Goa Board Accountancy 2024 – Question Paper with Solutions
Std 12 question paper with solutions for Q1–20 and Q21–25.
Q1–20 · 1 mark each
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Q1What is the minimum number of persons required to form a Partnership firm?
- Two
- Ten
- Twenty
- Fifty
Q2How many months is the Interest on Drawings of partner calculated for when a fixed amount is withdrawn by the partner at the beginning of each month?
- 5.5 months
- 6 months
- 6.5 months
- 7.5 months
If a partner withdraws a fixed amount at the beginning of every month, the first month’s drawing carries interest for 12 months and the last month’s drawing carries interest for 1 month. Average period = (12 + 1) ÷ 2 = 6.5 months.
Q3How is the Goodwill account existing in the books of the firm treated on the Admission of a partner?
- Debited to all partners’ capital Account
- Credited to all partners’ capital Account
- Credited to old partners’ capital Account
- Debited to old partners’ capital Account
In the old profit-sharing ratio, since any goodwill already appearing in the books must first be written off before a fresh admission.
Q4The profit of firm for the last three years are as follows: 2020 – ₹2,00,000; 2021 – ₹3,00,000; 2022 – ₹4,00,000. What is the value of the firm’s goodwill based on two years’ purchase of average profits for the last three years?
- ₹2,00,000
- ₹3,00,000
- ₹4,00,000
- ₹6,00,000
Average Profit = (2,00,000 + 3,00,000 + 4,00,000) ÷ 3 = ₹3,00,000
Goodwill = Average Profit × No. of years’ purchase = 3,00,000 × 2 = ₹6,00,000
Q5Which of the following accounts is debited for a decrease in the value of motor vehicle at the time of Retirement of a partner?
- Revaluation Account
- Liability Account
- Bank Account
- Capital Account
Q6Rupesh, Hiresh and Yogesh are partners sharing profits in the ratio of 4 : 1 : 1. Yogesh died on 1st October 2023. Profit of the firm for year ended 31st March 2023 was ₹90,000. What is Yogesh’s share of profit based on previous year’s profit?
- ₹6,500
- ₹7,500
- ₹8,750
- ₹15,000
Yogesh’s share for a full year = 90,000 × 1/6 = ₹15,000
Period from 1st April 2023 to 1st October 2023 = 6 months
Yogesh’s share of profit till death = 15,000 × 6/12 = ₹7,500
Q7Which account is debited when an Unrecorded Creditor is taken over by a partner on Dissolution of a Partnership Firm?
- Cash Account
- Realisation Account
- Revaluation Account
- Creditors Account
Realisation A/c Dr., To Partner’s Capital A/c — since the liability was never in the books, both the recognition and the take-over are combined in a single entry debiting Realisation Account and crediting the partner’s Capital Account.
Q8On Dissolution of a Partnership firm, Mr. Raj a partner was paid ₹82,000 in full settlement of his loan given to the firm of ₹80,000. How much amount will be debited to the Realisation Account?
- ₹2,000
- ₹80,000
- ₹82,000
- ₹1,62,000
A partner’s loan is never routed through the Realisation Account at its book value — it is settled directly through Bank/Cash. When it is settled for more (or less) than its book value, only the difference is treated as a loss (or gain) on realisation.
Excess paid over book value = 82,000 − 80,000 = ₹2,000 (loss on realisation, debited to Realisation Account).
Q9Which part of the capital can only be used during the liquidation of the company?
- Subscribed Capital
- Nominal Capital
- Reserve Capital
- Capital Reserve
Q10Who are Debenture holders?
- Owners of the company
- Proprietors of the company
- Directors of the company
- Creditors of the company
Q11MRF Company Limited forfeited 2,500 shares of ₹10 each, fully called up, due to nonpayment of the final call money of ₹3 per share. These shares were re-issued @ ₹9 per share, fully paid. What amount will be transferred to the Capital Reserve Account?
Amount received/forfeited per share = 10 − 3 = ₹7; Total forfeited amount = 2,500 × 7 = ₹17,500
Discount allowed on reissue per share = 10 − 9 = ₹1; Total discount = 2,500 × 1 = ₹2,500
Capital Reserve = Amount forfeited − Discount on reissue = 17,500 − 2,500 = ₹15,000
Q12TEVA Private Limited agreed to a purchase consideration of ₹24,20,000 payables by issuing 10% debentures of ₹100 each at a premium of 10%. How many debentures will be issued by TEVA Private Limited?
Issue price per debenture = 100 + 10% of 100 = ₹110
Number of debentures = 24,20,000 ÷ 110 = 22,000 debentures
Q13Name the Sub-head under which ‘Income Tax Refund’ appears in the Statement of Profit and Loss of a company prepared as per revised schedule III of the Companies Act, 2013.
Q14State the ‘Revenue from operations’ of the Company from the following particulars: Cash Sales ₹1,00,000; Purchases ₹80,000; Credit Sales ₹50,000; Sales Return ₹10,000.
Revenue from Operations = Cash Sales + Credit Sales − Sales Return = 1,00,000 + 50,000 − 10,000 = ₹1,40,000 (Purchases do not form part of Revenue from Operations).
Q15Name the Sub-head under which ‘Preliminary Expenses’ appears in the Company’s Balance Sheet prepared as per revised schedule III of Companies Act, 2013.
Shown as unamortised/deferred expenditure not yet written off.
Q16From the following extracts of a Company, state the ‘Long Term Provisions’ of the Company: Provident Fund ₹60,000; Gratuity Fund ₹1,00,000; Provision for tax ₹50,000; Provision for pension fund ₹80,000.
Long-term Provisions = Provident Fund + Gratuity Fund + Provision for Pension Fund = 60,000 + 1,00,000 + 80,000 = ₹2,40,000 (Provision for Tax is a Short-term Provision under Current Liabilities, not Long-term).
Q17Name the tool of financial statement analysis that calculates percentage changes in absolute figures of the current year based on the base year.
Q18The value of Tangible Fixed Assets in the common-size balance sheet of a Company during the year was ₹8,60,000 and the value of total Assets was at ₹15,20,000. What is the percentage of Tangible Fixed Assets over total Assets of the company?
Percentage = (8,60,000 ÷ 15,20,000) × 100 = 56.58%
Q19What is meant by Cash flow from Operating activities?
Q20Name the activity under which ‘Sale of Premises’ appear in the Cash Flow Statement of a Company.
Q21–25 · 4 marks each
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Q21Profit and Loss Appropriation Account (Marshal and Sky)
Marshal and Sky are partners in a firm sharing profits and losses in the ratio of 4 : 1 respectively. The net profit of the firm as on 31st March, 2023 before making following adjustments was ₹95,000. The partnership deed provides for the following: Interest on Capital @ 10% per annum; Salary to Mr. Marshal at ₹400 per month; Interest on drawings @ 12% per annum.
On 1st April, 2022, the Capital balances of Marshal and Sky were ₹1,00,000 and ₹80,000 respectively. During the year Marshal and Sky had withdrawn ₹12,000 and ₹6,000 respectively.
Prepare Profit & Loss Appropriation A/c of the firm for the year ended 31st March 2023. (4 marks)
Solution
Working notes
- Interest on Capital — Marshal: 1,00,000 × 10% = ₹10,000; Sky: 80,000 × 10% = ₹8,000
- Salary to Marshal = 400 × 12 = ₹4,800
- Interest on Drawings (assuming drawings withdrawn evenly through the year, average period = 6 months) — Marshal: 12,000 × 12% × 6/12 = ₹720; Sky: 6,000 × 12% × 6/12 = ₹360
- Profit available for distribution = 95,000 + 720 + 360 − 10,000 − 8,000 − 4,800 = ₹73,280
- Marshal’s share (4/5) = ₹58,624; Sky’s share (1/5) = ₹14,656
Profit & Loss Appropriation Account for the year ended 31st March, 2023
| Dr. | Cr. | ||
|---|---|---|---|
| Particulars | ₹ | Particulars | ₹ |
| To Interest on Capital – Marshal | 10,000 | By Net Profit b/d | 95,000 |
| To Interest on Capital – Sky | 8,000 | By Interest on Drawings – Marshal | 720 |
| To Salary to Marshal | 4,800 | By Interest on Drawings – Sky | 360 |
| To Marshal’s Capital A/c | 58,624 | ||
| To Sky’s Capital A/c | 14,656 | ||
| Total | 96,080 | Total | 96,080 |
Q22Journal entries – Mruga Limited (machinery purchased)
Mruga Limited purchased a machinery worth ₹20,00,000 from Teja & Co. and paid 10% of the amount by accepting a bill of exchange in favor of Teja & Co. The remaining amount was paid by issuing preference shares of ₹100 each at a premium of 25% to Teja & Co.
Pass necessary journal entries in the books of Mruga Limited. (4 marks)
Solution
Working notes
- Paid by bill of exchange = 10% of 20,00,000 = ₹2,00,000; balance = ₹18,00,000.
- Issue price of a preference share = 100 + 25 = ₹125. Number of preference shares = 18,00,000 ÷ 125 = 14,400.
Journal entries
| Particulars | Dr (₹) | Cr (₹) |
|---|---|---|
| Machinery A/c Dr. | 20,00,000 | |
| To Teja & Co. | 20,00,000 | |
| (Being machinery purchased from Teja & Co.) | ||
| Teja & Co. Dr. | 2,00,000 | |
| To Bills Payable A/c | 2,00,000 | |
| (Being 10% of the amount paid by accepting a bill of exchange) | ||
| Teja & Co. Dr. | 18,00,000 | |
| To Preference Share Capital A/c | 14,40,000 | |
| To Securities Premium A/c | 3,60,000 | |
| (Being balance paid by issue of 14,400 Preference Shares of ₹100 each at 25% premium) | ||
Q23Journal entries – Appo Limited (issue of debentures)
Appo Limited issued 10,000, 10% Debentures of ₹100 each at par payable as follows: On application ₹45 per debenture; On allotment ₹55 per debenture.
The debentures were fully subscribed and all money was duly received. Pass necessary Journal entries in the books of Appo Limited. (4 marks)
Solution
Journal entries
| Particulars | Dr (₹) | Cr (₹) |
|---|---|---|
| Bank A/c Dr. | 4,50,000 | |
| To Debenture Application A/c | 4,50,000 | |
| (Being application money received on 10,000 debentures @ ₹45 each) | ||
| Debenture Application A/c Dr. | 4,50,000 | |
| To 10% Debentures A/c | 4,50,000 | |
| (Being application money transferred to Debentures A/c on allotment) | ||
| Debenture Allotment A/c Dr. | 5,50,000 | |
| To 10% Debentures A/c | 5,50,000 | |
| (Being allotment money due on 10,000 debentures @ ₹55 each) | ||
| Bank A/c Dr. | 5,50,000 | |
| To Debenture Allotment A/c | 5,50,000 | |
| (Being allotment money received) | ||
Q24Comparative Statement of Profit & Loss – TCS Limited
From the following Statement of Profit and Loss of TCS Limited as on 31-03-2022 and 31-03-2023, Prepare Comparative Statement of Profit and Loss of the Company: (4 marks)
| Particulars | 31/03/2022 / 31/03/2023 |
|---|---|
| Revenue from operations | 8,00,000 / 10,00,000 |
| Other Income | 2,00,000 / 4,00,000 |
| Total Revenue | 10,00,000 / 14,00,000 |
| Expenses: (a) Cost of Materials consumed | 3,00,000 / 6,00,000 |
| (b) Other Expenses | 4,70,000 / 6,10,000 |
| Total Expenses | 7,70,000 / 12,10,000 |
| Profit before Tax | 2,30,000 / 1,90,000 |
| Tax | — / — |
| Profit after Tax | 2,30,000 / 1,90,000 |
Note: Fractions if any must be rounded off to the second digit after decimal point.
Solution
| Particulars | 2022 (₹) | 2023 (₹) | Absolute change (₹) | % change |
|---|---|---|---|---|
| Revenue from Operations | 8,00,000 | 10,00,000 | 2,00,000 | 25.00% |
| Other Income | 2,00,000 | 4,00,000 | 2,00,000 | 100.00% |
| Total Revenue | 10,00,000 | 14,00,000 | 4,00,000 | 40.00% |
| Cost of Materials Consumed | 3,00,000 | 6,00,000 | 3,00,000 | 100.00% |
| Other Expenses | 4,70,000 | 6,10,000 | 1,40,000 | 29.79% |
| Total Expenses | 7,70,000 | 12,10,000 | 4,40,000 | 57.14% |
| Profit before Tax | 2,30,000 | 1,90,000 | (40,000) | (17.39%) |
| Tax | — | — | — | — |
| Profit after Tax | 2,30,000 | 1,90,000 | (40,000) | (17.39%) |
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Q25Inventory Turnover Ratio and Debt Equity Ratio
Calculate Inventory Turnover Ratio and Debt Equity Ratio from the following information: (4 marks)
| Particulars | ₹ |
|---|---|
| Opening Stock | 3,00,000 |
| Cost of Revenue from Operation | 15,50,000 |
| Equity Share Capital | 4,20,000 |
| General Reserves | 80,000 |
| Debentures | 10,00,000 |
| Increase in inventory during the year | 20,000 |
| Profit and Loss (Debit Balance) | 1,20,000 |
Note: Fractions if any must be rounded off to the second digit after decimal point.
Solution
Inventory Turnover Ratio
- Closing Stock = Opening Stock + Increase in Inventory = 3,00,000 + 20,000 = ₹3,20,000
- Average Inventory = (Opening Stock + Closing Stock) ÷ 2 = (3,00,000 + 3,20,000) ÷ 2 = ₹3,10,000
- Inventory Turnover Ratio = Cost of Revenue from Operations ÷ Average Inventory = 15,50,000 ÷ 3,10,000 = 5 times
Debt Equity Ratio
- Long-term Debt = Debentures = ₹10,00,000
- Shareholders’ Funds = Equity Share Capital + General Reserves − Profit & Loss (Dr. balance) = 4,20,000 + 80,000 − 1,20,000 = ₹3,80,000
- Debt Equity Ratio = Long-term Debt ÷ Shareholders’ Funds = 10,00,000 ÷ 3,80,000 = 2.63 : 1
Q26–29 · 10 marks each
These long-answer questions (Q26–29) are done during class hours.
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