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CLASS – XII ACCOUNTANCY- 055TIME: 3 HrsMM : 80 GENERAL INSTRUCTIONS:This question paper contains Two parts A& B.Both the parts are compulsory for all.PART-A Q.N.QUESTIONMARKS1Receipt and payment account is:a) Real b) personal c) nominal d) none 12Write the nature of ‘income & expenditure account’.13In absence of Partnership Deed interest on capital will be allowed:A) 6%p.a. c) at market rateb) 9% p.a. d) none of above14Complete 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)15,00015,00015,00015Which of the following may not appear on debit side of partners’ current account?a) ) salary/commission to a partner c) opening balance of current accountb) interest on drawings d) Drawing16State the accounting treatment of sale of old sports materials already written off during the year in case of a Not-for-Profit Organisation.7State 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.19Sacrificing ratio =__________________________110Realisation Account is a:Personal AccountNominal AccountReal Account d ) None of the above111A and B are two partners in a firm. Give the journal entry to distribute ‘General Reserve’ of Rs 20,000 at time of admission of C when Rs 5000 of general reserve is appropriated towards WCR 112Any change in the relationship of existing partners which results in an end of the existing agreement and enforces making of a new agreement is called:Realisation of PartnershipRevaluation of partnershipReconstitution of partnership d)None of the above113Debentures are redeemed without setting aside amount to DRR .It is redemption out of _____.114In case of Receipts and Payments Account, excess of receipts over payments represents:Cash in handSurplus Capital fundDeficit115Sunil and Anil are partners sharing profits in the ratio of 3:2. Their Balance sheet showed a balance of Rs 50,000 in General reserve and Rs 40,000 in Profit & Loss account. They now decide to share future profits equally .Instead of closing the General Reserve account and Profit & loss account ,it is decided to record an adjustment entry for the same. You are requested to record the necessary adjustment entry to give effect to the above arrangement. 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.317The 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 Account418Shyam Ltd. Obtained a loan of Rs 5,00,000 from State Bank of India at 10% interest.The company issued Rs 7,50,000, 10% debentures of Rs 100 each in favour of State Bank of India as collateral security. Pass necessary journal entries for the above transactions:When the company decided not to record the issue of 10% Debentures as collateral securityWhen the company decided to record the issue of 10% Debentures as collateral security419X,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. 420Following is the Receipt and Payment Account of Literacy Club for the year ended 31.3.2016:Receipts?Payment?Balance b/dSubscriptions 2014-15 1,200 2015-16 26,500 2016-17 500Sale of old newspapersGovt. GrantsSale of old furniture(Book value ?7,000)Interest on Fixed Deposits19,55028,2001,250,10,000,5,700450SalaryNewspapersElectricity BillFixed Deposit (On 01/07/2015 @ 9% p.a.)BooksRentFurnitureBalance c/d3,0002,0501,00020,00010,6006,80010,50011,20065,15065,150Additional Information:Subscription outstanding as on 31-03-2015 were ?2,000 and on 31-03-2016 ?2,500.On 31-03-2016 Salary Outstanding was ?600 and rent outstanding was ?1,200.The club owned Furniture for ?15,000 and Books ?7,000 on 01-04-2015Prepare Income and Expenditure A/c of the club for the year ended 31-03-2016 and ascertain ’Capital Fund’ on 31-03-2015. Also prepare a Balance sheet as at 31st March 2016.621 A, B and C were partners in a firm sharing profits in the ratio of 2:2:1. On 31st December 2018, their Balance Sheet was as follows:LiabilitiesAmount (Rs)AssetsAmount (Rs)Creditors60,000Bank90,000Bills payable40,000Stock70,000General Reserve30,000Debtors40,000Capital A/csLand & Bldgs.5,00,000A3,00,000P&L A/c1,60,000B3,00,000C1,30,0008,60,0008,60,000B died on 31st March 2019. The partnership deed provided the following on the death of a partner.Goodwill of the firm was to be valued at 2 years’ purchase of the average profit of last 5 years. The profits for the years ended 31st December2017, 31st December 2016, 31st December 2015 and 31st December 2014 were Rs 50,000, Rs 80,000, Rs 1,10,000 and Rs 2,20,000 respectively.B’s share of profit or loss till the date of death was to be calculated on the basis of the profit or loss for the year ended 31st December 2018 You are required to calculate the following:Goodwill of the firm and B’s share of goodwill at the time of his death.B’s share in the profit or loss of the firm till the date of his deathPrepare B’s Capital Account at the time of his death to be presented to his executors.OR X and Y are partners having capitals of Rs 3,00,000, and Rs 2,00,000 respectively. Current account balances on 1st April 2018: X- Rs 20,000(Cr) and Y- Rs 10,000 (Cr). Their deed provides that:X withdrew Rs 5,000 per quarter at the end of each quarter and Y withdrew Rs 2,500 per month on the 1st day of every month.Interest on capitals to be allowed at 5% p. a.Interest on drawings to be charged at 6% p.a.Y is entitled to a salary of Rs 25,000X is entitled to a commission @10% on net profits after charging Y’s salary, interest on capitals and his own commissionOn the first Rs 50,000 divisible as profits in any year, X is entitled to 70% and Y 30%. Annual profits in excess of Rs 50,000 are divisible equally.The profits for the year ended 31st March 2019 was Rs 2,70,000. Prepare Profit and Loss Appropriation Account and Partners’ current and capital Accounts for the year ended 31st March 2019.622‘STAR 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.ORMAHENDRA LTD. Invited applications for issuing 50,000 equity shares of ?10 each. The amount was payable was as follows:On Application?3 per shareOn Allotment?4 per shareOn Ist and Final call?3 per shareApplications were received for 75,000 shares and pro-rata allotment was made as follows:Application for 40,000 shares were allotted 30,000 shares on pro-rata basis.Application for 35,000 shares were allotted 20,000 shares on pro- rata basis.Ramu ,to whom 1,200 shares were allotted out of group applying for 40,000 shares failed to pay the allotment money.His shares were forfeited immediately after allotment.Shamu who had applied 700 shares out of group applying for 35,000 shares failed to pay the first & final call. His shares were also forfeited . Out of the forfeited shares 1,000 shares were re-issued @?8per share fully paid up . The re-issued included all the forfeited shares of Shamu.Pass necessary Journal entries to record the above transcations823 Ram , Mohan & Shyam 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:Ram 3,00,000Mohan 2,00,000 Mehta 5,00,000General ReserveLoan From mohanCreditors10,00,0001,00,00050,00075,000GoodwillLand and BuildingMachineryStockDebtorsCashProfit and Loss Account3,00,0005,00,0001,70,00030,0001,20,00045,00060,000Total12,25,000Total12,25,000On 14thJune, 2018 , Mohan 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 mohan’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 Ram and Shyam 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 24Write any one objective of preparation of cash flow statement.125Which of the following is not a part of cash and cash equivalents:a) marketable securities b) Current investments c)short-term deposits d)stock126Liquid 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.431Fill in the missing figures in the following Common Size Statement of Profit and Loss:COMMON SIZE STATEMENT OF PROFIT AND LOSS For the years ended 31st March 2016 and 2017ParticularsNote No.Absolute AmountsPercentages of Revenue from Operations2015-20162016-20172015-20162016-2017 1 Revenue from Operations2 Less :Expenses:Cost of Materials ConsumedEmployee Benefit ExpensesDepreciationOther ExpensesTotal Expenses3 Profit before Tax (1-2) Less :Tax Profit after Tax?-?-%-%- 7,20,0000--80,000 9,60,000--1,00,000 45107.5- 4886------2,08,000-2,97,000--------432From the following summarised Balance Sheet of a company, prepare cash flow statement as on 31st March, 2014: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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