CBSE Sample paper class XII Accountancy 2008 2


Sample Paper – 2008
Class- XII

Subject - Accountancy

TEST PAPER

1. List any four factors that help in the creation of goodwill of a partnership firm. (2)

2. Give the meaning of ‘Authorised Capital’. (2)

3. What is meant by ‘Preferential Allotment of Shares’ (2)

4. Give any two points of distinction between a share and a debenture. (2)

5. Janata Ltd. invited applications for issuing 1,00,000 equity shares of Rs. 100 each at a

discount of 5%. The amount was payable as follows :

On Application Rs. 30

On Allotment Rs. 40

Balance on First and Final Call

Applications for 1,30,000 shares were received. Applications for 10,000 shares were

rejected and pro-rata allotment was made to the remaining applicants. Overpayments

received on applications were adjusted towards sums due on allotment. Vinod, to whom

500 shares were allotted, failed to pay allotment and first and final call. His shares

were forfeited. The forfeited shares were re-issued for Rs. 55,000 fully paid up.

Pass necessary journal entries in the books of Janata Ltd., showing the workings (6)

clearly.

6. A, B and C were partners in a firm sharing profits in proportion of their capitals. On 31.3.2006

their Balance Sheet was as follows :

Balance Sheet of A, B and C as on 31.3.2006

Liabilities

Amount (Rs)

Assets

Amount (Rs)

Creditors

Reserve

Capitals:

A 40,000

B 60,000

C 1,00,000

16,000

12,000

2,00,000

Building

Machinery

Stock

Debtors

Cash

1,40,000

60,000

8,000

12,000

8,000

2,28,000 2,28,000

B died on 30.6.2006. Under the partnership agreement the executors of a deceased

partner were entitled to :

(i) Amount standing to the credit of partner’s capital account.

(ii) Interest on capital at 12% per annum.

(iii) Share of goodwill. The goodwill of the firm on B’s death was valued at Rs. 2,40,000.

(iv) Share of profit from the closing of last financial year to the date of death on the

basis of last year’s profit. Profit for the year ended 31.3.2006 was Rs. 15,000.

Prepare B’s Capital Account to be rendered to his executors (8)

7. X and Y were partners in a firm sharing profits in 3 : 1 ratio. They admitted Z as a new

partner for 1/4 share in the profits. Z was to bring Rs. 20,000 as his capital and the

capitals of X and Y were to be adjusted on the basis of Z’s capital in the profit sharing

ratio. The Balance Sheet of X and Y on 31.3.2006 was as follows :

Balance Sheet of X and Y on 31.3.2006

Liabilities

Amount

Assets

Amount

Creditors

Bills Payable

General Reserve

Capitals:

X 25,000

Y 10,000

18,000

10,000

12,000

35,000

Cash

Debtors

Stock

Machinery

Building

5,000

17,000

12,000

21,000

20,000

75,000

75,000

Other terms of agreement on Z’s admission were as follows :

(i) Z will bring Rs. 6,000 for his share of goodwill.

(ii) Building will be valued at Rs. 25,000 and machinery at Rs. 19,000.

(iii) A provision at 5% on debtors will be created for bad debts.

(iv) Capital Accounts of X and Y were adjusted by opening Current Accounts.

Prepare Revaluation Account, Partners’ Capital Accounts and the Balance Sheet of X, Y

and Z.

Vijay, Vivek and Vinay were partners in a firm sharing profits in 2 : 2 : 1 ratio. On

31.3.2006 Vivek retired from the firm. Qn the date of Vivek’s retirement the Balance

Sheet of the firm was as follows :

Balance Sheet of Vijay, Vivek and Vinay as on 31.3.2006

Liabilities

Amount

Assets

Amount

Creditors

Bills Payable

Outstanding Rent

Provision for legal claims

Capitals:

Vijay 92,000

Vivek 60,000

Vinay 40,000

54,000

24,000

4,400

12,000

1,92,000

Bank

Debtors 12,000

Less: prov. For doubtful debts 800

Stock

Furniture

Premises

55,200

11,200

18,000

8,000

1,94,000

2,86,400

2,86,400

On Vivek’s retirement it was agreed that :

(i) Premises will be appreciated by 5% and furniture will be appreciated by Rs. 2,000.

Stock will be depreciated by 10%.

(ii) Provision for bad debts was to be made at 5% on debtors and provision for legal

damages to be made for Rs. 14,400.

(iii) Goodwill of the firm was valued at Rs. 48,000.

(iv) Rs. 50,000 from Vivek’s Capital Account will be transferred to his loan account and

the balance will be paid by cheque.

Prepare Revaluation Account, Partners’ Capital Accounts and Balance Sheet of Vijay

and Vinay after Vivek’s retirement. ( 8)

PART B

(Analysis of Financial Statements)

8 Give the meaning of ‘Cash Flow Statement’.

9. A Ltd., engaged in the business of retailing of two wheelers, invested Rs. 50,00,000 in the shares of a manufacturing company. State with reason whether the dividend received on this investment will be cash flow from operating activities or investing activities.

10 The Profit and Loss Accounts of Himani & Co. for the years ended March 31, 2005 and

2006 are as follows :

Himani & Co.

Profit and Loss Accounts for the years ended March 31, 2005 and 2006

Particulars

2005

Rs

2006

Rs.

Net sales

Cost of goods sold

Gross Profit

Operating Expenses

Net Profit

Income Tax 50% of Net Profit

4,22,300

3,71,000

51,300

22,700

28,600

14,300

4,02,000

3,69,000

33,000

19,900

13,100

6,550

Compute percentage changes from 2005 to 2006.

11. Explain briefly any three limitations of analysis of financial statements. (3)

12. The following are the summarised Profit and Loss Account and the Balance Sheet of

Ashoka Ltd. as on 31.3.2006 :

Liabilities

Amount

Assets

Amount

Opening Stock

Purchases

Direct Expenses

Gross profit

Total

Salary

Loss on sale of Machinery

Net Profit

20,000

1,25,000

15,000

70,000

2,30,000

16,000

4,000

50,000

70,000

Sales

Closing Stock

Gross Profit

2,20,000

10,000

2,30,000

70,000

70,000

Ashoka Ltd.

Balance Sheet as on 31.3.2006

Liabilities

Amount

Assets

Amount

Equity Share Capital

Profit & Loss A/c

Creditors

Outstanding Expenses

1,50,000

50,000

75,000

25,000

Land

Stock

Debtors

Cash

2,00,000

10,000

50,000

40,000

3,00,000

3,00,000

Calculate any two of the following ratios on the basis of the information given in the

above mentioned financial statements : 4

(i) Gross Profit Ratio

(ii) Stock Turnover Ratio

(iii) Proprietary Ratio (8)

13.Seema Ltd. had a profit of Rs. 20,00,000 for the year ended 31.3.2006 after considering

the following :

Depreciation on building Rs. 55,000

Depreciation on plant and machinery Rs. 37,000

Goodwill written off Rs. 14,000

Loss on sale of plant and machinery Rs. 8,000

Following was the position of the Current Assets and Current Liabilities of the

company as on 31st March, 2005 and 31st March, 2006 :

Particulars

31.3.2005

31.3.2006

Stock

Debtors

Cash

Creditors

Outstanding Expenses

Bills Payable

65,000

40,000

47,000

94,000

5,000

49,000

69,000

25,000

74,000

103,000

3,000

58,000

Calculate Cash Flow from Operating Activities.

OR

With the help of Profit and Loss Account for the year ended 31.3.2006 and Balance

Sheets as on 31.3.2005 and 31.3.2006 of Poonam Ltd., calculate ‘Cash Flows from

Operating Activities’. 6

Profit and Loss Account of Poonam Ltd. for the year ended 31.3.2006

Liabilities

Amount

Assets

Amount

Depreciation

Salary

Rent

Commission

Other Expenses

Net Profit

Total

Proposed Diviends

Retained Profit

12,000

40,000

70,000

30,000

78,000

2,20,000

4,50,000

50,000

1,70,000

Gross Profit

Total

Net Profit

4,50,000

4,50,000

2,20,000

Total

2,20,000

Total

2,20,000

Balance Sheets of Poonam Ltd. as on 31.3.2005 and 31.3.2006

Liabilites

2005

2006

Assets

2005

2006

Share Capital

Reserves

Loans

Proposed Div.

Creditors

Bills Payable

1,02,000

2,00,000

1,80,000

20,000

80,000

70,000

1,39,000

3,70,000

1,05,000

70,000

65,000

95,000

Plant

Patents

Stock

Debtors

Cash

4,00,000

-

1,17,000

95,000

40,000

4,70,000

75,000

1,57,000

87,000

55,000

Total

6,52,000

8,44,000

Total

6,52,000

8,44,000

 

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