CBSE Class 12 Accountancy Question Paper 2024 (Set 1- 67/3/1) with Answer Key

Shrikant and Ajay were partners in a firm sharing profits and losses in the ratio of 5:3. Shrikant withdrew ₹ 10,000 at the beginning of each quarter during the year ended 31^st March, 2023. Interest on Shrikant’s drawings @ 6% p.a. for the year ended 31^st March, 2023 will be:

(A) ₹ 2,400
(B) ₹ 1,200
(C) ₹ 1,500
(D) ₹ 900

Seema and Laksh were partners in a firm sharing profits and losses in the ratio of 2:1. Their capitals were ₹ 2,00,000 and ₹ 1,80,000 respectively. They admitted Aadi as a new partner on 1^st April, 2023 for ⅕ share in future profits. Aadi brought ₹ 1,50,000 as his share of capital. The goodwill of the firm on Aadi’s admission will be:

(A) ₹ 7,50,000
(B) ₹ 2,20,000
(C) ₹ 3,70,000
(D) ₹ 1,50,000

Lata, Mehu, and Namita were partners in a firm sharing profits and losses in the ratio of 3:2:1. They decided to dissolve the firm on 31^st March, 2023. Creditors took over stock of book value of ₹ 80,000 at 80%, in part settlement of their amount of ₹ 90,000. The balance amount was paid to the creditors by cheque. The amount paid by cheque to the creditors will be:

(A) ₹ 26,000
(B) ₹ 64,000
(C) ₹ 80,000
(D) ₹ 1,44,000

Amount realised from debtors will be:

(A) ₹ 3,00,000
(B) ₹ 2,25,000
(C) ₹ 2,80,000
(D) ₹ 2,52,000

Geeta and Hari were partners in a firm sharing profits and losses in the ratio of 3:2. Krish was admitted as a new partner for ¹/₅ share in profits of the firm which he acquired from Geeta and Hari in the ratio of 2:3. Krish brought ₹ 1,00,000 as his share of capital and ₹ 50,000 as premium for goodwill in cash. The sacrificing ratio of Geeta and Hari will be:

(A) 3:2
(B) 1:1
(C) 2:3
(D) 13:7

Manu, Sonu, and Rahul were partners in a firm sharing profits and losses in the ratio of 4:3:2. With effect from 1^st April, 2023, they decided to share profits and losses in the future in the ratio of 3:2:1. Their Balance Sheet showed Workmen Compensation Reserve of ₹ 84,000. The claim on account of Workmen Compensation is estimated at ₹ 75,000. The journal entry to give effect to the above transaction will be:

(A) Workmen Compensation Reserve A/c ₹ 84,000
To Workmen Compensation Claim A/c ₹ 75,000
To Manu’s Capital A/c ₹ 4,000
To Sonu’s Capital A/c ₹ 3,000
To Rahul’s Capital A/c ₹ 2,000

(B) Workmen Compensation Reserve A/c ₹ 84,000
To Workmen Compensation Claim A/c ₹ 75,000
To Manu’s Capital A/c ₹ 45,000
To Sonu’s Capital A/c ₹ 30,000
To Rahul’s Capital A/c ₹ 9,000

(C) Manu’s Capital A/c ₹ 500
To Rahul’s Capital A/c ₹ 500

(D) Workmen Compensation Reserve A/c ₹ 75,000
To Manu’s Capital A/c ₹ 45,000
To Sonu’s Capital A/c ₹ 30,000
To Rahul’s Capital A/c ₹ 9,000

Amount realised from debtors will be:

(A) ₹ 3,00,000
(B) ₹ 2,25,000
(C) ₹ 2,80,000
(D) ₹ 2,52,000

Assertion (A): Partners’ current accounts maintained under ‘Fixed Capital Method’ may show a debit or a credit balance.
Reason (R): In the ‘Fixed Capital Method’, all items like share of profit or loss, interest on capital, drawings, interest on drawings, etc. are recorded in the partners' capital accounts.

(A) Assertion (A) and Reason (R) are correct, but Reason (R) is not the correct explanation of Assertion (A).
(B) Both Assertion (A) and Reason (R) are correct and Reason (R) is the correct explanation of Assertion (A).
(C) Assertion (A) is correct, but Reason (R) is not correct.
(D) Both Assertion (A) and Reason (R) are not correct.

Sheena’s interest on drawings will be:

(A) ₹ 5,000
(B) ₹ 4,000
(C) ₹ 3,000
(D) ₹ 2,000

Tapti’s share of profit will be:

(A) ₹ 11,500
(B) ₹ 34,500
(C) ₹ 10,500
(D) ₹ 23,000

Alfa Ltd. offered for public subscription 50,000 equity shares of ₹ 10 each at ₹ 12 per share. The entire amount was payable on application. Applications were received for 48,000 shares and allotment was made for all the applications. The amount received against the applications is:

(A) ₹ 52,80,000
(B) ₹ 55,00,000
(C) ₹ 50,00,000
(D) ₹ 48,00,000

Assertion (A): When the shares are forfeited, share capital account is debited with the amount called up and credited to:

(i) respective unpaid calls account i.e., calls in arrears and

(ii) share forfeiture account with the amount already received on shares.

Reason (R): When the shares are forfeited, all entries relating to the shares forfeited, except those relating to securities premium, already recorded in accounting records must be reversed.

(A) Both Assertion (A) and Reason (R) are correct and Reason (R) is the correct explanation of Assertion (A).
(B) Both Assertion (A) and Reason (R) are correct, but Reason (R) is not the correct explanation of Assertion (A).
(C) Assertion (A) is incorrect, but Reason (R) is correct.
(D) Assertion (A) is correct, but Reason (R) is incorrect.

On forfeiture of shares, Calls in Arrears Account will be:

(A) Credited by ₹ 7,000
(B) Debited by ₹ 5,000
(C) Credited by ₹ 5,000
(D) Debited by ₹ 7,000

Minimum subscription for allotment of shares as per SEBI guidelines cannot be less than 90% of which of the following capital?

(A) Reserve Capital
(B) Nominal Capital
(C) Subscribed Capital
(D) Issued Capital

KLB Ltd. forfeited 3,000 shares of ₹ 10 each, ₹ 8 per share called up for non-payment of the first call of ₹ 2 per share. All these shares were reissued at ₹ 7 per share, ₹ 8 paid up. The amount transferred to the Capital Reserve Account will be:

Options:

(A) ₹ 18,000
(B) ₹ 24,000
(C) ₹ 15,000
(D) ₹ 3,000

NUK Ltd. forfeited 1,000 shares of ₹ 10 each, fully called up for non-payment of final call of ₹ 2 per share. 800 of these shares were reissued at ₹ 11 per share fully paid. The amount credited to the Capital Reserve Account will be:

Options:

(A) ₹ 6,400
(B) ₹ 8,000
(C) ₹ 7,200
(D) ₹ 10,000

The debentures which do not carry a specific rate of interest are called:

(A) Zero Coupon Rate Debentures
(B) Specific Coupon Rate Debentures
(C) Unsecured Debentures
(D) Secured Debentures

Aaria, Beenu, and Clara were partners in a firm sharing profits and losses in the ratio of 4 : 3 : 3. On 30th June 2023, Clara died. Clara’s share in the profits of the firm till the date of death was to be calculated on the basis of sales. Sales during the year 2022–23 were ₹ 20,00,000, and sales from 1st April 2023 to 30th June 2023 were ₹ 4,00,000. The profit for the year ended 31st March 2023 was ₹ 5,00,000. Calculate Clara’s share of profit up to the date of death and pass the necessary journal entry for the same in the books of the firm. Show your workings clearly.

Rishi and Suman were partners in a firm. Their capitals were ₹ 1,20,000 and ₹ 80,000, respectively. The normal rate of return in similar businesses is 12%. The profits of the last four years were:

Calculate goodwill of the firm based on:

1. Three years’ purchase of the last four years’ average profits.
2. Capitalisation of super profit.

Sumi Ltd. acquired assets of ₹ 8,00,000 and took over sundry creditors of ₹ 2,00,000 from Pandora Ltd. for a purchase consideration of ₹ 9,00,000. The payment was made by issuing a cheque of ₹ 4,60,000 and the remaining by issue of 9% Debentures of ₹ 100 each at a premium of 10%. Pass necessary journal entries for the above transactions in the books of Sumi Ltd.

Gundola Ltd. took over assets of ₹ 9,00,000 and liabilities of ₹ 3,00,000 from AK Ltd. for an agreed purchase consideration of ₹ 14,00,000. The payment was made through a bank draft of ₹ 5,00,000 and the remaining by issue of 8% Debentures at a discount of 10%. Record necessary journal entries in the books of Gundola Ltd. for the above transactions.

Question 24:

On 1^st April, 2022, Helloix Ltd. issued 10,000, 7% Debentures of ₹ 500 each at a premium of 10%, redeemable at a premium of 5% after five years. The company had a balance of ₹ 1,50,000 in the ‘Securities Premium Account’ before the issue.

(a) Pass necessary journal entries for issue of debentures and for writing off Loss on Issue utilising Securities Premium Account at the end of the first year itself.

(b) Prepare Loss on Issue of Debentures Account for the year ended 31^st March, 2023.

View Solution

(a) Journal Entries:

Date	Particulars	Dr (₹)	Cr (₹)
2022 Apr 1	Bank A/c To Debentures A/c To Securities Premium A/c	55,00,000	50,00,000 5,00,000
	(Amount received on issue of 10,000 debentures at 10% premium)
2022 Apr 1	Loss on Issue of Debentures A/c To Premium on Redemption of Debentures A/c To Securities Premium A/c	7,50,000	2,50,000 5,00,000
	(Loss on issue of debentures due to premium on redemption adjusted)
2023 Mar 31	Securities Premium A/c To Loss on Issue of Debentures A/c	7,50,000	7,50,000
	(Loss on issue of debentures written off from Securities Premium)

(b) Loss on Issue of Debentures Account:

Particulars	Amount (₹)
To Premium on Redemption of Debentures A/c	2,50,000
To Securities Premium A/c (adjusted on issue)	5,00,000
By Securities Premium A/c (written off)	7,50,000
Total	7,50,000

Quick Tip: When issuing debentures at a premium and redeemable at a premium, calculate the loss on issue of debentures by adding the premium on redemption and subtracting the premium received on issue.

---

Question 25:

(a) Pass necessary journal entries for forfeiture and reissue of shares in the following cases:

1. Neon Ltd. forfeited 2,000 shares of ₹ 10 each issued at a premium of ₹ 2 per share for non-payment of allotment money of ₹ 5 per share (including premium). The first and final call of ₹ 2 per share was not yet made. Out of these, 1,500 shares were reissued at ₹ 7 per share, ₹ 8 paid up.
2. Mamta Ltd. forfeited 3,000 shares of ₹ 10 each on which the first call of ₹ 3 per share was not received. The second and final call of ₹ 1 per share was not yet called. Out of these, 2,000 shares were reissued at ₹ 9 per share, ₹ 9 paid up.

View Solution

Journal Entries:

Date	Particulars	Dr (₹)	Cr (₹)
Case (i): Neon Ltd.
2023 Mar 31	Share Capital A/c (2,000 × ₹ 8) Securities Premium A/c (2,000 × ₹ 2) To Share Forfeiture A/c To Share Allotment A/c (2,000 × ₹ 5)	16,000 4,000	15,000 5,000
2023 Mar 31	Bank A/c (1,500 × ₹ 7) Share Forfeiture A/c (1,500 × ₹ 1) To Share Capital A/c (1,500 × ₹ 8)	10,500 1,500	12,000
2023 Mar 31	Share Forfeiture A/c To Capital Reserve A/c	7,500	7,500
Case (ii): Mamta Ltd.
2023 Mar 31	Share Capital A/c (3,000 × ₹ 7) To Share Forfeiture A/c To Share First Call A/c (3,000 × ₹ 3)	21,000	9,000 12,000
2023 Mar 31	Bank A/c (2,000 × ₹ 9) To Share Capital A/c (2,000 × ₹ 9)	18,000	18,000
2023 Mar 31	Share Forfeiture A/c To Capital Reserve A/c	6,000	6,000

(b) Sai Ltd. invited applications for issuing 60,000 shares of ₹ 10 each. The amount was payable as follows:

• On application – ₹ 5 per share
• On allotment – ₹ 1 per share
• On first and final call – Balance

Applications were received for 58,000 shares. Rajat, the holder of 300 shares, did not pay allotment money, and Usha, the holder of 500 shares, paid her entire share money along with allotment money. Rajat’s shares were forfeited immediately after allotment. First and final call was made afterward and duly received.

View Solution

Journal Entries:

Date	Particulars	Dr (₹)	Cr (₹)
2023 Mar 31	Bank A/c To Share Application A/c	2,90,000	2,90,000
2023 Mar 31	Share Application A/c To Share Capital A/c	2,90,000	2,90,000
2023 Apr 1	Bank A/c Calls-in-advance A/c To Share Allotment A/c	58,200 500	58,700
2023 Apr 2	Calls-in-arrears A/c To Share Allotment A/c	300	300
2023 Apr 3	Share Capital A/c (300 × ₹ 6) To Calls-in-arrears A/c (300 × ₹ 1) To Share Forfeiture A/c	1,800	300 1,500
2023 Apr 30	Bank A/c To Share First and Final Call A/c	2,88,000	2,88,000

---

Question 26:

(a) Sarah and Varsha were partners in a firm sharing profits and losses in the ratio of 3:2. Their Balance Sheet as at 31^st March, 2023, was as follows:

Liabilities	Amount (₹)	Assets	Amount (₹)
Capital:		Plant and Machinery	2,00,000
Sarah	60,000	Stock	30,000
Varsha	50,000	Debtors	50,000
Workmen’s Compensation Fund	20,000	Less: Provision for doubtful debts	(5,000)
Provident Fund	1,20,000	Cash	25,000
Creditors	50,000
Total	3,00,000	Total	3,00,000

Adjustments:

1. Tasha brought ₹ 40,000 as her capital and ₹ 20,000 as her share of premium for goodwill.
2. Plant and Machinery was valued at ₹ 1,90,000.
3. An item of ₹ 20,000 included in creditors is not likely to be claimed and should be written off.
4. Capitals of the partners in the new firm are to be in the new profit-sharing ratio based on Tasha’s capital, by bringing or paying off cash, as the case may be.

View Solution

Revaluation Account:

Particulars	Amount (₹)	Particulars	Amount (₹)
To Plant and Machinery (Decrease in value)	10,000	By Creditors (Written off)	20,000
To Profit transferred to:		Total	20,000
Sarah (3/5)	6,000
Varsha (2/5)	4,000

Partners’ Capital Accounts:

Particulars	Sarah (₹)	Varsha (₹)	Tasha (₹)	Total (₹)
Opening Balance (Capital)	60,000	50,000	-	1,10,000
Revaluation Profit	6,000	4,000	-	10,000
Goodwill Premium	12,000	8,000	-	20,000
Tasha's Capital Brought In	-	-	40,000	40,000
Total before Adjustment	78,000	62,000	40,000	1,80,000
Adjustment for New Capitals (Cash)	(6,000)	(18,000)	-	(24,000)
Final Capital Balances	72,000	44,000	40,000	1,56,000

---

Question: 26(b)

Inder, Jonny, and Kapil were partners in a firm sharing profits and losses in the ratio of 9:3:4. Their Balance Sheet as at 31^st March, 2023, was as follows:

Liabilities	Amount (₹)	Assets	Amount (₹)
Capital:		Fixed Assets	1,20,000
Inder	90,000	Stock	60,000
Jonny	75,000	Debtors	1,00,000
Kapil	60,000	Cash	35,000
General Reserve	80,000
Creditors	10,000
Total	3,15,000	Total	3,15,000

Adjustments:

1. Bad debts amounting to ₹ 5,000 were to be written off.
2. Fixed assets were revalued at ₹ 96,000.
3. Stock was undervalued by ₹ 29,000.
4. Creditors were paid off.
5. Goodwill of the firm was valued at ₹ 80,000, and Kapil’s share of goodwill was to be adjusted in the accounts of Inder and Jonny.
6. New profit-sharing ratio between Inder and Jonny was 3:2.

View Solution

Journal Entries:

Date	Particulars	Dr (₹)	Cr (₹)
2023 Mar 31	Revaluation A/c To Debtors A/c (Bad debts written off)	5,000	5,000
2023 Mar 31	Revaluation A/c To Fixed Assets A/c (Decrease in value of fixed assets)	24,000	24,000
2023 Mar 31	Stock A/c To Revaluation A/c (Increase in value of stock)	29,000	29,000
2023 Mar 31	Creditors A/c To Cash A/c (Creditors paid off)	10,000	10,000
2023 Mar 31	Inder’s Capital A/c (9/16 × ₹ 80,000) Jonny’s Capital A/c (3/16 × ₹ 80,000) To Kapil’s Capital A/c (4/16 × ₹ 80,000) (Adjustment of goodwill in capital accounts)	45,000 15,000	60,000
2023 Mar 31	General Reserve A/c To Inder’s Capital A/c (9/16 × ₹ 80,000) To Jonny’s Capital A/c (3/16 × ₹ 80,000) To Kapil’s Capital A/c (4/16 × ₹ 80,000) (Distribution of general reserve among partners)	80,000	45,000 15,000 20,000
2023 Mar 31	Kapil’s Capital A/c To Cash A/c (Payment of Kapil’s capital balance on retirement)	80,000	80,000

---

PART B OPTION I (Analysis of Financial Statements)

Question 27:

The Debt-Equity Ratio of a company is 3 : 2. Which of the following transactions will result in an increase in this ratio?

(A) Purchase of goods on credit
(B) Issue of Debentures
(C) Issue of Equity Shares
(D) Cash received from Debtors

Correct Answer: (B) Issue of Debentures.

View Solution

The debt-equity ratio is calculated as:
Debt-Equity Ratio = Total Debt / Total Equity.

Issuing debentures increases debt without affecting equity, resulting in an increase in the debt-equity ratio. Other transactions like issuing equity shares or receiving cash from debtors affect equity or current assets, not the debt-equity ratio.

---

Question 28:

Statement I: ‘Issue of fully paid bonus shares out of Securities Premium Account’ will result in inflow of cash.
Statement II: ‘Cash withdrawn from bank’ will result in inflow of cash.

(A) Both statement I and statement II are correct.
(B) Both statement I and statement II are incorrect.
(C) Statement I is correct, but Statement II is incorrect.
(D) Statement I is incorrect, but Statement II is correct.

Correct Answer: (B) Both statement I and statement II are incorrect.

View Solution

Statement I: Issue of fully paid bonus shares does not result in cash inflow, as it involves a transfer within equity accounts, not cash transactions.
Statement II: Cash withdrawn from the bank does not lead to cash inflow, as it only involves a movement of funds within cash and bank accounts.

---

Question 29(a):

Which of the following tools of ‘Analysis of Financial Statements’ indicate the trend and direction of financial position and operating results?

(A) Comparative statements
(B) Common size statements
(C) Cash flow analysis
(D) Ratio analysis

Correct Answer: (A) Comparative statements.

View Solution

Comparative Statements compare financial data for multiple periods to analyze trends and directions in financial performance. Common size statements and ratio analysis focus on proportions and relationships, while cash flow analysis examines liquidity and cash movements.

---

Question 29(b):

_____ indicate the speed at which activities of the business are being performed.

(A) Liquidity ratios
(B) Turnover ratios
(C) Solvency ratios
(D) Profitability ratios

Correct Answer: (B) Turnover ratios.

View Solution

Turnover Ratios (e.g., inventory turnover, receivables turnover) measure the efficiency and speed at which business activities (like sales or collections) are performed. Liquidity ratios assess short-term financial health, solvency ratios measure long-term stability, and profitability ratios focus on returns.

---

Question 30(a):

Which of the following transactions will result in cash flows from operating activities?

(A) Cash receipts from sale of investments ₹ 60,000
(B) Cash receipts from sale of goods ₹ 94,000
(C) Dividend received ₹ 31,000
(D) Payment of cash for purchase of fixed assets ₹ 3,00,000

Correct Answer: (B) Cash receipts from sale of goods ₹ 94,000.

View Solution

Operating activities involve cash flows related to the principal revenue-generating activities of a company. Sale of goods is an operating activity as it is part of the company’s core operations. Sale of investments and dividend receipts are classified under investing activities, and payment for fixed assets is also an investing activity.

---

Question 30(b):

‘Dividend paid by a finance company’ is classified under which of the following?

(A) Operating Activities
(B) Investing Activities
(C) Financing Activities
(D) Cash and Cash Equivalents

Correct Answer: (C) Financing Activities.

View Solution

Dividend payments, whether made by a finance company or a non-finance company, are classified under financing activities. This is because they involve cash outflows to owners and are related to equity financing. For a finance company, only dividend received (if applicable) is considered part of operating activities.

---

Question 31:

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:

(a) Mining Rights

(b) Loose Tools

(c) Income Received in Advance

View Solution

Item	Classification in Balance Sheet
Mining Rights	Non-Current Assets: Intangible Assets
Loose Tools	Current Assets: Inventories
Income Received in Advance	Current Liabilities: Other Current Liabilities

---

Question 32:

From the following information, calculate ‘Return on Investment (ROI):

Particulars	₹
Total Assets	22,00,000
10% Debentures	5,00,000
Current Liabilities	2,00,000
Net Profit After Tax	7,20,000
Tax	1,80,000

View Solution

• Capital Employed: ₹22,00,000 - ₹2,00,000 = ₹20,00,000
• Net Profit Before Tax: ₹7,20,000 + ₹1,80,000 = ₹9,00,000
• ROI: (₹9,00,000 / ₹20,00,000) × 100 = 45%

---

Question 33(a):

From the following Balance Sheet of Hira Ltd. as at 31^st March, 2023, prepare Comparative Balance Sheet:

Balance Sheet of Hira Ltd. as at 31^st March, 2023

Particulars	Note No.	31.3.2023 (₹)	31.3.2022 (₹)
I – Equity and Liabilities:
1. Shareholders' Funds:
(a) Share Capital	1	15,00,000	12,00,000
2. Non-Current Liabilities:
(a) Long-term Borrowings	2	10,00,000	5,00,000
3. Current Liabilities:
(a) Trade Payables	3	1,00,000	3,00,000
Total		26,00,000	20,00,000
II – Assets:
1. Non-Current Assets:
(a) Fixed Assets/Property, Plant, and Equipment	4	20,00,000	15,00,000
2. Current Assets:
(a) Inventories	5	1,50,000	1,00,000
(b) Trade Receivables	6	4,50,000	4,00,000
Total		26,00,000	20,00,000

View Solution

Comparative Balance Sheet of Hira Ltd. as at 31^st March, 2023 and 31^st March, 2022

Particulars	31.3.2023 (₹)	31.3.2022 (₹)	% Change
I – Equity and Liabilities:
1. Share Capital	15,00,000	12,00,000	25%
2. Long-term Borrowings	10,00,000	5,00,000	100%
3. Trade Payables	1,00,000	3,00,000	-66.67%
Total	26,00,000	20,00,000	30%
II – Assets:
1. Fixed Assets	20,00,000	15,00,000	33.33%
2. Inventories	1,50,000	1,00,000	50%
3. Trade Receivables	4,50,000	4,00,000	12.5%
Total	26,00,000	20,00,000	30%

---

Question 34(a):

Calculate ‘Cash Flows from Investing Activities’ from the following information:

Particulars	31.3.2023 (₹)	31.3.2022 (₹)
Plant and Machinery	4,10,000	3,00,000
Goodwill	1,80,000	80,000

Additional Information:

• A machine costing ₹ 85,000 (depreciation provided thereon ₹ 15,000) was sold for ₹ 62,000.
• Depreciation charged during the year amounted to ₹ 48,000.

View Solution

Cash Flows from Investing Activities = Proceeds from Sale of Machinery - Purchase of Machinery - Investment in Goodwill
= ₹ 62,000 - ₹ 1,10,000 - ₹ 1,00,000 = -₹ 1,48,000

1. Proceeds from Sale of Machinery: ₹ 62,000
2. Purchase of New Machinery: ₹ 4,10,000 - ₹ 3,00,000 = ₹ 1,10,000
3. Investment in Goodwill: ₹ 1,80,000 - ₹ 80,000 = ₹ 1,00,000
4. Net Cash Flows from Investing Activities:

Final Answer: Net Cash Flows from Investing Activities = -₹ 1,48,000.

---

Question 34(b):

Calculate ‘Cash Flows from Financing Activities’ from the following information:

Particulars	31.3.2023 (₹)	31.3.2022 (₹)
Equity Share Capital	15,00,000	10,00,000
Bank Overdraft	90,000	1,20,000
Loan from Bank	7,00,000	6,00,000

Additional Information:

• Interest paid on bank loan amounted to ₹ 60,000.
• Dividend paid ₹ 1,10,000.

View Solution

Net Cash Flows from Financing Activities = Proceeds from Equity Shares + Proceeds from Loan - Repayment of Overdraft - Dividend Paid - Interest Paid
= ₹ 5,00,000 + ₹ 1,00,000 - ₹ 30,000 - ₹ 1,10,000 - ₹ 60,000 = ₹ 4,00,000

1. Proceeds from Issue of Equity Share Capital: ₹ 15,00,000 - ₹ 10,00,000 = ₹ 5,00,000
2. Proceeds from Additional Loan: ₹ 7,00,000 - ₹ 6,00,000 = ₹ 1,00,000
3. Repayment of Bank Overdraft: ₹ 1,20,000 - ₹ 90,000 = ₹ 30,000
4. Payment of Dividend: -₹ 1,10,000
5. Payment of Interest: -₹ 60,000
6. Net Cash Flows from Financing Activities:

Final Answer: Net Cash Flows from Financing Activities = ₹ 4,00,000.

---

PART B OPTION II (Computerised Accounting)
 

Question 27:

Identify the type of software which is suited for large and medium organisations and can be linked to other information systems.

(A) Specific
(B) Generic
(C) Tailored
(D) Both (B) and (C)

Correct Answer: (A) Specific

View Solution:

• Specific Software is designed for particular purposes and is highly suited for large and medium organizations that require unique functionalities and integrations with other systems.
• Generic and tailored software may also provide certain features, but specific software is built to meet targeted needs directly.

---

Question 28(a):

In a graph, the area bounded by different axes is known as:

(A) Legend
(B) Data point
(C) Axis title
(D) Plot area

Correct Answer: (D) Plot area

View Solution

• The plot area is the rectangular region in a graph where the data points are plotted.
• It is bounded by the axes and displays the relationship between variables.

---

Question 28(b):

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

(A) Function library
(B) Defined names
(C) Calculations
(D) Page layout

Correct Answer: (D) Page layout

View Solution

• The formula tab in Excel contains tools like function library, defined names, and calculation options for managing and analyzing data.
• Page layout is part of a different tab for designing the worksheet’s appearance.

---

Question 29:

How is navigation conducted from the first to the last filled cells of clusters when moving one cell at a time in a row?

(A) Home + Right arrow (→)
(B) CTRL + Right arrow (→) successively
(C) END + Right arrow (→)
(D) CTRL + END

Correct Answer: (B) CTRL + Right arrow (→) successively

View Solution

-Using the CTRL + Right arrow (→) shortcut allows quick navigation to the next filled or non-empty cell in the same row.
- Repeating the action ensures you reach the last filled cell efficiently.

---

Question 30(a):

Which Date and Time function returns the value of today’s date with time?

(A) Today()
(B) Day()
(C) Now()
(D) Day time()

Correct Answer: (C) Now()

View Solution

• The Now() function in Excel returns the current date and time.
• The Today() function returns only the current date without the time.

---

Question 30(b):

What is the outcome of an arithmetic expression or function called?

(A) Basic Value
(B) Vertical Vector
(C) Derived Value
(D) Horizontal Vector

Correct Answer: (C) Derived Value

View Solution

• The derived value is the result obtained after performing a calculation or evaluation of an arithmetic function.

---

Question 31:

Explain ‘Transparency and Control’ and ‘Accuracy and Speed’ as features of a Computerised Accounting System.

View Solution

• Transparency and Control: Computerized accounting systems provide clear and accurate reports, enabling better control and informed decision-making.
• Accuracy and Speed: Automation ensures minimal errors and speeds up data processing, saving time and enhancing reliability.

---

Question 32:

State the parameters of Excel’s PMT function. What is the use of this function?

View Solution

• PMT Function Parameters:
  • Rate: Interest rate per period.
  • Nper: Total number of payment periods.
  • PV: Present value or loan amount.
• Use: The PMT function calculates the payment amount for a loan based on constant interest rates and payments.

---

Question 33(a):

Explain ‘Password Security’ and ‘Data Audit’ as security features of a Computerised Accounting System.

View Solution

• Password Security: Protects data by restricting unauthorized access. Each user can have a unique password.
• Data Audit: Tracks changes made to data, providing accountability and ensuring accuracy.

---

Question 33(b):

What is Data Formatting? What tools are used to format a given data?

View Solution

• Data Formatting: Data formatting refers to the process of organizing, structuring, and styling data to enhance its readability and presentation. It includes modifying the appearance of text, numbers, dates, or any other content within a dataset to make it more meaningful and easy to understand.
• Tools Used for Data Formatting:
  • Font and Text Tools: Bold, Italics, Font Size, Font Color.
  • Number Formatting: Currency, Percentage, Decimal Points, Scientific Notation.
  • Alignment Tools: Left, Right, Center Alignment, Indentation.
  • Conditional Formatting: Highlighting data based on specific conditions.
  • Date and Time Formatting: Changing date and time formats (e.g., MM/DD/YYYY).
  • Borders and Shading: Adding borders and background colors to cells or tables.

---

Question 34:

Using the worksheet, find out the error and its reason for the given syntax:

• = VLOOKUP(B1, B4:D6, 2, 0)
• = SQRT(VLOOKUP(C2, C2:D8, 2, 0) - 100)
• = VLOOKUP(B5, B6:D8, 1, 0)
• = VLOOKUP(B3, B2:D8, 5, 0)
• = VLOOKUP(B5, B3:D8, 0, 0)
• = VLOOKUP(B2, B2:D7, 2, 0)/0

View Solution

Formula	Error	Reason
= VLOOKUP(B1, B4:D6, 2, 0)	#N/A	The lookup value (B1) refers to the header "S. No." instead of an actual data value, which is not present in the range B4:D6.
= SQRT(VLOOKUP(C2, C2:D8, 2, 0) - 100)	Incorrect Syntax	The lookup value (C2) searches within C2:D8, which includes the lookup value itself, causing invalid results.
= VLOOKUP(B5, B6:D8, 1, 0)	Invalid Column Index	Column index "1" refers to the lookup column, not the return column, which causes incorrect output.
= VLOOKUP(B3, B2:D8, 5, 0)	#REF!	The column index "5" is outside the range of B2:D8, which has only 3 columns.
= VLOOKUP(B5, B3:D8, 0, 0)	#VALUE!	Invalid range or column index (must be greater than zero).
= VLOOKUP(B2, B2:D7, 2, 0)/0	#DIV/0!	The formula divides the result of the VLOOKUP by zero, which is an invalid operation.

CBSE Class 12 Previous Year Question Papers

CBSE Class 12 Question Paper 2023	CBSE Class 12 Question Paper 2022	CBSE Class 12 Question Paper 2021
CBSE Class 12 Question Paper 2020	CBSE Class 12 Question Paper 2019	CBSE Class 12 Question Paper 2018