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 1 Time allowed: 3 hours
Part A
(Accounting for Partnership Firms and Companies)
S.NO QUESTIONS Marks
1. Teena, Meena and Heena are partners sharing profits in the ratio of 1
2:2:1. Teena is guaranteed minimum profit of Rs. 80,000 per annum.
Net profit for the year ended 31st March ,2023 is Rs50,000
How much will be debited to Heena`s capital account?
A.Rs20,000
B.Rs10,000
C.Rs50,000
D.Rs80,000
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 at a discount of
10 % and redeemable at a premium. Loss on issue of debentures
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

55/1 Page 1
CHENNAI SAHODAYA SCHOOLS COMPLEX

C.Rs 115
D.Rs 120
4) Karan and Vikas were partners in a firm sharing profits and losses in 1
the ratio of 1:2. Their fixed capitals were Rs2, 00,000 and
Rs. 3, 00,000 respectively.
On 1st April 2021, Kishan was admitted as a new partner for ¼th
share in the profits .Kishan`s share of goodwill is Rs.25,000 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 closing stock of Rs.5,000 on an average basis. The
goodwill based on the basis of 5 years of 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, Rs.54,000, Rs7,71,428
D.Rs 80,000, Rs31,000, Rs5,60,000
6. P. S Ltd forfeited 500 shares of Rs.100 each for the non-payment of 1
first call of Rs.30 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 1
certain rate of premium and to be redeemed at 10 % premium. At the
time of writing off Loss on issue of debentures statement of profit
and loss was debited with Rs.1,00,000. Ascertain the rate of premium
at which these debentures were issued?
A, 3 %
B. 5%
55/1 Page 2
CHENNAI SAHODAYA SCHOOLS COMPLEX

C. 6%
D. 10%
8. Janaki, a partner agreed to look after the dissolution work for a 1
commission of Rs.5,000. Janaki agreed to bear the dissolution
expenses. Actual dissolution expenses Rs.5,500 were 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 Rs. 9,000. She also agreed to bear the dissolution
expenses. Kavita took over furniture of Rs. 9,000 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 Rs.9,000
B .Kavitha`s capital will be credited Rs.9,000
C. Kavitha`s capital will be debited by Rs.9,000
D. No entry
9. X, Y, and Z have been sharing profits in the ratio of 2:2:1 1
respectively. Z 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; and Rs51,610
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 2023 were realised at a
discount of 6 % p.a.
2) Creditors falling due on 31st January 2023 were 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, 1
without Partnership deed, they introduced capitals of Rs.5,00,000 and
Rs3,00,000 respectively . On 1st November 2023. Tinku gave loan to
the firm of Rs.2,00,000 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 Rs.4,30,000. 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 account?
A.Rs 4,25,000
B.Rs 4,30,000

55/1 Page 3
CHENNAI SAHODAYA SCHOOLS COMPLEX

C. Rs4,20,000
D. Rs4,40,000
12. Application money is Rs.3 and allotment money is Rs2 per share, 1
face 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 1
premium of 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 1
2:2:1. 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 Rs.1,00,000. Machinery should be
depreciated by Rs.15,000.
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 1
the 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 Rs.4,85,000. His account was being settled by
giving him unrecorded assets of Rs50,000 and balance to be brought
in by Raghu 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
55/1 Page 4
CHENNAI SAHODAYA SCHOOLS COMPLEX

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
: Rs2021Rs 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. Luck and Motive were partners in a firm sharing profits in the ratio 1
of 4:3 .They admitted Happy in to the partnership for 20 % of share
in the profits. Happy acquires his share of profits in the ratio of 1:2
from Luck and Motive, Calculate the new ratio.
A.4:3:3
B.1:1:2
C.53:31:21
D, 31:21::53
17. Pass journals 3
1)A debtor Ramith for Rs.20,000 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 Rs.10,000 to carry
out dissolution of the firm .She was to bear all expenses of realisation
which amounted to Rs.16,000 were paid by the firm.
18. A and B are partners in a firm sharing profits in the ratio of 7:5 .On 3
1st 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 Rs.2,00,000 ; Plant and Machinery Rs1,20,000 . On the
date of admission of C. The goodwill of the firm was valued at
Rs.7, 50,000 Record the necessary journals in the books of the firm
on C `s admission.
(OR)
David, Ellis, Fero, Parul and Zabir were partners in a firm sharing
profits in the ratio of 5:4:3:2:1 respectively. Unfortunately Parul and
Zabir met with an accident in which both of them died.
The goodwill of the firm was valued at Rs.1,50,000 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 3
Ltd 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 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?
55/1 Page 5
CHENNAI SAHODAYA SCHOOLS COMPLEX

4) How many shares were applied to Mithun?

20. Anu , Bhanu , Chandu are partners in a firm sharing profits in the 3
ratio of 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. A Company issued 10,000 shares of Rs10 each, first call of Rs 4 was 4
not received on certain number of shares for which these shares have
been forfeited by the directors. Final call of Rs2 was not made, Later
these were re-issued at a discount of Rs2 per share as fully paid up.
Rs 2,000 has been transferred to capital reserve account. Pass
journals and prepare forfeiture account.
22. P, Q and R are partners in a firm sharing profits and losses in the 4
ratio of 5:3:2. Q died on 31st August 2020,and the balance
transferred to his executors was Rs3,40,000,As per the agreement ,
Rs40,000 was being paid immediately and the balance was to be paid
in three equal instalments together with interest@ 6 % p.a. on the
following dates. Books are closed on 31St March every year.
First instalment on 31st March 2021
Second instalment on 31st December 2021
Third instalment on 31St July 2022
Prepare Q`s executors account till it is finally paid.
23. Dinakar Ltd invited applications for 40,000 Equity shares of Rs. 10 6
each at a premium of Rs.2.50 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 14,000 shares.
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 issue of debenture
b)Maha Ltd took a loan of Rs1,20,000 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
Rs80,000 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. 6
On 31st March 2023 Y retired , X and Z decided to share future
55/1 Page 6
CHENNAI SAHODAYA SCHOOLS COMPLEX

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 Less: provision4,000 81,000
provident fund
Workmen 30,000 Inventory 1,39,000
compensation
fund
Capital a/c:
X- 5,50,000
Y- 2,50,000 Furniture 1,20,000
Z- 2,00,000 10,00,000
Plant and machinery 2,00,000
Building 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 Rs.40,000
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
Rs. 600 and Rs. 400, prepare profit and loss appropriation account,
capital and current accounts.
25. Ramesh, Suresh, Mahesh were partners in the ratio of 2:2:1. 6
Following 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 2,62,500 100 shares in A 7,500
Suresh 45,000 company.
Mahesh 15,000
300 shares in B 27,000
company
Profit and loss 45,000

3,48,900 3,48,900
Following terms were also decided :
1) Ramesh takes over the stock at a 20 % less its book value and
Machinery at Rs.60,000.
2) One of the creditors took some of the patents whose book value
was Rs.12,000 at a valuation of Rs7,200. Balance of the creditors
was paid at a discount of Rs1,800

55/1 Page 7
CHENNAI SAHODAYA SCHOOLS COMPLEX

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 as not mentioned
in the Balance sheet was realised worthy Rs15,000.
Prepare realisation account.
26. On 1 st April 1,2019, Sangam Ltd issued 30,000 Equity shares of 6
Rs10 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
28. While preparing cash flow statements which of the following 1
transaction (s) will 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 )

55/1 Page 8
CHENNAI SAHODAYA SCHOOLS COMPLEX

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 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 Rs. 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
I Revenue from 8,00,000 ?
operations
II Employee benefit ? 50
expenses
Other expenses ? 5
III. Total expenses ? ?
IV. Profit before tax ? ?
33. Calculate the opening and closing inventories from the following 4
information :
Revenue from operations; Rs.9,00,000 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

55/1 Page 9
CHENNAI SAHODAYA SCHOOLS COMPLEX

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. Prepare a cash flow statement from the following of Leela Ltd 6
Particulars Note 2021 2020
no Rs. Rs.
Equity and liabilities
1)Shareholder`s funds
a)Share capital 25,00,000 20,00,000
b)Reserves and surplus 1 10,00,000 ( 2,50,000)
2)Non –current liabilities
Long term Borrowings 2 22,50,000 25,00,000
3) Current liabilities
Short –term Borrowings 3 7,50,000 2,50,000
b)Short- term provisions 4 3,50,000 4,50,000
Total 68,50,000 49,50,000
Assets
1)Non –current assets
a) Property. Plant and
equipment ( fixed assets )
i)Tangible assets 5 50,15,000 36,00,000
ii)Intangible assets 6 1,00,000 1,50,000
a)Non –Current investments 5,00,000 3,75,000
Current assets :
a)Current Investments 2,50,000 3,00,000
b)Inventories 7 5,35,000 2,25,000
c)Cash and Cash equivalents 8 4,50,000 3,00,000
Total 68,50,000 49,50,000
Note to accounts
Particulars 2021 Rs 2020 Rs
Reserves and surplus 10,00,000 (2,50,000)
Surplus i.e Balance in statement of
P& L
2.Long term borrowings 22,50,000 25,00,000
12 % Debentures
3.Short term borrowings
Cash credit 7,50,000 2,50,000
4.Short- term provisions
Provisions for tax 3,50,000 4.50,000
5.Tangible assets 60,15,000 41,05,000
Machinery( cost )
Less: Depreciation ( 10,00,000) ( 5,05,000)
50,15,000 36,00,000
6. Intangible assets
Trade marks 1,00,000 1,50,000
7.Inventories
Stock –in Trade 5,35,000 2,25,000
8.Cash and cash equivalents
Cash in hand 1,50,000 3,00,000
Marketable securities 3,00,000 --------

55/1 Page 10
CHENNAI SAHODAYA SCHOOLS COMPLEX

Additional information :
1)Interest paid on Cash credit Rs10,000
2)12 % Debentures were redeemed on 31st March 2021
3) Tax paid Rs3,50,000 during the year .

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

55/1 Page 11