

(viii) What do you mean by Bearer debenture. [1]

(ix) What do you mean by Short-term provisions. [1]

(x) What do yqu mean by comparative statements. [1]

(xi) State thdlmportance of financial analysis. [1]

(xii) What do you mean by Shareholders’ funds? [1]

Section – C

Short Answer Type Questions

Question 4.
How would you treat the following items in the case of a notdor-profit organisation?
Tournament fund ₹ 40,000. Tournament expenses ₹ 14,000, Receipts from tournament ₹ 16,000. [2]

Question 5.
Himanshu withdrew ₹ 2,500 at the end of each month. The partership deed provides for charging interest on drawings @ 12% p.a. Calculate interest oil Himanshu’s drawings for the year ending March 31,2017. [2]

Question 6.
What is the use of Revaluation Account? [2]

Question 7.
A and B were partners in a firm sharing profits in 3 : 2 ratio. They admitted C for 3/7 share which he took 2/7 from A and 1/7 from B. Calculate new profit sharing ratio. [2]

Question 8.
What do you mean by oversubscription of shares? [2]

Question 9.
Amit holds 100 shares of ₹ 10 each on which he has paid ₹ 1 per share as application money. Bimal holds 200 shares of ₹ 10 each on which he has paid ₹ 1 and ₹ 2 per share as application and allotment money, respectively. Chetan holds 300 shares of ₹ 10 each and has paid ₹ 1 on application, ₹ 2 on allotment and ₹ 3 for the fust call. They all failed to pay their arrears and the second call of ₹ 2 per share ftrid the directors, therefore, forfeited their shares. The shares are reissued subsequently for ₹ 11 per share as fully paid. Journal ise the transactions. [2]

Question 10.
Give Journal Entries when a company redeems 10,000 debentures of ₹ 100 each at 10% premium in a lump sum. [2]

Question 11.
Diwakar enterprises Ltd. issued 10,00,000, 6% debentures on April 1, 2016. Interest is paid on September 30,2016 and March 31, 2017.
Record necessary journal entries assuming that income tax is deducted @ 10% of the amount of interest. [2]

Question 12.
B Ltd. a listed company issued debentures at 94% for ₹ 4,00,000 on April 01, 2011 repayable by five equal drawings of ₹ 80,000 each. The company prepares its final accounts on March 31 every year. Give Journal entries for issues and redemption of debentures. [2]

Question 13.
State the sub-heads that fall under the head ‘Current Assets’ of the balance sheet of a company. [2]

Question 14.
Prepare Comparative Statement of Profit and Loss from the following information: [2]

Particulars	2015-16 (₹)	2016-17 (₹)
Manufacturing expenses	35,000	80,000
Opening stock	30,000	60% of closing stock
Sales	9,60,000	4,50,000
Returns outward	4,000 (out of credit purchase)	6,000 (out of cash -purchase)
Closing stock	150% of opening stock	1,00,000
Credit purchases	1,50,000	150% of cash purchase
Cash purchases	80% of credit purchases.	40,000
Carriage outward	10,000	30,000
Building	1,00,000	2,00,000
Depreciation on building	20%	10%
Interest on bank overdraft	5,000	–
10% debentures	2,00,000	20,00,000
Profit, on gale of copyright	10,000	20,000
Loss on sale of personal car	10,000	20,000
Other operating expenses	20,000	10,000
Tax rate	50%	40%

Question 15.
Differentiate between current ratio and Quick Ratio. [2]

Question 16.
The Revenue from operations of a firm is ₹ 6,00,000. Its inventory turnover ratio is 3 times, It gross profit ratio is 25% calculate is opening inventory and closing inventory. The opening inventory is 25% of closing inventory. [2]

Section – C

Question 17.
From the following Receipt and Payment Account of Jan Kalyan Club, prepare Income arid Expenditure Account arid Balance Sheet for the year ending March 31,2017. [3]

Additional Information:

	As on 01.04.2016	As on 31.03.201
(i) Subscription received in advance	1,000	3,200
(ii) Outstanding subscription	2,000	3,700
(iii) Stock of stationery	1,200	800
(iv) Books	13,500	16,500
(v) Furniture	16,000	8,000
(vi) Outstanding rent	1,000	2,000

Question 18.
Ram, Mohan and Sohan are partners with capital of ₹ 5,00,000, ₹ 2,50,000 and ₹ 2,00,000 respectively. After providing interest on capital @ 10% p.a. the profits are divisible as follows:
Ram 1/2, Mohan 1/3, and Sohan 1/6. Ram and Mohan have guaranteed that Sohan’s share in the profit shall not be less than ₹ 25,000 in any year. The net profit for the year ended March 31, 2017 is ₹ 2,00,000, before charging interest on capital.
You are required to show distribution of profit by preparing profit and loss appropriation account. [3]

Question 19.
Firm’s Capital in a business is ₹ 2,00,000. The normal rate of return of firm’s capital is 15%. During the year 2015, the firm earned a profit of ₹ 48,000. Calculate goodwill on the basis of 3 years purchase of super profit. [3]

Question 20.
From the following, calculate (a) Debt-Equity Ratio, (b) Total Assets to Debt Ratio, (c) Proprietary Ratio. [3]
Equity Share Capital – ₹ 75,000
General Reserve – ₹ 45,000
Debentures – ₹ 75,000
Outstanding Expenses – ₹ 10,000
Share application money pending allotment – ₹ 25,000
Balance in the Statement of Profit & Loss – ₹ 30,000
Trade Payables – ₹ 40,000

Seqtion – D

Question 21.
L, M and N are partners in a firm sharing profits in the ratio of 2 : 2 : 1. They decided that N will get 1/4th share in future profit. Goodwill of the firm was valued ₹ 80,000. Goodwill already appeared in the books ₹ 20,000. Pass necessary journal entries.
Or
Asha and Aditi are partners in a firm sharing profits and losses in the ratio or 3 : 2. They admit Raghav as a partner for 1/4^th share in the profits of the firm. Raghav brings ₹ 6,00,000 as his capital and his share of goodwill in cash. Goodwill of the firm is to be valued at two years purchase of average profits of the , last four years.
The profits of the firm during the last four years are given below:
The following additional information is given:
(i) To cover management cost, an annual charge of ₹ 56,250 should be made for the purpose of valuation of goodwill.
(ii) The closing stock for the year ended 31.3.2017 was overvalued by ₹ 15,000.
Pass necessarv journal entries on Raghav’s admission showing the working notes clearly. [4]

Year	Profit (₹)
2013-14	3,50,000
2014-15	4,75,000
2015-16	6,70,000
2016-17	7,45,000

Question 22.
Journalise the following transactions in the books Bhushan Oil Ltd.
(a) 200 shares of ₹ 100 each issued at a premium of ₹ 10 were forfeited for the non-payment of allotment money of ₹ 60 per share, lire first and final call of ₹ 20 per share on these shares were not made. The forfeited shares’ were reissued at ₹ 70 per share as fully paid- up.

(b) 150 shares of ₹ 10 each issued’at a premium of ₹ 4 per share payable with allotment were forfeited of non-payment of allotment money of ₹ 8 per share including premium. The first and final calls of ₹ 4 per share were not made. The forfeited shares were reissued at ₹ 15 per share fully paid-up.

(c) 400 shares of ₹ 50 each issued at par were forfeited for non-payment of final call of ₹ 10 per share. These shares
were reissued at ₹ 45 per share fully paid-up. [4]

Question 23.
Nena Limited issued 50,000,10% debentures of ₹ 100 each on the basis of the following conditions : [4]
(a) Debentures issued at par and redeemable at par.
(b) Debentures issued at discount @ 5% 10% and redeemable at par.
(c) Debentures issued at premium @ 10% and redeemable at par.
(d) Debentures issued at par and redeemable at premium @ 10%.
(e) Debentures issued at discount of 5% and redeemable at a premium of 10%.
(f) Debentures issued at premium of 6% and redeemable at a premium of 4%.
Record necessary journal entries in the above mentioned cases at the time of issue and redemption of debentures.
Or
MK Ltd. has outstanding ₹ 30,000 11% debentures of ₹ 100 each redeemable at 10% premium as follows:
March 31, 2018 – 10,000 debentures
March 31, 2020 – Remaining debentures
March 31, 2019 – 12,000 debentures
Pass necessary journal entries in the books of the company. [4]