( SOLUTION ) JAC-2022 Accounts Model Paper Solutions Class 12th

 JAC - 2022 Accounts Model Paper Solutions ( Term-2 )

Class - 12th
Subject - Accounts
Set - 01 ( Term-2 )

01. List any twon items that can be shown under the heading "Current Assets" in Company's Balance Sheet.

Ans. (A) Inventories (B) Cash & Cash Equivalents

02. What is Working Capital ?

Ans. Working Capital is the Difference between Current Assets and Current Liabilities.

03. You are a Debenture holder of 'B Ltd'. Mention any two ratios that you will compute to examine whether your decision was satisfied.

Ans. (A)  Interest Coverage Ratio (B) Debt Equity Ratio

04. If total liabilities stand at Rs 4,80,000 and current liabilities are Rs 1,20,000 Calculate
 the Percentage (%) of current liabilities to total liabilities.

Ans. If total liabilities= 4,80,000 and Current Liabilities= 1,20,000

 Then, 

% Of current liabilities over total liabilities= Current Liabilities/Total Liabilities ×100

                                             = 1,20,000/4,80,000×100 = 25%

05. What are the activities related to cash flow statement according to AS – 3 (Revised)

Ans. According to AS-3 ( Revised ), there are three activities which are followed:

(A) Operating Activities

(B) Investing Activities

(C) Financing Activities

06. Name the major headings under which the assets side of a company’s Balance-sheet
 is organized and presented.

Ans. (A) Non- Current Assets

         (B) Current Assets

07. How are liquid assets calculated ?

Ans. To Calculate Liquid Assets/Quick Assets:

          Quick/Liquid Assets = Current Assets - Stock - Prepaid Expenses

08. Under what heads the following items will be shown in the Balance Sheet of a
 company

 (i) Live Stock
 (ii) Outstanding Salary
 (iii) Debentures

Ans.  (A) Live Stock will show under the head Fixed Assets

          (B) Outstanding Salary will Show under the heading Other Current liabilities.

          (C) Debentures will Show Under the heading Long Term Liabilities

09. State three methods of financial analysis.

Ans. (1) Comparative Statement

         (2) Common Size Statement

         (3) Cash Flow Statement

10. Under what heads the following items on the ‘Equity and Liabilities’ side of the
 Balance Sheet of a Company will be shown?
 (1) ( Bills payable)
 (2) (General Reserve)
 (3) ( Provision for Tax )

Ans (1) Under Other Current Liabilities

        (2) Under Reserve and Surplus

        (3) Under Short Term Provisions

11. Write any three objectives of financial analysis.

Ans. (1) It helps to take financial decision

         (2) It Shows Financial Position

         (3) It Helps in to borrow funds from financial institutions

12. From the following calculate current Ratio : 
 Current Assets : Rs 
 Inventory 1,50,000 
 Trade Receivable 1,00,000 
 Cash & Cash Equivalent 1,50,000 
 Current Liabilities: 
 Trade Payable 1,90,000 
 Other Current Liabilities 10,000

Ans. Current Ratio = Current Assets/Current Liabilities

          Current Assets = Inventory+Trade Receivable+Cash and cash Equivalents

                 = 1,50,000+1,00,000+1,50,000 = 4,00,000

         Current Liabilities = Trade Payable+Other Current Liabilities

                 = 1,90,000+10,000 = 2,00,000

Now,

  Current Ratio = 4,00,000/2,00,000 = 2/1 = 2:1

13. What will be the Operating Profit ratio, if operating ratio is 82% ?

Ans. If Operating Ratio = 82%/0

Then, 

Operating Profit Ratio = 100 - Operating Ratio = 100-82% = 18%

14. What is meant by Cash Equivalent ? Give examples.

Ans. Cash Equivalents means those current assets which is not in the form of cash but can immediately convert in cash.

 Ex. Marketable Securities, Current Investment etc.

15. Show how the following items will appear in a Company's Balance Sheet:
(Land and Building) ₹10,00,000
(Goodwill) ₹2,50,000
(Marketable Securities) ₹2,00,000
(Cash) ₹50,000
(Trade Receivables) ₹1,30,000