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CBSE Class 12 Accountancy Solved Question Paper (Paper Code: 67/1/2, 2020)

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ACCOUNTANCY- Paper Code: 67/1/2(CBSE 2020)

Time allowed: 3 Hours
Maximum Marks: 80
 

General Instructions :

Read the following instructions very carefully and strictly follow them :

(i) This question paper comprises two Parts – A and B. There are 32 questions in the question paper. All questions are compulsory.

(ii) Part A is compulsory for all candidates. 

(iii) Part B has two options i.e. (1) Analysis of Financial Statements and (2) Computerized Accounting. You have to attempt only one of the given options.

(iv) Heading of the option opted must be written on the Answer-Book before attempting the questions of that particular OPTION.

(v) Question nos. 1 to 13 and 23 to 29 are very short answer-type questions carrying 1 mark each.

(vi) Question nos. 14 and 30 are short answer type–I questions carrying 3 marks each.

(vii) Question nos. 15 to 18 and 31 are short answer type–II questions carrying 4 marks each.

(viii) Question nos. 19, 20 and 32 are long answer type–I questions carrying 6 marks each.

(ix) Question nos. 21 and 22 are long answer type–II questions carrying 8 marks each.

(x) Answers should be brief and to the point. The answer of each part should be written at one place.

(xi) There is no overall choice. However, an internal choice has been provided in 2 questions of three marks, 2 questions of four marks, 1 question of six marks and 2 questions of eight marks. You have to attempt only one of the choices in such questions.

(xii) However, separate instructions are given with each part and question, wherever necessary.

PART A

( Accounting for Not-for-Profit Organizations, Partnership Firms and Companies)

1. Why does the Fixed Capital Account of partners show credit balance even when the firm suffers losses year after year?

Answer: The Fixed Capital Account of partners shows credit balance even when the firm suffers losses year after year because all the adjustments related to profit & loss is done through Current A/c.

2. Milan, Khilan and Silam were partners sharing profits in the ratio of 2 : 2 : 1. They decided to share future profits in the ratio of 7 : 5 : 3 with effect from 1 st April, 2019. After the revaluation of assets and re-assessment of liabilities, Revaluation Account showed a loss of ₹ 15,000. The amount to be debited in the capital account of Milan because of loss on revaluation will be :

(A) ₹ 15,000

(B) ₹ 6,000

(C) ₹ 7,000

(D) ₹ 5,000

Answer: (B) ₹ 6,000

3. Name an item which is transferred to credit side of Realisation Account at the time of dissolution of partnership firm, but does not involve cash payment.

Answer: Provision for Doubtful Debts

4. Which of the following statements does NOT relate to ‘Reserve Capital’ :

(A) It is part of uncalled capital of a company.

(B) It cannot be used during the lifetime of a company.

(C) It can be used for writing off capital losses.

(D) It is part of subscribed capital.

Answer: (C) It can be used for writing off capital losses.

5. P and Q were partners in a firm sharing profits in the ratio of 5 : 3. Z was admitted for 1/4th share in the profits which he took 75% from P and remaining from Q. Calculate the sacrificing ratio of P and Q.

Answer: Sacrificing ratio of P and Q = 3:1

Explanation:

P’s Sacrificing Share = 

Q’s Sacrificing Share = \frac{1}{4}\times\frac{1}{4}=\frac{1}{16}

6. Excess of issue price of a debenture over its face value is called ________ .

Answer: Debenture Premium

7. A, B and C were partners in a firm sharing profits in the ratio of 2 : 2 : 1. C retired. The balance in this capital account after adjustments regarding reserves, accumulated profits/loss and revaluation of assets and liabilities was ₹ 4,40,000. C was paid ₹ 5,00,000 including his share of goodwill. The amount that was credited to his capital account on account of goodwill was :

(A) ₹ 60,000

(B) ₹ 3,00,000

(C) ₹ 1,00,000

(D) ₹ 12,000

Answer: ₹ 60,000

8. Rohan, Mohan, and Sohan were partners sharing profits equally. At the time of dissolution of the partnership firm, Rohan’s loan to the firm will be:

(A) Credited to Rohan’s Capital Account.

(B) Debited to Realisation Account.

(C) Credited to Realisation Account.

(D) Credited to Bank Account.

Answer: (D) Credited to Bank Account.

9. Rahul, Sahil and Jatin were partners in a firm sharing profits and losses in the ratio of 4 : 3 : 2. Rahul died on 15th October 2017. At that time, the capitals of Sahil and Jatin after all the adjustments were ₹ 3,56,000 and ₹ 2,44,000, respectively. Sahil and Jatin decided to adjust their capital according to their new profit-sharing ratio by opening current accounts. Calculate the new capitals of Sahil and Jatin.

Answer: New capital of Sahil and Jatin will be ₹3,60,000 and ₹2,40,000 respectively.

Explanation:

The new profit-sharing ratio of Sahil and Jatin will be 3 : 2.

Total capital of the new firm = Old capital of Sahil + Old capital of Jatin

Total capital of the new firm = ₹3,56,000 + ₹2,44,000 = ₹6,00,000

Sahil’s capital in the new firm =  ₹6,00,000\times\frac{3}{5}=₹3,60,000                     

Jatin’s capital in the new firm =  ₹6,00,000\times\frac{2}{5}=₹2,40,000

10. Name an item which is transferred to credit side of Realisation Account at the time of dissolution of partnership firm, but does not involve cash payment.

Answer: Partner’s Capital A/c (When any asset is taken over by a partner)

11. Diya, Riya and Tiya were partners sharing profits and losses in the ratio of 2 : 3 : 5. Tiya died on 28th November, 2019. Her share of profit was taken equally by Diya and Riya. Diya’s share of profit in the new firm will be _________ .

Answer: Diya’s share of profit in the new firm = \frac{9}{20}

Explanation: 

Tiya’s share in the profit = \frac{5}{10}

Diya will gain \frac{1}{2}          of \frac{5}{10}         = \frac{1}{2}\times\frac{5}{10}=\frac{1}{4}

Diya’s share of profit in the new firm = \frac{2}{10}+\frac{1}{4}=\frac{9}{20}

12. Mona and Tina were partners in a firm sharing profits in the ratio of 3 : 2. Naina was admitted with 1/6th  share in the profits of the firm. At the time of admission, Workmen’s Compensation Reserve appeared in the Balance Sheet of the firm at ₹ 32,000. The claim on account of workmen’s compensation was determined at ₹ 40,000. Excess of claim over the reserve will be:

(A) Credited to Revaluation Account.

(B) Debited to Revaluation Account.

(C) Credited to old partner’s Capital Account.

(D) Debited to old partner’s Capital Account.

Answer: (B) Debited to Revaluation Account.

13. Sun and Star were partners in a firm sharing profits in the ratio of 2 : 1. Moon was admitted as a new partner in the firm. New profit-sharing ratio was 3 : 3 : 2. Moon brought the following assets towards his share of goodwill and his capital:

 

If his capital is considered as ₹ 3,80,000, the goodwill of the firm will be : 

(A) ₹ 70,000

(B) ₹ 2,80,000

(C) ₹ 4,50,000

(D) ₹ 1,40,000

Answer: (B) ₹ 2,80,000

14. How would the following items be treated while preparing the financial statements of a sports club? 

 

Answer:

 

 

OR

From the following information of a charitable dispensary, calculate the amount of medicines consumed during the year that would appear in the Income and Expenditure Account for the year ending 31st March, 2019 :

 

Answer:

 

15. Raunit Styles Ltd. was registered with a capital of ₹ 85,00,000 divided into equity shares of ₹ 100 each. The company invited applications for issuing 45,000 shares. The amount was payable as ₹ 25 on application, ₹ 35 on allotment, ₹ 25 on first call and balance on final call. Applications were received for 42,000 shares and allotment was made to all the applicants. Kavi, to whom 3,300 shares were allotted, failed to pay both the calls. His shares were forfeited. 

Present the Share Capital in the Balance Sheet of the company as per Schedule III of the Companies Act, 2013.

Answer:

 

Notes to Accounts:

 

16. Manu, Sonu and Tony were partners in a firm sharing profits in the ratio of 5 : 3 : 2. The firm closes its books on 31 st March every year. Manu died on 31st July, 2019. His executor is entitled to :

(i) His capital ₹ 4,00,000 and his share of goodwill. Goodwill of the firm was valued at ₹ 96,000.

(ii) His share of profit till the date of his death which will be calculated on the basis of average profits of last 3 years.

(iii) Average profits of last 3 years were ₹ 78,000.

(iv) Interest on capital @ 6% p.a.

(v) His drawings till the date of death were ₹ 21,000.

Prepare Manu’s Capital Account to be rendered to his executors.

Answer:

 

Working Notes:

(i) Share of Goodwill of Manu = 96,000\times\frac{5}{10}=48,000

Share of Goodwill of Manu i.e. 48,000 will be divided between Sonu and Tony in their gaining ratio i.e. 3:2.

17. Ram, Mohan and Sohan were partners sharing profits in the ratio of 2 : 1 : 1. Ram withdrew ₹ 3,000 every month and Mohan withdrew ₹ 4,000 every month. Interest on drawings @ 6% p.a. was charged, whereas the partnership deed was silent about interest on drawings. Showing your working clearly, pass the necessary adjustment entry to rectify the error.

Answer:

 

Workings:

(i)

 

(ii)

Interest on Drawings of Ram = 36,000\times\frac{6}{100}\times\frac{6}{12}

Interest on Drawings of Mohan = 48,000\times\frac{6}{100}\times\frac{6}{12}

OR

Yadu, Vidu and Radhu were partners in a firm sharing profits in the ratio of 4 : 3 : 3. Their fixed capitals on 1st April, 2018 were ₹ 9,00,000, ₹ 5,00,000 and ₹4,00,000 respectively. On 1st November, 2018, Yadu gave a loan of ₹ 80,000 to the firm. As per the partnership agreement : 

(i) The partners were entitled to an interest on capital @ 6% p.a.

(ii) Interest on partners’ drawings was to be charged @ 8% p.a.

The firm earned profits of ₹ 2,53,000 (after interest on Yadu’s loan) during the year 2018-19. Partners’ drawings for the year amounted to Yadu: ₹ 80,000, Vidu: ₹ 70,000 and Radhu: ₹ 50,000. Prepare Profit and Loss Appropriation Account for the year ending 31st March 2019.

Answer:

 

18. Rakesh, Ram and Rohan were partners sharing profits in the ratio of 5 : 3 : 2. On 31 st March, 2018, their Balance Sheet was as follows :

 

The firm was dissolved on the above date on the following terms :

(i) Land and building and stock were sold for ₹ 6,00,000. Debtors were realised at 10% less than the book value.

(ii) Mrs. Rohan’s loan was settled by giving her an unrecorded computer of ₹ 22,000.

(iii) Rakesh paid off one of the creditors ₹ 20,000 in settlement of ₹ 30,000.

(iv) Rohan’s loan was fully settled at ₹ 18,500.

Prepare Realisation Account.

Answer:

 

19. From the following Receipts and Payments Account of Vista Club, prepare an Income and Expenditure Account for the year ended 31st March, 2019 :

 

Additional Information :

(i) The club had 50 members each paying an annual subscription of ₹ 1,500. Subscriptions in arrears on 31st March, 2018, were ₹ 15,000.

(ii) On 31st March, 2019, outstanding salaries were ₹ 4,000.

(iii) 8% Investments were made on 31st December, 2018.

(iv) The club owned machinery of ₹ 1,00,000 on 1st April, 2018. Depreciate machinery @ 6% p.a.

Answer:

 

20. i) Vayee Ltd. purchased the following assets of E.X. Ltd. : 

Land and Building of ₹ 60,00,000 at ₹ 84,00,000; Plant and Machinery of ₹ 40,00,000 at ₹ 36,00,000

The purchase consideration was ₹ 1,10,00,000. Payment was made by accepting a Bill of Exchange in favour of E.X. Ltd. of ₹ 20,00,000 and remaining by issue of 8% debentures of ₹ 100 each at a premium of 20%.

Record the necessary journal entries for the above transactions in the books of Vayee Ltd.

Answer:

 

(ii) Zed Ltd. issued 2,00,000, 8% debentures of ₹ 100 each at a discount of 6% redeemable at a premium of 10% after 5 years. The amount was payable as follows :

On application – ₹ 50 per debenture and On allotment – balance.

Record the necessary journal entries for the issue of debentures in the books of Zed Ltd.

Answer:

 

OR

Mahesh Ltd. had issued 20,000, 10% debentures of ₹100 each. 8,000, 10% debentures were due for redemption on 31st March, 2019. The company had a balance of ₹ 4,40,000 in the Debenture Redemption Reserve Account on 31st March, 2018. The company invested the required amount in the Debenture Redemption Investment on 1st April, 2018. Pass the necessary journal entries for redemption of debentures. Ignore the entries for interest on debentures.

Answer:

 

Note: Since DRR already exists with more than 25% of the nominal value of debentures in the question, it has been assumed that redemption is done ‘out of profits’ and 100% of of the nominal value of debentures is transferred to DRR.

21. (i) R.P. Ltd. forfeited 1,500 shares of Rahim of ₹ 10 each issued at a premium of ₹ 3 per share for non-payment of allotment and first call money. Rahim had applied for 3,000 shares. On these shares, amount was payable as follows : 

On application – ₹3 per share

On allotment (including premium) – ₹5 per share

On first call – ₹3 per share

On final call – Balance

Final call has not been called up. 1,000 of the forfeited shares were reissued for ₹ 8,500 as fully paid-up.

Record the necessary journal entries for the above transactions in the books of R.P. Ltd.

Answer:

 

Workings:

(i) Calculation of the amount forfeited:

 

(ii) Max Ltd. forfeited 500 shares of ₹ 100 each for non-payment of first call of ₹ 20 per share and final call of ₹ 25 per share. 250 of these shares were re-issued at ₹ 50 per share fully paid-up.

Pass the necessary journal entries in the books of Max Ltd. for forfeiture and re-issue of shares. Also prepare the Share Forfeiture Account.

Answer:

 

 

OR

Karur Ltd. invited applications for issuing 2,40,000 equity shares of ₹ 10 each at a premium of ₹ 4 per share. The amount was payable as under :

On application – ₹ 4 per share (including premium ₹ 2)

On allotment – ₹ 4 per share

On first and final call – ₹ 6 per share (including premium ₹ 2)

Applications for 3,00,000 shares were received and pro-rata allotment was made to all the applicants. Excess application money received on application was adjusted towards sums due on allotment. All calls were made and were duly received except from Rohini, who failed to pay allotment and first and final call on 7,500 shares applied by her. These shares were forfeited. Afterwards, 40% of the forfeited shares were re-issued at ₹ 11 per share as fully paid-up.

Pass the necessary journal entries in the books of Karur Ltd. Open call-in-arrears and call-in-advance accounts wherever necessary.

Answer:

 

22. Badal and Bijli were partners in a firm sharing profits in the ratio of 3 : 2. Their Balance Sheet as at 31st March, 2019 was as follows :

 

Raina was admitted on the above date as a new partner for 1/6th share in the profits of the firm. The terms of agreement were as follows :

(i) Raina will bring ₹ 40,000 as her capital and capitals of Badal and Bijli will be adjusted on the basis of Raina’s capital by opening current accounts.

(ii) Raina will bring her share of goodwill premium for ₹ 12,000 in cash.

(iii) The building was overvalued by ₹ 15,000 and stock by ₹ 3,000.

(iv) A provision of 10% was to be created on debtors for bad debts.

Prepare the Revaluation Account and Current and Capital Accounts of Badal, Bijli and Raina.

Answer:

 

 

 

Workings:

(i) New profit sharing ratio = 3 : 2 : 1

Capital of the firm (According to Raina’s Capital) = 40,000\times\frac{6}{1}=2,40,000

Capital according to the new profit sharing ratio:

Badal’s Capital = 2,40,000\times\frac{3}{6}=1,20,000

Bijli’s Capital = 2,40,000\times\frac{2}{6}=80,000

OR

Prem, Kumar, and Aarti were partners sharing profits in the ratio of 5 : 3 : 2. Their Balance Sheet as at 31 st March, 2019 was as under :

 

On the above date, Kumar retired. The terms of retirement were :

(i) Kumar sold his share of goodwill to Prem for ₹ 8,000 and to Aarti for ₹ 4,000.

(ii) Stock was found to be undervalued by ₹ 1,000 and building by ₹ 7,000.

(iii) Investments were sold for ₹ 11,000.

(iv) There was an unrecorded creditor of ₹ 7,000.

(v) An amount of ₹ 30,000 was paid to Kumar in cash which was contributed by Prem and Aarti in the ratio of 2 : 1. The balance amount of Kumar was settled by accepting a Bill of Exchange in favour of Kumar.

Prepare the Revaluation Account, Capital Accounts of partners and the Balance Sheet of the reconstituted firm.

Answer:

 

 

 

PART B

OPTION 1
(Analysis of Financial Statements)

23. Which of the following is NOT an objective of Analysis of Financial Statements :

(A) To judge the financial health of the firm.

(B) To judge the short-term and long-term liquidity position of the firm.

(C) To judge the reasons for change in the profitability of the firm.

(D) To judge the variations in the accounting practices of the business followed by different enterprises.

Answer: (D) To judge the variations in the accounting practices of the business followed by different enterprises.

24. What will be the impact of ‘issuing ₹ 5,00,000 equity shares to vendors of machinery’ on the Debt-Equity Ratio of 2 : 1?

Answer:  Debt-Equity Ratio will decrease because issuing equity shares to vendors will result in an increase in equity of the organisation.

25. Total amount of Trade Receivables of Ashoka Ltd. as on 31st March, 2019 were ₹ 3,00,000. It had created a provision of 5% for bad and doubtful debts. What amount of Trade Receivables will be taken to calculate Trade Receivables Turnover Ratio?

Answer: ₹3,00,000

26. An investment normally qualifies as cash-equivalent only when from the date of acquisition it has a short maturity period of :

(A) One month or less

(B) Three months or less

(C) Three months or more

(D) One year or less

Answer: (B) Three months or less

27. On 1.10.2018, Micro Ltd. issued 20,000, 8% debentures of ₹ 100 each and paid interest of ₹ 80,000 on these debentures on 31 st March, 2019. Calculate the cash flow from financing activities for the period ending 31 st March, 2019.

Answer: 

 

28. Give an example of an activity which is always financing with regards to the Cash Flow Statement.

Answer:  Payment of dividend

29. State whether the following statement is true or false. 
‘Inventory Turnover Ratio measures the level of financial leverage.’

Answer: False

30. Opening inventory is ₹ 60,000, closing inventory is 1·5 times of opening inventory. Inventory Turnover Ratio is 6 times. Selling price is 33\frac{1}{3}% above cost. Calculate the Gross Profit Ratio.

Answer:

Gross Profit Ratio = \frac{Gross~Profit}{Revenue~from~Operations}\times100

Average Inventory = \frac{Opening~Inventory+Closing~Inventory}{2}

\frac{60,000+90,000}{2}

= ₹75,000

Inventory Turnover Ratio = \frac{Cost~of~Revenue~from~Operations}{Average~Inventory}

6 = \frac{Cost~of~Revenue~from~Operations}{75,000}

Cost of Revenue from Operations = ₹4,50,000

Revenue from Operations = Cost of Revenue from Operations + Gross Profit

= 4,50,000 + 33\frac{1}{3}        of 4,50,000

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

= 6,00,000

Gross Profit Ratio = \frac{Gross~Profit}{Revenue~from~Operations}\times100

 = \frac{1,50,000}{6,00,000}\times100

= 25%

OR

Under which major head/sub-head will the following items be presented in the Balance Sheet of a company as per Schedule III Part I of the the Companies Act, 2013?

(i) Capital Advances

(ii) Income received in advance

(iii) Capital work-in-progress

(iv) Motor vehicles

(v) Stores and spare parts

(vi) 9% Debentures

Answer:

 

31. From the following information, prepare Comparative Statement of Profit and Loss :

 

Answer:

 

OR

Prepare a common size Balance Sheet of L.X. Ltd. from the following information :

 

Answer:

 

32. (i) From the following information of Nova Ltd., calculate the cash flow from investing activities :

 

Additional Information :

During the year, a machine costing ₹ 50,000 on which the accumulate depreciation was ₹ 35,000, was sold for ₹ 12,000.

Answer:

 

Working Notes:

 

 

(ii) The profit of Jova Ltd. for the year ended 31 st March, 2019 after appropriation was ₹ 2,50,000.

Additional Information :

 

The following was the position of its Current Assets and Current Liabilities as at 31 st March, 2018 and 2019.

 

Calculate the Cash flow from operating activities.

Answer: 

 

Working Notes:

(i) Net Profit = 2,50,000 + Transfer to general reserve

= 2,50,000 + 22,500

Net Profit = ₹2,72,500

PART B

OPTION 2
(Computerised Accounting)

23. Name the accounting information subsystem which deals with receipt and payment of physical cash and electronic fund transfer.

(A) Sales and Accounts Receivable subsystem

(B) Cash and Bank subsystem

(C) Purchase and Accounts Payable subsystem

(D) Costing subsystem

Answer: (B) Cash and Bank subsystem

24. The existence of data in a primary key field is :

(A) Not necessarily required.

(B) Required but need not be unique.

(C) Required and must be unique.

(D) All of the above

Answer: (C) Required and must be unique.

25. A ##### error appears when :

(A) A negative data is used.

(B) Column is not wide enough.

(C) Negative time is used.

(D) All of the above

Answer: (D) All of the above

26. Height of a person is a ___________ attribute whereas academic qualification can be ___________ attribute.

Answer: Height of a person is a Single Value attribute whereas academic qualification can be Multi Value attribute.

27. Match the movement of mouse with the keystrokes :

 

(A) (i) (c) and (ii) (a)

(B) (i) (b) and (ii) (d)

(C) (i) (a) and (ii) (d)

(D) (i) (b) and (ii) (c)

Answer: (B) (i) (b) and (ii) (d)

28. When the accumulated data from various sources is processed in one shot it is called :

(A) Real Time Processing

(B) Data Validation

(C) Processing and Revalidation

(D) Batch Processing

Answer: (D) Batch Processing

29. Name the language used to store and manipulate data or create a complex set of database structures.

(A) Structured Computer Language

(B) Structured Query Language

(C) Strictly Query Language

(D) Structured Query Logistics

Answer: (B) Structured Query Language

30. Write and explain the formula to calculate ‘Dearness Allowance’ and ‘Gross Salary’.

Answer:

Dearness Allowance = BPE X (Applicable rate of DA for the month)

Where,

BPE = \frac{BP\times~NOED}{NODM}

BP = Basic Pay

NOED = Number of Effective Days Present

NODM = Number of Days in a Month

Gross Salary =  BPE + DA + HRA +TRA

Where,

 HRA = House Rent Allowance

TRA = Transport Allowance

OR

Explain ‘Contra voucher’ and ‘Receipt voucher’.

Answer: (i) Contra Voucher: It is used when cash is deposited in the bank from the office and when cash is withdrawn from the bank for office use. It is used only in the case of fund transfer between Cash and Bank only.

(ii) Receipt Voucher: Receipt Voucher is used to record all the receipts or inflow of money in the business. All the receipts such as Debtors, Loan, Advances, Refund of Loan, etc. are recorded under the receipt voucher.

31. Explain any four advantages of ‘Database Management System’.

Answer:

The advantages of Database Management System (DBMS): 

1. Better Data Transferring: Database management creates a place where users have an advantage of more and better-managed data. Thus making it possible for end-users to have a quick look and to respond fast to any changes made in their environment.

2. Better Data Security: The more accessible and usable the database, the more it is prone to security issues. As the number of users increases, the data transferring or data sharing rate also increases thus increasing the risk of data security. It is widely used in the corporate world where companies invest money, time, and effort in large amounts to ensure data is secure and is used properly. A Database Management System (DBMS) provides a better platform for data privacy and security policies thus, helping companies to improve Data Security.

3. Better data integration: Due to the Database Management System we have an access to well-managed and synchronized forms of data thus it makes data handling very easy and gives an integrated view of how a particular organization is working and also helps to keep a track of how one segment of the company affects another segment.

4. Increased end-user productivity: The data which is available with the help of a combination of tools that transform data into useful information, helps end-users to make quick, informative, and better decisions that can make difference between success and failure in the global economy.

OR

Explain Modules, Pages, Reports, and Query as database objects.

Answer:

  • Modules: Functions or sub-routines that can be used throughout the application and are the foundation of any application and allow the designer to create a set of programming instructions are called Modules.
  • Pages: Data Access pages are created by this object class which can be posted on a website of an organisation using intent or sent via e-mail to someone of the organisation’s network.
  • Reports: Various reoprts and sources of information content which are based on tables, queries, or both are created with the help of this object class.

Query: SQL compatible query statement with or without the help of Graphic User Interface is created with Queries.

32. Name the error which appears on the screen of your computer while using Excel, when the formula refers to a deleted cell. Also, explain how to correct that error.

Answer: The error that appears on the screen of your computer while using Excel is a #REF! error.

This error occurs when a cell reference is not valid. To correct this error following steps should be followed:

(i) Click the cell which displays the error and see if it displays calculation steps. 

(ii) Review the possible causes.

 To correct the error delete the cell referred to in the formula.


ACCOUNTANCY- Paper Code: 67/1/2(CBSE 2020)

Time allowed: 3 Hours
Maximum Marks: 80
 

General Instructions :

Read the following instructions very carefully and strictly follow them :

(i) This question paper comprises two Parts – A and B. There are 32 questions in the question paper. All questions are compulsory.

(ii) Part A is compulsory for all candidates. 

(iii) Part B has two options i.e. (1) Analysis of Financial Statements and (2) Computerized Accounting. You have to attempt only one of the given options.

(iv) Heading of the option opted must be written on the Answer-Book before attempting the questions of that particular OPTION.

(v) Question nos. 1 to 13 and 23 to 29 are very short answer-type questions carrying 1 mark each.

(vi) Question nos. 14 and 30 are short answer type–I questions carrying 3 marks each.

(vii) Question nos. 15 to 18 and 31 are short answer type–II questions carrying 4 marks each.

(viii) Question nos. 19, 20 and 32 are long answer type–I questions carrying 6 marks each.

(ix) Question nos. 21 and 22 are long answer type–II questions carrying 8 marks each.

(x) Answers should be brief and to the point. The answer of each part should be written at one place.

(xi) There is no overall choice. However, an internal choice has been provided in 2 questions of three marks, 2 questions of four marks, 1 question of six marks and 2 questions of eight marks. You have to attempt only one of the choices in such questions.

(xii) However, separate instructions are given with each part and question, wherever necessary.

PART A

( Accounting for Not-for-Profit Organizations, Partnership Firms and Companies)

1. Why does the Fixed Capital Account of partners show credit balance even when the firm suffers losses year after year?

Answer: The Fixed Capital Account of partners shows credit balance even when the firm suffers losses year after year because all the adjustments related to profit & loss is done through Current A/c.

2. Milan, Khilan and Silam were partners sharing profits in the ratio of 2 : 2 : 1. They decided to share future profits in the ratio of 7 : 5 : 3 with effect from 1 st April, 2019. After the revaluation of assets and re-assessment of liabilities, Revaluation Account showed a loss of ₹ 15,000. The amount to be debited in the capital account of Milan because of loss on revaluation will be :

(A) ₹ 15,000

(B) ₹ 6,000

(C) ₹ 7,000

(D) ₹ 5,000

Answer: (B) ₹ 6,000

3. Name an item which is transferred to credit side of Realisation Account at the time of dissolution of partnership firm, but does not involve cash payment.

Answer: Provision for Doubtful Debts

4. Which of the following statements does NOT relate to ‘Reserve Capital’ :

(A) It is part of uncalled capital of a company.

(B) It cannot be used during the lifetime of a company.

(C) It can be used for writing off capital losses.

(D) It is part of subscribed capital.

Answer: (C) It can be used for writing off capital losses.

5. P and Q were partners in a firm sharing profits in the ratio of 5 : 3. Z was admitted for 1/4th share in the profits which he took 75% from P and remaining from Q. Calculate the sacrificing ratio of P and Q.

Answer: Sacrificing ratio of P and Q = 3:1

Explanation:

P’s Sacrificing Share = \frac{1}{4}\times\frac{3}{4}=\frac{3}{16}

Q’s Sacrificing Share = \frac{1}{4}\times\frac{1}{4}=\frac{1}{16}

6. Excess of issue price of a debenture over its face value is called ________ .

Answer: Debenture Premium

7. A, B and C were partners in a firm sharing profits in the ratio of 2 : 2 : 1. C retired. The balance in this capital account after adjustments regarding reserves, accumulated profits/loss and revaluation of assets and liabilities was ₹ 4,40,000. C was paid ₹ 5,00,000 including his share of goodwill. The amount that was credited to his capital account on account of goodwill was :

(A) ₹ 60,000

(B) ₹ 3,00,000

(C) ₹ 1,00,000

(D) ₹ 12,000

Answer: ₹ 60,000

8. Rohan, Mohan, and Sohan were partners sharing profits equally. At the time of dissolution of the partnership firm, Rohan’s loan to the firm will be:

(A) Credited to Rohan’s Capital Account.

(B) Debited to Realisation Account.

(C) Credited to Realisation Account.

(D) Credited to Bank Account.

Answer: (D) Credited to Bank Account.

9. Rahul, Sahil and Jatin were partners in a firm sharing profits and losses in the ratio of 4 : 3 : 2. Rahul died on 15th October 2017. At that time, the capitals of Sahil and Jatin after all the adjustments were ₹ 3,56,000 and ₹ 2,44,000, respectively. Sahil and Jatin decided to adjust their capital according to their new profit-sharing ratio by opening current accounts. Calculate the new capitals of Sahil and Jatin.

Answer: New capital of Sahil and Jatin will be ₹3,60,000 and ₹2,40,000 respectively.

Explanation:

The new profit-sharing ratio of Sahil and Jatin will be 3 : 2.

Total capital of the new firm = Old capital of Sahil + Old capital of Jatin

Total capital of the new firm = ₹3,56,000 + ₹2,44,000 = ₹6,00,000

Sahil’s capital in the new firm =  ₹6,00,000\times\frac{3}{5}=₹3,60,000                     

Jatin’s capital in the new firm =  ₹6,00,000\times\frac{2}{5}=₹2,40,000

10. Name an item which is transferred to credit side of Realisation Account at the time of dissolution of partnership firm, but does not involve cash payment.

Answer: Partner’s Capital A/c (When any asset is taken over by a partner)

11. Diya, Riya and Tiya were partners sharing profits and losses in the ratio of 2 : 3 : 5. Tiya died on 28th November, 2019. Her share of profit was taken equally by Diya and Riya. Diya’s share of profit in the new firm will be _________ .

Answer: Diya’s share of profit in the new firm = \frac{9}{20}

Explanation: 

Tiya’s share in the profit = \frac{5}{10}

Diya will gain \frac{1}{2}          of \frac{5}{10}         = \frac{1}{2}\times\frac{5}{10}=\frac{1}{4}

Diya’s share of profit in the new firm = \frac{2}{10}+\frac{1}{4}=\frac{9}{20}

12. Mona and Tina were partners in a firm sharing profits in the ratio of 3 : 2. Naina was admitted with 1/6th  share in the profits of the firm. At the time of admission, Workmen’s Compensation Reserve appeared in the Balance Sheet of the firm at ₹ 32,000. The claim on account of workmen’s compensation was determined at ₹ 40,000. Excess of claim over the reserve will be:

(A) Credited to Revaluation Account.

(B) Debited to Revaluation Account.

(C) Credited to old partner’s Capital Account.

(D) Debited to old partner’s Capital Account.

Answer: (B) Debited to Revaluation Account.

13. Sun and Star were partners in a firm sharing profits in the ratio of 2 : 1. Moon was admitted as a new partner in the firm. New profit-sharing ratio was 3 : 3 : 2. Moon brought the following assets towards his share of goodwill and his capital:

 

If his capital is considered as ₹ 3,80,000, the goodwill of the firm will be : 

(A) ₹ 70,000

(B) ₹ 2,80,000

(C) ₹ 4,50,000

(D) ₹ 1,40,000

Answer: (B) ₹ 2,80,000

14. How would the following items be treated while preparing the financial statements of a sports club? 

 

Answer:

 

 

OR

From the following information of a charitable dispensary, calculate the amount of medicines consumed during the year that would appear in the Income and Expenditure Account for the year ending 31st March, 2019 :

 

Answer:

 

15. Raunit Styles Ltd. was registered with a capital of ₹ 85,00,000 divided into equity shares of ₹ 100 each. The company invited applications for issuing 45,000 shares. The amount was payable as ₹ 25 on application, ₹ 35 on allotment, ₹ 25 on first call and balance on final call. Applications were received for 42,000 shares and allotment was made to all the applicants. Kavi, to whom 3,300 shares were allotted, failed to pay both the calls. His shares were forfeited. 

Present the Share Capital in the Balance Sheet of the company as per Schedule III of the Companies Act, 2013.

Answer:

 

Notes to Accounts:

 

16. Manu, Sonu and Tony were partners in a firm sharing profits in the ratio of 5 : 3 : 2. The firm closes its books on 31 st March every year. Manu died on 31st July, 2019. His executor is entitled to :

(i) His capital ₹ 4,00,000 and his share of goodwill. Goodwill of the firm was valued at ₹ 96,000.

(ii) His share of profit till the date of his death which will be calculated on the basis of average profits of last 3 years.

(iii) Average profits of last 3 years were ₹ 78,000.

(iv) Interest on capital @ 6% p.a.

(v) His drawings till the date of death were ₹ 21,000.

Prepare Manu’s Capital Account to be rendered to his executors.

Answer:

 

Working Notes:

(i) Share of Goodwill of Manu = 96,000\times\frac{5}{10}=48,000

Share of Goodwill of Manu i.e. 48,000 will be divided between Sonu and Tony in their gaining ratio i.e. 3:2.

17. Ram, Mohan and Sohan were partners sharing profits in the ratio of 2 : 1 : 1. Ram withdrew ₹ 3,000 every month and Mohan withdrew ₹ 4,000 every month. Interest on drawings @ 6% p.a. was charged, whereas the partnership deed was silent about interest on drawings. Showing your working clearly, pass the necessary adjustment entry to rectify the error.

Answer:

 

Workings:

(i)

 

(ii)

Interest on Drawings of Ram = 36,000\times\frac{6}{100}\times\frac{6}{12}

Interest on Drawings of Mohan = 48,000\times\frac{6}{100}\times\frac{6}{12}

OR

Yadu, Vidu and Radhu were partners in a firm sharing profits in the ratio of 4 : 3 : 3. Their fixed capitals on 1st April, 2018 were ₹ 9,00,000, ₹ 5,00,000 and ₹4,00,000 respectively. On 1st November, 2018, Yadu gave a loan of ₹ 80,000 to the firm. As per the partnership agreement : 

(i) The partners were entitled to an interest on capital @ 6% p.a.

(ii) Interest on partners’ drawings was to be charged @ 8% p.a.

The firm earned profits of ₹ 2,53,000 (after interest on Yadu’s loan) during the year 2018-19. Partners’ drawings for the year amounted to Yadu: ₹ 80,000, Vidu: ₹ 70,000 and Radhu: ₹ 50,000. Prepare Profit and Loss Appropriation Account for the year ending 31st March 2019.

Answer:

 

18. Rakesh, Ram and Rohan were partners sharing profits in the ratio of 5 : 3 : 2. On 31 st March, 2018, their Balance Sheet was as follows :

 

The firm was dissolved on the above date on the following terms :

(i) Land and building and stock were sold for ₹ 6,00,000. Debtors were realised at 10% less than the book value.

(ii) Mrs. Rohan’s loan was settled by giving her an unrecorded computer of ₹ 22,000.

(iii) Rakesh paid off one of the creditors ₹ 20,000 in settlement of ₹ 30,000.

(iv) Rohan’s loan was fully settled at ₹ 18,500.

Prepare Realisation Account.

Answer:

 

19. From the following Receipts and Payments Account of Vista Club, prepare an Income and Expenditure Account for the year ended 31st March, 2019 :

 

Additional Information :

(i) The club had 50 members each paying an annual subscription of ₹ 1,500. Subscriptions in arrears on 31st March, 2018, were ₹ 15,000.

(ii) On 31st March, 2019, outstanding salaries were ₹ 4,000.

(iii) 8% Investments were made on 31st December, 2018.

(iv) The club owned machinery of ₹ 1,00,000 on 1st April, 2018. Depreciate machinery @ 6% p.a.

Answer:

 

20. i) Vayee Ltd. purchased the following assets of E.X. Ltd. : 

Land and Building of ₹ 60,00,000 at ₹ 84,00,000; Plant and Machinery of ₹ 40,00,000 at ₹ 36,00,000

The purchase consideration was ₹ 1,10,00,000. Payment was made by accepting a Bill of Exchange in favour of E.X. Ltd. of ₹ 20,00,000 and remaining by issue of 8% debentures of ₹ 100 each at a premium of 20%.

Record the necessary journal entries for the above transactions in the books of Vayee Ltd.

Answer:

 

(ii) Zed Ltd. issued 2,00,000, 8% debentures of ₹ 100 each at a discount of 6% redeemable at a premium of 10% after 5 years. The amount was payable as follows :

On application – ₹ 50 per debenture and On allotment – balance.

Record the necessary journal entries for the issue of debentures in the books of Zed Ltd.

Answer:

 

OR

Mahesh Ltd. had issued 20,000, 10% debentures of ₹100 each. 8,000, 10% debentures were due for redemption on 31st March, 2019. The company had a balance of ₹ 4,40,000 in the Debenture Redemption Reserve Account on 31st March, 2018. The company invested the required amount in the Debenture Redemption Investment on 1st April, 2018. Pass the necessary journal entries for redemption of debentures. Ignore the entries for interest on debentures.

Answer:

 

Note: Since DRR already exists with more than 25% of the nominal value of debentures in the question, it has been assumed that redemption is done ‘out of profits’ and 100% of of the nominal value of debentures is transferred to DRR.

21. (i) R.P. Ltd. forfeited 1,500 shares of Rahim of ₹ 10 each issued at a premium of ₹ 3 per share for non-payment of allotment and first call money. Rahim had applied for 3,000 shares. On these shares, amount was payable as follows : 

On application – ₹3 per share

On allotment (including premium) – ₹5 per share

On first call – ₹3 per share

On final call – Balance

Final call has not been called up. 1,000 of the forfeited shares were reissued for ₹ 8,500 as fully paid-up.

Record the necessary journal entries for the above transactions in the books of R.P. Ltd.

Answer:

 

Workings:

(i) Calculation of the amount forfeited:

 

(ii) Max Ltd. forfeited 500 shares of ₹ 100 each for non-payment of first call of ₹ 20 per share and final call of ₹ 25 per share. 250 of these shares were re-issued at ₹ 50 per share fully paid-up.

Pass the necessary journal entries in the books of Max Ltd. for forfeiture and re-issue of shares. Also prepare the Share Forfeiture Account.

Answer:

 

 

OR

Karur Ltd. invited applications for issuing 2,40,000 equity shares of ₹ 10 each at a premium of ₹ 4 per share. The amount was payable as under :

On application – ₹ 4 per share (including premium ₹ 2)

On allotment – ₹ 4 per share

On first and final call – ₹ 6 per share (including premium ₹ 2)

Applications for 3,00,000 shares were received and pro-rata allotment was made to all the applicants. Excess application money received on application was adjusted towards sums due on allotment. All calls were made and were duly received except from Rohini, who failed to pay allotment and first and final call on 7,500 shares applied by her. These shares were forfeited. Afterwards, 40% of the forfeited shares were re-issued at ₹ 11 per share as fully paid-up.

Pass the necessary journal entries in the books of Karur Ltd. Open call-in-arrears and call-in-advance accounts wherever necessary.

Answer:

 

22. Badal and Bijli were partners in a firm sharing profits in the ratio of 3 : 2. Their Balance Sheet as at 31st March, 2019 was as follows :

 

Raina was admitted on the above date as a new partner for 1/6th share in the profits of the firm. The terms of agreement were as follows :

(i) Raina will bring ₹ 40,000 as her capital and capitals of Badal and Bijli will be adjusted on the basis of Raina’s capital by opening current accounts.

(ii) Raina will bring her share of goodwill premium for ₹ 12,000 in cash.

(iii) The building was overvalued by ₹ 15,000 and stock by ₹ 3,000.

(iv) A provision of 10% was to be created on debtors for bad debts.

Prepare the Revaluation Account and Current and Capital Accounts of Badal, Bijli and Raina.

Answer:

 

 

 

Workings:

(i) New profit sharing ratio = 3 : 2 : 1

Capital of the firm (According to Raina’s Capital) = 40,000\times\frac{6}{1}=2,40,000

Capital according to the new profit sharing ratio:

Badal’s Capital = 2,40,000\times\frac{3}{6}=1,20,000

Bijli’s Capital = 2,40,000\times\frac{2}{6}=80,000

OR

Prem, Kumar, and Aarti were partners sharing profits in the ratio of 5 : 3 : 2. Their Balance Sheet as at 31 st March, 2019 was as under :

 

On the above date, Kumar retired. The terms of retirement were :

(i) Kumar sold his share of goodwill to Prem for ₹ 8,000 and to Aarti for ₹ 4,000.

(ii) Stock was found to be undervalued by ₹ 1,000 and building by ₹ 7,000.

(iii) Investments were sold for ₹ 11,000.

(iv) There was an unrecorded creditor of ₹ 7,000.

(v) An amount of ₹ 30,000 was paid to Kumar in cash which was contributed by Prem and Aarti in the ratio of 2 : 1. The balance amount of Kumar was settled by accepting a Bill of Exchange in favour of Kumar.

Prepare the Revaluation Account, Capital Accounts of partners and the Balance Sheet of the reconstituted firm.

Answer:

 

 

 

PART B

OPTION 1
(Analysis of Financial Statements)

23. Which of the following is NOT an objective of Analysis of Financial Statements :

(A) To judge the financial health of the firm.

(B) To judge the short-term and long-term liquidity position of the firm.

(C) To judge the reasons for change in the profitability of the firm.

(D) To judge the variations in the accounting practices of the business followed by different enterprises.

Answer: (D) To judge the variations in the accounting practices of the business followed by different enterprises.

24. What will be the impact of ‘issuing ₹ 5,00,000 equity shares to vendors of machinery’ on the Debt-Equity Ratio of 2 : 1?

Answer:  Debt-Equity Ratio will decrease because issuing equity shares to vendors will result in an increase in equity of the organisation.

25. Total amount of Trade Receivables of Ashoka Ltd. as on 31st March, 2019 were ₹ 3,00,000. It had created a provision of 5% for bad and doubtful debts. What amount of Trade Receivables will be taken to calculate Trade Receivables Turnover Ratio?

Answer: ₹3,00,000

26. An investment normally qualifies as cash-equivalent only when from the date of acquisition it has a short maturity period of :

(A) One month or less

(B) Three months or less

(C) Three months or more

(D) One year or less

Answer: (B) Three months or less

27. On 1.10.2018, Micro Ltd. issued 20,000, 8% debentures of ₹ 100 each and paid interest of ₹ 80,000 on these debentures on 31 st March, 2019. Calculate the cash flow from financing activities for the period ending 31 st March, 2019.

Answer: 

 

28. Give an example of an activity which is always financing with regards to the Cash Flow Statement.

Answer:  Payment of dividend

29. State whether the following statement is true or false. 
‘Inventory Turnover Ratio measures the level of financial leverage.’

Answer: False

30. Opening inventory is ₹ 60,000, closing inventory is 1·5 times of opening inventory. Inventory Turnover Ratio is 6 times. Selling price is 33\frac{1}{3}% above cost. Calculate the Gross Profit Ratio.

Answer:

Gross Profit Ratio = \frac{Gross~Profit}{Revenue~from~Operations}\times100

Average Inventory = \frac{Opening~Inventory+Closing~Inventory}{2}

\frac{60,000+90,000}{2}

= ₹75,000

Inventory Turnover Ratio = \frac{Cost~of~Revenue~from~Operations}{Average~Inventory}

6 = \frac{Cost~of~Revenue~from~Operations}{75,000}

Cost of Revenue from Operations = ₹4,50,000

Revenue from Operations = Cost of Revenue from Operations + Gross Profit

= 4,50,000 + 33\frac{1}{3}        of 4,50,000

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

= 6,00,000

Gross Profit Ratio = \frac{Gross~Profit}{Revenue~from~Operations}\times100

 = \frac{1,50,000}{6,00,000}\times100

= 25%

OR

Under which major head/sub-head will the following items be presented in the Balance Sheet of a company as per Schedule III Part I of the the Companies Act, 2013?

(i) Capital Advances

(ii) Income received in advance

(iii) Capital work-in-progress

(iv) Motor vehicles

(v) Stores and spare parts

(vi) 9% Debentures

Answer:

 

31. From the following information, prepare Comparative Statement of Profit and Loss :

 

Answer:

 

OR

Prepare a common size Balance Sheet of L.X. Ltd. from the following information :

 

Answer:

 

32. (i) From the following information of Nova Ltd., calculate the cash flow from investing activities :

 

Additional Information :

During the year, a machine costing ₹ 50,000 on which the accumulate depreciation was ₹ 35,000, was sold for ₹ 12,000.

Answer:

 

Working Notes:

 

 

(ii) The profit of Jova Ltd. for the year ended 31 st March, 2019 after appropriation was ₹ 2,50,000.

Additional Information :

 

The following was the position of its Current Assets and Current Liabilities as at 31 st March, 2018 and 2019.

 

Calculate the Cash flow from operating activities.

Answer: 

 

Working Notes:

(i) Net Profit = 2,50,000 + Transfer to general reserve

= 2,50,000 + 22,500

Net Profit = ₹2,72,500

PART B

OPTION 2
(Computerised Accounting)

23. Name the accounting information subsystem which deals with receipt and payment of physical cash and electronic fund transfer.

(A) Sales and Accounts Receivable subsystem

(B) Cash and Bank subsystem

(C) Purchase and Accounts Payable subsystem

(D) Costing subsystem

Answer: (B) Cash and Bank subsystem

24. The existence of data in a primary key field is :

(A) Not necessarily required.

(B) Required but need not be unique.

(C) Required and must be unique.

(D) All of the above

Answer: (C) Required and must be unique.

25. A ##### error appears when :

(A) A negative data is used.

(B) Column is not wide enough.

(C) Negative time is used.

(D) All of the above

Answer: (D) All of the above

26. Height of a person is a ___________ attribute whereas academic qualification can be ___________ attribute.

Answer: Height of a person is a Single Value attribute whereas academic qualification can be Multi Value attribute.

27. Match the movement of mouse with the keystrokes :

 

(A) (i) (c) and (ii) (a)

(B) (i) (b) and (ii) (d)

(C) (i) (a) and (ii) (d)

(D) (i) (b) and (ii) (c)

Answer: (B) (i) (b) and (ii) (d)

28. When the accumulated data from various sources is processed in one shot it is called :

(A) Real Time Processing

(B) Data Validation

(C) Processing and Revalidation

(D) Batch Processing

Answer: (D) Batch Processing

29. Name the language used to store and manipulate data or create a complex set of database structures.

(A) Structured Computer Language

(B) Structured Query Language

(C) Strictly Query Language

(D) Structured Query Logistics

Answer: (B) Structured Query Language

30. Write and explain the formula to calculate ‘Dearness Allowance’ and ‘Gross Salary’.

Answer:

Dearness Allowance = BPE X (Applicable rate of DA for the month)

Where,

BPE = \frac{BP\times~NOED}{NODM}

BP = Basic Pay

NOED = Number of Effective Days Present

NODM = Number of Days in a Month

Gross Salary =  BPE + DA + HRA +TRA

Where,

 HRA = House Rent Allowance

TRA = Transport Allowance

OR

Explain ‘Contra voucher’ and ‘Receipt voucher’.

Answer: (i) Contra Voucher: It is used when cash is deposited in the bank from the office and when cash is withdrawn from the bank for office use. It is used only in the case of fund transfer between Cash and Bank only.

(ii) Receipt Voucher: Receipt Voucher is used to record all the receipts or inflow of money in the business. All the receipts such as Debtors, Loan, Advances, Refund of Loan, etc. are recorded under the receipt voucher.

31. Explain any four advantages of ‘Database Management System’.

Answer:

The advantages of Database Management System (DBMS): 

1. Better Data Transferring: Database management creates a place where users have an advantage of more and better-managed data. Thus making it possible for end-users to have a quick look and to respond fast to any changes made in their environment.

2. Better Data Security: The more accessible and usable the database, the more it is prone to security issues. As the number of users increases, the data transferring or data sharing rate also increases thus increasing the risk of data security. It is widely used in the corporate world where companies invest money, time, and effort in large amounts to ensure data is secure and is used properly. A Database Management System (DBMS) provides a better platform for data privacy and security policies thus, helping companies to improve Data Security.

3. Better data integration: Due to the Database Management System we have an access to well-managed and synchronized forms of data thus it makes data handling very easy and gives an integrated view of how a particular organization is working and also helps to keep a track of how one segment of the company affects another segment.

4. Increased end-user productivity: The data which is available with the help of a combination of tools that transform data into useful information, helps end-users to make quick, informative, and better decisions that can make difference between success and failure in the global economy.

OR

Explain Modules, Pages, Reports, and Query as database objects.

Answer:

  • Modules: Functions or sub-routines that can be used throughout the application and are the foundation of any application and allow the designer to create a set of programming instructions are called Modules.
  • Pages: Data Access pages are created by this object class which can be posted on a website of an organisation using intent or sent via e-mail to someone of the organisation’s network.
  • Reports: Various reoprts and sources of information content which are based on tables, queries, or both are created with the help of this object class.

Query: SQL compatible query statement with or without the help of Graphic User Interface is created with Queries.

32. Name the error which appears on the screen of your computer while using Excel, when the formula refers to a deleted cell. Also, explain how to correct that error.

Answer: The error that appears on the screen of your computer while using Excel is a #REF! error.

This error occurs when a cell reference is not valid. To correct this error following steps should be followed:

(i) Click the cell which displays the error and see if it displays calculation steps. 

(ii) Review the possible causes.

 To correct the error delete the cell referred to in the formula.

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