CBSE Class 12 Accountancy Set 2 Question Paper (Code: 67/3/2) for March 23, 2024, is available for download. CBSE conducted the exam successfully from 10:30 AM to 1:30 PM. As per the students’ initial reaction, the CBSE Class 12 Accountancy Set 2 Question Paper for March 23, 2024, was reported as moderately challenging. Section A was considered easy to moderate, Section B was of moderate difficulty, while Section C was reported as difficult by most students.

CBSE Class 12 2024 Accountancy (Set 2- 67/3/2) 2024 Answer Key With Solution

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CBSE Class 12 Accountancy (Set 2- 67/3/2) 2024​ Question Paper with Answer Key

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CBSE Class 12 2024 Accountancy Question Paper with Solutions
 

PART A (Accounting for Partnership Firms and Companies)

Question 1:

Alfa Ltd. offered for public subscription 50,000 equity shares of ₹ 10 each at ₹ 110 per share. The entire amount was payable on application. Applications were received for 48,000 shares and allotment was made to all the applicants. The amount received on application will be:

1. ₹ 52,80,000
2. ₹ 55,00,000
3. ₹ 50,00,000
4. ₹ 48,00,000

Question 2:

Lexa Ltd. issued 50,000 equity shares of ₹ 10 each at a premium of ₹ 2 per share. The amount was payable as follows: On application and allotment — ₹ 7 per share (including premium) On first and final call — Balance. The issue was fully subscribed. All the money was duly received except the first and final call on 1,000 equity shares. These shares were forfeited. On forfeiture of these shares, Calls in Arrears Account will be:

1. Credited by ₹ 7,000
2. Debited by ₹ 5,000
3. Credited by ₹ 5,000
4. Debited by ₹ 7,000

Question 3(a):

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

1. ₹ 18,000
2. ₹ 24,000
3. ₹ 15,000
4. ₹ 3,000

Question 3(b):

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 Capital Reserve Account will be:

1. ₹ 6,400
2. ₹ 8,000
3. ₹ 7,200
4. ₹ 10,000

Question 4:

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

1. Zero Coupon Rate Debentures
2. Specific Coupon Rate Debentures
3. Unsecured Debentures
4. Secured Debentures

Question 5:

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

1. Reserve Capital
2. Nominal Capital
3. Subscribed Capital
4. Issued Capital

Question 6:

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.

1. Both Assertion (A) and Reason (R) are correct and Reason (R) is the correct explanation of Assertion (A).
2. Both Assertion (A) and Reason (R) are correct, but Reason (R) is not the correct explanation of Assertion (A).
3. Assertion (A) is incorrect, but Reason (R) is correct.
4. Assertion (A) is correct, but Reason (R) is incorrect.

Question 7:

Richa, Sheena, and Tapti were partners in a firm sharing profits and losses in the ratio of 3:2:1. The partnership deed provided for charging interest on drawings at 10% p.a. The drawings of Richa, Sheena, and Tapti during the year ended 31st March 2023 amounted to ₹ 50,000, ₹ 40,000, and ₹ 30,000, respectively. The net profit for the year ended 31st March 2023 was ₹ 57,000.

1. 5,000
2. 4,000
3. 3,000
4. 2,000

Question 8:

Based on the same partnership, calculate Tapti’s share of profit given the net profit and profit-sharing ratio of 3:2:1.

1. 11,500
2. 34,500
3. 10,500
4. 23,000

Question 9(a):

Hema and Tara were partners in a firm sharing profits and losses in the ratio of 2:3. They admitted Ojas as a new partner. Hema surrendered 1/3 of her share, and Tara surrendered 1/2 of her share in favor of Ojas. Determine the new profit-sharing ratio of Hema, Tara, and Ojas.

1. 8:9:13
2. 3:2:5
3. 2:3:5
4. 2:3:25

Question 9(b):

Aaroh, Bhuvan, and Charu were partners in a firm sharing profits and losses in the ratio of 1:2:6. Charu died. Aaroh and Bhuvan acquired Charu’s share in the ratio of 2:1. Determine the new profit-sharing ratio between Aaroh and Bhuvan.

1. 2:1
2. 1:2
3. 5:4
4. 4:5

Question 10(a):

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 31st March 2023. Calculate the interest on Shrikant’s drawings at 6% p.a.

1. ₹ 2,400
2. ₹ 1,200
3. ₹ 1,500
4. ₹ 900

Question 10(b):

Abha, Manju, and Rhea were partners in a firm sharing profits and losses in the ratio of 3:3:4. During the year ended 31st March 2023, Rhea withdrew ₹ 30,000 at the beginning of each half-year. Calculate the interest on Rhea’s drawings at 10% p.a.

1. ₹ 6,000
2. ₹ 4,500
3. ₹ 3,000
4. ₹ 1,500

Question 11(a):

Nicku, Mala, and Ritu were partners in a firm sharing profits in the ratio of 5:3:2. Nicku died on 30^th September, 2023. The deceased partner was entitled to his share of profit up to the date of death, which was to be calculated on the basis of the previous year’s profit. The previous year’s profit was ₹ 80,000. Nicku’s share of profit will be:

1. ₹ 10,000
2. ₹ 20,000
3. ₹ 30,000
4. ₹ 40,000

Question 11(b):

Nikhil, Arun, and Mansi were partners in a firm sharing profits and losses in the ratio of 4:3:3. With effect from 1^st April, 2023, they decided to share profits and losses in the ratio of 5:3:2. Due to the change in the profit-sharing ratio, Mansi’s gain or sacrifice will be:

1. Gain 1/10
2. Sacrifice 3/10
3. Sacrifice 1/10
4. Gain 3/10

Question 12(a):

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 ₹ 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:

1. ₹ 26,000
2. ₹ 64,000
3. ₹ 80,000
4. ₹ 1,44,000

Question 12(b):

Sanya, Sarthak, and Nitya were partners in a firm sharing profits and losses in the ratio of 4:3:1. They decided to dissolve the firm on 31^st March, 2023. On this date, the firm had debtors amounting to ₹ 3,00,000 and provision for doubtful debts of ₹ 30,000. On dissolution, debtors for ₹ 20,000 proved bad, and the remaining debtors realised 90%. Amount realised from the debtors will be:

1. ₹ 3,00,000
2. ₹ 2,25,000
3. ₹ 2,80,000
4. ₹ 2,52,000

Question 13:

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 1/5 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:

1. ₹ 7,50,000
2. ₹ 2,20,000
3. ₹ 3,70,000
4. ₹ 1,50,000

Question 14:

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 the 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:

1. 3:2
2. 1:1
3. 2:3
4. 13:7

Question 15:

Assertion (A): Partners’ current accounts maintained under the ‘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.

Choose the correct option from the following:

1. Assertion (A) and Reason (R) are correct, but Reason (R) is not the correct explanation of Assertion (A).
2. Both Assertion (A) and Reason (R) are correct, and Reason (R) is the correct explanation of Assertion (A).
3. Assertion (A) is correct, but Reason (R) is not correct.
4. Both Assertion (A) and Reason (R) are not correct.

Question 16:

Manu, Sonu, and Rahul were partners in a firm sharing profits and losses in the ratio of 4:3:2. With effect from 1st 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:

Choose the correct journal entry from the options below:

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

Question 17:

Alisha, Bobby, and Pooja were partners in a firm sharing profits and losses in the ratio of 5:3:2. Pooja died on 30th September, 2023. Pooja’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 ₹30,00,000, and sales from 1st April, 2023, to 30th September, 2023, were ₹10,00,000. The profit for the year ended 31st March, 2023, was ₹3,00,000. Calculate Pooja’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.

Choose the correct journal entry for the distribution of profit:

1. Profit and Loss Suspense A/c Dr ₹20,000, To Pooja’s Capital A/c ₹20,000.
2. Profit and Loss Suspense A/c Dr ₹15,000, To Pooja’s Capital A/c ₹15,000.
3. Profit and Loss Suspense A/c Dr ₹1,00,000, To Pooja’s Capital A/c ₹1,00,000.
4. Profit and Loss Suspense A/c Dr ₹25,000, To Pooja’s Capital A/c ₹25,000.

Question 18:

The average profit for the last five years of a firm was ₹20,000. The normal rate of return in a similar business is 8%. Goodwill of the firm is valued at ₹24,000 at the three years' purchase of super profit. Calculate the amount of capital employed by the firm.

Choose the correct option for capital employed:

1. ₹1,50,000
2. ₹2,00,000
3. ₹2,40,000
4. ₹1,00,000

Question 19(a):

Misha and Prisha were partners in a firm sharing profits and losses in the ratio of 3 : 2. On 1st April, 2022, their capital accounts showed balances of ₹ 50,000 and ₹ 30,000 respectively. During the year, Misha withdrew ₹ 12,900 while Prisha withdrew ₹ 9,600. They were allowed interest on capital @ 10% p.a. Interest on drawings of ₹ 660 was charged on Misha’s drawings and ₹ 540 on Prisha’s drawings. Prisha had advanced a loan of ₹ 20,000 to the firm on 1st August, 2022. The net profit for the year ended 31st March, 2023 amounted to ₹ 22,600. Prepare Profit and Loss Appropriation Account for the year ended 31st March, 2023.

1. Net Profit = ₹ 22,600
2. Interest on Capital for Misha = ₹ 5,000
3. Interest on Capital for Prisha = ₹ 3,000
4. Interest on Loan to Prisha = ₹ 1,333.33
5. Interest on Drawings for Misha = ₹ 660
6. Interest on Drawings for Prisha = ₹ 540
7. Profit to be Appropriated for Misha = ₹ 28,273.33
8. Profit to be Appropriated for Prisha = ₹ 25,060

  | Particulars            | Misha's Share (₹) | Prisha's Share (₹) |
  |------------------------|-------------------|--------------------|
  | Net Profit             | 22,600            | 22,600             |
  | Interest on Capital    | 5,000             | 3,000              |
  | Interest on Loan       | 1,333.33          | --                 |
  | Interest on Drawings   | (660)             | (540)              |
  | Profit to be Appropriated | 28,273.33        | 25,060             |
  

Question 19(b):

On 31st March, 2023, the capitals of Raghav and Diya stood at ₹ 4,00,000 and ₹ 3,00,000 respectively, after the necessary adjustment in respect of drawings and net profit. Subsequently, it was discovered that interest on capital @ 10% p.a had been omitted. The Net Profit for the year ended 31st March, 2023 amounted to ₹ 1,00,000. During the year ended 31st March, 2023, Raghav’s drawings were ₹ 2,000 drawn at the beginning of each month, while Diya’s drawings were ₹ 3,000 drawn at the beginning of each quarter. Pass the necessary adjustment entry.

1. Interest on Capital for Raghav = ₹ 40,000
2. Interest on Capital for Diya = ₹ 30,000
3. Interest on Drawings for Raghav = ₹ 2,400
4. Interest on Drawings for Diya = ₹ 1,200
5. Journal Entry to record Interest on Capital and Drawings

  | Particulars                 | Dr Amount (₹) | Cr Amount (₹) |
  |-----------------------------|---------------|---------------|
  | Interest on Capital A/c Dr   | 70,000        |               |
  | To Raghav’s Capital A/c      |               | 40,000        |
  | To Diya’s Capital A/c        |               | 30,000        |
  | Interest on Drawings A/c Dr  | 3,600         |               |
  | To Raghav’s Current A/c      |               | 2,400         |
  | To Diya’s Current A/c        |               | 1,200         |
  

Question 20(a):

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%.

1. Assets acquired = ₹ 8,00,000
2. Sundry Creditors = ₹ 2,00,000
3. Payment by cheque = ₹ 4,60,000
4. Debentures issued = ₹ 4,50,000
5. Premium on Debentures = ₹ 50,000

  | Particulars             | Dr Amount (₹) | Cr Amount (₹) |
  |-------------------------|---------------|---------------|
  | Assets A/c Dr            | 8,00,000      |               |
  | To Sundry Creditors A/c  |               | 2,00,000      |
  | To Bank A/c              |               | 4,60,000      |
  | To 9% Debentures A/c     |               | 4,50,000      |
  | 9% Debentures A/c Dr     | 4,50,000      |               |
  | To Premium on Debentures A/c |           | 50,000        |
  

Question 20(b):

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%.

1. Assets acquired = ₹ 9,00,000
2. Liabilities assumed = ₹ 3,00,000
3. Payment by bank draft = ₹ 5,00,000
4. Debentures issued = ₹ 9,00,000
5. Discount on Debentures = ₹ 1,00,000

  | Particulars             | Dr Amount (₹) | Cr Amount (₹) |
  |-------------------------|---------------|---------------|
  | Assets A/c Dr            | 9,00,000      |               |
  | To Liabilities A/c       |               | 3,00,000      |
  | To Bank A/c              |               | 5,00,000      |
  | To 8% Debentures A/c     |               | 8,00,000      |
  | Discount on Debentures A/c | 1,00,000     |               |
  

Question 21:

Frank, George, and Hemant were partners in a firm sharing profits in the ratio of 5 : 3 : 2. They decided to change their profit-sharing ratio to 2 : 5 : 3 with effect from 1^st April, 2023. Their Balance Sheet as at 31^st March, 2023 was as follows:

It was decided that:

• The value of land having appreciated be brought up to ₹ 6,50,000.
• Goodwill of the firm was valued at ₹ 2,00,000. Goodwill was not to appear in the books of the firm.

Pass the necessary journal entries in the books of the firm.

Question 22:

Shri Ganga Ltd. was registered with an authorised capital of ₹ 7,00,000 divided into equity shares of ₹ 10 each. It offered to the public for subscription 50,000 equity shares. The amount was payable as follows:

On application : ₹ 4 per share
On allotment : ₹ 4 per share
On first and final call : Balance.

The issue was fully subscribed. All the amounts were duly received except the first and final call money on 4,000 equity shares.

Show the Share Capital in the Balance Sheet of the company as per Schedule III, Part I of the Companies Act, 2013. Also prepare ‘Notes to Accounts’ for the same.

Question 23:

Rishan, Suzane, and Tapti were partners in a firm sharing profits and losses equally. On 31^st March, 2023 their Balance Sheet was as follows:

On the above date, the firm was dissolved on the following terms: - Plant and Equipment were realised at 10% less than the book value. - Debtors were realised at book value. - Investments were taken over by Suzane at ₹ 1,00,000. - Tapti took over 50% of the stock at ₹ 36,000. The remaining stock was sold for ₹ 19,000. - Expenses of realisation amounted to ₹ 20,000 which were paid by Rishan. Prepare Realisation Account.

Question 24:

On 1^st April, 2022, Bellfont Ltd. issued 5,000, 7% Debentures of ₹ 500 each at a premium of 5%, redeemable at a premium of 10% after five years. The company had a balance of ₹ 3,25,000 in ‘Securities Premium Account’ before the issue.

(a) Pass journal entries for the issue of debentures and for writing off ‘Loss on Issue of Debentures’ 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.

Question 25(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:

Balance Sheet of Sarah and Varsha as at 31^st March, 2023:

On 1^st April, 2023, they decided to admit Tasha as a new partner for 1/4 share in the profits of the firm on the following terms:

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

Prepare Revaluation Account and Partners’ Capital Accounts.

(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:

Balance Sheet of Inder, Jonny and Kapil as at 31^st March, 2023:

Adjustments on Kapil’s Retirement:

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

Question 26(a):

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

(i) 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.

1. Share Capital A/c Dr 16,000, Securities Premium A/c Dr 4,000, To Share Allotment A/c 10,000, To Forfeited Shares A/c 10,000
2. Share Capital A/c Dr 12,000, Securities Premium A/c Dr 6,000, To Share Allotment A/c 10,000, To Forfeited Shares A/c 2,000
3. Share Capital A/c Dr 10,000, Securities Premium A/c Dr 6,000, To Share Allotment A/c 8,000, To Forfeited Shares A/c 12,000
4. Share Capital A/c Dr 12,000, Securities Premium A/c Dr 5,000, To Share Allotment A/c 10,000, To Forfeited Shares A/c 12,000

Question 26(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 afterwards and duly received.

1. Bank A/c Dr 2,90,000, To Share Application A/c 2,90,000
2. Bank A/c Dr 3,00,000, To Share Application A/c 2,90,000, To Share Capital A/c 10,000
3. Bank A/c Dr 2,85,000, Calls-in-Advance A/c Dr 500, To Share Allotment A/c 58,000
4. Share Capital A/c Dr 3,000, To Share Allotment A/c 300, To Forfeited Shares A/c 2,700

Question 27(a):

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

1. Cash receipts from sale of investments ₹ 60,000
2. Cash receipts from sale of goods ₹ 94,000
3. Dividend received ₹ 31,000
4. Payment of cash for purchase of fixed assets ₹ 3,00,000

Question 27(b):

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

1. Operating Activities
2. Investing Activities
3. Financing Activities
4. Cash and Cash Equivalents

Question 28(a):

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

1. Comparative statements
2. Common size statements
3. Cash flow analysis
4. Ratio analysis

Question 28(b):

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

1. Liquidity ratios
2. Turnover ratios
3. Solvency ratios
4. Profitability ratios

Question 29:

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.
In the context of the above two statements, choose the correct option:

1. Both statement I and statement II are correct
2. Both statement I and statement II are incorrect
3. Statement I is correct and statement II is incorrect
4. Statement I is incorrect and statement II is correct

Question 30:

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

1. Purchase of goods on credit
2. Issue of Debentures
3. Issue of Equity Shares
4. Cash received from Debtors

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:

1. Loose Tools
2. Provision for Tax
3. Copyrights

Question 32:

From the following information, calculate ‘Total Assets to Debt Ratio’:

Question 33 (a):

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

Question 33 (b):

From the following information of NK Ltd. prepare the Profit & Loss Account for the year ended 31st March, 2023:

Question 34(a):

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

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.

1. Cash inflow ₹ 2,18,000
2. Cash inflow ₹ 2,00,000
3. Cash outflow ₹ 2,18,000
4. Cash outflow ₹ 1,18,000

Question 34(b):

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

Additional Information:

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

1. ₹ 5,60,000
2. ₹ 4,60,000
3. ₹ 3,60,000
4. ₹ 6,60,000

PART B OPTION B (Analysis of Financial Statements)

Question 27(a):

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

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

Question 27(b):

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

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

Question 28:

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

Question 29(a):

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

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

Question 29(b):

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

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

Question 30:

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)

Question 31:

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

Question 32:

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

Question 33(a):

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

Question 33(b):

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

Question 34:

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