Class 12th Accountancy Sample Paper Solutions | 2022-23 | Part-1
Class 12th Accountancy Sample Paper Solutions | 2022-23 | Part-1
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Attire Ltd, issued a prospectus inviting applications for 12,000 shares of ₹10
each payable ₹3 on application, ₹ 5 on allotment and balance on call. Public
had applied for certain number of shares and application money was received.
Which of the following application money, if received restricts the company to
proceed with the allotment of shares, as per SEBI guidelines?
a) ₹ 36,000 b) ₹ 45,000
c) ₹ 30,000 d) ₹ 32,400
2. Assertion (A):- Commission provided to partner is shown in Profit and Loss A/c.
Reason (R):- Commission provided to partner is charge against profits and is to
be provided at fixed rate.
a) (A) is correct but (R) is wrong
b) Both (A) and (R) are correct, but (R) is not the correct explanation of (A)
c) Both (A) and (R) are incorrect.
d) Both (A) and (R) are correct, and (R) is the correct explanation of (A)
3. A share of ₹ 10 each, issued at ₹ 4 premium out of which ₹ 7 (including ₹ 1
premium) was called up and paid up. The uncalled Capital will be ___________.
a) ₹ 7 per share b) ₹ 4 per share
c) ₹ 8 per share d) ₹ 3 per share
OR
While issuing ___________ type of Debentures, company doesn’t give any
undertaking for the repayment of money borrowed by issuing such
debentures.
a) Zero Coupon Rate Debentures b) Non-Convertible Debentures
c) Secured Debentures d) Non-Redeemable Debentures
Samiksha, Arshiya and Divya were partners in a firm sharing profits and losses
in the ratio of 5: 3: 2. With effect from 1st April 2022, they agreed to share
future profits and losses in the ratio of 2: 5: 3. Their Balance Sheet showed a
debit balance of ₹ 50,000 in the Profit and Loss Account and a balance of ₹
40,000 in the Investment Fluctuation Fund. The market value of an investment
is ₹30,000 against the book value of ₹50,000. Partners have decided, not to
show revised valued in the balance sheet and to pass an adjusting entry for it.
Which of the following is the correct treatment of the above?
a) Samiksha’s Capital A/c. Dr.
To Arshiya’s Capital A/c.
To Divya’s Capital A/c
Sohan and Mohan are partners sharing profits and losses in the ratio of
2:3
Vihaan and Mann are partners sharing profits and losses in the ratio of 3:2. The
firm maintains fluctuating capital accounts and the balance of the same as on
31st March 2022 is ₹ 4,00,000 and ₹ 4,65,000 for Vihaan and Mann
respectively. Drawings during the year were ₹ 65,000 each. As per the
partnership Deed, Interest on capital @ 10% p.a. on Opening Capital has been
allowed to them. Calculate the opening capital of Vihaan given that the
divisible profits during the year 2021-22 was ₹ 2,25,000.
a) ₹ 3,30,000
b) ₹ 4,40,000
c) ₹ 4,00,000
d) ₹ 3,00,000
with the capitals of ₹ 5,00,000 and ₹ 6,00,000 respectively. On 1st January
2022, Sohan and Mohan granted loans of ₹ 20,000 and ₹ 10,000 respectively to
1
the firm. Determine the amount of loss to be borne by each partner for the
year ended 31st March 2022 if the loss before interest for the year amounted
to ₹ 2,500.
a) Share of Loss Sohan –₹ 1,250 Mohan – ₹ 1,250
b) Share of Loss Sohan –₹ 1,000 Mohan – ₹ 1,500
c) Share of Loss Sohan –₹ 820 Mohan – ₹ 1,230
d) Share of Loss Sohan –₹ 1,180 Mohan – ₹ 1,770
9,000
6,000
3,000
b) Arshiya’s Capital A/c. Dr.
To Samiksha’s Capital A/c.
To Divya’s Capital A/c.
5,000
2,000
3,000
c) Arshiya’s Capital A/c. Dr.
Divya’s Capital A/c. Dr.
To Samiksha’s Capital A/c
2,000
1,000
3,000
d) Arshiya’s Capital A/c. Dr.
Divya’s Capital A/c. Dr.
To Samiksha’s Capital A/c
6,000
3,000
9,000