CBSE Guess Paper 2009 Class XII Accountancy



Guess Paper – 2009

Class – XII

Subject – Accountancy

Time Allowed : 3 Hrs. Maximum Marks : 80

General Instructions:

1) All questions are compulsory.

2) All parts of questions should be attempted at one place. SET - C

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PART A : PARTNERSHIP AND COMPANY ACCOUNTS

1) State any two items that appears in the debit Side of partner’s capital Account when the capital is Fixed. 1

2) How is ‘Donations’ dealt while preparing the financial statement of a not –for-profit organization? 1

3) What is ‘Paid-up Capital’? 1

4) Raja and Rama are partners in a firm sharing profit and loss in the ratio of 5:3. Rani is admitted for 1/5 share in

the profit which he acquires in the ratio of 3:2. Ascertain the sacrificing ratio of the old partners. 1

5) Why are assets and liabilities revalued at the time of retirement of a partner. 1

6) Mona Ltd purchased Assets of Sona Ltd for RS 320,000.A sum of Rs 130,000 was paid in cash and Rs 170,000

Equity Shares were issued towards the full settlement of the balance. Pass journal entries in the books of

purchasing Company. 3

7) Show how will you deal with following items in respect of a Social Club for the year ending on 31st March 2006:

Tournament Fund Balance as on 31st march 2005 Rs720,000

Grant towards tournament received during the year Rs 40,000

Expenditure incurred during the year on conducting tournament Rs 45,000

Tournament Fund Investment Rs300,000

Interest received on the Tournament Fund Investment Rs 9,000 3

8) Tata Ltd issued 8,000, 12% debentures of Rs 100 each at 8% discount. The debentures are redeemable by

drawing in lots as follows:

1st Year nil; 2nd Year Rs 400,000; 3rd Year Nil ; 4th Year Rs 400,000.

Calculate the discount to be written each year. 3

9) A and B carried on business in partnership since 2004 sharing profit and loss in the ratio of 2:1. They admitted

C on 1st April 2007 for 1/6th share. The actual value of firm’s Goodwill, however, on that date was Rs 36,000.

C contributed the following assets towards payment of his Capital and Goodwill:

Cash Rs 4,000; Furniture Rs 10,000; Stock Rs 12,000

Pass necessary journal entries to give effect to the above. Also, give the new profit sharing ratio. 4

10) Dinesh and Suraj are partners sharing profit and loss in the ratio of 3:2 with capital of Rs 400,000 and Rs.

300,000 respectively. Interest on capital agreed at 6%p.a. Suraj is allowed a salary of Rs 3,000 per month. During

2006, profit prior to Interest and Salary amounts to Rs 232,000. Manager is to be allowed a commission of 10%

of the Divisible profit. Prepare an account showing the allocation of the profit. 4

11) Royal Ltd forfeited 500 equity shares of Rs 10 each issued at a premium of 10% (payable on allotment) for non

payment of first call of Rs 2 and Final call of Rs 3 per share on 31st march 2004. 300 forfeited shares were

reissued as fully paid of Rs 8 per share. Journalise. 4

12) a) A company issued 12% Debentures of Rs 100 each for Rs 90,000 at a discount of 3% redeemable after 4 Years

at a premium of 10%. Pass necessary journal entries for the issue and redemption of debentures.

b) At the commencement of 2006 ,a company has outstanding 20,000, 13% Debentures of Rs.100 each. Directors

decides to purchase 1,500 own debentures at Rs 95 for immediate cancellation. Pass journal entries for

redemption of debentures. 6

13) From the following information, Receipt and Payment Account of Jain Society, prepare Income and Expenditure

Account for the year ending 31st march 2004 and Balance Sheet as on that date.

Receipts

Amount

Payments

Amount

To Balance B/d

To Subscription

To Sale of Investment

To Sale of old furniture

(Book value Rs 400)

To Donation

12,600

16,000

3,600

300

2,500

By Salaries

By Rent

By Stationery

By Defence Bond

By Furniture purchased

By Balance C/d

4,100

1,200

8,500

6,000

800

14,400

35,000

35,000

Additional informations:

i) Subscription of Rs 2,400 is outstanding and Advance for 2005 Rs 1,200 as on 31st March 2004.

ii) Donation received during the year is for construction of Temple.

iii) Furniture and Investment as on 1st April, 2003 was Rs 2,000 and Rs 14,000 respectively. 6

14) P,Q and R were partners in a firm sharing profit and loss in the ratio 3:2:1.Their particulars as on 31st March 2006

was as follows:

Capital (Rs.) = P- 20,000; Q-30,000; R- 15,000.

Drawing (Rs.) = P- 6,000; Q- 4,000; R- 3,000.

Reserve Rs 36,000; Goodwill –Rs 30,000.

On 1st July 2006, Q died . As per the terms of deed, executors of deceased partners is entitled to the followings:

i) Interest on capital @10% till the date of death.

ii) His share of goodwill. (Goodwill is to be valued at 2 years’ purchase of 3 years’ Average Profits)

iii) Share of profit till the date as per the profit average profit of last 3 years.

Profit for last 3 years was as 2004- Rs. 20,000; 2005 –Rs. 32,000 and 2006 - Rs 38,000.

Q’s Executors were paid Rs. 8,000 immediately and remaining amount was transferred to his Executors Loan A/c.

Show Q’s Capital A/c and Q’s Executors A/c. 6

15) Geeta Ltd issued 10,000 shares of Rs 50 each payable as follows:

Rs 10 on Application , Rs 15 on Allotment and Rs 25 on First and Final call

In all 16,000 application were received, out of these application for ,4000 shares were rejected and allotment was

made to the rest on pro rata basis. Every share holder paid the money as and when due , except Sohan who was

allotted 4,000 shares and who did not paid allotment money.

His shares were forfeited after allotment .

Final call was made after the forfeiture. Forfeited shares were reissued for Rs.35 per share as Rs.40 paid up .

Give Journal Entries in the books of Geeta Ltd. [

OR

K Limited has been registered with an authorized capital of Rs. 2,00,000 divided into 2,000 shares of Rs. 100 each

of which 1,000 shares were offered for public subscription at a premium of Rs.5 share, payable as under

On application 10

On allotment 25 (including premium)

On First, call 40

On Final, call Balance

Applications were received for 1,800 shares, of which applications for 300 shares were rejected outright, rest of

applications were allotted 1,000 shares on pro-rata basis. Excess application money was transferred to allotment.

All the amounts were duly received except from Sundar, holder of 100 shares, who failed to pay allotment and

first call money.

His shares were later forfeited and reissued to Shyam at Rs.60 per share, Rs 70 paid up.

Final call has not been made. Pass Journal entries in the books of K Limited. 8

16) A and B are partners sharing Profit and loss in ratio of 5:3. On March 31st 2004 their Balance Sheet was as:

Liabilities

Amounts(Rs.)

Assets

Amount(Rs.)

Capital

A 36,000

B 44,000

Creditors

Bills Payable

General Reserve

80,000

64,000

22,000

14,000

Cash

Bills Receivable

Stock

Debtors

Machinery

Investment

18,000

14,000

44,000

42,000

42,000

20,000

180,000

180,000

They decided to admit C into the partnership on the following terms:

i. Machinery is to be depreciated by 10%

ii. Stock is revalued at Rs 60,000

iii. Investments are taken over by B at Rs 18,000

iv. Outstanding Rent is Rs 1,000

v. C is to bring Rs 6,000 as Goodwill and sufficient capital for a 2/5th share in the total capital of firm.

Prepare Revaluation A/c, Partners Capital A/c and Balance Sheet of the new firm.

OR

Following is the Balance Sheet X , Y, and Z as on 31st March 2004 who were sharing profit and loss in the ratio of

their Capitals.

Liabilities

Amount(Rs.)

Assets

Amount(Rs.)

Creditors

Bills Payable

Provision for doubtful debt

General Reserve

Capital Account

X

Y

Z

40,000

12,000

6,000

24,000

80,000

80,000

40,000

Cash

Debtors

Stock

Furniture

Machinery

36,000

50,000

36,000

60,000

100,000

282,000

282,000

Y retires on the above date on the following terms:

i) Provision for doubtful debts raised to Rs 8000.

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 40,000.

After the retirement of Y, the entire capital of the firm was fixed at Rs 180,000 and partners decided to maintain

it in their new profit sharing ratio of 3:2.

Prepare Revaluation A/c, Partners’ Capital A/c and Balance Sheet of X and Y. 8

PART B : ANALYSIS OF FINANCIAL STATEMENTS

17) State with reason whether the Liquid Ratio of a company will increase ,decrease or not change due to sale of

goods on credit. 1

18) How do we treat payment of dividend while preparing Cash Flow Statement. 1

19) What do you mean by ‘Cash Flow Statement’? 1

20) Discuss the advantages of Analysis of financial Statement . 3

21) Prepare a Comparative Income Statement from the following 4

Gross Sales

Sales Return

Cost of goods sold

Operating Expanses

Income Tax

2000

2001

120,200

20,200

40% of net sales

15,000

50%

135,800

5,800

50% of net sale

14,000

50%

22) a) Current Ratio of a company is 4:3, Working Capital is Rs 80,000.Calculate the amount of Current Assets and

Current Liabilities.

b) Calculate Proprietary Ratio from the followings: (2+2)

Particulars

Amounts(Rs.)

Closing Stock

9% Preference Shares

Security Premium

General Reserve

Other Current Assets

Current Liabilities

Fixed Assets

Operating Expenses

60,000

400,000

30,000

10,000

110,000

180,000

350,000

25,000

23) From the following Balance Sheet of S Ltd, prepare the Cash Flow Statement

Liabilities

2004

2003

Assets

2004

2003

Capital

Profit &loss A/c

Creditors

Loan

200,000

20,000

50,000

40,000

160,000

30,000

40,000

30,000

Land & Building

Plant &Machinery

Stock

Debtors

Cash

150,000

80,000

20,000

50,000

10,000

100,000

60,000

30,000

60,000

10,000

310,000

260,000

310,000

260,000

Additional Informations:

a) Dividend paid during the year was Rs 12,000

b) Depreciation on Building amounted to Rs 15,000. 6

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