CBSE Sample paper class XII Accountancy 2008 5


Sample Paper - 2008

Class – XII

Subject – Accountancy

M.M 80 TIIME 3 Hrs

General instructions:-

  1. Use appropriate formats
  2. Show proper working notes
  3. attempt all the questions of each section together


Q1 What does surplus as shown in the books of accounts of an not for profit organization show? 1

Q2 R and S are partners in affirm sharing profits I the ratio 4:1. At the end of the year, S demanded interest on capital @5% p.a. since his share in profits is not at par with that of R. Is this demand justified? W hy or why not? 1

Q3 A and B are partners sharing profits i the ratio 3:2. They admit C into partnership and the new profit ratio becomes 4:3:1. Calculate the sacrificing ratio. 1

Q4 State two features of debentures 1

Q5 What are super profits? 1

Q6 Show the following in appropriate books of a not for profit organization:- 3

Rs

Prize fund 30000

Prize fund investment 30000

Donations received for prizes 10000

Interest received on prize fund investment 2000

Interest accrued but not received on prize fund investment 1000

Q7 M Ltd has following balances as on 31st March 2007:- 3

Rs

10% debentures 1,00,00,000

Securities premium 12,00,000

Underwriting commission 200,000

The company wants to redeem its outstanding debentures at a premium of 10%. Advise the company on usage of securities premium.

Q8 Pass the journal entries for the following:- 3

X Ltd purchased following assets and liabilities from V ltd for Rs 36,00,000:-

Debtors Rs 10,00,000

Plant and machinery Rs 30,00,000

Creditors Rs 800,000

Rs 600,000 were paid through a bank draft and shares of Rs 100 each were issued at a premium of 20% for the balance.

Q9 A, B and C were partners sharing profits in the ratio 5:3:2. They had capital of

Rs 100,000 each at the beginning of the year. During the year, the firm earned a net profit of Rs 12,000. It was later discovered that interest on capital @ 10% p.a. has been omitted. Pass the necessary adjustment entry assuming that minimum profits guaranteed to A were Rs 5000. 4

Q10 A ,B and C were partners sharing profits in the ratio 5:3:2. They decided to change the profit sharing ratio to 4:1:3.

For this purpose, Goodwill was valued at Rs 40,000. There existed a debit balance of

Rs 10000 in the profit and loss account. Deferred advertising account stood at

Rs 10,000.Pass the journal entry if balance sheet is not to be disturbed. 4

Q11 Pass the journal entries at the time of issue of debentures:- 2+2

1) A company issued 1000 15%debentures of Rs 500 each at a discount of 5% redeemable of 5%

2) A company issued 5000 15% debentures of Rs 200 each at a premium of 10% redeemable at par.

Q12

1) 20000 8%debentures of Rs 100 each are due for redemption on 31st March 2007.

On this date Rs 350,000 existed in the debenture redemption reserve .Pass the necessary journal entries. 3

2) 400 12% debenture of Rs 50 each issued at a discount of 10% were converted into 10% preference shares of Rs 100 each issued at a premium of 25%.

Pass the journal entries at the time of conversion of debentures. 3

Q13 From the following receipts and payments account for the year ended 31st March 2007 prepare an income and expenditure account and balance sheet as on 31st March 2007. 6

Receipts and payments account

Receipts

Amount(Rs)

Payments

Amount(Rs)

Balance b/d

Subscriptions

2005-06 400

2006-07 4400

Entertainment receipts

Entrance fees

4000

4800

3000

400

Salaries

Entertainment expenses

General expenses

Printing and stationery

10% Investment on 1stOct. 2006

Balance c/d

5000

1000

400

900

3000

1900

12200

12200

Salaries outstanding on 31st March 2006 and 31st March 2007 was Rs 300 and Rs 500 respectively

There are 300 members paying Rs 20 each as annual subscription.

Rs 200 was received as advance for subscription as on 31st March 2006.

Rs 100 is still outstanding on 31st March 2007 for subscription for the year ended 31st March 2006 .

On 31st March 2006, there existed land and building Rs 40000 and furniture Rs 4000

Q14 P,Q and R shared profits in the ratio 3:2:3. R died on 30th Sept. 2007.

Balance sheet as on 31st March 2007 was as follows:-

Balance sheet

liabilities

Rs

assets

Rs

Creditors

Capitals

P 20000

Q 20000

R 20000

40000

60000

building

R’s loan

stock

cash

80000

2000

16000

2000

100000

100000

  1. Creditors are too written back by Rs 1000
  2. Building to be appreciated by 10%
  3. stock is under cast by Rs 1000
  4. goodwill is to be valued by capitalization of average profits of last year which was Rs 8000. Rate of return of other firms in the same industry was 10%

Prepare revaluation account and R’s capital amount and determine the amount too be transferred R’s executors account. 6

Q15 A ltd invited applications for 100,000 shares of Rs 10 each issued at a discount of 10% payable as follows:0

Application Rs 4 per share

Allotment Rs 3

First call Re 1

Final call balance amount

The company received applications for 140,000 shares and pro rata allotment was made for applications for 120,000 shares.

S who had applied for 600 shares failed to pay amount due on allotment and his shares were forfeited after the first call.

Subsequently after the final call, half of his shares were re issued to K for Rs 11 per share.

Journalize in the books of A ltd. 8

Q16 R and S shared profits I the ratio 3:2. Following is the balance sheet as on 31st March 2007. On this date T was admitted a s a partner with one-fourth share in profits on following terms:- 8

Liabilities

Rs

Assets

Rs

Creditors

Reserve fund

Workmen compensation fund

Capitals

R 150,000

S 200,000

55000

28000

2000

350000

goodwill

leasehold

patents

machinery

stock

debtors

cash at bank

25000

100000

30000

150000

50000

40000

40000

435000

435000

  1. T will bring in Rs 150,000 out of which Rs 50,000 will be his share of goodwill
  2. Machinery to be depreciated by 5% and stock to be revalued at Rs 70500
  3. There is a claim on account of worker’s injury Rs 5000
  4. Capital of the new firm is fixed at Rs 400,000 and capitals of all the partners are to be new profit sharing ratio on the basis of new partner’s capital. Current account is to be opened for this purpose.

Prepare revaluation account, capital accounts and balance sheet of the new firm

OR

Parul, Sona and Raman were partners sharing profits in the ratio1: 2:1.

Sona retired on 31st March 2007 and following terms were agreed upon:-

Balance sheet as on 31st March 2007

liabilities

Rs

assets

Rs

bills payable

creditors

general reserve

capitals

Parul 30000

Sona30000

Raman15000

8000

12000

6000

75000

Land and building

machinery

Debtors 10000

Provision for 200

bad debts

Stock

Cash

Profit and loss A/c

40,000

8200

9800

14000

30000

6000

118000

118000

  1. Rs 1200 in unexpired insurance
  2. Provision for doubtful debts is to be brought up to 5%on debtors
  3. A provision of Rs 1500 has to be made for a bill of electricity
  4. Goodwill of the firm is valued at Rs 16000
  5. Sona takes away investment at Rs 9000
  6. Parul and Raman are to bring cash to pay off Sona in such a way as to make their capitals in the new profit sharing ratio.

Prepare revaluation account, capital accounts and balance sheet of the new firm

SECTION B: Analysis of financial statements 20 marks

Q17 What is trend analysis? 1

Q18Where will purchase of marketable securities appear in the cash flow statement? 1

Q19How will you classify dividend received by a finance company in a cash flow statement? 1

Q20 Draw a format of a company’s balance sheet showing major headings of assets and liabilities. 3

Q21 Prepare a common size income statement from the following:- 4

Particulars

2006 (Rs)

2007 (Rs)

Net sales

132000

180000

Cost of goods sold

100000

134000

Administrative expenses

14000

20000

Other income

160

400

tax

8800

12800

Q22

1)Gross profit is 20%of cost. Sales are Rs 600,000. Inventory turnover ratio is 5 times. Stock in the beginning is 6 times more than stock in the end. Calculate the amount of opening and closing stock. 2

2) Calculate earning per share:- 2

Rs

profit before interest and tax 25000

10%debentures 50000

tax 25%

10%preference share capital 60000

equity share capital (Rs 10 each) 100000

Q23 Prepare a cash flow statement for the year ended 31st March 2007:- 6

Balance sheets as on 31st March ,

liabilities

2006 (Rs)

2007 (Rs)

Assets

2006 (Rs)

2007 (Rs)

Equity share capital

Reserves and surplus

10%debentures

debenture redemption premium

accounts payable

outstanding expenses

300000

118000

200000

20000

38000

14000

500000

374000

100000

10000

32000

9000

Fixed assets

Less: accumulated depreciation

Stock

Accounts receivable

Cash in hand

780,000

300000

480000

78000

85000

47000

975000

240000

735000

93000

102000

95000

690000

1025000

690000

1025000

Additional information:-

  1. debenture were redeemed on 1st April 2006 at a premium of 10%
  2. old equipment costing Rs 205000 , accumulated depreciation Rs 140,000 was sold for Rs 45000

 

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