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KENDRIYA VIDYALAYA SANGATHANPRE BOARD EXAMINATION (2019-20)CLASS – XIIACCOUNTANCY TIME ALLOWED : 3 HOURSMAXIMUM MARKS : 80 GENERAL INSTRUCTIONS:This question paper contains Two parts A& B.Both the parts are compulsory for all.All parts of questions should be attempted at one place.PART-A (ACCOUNTING FOR PARTNERSHIP FIRMS & COMPANIES)Q.N.QUESTIONMARKS1If there is a Match Fund ,then Match Expenses and Match incomes are transferred to:a) Income & Expenditure A/c b) Assets side of B/Sc) Liabilities side of B/S d) Both Income & Expenditure A/c & B/S 12Differentiate between ‘Receipt & Payment account’ and ‘Income & Expenditure account’on basis of its nature.13A Partnership Deed provides for the payment of interest on capital but there was a loss instead of profits during the year .Interest on capital be allowed:a)6%p.a. c)at market rateb) 9% p.a. d) none of above14X and Y are two partners in a firm. Give the journal entry to distribute ‘General Reserve’ of Rs 20,000 at time of admission of Z when 25% of general reserve is appropriated towards Workmen Compensation Reserve.15Which of the following may not appear on debit side of partners’ current account?a)Drawings c) opening balance of current accountb) interest on drawings d) salary/commission to a partner16State the accounting treatment of sale of old sports materials already written off during the year in case of a Not-for-Profit Organisation.17State whether it is true or false:a)Dissolution of partnership implies dissolution of firm also.b) Goodwill under Average Profit Method means Normal Profit*No. of years’ Purchase18State any two items which are shown in Receipt & payment account but are not shown in income & expenditure account.19_________is the ratio in which retiring partner share in goodwill is debited to remaining partners.110On 28.2.2019 the first call of Rs.2 per share became due on 50,000 equity shares allotted by Kumar Ltd. Komal a holder of 1000 shares did not pay the first call money. Kovil a holder of 750 shares paid the second and final call of Rs.4 per share alongwith the first call.Pass the necessary journal entry for the amount received by opening calls-in-arrears and calls-in-advance account in the books of the company.111Complee the following Account: Forfeited Shares AccountparticularsRsParticularsRsTo Share Capital(Discount on reissue of 200 shares)To Capital reserveTo balance c/d2,000??By Share Capital(amt forfeited on 500 shares)15,00015,00015,000112Premium on issue of shares can be used for:a)issue of bonus shares b) writing off preliminary expensesc)writing off discount on issue of debentures d) all of the above113Debentures are redeemed without setting aside amount to DRR .It is redemption out of _______.114Alpine Computers Ltd issued 10,000,7% Debentures of Rs 100 each at a discount of Rs 6 on 1st Oct,2018.Interest for the year ended 31st March 2019 will be:a) Rs65,800 b) Rs 32,900 c)Rs 70,000 d)Rs 35,000115Amrit,Basu and Chary are partners in a firm sharing profits in ratio of 3:2:1.From 1st April 2019,Amrit sacrifices 1/6th share in favour of Chary.Goodwill of firm is valued at Rs 1,20,000.Pass journal entries for Goodwill by raising goodwill account. 316Venus ltd is a real estate co.the company took over assets of Rs 10,00,000and liabilities of Rs 1,80,000 of Cayns Ltd for Rs 7,60,000.Venus Ltd. issued 9% debentures of Rs 100 each at a discount of 5% in full satisfaction of purchase consideration in favour of Cayns ltdPass journal entries in books of Venus Ltd. OrRoyal Traders Ltd. is registered with an authorized capital of Rs.5,00,00,000 divided into 5,00,000 Equity Shares of Rs.100 each. The company issued 50,000 shares to vendor for purchase of office premises and 1,50,000 shares were issued to general public. The amount was payable as – Rs.20 on Application ; Rs.30 on Allotment ;Rs.30 on First Call and balance on Final Call. All the calls were made and duly received except on 500 shares held by Ram who failed to pay the Final Call and his shares were forfeited. Show the Share Capital in the Balance Sheet of Company as per Schedule-III of Companies Act-2013. Also prepare Note to Accounts for the same.317Woodcraft Ltd issued 20,000,8% debentures of Rs 100 each on 1st April 2018 redeemable at 20% premium .Pass necessary journal entries for issue of debentures & writing off loss on issue of debentures.418The capital of the firm of Anu and Benu is Rs. 1,00,000 and the market rate of interest is 15%. Annual salary to partners is Rs. 6,000 each. The profits for the last 3 years were Rs. 30,000; Rs. 36,000 and Rs. 42,000. Goodwill is to be valued at 2 years purchase of the last 3 years’ average super profits. Calculate the goodwill of the firm. OrL, M and N are partners in a firm sharing profits & losses in the ratio of 2 : 3 : 5. On April 1, 2016 their fixed capitals were Rs. 2,00,000, Rs. 3,00,000 and Rs. 4,00,000 respectively. Their partnership deed provided for the following: (i) Interest on capital @ 9% per annum. (ii) Interest on Drawings @ 12% per annum. (iii) Interest on partners’ loan @ 12% per annum. On July 1, 2016, L brought Rs. 1,00,000 as additional capital and N withdrew Rs. 1,00,000 from his capital. During the year L, M and N withdrew Rs. 12,000, Rs. 18,000 and Rs. 24,000 respectively for their personal use. On January 1, 2017 the firm obtained a Loan of Rs. 1,50,000 from M. The Net profit of the firm for the year ended March 31, 2017 after charging interest on M’s Loan was Rs. 85,000. Prepare Profit & Loss Appropriation Account419X,Y and Z were partners shring profits inn ratio of 5:3:2 respectively.Y retired on 31st March 2019.On that date the capitals of X,Y and Z after all adjustments stood at Rs 43,200;Rs 36,600;and Rs 11,200 respectively. Cash and Bank balances on 31st March 2019 were Rs 4,000.Y was to be paid through cash brought in by X and Z in a manner that their capitals are proportionate to their new profit sharing ratio which was to be X 3/5th and Z 2/5th .Calculate amount of cash to be paid or to be brought by the continuing partners assuming that a minimum cash and Bank balances of Rs 3000 was to be maintained. 420From the following Receipt and Payment Account and additional information relating to Excellent Cricket Club,Prepare Income & Expenditure account for the Year ended 31st March2015 and Balance Sheet as on date:ReceiptsAmountPaymentsAmountBalance b/d(Cash in Hand)SubscriptionsAdmission FeeSale of old sports materialHire of GroundSubscription for tournamentLife membership feeDonations18,0002,50,00015,000250028,00060,00020,0006,00,000Balance b/d(Bank O/D)Upkeep of pavillionTournament expensesRates and insuranceTelephonePostage & courier chargesPrinting & stationeryMisc. ExpSecretary HonorariumGrass seedsInvestmentsPurchase of Sports materialBalance c/d16,0001,15,00040,00010,0003500400026,000440030,000260060000068000740009,93,5009,93,500Assets at the beginning of the year Rs.Play ground 5,00,000Cash in hand 18,000Stock of sports materials 85,000Printing and Stationery 11,000Subscriptions receivable 28,000Donations and Surplus on account of tournament are to be kept in Reserve for a permanent pavilion. Subscriptions due on March 31, 2015 were Rs. 42,000. Write-off fifty per cent of sports materials and thirty per cent of printing and stationery.21Pass the journal entries in the following cases:1)An recorded asset of Rs 4000 and cash Rs 6000 was paid to an unrecorded liability of Rs 12,000 in full settlement.2)Creditors agreed to take over debtors in fullsettlement of their claim.(Book Values given in B/S just before dissolution: Creditors=Rs 1,00,000;Debtors=Rs 90,000)3) There were total debtors of Rs 76,000.A provision of bad & doubtful debts also stood in the books at Rs 6,000. Rs 12,000 debtors proved bad and rest paid the amount due.4) Q,a partner was appointed to look after the process of dissolution for which he was allowed a remuneration of Rs 18000.Q agreed to take over stock worth Rs 18,000 as his remuneration. The stock had already been transferred to Realization Account.5) Shyam,a partner, had taken a personal loan of Rs 20,000 from a bank against security of firm’s land. The land was sold to Bank for Rs 34,000.Bank paid Rs 13,000 net after deducting Shyam’s loan and interest(B.V. of land given in balance sheet just before dissolution =Rs 36,000)6)Bimal, a partner is to take over some sundry assets at Rs 7200(being 10% less than Book Value)Remaining sundry assets are sold at 90% of Book Value(B.V. of sundry assets just before dissolution=Rs 17,000) ORThe partners of a firm distributed the profits for the year ended 31st March, 2003 75,000 in the ratio of 3:2:1without providing for the following adjustments :(i) A and B were entitled to a salary of 3,000 each per annum.(ii) B was entitled to a commission of 5,000.(iii) B and C had guaranteed a minimum profit of 30,000 p.a. to A.(iv) Profits were to be shared in the ratio of 3:3:2 Pass necessary journal entry for the above adjustments in the books of the firm.622‘Shubham Ltd.’ invited applications for issuing 12,000 equity shares of Rs.10 each at a premium of Rs.3 per share. The amount was payable as follows: On application and allotment – Rs.6 per share (including premium) On first call – Rs.4 per share On second and final call – the balance.Applications for 18,000 shares were received and pro rata allotment was made to all the applicants. Excess money received with applications was adjusted towards sums due on first call. All calls were made and were duly received except the first call and second and final call on 120 shares allotted to Vibhu. His shares were forfeited. The forfeited shares were reissued at the maximum permissible discount as per the provisions of the Companies Act, 2013.Pass necessary journal entries for the above transactions in the books of the company.ORJain Ltd. invited applications for issuing 35,000 Equity Shares of Rs.10 each. The amount was payable as follows: On application – Rs.5 per share On allotment – Rs.4 per share On first and final call – the balanceApplications for 50,000 shares were received. Applications for 8,000 shares were rejected and the application money of these applicants was refunded. Shares were allotted on pro rata basis to the remaining applicants and the excess money received with applications from these applicants was adjusted towards sums due on allotment.Jeevan who had applied for 600 shares failed to pay allotment and first and final call money.Naveen the holder of 400 shares failed to pay first and final call money.Shares of Jeevan and Naveen were forfeited. Of the forfeited shares, 800 shares were reissued at Rs.15 per share fully paid up. The reissued shares included all the shares of Naveen. Pass necessary journal entries for the above transactions in the books of Jain Ltd.` 823 Khanna , Seth & Mehta were partners in a firm sharing profits in the ratio of 3: 2: 5 . On 31-03-2018 the balance sheet of Khanna , Seth and Mehta was as follows : LiabilitiesAmount (Rs.)AssetsAmount(Rs.)Capitals:Khanna 3,00,000Seth 2,00,000 Mehta 5,00,000General ReserveLoan From SethCreditors10,00,0001,00,00050,00075,000GoodwillLand and BuildingMachineryStockDebtorsCashProfit and Loss A/c3,00,0005,00,0001,70,00030,0001,20,00045,00060,000Total12,25,000Total12,25,000On 14thJune, 2018 , Seth died. The partnership deed provided that on the death of a partner the executor of the deceased partner is entitled to:Balance in capital account;Share in profit up to the date of death on the basis of last year’s profit;His share in profits/losses on revaluation of assets and re-assessment of liabilities which were as follows :Land and building was appreciated by Rs -1,20,000.Machinery was to be depreciated to Rs- 1,35,000 and stock to 25,000. A provision of 2.5% for bad and doubtful debts was to be created on debtors.The net amount payable to Seth’s executors was transferred to his loan account which was to be paid later.Prepare Revaluation account, Partners Capital Account, Seth’s Executor’s A/c and the Balance Sheet of Khanna and Mehta who decided to continue the business keeping their capital balances in their new profit sharing ratio. Any surplus or deficit to be transferred to current accounts of the partners. OR X and Y were partners in the firm in sharing profit in 5:3 ratio. They admitted Z as a new partner for 1/3 share of profit. Z was contribute Rs. 20,000 as his capital. The balance sheet of X & Y as at 1st April 2019 the date of z’s admission was as follow. LiabilitiesAmount AssetsAmountCreditorsCapital X 50,000 Y 35,000 General Reserve 27,00085,00016,000Land and BuildingPlant and MachineryStockDebtors 20,000Less: provision D.D 1,500Investment Cash25,00030,00015,00018,50020,00019,5001,28,0001,28,000Other terms agreed upon were:Goodwill of firm was valued at 12,000.The land and building were to be valued at Rs. 35,000 and plant and machinery at Rs 25,000.The provision for doubtful debts was found to be in excess by Rs.400.A liability for Rs. 1,000 included in creditors was not likely to arise.The capital of the partners be adjusted on the basis of Z’s contribution of capital in the firm.Excess or shortfall if any to be transferred to current account.Prepare revaluation account, partners’ capital account and the balance sheet of the new firm.8PART – B(FINANCIAL STATEMENT ANALYSIS) 24Purchase and sale of securities by a finance company is__________.125Which of the following is not a part of cash and cash equivalents:a) Inventories b) Current investments c)short-term deposits d)Marketable securities126__________and stores and spares are not considered in computing current ratio.127Which of the following is not a limitation of Finnancial Statement Analysis?a) ignores the Qualitative elementsb) not free from personal biasc) intra-firm comparisond) ignores the price level changes128A co. has resolved to call Rs 2 per share at time of winding up of co. Name the term used for such type of capital?129Under which head and subhead the following items will be shown in B/S of a company as per companies Act 2013?1) Unclaimed dividend 2) Bills receivable130 a) From the following information, calculate inventory turnover ratio:Net sales Rs 4,00,000,Average inventory Rs 55,000,Gross loss on sales is 10%.b) A company had current Assets of Rs 3,00,000 and current liabilities of Rs 1,40,000.Afterwards it purchased goods for Rs 20,000 on credit. Calculate current ratio after the purchase.431Following is the Comparative Statement of DD Ltd. for the year ended on 31-3-2015. You are required to fill in the missing figure and find out the rate of tax. particularsNote no31.3.201431.3.2015Absolute change% changeIncomeRevenue from operationOther income80,00,00010,00,0001,00,00,00015,00,00020,00,000-------50Total income90,00,0001,15,00,00025,00,00027.78ExpensesCost of material consumedEmp benefit exp.Finance CostOther Expenses50,00,00020,00,000-----2,50,00060,00,00015,00,0005,00,000-----------(5,00,000)(2,50,000)--------25.00---Total expenses80,00,00090,00,00010,00,00012.50Profit before taxTax10,00,0002,00,00025,00,0005,00,000---------------------Profit after tax8,00,00020,00,00012,00,000150432From the following summarised Balance Sheet of a company, prepare cash flow statement as on 31st March, 2019:ParticularsNote no2018-192017-18A) Equity and liabilities:Shareholder’s funds:Share capital Reserve and surplus (profit and loss balance)Non current liabilities:Long term borrowings Current liabilities:a) Short-term borrowingsb) Trade payablesc) Short-term ProvisionsTotalB) Assets:1) Non-current Assets : Fixed assets:Tangible assetsIntangible assets2.Current Assets: i) Current Investment ii) Inventories iii) Trade Receivablesiv)Cash and cash equivalentsTotal12345(Rs.)15,00,0002,50,0002,00,00012,00015,000 18,00019,95,00018,60,000 50,0008,00037,00026,00014,00019,95,000(Rs.)4,00,0001,10,0001,25,00010,00083,00011,00017,39,00016,10,00030,0005,00059,00023,00012,00017,39,0006Notes to Accounts:PARTICULARS2018-192017-18Reserves and SurplusSurplus(Balance in Statement of Profit and LossShort-term BorrowingsBank OverdraftShort-term ProvisionsProvision for TaxTangible AssetsMachineryAccumulated DepreciationIntangible Assets Patents2,50,00012,00018,00020,00,000(1,40,000)50,0001,10,00010,00011,00017,00,000(90,000)30,000Additional Information:Tax paid during the year amounted to Rs. 16,000.Machine with a net book value of Rs.10,000(Accumulated Depreciation Rs.40,000) was sold for Rs.2,000Prepare a Cash Flow Statement. ................
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