CBSE Class 12-commerce Questions and Answers

Nine persons P, Q, R, S, T, U, V, W and X live on different floors of a 9-storey building. The bottommost floor is numbered 1 and the topmost floor is numbered 9. Each of these persons work in a company and has different designation (from senior to junior), the order is A1, A2, A3, A4, A5, A6, A7, A8 and A9. They live in the same order from 9th to 1st floor i.e. A1 lives on 9th floor while A9 lives on 1st floor. Three of them like different colors (Green, Orange and Blue). At least three persons live between those who like colors. Person, who likes green, lives three floors above U. Three persons live between U and S. R lives two floors above S. P lives three floors above W, who doesn't like any color. Q lives above T, but Q is not A1. T doesn't like any color. At least two persons are junior to X. V doesn't like blue.

Lulu Lime Ltd, a wholesaler of fruit products, has provided the following accounts for the financial period ending 30 June 2022:     Accounts Amount Accounts Payable 54000 Accounts Receivable 48000 Accumulated Depreciation: Office Equipment      ? Accumulated Depreciation: Shop Fittings      ? Advertising Expense 42000 Capital 934500 Bank overdraft 150000 Cost of Sales 780000 Court Fees Payable (due in June 2025) 15000 Depreciation expense – Office Equipment      ? Depreciation expense – Shop Fittings      ? Land 487500 Mortgage payable (due in May 2024) 75000 Office Equipment 202500 Prepaid Insurance 12000 Rent Expense 18000 Sales Revenue 900000 Shares in ABC Ltd 31500 Shop Fittings 480000 Utilities Expense 27000     Required:    1. Lulu Lime Ltd purchased Office Equipment for $720,000 on 1 July 2021. The Office Equipment is depreciated using the straight-line method with a useful life of 5 years and no residual value. How much is the depreciation expense for Office Equipment as of 30 June 2022? Show calculation. 2. On 1 July 2021, Lulu Lime Ltd also purchased Shop Fittings for $960,000. The Shop Fittings are depreciated using the reducing balance method, and estimated that the value would reduce at 25%. How much is the depreciation expense for Shop Fittings in the first year? Show calculation. 3. Prepare the statement of financial performance for Lulu Lime Ltd as of 30 June 2022, including Gross Profit/Loss and Net Profit/Loss. 4. You are preparing the statement of financial performance of Lulu Lime Ltd for the year ending 30 June 2023. How much is the accumulated depreciation for both Office Equipment and Shop Fitting? Show calculation.

2. The Capital of Shyamal on 1st April, 2015 was 1,18,700 and on 31st March, 2016 was 7 1,19,200. He further informs that during the year he gave a loan of 13,500 to his sister on private account and withdrew 1,300 per month for personal use. He also paid house rent at the rate of 1,100 per month and electricity charges at the per month from the business. During the year he sold his 7% Government Bonds of 12,000 at 2% rate of invested the amount in the business. Calculate the profit/loss of the business.

Profit and loss Appropriation account   

calculate the amount of gross profit when net loss is 75000 operating expenses are rs 120000 and sale rs 300000

Its admission of partnership qn ,picture attached 

Anu and Babita are partners sharing profits in the ratio of 2:3. Their balance sheet shows machinery at ` 4,00,000, stock at ` 80,000 and debtors at ` 3,20,000. Chandrika is admitted and new profit sharing ratio is agreed at 6:9:5. Machinery is revalued at ` 3,40,000 and a provision is made for doubtful debts @ 2.5%. Anu’s share in loss on revaluation amounted to ` 20,000. Calculate revalued value of stock.

How GST will calculate on buying and selling second hand cars e.g Mr A purchase second hand cars Rs.200000/- and he sell same car Rs.300000/- so which amount will be appliclabe for GST Please assit with references  Thanks

The Quick ratio of X Ltd. is 1.2: 1. What will be the effect of the following transaction on Quick Ratio? (Increase/decrease or not change the Quick Ratio) Purchased goods worth ₹40,000 and accepted a bill of exchange for two months

X and Y were partners in the profit-sharing ratio of 3: 2. Their balance sheet as at March 31, 2022 was as follows:6Balance Sheet as at March 31, 2022Liabilities Amount (₹) Assets Amount (₹)CreditorsY 1,12,00056,0002,31,000Plant and MachineryCash in Hand70,000General Reserve14,000Buildings98,000Capital Accounts:Stock21,000X 1,19,000Debtors 42,000(-)Provision 7,00035,00077,0003,01,000 3,01,000Z was admitted for 1/6th share on the following terms:(i) Z will bring ₹ 56,000 as his share of capital, but was not able to bring any amount to compensate the sacrificing partners.(ii) Goodwill of the firm is valued at ₹. 84,000.(iii)Plant and Machinery were found to be undervalued by ₹ 14,000 Building was to brought up to ₹ 1,09,000.(iv)All debtors are good. (v) Capitals of X and Y will be adjusted on the basis of Z’s share and adjustments will be done by opening necessary current accounts. You are required to prepare revaluation account and partners’ capital