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
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
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 To (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
ii) Donation received during the year is for construction of
iii) Furniture and Investment as on
14) P,Q and R were partners in a firm sharing profit and loss in the ratio 3:2:1.Their particulars as on
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
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
| 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
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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