CBSE Guess paper class XII Accountancy 2008 3


Guess Paper – 2008

Class – XII
Subject
– Accountancy

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

General Instruction:

(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 What is the objective of not-for-profit organization? 1

2 Give two circumstances in which the Fixed capitals of Partners may change. 1

3 Mention two occasions on which Reconstitution of Partnership firm can take place. 1

4 Give two circumstances in which gaining ratio is applied. 1

5 Can forfeited shares be reissued at a discount? If so, to what extent? 1

6 Receipt and Payment account of Sant Karam Singh Sport Club showed that Rs. 68,500 were received by way of subscription for the year ended on March 31, 2006.

Additional information:

1. Subscription outstanding as on March 31, 2005 were Rs. 6,500.

2. Subscription Received in Advance as on March, 31, 2005 Rs. 4,100.

3. Subscription received in Advance as on March 31, 2006 were Rs. 2,500.

4. Subscription Outstanding as on March 31, 2006 were Rs. 5,400.

Show how that above information would appear in the final accounts for the year ended on March 31, 2006 of Sport Club.

7 What is meant by a Debenture? How is it differ from share? Give two points. 3

8 DHU Ltd. invited applications for issuing 1,00,000 equity shares of Rs. 10 each at a premium of Rs. 3 per share. The whole amount was payable on application. The issue was over-subscribed by 30,000 shares and allotment was made on Pro-rata basis. Pass necessary journal entries in the books of the company. 3

9 Ram and Laxman are partners sharing profits in the ratio of 3 : 2 with capitals of Rs. 50,000 and Rs. 30,000 respectively. Interest on capital is agreed @ 6% p.a. Laxman is allowed a salary of Rs. 2,500 per annum. During the year ended March 31st , 2005, the profits for the year prior to calculation of interest on capital but after charging Laxman’s salary amounted to Rs. 12,500. 5% of profit (after salary and interest on capital) is to be transferred to General Reserve.

Prepare Profit & Loss Appropriation Account. 4

10 X, Y and Z are partners sharing profits in the ratio of 5 : 4 : 1. It is now agreed that they will share future in the ratio of 3 : 3 : 4. Goodwill is valued at Rs. 1,00,000. At the time of change in ratio general reserve is appear in the books of the company is Rs. 50,000. Pass a single journal entry. 4

11 Y Ltd. forfeited 1,500 shares of Rs. 10 each ( Rs. 7 called up) for the non-payment of the allotment money of Rs. 4 per share including Rs. 1 as premium. Of these 1,000 shares wee re-issued to M at Rs. 6 per share as Rs. 7 called up. Journalise the above transactions in the books of Y Ltd. 4

12 (a) Vijaya Ltd. acquired assets of Rs. 40 lakhs and took over creditors of Rs. 4 lakhs from Deepak Enterprises. Vijaya Ltd. issued 12% Debentures of Rs. 100 each

(i) a discount of 10%. (ii) at a premium of 20% as purchase consideration.

Pass necessary journal entries.

(b) Harsh Ltd. purchased for cancellation 1,000 of its own 8% debentures of Rs. 250 each at Rs. 200 per debenture. The Board of director have also decided to transfer the required amount to Debenture Redemption reserve Account. Journalise the transactions in the books of Harsh Ltd. (3 + 3)

13 The following is the account of cash transaction of the Nari Kalayan Samittee for the year ended March 31, 2007.

Receipts Rs. Payment Rs.

Balance from last year 2,270 Rent 6,600

Subscription 32,500 Electric charges 3,200

Life Membership Fees 3,250 Lecturer’s Fees 730

Donation 2,500 Office expenses 1,480

Profit from entertainment 7,250 Printing and Stationery 1,050

Sale of Old Books 750 Legal fee 1,870

(books value Rs. 1,000) Books 6,500

Interest 350 Furniture 8,600

Expenses on Nukar Drama 1,300

Cash in hand 8,040

Cash at Bank 9,500

48,870 48,870

You are required toprepare as Income and Expenditure account and Balance Sheet for the year ending March 31, 2007, after the following adjustments:

(i) Subscription still to be received are Rs. 750, but subscription include Rs. 500 for the year 2007-08.

(ii) In the beginning of the year the Samittee owned building Rs. 20,000 and Furniture Rs. 3,000 and Books Rs. 2,000.

(ii) Provide depreciation on furniture @ 5% (including purchase), books @ 10% and building @ 5%.

14 X, Y and Z were partners in a firm sharing profits in the ratio of 3: 2: 1. The firm closes its books on 31st March every year. X died on 30 – 9 – 2004. On the date credit balance in his capital account was Rs. 30,000. The firm had general reserve of Rs. 16,000 on that date. The partnership deed provided on the date of death of a partner:

(i) Interest on capital at the rate of 10% per annum shall be allowed.

(ii) Goodwill will be calculated on the basis of 3 years purchase of the four years average profits which were: Profits for the year ending 31st March 2003, 2002, 2001 and 2000 were:

Rs. 14,000; Rs. 16,000; Rs. 20,000 and Rs. 10,000 respectively.

(iii) The deceased partner’s share of profit upto the date of death will be calculated on the basis on last year’s profit.

Prepare X’s capital account to be rendered to his executors.

15 X Ltd. invited applications for 20,000 equity shares of Rs. 100 each at a premium of Rs. 4 per share payable as follows:

Rs. 20 on application; Rs. 34 on allotment (including premium) and balance on final call.

Applications were received for 30,000 shares. Application for 6,000 shares were rejected and pro –rata allotment was made to the remaining applicants. Karan, who applied for 960 shares failed to pay allotment and call and Arjun, the holder of 1,000 share failed to pay call. These shares were forfeited. Subsequently all these shares were re-issued at Rs. 80 per share as fully paid up. Journalize. OR

Upasana Ltd. invited application for issuing 60,000 shares of Rs. 10 each at par. The amount was payable as:

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

Applications were received for 92,000 shares. Allotment was made on the following basis:

(i) To applicants for 40,000 shares -à Full

(ii) To applicants for 50,000 shares --> 40%

(iii) To applicants for 2,000 shares -à Nil

Rs. 1,08,000 was realized on account of allotment (Excluding the amount carried from application money) and Rs. 2,50,000 on account of call. The director decided to forfeit shares of those applicants to whom full allotment was made and on which allotment money was over due.

Pass journal entries in the books of Upasana Ltd. to record the above transaction. 8

16 A, B and C share profits and losses in the ratio of 3 : 2 : 1. Their balance sheet as on 31st December 2005 was as under:

Liabilities Rs. Assets Rs.

Creditors 60,000 Cash 36,000

Bills payable 32,000 Debtors 50,000

Provision for Doubtful debt 6,000 Stock 36,000

General reserve 24,000 Furniture 56,000

Capital A/c A 80,000 Machinery 1,40,000

B 80,000 Goodwill 24,000

C 60,000

3,42,000 3,42,000

B retires on 1st January, 2006 on following terms:

(i) Provision for doubtful debt be raised by Rs. 2,000

(ii) Outstanding claim for damages of Rs. 2,200 is to be provided .

(iii) Creditors be reduced by Rs. 12,000.

(iv) Goodwill of the firm is valued at Rs. 60,000.

(v) B is paid cash brought in by A and C in such a manner that their capitals are in proportion of their profit sharing ratio 3 : 2 and to leave Rs. 20,000 as cash in hand.

Prepare Revaluation Account, Capital account and balance sheet of A and C. 8

OR

L and M are partners sharing profits in ratio of 5 : 3. The balance sheet of the firm as at March 31, 2004 is given below:

Balance sheet of L and M as at March 31, 2004

Liabilities Rs. Assets Rs.

Capitals: Land 6,00,000

L 12,85,000 Buildings 8,80,000

M 7,16,000 20,01,000 Other Fixed Assets 3,90,000 Reserve Fund 2,40,000 Cash in hand 1,39,000 Sundry Creditors 1,49,000 Stock 1,98,000 Debtors 1,83,000 23, 90,000 23,90,000

On April 1, 2004 N is admitted into partnership on the following terms:

(i) L, M and N will share profit in the ratio of 7 : 5 : 3.

(ii) The assets were revalued for the purpose of admission: Land Rs. 7,50,000, Buildings Rs. 8,00,000

(iii) Goodwill of the firm was valued at Rs. 3,60,000. N was to bring his share of goodwill in cash which was to be retained in the business.

(iv) N has to bring Rs. 6,00,000 his share of capital.

Part “B”

17 What is analysis of financial statement? . 1

18 Give two examples of non-current assets and non-current liabilities. 1

19 Classify the following into cash flows from operating, investing and financing activities:

(a) Cash sales (b) Dividend received by manufacturing company.

(c) Payment to creditors (d) Buy – back of equity share. 1

20 Give the heading under which the following items will be shown in a company’s Balance sheet:

(i) Loose tools (ii) Live stock (iii) unclaimed dividends

(iv) Acceptance (v) Share in Tata Ltd. (vi) Share forfeiture Account 3

21 From the following data prepare a Statement of Profits in the comparative Form:

Particulars 31.3.2005 31.3.2006

Sales Rs. 8,00,000 Rs. 12,00,000

GP Ratio 30% 40%

Administrative Expenses Rs. 50,000 Rs. 1,50,000

Income tax 50% 50% 4

22 Calculate Operating ratio and Gross profit ratio from the following information:

Net sales:- Rs. 5,40,000; Purchases:- Rs. 3,10,000

Opening stock Rs. 75,000 Closing stock is Rs. 25,000 less than opening stock.

Carriage Rs. 32,000 Selling expenses Rs. 25,000

Distribution expenses Rs. 15,000. 4

23 Deep-Harsh Ltd. Reported Profit of Rs. 12,50,000 for the year ended March 31, 2006 after considering the following:

Depreciation on building Rs. 35,000

Depreciation on Plant and Machinery Rs. 75,000

Amortization of goodwill Rs. 30,000

Loss on sale of machinery Rs. 20,000

Dividend received Rs. 15,000

The current assets and liabilities in the beginning and at the end of the year given below:

March 31, 2005, March 31, 2006

Accounts Receivable Rs. 38,000 Rs. 42,000

Stock on hand Rs. 75,000 Rs. 68,000

Cash in hand Rs. 18,000 Rs. 32,000

Accounts payable Rs. 34,000 Rs. 32,000

Expenses payable Rs. 7,000 Rs. 10,000

Provision for tax Rs. 10,000 Rs. 12,000

Calculate Cash from operating Activities. 6

 

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