CBSE Class 12 Accountancy — Short Answer Questions

(b) Sameer and Manveer were partners in a firm sharing profits and losses in the ratio of 5 : 3. On 1st April, 2024, they admitted Sandeep as a new partner for 1/5th share in the profits with a guaranteed minimum amount of Rs. 80,000. Sameer and Manveer continue to share profits as before but agreed to bear any deficiency on account of guarantee to Sandeep in the ratio of 3 : 5. The net profit of the firm for the year ended 31st March, 2025 was Rs. 3,20,000. Prepare Profit and Loss Appropriation Account of Sameer, Manveer and Sandeep for the year ended 31st March, 2025.

(a) Raunak Cotton Ltd. purchased machinery of Rs. 6,80,000 from Heavy Machines Ltd. The Payment to Heavy Machines Ltd. was made by issuing 10,500 equity shares of Rs. 50 each at a premium of 20% and the balance through a cheque. Pass necessary journal entries for the above transactions in the books of Raunak Cotton Ltd. OR (b) Neo Ltd. took over assets of Rs. 25,00,000 and liabilities of Rs. 12,00,000 of Madura Ltd. for a purchase consideration of Rs. 18,00,000. Neo Ltd. issued 11% debentures of Rs. 100 each at a discount of 10% in full satisfaction of the purchase consideration. Pass necessary journal entries for the above transactions in the books of Neo Ltd.

On 1st April, 2024 Bhumika Ltd. issued 500, 9% debentures of Rs. 500 each at a discount of 10% redeemable at a premium of 6% after five years. On 31st March, 2025 the company had a balance of Rs. 30,000 in its Securities Premium Account. Pass necessary journal entries for issue of 9% Debentures and writing off Loss on issue of Debentures. Also prepare 'Loss on Issue of Debentures Account'.

Kiran, Raveena and Hina were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. The firm closes its books on 31st March every year. As per the terms of the partnership deed, on the death of any partner, the goodwill of the firm will be calculated on the basis of four times the average profits of the last three years. Hina died on 1st July 2025. The Profits for the last three years were : 2022-23 Rs. 4,75,000 2023-24 Rs. 4,05,000 2024-25 Rs. 3,20,000 Hina's share of profit upto the date of death was to be calculated on the basis of previous year's profit. (i) Calculate goodwill of the firm and Hina's share of goodwill. (ii) Calculate Hina's share in the profits of the firm till the date of her death. (iii) Pass necessary journal entries for the treatment of goodwill without opening goodwill account and for Hina's share of profit at the time of her death.

Classify the following items under major heads and sub-heads (if any) in the Balance Sheet of the company as per Schedule-III, Part-I of the Companies Act, 2013 : (i) Stores and Spare parts (ii) Livestock (iii) Public Deposits

Average profit of a firm during the last few years is Rs. 8,00,000. In similar business, the normal rate of return is 10% of the capital employed. Assets of the business were Rs. 60,00,000 and its external liabilities were Rs. 20,00,000. Calculate the value of goodwill by : (i) Capitalisation of super profits method (ii) Super profit method if the goodwill is valued at four years' purchase of super profits.

Shree and Hari were partners in a firm sharing profits and losses in the ratio of 2 : 3. Their fixed capitals were Rs. 4,00,000 and Rs. 3,00,000 respectively. The partnership deed provided that Hari is to be allowed a commission of 5% of net profit. The net profit of the firm for the year ended 31st March, 2025 was Rs. 1,00,000. Pass the following journal entries in the books of the firm : (i) For crediting Hari's commission to his current account. (ii) For transferring the commission to Profit and Loss Appropriation Account.

From the following Balance sheets of Royal Sugar Mills Ltd. as at 31st March, 2024 and 2025, prepare a Comparative Balance Sheet : | Particulars | Note No. | 31-3-2025 (Rs.) | 31-3-2024 (Rs.) | |---|---|---|---| | I. Equity and Liabilities : | | | | | 1. Shareholders' Funds | | | | | Share Capital | | 24,00,000 | 20,00,000 | | 2. Non-current Liabilities | | | | | Long term borrowings | | 12,00,000 | 10,00,000 | | 3. Current liabilities | | | | | Trade Payables | | 6,00,000 | 5,00,000 | | Total | | 42,00,000 | 35,00,000 | | II. Assets : | | | | | 1. Non-Current Assets | | | | | Property, plant and equipment and intangible assets | | 30,00,000 | 25,00,000 | | 2. Current Assets | | | | | (a) Inventories | | 2,00,000 | 4,00,000 | | (b) Cash & Cash equivalents | | 10,00,000 | 6,00,000 | | Total | | 42,00,000 | 35,00,000 |

(a) From the following information, calculate : (i) Current ratio and (ii) Debt to capital employed ratio | Information | Rs. | |---|---| | Total Assets | 6,00,000 | | Non-Current Liabilities | 1,40,000 | | Shareholders' Funds | 4,20,000 | | Non-current Assets | 5,20,000 | OR (b) From the following information, calculate : (i) Debt-Equity Ratio and (ii) Total Assets to Debt ratio | Information | Rs. | |---|---| | Long-term borrowings | 8,00,000 | | Other long-term liabilities | 80,000 | | Long term provisions | 1,20,000 | | Share capital | 24,00,000 | | Reserves and Surplus | 6,00,000 | | Non-current Assets | 36,00,000 | | Current Assets | 14,00,000 | | Current Liabilities | 10,00,000 |