MOCK TEST PAPER-3 CBSE-XII ACCOUNTANCY

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1 MOCK TEST PAPER-3 CBSE-XII ACCOUNTANCY Mock Test Paper-3 11 Max. Marks : 80 Time Allowed : 3 hrs. General Instruction: As per Model Test Paper-I. Part A (Accounting for Not-for-Profit Organisations, Partnership Firm and Companies) 1. Give three essential features of a Receipts and Payment Account. (1) 2. List the items that appearance the debit side of a partner's Fixed Capital Account. (1) 3. What entry will be passed when the new partner brings in goodwill in cash? (1) 4. Name two methods of calculating goodwill. (1) 5. Name the head under which the Debenture Redemption Reserve Account will appear in the Balance Sheet. (1) 6. How will you deal with the following items while preparing the Income and Expenditure Account of a club for the year ended 31st March, 2007? (3) April 1, 2006 March 31, 2007 Outstanding Locker Rent Advance Locker Rent Locker Rent received during the year Rs. 2, Moon Ltd. issued 2,00,000, 8% Debentures of Rs. 10 each at a premium of 8% on redeemable, on 30th December, How much amount of Debenture Redemption Reserve is to be created before redemption of debentures? (3) 8. Explain the provisions of Sec 79 of the Companies Act regarding issue of shares at discount. (3) 9. Ram, Shyam, Mohan were partners in a firm sharing profits and losses in the ratio of 2 : 1 : 2. Their capitals were fixed at Rs. 3,00,000, Rs. 1,00,000, Rs. 2,00,000. For the year 2005, interest on capital was credited to 9% instead of 10% p.a. The profits for the year before charging interest was Rs. 2,50,000. Show your notes and pass the necessary adjusting entry. (4) 10. The average net profit expected in the future by XYZ are Rs. 18,000 per year. The average capital employed in the business by the firm in Rs. 1,00,000. The rate of interest expected from capital invested in this class of business is 10%. The remuneration of the partner is estimated to be Rs. 3,000 p.a. Find out the value of goodwill on the basis of two year's purchase of super profits. (4) 11. Alok Ltd. forfeited 300 shares of Rs. 10 each fully called up held by Ram for non-payment of Allotment money of Rs. 3 per share and Final Call money of Rs. 4 per share. Out of these shares 250 were received to Shyam for a total payment of Rs. 2,000. Give journal entries for forfeiture and reissue. (4) 12. On , the following : balances appear in the books of Goga Ltd : (6) 8% Debentures Rs. 4,00,000 Debenture Redemption Fund Rs. 3,20,000

2 12 CBSE-XII Accountancy Debenture Redemption Fund Investment Rs. 3,20,000 Investments consisted of 4% government securities of the face value of Rs. 3,60,000. The annual instalment added to the fund is Rs. 65,600. On , the bank balance was Rs. 1,04,000 (after receipt of interest). Investment realised 92% and the Debentures were redeemed. Write 8% Debentures Account, Debenture Redemption Fund, Bank and Debenture Redemption Investment Account. 13. Prepare an Income and Expenditure Account from the following details of a Tennis Club for the year ending and a Balance Sheet as on that date : (6) RECEIPTS AND PAYMENTS ACCOUNT Receipts Amount Payments Amount To Subscriptions arrears 700 By Caterers-old dues 3,500 To Subscription current 11,000 By Caterers-current dues 9,200 To Locker's rent 2,500 By Band Fees 1,600 To Dance receipt 14,500 By By New Equipment 900 To Sale of old balls 1,000 By New Balls 5,000 By Match Expenses 800 By Rates on club house 2,400 Notes : (i) The club has 60 members paying as annual sales of Rs (ii) On , Rs. 500 was due for tennis ball and the rate paid includes Rs. 600 relating to the following year. (iii) Equipment is depreciated at 10% p.a. on cost including new equipment purchased. (iv) On , the Club had Freehold club house Rs. 25,000; Cash at Bank Rs. 9,000; Equipment = Rs. 13,500; Cash in Hand Rs Following is the Balance Sheet of A, B, C as on : (6) Creditors 2,000 Goodwill 4,000 Reserve Fund 3,200 Plant and Machinery 6,000 Capitals : A 10,000 Stock 3,500 B 5,000 Debtors 8,000 C 5,000 Cash at Bank 5,000 Cash in Hand ,200 25,200 C died on The Executors of deceased partners are entitled to : (i) Amount standing to credit of Partner's Capital Accounts.

3 Mock Test Paper-3 13 (ii) Interest on Capital 15% p.a. (iii) Share of goodwill on the basis of twice the average profit of last 3 years. (iv) Share of profit from the closure of the last financial year to the date of death on the basis of last 3 years profits before the death. Profit for the year were Rs. 6,000; Rs. 7,000; Rs. 8,000 respectively. Profits were shared in the ratio of capitals. Draw up C's account assuming his drawings amounted to Rs. 3,000 during N Company Limited invited application for 30,000 eq. Shares of Rs. 50 each at a discount of 10%, the amount being payable as : On Application Rs. 10 On Allotment Rs. 20 Balance on Call. Public applied for 30,000 shares. All money was duly received except Call Money on 400 shares. Those were forfeited. Out of these, 300 shares were received as fully Rs. 35 per share. Pass the necessary entries and prepare a Cash Book. Or BM Ltd. invited applications for 1,00,000 equity shares of Rs. 10 each issued at a premium of Rs. 4 per share. The Amount was payable as : On Application Rs. 6 (including premium Rs. 2) On Allotment Rs. 6 (including premium Rs. 2) On Call Balance. Applications were received for 1,50,000 shares and allotment was made to all of them on pro-rata basis. S to whom 200 shares were allotted failed to pay allotment and call money. V to whom 100 shares were allotted failed to pay the call money. Their shares were forfeited and 8 fully paid-up pass to journal entries in the books of the company. 16. V and N are partners in the ratio 7 : 3. Their Balance Sheet as on was as follows : (8) Creditors 10,000 Cash 15,500 Bill Payable 15,000 Debtors 20,000 Provision for Bad Debts 500 Bill Receivable 50,000 P's Loan 80,000 Stock 30,000 Capital A/c V 1,50,000 Buildings 1,00,000 Capital A/c N 50,000 Land 1,00,000 General Reserve 10,000 3,15,500 3,15,500 On , they admitted P and the following were agreed : (i) P will get 1/5th share in the profits of the firm. (ii) P's loan shall be converted into his capital.

4 14 CBSE-XII Accountancy (iii) Goodwill of the firm was valued at Rs. 2,00,000 and P brought in her share of goodwill in cash. (iv) Provision for Bad debts was to be made equal to 4% of debtors. (v) Stock was to be depreciated by 5%. (vi) Land was to be appreciated by 10%. Prepare Revaluation Account, Capital Accounts and Balance Sheet of new firm. Or The Balance Sheet of A, B, C who shared profit in the ratio of their capitals were as follows : Creditors 21,000 Buildings 1,00,000 General Reserve 20,000 Machinery 50,000 Capitals : A 80,000 Stock 18,000 B 40,000 Debtors 20,000 C 40,000 Less : Provisions 1,000 19,000 Cash at Bank 14,000 2,01,000 2,01,000 On that date B decided to retire from the firm and was paid for his share in the firm subject to the following conditions : (i) Buildings to be appreciated by 20%. (ii) Provision for Bad Debts increased to 15% on Debtors. (iii) Machinery to be depreciated by 20%. (iv) Goodwill of the firm is to be valued at Rs. 72,000 and the retiring partner's share is adjusted through the capital account of retiring partners. (v) Capital of the new firm is Rs. 1,20,000. Prepare the necessary accounts and Balance Sheet after B's retirement. Part B (Analysis of Financial Statements) 17. Give major headings of the liabilities side of the company Balance Sheet as per schedule VI, Part-I. (1) 18. Give the area of interest of investor while analysing the financial statements. (1) 19. What is the main objective of preparing a cash flow statement? (1) 20. Prepare a Comparative Income Statement of A Ltd. (3) Sales 5,00,000 8,00,000 Cost of goods sold 3,00,000 5,00,000 Direct Expenses 40,000 20,000 Indirect Expenses 30,000 40,000 Income Tax 40% 50%

5 Mock Test Paper Prepare a common-size statement from the following : (4) Liabilities Assets Equity Capital 5,00,000 15,00,000 Gross Block 20,00,000 44,00,000 Preference Capital 1,00,000 60,000 Less : Depreciation 10,00,000 15,00,000 General. Reserve 10,00,000 5,00,000 Loan from/fc 10,00,000 10,00,000 29,00,000 Account Payable 1,00,000 2,00,000 Investment 4,00,000 Outstanding Expenses 50,000 51,000 Receivables 2,00,000 4,50,000 P/L A/c 20,50,000 5,00,000 Inventory 3,00,000 7,00,000 Cash 1,00,000 3,01,000 20,00,000 43,51,000 20,00,000 43,51, Calculate : (i) Gross Profit Ratio : (ii) Net Profit Ratio; (iii) Current Ratio; (iv) Liquid Ratio : (4) Particulars Amount Particulars Amount To Sales 2,50,000 By Fixed Assets 14,40,000 To Cost of Sales 20,00,000 By Net Worth 15,00,000 To Net Profit 4,00,000 By Debtors (long-term) 9,00,000 To Average Inventory 8,00,000 By Current Liabilities 5,00,000 To Other Current Assets 7,00,000 By Net Profit before Tax and Interest 8,00, Calculate cash from operating activities : PROFIT & LOSS ACCOUNT for the year ending Particulars Amount Particulars Amount To Salaries 18,000 By Gross Profit 65,000 To Rent 10,000 By Profit on Sale of Land 7,000 To Provision for Doubtful Debts 2,000 By Income Tax Refund 6,000 To Depreciation 4,000 To Loss on Sale of Land 3,000 To Goodwill Written Off 5,000 To Proposed Devidend 7,000 To Provision for Tax 4,000 To Net Profit 25,000 78,000 78,000

Book Recommended : Ultimate Book of Accountancy 12 th CBSE. ACCOUNTANCY (055) CLASS XII Time allowed: 3Hours Sample Paper - 1 M.

Book Recommended : Ultimate Book of Accountancy 12 th CBSE ACCOUNTANCY (055) CLASS XII Time allowed: 3Hours Sample Paper - 1 M.M 80 General Instructions: 1. This question paper contains Two parts A& B.