Accountancy Sample Paper – 02 for Class XII

Accountancy Sample Paper – 2
Class – XII
Subject –ACCOUNTANCY

Maximum Marks :-80                            Time Allowed: – 3:00 hrs

General Instructions:-

1. This Question paper contains three parts A,B and C.
2. Part A is compulsory for all Candidates.
3. All parts of the Questions should be attempted at one place.

   Part-A

    

1. Name the fund in which principal amount is kept intact till perpetuity and the income from such investment is used.                             (1)
2. L and M had a dispute over interest on Capital. M wants that interest on Capital be provided @ 8% p.a. What should be done if there is not partnership deed?        (1)
3. What do you mean by change in profit-sharing ratio?     (1)
4. Name the expenses which are incurred during the incorporation of a Company.     (1)
5. At the time of retirement of a partner, Workmen's Compensation reserve is appearing in the Balance Sheet as Rs. 4000. Give Journal entry if Workmen's Compensation at the time of retirement is estimated at Rs. 5000.             (1)
6. What amount of medicine be posted in the Income and Expenditure Account?

   Stock of medicine on 1.1.2009            Rs. 30,000

   Creditors for medicine on 1.1.2009            Rs. 20,000

   Stock of medicine on 31.12.2009            Rs. 5,000

   Amount paid for medicine during the year 2009        Rs. 1,08,000

   Advance paid for medicine on 31.12.2009        Rs. 3,000     (3)

7. Jyoti Ltd. invited applications for 1,00,000 shares of Rs. 10 each. Application for 1,50,000 shares were received. What are the alternatives available to the Company for allotment of these Shares?         (3)
8. A company issued 40,000 equity shares of Rs. 100 each at 20% premium. Amount payable are as follows:-

   Rs. 20 on application, Rs. 45 (including premium) on allotment, Rs 30 on first call and balance on 2^nd and final call. A holder of 2000 shares paid the whole of sum due along with allotment and similarly another holder of 100 shares had paid the entire balance with first call. First call and second and final call had been made after 2 months and 6 months from the date of allotment. Calculate interest payable on call in advance. The company adopts Table-A.                                 (3)

9. Gold and Silver are parteners,who divided profit and losses in the ratio of their capitals wich are Rs600000 and Rs400000.Gold is allowed an annual salary of Rs 50000 and Silver gets Rs400000 as commission@ 5% on total sales.Parterners were entitled to an interest @10%p.a. on capitals.The firm earned profits @ 10% on total sales.Prepare Profit and Loss Appropriation Account.                          (4)
10. A and B are partners, sharing profits in the ratio of their Capitals which are Rs. 1,50,000 and Rs. 1,00,000 respectively. C admitted and brings Rs. 20,000 for premium for Goodwill and Rs. 30,000 for Capital. The new profit sharing ratio of A, B and C are 1:3:1. Pass necessary journal entry for the treatment of goodwill on C's admission.

    (4)

11. Pallawi Ltd. issued 20,000, 7% Debenture of Rs.100 each on 1.4.2001 at a premium of 5%. On 31.03.2004 , out of these 2000, 7% debenture were redeemed by Converting them into equity shares of Rs. 100 each, issued at par and 5000, 7% Debenture were converted into 10% preference shares of Rs. 100 each issued at a premium of 25%. Pass necessary Journal entries in the book of Pallawi Ltd as on 31.03.2004.          (4)
12. Following is the Receipts and Payments Account of G.G sports club for the year ended 31st March 2007. Prepare Income and Expenditure Account for the year ended 31^st March, 2007 and the Balance Sheet at 31^st March, 2007.

                    Receipts and Payments Account                             For the year ending 31^st March 2007

    DR.                                 CR.

 

On 1^st April 2006, the club had assets worth Rs. 23,000 (Including Books of Rs. 7,000, 10% Investment Rs. 12,000 and Furniture Rs. 4000) Subscriptions outstanding as on 1.4.2006 were Rs.700 and as on 31.3.07 were Rs. 800. Creditors for stationery on 1.4.2006 were 300. Bills outstanding for repairs as on 31.03.07 were Rs. 600 and wages outstanding were Rs. 400. 50% of the Entrance is to be capitalized. Depreciation is to be provided on Computer @20% p.a. and Books 10% p.a.                 (6)

 

1. A,B and C were partners sharing Profit and Losses in the ratio of 5:3:2. Their Balance Sheet was as follows:-

    

    

    

    

   Balance Sheet of A, B and C

   As at 1^st April, 2007

 

B retired on the same date and the following adjustments were made:- (a) Fixed Assets were overvalued by 20% (b) Outstanding Bill for repair was worth Rs. 15,000. (c) Goodwill was valued at Rs. 47,500.

B was to be paid immediately by Cash brought in by A and C so as to make their capital in new profit sharing ratio which was 3:2. Goodwill should not be raised in the books. Prepare Revaluation Account Partner's Capital Accounts and the Balance Sheet of the firm. (6)                             (6)     

1. Vivek Ltd. issued on 1.1.2008, 1,00,000, 10% Debentures of Rs. 100 each at par. The terms of debentures trust deed provides for the redemption of Rs. 50,000 debentures every year commencing from 31.12.09 either by purchase in the open market or by drawing at par at the Company's option.

   On 31.12.09, the company purchased for cancellation, debentures of face value Rs. 30,000 at Rs. 80 per debenture and of Rs. 15,000 at Rs. 90 per debenture. Journalize the above transactions during 2008 and 2009. (Ignore interest on debentures.) (6)

2. Bramhaputra Ltd. issued 20000 shares of Rs 10 each at a discount of 10 %, payable as follows:-

On Application: – Rs.3

On Allotment: – Rs. 3 and balance on final call.

The issue was oversubscribed to the extent of 15000 shares and the allotment was made as follows:- (a) Applicants of 5000 shares were given full allotment (b) other applicants of shares were allotted shares on pro-rate basis. All moneys due were received with the exception of the allotment and call money on 1000 shares held by A and call money on 500 shares held by B. The shares on which allotment and call money was not received were forfeited. The forfeited shares were reissued at Rs. 7 per share as fully paid up. Pass necessary Journal entries in the books of Bramhaputra Ltd. for the above transactions.                                                 (8)

OR

Ganga Ltd. issued a prospectus offering 2,00,000 Equity shares of Rs. 100 each at a premium of Rs. 20 per share, payable as follows:-

On Application and Allotment:- Rs. 40 (Including Rs. 10 premium) and Balance on first and final call.

Subscriptions were received for 3,50,000 shares and the allotment made, was as under:-

1. To applicants for 1,80,000 shares-1,00,000 shares
2. To applicants for 1,70,000 shares- 1,00,000 shares

All the money due was received except Mr. A who was allotted 1000 shares in the category (i) and Mr. B, who applied for 3400 shares in the category (ii) failed to pay first and final call money. Of the share forfeited 50 % shares of A and B were reissued to Mr. C as fully paid up for Rs. 75 per share. Give the journal entries to record the above transactions.                             (8)

16.    Moon and star are two partners sharing profits and losses in the ratio of 3:2. Their Balance Sheet as on 31^st March, 2010 is :-

Balance Sheet as on 31.3.2010

Earth is to be admitted as a partner with effect from 1^st April 2010 on the following terms:-

1. Earth will bring in Rs. 1,50,000 as Capital and Rs. 1,20,000 as premium for goodwill for 1/4^th share of profits.
2. The assets will be revalued as:- Land and Building-Rs. 5,50,000, Furniture- Rs. 1,20,000, stock- Rs. 1,50,000.
3. The claim of a creditor for Rs. 40,000 is paid as Rs. 48,000.
4. Half of the General Reserve is to be withdrawn by the partner's.
5. Bills payable paid off by raising Bank Loan. You are required to show the Revaluation Account, Partner's Capital accounts and the Balance sheet of the new firm.                                                      (8)

   
   OR                             

   Heera and Moti are partners in a firm sharing profits and losses in the ratio of 1:2. on 31^st March 2010, their Balance Sheet was :-

   Balance Sheet of Heera and Moti as on 31^st March 2010

On that date the partners decide to dissolve the firm under the following arrangements:-

1. Heera promised to pay off Mrs. Heera's Loan and took investment at Rs. 60,000.
2. Other assets were realized as follows:-

   Debtors:- Full amount, stock:- Rs40,000 Furniture:- 1,10,000, Patents and Goodwill:-10% less, A part of building at Rs. 54,000 (Being 10% less than the book value) and remaining building 20% more than the book value.

3. Expenses on realization amounted to Rs. 2000.
4. Creditors and Bills payable of the firm agreed to accept 10% less.

   You are required to close the books of the firm by preparing Realization Account, Partner's Capital Accounts and Bank Account.      (8)                    

   Part – B

17. What is vertical analysis of financial statement?                        (1)

18.Why are non-cash transactions such as depreciation added to the net profit, when cash flow

from operating activities is prepared?                            (1)

19. Dividend received by a financial enterprise is classified under which kind of activity while

preparing Cash Flow Statement.                                (1)

20. Prepare Comparative Income statement of Sunny Enterprises Ltd. for the period of 2009 and

2010.                                            (3)    

21.(a) X Ltd. has a current ratio of 3.5:1 and quick ratio 2:1. If excess of current assets over

quick assets represented by Stock is Rs. 24,000, Calculate current assets and current

liabilities.

(b) From the given information, Calculate Stock Turnover Ratio:-

Sales Rs. 4,00,000, Gross Profit 25%, opening stock was 1/4^th of the value of closing stock, closing stock was 20% of sales.    (2+2=4)    

22. The current ratio of a company is 2:1. State which of the following would improve, reduce or

not change the ratio (any four)        (1×4=4)    

(i) Purchase of goods on credit.    

(ii) Sale of fixed assets at a profit of 10%.

(iii) Payment made to creditors after deducting 10%.

        (iv) Payment of dividend.

        (v) Redemption of debentures at a premium of 25%

23. prepare cash flow statement

Additional information :

• During the year investment costing Rs. 3000 was sold for Rs. 2800.
• A new machinery was purchased for Rs. 13000             (6)

 

 

 

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