Question No: 1

A, and B are partners sharing profits in the ratio of 2:3. Their balance sheet shows machinery at Rs.2,00,000, stock Rs.80,000, and debtors at Rs.1,60,000. C is admitted and the new profit-sharing ratio is 6:9:5. Machinery is revalued at Rs.1,40,000 and a provision is made for doubtful debts @ 5%. A’s share in loss on revaluation amount to Rs.20,000. Revalued value of stock will be:

Question No: 2

Arora Ltd issued 15,000 equity shares of Rs.20 each at a premium of Rs.5 payable Rs.5 on application, Rs.10 on allotment (including premium) and the balance on first and final call. The company received applications for 22,500 shares and allotment was made pro-rata. B to whom 1,200 shares were allotted, failed to pay the amount due on allotment. All his shares were forfeited after the call was made. The forfeited shares were reissued to D at par. Assuming that no other bank transactions took place, the bank balance of the company after the above transactions is:

Question No: 3

Revenue from Operations Rs.4,00,000; Cost of Revenue from Operations
60% of Revenue from Operations; Operating expenses Rs.30,000 and rate of income tax is 40%. What will be the amount of profit after tax?

Question No: 4

A company issued 4,000 equity shares of Rs. 10 each at par payable as under:
On application Rs. 3, on allotment Rs. 2 ,on first call Rs. 4 and on final call Rs.1 per share. Applicants were received for 16,000 shares. Application for 6,000 shares were rejected and pro-rata allotment was made to the applicants for 10,000 shares. How much amount will be received in cash on first call, when excess application money is adjusted towards amount due on allotments and calls:

Question No: 5

R, S and T sharing profits and losses in the ratio of 1:2:3, decided to share future profit and losses equally. They also decided to adjust the following accumulated profits, losses, and reserves without affecting their book figures, by passing a single adjustment entry:
General Reserve :40000
Profit and Loss A/c :30000
Share Issue expenses :10000

The necessary adjustment entry will be:

Question No: 6

On the basis of the following information received from a firm, its Proprietary Ratio will be:
Fixed Assets Rs.3,30,000; Current Assets Rs.1,90,000; Preliminary
Expenses Rs.30,000; Equity share Capital Rs.2,44,000; Preference Share capital Rs.1,70,000; Reserve Fund Rs.58,000.

Question No: 7

From the following information find out the inflow of cash
                                                    31st March, 2022               31st March, 2021
Plant and Machinery Account           Rs.6,00,000                         Rs. 4,50,000
Accumulated Depreciation               Rs.1,60,000                         Rs. 1,00,000

Additional Information: Depreciation for the year 2021‐22 is Rs. 80,000. During the year Machinery was Purchased for Rs. 2,50,000 and a part of Machinery was sold at a profit of Rs. 40,000.

Question No: 8

A company’s working capital is Rs.10 Lakh (Negative balance) in the year 2021. It became Rs.15 Lakh (positive balance) in the year 2022. What is the percentage of change?

Question No: 9

Revenue from Operations Rs.2,00,000; Inventory Turnover ratio 5; Gross Profit 25%. Find out the value of Closing Inventory, if Closing Inventory is Rs.8,000 more than the Opening Inventory.

Question No: 10