CBSE Guess paper class XII Accountancy 2008 2


Guess Paper – 2008

Class – XII
Subject
– Accountancy

Time allowed: 3 hours PART ‘A’ Maximum Marks : 80

General Instruction: FT 4

(i) This question paper contains three parts A, B and C.

(ii) Part A is compulsory for all candidates.

(iii) Attempt only one part of the remaining B and C.

(iv) All parts of questions be attempted at one place.

|| PART A;: PARTNERSHIP AND COMPANY ACCOUNTS ||

1 Name the account which shows the classified summary of cash transactions of a not-for-organizations. 1

2 List any two items appearing on the Credit side of partner’s current account. 1

3 Quote two circumstances in which gaining ratio are applied. 1

4 Name any two factor affecting goodwill of a partnership firm. 1

5 Define Debenture. 1

6 Calculate the amount of subscriptions to be shown in income and expenditure account for the year ended 31st March 2007 from the following information.

(i) Total subscription received during the current year Rs. 1,20,000.

(ii) Subscriptions outstanding at the end of the year 2005-06 Rs. 6,250.

(iii) Subscriptions received in advance on 31st March 2006 Rs. 4,000.

(iv) Subscriptions received in advance on 31st March 2007 Rs. 525.

(v) Subscriptions not yet collected for 2006-07 Rs. 7, 500. 3

7 Deepak Ltd. issued 60,000, 8% Debentures of Rs. 100 each at a discount of 5% with the condition that they will be redeemed at a premium of 10% after the expiry of three years. Pass the necessary Journal Entries at the time of issue and redemption of debentures. 3

8 State any three purposes for which Security Premium amount can be utilized. 3

9 X, Y and Z are partners in a firm. They have omitted interest on capital @ 8% p.a. for three years ended 31st March 2007. Their fixed capitals on which interest was to be calculated throughout were:

X Rs. 1,50,000; Y Rs. 1,20,000; Z Rs. 1,05,000.

Give the necessary adjusting Journal entry with working notes. 4

10 A and B are partners in a firm sharing profits in the ratio of 3 : 2. On April 1, 2007, they admit C as a new partner for 3/13th share in the profits. The new ratio will be 5 : 5 : 3. C contributed the following assets to his capital and his share of goodwill:

Plant and Machinery Rs. 1,20,000, Debtors Rs. 1,20,000; Land Rs. 2,00,000 and Stock Rs. 80,000.

On that date of admission of C goodwill of the firm was valued at Rs. 10,40,000.

Record the necessary journal entries in the books of the firm on C’s admission. 4

11 X Ltd. forfeited 300 shares of Rs. 10 each issued at a discount of 10% for non-payment of the first and final call of Rs. 4 per share. Out of these 200 shares were re-issued to Harshita at Rs. 8 per share on 15th January 2007 and rest of these share re-issued on 20th January 2007 to Upasana at Rs. 9 per share.

Give journal entries to record forfeiture and re-issue of shares. 4

12 (a) DHU Ltd. purchased a running business from Sagar Traders for a sum of Rs. 20,00,000 payable Rs. 3,75,000 by cheque and for the balance issued 9% debentures of Rs. 100 each at par. The Assets and Liabilities consisted of the following:

Plant and Machinery Rs. 5,00,000; Building Rs. 7,50,000; Sundry Debtors Rs.8,00,000; Stock Rs. 2,00,000 and sundry creditors Rs. 2,50,000.

Record necessary journal entries in the books of DHU Ltd.

(b) Jiya Tele-enterprises Ltd. issued 15,000, 8% Debentures of Rs. 100 each at a discount of 5%, on September, 2003 redeemable after 6 years by conversion into equity shares of Rs. 100 each. Debentures are converted into equity shares on the date of maturity.

Record necessary journal entries to record above transaction. 6

13 From the following Receipts and Payment Account of Sant Roshan Charitable Library and from the information supplied, prepare the Income and Expenditure Account for the year ended 31st December 2007 and the Balance sheet as on that date:

RECEIPT AND PAYMENT ACCOUNT

Receipt Amounts Payment Amount

To Balance B/d 5,000 By Salaries 24,000

To Subscriptions By General Expenses 6,000

2006 5,000 By Electric charges 4,000

2007 20,000 By Books 2,000

2008 4,000 By Newspaper 8,000

To sale of old furniture By postage 1,000

(costing Rs. 2,000) 1,200 By Furniture 5,000

To Rent Received for the use of hall 14,800 By Balance c/d 10,000

To Profit from Entertainment 8,000

To sale of Newspaper 2,000

60,000 60,000

Additional Information:-

(i) The club has 50 Members each paying annual subscription of Rs. 500. Subscription outstanding on 31st December 2006 were Rs. 6,000

(ii) On 31st December 2007 salaries outstanding amounted to Rs. 2,000, salaries paid included Rs. 2,000 for the year 2006.

(iii) On 1st January 2007, the club owned Land and Building valued as Rs. 2,00,000; Furniture Rs. 12,000 and Books Rs. 10,000. 6

14 Ram, Mohan and Sohan were partners sharing profits and losses in the ratio of 5 : 3 : 2. On 31st March, 2006 their Balance sheet was as under:

Liabilities Amount Assets Amounts

Rs. Rs.

Capital Ram 1,50,000 Leasehold 1,25,000

Mohan 1,25,000 Patents 30,000

Sohan 75,000 Machinery 1,50,000

Creditors 1,55,000 Stock 1,90,000

Workmen’s Compensation Reserve 30,000 Cash at bank 40,000

5,35,000 5,35,000

Sohan died on 1st August 2006. It was agreed that:

(i) Goodwill of the firm is to be valued at Rs. 1,75,000.

(ii) Machinery be valued at Rs. 1,40,000; Patents at Rs. 40,000 and Leasehold at Rs. 1,50,000 on this date.

(iii) For the purpose of calculating Sohan’s share in the profit of 2006-07, the profits should be taken to have accrued on the same scale as in 2005-06, which were Rs. 75,000.

(iv) Interest on capital 10% p.a.

(v) Prepare Sohan’s capital and Executor Account. 6

15 DH Ltd. invited application for 50,000 shares of Rs. 10 each issued at a discount of 10%. The amount was payable as follows:

On Application: Rs. 4; On Allotment: balance after discount.

Application were received for 75,000 shares. Pro-rata allotment was made to all applicants. Excess money received on application was adjusted towards sum due on allotment. Mohan to who 500 shares were allotted failed to pay the allotment money. His share were accordingly forfeited. The forfeited shares were re-issued @ Rs. 8 per share fully paid up.

Pass necessary journal entries in the books of DH Ltd. 8

OR

(a) 500 shares of Rs. 100 each issued at a discount of 10% were forfeited for the non-payment of allotment money of Rs. 50 per share. The first and final call of Rs. 10 per share on these shares were not made. The forfeited shares were re-issued at Rs. 80 per shares fully paid up.

(b) 200 shares of Rs. 10 each issued at a premium of Rs. 5 per share payable with allotment were forfeited for the non-payment of Allotment money of Rs. 9 per share including premium. The first and final call of Rs. 3 per share were not made. The forfeited shares were reissued at Rs. 14 per share fully paid up.

(c) What do you mean by over subscription? What alternative company can follow to meet the situation of over subscription for allotment of shares. (3 + 3 + 2)

16 X and Y were partners in a firm sharing profits in the ratio of 3 : 2. On 31-3-2006 their balance sheet was as follows:

Liabilities Amount Assets Amounts

Rs. Rs.

Creditors 50,000 Land and Building 1,00,000

Bills payable 20,000 Machinery 80,000

Outstanding Expenses 10,000 Stock 1,00,000

Debtors 40,000

Capital X 1,92,000 Cash 10,000

Y 78,000 Profit & Loss A/c 20,000

3,50,000 3,50,000

On the above date Z was admitted as a new partner in the firm for 1/4th share in the profits on the following terms:

(i) Z will bring Rs. 1,20,000 for his capital and Rs. 20,000 for his share as premium for goodwill.

(ii) Machinery was depreciated by 10% and Land & Building was to be appreciated by Rs. 30,000.

(iii) Stock was over-valued by Rs. 20,000.

(iv) A provision of 5% was to be created for doubtful debts.

(v) Salary outstanding was Rs. 5,000.

Prepare Revaluation account, Partner’s Capital Account and Balance sheet of new Firm. 8

OR

E, F and G were partners in a firm sharing profit in the ratio of 3 : 1 : 1. On 31- 3- 2006 their balance sheet as follows:

Liabilities Amount Assets Amounts

Rs. Rs.

Creditors 90,000 bank 51,000.

Bills payable 30,000 Debtors 70,000

General Reserve 20,000 Less Provision 2,000 68,000

Capital Account E 1,50,000 Stock 80,000

F 1,00,000 Building 2,70,000

G 99,000 3,49,000 Goodwill 20,000

4,89,000 4,89,000

On the above date F retired on the following terms:

(i) Building was to be appreciated by 10%.

(ii) 10% provision for doubtful debts was to be made on sundry debtors.

(iii) Creditors Rs. 10,000 will not be claimed.

(iv) There was an outstanding bill for repairs Rs. 2,000.

(v) Goodwill of the firm was valued at Rs. 75,000.

(vi) F was to be paid Rs. 20,000 in cash and the balance was to be transferred to his loan account.

Prepare Revaluation Account, Partner’s Capital Account and the Balance sheet of E and G after F’s retirement.

Part B – Analysis of Financial Statement

17 Assuming that the current Ratio is 2 : 1, state giving reason whether the ratio will improve, decline or will have no change in case “ Repayment of a current Liability”? 1

18 What is a cash flow Statement? 1

19 What are two major outflows of Cash flows from investing Activities? 1

20 Show the major heading into which the Assets side of company’s balance sheet is organized and presented as per schedule VI part I of the company Act 1956. 3

21 Prepare Comparative Balance sheet of HU Ltd.

Liabilities 2005 2006 Assets 2005 2006

Share capital 30,000 36,000 Fixed Assets 60,000 75,000

Reserve and Surplus 12,000 15,000 Current assets 14,000 13,500

Loans 17,000 25,500

Current Liabilities 15,000 12,000

74,000 88,500 74,000 88,500

4

22 (a) From the given information, calculate stock turnover ratio.

Sales Rs. 5,00,000, Gross profit 25%; Opening stock was 1/3rd of the value of closing stock; Closing stock was 30% of sales.

(b) A Business has current ratio of 3 : 1 and quick ratio of 1.8 : 1, if the working capital is Rs. 1,60,000.

Calculate the total current assets and stock (2 + 2)

23 From the following Information Prepare a Cash Flow Statement.

Rs.

Opening cash balance 1,00,000

Closing cash Balance 1,20,000

Decrease in Debtors 50,000

Increase in Creditors 70,000

Sale of fixed assets 2,00,000

Redemption of Debentures 5,00,000

Net profit for the year 2,00,000 6



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