CBSE Guess paper class XII Accountancy 2008 4


Guess Paper – 2008

Class – XII

Subject – Accountancy

Time-3 hrs. Max.Marks-80

Part-A

Partnership and Company Accounts

Q.1.What is the nature of Receipt and Payment Account? 01

Q.2.How will you calculate interest on the drawings of equal amounts on the last 01

Day of every month of a calendar year?

Q.3.Name the account which shows the Surplus/Deficit of a Non-Profit Organization:.01

Q.4. What do you mean by issue of Debentures for consideration other than cash? 01

Q.5. Give two circumstances in which gaining ratio may be utilized. 01

Q.6. the Income & Expenditure account shows amount of subscription of A Club 03

for 2007 as Rs. 25320.Additional Information given is as follows:

Subscription Received:

2006 480

2008 960

There are 900 members each paying annual subscription of Rs.30;Rs.540 were in arrears for 2006 at the beginning of 2007.Calculate the amount of subscription received during 2007.

Q.7: Name the various methods of Redemption of Debentures: 03

Q.8.A company issued 15000 fully paid up shares of Rs.100 each for the purchase 03

of the following assets and liabilities from G ltd.:

Plant 350000,Stock in trade 450000,Land and buildings 600000 , Sundry Creditors 100000.

You are required to pass the necessary journal entries.

Q.9.A,B and c were partners in a firm. On 1st Jan.05 their capitals 04

stood at Rs.50000,Rs.25000 and Rs.25000 res. As per the provisions of the partnership deed:

(a) C was entitled for a salary of Rs.1500 per month.

(b) Partners were entitled to interest on capital @5% per annum.

(c) Profits were to be shared in the ratio of capitals.

The net profit during the year 2005 of Rs. 45000 was divided equally without providing for the above items.pass an adjustment entry to rectify the above error.

Q.10. P,Q and r are partners sharing profits equally. They decided that in future 04

R would get 1/5th share in profits. On the day of the change , goodwill of the firm is valued at Rs. 300000. Give Journal entries arising on account of the change in the profit sharing ratio under the following cases when:

(a) Adjustment is made without opening the Goodwill Account.

(b) Goodwill is raised in the books of the firm at full but written off immediately.

Q.11. X ltd. Offered 50000 shares of Rs.10 each at Rs.12 (at a premium of Rs. 2 04

per share) payable as follows:

Rs. 3 on application; Rs.4 on allotment; Rs. 2 on 1st call ; and Rs. 3 on final call.

The public applied for 65000 shares . applications for 40000 shares were accepted in full;10000 shares were allotted to applicants of 20000 shares and applicants for 5000 shares were rejected. All money was duly received except the first call on 1000 shares and final call on 1500 shares.

Make the necessary entries.

Q.12. (a) G ltd. Has 20000,7% debentures of 100Rs. Each due for redemption 06

on 31.03.06. There is a balance of Rs.350000 in DRR account on the date of redemption. Record necessary entries at the time of redemption of Debentures.

(b)Pass necessary Journal entries in the books of the company in the following cases for redemption of 500,12% debentures of Rs.50 each issued at par:

(a) Debentures redeemed at par by conversion into 10% preference shares of Rs.100 each.

(b) Debentures redeemed at a premium of 12% by conversion into equity shares issued at par.

(c) Debentures redeemed at a premium of 14% by conversion into equity shares issued at a discount of 5%.

Q.13. From the following Receipts and Payment account of a club and from the 06

additional information, prepare Income and expenditure account and B/S on 31.12.06.

Receipts

Amt

Payments

Amt

To Balance b/d

To Subscriptions:

2005 500

2006 2000

2007 400

To Rent

To Profit from entertainment

To sale of Old News papers

700

2900

1400

800

200

By salaries

By general Exp.

By Electric Charges

By books

By Newspapers

By Balance c/d

2800

600

400

1000

800

400

(a) The Club has 50 members each paying an annual subscription of Rs.50 each, subscriptions outstanding on 31st dec.05 were Rs.600.

(b) On 31.12.06, Salaries outstanding amounted to Rs.200, Salaries paid in 2006 included Rs.600 for the year 2005.

(c) On 1.1.06 club owned Buildings valued at Rs.20000, Furniture Rs.2000 and Books Rs.2000.

(d) Provide depreciation on Furniture at 10%.

Q.14. A,B and C are partners sharing profits and losses equally. Their B/S as on 06

31.03.07 is given below:

Liabilities

Amt

Assets

Amt

Capital A/C :

A 41000

B 41000

C 45000

General reserve

Creditors

127000

15000

23500

Machinery

Furniture

Fixture

Stock

Debtors 42000

(-)Prov. For Bad Debts 3000

Cash

50000

28000

21000

9500

39000

18000

C died on 1st April,07 and the following agreement was to be put into effect:

(1) Assets were to be revalued; Machinery to Rs.58500;Furniture to Rs.23000;Stock to Rs.7500.

(2) Goodwill was valued at Rs.30000 and C was to be credited with his share, without raising Goodwill Account.

(3) Rs. 10000 was to be paid away to the executors of the dead partner on 1.04.07.

You are required to Show revaluation A/c,capital accounts of Partners and Balance sheet of the new firm.

Q.15. B Ltd. Invited applications for issuing 200000 equity shares of Rs.10 each. 08

The amount was payable as follows:

On application Rs.3 per share; on allotment Rs.5 per share; and on first and final call Rs.2 per share.

Applications for 300000 shares were received and pro rata allotment was made to all the applicants.

A who was allotted 3000 shares failed to pay the allotment and call money. His shares were forfeited. Out of the forfeited shares 2500 shares were reissued as fully paid up @Rs.8 per share.

Pass the necessary Journal entries to record the above transactions.

Or

P Ltd. Was registered with an authorized capital of Rs.1000000 divided into 100000 shares of Rs.10each. The company offered 60000shares to the public which were payable Rs.2 per share on application; Rs.4 per share on allotment and the balance when required. Applications for 92000 shares were received on which the Directors allotted as follows:

Applications for 40000 shares – Full

Applications for 50000 shares – 40%

Applications for 2000 shares – Nil

Rs. 172000 was realized on account of allotment money (excluding the amount carried from application money).

Show the Journal entries recording the above.

Q.16. A and B are partners sharing profits and losses in the ratio of 7:3.Their 08

balance sheet as on 31.12.05 was as follows:

Liabilities

Amt

Assets

Amt

A’s Capital

B’s Capital

General reserve

WCF

Worker’s Profit sharing Fund

Provident Fund

Creditors

140000

60000

10000

10000

15000

30000

35000

Building

Machinery

Stock

Debtors 50000

(-) Bad debt Reserve 10000

Cash

150000

50000

30000

40000

30000

They admitted C from 1.1.03 giving him 1/5th share in the profit on the following conditions;

(1) C will bring Rs. 20000 as his share of goodwill out of which half may be withdrawn by A and B.

(2) Building to be depreciated by 5%,Stock revalued at Rs.40000,Bad debt reserve at 10% is to be credited on debtors. An amount of Rs.1400 included in creditors is not likely to arise and accrued income of Rs.400 not appearing in the books.

Rs.2000 for outstanding expenses and Rs.1000 for prepaid expenses are to be recorded in the books.

(3) C will have to bring in cash such an amount as capital which would be equal to 1/5th of the Total capital of the new firm.

Prepare the necessary accounts from the above information and balance sheet after C’s admission.

Or

M,P and k are partners in a firm sharing profits and losses in proportion of 1/2,1/6 and 1/3 res. The B/S on 1.04.06 as follows:

Liabilities

Amt

Assets

Amt

B/P

Creditors

Reserves

Capital A/C:

M

P

K

12000

18000

12000

30000

30000

28000

Freehold premises

Machinery

Furniture

Stock

Debtors 20000

(-) reserve for bad debts 1000

Cash

40000

30000

12000

22000

19000

7000

K retires from the business and the partners agree to the following revaluation:

(a) Freehold premises and stock are to be appreciated by 20% and 15% res.

(b) Machinery and Furniture are to be depreciated by 10% and 7% res.

(c) Bad debts reserve is to be increased to Rs.1500.

(d) Goodwill is valued at Rs.21000.

(e) The continuing partners have decided to adjust their capitals in their new profit sharing ratio after retirement of K. surplus/deficit, if any in their capital accounts will be adjusted through current accounts.

(f) Prepare necessary ledger accounts and draw the B/S of reconstituted firm.

Part –B

Analysis of financial Statements

Q.17. State any two objectives of making cash flow Statement: 01

Q.18.Stock and Prepaid expenses are not considered liquid assets. Why? 01

Q.19. Explain the terms: 01

(i) Cash Equivalent (ii) Cash flows

Q.20. How would you disclose the following items in the Balance sheet of A 03

limited company?

(i) Authorized capital(ii) Bills Payable (iii) Unclaimed Dividend(iv) Forfeited shares Account (v) Calls in Advance (vi) Proposed Dividend.

Q.21. 04

Prepare a ‘Common Size Income Statement’ with the help of the following information

Sales

Cost of goods sold

Direct Expenses

Indirect Expenses

Rate of Income Tax

2006

Rs.

450000

60% of Sales

10000

10% of Sales

50% of Net Profit before tax

2007

Rs.

500000

40% of Sales

180000

25% of gross profit

40% of Net Profit before tax

Q.22. (a) From the following information, calculate the stock turnover ratio: 04

Sales: Rs.400000; GP : 25% on cost; Opening Stock was 1/3rd of the value of closing stock.

Closing Stock was 30% of sales.

(b) A business has a current ratio of 3:1 and a quick ratio of 1.5:1.If the working capital is Rs.180000, calculate the total current assets and stock.

Q.23. The Following are the B/S of A Ltd. 06

Liabilities

2006

2007

Assets

2006

2007

Equity Share capital

Share Premium

Accumulated depreciation

Profit & Loss A/c

10% Debentures

Creditors

Provision for taxation

Proposed dividend

12000

---

5600

4000

6000

5600

2000

600

16000

400

6000

12000

4000

4400

4000

800

Land

Plant

Stock

Debtors

Bank

Cash

8800

16000

5600

4000

1000

400

11400

18000

6000

6000

6000

200

Additional information:

During 2007 Plant costing Rs.2000(Accumulated Depreciation Rs.1200 ) was sold for Rs.400.

 

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