Accountancy Sample paper for class 12

Accountancy Sample Paper – 01

Class – XII
Subject –Accountancy

Time: 3 hrs.                                     Total Marks: 80

General instructions

1. The question paper contains two parts A and B
2. All parts of a question should be attempted at one place.
3. Each question carries marks indicated against it.

PART-A (Accounting)

1. State any two duties of a partner. (1)

2. X, Y and Z were partners in a firm sharing profits in the ration of 8: 7: 5. X retired and his share was taken over by Y and Z in the ration of 1:2. Calculate new ratio of X and Y.

(1)

3. According to section 79 of company act 1956, what are the two provisions when companies can not issue shares at discount?                         (1)

Q4. Mention any two features of Not for profit organization. (1)

Q5. What are the circumstances to dissolve the firm. (1)

Q6. As a director of a company, you had invited applications for 40,000 equity shares of Rs.10 each at a premium of Rs 5 each. The total application money received at Rs.2 per share was us. 1,44,000. Name the kind of subscription. List the three alternatives for allotting these shares.          (3)

Q7. D Ltd., purchased machinery worth Rs. 2,00,000 from E Ltd., on 1.1.2009. Rs. 50,000 was paid immediately and the balance was paid by issue of Rs.1,60,000 12% Preference shares of D Ltd. Pass the necessary journal entries for recording the transactions in books of D Ltd.                                          (3)

Q8. How the following items will be shown in the balance sheet of the Not-For-Profit organization:

                                         (3)

Q9. A, B, C and D are partners sharing profits in the ratio of 2:2:1:1. On B's retirement, the goodwill of the firm is valued at Rs. 90,000. A, C and D decided to share future profits equally. Pass necessary journal entry for the treatment of goodwill.      (4)

Q10. Fenn Ltd issued 5000 8%Debentures of Rs. 100 each at a premium of 12% to be redeemed at a premium of 4% after 10 years. Give journal entries on issue and redemption of debentures. (4)

Q11. A, B & C were partners in a firm distributed the profits for the year ended 31^st December, 2009 Rs.1,50,000 equally without providing for the following adjustments:

          i) A and C were entitled to a salary of Rs. 5,000 p.a.

         ii) B was entitled to a commission of Rs. 5,000.

        iii) Interest on capital @ 10%p.a.

iv) Profits were to be shared in the ratio of 2:2:1.

v) Their fixed capitals were A Rs. 40,000; B Rs. 30,000 and C Rs. 10,000.

Pass necessary journal entries for the above adjustments in the books of the firm. (4)

Q12. Jaya, Shree and Jothi were partners in a business with a profit sharing ratio of 3 : 2. 1 They decided to dissolve the partnership on January 31^st December, 2009. On that date the assets (other than cash Rs. 6,000) of the firm realized Rs. 2,20,000. The liabilities and other particulars on that date of the firm were as follows:

Creditors Rs. 40,000, Jaya's capital Rs. 90,000, Shree's capital Rs. 30,000 and Jothi's capital Rs. 40,000. Expenses on realization were Rs. 1,000 paid by Mr. Shree. Creditors were settled for Rs. 39,000. Prepare balance sheet of the firm as on 31-12-2009 and necessary ledger a/c.                                                  6

Q13. Give the answer to the following:

(a) Lakshmi Ltd. issued 3,000 8%Debentures of Rs. 200 each. The Board of Directors decided to purchase 20% Debentures of face value of the debentures at a price of Rs. 180 each for investment purpose. After few days, they decided to sell off these debentures @ Rs. 195 each in the market.    Pass necessary journal entries and also calculate the amount to be transferred to DRR a/c.              3

(b) State the exceptions to the creation of DRR as per SEBI Guidelines. 3                 

Q14. The following is the Receipts and Payments account of the Jayashri Club for the year ended on 31^st Dec. 2009. You are required to prepare income and expenditure a/c:

Additional information:

1. The club has 320 members each paying an annual subscription of Rs. 80. 24 members failed to pay the annual subscription of Rs. 75 each for the year 2008.
2. Half year insurance premium paid in advance.
3. On the 31^st December, 2009 salaries outstanding amounted to Rs. 200. Salaries paid in 2009 included Rs. 300 for the year 2010.                                                                  6

Q15. D Ltd. offered 15,000 equity shares of Rs. 10 each at a premium of Rs. 2 per share. Payable as follows Rs. 2 On application, Rs .5 on allotment (including premium) and balance on first and final call.

The application money was received for 24,000 shares.

First 6000 applications were accepted fully and allotted.

Next 10,000 applications were allotted 6000.

Next 5,000 applications were allotted 3,000

Last 3000 applications were rejected and excess application money adjusted towards allotment. All share holder paid their due except Mr. Sun who was allotted 150 shares (from 5000 group) failed to pay allotment and calls money. His shares were forfeiture and out of these, 80 shares were reissued for Rs. 8,000 as fully paid up. Pass necessary journal entries. 8

Q16. X and Y are partners sharing profits as 2:1. Following is their balance sheet as on December 31, 2009:

Balance Sheet of X & Y

On 1^st January 2010, Z is admitted into partnership for 1/4^th share on the following terms:

1. That he should bring in Rs. 15,000 as his capital and Rs. 6,000 as premium for his hare of goodwill.
2. That land and building be revalued at Rs. 25,000 and stock at Rs. 18,500.
3. That Rs. 500 is to be provided for doubtful debts.
4. That after the above adjustments, the capital of the old partners be adjusted on the basis of the new partner's capital, having regard to profit sharing ratio. Excess or shortage will be adjusted through current account.

Record necessary journal entries and prepare capital accounts and new balance sheet of the partners.         8

OR

On 31^st March, 2009, the Balance Sheet of R, S and T was as follows:

The partnerships deed provides that the profit be shared in 2 : 1 : 1 and that in the event of death of a partner, his executor is entitled to be paid out:

1. The capital of his credit at the date of last balance sheet.
2. His share of revaluation profit, for this purpose the assets and liabilities are revalued as under: land & building Rs. 3,10,000 ; furniture Rs. 32,000; stock Rs. 22,000 and bad debts Rs. 2,000.
3. His proportion of reserves at the date of last balance sheet.
4. Interest on capital @ 6%.
5. His proportion of profits to the date of death based on the same scale as 2008-2009. Profit for the year 2008-2009 was Rs. 40,000 and
6. Goodwill to be valued at Rs. 60,000.

S died on January 1, 2010. He had withdrawn Rs. 5,000 to the date of his death.

The investments were sold at 20%premium and S's executors were paid off.

Show the necessary ledger accounts and the balance sheet of the surviving partners R and T.                                          8

PART-B: Analysis of financial statement

Q17.Name the head under which 'Interest Accrued and due on Secured Loans' appear in the balance sheet of the company. 1

Q18. If you want neither inflow nor outflow of cash which of the following transaction will you select:

(i) Issue of share in exchange of fixed assets for use in company's factory

(ii) Sale of goods on cash.

(iii) Provision for depreciation.

(iv) Goodwill written off.

(v) A long-term loan taken from bank

(vi) Conversion of debentures into equity shares. 1

Q19. The machinery costing Rs. 25,000, depreciation their on Rs. 8,000 and is sold at a profit of 10%. What is the net amount of cash inflow or out flow in cash flow statement? 1

Q19. Explain any three limitations of analysis of financial statements? 3

Q20. Solve the following:

1. Current Liabilities of the company was 60,000 and its Quick ratio was 1.5. After this it paid Rs. 10,000 to a creditor. Calculate the Quick ratio after this payment of creditor. 2
2. Calculate debt equity ratio from the following:

   Total assets Rs. 4,80,000; current liabilities Rs. 60,000; total debt Rs. 1,00,000.             2

Q21. Prepare a comparative income statement from the following: 4

21. The net profit after tax is Rs. As on 31^st December, 2004 after considering the following:-

i) Goodwill written off Rs. 4,000

ii) Loss on Sale of Plant Rs. 8,000

iii) Depreciation on Fixed Assets Rs. 8,000

iv) Income Tax paid Rs. 18,000

v) Profit on Sale of Land Rs. 20,000

vi) Interest Received Rs. 24,000

The following is position of Current Assets and Current Liabilities:

Calculate cash from operating activities.                         6

Related articles

• Confidence Accounting: A Proposal Explained