Accountancy Sample Paper 2023 PDF

Annual Exam - 2023 Code: 67/4/3 (set-3) i. Please check that this question paper contains 39 printed pages. ii. Q.P. Code given on the right hand side of the question paper should be written on the title page of the answer...

Annual Exam - 2023 Code: 67/4/3 (set-3) i. Please check that this question paper contains 39 printed pages. ii. Q.P. Code given on the right hand side of the question paper should be written on the title page of the answer-book by the candidate. iii. Please check that this question paper contains 34 questions. iv. Please write down the serial number of the question in the answer-book before attempting it. v. 15 minute time has been allotted to read this question paper. The question paper will be distributed at 10.15 a.m. From 10.15 a.m. to 10.30 a.m., the students will read the question paper only and will not write any answer on the answer-book during this period. ACCOUNTANCY Time allowed:3 hours Maximum Marks:80 General Instructions : Read the following instructions very carefully and strictly follow them: i. This question paper contains 34 questions. All questions are compulsory. ii. This question paper is divided into two Parts - Part A and Part B. iii. Part A is compulsory for all candidates. iv. Part B has two options i.e. (1) Analysis of Financial Statements and (2) Computerised Accounting. Candidates must attempt only one of the given options as per the subject opted in Part B. v. Questions no. 1 to 16 and 27 to 30 carry 1 mark each. vi. Questions no. 17 to 20, 31 and 32 carry 3 marks each. vii. Questions no. 21, 22 and 33 carry 4 marks each. viii. Questions no. 23 to 26 and 34 carry 6 marks each. ix. 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. PART A (Accounting for Partnership Firms and Companies) 1. Sujata Ltd. issued 5,000, 7% Debentures of ₹ 100 each at a premium of 10%. 1 According to the terms of issue, 40% of the amount was payable on application and the balance on allotment. The issue was fully subscribed and all amounts were duly received. The amounts received on application and allotment respectively were: a. ₹ 2,50,000 and ₹ 3,00,000 b. ₹ 2,00,000 and ₹ 3,00,000 c. ₹ 2,00,000 and ₹ 3,50,000 d. ₹ 2,00,000 and ₹ 2,50,000 2. (i) Ria and Surbhi were partners in a firm sharing profits and losses in the ratio of 3 : 2. 1 With effect from 1st April, 2022, they agreed to share profits equally. The goodwill of the firm was valued at ₹ 3,00,000. The adjustment will be done by which of the following transaction? a. Debiting Surbhi's account by ₹ 30,000 and crediting Ria's account by ₹ 30,000. b. Debiting Ria's account by ₹ 30,000 and crediting Surbhi's account by ₹ 30,000. c. Debiting Surbhi's account by ₹ 3,000 and crediting Ria's account by ₹ 3,000. d. Debiting Ria's account by ₹ 3,000 and crediting Surbhi's account by ₹ 3,000. OR (ii) Naman, Suman and Mohit were partners in a firm sharing profits in the ratio 8 : 5 : 1 3. With effect from 1st April, 2022, they decided that in future, they will share the profits in the ratio 5 : 6 : 5. Identify the gain or sacrifice by the partners due to change in profit sharing ratio, from the following: a. Naman's gain , Suman's sacrifice , Mohit's sacrifice b. Naman's sacrifice , Suman's gain , Mohit's gain c. Naman's sacrifice , Suman's gain , Mohit's gain d. Naman's gain , Suman's sacrifice , Mohit's sacrifice 3. Part of the uncalled share capital that can be called up only at the time of winding up of 1 the company is called: a. Issued capital b. Paid-up capital c. Reserve capital d. Un-issued capital 4. On dissolution of a partnership firm, furniture appearing in the Balance Sheet was ₹ 1 2,00,000. 50% of the furniture was taken over by a partner at ₹ 65,000 and balance 50%  was sold at 20% less than the book value. The amount debited to bank account was: a. ₹ 1,45,000 b. ₹ 80,000 c. ₹ 65,000 d. ₹ 1,85,000 5. Chavi Ltd. forfeited 5,000 equity shares of ₹ 10 each issued at a premium of ₹ 5 per 1 share for non-payment of first and final call of ₹ 4 per share. On forfeiture, 'Share Forfeiture Account' will be credited by: a. ₹ 20,000 b. ₹ 30,000 c. ₹ 50,000 d. ₹ 55,000 Read the following hypothetical situation and answer questions number 6 and 7 on the basis of the given information: Keshav, Krishna and Murari were in partnership sharing profits and losses in the ratio of 3 : 2 : 1. Their fixed capitals were: ₹ 12,00,000, ₹ 10,00,000 and ₹ 8,00,000 respectively. It was agreed that interest on capital will be allowed at 10% per annum. Partners were entitled to salaries as follows: Keshav ₹ 5,000 per month and Krishna ₹ 3,000 per quarter. Profit of the firm for the year ended 31 st March, 2022 was ₹ 6,72,000. 6. Amount credited to the Partner's Current Accounts on account of interest on capital and 1 salary was: a. Keshav ₹ 1,20,000, Krishna ₹ 1,00,000 and Murari ₹ 80,000 b. Keshav ₹ 1,80,000, Krishna ₹ 1,12,000 and Murari ₹ 80,000 c. Keshav ₹ 60,000, Krishna ₹ 12,000 and Murari ₹ Nil d. Keshav ₹ 3,30,000, Krishna ₹ 2,12,000 and Murari ₹ 1,30,000 7. Amount of profit transferred to Partners' Current Accounts was: 1 a. Keshav ₹ 1,00,000, Krishna ₹ 1,50,000 and Murari ₹ 50,000 b. Keshav ₹ 50,000, Krishna ₹ 1,50,000 and Murari ₹ 1,00,000 c. Keshav ₹ 1,50,000, Krishna ₹ 1,00,000 and Murari ₹ 50,000  d. Keshav ₹ 1,51,500, Krishna ₹ 1,01,000 and Murari ₹ 50,500 8. (i) Anu, Monu and Sonu were partners in a firm sharing profits in the ratio of 5 : 3 : 2. 1 Monu died on 1st January, 2022. Anu and Sonu will acquire Monu's share in the ratio of: a. 1 : 1 b. 3 : 2 c. 5 : 3 d. 5 : 2 OR (ii) Vidit, Sumit and Mita were partners in a firm sharing profits in the ratio of 4 : 3 : 1. 1 Mita died and her entire share was taken up by Vidit. The new profit sharing ratio of Vidit and Sumit will be: a. 1 : 1 b. 5 : 3 c. 3 : 5 d. 5 : 2 9. Vijay and Ajay are partners in a firm. The partnership agreement provides for interest 1 on drawings @ 12% per annum. Which of the following accounts will be debited to transfer interest on drawings to Profit and Loss Appropriation A/c? a. Interest on Drawings account b. Bank Account c. Partners’ Current accounts d. Partners’ Capital accounts 10. (i) Manmohan Ltd. invited applications for issuing 50,000 equity shares of ₹ 10 each 1 at par. The amount payable per share was as follows: On application ₹ 3; on allotment ₹ 4 and on first and final call ₹ 3. Applications were received for 1,45,000 equity shares. Applications for 20,000 equity shares were rejected and remaining applicants were allotted shares on a pro- rata basis. Excess application money received with application was adjusted towards sums due on allotment and first and final call. Amount credited to calls-in- advance account was: a. ₹ 2,25,000  b. ₹ 25,000 c. ₹ 1,75,000 d. Nil OR (ii) Which of the following statement is correct regarding subscribed capital? 1 a. It is the amount of share capital which a company is authorised to issue by its Memorandum of Association. b. It is that part of authorised capital which is actually issued to the public for subscription. c. It is that part of the issued capital which has been actually subscribed by the public. d. It is that part of the called-up capital which has been actually received from shareholders. 11. (i) Anuradha Ltd. issued 2,00,000, 7% debentures of ₹ 100 each at a discount of 5% 1 redeemable at a premium of 5%. Discount on issue and premium on redemption were accounted for through Loss on Issue of Debentures Account. On issue of debentures, Loss on Issue of Debentures Account will be: a. Credited by ₹ 10,00,000 b. Debited by ₹ 10,00,000 c. Debited by ₹ 20,00,000 d. Credited by ₹ 20,00,000 OR (ii) Diksha Ltd. issued 4,000, 9% Debentures of ₹ 100 each at a discount of 10%, 1 redeemable at a premium. Discount on Issue of Debentures and Premium on Redemption of Debentures were accounted for through Loss on Issue of Debentures Account. If the amount of Loss on Issue of Debentures Account was ₹ 60,000, then the amount of premium on redemption was: a. ₹ 60,000 b. ₹ 40,000 c. ₹ 20,000 d. ₹ 80,000 12. On dissolution of the firm of Ramesh, Suresh and Naresh, Naresh had agreed to bear 1 all realisation expenses for which he was paid ₹ 14,500. Actual expenses on  realisation amounted to ₹ 11,000 which were paid by Naresh. The amount to be credited to Naresh's capital account will be: a. ₹ 11,000 b. ₹ 3,500 c. ₹ 14,500 d. ₹ 25,500 13. (i) On 1st October 2020, Amit, a partner, advanced a loan of ₹ 1,20,000 to the firm. In 1 the absence of partnership deed, the amount of interest on loan to be paid on 31st March, 2021 will be: a. ₹ 3,600 b. ₹ 7,200 c. ₹ 12,000 d. ₹ 6,000 OR (ii) Vijay, Ajay and Sanjay are partners in a firm sharing profits and losses in the ratio 1 of 7 : 5 : 8. Sanjay died on 28th August, 2021. His share in the profits of the firm till the date of his death was determined at ₹ 75,000. It will be debited to which of the following accounts? a. Profit and Loss Suspense Account b. Profit and Loss Account c. Profit and Loss Appropriation Account d. Profit and Loss Adjustment Account 14. Assertion (A): Increase in the value of liabilities on reconstitution of a firm is debited 1 to Revaluation Account. Reason (R): Increase in the value of liabilities is a loss. Select the correct alternative from the following: a. Assertion (A) is correct, but Reason (R) is wrong. b. Assertion (A) is wrong, but Reason (R) is correct. c. Both Assertion (A) and Reason (R) are correct and Reason (R) is the correct explanation of Assertion (A). d. Both Assertion (A) and Reason (R) are wrong. 15. The goodwill of a firm was valued on the basis of 3 years purchase of average profits 1 for the last four years. The profits of last four years ending 31st March were as follows: Year Profit/Loss (₹) 2018 - 19 (14,500) 2019 - 20 15,400 2020 - 21 32,900 2021 - 22 16,800 The value of goodwill of the firm was: a. ₹ 8,885 b. ₹ 37,950 c. ₹ 58,950 d. ₹ 20,690 16. Niva, Naman and Nityam were partners sharing profits in the ratio of 4 : 3 : 2. Niva 1 and Naman each give from their share to Nityam on reconstitution of the firm. The new profit sharing ratio among Niva, Naman and Nityam will be: a. 3 : 4 : 2 b. 2 : 3 : 4 c. 4 : 2 : 3 d. 3 : 2 : 4 17. Mahesh and Suresh were partners in a firm sharing profits and losses in the ratio of 2 : 3 1. They decided to admit Nita into partnership with th share in the profits. Nita brought ₹ 2,00,000 for her capital and the requisite amount of goodwill premium in cash. The goodwill of the firm is valued at ₹ 12,00,000. The new profit sharing ratio of the partners is 2 : 1 : 1. Mahesh and Suresh withdraw their share of goodwill. Pass necessary journal entries in the books of the firm for the above transactions. 18. (i) On 1st April, 2021, Hitesh Ltd. took over assets of ₹ 8,00,000 and liabilities of ₹ 3 40,000 of Pranjal Ltd. at an agreed value of ₹ 8,30,000. Hitesh Ltd. paid the amount to Pranjal Ltd. as follows: i. Gave an acceptance payable after 3 months for ₹ 2,00,000, and ii. Issued 10% Debentures of ₹ 100 each at a discount of 10% to Pranjal Ltd. in satisfaction of the balance amount of purchase consideration. Pass the necessary journal entries to record the above transaction in the books of Hitesh Ltd. OR  (ii) Disha Ltd. forfeited 500 shares of ₹ 100 each issued at 10% premium, ₹ 90 called 3 up, on which the shareholders did not pay ₹ 30 per share on allotment (including premium) and first call of ₹ 20 per share. Out of these, 300 shares were reissued for ₹ 80 per share, fully paid up. Pass necessary journal entries for forfeiture and reissue of shares. 19. (i) Monika, Bhoomika and Kamolika are partners sharing profits in the ratio of 6 : 4 : 3 1. Kamolika is guaranteed a minimum amount of ₹ 3,00,000 as her share in profits. The firm earned a net profit of ₹ 22,00,000 for the year ended 31st March 2022. Prepare Profit and Loss Appropriation Account of the firm for the year ended 31st March, 2022. OR (ii) Ananya, Bhavi and Chandni were partners in a firm with capitals of ₹ 1 3,00,000, ₹ 2,00,000 and ₹ 1,00,000 respectively. According to the provisions of the partnership deed: i. Ananya and Chandni were each entitled to a monthly salary of ₹ 1,500. ii. Bhavi was entitled to a salary of ₹ 4,000 per annum. The profit for the year ended 31st March, 2022, ₹ 80,000 was divided between the partners in their profit sharing ratio of 3 : 3 : 2 without providing for the above adjustments. Pass the necessary adjustment entry to rectify the above omissions in the books of the firm. Show your working notes clearly. 20. Aditi, Bobby and Krish were partners in a firm sharing profits and losses in the ratio 3 of 5 : 3 : 2. Their capitals were ₹ 5,00,000, ₹ 4,00,000 and ₹ 2,00,000 respectively. The partnership deed provided for the following: a. Interest on capital @ 10% per annum. b. Interest on drawings @ 6% per annum. c. Interest on partner's loan to the firm @ 9% per annum. During the year, Aditi had withdrawn ₹ 60,000 and Bobby ₹ 50,000. On 1st September, 2021, Krish had given a loan of ₹ 40,000 to the firm. Pass necessary journal entries in the books of the firm for the following transactions for the year ended 31st March, 2022: i. Allowing interest on Bobby's capital. ii. Charging interest on Aditi's drawings. iii. Providing interest on Krish's loan to the firm. Also pass transfer entries in the Profit and Loss Account/Profit and Loss Appropriation Account, as the case may be. 21. Prakash, Aakash and Vikas were partners in a business sharing profits in the ratio of 2 4 : 2 : 1. Their Balance Sheet as at 31 st March, 2022 was as follows: Balance Sheet of Prakash, Aakash and Vikas as at 31st March, 2022 Liabilities Amount (₹) Assets Amount (₹)  Creditors 2,00,000 Bank 40,000 General Reserve 1,00,000 Stock 60,000 Capitals: Debtors 1,60,000 Prakash 1,20,000 Investments 1,40,000 Aakash 2,00,000 Furniture 70,000 Vikas 80,000 4,00,000 Building 2,30,000 7,00,000 7,00,000 Vikas died on 30th September, 2022. On the death of a partner the partnership deed provided for the following: i. Deceased partner will be entitled to his share of profit up to the date of death calculated on the basis of previous year's profit. ii. His share in the Goodwill of the firm, calculated on the basis of 3 years purchase of average profits of last four years. Profits for last four years ended 31st March were as follows: 2018-19, ₹ 1,60,000; 2019-20, ₹ 1,00,000; 2020-21, ₹ 80,000 and 2021-22, ₹ 60,000. iii. Drawings of the deceased partner up to the date of death were ₹ 20,000. iv. Interest on capital was allowed @ 12% per annum. Prepare Vikas's Capital account to be rendered to his executors. 22. Sunstar Ltd. has an authorised capital of ₹ 20,00,000 divided into equity shares of ₹ 4 10 each. The company invited applications for issuing 60,000 shares. Applications were received for 58,000 shares. All calls were made and were duly received except the final call of ₹ 3 per share on 2,000 shares. These shares were forfeited. Present 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. 23. Pass necessary journal entries for the following transactions on the dissolution of a 6 firm after various assets (other than cash) and outside liabilities have been transferred to Realisation Account: i. Realisation expenses of the firm amounting to ₹ 2,600 were paid by partner, Aman. ii. A creditor of ₹ 4,500 took over stock valued at ₹ 5,200 in full settlement. iii. An unrecorded asset realised ₹ 3,500. iv. Remaining creditors amounting to ₹ 20,000 were paid at a discount of 5%. v. Remaining stock of ₹ 30,000 was taken over by Bimal, a partner, at a discount of 20%. vi. Investment whose face value was ₹ 10,000 was realised at 40%. 24. Pass the necessary journal entries for the issue of debentures in the books of Amrit 6 Ltd. for the following transactions: i. Issued ₹ 10,00,000, 9% Debentures of ₹ 100 each at a discount of 10%, redeemable at a premium of 5% after three years.  ii. Issued ₹ 30,00,000, 8% Debentures of ₹ 100 each at par, redeemable at a premium of 5%. iii. Issued 6,000, 9% Debentures of ₹ 100 each at a premium of 10%, redeemable at a premium of 5%. 25. (i) Bhumi and Chavi were partners in a firm sharing profits and losses in the ratio of 5 6 : 3. They admitted Aditi in the firm on 1 st April, 2022. On that date their Balance Sheet was as follows: Balance Sheet of Bhumi and Chavi as at 1st April, 2022 Liabilities Amount (₹) Assets Amount (₹) Capitals: Machinery 3,80,000 Bhumi 3,20,000 Furniture 50,000 Chavi 3,40,000 6,60,000 Debtors 2,30,000 General Reserve 80,000 Stock 1,50,000 Bank loan 60,000 Cash 50,000 Creditors 60,000 8,60,000 8,60,000 Aditi was admitted in the firm with share in profits on the following terms: i. Aditi will bring ₹ 3,00,000 as her capital. ii. Aditi will bring her share of goodwill premium in cash. Goodwill of the firm was valued on the basis of two years purchase of average profits of the last three years. Average profits of the last three years were ₹ 60,000. iii. Machinery was revalued at ₹ 4,60,000. iv. The capitals of Bhumi and Chavi were adjusted on the basis of Aditi's capital by opening current accounts. Prepare Revaluation Account and Partners' Capital Accounts. OR (ii) Anna, Bina and Teena were partners sharing profits and losses in the ratio of 5 : 3 : 2. 6 Their Balance Sheet on 31 st March, 2022 was as follows: Balance Sheet of Anna, Bina and Teena as at 31st March, 2022 Amount Amount Liabilities Assets (₹) (₹) Creditors 66,000 Furniture 1,12,000 Bills Payable 59,000 Stock 1,77,000 Capitals: Debtors 2,80,000 Less provision for Anna 2,00,000 7,000 2,73,000 bad debts Bina 2,00,000 Cash 63,000 Teena 1,00,000 5,00,000  6,25,000 6,25,000 On the above date, Anna retired on the following terms: i. Goodwill of the firm was valued at ₹ 60,000 and Anna's share of goodwill was adjusted through the capital accounts of remaining partners. ii. Furniture was depreciated by ₹ 10,000. iii. Anna was to be paid through cash brought in by Bina and Teena in such a way as to make their capitals proportionate to their new profit-sharing ratio of 1 : 1. Prepare Revaluation and Partners' Capital Accounts. 26. (i) Yash Ltd. invited applications for 50,000 equity shares of ₹ 10 each at a premium 6 of 10%. The amount was payable as follows: On application ₹ 3 per share; on allotment (including premium) ₹ 3 per share and on first and final call, the balance amount. Applications were received for 1,20,000 shares and shares were allotted on pro-rata basis to all applicants. The excess money received on application was to be adjusted towards sums due on allotment. Application money in excess of sums due on allotment was refunded. A shareholder who applied for 6,000 shares could not pay the first and final call money and his shares were forfeited. The forfeited shares were reissued for ₹ 60,000 fully paid up. Pass necessary journal entries for the above transactions in the books of Yash Ltd. OR (ii) Ajanta Ltd. issued a prospectus inviting applications for issuing 5,00,000 equity 6 shares of ₹ 10 each issued at a premium of 10%. The amount was payable as follows: On application - ₹ 3 per share On allotment (including premium) - ₹ 5 per share On first and final call - ₹ 3 per share Applications were received for 6,00,000 shares and pro-rata allotment was made to all applicants. Excess money received on application was adjusted towards sums due on allotment. All amounts were duly received except from Sumit, who was the holder of 1,000 shares, and failed to pay the allotment and first and final call. His shares were forfeited. Pass journal entries for the above transactions in the books of Ajanta Ltd. Open calls-in-arrears account wherever necessary. PART B OPTION I (Analysis of Financial Statements) 27. (i) Which of the following will result in flow of cash? 1 a. Cash withdrawn from the bank ₹ 50,000 b. ₹ 2,00,000, 9% debentures issued to vendors of machinery c. ₹ 30,000 received from debtors d. Cheques of ₹ 20,000 deposited in the bank  OR (ii) An investment normally qualifies as cash equivalent only when it has a short 1 maturity, of say, ________ from the date of acquisition. a. Three months or more b. Six months or less c. One year or less d. Three months or less 28. Which of the following is not a Solvency Ratio? 1 a. Return on Investment b. Interest Coverage Ratio c. Proprietary Ratio d. Total Assets to Debt Ratio 29. While preparing Cash Flow Statement, Interest received by a finance company is 1 classified as: a. Financing activity b. Operating activity c. Investing activity d. Cash and cash equivalents 30. (i) If revenue from operations is ₹ 10,00,000 and gross profit is 25% on cost, cost of 1 revenue from operations will be: a. ₹ 2,50,000 b. ₹ 12,50,000 c. ₹ 2,00,000 d. ₹ 8,00,000 OR (ii) If the operating ratio of Aman Ltd. is 60%, its operating profit ratio will be: 1 a. 100% b. 60%  c. 40% d. 160% 31. Classify the following items under major heads and sub-heads (if any) in the Balance 3 Sheet of a company as per Schedule III, Part I of the Companies Act, 2013: i. Prepaid Rent ii. Mortgage Loan iii. Computer Software 32. These ratios are calculated to analyse the earning capacity of the business which is the 3 outcome of utilisation of resources employed in the business. i. Identify the types of ratios being discussed above. ii. Explain any two ratios of the type of ratios identified in (i) above. 33. (i) a. Y Ltd. has a Current Ratio of 3.5 : 1 and Quick Ratio of 2 : 1. If excess of 4 current assets over quick assets represented by inventory is ₹ 48,000, calculate current assets and current liabilities. b. Calculate Debt to Equity Ratio: Shareholder Funds - ₹ 2,00,000 Reserves and Surplus - ₹ 1,00,000 Total Debt - ₹ 4,00,000 Current Liabilities - ₹ 1,00,000 OR (ii) The Current Ratio of a company is 2 : 1. State giving reasons which of the following 4 transactions would improve, reduce or not change the ratio: a. Purchase of goods for cash ₹ 60,000 b. Purchase of fixed assets for cash ₹ 2,00,000 c. Sale of goods costing ₹ 20,000 for ₹ 23,000 on credit d. Issue of shares ₹ 10,00,000 34. Read the following hypothetical text and answer the given question on this basis: 6 Madhav is a young entrepreneur. On 1st April, 2019, he formed a partnership firm with two of his friends, Mohan and Sohan. They started their business of exporting dry fruits. Their business was a successful business. Now they wanted to expand the business in many other countries. For meeting the financial requirements, they changed the form of business organisation and formed Madhav Ltd. The Balance Sheet of Madhav Ltd. as at 31.3.2022 was as follows: Balance Sheet of Madhav Ltd. as at 31st March, 2022 Note 31.3.2022 31.3.2021 Particulars No. ₹ ₹ I - Equity and Liabilities: 1. Shareholders' Funds (a) Share Capital 35,00,000 25,00,000 (b) Reserves and Surplus 12,50,000 10,00,000 (Statement of P & L) 2. Non-Current Liabilities Long-term Borrowings 12,50,000 3,50,000 (10% Debentures) 3. Current Liabilities (a) Short-term Borrowings 50,000 75,000 (Bank Overdraft) (b) Trade Payables 2,50,000 1,50,000 (c) Short-term Provisions 1 1,50,000 75,000 Total 64,50,000 41,50,000 II-Assets: 1. Non-Current Assets Fixed Assets (a) Tangible Assets 2 40,00,000 22,50,000 (b) Intangible Assets 3,50,000 5,00,000 (Goodwill) 2. Current Assets (a) Inventories 6,25,000 5,00,000 (b) Trade Receivables 12,50,000 7,50,000 (c) Cash and Cash 2,25,000 1,50,000 Equivalents Total 64,50,000 41,50,000 Notes to Accounts: 31.3.2022 31.3.2021 Note Particulars Amount Amount No. (₹) (₹) 1 Short term Provisions Provision for Tax 1,50,000 75,000 2 Tangible Assets Plant and Machinery 44,00,000 25,00,000 Less Accumulated (4,00,000) (2,50,000) Depreciation 40,00,000 22,50,000 Additional Information: i. A part of the machine costing ₹ 1,25,000 accumulated depreciation thereon being ₹ 50,000 was sold for ₹ 45,000 during the year. ii. Interest of ₹ 1,25,000 was paid on Debentures.  Calculate cash flows from Investing activities and Financing activities of Madhav Ltd. form the information provided above. PART B OPTION - II (Computerised Accounting) 27. Which type of software package is suitable for an organization where the volume of 1 transactions is very low and adaptability is very high? a. Generic b. Specific c. Tailored d. (b) and (c) both 28. (i) The need of codification is for 1 a. Generation of mnemonic codes. b. The encryption of data c. Securing the accounts, reports, etc. d. Easy processing of data and keeping proper records OR (ii) Where are the amounts owed by customers for credit purchases found in books of 1 accounts? a. Accounts Receivable Journal b. General Ledger c. Accounts Receivable Subsidiary Ledger d. Sales Journal 29. (i) To safeguard assets and optimise the use of resources, a business: 1 a. Only tries to earn maximum revenue. b. Keeps internal controls. c. Only ensures accurate accounting records. d. Only safeguards assets. OR  (ii) Correct ##### error appears: 1 a. When a number is divided by zero. b. When value is not available. c. When column is not wide enough. d. When formula is not available. 30. A value or function or an arithmetic expression is recorded in ________. 1 a. Row b. Column c. Cell d. Range 31. What is meant by Memo Voucher, Post-dated Voucher and User-defined voucher? 3 32. Differentiate between Generic Software and Tailored Software on any three basis. 3 33. (i) Explain account group Current Assets. 4 OR (ii) Give the meaning of labels and values as used in spreadsheet. 4 34. Name and explain the financial function which will be used to verify the total interest 6 on a loan between any two periods.