Accountancy Sample Paper for Class 12 Set-3

Accountancy Sample Paper – 3
Class – XII
Subject – ACCOUNTANCY

Time: 3Hrs Max marks: 80

PART'A'- Not for profit organisation, Partnership and company Accounts

Q1 Why there is a need for separate accounting treatment for not for profit organisation    1

Q2 Under what circumstances the capital A/c of a partner does not shows a 'debit balance' in spite of regular and consistent losses year after year ?    1

Q3 What is realization A/c    1

Q4 Why assets and liabilities are revalued on the admission of partner?    1

Q5 what are the provisions if a company is not able to get the amount of minimum subscription.    1

Q6 calculate the amount of income from subscription for the year 2006-2007    3        

1. Subscription outstanding for March31, 2006 Rs 8,500
   

2. Subscription outstanding for March31, 2006 Rs 18,500
   

3. Subscription received in advance Mar31,2006 Rs 4000
   

Q7X. Y & Z were partners sharing profits in the ratio of 2:3:5. Goodwill is appearing in the books Rs 60,000. X retires and on that day Goodwill is valued at Rs 45,000.Y and Z decided to share future profits equally. Pass the necessary journal entries         3

Q8 Suman Ltd is registered with a nominal capital of Rs 10,00,000 divided in 1,00,000 shares of ` 10 each. Out of these 20,000 shares were issued to vendor as fully paid up as purchase consideration for building acquired. 65,000 shares were offered to the public and of these 60,000 shares were applied and allotted. The directors called Rs 6 per share and received the entire amount except Rs 2 per share on 5,000 shares. How would you show the relevant items in the Balance sheet    3    

Q9 RK Ltd issued 5,00,000,7% debentures of ` Rs 50each. Pass necessary journal entries in the books of company for the issue of debentures when debentures were    4

1. Issued at 4% premium, redeemable at 5% premium
   

1. Issued at par, redeemable at 8% premium
   

    

   Q10 Aman, Babu, and Charu were partners sharing profits in the ratio of 2:2:1. Charu wants that she should get equal share in the profits . She further wishes that change in the profit sharing should come in to effect retrospectively were for the last three year. Aman and Babu have agreement on his account. The profit for last three years were Rs 20,000, Rs 25,000and Rs40,000        4                     2007    22,000         2008    24,000         2009    29,000         Show the adjustment of profits by means of a single adjustment journal entry        4
   

    

    

   Q11 Sudhir Ltd took over the Assets of the book value Rs 12,00,000 and liabilities of Rs 2,20,000 of Jain Ltd for purchase consideration of Rs 9,35,000. The purchase consideration was discharged by the issue of debentures of Rs 500 each at a premium of 10%. Pass journal entries in the books of sudhir Ltd        4
   

    

    

   Q12 Given below is the receipt and Payment Account of 'old Men Association Club for the year ended on 31-3-2001
   

    

    

       
   

    

Prepare income and expenditure account for the year ended 31 march, after taking following in to consideration

1. There are 500 members each paying Rs 50 as annual subscription. Rs 500 is still in arrears for 1999-2000
   

2. Taxes amounting to Rs 400 per annual have been paid up to 30^th June 2001 and Rs 1000 for salaries is out standing
   

3. Building stands in the books at Rs+ 50,000 and it is required to write off depreciation at 5% per annum
   

1. Interest on investment is accrued for 5 months        6
   

    

   Q13 Pass necessary journal entries for redemption of debentures        6
   

    

   1. G Ltd had 8,00,000 9% debentures of Rs 100 each due for redemption. The company had balance of Rs 2,00,000 in its debentures Redemption Reserve Account.
      

   2. X Ltd redeemed 2,000, 10% debentures of Rs 100 each by purchasing in the open market for immediate cancellation at Rs 92 a debenture        
      

   3. B ltd Redeemed 2,500, 13% Debentures or Rs 100 each by converting them in to equity shares of Rs 10 each at premium of 25%
      

Q14 The following was the Balance sheet of X ,Y and Z as on 28.2.2002

The firm was dissolved on above date on the following terms

1. Debtors realized Rs 29,000 and creditors and bill payable were paid at discount of 10%
   

2. Stock was taken over by X for Rs 17,000 and furniture was sold to K for Rs 20,000
   

3. Land and Building was sold for Rs 1,18,000
   

4. G's loan was paid by cheque
   

5. The firm had a joint life policy of Rs 10,00,000 with a surrender value of Rs 1,80,000. The policy was surrendered at its surrender value
   

Prepare realization A/c, capital A/c and bank A/c        6

Q15 A, B and C were equal partner. Their Balance as at 31 Dec , 2009 is given below    8            

                 Balance Sheet

                As at 31 December, 2009

B Retired on 1^st January.2010, A and C decided to continue the business as equal partner on following terms

i)    Goodwill of the firm was valued at Rs 57,600

ii)    Provision for doubtful debts to maintained at 10%

iii)    Land building to be increased to Rs 1,32,000

iv)    Furniture to be reduced by Rs 8,000

1. Rent outstanding was Rs 1,500

1. The remaining partner decided to bring sufficient cash to pay off B and to maintain a bank balance of Rs 24,800. They decided to readjust their capital as per new profit sharing ratio

Prepare Revaluation A/c ,Partner's Capital A/c And Balance sheet

OR

A and B are partners sharing profits in the ratio of 2:3.Their balance sheet as on 31 December was as follows:

On this date they admitted C for 1/5 share in profits which he wholly acquires from B.The other terms of agreement were

1. Goodwill was to be valued at two years purchase of average of last 3 yrs profits. The profit for last 3 last three yrs were Rs 58,000; Rs 66,000; and Rs 56,000
2. Provisions for doubtful debt was found in excess by Rs 2,000
3. Building was found undervalued by Rs 20,000 and furniture overvalued by Rs 5,000
4. Rs 5,000 for damages claimed by customer. it was agreed at Rs 2,000 by a compromise between the firm and customer
5. C was to bring Rs 60,000 as his capital and necessary goodwill for his share
6. Capital of A and B were to be adjusted in the new profit sharing ratio by opening necessary current account

Prepare revaluation A/c Capital A/c and Balance sheet

Q16 .Reliance Ltd issued for public subscription 40,000 shares of Rs 10 each at a premium of Rs 2 per share payable as :

On application `2 per share. On allotment Rs 5 per share (inclu Premium). On first call Rs 2 per share. On second and final call Rs 3 per share

Applications were received for 60,000.shares Allotment was made prorata to applicants for 48000 shares, the remaining applicants beings refused. Money overpaid on applications was applied towards allotment

A to whom 1,600 shares were allotted failed to pay allotment money and B to whom 2,000 shares were allotted failed to pay two calls. these were subsequently forfeited after second call. Of these 3,000 shares were reissued to C credited as fully paid up at Rs 7 per share, the whole share of B was included                 

Pass necessary journal entries

Or

ARYAN Ltd invited Applications for issuing 90,000 equity shares of Rs 10 each at a discount of Rs 1 per share payable as Rs 3 per share on application Rs 2 per share on allotment Rs 4 per share on final call

Applications for 1,20,000 shares were received. Allotment was made as follows         

    LIST-I . Applicants of 15,000 shares were allotted in full

    LIST-II. Applicants of 45,000 shares were allotted 30,000 shares on pr-rata basis

    LIST-III Applicants of 60,000 shares were allotted 45,000 shares on pro-rata basis

All the shareholders paid the amount and call except 'A' ( who was allotted 3000 shares under list II ) and B (who was allotted 4,500 shares under List III). They did not pay any amount due on allotment and final call. Their shares were forfeited after final call and reissued at Rs 6 per share    . Pass necessary entries

PART B

ANALYSIS OF FINANCIAL STATEMENTS

1. 
   Assuming that Debt-Equity ratio is 2:1, state whether the ratio will improve, decline or will have no change in case equity share capital is issued for cash    1
2. Classify the following items in to (i) operating (ii) investing (iii) financing activities for finance company                     i) sale of securities (ii) dividend paid to share holder      1
3. How financial statement is useful for potential investor     1

    

1. Net profit of a company was 20%. Its indirect expenses were `

   80,000 and cash sales was `3,00,000. The credit sales was 80% of the total sales. Calculate the Gross profit ratio of company 3

   Q21 From the following information is given to you

   1. Stock turnover ratio 5 times
   2. Stock at the end is Rs 5,000 more than the stock in the beginning
   3. Sales(credit) Rs 2,00,000
   4. Gross profit ratio ¼ on cost
   5. Current liabilities
   6. Quick Ratio

   Calculate (a) cost of goods sold (b) opening and closing stock

   ( c) current assets    4

    

    

    

   Q22 From the following data prepare a comparative income Statement: 4    

Q23 The following is the balance sheet of kausal Ltd as on 31-12-2013 and 31-12-2014 were as follows:                        6

Additional information:

1. Rs 63,000 depreciation has been charged to machinery during the year 2014
2. A piece of machinery costing Rs 15,120 (book value Rs 6,300) was sold at 60% of book Value

    

Prepare cash flow statement for the year 31 Dec 2014