CHENNAI SAHODAYA SCHOOLS COMPLEX

(General Instructions)
1. Please check that this question paper contains 34 questions.
2. Question from 1 to 16 and 27 to 30 carries one mark each.
3. Question from 17 to 20 and 31 & 32 carries 3 marks each.
4. Questions from 21, 22 and 33 carries 4 marks each.
5. Questions from 23 to 26 and 34 carries 6 marks each.
6. There is no overall choice. However, an internal choice has been provided in 7
questions of one mark, 2 questions of three marks, 1 question of four marks
and 2 questions of six marks
7. Please write down the serial number of the question before attempting it.
8. Reading time of 15 minutes is given to read the question paper alone. No
writing during this time.
COMMON EXAMINATION
Class-12
(Accountancy - 055)
Roll No.: Maximum Marks: 80
Date: 03/01/2025 SET 2 Time allowed: 3 hour
PART – A
(Accounting for Partnership Firms and Companies)

QUESTIONS Marks
S.NO
1. Arjun, Babita and Charlie were partners in a firm sharing profits in the 1
th
ratio of 2:2:1. They admitted Dheeraj for 1/5 share in the profits of the
firm. He has to contribute proportionate capital to acquire 1/5th share in
future profits. On the date of admission, the capitals after all adjustments
relating to goodwill and revaluation of assets and liabilities were: Arjun
Rs. 62,000, Babita Rs. 52,000 and Charlie Rs. 36,000.
The capital brought by Dheeraj will be :
A .Rs. 37,500
B. Rs. 35,000
C. Rs. 30,000
D. Rs. 32,500
2. Assertion (A) : Goodwill is valued on the basis of Normal business 1
profit . Normal business profit is determined by adding abnormal losses
and deducting abnormal gains
Reason (R) : Profit or loss on sale of Machinery is not deducted from or
added to the net profit because it is asset of the firm , Profit or loss on
sale there on is not an abnormal profit or loss .
A. Both (A) and (R ) are true , but ( R ) is not the correct explanation
of ( A)
B. Both (A) and ( R ) are true and (R ) is a correct explanation of (A)
C. Both (A) and (R) are false.
D. (A) is true but ( R ) is false
3. Section 53 of the companies act does not allow shares at a discount , 1
However section 54 allows issue of shares at a discount , when they are
issued as ---------- .
A .Equity shares
B. Preference shares
C. Both Equity and preference shares
D. Sweat equity shares.
(OR )
Shiney Ltd issued 50,000 Debentures of Rs100 each @ a discount of 10
% and redeemable at a premium .Loss on issue of debentures

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Rs. 10, 00,000 which was written off from the profit and loss a/c. The
amount at which each debentures will be redeemed.
A.Rs105
B.Rs 110
C.Rs 115
D.Rs 120
4) Karan and Vikas were partners in a firm sharing profits and losses in the 1
ratio of 1:2. Their fixed capitals were Rs. 2, 00,000 and Rs.3,00,000
respectively .
On 1st April 2021, Kishan was admitted as a new partner for ¼ th share
in the profits. Kishan`s share of goodwill is Rs25,000 find out total
goodwill of the firm .
A.Rs 3,00,000
B.Rs 5,00,000
C.Rs 1,00,000
D.Rs 7,00,000
(OR)
Purab and Arab are partners sharing profits and losses equally. They
decided to admit Avanti into partnership for 1/6th share which was
contributed equally. On revaluation of assets and liabilities, the share in
loss of Purab was Rs.60,000 after debiting bad debts of Rs.20,000 and
crediting land & building Rs.20,000 which was undervalued by 20%.
Debtors appeared at Rs.4,20,000 and provision for bad and doubtful
debts appeared at 10% in the balance sheet. The revised value of debtors
and land and building in the reconstituted balance sheet will be :
A. Debtors Rs.4,00,000 and Land & Building Rs.1,00,000
B. Debtors Rs.3,98,000 and Land & Building Rs.80,000
C. Debtors Rs.3,58,000 and Land & Building Rs.1,00,000
D. Debtors Rs. 3,78,000 and Land & Building Rs.1,00,000
5. The average profit earned by the firm is Rs.80,000 which includes 1
overvaluation of stock of Rs5,000 on an average basis. The goodwill
based on the basis of 5 times the super profits Rs1,55,000 the normal rate
of return is 7 %calculate super profits , normal profits and capital
employed .
A.Rs 31,000, Rs49,000, Rs7,00,000
B.Rs 49,000. Rs30,000, Rs7,50,000
C.Rs 31,000, Rs54,000, Rs7,71,428
D.Rs 80,000, Rs31,000, Rs5,60,000
6. P. S Ltd forfeited 500 shares of Rs100 each for the non-payment of first 1
call of Rs30 per share. The final call of Rs.10 per share was not made.
The forfeited shares were issued for Rs.65,000 fully paid –up . Amount
of capital reserve will be ----
A.Rs 45,000
B.Rs 15,000
C.Rs 65,000
D.Rs 30,000
(OR)
Mittu Ltd forfeited 10,000 Equity Shares of Rs. 10 each for non-
payment of first and final call of Rs. 4 per share. Out of these, 5000
Equity shares were reissued at Rs 7 per share as fully paid
What will be the minimum price at which the remaining Equity Shares
can be issued?
A.Rs40,000
B. Rs30,000
C. Rs50,000
D.Rs 20,000
7. Casecade Ltd issued, 50,000, 10 % Debentures of Rs50 each at a certain 1
rate of premium and to be redeemed at 10 % premium. At the time of

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writing off Loss on issue of debentures, statement of profit and loss was
debited with Rs1,00,000. Ascertain the rate of premium at which these
debentures were issued?
A, 3 %
B. 5%
C. 6%
D. 10%
8. Janaki, a partner agreed to look after the dissolution work for a 1
commission of Rs5,000. Janaki agreed to bear the dissolution expenses.
Actual dissolution expenses Rs5,500were paid By Mohan , another
partner , on behalf of Janaki How will it affect the books of accounts at
the time of dissolution.
A. Realisation account will be debited by Rs500
B. Realisation account will be credited by Rs500
C. Realisation account will be credited by Rs5,500
D. No effect on realisation account.
( OR)
A partner, Kavita, agreed to look after dissolution process for a
commission of Rs9,000. She also agreed to bear the dissolution
expenses. Kavita took over furniture of Rs9,000 for her commission ,
Furniture had already been transferred to realisation account .while
passing journals which account will be debited or credited ?
A. Realiastion account will be debited by Rs9,000
B .Kavitha’s capital will be credited Rs9,000
C. Kavitha’s capital will be debited by Rs9,000
D. No entry
9. X, Y, and Z have been sharing profits in the ratio of 2:2:1 respectively. Z 1
wants that he should be given equal share in profits with X and Y and he
further wants that the change in the profits should come into effect
retrospectively for the last three years, X and Y no objections to this. The
profit for last three years were Rs52,000: Rs44,200: Rs 51,610
How much will be credited to Z `s capital a/c?
A Rs19,708
B.Rs 49,270
C.Rs 9,854
D. Rs59,124
10. Balance sheet of Angad and Ram as on 31st December 2022 1
Liabilities Rs Assets Rs
Creditors 38,000 Debtors 29,000
The firm was dissolved on 31st December 2022and following was found.
Other assets and liabilities were realised and paid off except Debtors and
Creditors, calculate the amount realised from debtors and amount paid to
creditors by taking in to account the following :
1) Debtors falling due on 1st November 2023were realised at a discount
of 6 % p.a.
2) Creditors falling due on 31st January 2023were paid @6% discount
p.a.
A.Rs28,000; Rs38,000
B. Rs27,550;Rs 37,810
C.Rs 38,000; Rs28,000
D. Rs37,810:Rs28,000
11. Tinku and Pinku entered into the partnership on 1st April2023, without 1
Partnership deed, they introduced capitals of Rs5,00,000 and Rs3,00,000
respectively . On 1st November 2023, Tinku gave loan to the firm of
Rs2,00,000 without any agreement as to interest, Pinku took loan of
Rs1,00,000 on 1st November 2023,which was also without agreement as
to interest .
Profit for the year ended 31st March 2024, before interest on loan was
Rs4,30,000. The partners could not agree on the rate of interest on loan
to be allowed or charged and the basis of division of profit .while passing
the journals how much will be debited to Profit and loss Appropriation

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account?
A.Rs 4,25,000
B.Rs 4,30,000
C. Rs4,20,000
D. Rs4,40,000
12. Application money is Rs3 and allotment money is Rs2 per share , face 1
value of a share is Rs10, when the journal entry is passed which account
will be credited, in the following situation when the excess application
money is adjusted .
‘Arul who has applied 2000 shares but allotted only 600 shares’
A Share capital a/c and allotment a/c
B .Share capital a/c and bank a/c
C. Share capital a/c, allotment a/c, bank a/c
D. Share allotment a/c , bank a/c
13. Santosh Ltd issued 1,00,000 equity shares of Rs.20 each at a premium of 1
Rs.2 per share. Applications were received for 98,000 shares and all
were allotted. The company received all application and allotment
money except on 5000 shares who failed to pay allotment of Rs.5 per
share but paid with call and another shareholder holding 3000 shares
paid the call money of Rs.3 along with allotment. Call was made and
2000 shares failed to pay the call money. What is the amount received at
the time of call?
A.Rs2,88,000
B.Rs3,13,000
C.Rs3,04,000
D Rs2,79,000

14 A, B and C were partners in a firm sharing profits in the ratio of 2:2:1. 1

From 1st April 2023, They decided to share profit in the ratio 1:2:3 For
this purpose it was agreed that :
Land should be appreciated by Rs1,00,000 .Machinery should be
depreciated by Rs15,000.
Creditors amounting to Rs5000 were not to be paid.
You are required to record necessary journal entries
When partners do not want to alter the value of assets and liabilities in
the books.
Select the correct option
Date Particulars L.f Debit Rs Credit Rs
A) C`s capital a/c Dr 27,000
To A`s capital a/c 21,000
To B`s capital a/c 6,000
B) Revaluation a/c Dr 90,000
To A`s capital a/c 36,000
To B`s capital a/c Dr 36,000
To C`s capital a/c 18,000
C) A`s capital a/c Dr 21,000
B`s capital a/c Dr 6,000
To C`s capital a/c 27,000
D) C`s capital a/c Dr 36,000
To A`s capital a/c 36,000
15. Raghu , Shamu, and Ramu were partners sharing profits and losses in the 1
ratio of 5:3:2. Shamu retired and his dues after accumulated profits and
losses and goodwill treatment, but before any revaluation effect came out
to be Rs4, 85,000. His account was being settled by giving him
unrecorded assets of Rs50,000 and balance to be brought in by Raghu
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and Ramu equally , What amount will be brought in by Raghu?

A.Rs2,17,500
B.Rs2,50,000
C.Rs2,10,000
D Rs2,25,000
( OR)
P, Q and R were partners in the ratio of their capital contribution which
were Rs.6,00,000; Rs.4,00,000; Rs.5,00,000 respectively .Their books
are closed on 31st March every year. P dies On 31st August 2022,Under
the partnership deed, deceased partner is entitled to his share of profits
/losses to the date of death based on the average profits of preceding
three years .Profits were 2022 Rs60,000 : Rs2021 Rs 30,000 : 2020
Rs1,20,000( loss) 2019 Rs.50,000. P’s share of profits /loss will be
A. Profit of Rs.4,667
B. Loss of Rs.9,333
C. Profit of Rs.49,000
D. Loss of Rs.7,000
16. A, B and C were Partners in a firm sharing profits in 3:3:2 ratio They 1
admitted D as a new partner for 4/7 th profit. D acquired his share 2/7
from A 1/7 from B and 1/7 from C, Calculate new ratio.
A)13:6:32:5
B)6:13:5:32
C.5:13:6:32
D.5:6:13:32
17. Pass the necessary journal entries 3
1) A debtor Ramith for Rs20,000 agreed to pay the dissolution expenses
which were Rs19,000 in full settlement of his debt
2) Vinoth, a partner, paid Realisation expenses of Rs20,000 and these
were to be borne by him .
3) Sudha, a partner was allowed a remuneration of Rs10,000 to carry out
dissolution of the firm .She was to bear all expenses of realisation which
amounted to Rs16,000 were paid by the firm.
18. A and B are partners in a firm sharing profits in the ratio of 7:5 .On 1st 3
April 2022, they admit C as a new partner for 1/6 th share ,The new
share will be 13:7:4. C contributed the following assets towards his
capital and for share of Goodwill; Stock Rs.60,000; Debtors Rs 80,000;
Land Rs2,00,000 ; Plant and Machinery Rs1,20,000 . On the date of
admission of C ,The goodwill of the firm was valued at Rs7,50,000
Record the necessary journals in the books of the firm on C `s admission
(OR)
David, Ellis, Fero, Parul and Zabirwere partners in a firm sharing profits
in the ratio of 5:4:3:2:1respectively. Unfortunately Parul and Zabir met
with an accident in which both of them died.
The goodwill of the firm was valued at Rs1,50,000 and David , Ellis and
Fero decided to share future profits in the ratio 4:6:5 respectively
Give journals for Goodwill. calculate gaining and sacrificing ratio
19. General Fore see Ltd, purchased a running business from Rithanya Ltd 3
for Rs3,00,000 payable by 20 % by cheque and balance by the issue of
fully paid Equity shares of Rs100 each at premium of 20 %.
Pass Journals:
The assets and liabilities taken over were as follows :
Particulars Book value Rs Agreed value Rs
Building 1,00,000 1,30,000
Machinery 75,000 50,000
Stock 1,10,000 1,00,000
Trade payables 35,000 40,000
Furniture 60,000 50,000
( OR)
Raggu Ltd. offered 65,000 Shares for subscription. Applications were
received for 1,15,000 shares and pro –rata allotment was made to all the
applicants .Lalitham had applied for 29,900 shares and Mithun was
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allotted 8,450 shares

On the basis of the above information , calculate :
1) How many applications were refused allotment?
2) What is the pro –rata ratio?
3) How many shares were allotted to Lalitham?
4) How many shares were applied to Mithun?
20. Anu , Bhanu , Chandu are partners in a firm sharing profits in the ratio of 3
2:3:4 .On 31st March 2022, Anu retires and Bhanu and Chandu decided
to share future profits in the ratio of 2:1.
Following balances appeared in their books on this date :
Profit and loss a/c( Dr) Rs72,000
Employee’s provident fund Rs1,50,000
Workmen’s compensation reserve Rs45,000
General reserve Rs1,20,000
It is agreed that workmen`s compensation is no more required, and
25%of the General reserve is to be transferred to Investment Fluctuation
Reserve. Pass journals.
21. b) Danish, Arputh and Praful are partners in a firm sharing profit and 4
losses in the ratio of 5:3:2, Their books are closed on March 31 st every
year.
Danish died on September 30th 2022, the executors of Danish are
entitled to:
His share of capital is Rs.5,00,000 along with his share of goodwill . The
total goodwill of the firm is valued at Rs.60,000. His share of up to his
date of death on the basis of sales till date of death Sales for the year
ended March 31st 2022 was Rs.2,00,000 and profit for the same year
was 10% on sales . Sales shows a growth trend of 20 %and percentage of
profit earning is reduced by 1 %.
Amount payable to Danish was transferred to his executors.
Pass journals show the workings clearly.
22. Halo Ltd company was registered with an authorized capital of Rs 4
20,00,000 divided into 2,00,000 shares of Rs10 each ,payable Rs3 on
application , Rs6 on allotment ( including Rs1premium ) and balance on
call. The company offered 80,000 shares for public subscription, All the
money has been duly received except allotment and call money on 5,000
shares held by Guna and call money on 4,000 shares held by Mannu.
Guna’s shares were forfeited and out of these 3,000 shares were re-
issued Rs. 9 per share as fully paid up.
Show share capital in the books of the company, Also prepare notes to
accounts.
23. Dinakar Ltd invited applications for 40,000 Equity shares of Rs10 each 6
at a premium of Rs2.50 per share , The amount was payable as follows :
On application – Rs2 per share
On allotment – Rs4.50 per share ( including premium )
And on call – Rs6 per share
Owing to heavy subscription , the allotment was made on pro rata basis
as follows :
a)Applications for 20,000 shares were allotted 10,000shares
b) Applications for 56,000 shares were allotted 14,000shares.
c) Applications for 48,000 shares were allotted 16,000 shares.
It was decided that excess amount received on applications would be
utilised on allotment and the surplus would be refunded.
Raghu to whom 1,000 shares were allotted, who belongs to category (a),
failed to pay allotment money .His shares were forfeited after the call
Pass the necessary Journal entries in the books of Dinakar Ltd for the
above transactions.
(OR)
a) On 1st April 2022, Ashok Ltd issued 7,000, 10 % debentures of Rs500
each at a premium of 5 % and redeemable at a premium of
10 % after 5 years, according to the terms of issue, Rs200 was payable
on application, and balance on allotment. Record the required entries

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issue of debenture.
b) Maha Ltd took a loan of Rs.1,20,000 from a bank and deposited
1,400, 9% debentures of Rs100 each as collateral security along with
primary security worth Rs2 lakhs. Company again took loan of
Rs.80,000 after two months from bank and deposited 1,000 ,9 %
debentures of Rs100 each as collateral security , Record necessary
entries , How will you show the issue of debentures and bank loan in the
balance sheet of the company.
24. X ,Y and Z were partners in firm ,sharing profits in the ratio of 5:4:1. On 6
31st March 2023 Y retired , X and Z decided to share future profits and
losses in the ratio equally .On this date Balance sheet stood as follows :
Balance sheet as at 31st March 2023
Liabilities Rs Assets Rs
Bank loan 1,00,000 Goodwill 20,000
Bills payable 50,000 Bank 1,20,000
General reserve 60,000 Debtors 85,000
Employee 40,000 (-)Provision 4,000 81,000
provident fund
Workmen 30,000 Inventory 1,39,000
compensation
Fund Furniture 1,20,000
Capital a/c:
X- 5,50,000 Plant and
Y- 2,50,000 Machinery 2,00,000
Z- 2,00,000 9,50,000 Buildings 6,00,000

12,80,000 12,80,000
Additional information:
1) Goodwill of the firm Rs.40,000.
2)Depreciate furniture @ 5 % , plant and machinery by 10 %and
building by Rs40,000
3) Z took away inventory of Rs. 40,000 at Rs. 60,000 for cash.
4) There was a claim by a worker for compensation for Rs.10,000.
5)Y was to be paid 50 % immediately brought in by X and Z in such a
way so as to make their capital proportionate to their new profit sharing
ratio . Prepare revaluation account and capital accounts.
( OR)
A and B are Partners of a firm sharing profit and losses in the ratio of
3:2. Their capitals were Rs60,000 and Rs40,000 as on 1st April 2020,Net
profit during the year before charging interest and salary is
Rs30,000.According to the deed both the partners are entitled to
Rs1,000 per month as salaries and 5% interest on capitals, Their
drawings were Rs12,000 and Rs8,000 and interest there on was
Rs600 and Rs400, prepare profit and loss appropriation account, capital
and current accounts.
25. Ramesh , Suresh ,Mahesh were partners in the ratio of 2:2:1. Following 6
is the balance sheet on the date of dissolution :
Liabilities Rs Assets Rs
Creditors 60,000 Cash at bank 29,400
Bills payable 3,900 Stock 75,000
Provision for 22,500 Machinery 1,35,000
depreciation
Capital accounts Patents 30,000
Ramesh 2,02,500 100 shares in A 7,500
Suresh 45,000 company
Mahesh 15,000 2,62,500
300 shares in B 27,000
company
Profit and loss 45,000

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3,48,900 3,48,900
Following terms were also decided :
1)Ramesh takes over the stock at a 20 % less its book value Machinery at
Rs60,000
2) One of the creditors took some of the patents whose book value was
Rs12,000 at a valuation of Rs7,200. Balance of the creditors was paid at
a discount of Rs1,800
3) Balance of patents was realised at 70 % of their book value.
4) Shares in` A` Company were agreed to be taken over by Suresh at Rs.
45 per share.
5) Shares in `B ` Company were valued at Rs18,000. All partners divided
these shares in their profit sharing ratio.
6) There was an old computer of Rs37,500 which was not mentioned in
the Balance sheet was realised worthy Rs.15,000.
Prepare realisation account.
26. On 1 st April 1,2019, Sangam Ltd issued 30,000 Equity shares of Rs10 6
each a premium of Rs4 per share payable as follows:
Rs6 on application ( including 1 premium )
Rs2 on allotment ( including 1 premium)
Rs3 on first call ( including 1 premium )
Rs3 on second call ( including 1 premium )
Applications were received for 45,000 shares, of which applications for
9,000 shares were rejected and their money was refunded. Rest of the
applications were issued shares on pro-rata basis.
Hari to whom 600 shares were allotted, did not pay the allotment money
and his shares were forfeited, after the allotment. Mohan who applied for
1080 shares did not pay the two calls and his shares were forfeited.
1200 forfeited shares were reissued as fully paid up on receipt of Rs 9
per shares, the whole Mohan’s shares being included.
The company prepared cash book and passed journals.
Answer the following questions:
1) How much money will be credited in the cash book?
a)Rs54,000 b)Rs90,000 c) Rs45,000 d) Rs36,000
2) How many shares have been allotted to Mohan?
a)1200b) 1000c) 900 d) 600
3) How much will be shown below the heading subscribed and fully paid
up?
a)29,700 b) 30,000 c) 38500 d) 39600
4) How much will be shown as capital reserve?
a)Rs6000 b) Rs5000 c) Rs3000 d) Rs3,600
5) When the shares of Hari were forfeited how much would have been
debited to Equity share capital a/c?
a)Rs4000 b) Rs3,600 c) Rs6000 d) Rs5,400
6) When the shares of Hari were forfeited pick out the correct statement.
a) Securities premium will be debited by Rs600
b) Securities premium will be credited by Rs600
c) Securities premium will be debited by Rs480
d) Securities premium will be credited by Rs480
PART B
(Analysis of financial statements )
27. Which analysis is considered as dynamic : 1
A)Horizontal Analysis B)Vertical Analysis
C)Internal analysis D) External Analysis
(OR)
If Trade receivable ratio is 7.2 times, state ,which of the following would
increase the Trade receivable turnover ratio
a)Return inwards Rs20,000
b)Credit sales Rs30,000
c)Provision for doubtful debts Rs10,000
d)Collection from debtors Rs50,000

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28. While preparing cash flow statements which of the following (s) will 1
result in no flow of cash
A) Old furniture written off.
B) Short term deposits in Bank
C) Discount received on making payment to suppliers
D) Production expenses of Episode (Electronic Media )
1) Only (A) 2) Only (A) ,(B), (C)
3) Only ( A ) , ( B) 4) Only ( D)
29. Select the correct equation from the following : 1
A)Shareholder`s funds = Non –current assets + Working capital – Non –
current liabilities
B)Shareholders funds =Equity share capital+ Preference share capital +
General reserve + Profit and loss Balance
C).Shareholder`s funds = Equity share capital + current assets – current
liabilities – Profit and loss ( Dr)
D. All the above
(OR)
Select the Incorrect statements from the following :
A) A higher inventory turnover ratio indicates that inventory is being
rotated into revenue very quickly.
B) A lower working capital turnover ratio indicates Under-utilisation of
working capital.
C) A higher debt – equity ratio indicates a risky financial position from
the long –term point of view.
D) A higher total- assets to debt ratio means a lower safety margin for
lenders.
30. Statement 1: Kapil Garments Ltd is engaged in export of ready- made 1
garments. The company purchased a machinery of Rs.20,00,000 for the
use in packing of such garments. To pay for the machinery it raised Rs.
25,00,000 through Public Deposits and it has paid interest of Rs.
1,20,000 for the same. Besides this, it earned a profit of Rs. 8,00,000.
The cash flow from Operating, investing and financing activities are ₹
8,00,000, Rs. 20,00,000 and Rs. 25,00,000 respectively.
Statement II : Non-marketable current investments are to be considered
as cash and cash equivalents while preparing Cash Flow Statement.
A)Statement 1 is only correct
B)Statement II is only correct
C) Both 1 and I Statements are correct.
D) Both 1 and II Statements are incorrect.
31. Find the sub- heads under which the following item will appear in the 3
balance sheet of a company as per schedule III part I of the companies
act 2013?
a)Provision for provident fund b) Matured debentures
c)Advances recoverable in cash with in the operating cycle
d) Work in progress e) Dividend receivable f) Patent being developed by
the company.
32. Complete the following common size profit and loss account: 3
Particulars Note Absolute % of Revenue
no amounts from
Rs operations
1.Revenue from 8,00,000 ?
operations
II. Employee ? 50
benefit expenses
Other expenses ? 5
III .Total expenses ? ?
IV. Profit before ? ?
tax
33. Calculate the opening and closing inventories from the following 4
information :

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Revenue from operations; Rs9,00,000 Gross profit on cost is

1/3;Opening inventory is Rs20,000 more than that of closing Inventory
turnover ratio = 6 times .
(OR)
From the following figures pertaining to two components of A Ltd and B
Ltd belonging to perfume industry. Calculate the gross profit ratio of the
two components .which company is doing better?
Particulars A Ltd Rs B Ltd Rs
Net profit after 75,000 1,10,000
Interest
Operating expenses 10,000 15,000
Interest paid on 15,000 25,000
debentures
Revenue from 3,30,000 3,80,000
operations (gross )
Revenue from 10,000 20,000
operations ( sales
returns )
34. From the following information, prepare cash flow statement: 6
BALANCE SHEET AS AT 31.3.2021
Particulars Note 31/3/2021 31/3/2020
no Rs Rs
I.Equity and
liabilities
1) Shareholder`s
funds
a)Share capital 5,00,000 3,00,000
b)Reserves and 1 (1,20,000) 50,000
surplus
2)Non- current 2 4,00,000 2,00,000
liabilities
3)Current liabilities
Trade payable 1,50,000 1,10,000
Other current 20,000 10,000
liabilities
Total 9,50,000 6,70,000
II Assets
1.Non –current assets
Tangible Fixed assets 6,00,000 4,00,000
Non -current 40,000 1,00,000
investments
2.Current assets
Inventories 1,00,000 50,000
Trade receivables 1,70,000 1,00,000
Cash& cash 40,000 20,000
equivalents
Total 9,50,000 6,70,000

Notes to accounts
Particulars 31/3/21 31/3/20

1.Reserves 2,00,000 1,00,000

Profit and loss a/c ( 3,20,000) ( 50,000)
( 1.20,000) 50,000
2.Long term
borrowings
9 % Debentures 4,00,000 2,00,000
Additional information:
a) Included in the fixed assets was a piece of machinery costing Rs.
60,000 on which depreciation charged was Rs. 20,000 and it was
sold for Rs.20,000.
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b) During the year Rs1,00,000 depreciation was charged on fixed

assets.
c) New debentures issued at the end of the current year.

**************** End of the paper *********************

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