CBSE 2025, Set 3 Solutions
CBSE Accountancy (2025)

(b) Interest on calls in arrears is charged according to Table F of Schedule I of the Companies Act, 2013 at:

Read the following statements: Assertion (A) and Reason (R). Choose the correct option.

Assertion (A): The liability of a partner for acts of the firm is unlimited.
Reason (R): A partner's private assets can also be used for paying off the firm's debts.

When partners' capitals are fixed, drawings made by a partner against profit are recorded on the:

(a) G, M and R were partners in a firm sharing profits in the ratio of 7 : 2 : 1. With effect from 1st April, 2023, they decided to share future profits in the ratio of 3 : 2 : 1. Due to the change in profit sharing ratio, R gained 1/15 in the profits. For this gain R was debited with ₹ 20,000 for his share of goodwill. The value of goodwill of the firm was:

(b) G and R were partners in a firm. During the year ended 31st March, 2024, G withdrew ₹ 40,000 at the end of each half year. Interest on his drawings was charged @ 10% p.a. The amount of interest charged on G's drawings was:

At the time of dissolution of a partnership firm, if an unrecorded liability is paid, it is debited to:

As per SEBI guidelines, a company must receive a minimum subscription of _____ of the shares issued for public subscription.

(a) Which of the following is added to Subscribed Capital in the Balance Sheet of a company?

(b) That part of uncalled capital which can be called only in the event of winding up of the company is called:

Yash and Anish were partners in a firm sharing profits in the ratio of 2 : 1. They admitted Srishti as a new partner for 1/4th share in the profits. Srishti was guaranteed a minimum profit of ₹ 80,000. For the year ended 31st March, 2024 the firm incurred a loss of ₹ 40,000. In the Profit and Loss Appropriation Account for the year ended 31st March 2024, Srishti's Capital Account will be credited by:

(a) G and M were partners in a firm sharing profits in the ratio of 4 : 1. With effect from 1st April, 2024 they decided to share profits in the ratio of 3 : 2. On that date Workmen Compensation Reserve appeared in the books of the firm at ₹ 50,000. A claim of ₹ 20,000 on account of Workmen Compensation was admitted. In the necessary journal entry to record the above, G's Capital account will be:

(b) A, B and C were partners in a firm sharing profits in the ratio of 5 : 3 : 2. C retired on 1st October, 2023. The profit of the firm for the year ended 31st March, 2024 was ₹ 6,00,000. Assuming that the profit was earned uniformly during the year, C's share of profit till the date of his retirement will be:

Niti and Riti were partners in a firm sharing profits and losses equally. Their firm was dissolved on 31st March, 2024. After transferring assets (other than cash) and external liabilities to Realisation A/c, the following transactions took place:
(i) All the assets (except unrecorded assets) were realised at a profit of ₹ 20,000.
(ii) All the liabilities were settled at ₹ 50,000.
(iii) An unrecorded asset was sold for ₹ 30,000.
(iv) Realisation expenses were ₹ 10,000.

The result of Realisation A/c was:

1,000 shares of ₹ 10 each, issued at par were forfeited for the non-payment of first call of ₹ 2 per share. Second and final call of ₹ 2 per share was not yet made. Out of these, 600 shares were reissued at ₹ 8 per share fully paid up. The amount transferred to capital reserve was:

Match the items in Column I with those in Column II in the context of Admission of a partner and select the correct option:

Total assets of a firm are ₹ 16,00,000 and its total liabilities are ₹ 4,00,000. The normal rate of return in this type of business is 10% and the firm earned a profit of ₹ 1,50,000 during the year. The value of goodwill by capitalisation of super profit will be:

M, N and P were partners in a firm sharing profits in the ratio of 5 : 3 : 2. N died on 31st August, 2023. At the time of his death, N's capital was ₹ 5,00,000. According to the partnership deed, his legal representatives are entitled to the following:
(i) Interest on capital @ 12% p.a.
(ii) His share in the profit upto the date of death to be calculated on the basis of last year's profit. Last year's profit was ₹ 1,80,000.
(iii) His share of goodwill to be calculated on the basis of 1.5 years purchase of average profits of last three years. The profits for the last three years were ₹ 1,80,000; ₹ 1,40,000 and ₹ 1,60,000.

Prepare N's Capital Account to be rendered to his executors.

(a) The firm of K, R and M who have been sharing profits in the ratio of 2 : 2 : 1, have existed for some years. M wanted that he should get equal share in the profits with K and R and he further wished that the change in the profit sharing ratio should come into effect retrospectively for the last three years. K and R had agreement for this.
The profits for the last three years were:
2021-22 : ₹ 2,15,000
2022-23 : ₹ 2,24,000
2023-24 : ₹ 3,11,000

Show adjustment of profits by means of a single adjustment journal entry. Show your working clearly.

(a) Calculate 'Current Ratio' and 'Quick Ratio' from the following information: Working capital: ₹ 4,00,000 Inventories: ₹ 2,40,000 Total Debt: ₹ 18,00,000 Non-Current Liabilities: ₹ 12,00,000

(b) Calculate 'Interest Coverage Ratio' from the following information: Net Profit after Tax: ₹ 12,00,000 Tax Rate: 40% 10% Debentures: ₹ 20,00,000

(b) A, B and C were partners in a firm. After the accounts of the partnership had been drawn up and the books closed off, it was discovered that the profit for the year ended 31st March, 2024 amounting to ₹ 6,00,000 had been distributed equally. The partnership deed provided for the following:
(i) Interest on capital was to be allowed @ 10% p.a.
(ii) A salary of ₹ 1,00,000 p.a. was to be allowed to A.
The capitals of A, B and C on 1st April, 2023 were ₹ 4,00,000, ₹ 3,00,000 and ₹ 2,00,000 respectively.

Pass the necessary adjusting journal entry to rectify the above errors.

Pass the necessary journal entries for the following transactions on the dissolution of a partnership firm of M, N and S after various assets (other than cash) and external liabilities have been transferred to Realisation Account:
(i) S took over an unrecorded asset of ₹ 80,000 at ₹ 60,000.
(ii) Creditors of ₹ 1,20,000 accepted machinery of ₹ 1,00,000 in full settlement of their claim.
(iii) The firm paid realisation expenses of ₹ 10,000 on behalf of partner N.
(iv) Partner M's loan of ₹ 60,000 was paid ₹ 64,000.
(v) Profit on realisation ₹ 90,000 was distributed among the partners M, N and S in the ratio of 2 : 2 : 1.

Bose and Ghosh were partners in a firm sharing profits and losses in the ratio of 3:2. Their Balance Sheet on 31st March, 2024 was as follows:

(b) Sky Ltd. took over assets of ₹ 20,00,000 and liabilities of ₹ 4,00,000 of Cloud Ltd. for a purchase consideration of ₹ 15,00,000. Sky Ltd. issued 8% Debentures of ₹ 100 each at a premium of 25% in full satisfaction of purchase consideration.

Pass necessary journal entries in the books of Sky Ltd.

(a) Read the following hypothetical text and answer the questions:

P Limited was registered with an authorised capital of ₹ 50,00,000 divided into 5,00,000 equity shares of ₹ 10 each. The company offered 2,50,000 shares to the public for subscription. The amount was payable as follows:
On application: ₹ 3 per share
On allotment: ₹ 4 per share
On first and final call: ₹ 3 per share
Applications were received for 3,50,000 shares. Applications for 50,000 shares were rejected and pro-rata allotment was made to the remaining applicants. Excess application money was adjusted towards sums due on allotment.
Varun, who was allotted 5,000 shares failed to pay the first and final call money. His shares were forfeited. All the forfeited shares were reissued at ₹ 8 per share fully paid up.

Answer the following questions based on the above:
(i) The number of shares applied by Varun was:
(A) 5,000 (B) 6,000 (C) 7,000 (D) 4,000

(ii) The amount of 'Calls in Arrears' on Varun's shares was:
(A) ₹ 18,000 (B) ₹ 15,000 (C) ₹ 21,000 (D) ₹ 20,000

(iii) The amount of share forfeiture on Varun's shares was:
(A) ₹ 15,000 (B) ₹ 50,000 (C) ₹ 35,000 (D) ₹ 25,000

(iv) The amount transferred to 'Capital Reserve Account' was:
(A) ₹ 25,000 (B) ₹ 15,000 (C) ₹ 35,000 (D) ₹ 50,000

(v) The minimum price at which the company must have reissued the forfeited shares was:
(A) ₹ 10 (B) ₹ 8 (C) ₹ 7 (D) ₹ 3

(vi) The maximum discount which the company could have allowed on reissue of forfeited shares was:
(A) ₹ 3 (B) ₹ 7 (C) ₹ 10 (D) ₹ 8

(b) X, Y and Z were partners sharing profits and losses in the ratio of 5:3:2. Their Balance Sheet on 31st March, 2024 was as follows:

(a) The formula for calculating Debt-Equity ratio is:

(a) To ensure that the data entered by the data operator is verified by the supervisor is an example of:

(b) Absence of data item is represented by a special value i.e. :

(a) In the style drop-down menu of data validation, which option will prevent the invalid entry of data?

(b) Which of the following is not contained on formula tab on Excel ribbon?

(a) The code that enables identification of missing documents is:

What is the activity sequence of the basic information processing model?

Write the advantages of using Graphs.

Differentiate between tailored and specific softwares on any three basis.

(a) What are the various steps of an accounting cycle that can be processed through the use of computers?

(b) List eight uses of an accounting software.

What is meant by 'Pivot Table'? What are its uses?

Which of the following will result in cash flow from financing activities?

(b) Which of the following item is not shown under the head 'Current Liabilities' in the balance sheet of a company?

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) Short term loans and advances
(ii) Mining rights
(iii) Outstanding interest on debentures

(a) Debentures denote:

(b) Which of the following is not a component of Non-Current Assets?

RG Ltd. issued 5,000, 10% debentures of ₹ 100 each at a discount of 5%, redeemable at a certain rate of premium. On issue of these debentures, 'Loss on issue of debentures account' was debited with ₹ 75,000. The amount of discount on issue of debentures was:

(a) Interest Coverage Ratio is a:

The Debt Equity Ratio of S.K. Enterprises is 1.5 : 1. Which of the following transactions will result in decrease in this ratio ?

From the following information, calculate Cash flow from Operating Activities:

From the following information of RN Ltd., prepare a Comparative Statement of Profit and Loss for the years ended 31st March, 2023 and 31st March, 2024:

Pass necessary journal entries for issue of debentures for the following transactions:
(i) B Ltd. issued 10,000, 8% debentures of ₹ 100 each at a discount of 5%, redeemable at a premium of 10%.
(ii) D Ltd. issued 8,000, 9% debentures of ₹ 100 each at a premium of 10%, redeemable at a premium of 5%.

(a) Sun Ltd. took over assets of ₹ 16,00,000 and liabilities of ₹ 2,00,000 of Moon Ltd. for a purchase consideration of ₹ 16,00,000. Sun Ltd. issued 9% Debentures of ₹ 100 each at a discount of 20% in full satisfaction of purchase consideration.

Pass necessary journal entries in the books of Sun Ltd.

K, R and S were partners in a firm sharing profits in the ratio of 4 : 3 : 2. K retired from the firm. R and S decided to share future profits in the ratio of 3 : 1. The gaining ratio of R and S will be:

N, S and M were partners in a firm sharing profits in the ratio of 4 : 3 : 2. They admitted C as a new partner for 1/5th share in the profits of the firm. C acquired his share from N and S in the ratio of 1 : 2. The new profit sharing ratio of N, S, M and C will be: