TOPPER SAMPLE PAPER 2
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1 TOPPER Sample Papers 209 TOPPER SAMPLE PAPER 2 ACCOUNTANCY XII Time Allowed - 3 Hrs. Max. Marks - 80 General Instructions:- 1. This question paper contains two parts A & B only. 2. All parts of questions should be attempted at one place. 3. There is internal choice in some questions. Part A (Accounting for not for profit organization, partnership firms and companies) Q 1. How would you account for subscription received in advance in the books of non-trading organization? 1 Q 2. State one difference between Fixed Capital Account and Fluctuating Capital Account of partners. 1 Q 3. A and B are partners in a firm with capitals of Rs.60,000 and Rs.1,20,000 respectively. They decide to admit C into the partnership for 1/4 th share in the future profits. C is to bring in a sum of Rs.70,000 as his capital. Calculate the amount of Goodwill. 1 Q 4. M, N and O are partners sharing profits in the ratio of 5:3:2. O retires and the new profit sharing ratio between M and N is 5:3. State the gaining ratio. 1 Q 5. What are Convertible Debentures? 1 Q 6. Calculate the amount to be debited to Income & Expenditure account under the heading Sports items for the year in respect of Cosmos Club: 3 Sports items on Sports items on Paid for Sports items during the year Creditors for supplies of Sports items on Rs.24,000 Rs.11,100 Rs.63,200 Rs.14,800 Q 7. Q 8. Q 9. Shobha Ltd. bought the business of Pratibha Ltd. on consisting of Sundry Assets of Rs.11,20,000 and Creditors Rs.2,00,000 for a purchase consideration of Rs.10,00,000. Rs.2,00,000 was paid in cash on and for the balance 6% Debentures were issued at a premium of 25% on Pass necessary journal entries in the books of Shobha Ltd. for the above mentioned transactions. 3 On Plast Ltd. had made an issue of, 6% Debentures of Rs.100 each. The company during the year purchased for cancellation 600 of these debentures. The company paid Rs.92 per debenture for 500 debentures and Rs.96 per Debenture for the rest.the expenses on purchase amounted to Rs.600. Pass journal entries in the books of the company for the year A, B and C were partners in a firm. They had no partnership deed. They had been in business for 4 years and their P & L for this period was: year ending March 2004 Rs.39,000, March 2005 Rs.54,000, March 2006 Rs.18,000(Loss) and March 2007 Rs.75,000. During the year , they agreed to share profits and losses in the ratio 2:2:1 with retrospective effect from the year It was also decided that an interest(charge) of 5% p.a. was to be
2 210 Accounts XII provided on capital(fixed). Their capitals were Rs., Rs.60,000 respectively. Pass a single adjustment entry to adjust the capital accounts of the Partners. 4 Q 10. (a) What is a Revaluation Account? (b) Why are assets revalued at the time of admission of a partner? 2+2=4 Q 11. Ramesh & Co. forfeited 1,000 shares of Rs.10 each issued at a discount of Rs.1 per share for the non-payment of the first call of Rs.3 per share. The final call of Rs.2 per share not yet been made. 400 of these shares are reissued at Rs.6 per share Rs.8 paid up, and 400 shares reissued at Rs.7 per share fully paid up. Pass journal entries in the books of Ramesh & Co. to record the forfeiture and reissue of shares. 4 Q 12. Prepare an Income & Expenditure Account from the following particulars of Young Achievers Club: 6 Receipts & Payment Account Receipts Amount (Rs.) Payments Amount (Rs.) Balance b/d(1/4/2004) 35,500 Salaries 42,500 Subscription Postages 1, ,500 Rent 11, ,000 Printing & Stationery 20, ,800 79,300 Sports Material 9,500 Donation(Swimming Pool) 1,50,000 Miscellaneous Expenses 2,400 Entrance Fees 3,100 Furniture(1/10/2004) 30,000 Sale of Old magazines % Investments(1/7/04) 75,000 Balance c/d 76,500 2,68,850 2,68,850 Additional Information: (a) There are 250 members each paying an annual subscription of Rs.300 (b) Rs.1,500 is still in arrears for the year for subscription. (c) Value of sports material at the beginning and at the end of year was Rs.6,000 and Rs.1,500 respectively. (d) Depreciation to be 10% p.a. on Furniture. Q 13. Pass necessary entries for redemption of debentures in the following cases: 6 20,000 12% debentures of Rs.50 each were issued at par to be redeemed as follows: (a) Redeemable at a premium of 10% by conversion into equity shares issued at par. (b) Redeemable at a premium of 10% by conversion into equity shares issued at a premium of 25%. (c) Redeemable at a premium of 8% by conversion into 8% preference shares issued at a discount of 10%. Q 14. Indu and Hema were partners. The partnership Deed provided for: 6 (a) Profits to be divided as Indu 1/2, Hema 1/3 and 1/6 th to be transferred to Reserves. (b) The accounts are closed on march 31 st each year. (c) In the event of death of a partner the executors will be entitled to:
3 TOPPER Sample Papers Capital to the credit on the date of death. 2. Interest on capital at 12% p.a. 3. Proportion of profit to the date of death based on the average profits credited for the last 3 years. 4. Share of goodwill based on three years purchase of the average profits of the preceding 3 years. The following information is provided to you: Indu s Capital : Rs.1,20,000, Hema s Capital Rs., Reserves Rs.30,000, Cash Rs.1,10,000, Investments Rs.70,000 Prepare Indu s Capital Account to be presented to her executors who died on April 30 th, The profits for the three preceding years were Rs.84,000, Rs.90,000 and Rs.99,000. Q 15. Prakash Engineering Company issued for public subscription 40,000 equity shares of Rs.10 each at a premium of Rs.2 per share, payable as under:- On Application Rs.2 per share On Allotment Rs.5 per share (including premium) On First Call Rs.2 per share On Final Call Rs.3 per share Applications were received for 75,000 Equity shares. The shares were allotted pro-rata to the applicants of 60,000 shares only, the remaining applications being rejected. Money overpaid on applications was utilized towards the sum due on allotment. Ashok to whom shares were allotted failed to pay the allotment money and the two calls. Baneet who applied for shares paid the calls money along with the allotment money. Pass journal entries to record the above transactions. OR Moneywell Company issued for public subscription 50,000 equity shares of the value of Rs.10 each at a discount of 10%, payable as follows: Rs.2 on application Rs.3 on allotment Rs.2 on the first call Rs.2 on the final call The company received applications for 1,25,000 shares. The allotment was done as follows: (a) Applicants of 15,000 shares were refunded the application money. (b) Applicant of 60,000 shares were allotted 30,000 shares. (c) The remaining applicants were allotted 20,000 shares. Excess of application money received was adjusted against allotment and calls, if any. Mohan, a shareholder, who had applied for shares (group b) failed to pay the allotment money and both the calls. Ramesh, a shareholder (group c) who was allotted 1,500 shares, paid the calls money along with the allotment money. Pass necessary journal entries to record the above transactions. 8 Q 16. A and B are partners sharing profits in the ratio of 4:3. Their Balance Sheet on March 31 st 2007 was as under:-
4 212 Accounts XII Liabilities Amount (Rs.) Assets Amount (Rs.) Sundry Creditors 25,000 Cash 1,800 Bills Payable 5,000 Bank 1 Capitals : A : B : 60,000 1,40,000 Debtors 30,500 Less: Prov. For Bad & Doubtful Debts ,200 Stock 25,000 Plant 40,000 Buildings 60,000 1,70,000 1,70,000 They agreed to admit C into partnership with effect from April 1 st 2007 on the following terms:- (a) C to bring capital equal to 1/8 th of the total capital of the new firm after all adjustments. (b) Buildings to be appreciated by Rs.7,000 and Plant depreciated by Rs.3,500. (c) The provision for doubtful debts on debtors to be raised to Rs.650. (d) The goodwill of the firm to be valued at Rs.28,000 and C to bring his share of premium in cash. Prepare Revaluation Account, Partners Capital Account and the Balance Sheet on C s admission. The Balance Sheet of A, B and C on was as follows:- Liabilities Amount Assets (Rs.) Creditors 50,000 P & L Account 30,000 A s capital Land & Buildings B s capital Plant & Machinery 56,000 C s capital 60,000 Motor Car 54,000 Debtors 48,000 Cash 2,000 2,70,000 2,70,000 The following terms were agreed upon for A s retirement: (a) Goodwill to be valued at Rs.42,000 and not to be shown in the books after A s retirement. (b) Land and Buildings to be appreciated by Rs.20,000. (c) Plant and Machinery to be reduced to Rs.46,000. (d) Provision for doubtful debts to be created at 5% on debtors. (e) Create a provision of Rs.1,400 for discount on creditors. (f) The sum payable to A to be brought in by B and C in such a manner that their capitals are in proportion to the profit sharing ratio. Prepare Revaluation Account, Partners Capital Accounts and the Balance Sheet to give effect to the above. 8
5 TOPPER Sample Papers 213 PART B (Analysis of Financial Statements) Q 17. Why is the shareholders interested in analyzing financial statements? 1 Q 18. When is interest received considered as financing activity? 1 Q 19. Quick ratio of a company is 1.5 : 1. State giving reason whether the ratio will improve, decline or not change on payment of dividend by the company. 1 Q 20. Prepare a common size statement from the following for the year ended 31 st March, 2007: 3 Sales Cost of Goods sold Operating Expenses Interest on investments Rs.15,00,000 Rs.8,00,000 Rs.2,10,000 Rs.60,000 Taxes 50% Q 21. The following information is provided to you: Stock Turnover Ratio: 8 times, Average stock: Rs.1,, Gross Profit Ratio: 33⅓%, Closing Stock :Rs.10,000 in excess of Opening Stock. Based on the above information calculate any two (a) Sales, (b) Cost of goods sold and (c) Closing Stock. 4 Q 22. (a) Calculate Return on Investment from the following information :- Net profit after tax : Rs.6,50,000; 12.5% Convertible Debentures : Rs.8,00,000; Income Tax :50%; Fixed Assets at cost : Rs.24,60,000; Depreciation Reserve : Rs.4,60,000; Current Assets : Rs.15,00,000; Current Liabilities : Rs.7,00,000. (b) Profit before Interest and Tax (PBIT) :Rs.3,00,000; 10% Pref. Shares of Rs.100 each: Rs.3,00,000; 20,000 Equity Shares of Rs.10 each; Rate of 50%. Calculate Earning per share (EPS). 2+2=4 Q 23. Calculate Cash Flow from operating activities with the following information of X Ltd. 6 1 st April,2006 (Rs.) P & L Account 50,000 30,000 Bills Receivable 26,000 17,000 Rent Payable 1,600 4,000 Prepaid Insurance 2m800 2,400 Stock 22,000 39,000 Creditors 20,000 10, st march, 2007 (Rs.) X Ltd. had provided for the following items while arriving at the profit for the year:- (a) Depreciation on Fixed Assets Rs.24,000. (b) Writing off preliminary Expenses Rs.6,000. (c) Loss on sale of furniture Rs.2,000. (d) Profit on sale of Machinery Rs.4,000.
6 214 Accounts XII 1. Subscription received in advance is treated as a liability and shown in Balance Sheet (1) 2. When the capitals are fixed, each partner has two accounts, namely capital account and a current account. When the capitals are fluctuating, each partner has only one account, namely capital account. (1) 3. C s capital = 70,000 C s share = ¼ Capital of the firm = 70,000 x 4/1 = 2, A s capital = 60,000 B s capital = 1,20,000 C s capital = 70,000 Total capital of A, B & C = 2,50,000 Goodwill of the firm = 2, 2,50,000 = 30,000 (1) 4. Calculation of gaining ratio Particulars M N O New ratio Old ratio 5/8 5/10 Difference 5/40 3/40 3/8 3/10 2/10 Gaining ratio = 5:3 (1) 5. Debentures which are convertible into equity shares or other securities at a stated rate of exchange either at the option of debenture holders or at the option of company after a specified period. (1) 6. Income & Expenditure A/c Expenditure Rs. Income Rs. To amount paid for Sports items 63,200 Add: opening stock 24,000 Less: closing stock (11,100) Add: closing creditors 14,800 90, Journal Entries (3) Date Particulars L.F. Rs.() Rs.(Cr.) Assets A/c 11,20,000 Goodwill A/c To Creditors A/c To Pratibha Ltd. 2,00,000 10,00,000 (Being Shobha ltd. took over the assets & liabilities of Pratibha ltd.) Pratibha Ltd. To Cash A/c (Being some amount paid in cash) 2,00,000 2,00,000
7 TOPPER Sample Papers Pratibha Ltd. To 6% Debentures A/c To Securities Premium A/c (Being 6% debentures issued to Pratibha Ltd. at premium) 8. Journal Entries 8,00,000 6,40,000 1,60,000 (1x3) Date Particulars L.F. Rs.() Rs.(Cr.) Own Debentures A/c 56,200 To bank A/c 56,200 (being 600 own debentures purchased from open market for immediate cancellation) 6% Debentures A/c 60,000 To Own Debentures A/c To profit on cancellation 56,200 3,800 (being debentures cancelled ) Profit on cancellation A/c 3,800 To Capital Reserve A/c 3,800 (being profit on cancellation transferred to capital reserve A/c ) (1 x3) 9. Total profit for last 4 years = 39,000+54,000 18,000+75,000 = 1,50,000 Interest on capital ( for 4 years) A= x 5/100 x 4 = 16,000 B= 60,000 x 5/100 x 4 = 12,000 C= 60,000 x 5/100 x 4 = 12,000 Profit & Loss Appropriation A/c Particulars Rs. Particulars Rs. To interest on capital A- 16,000 B- 12,000 C- 12,000 To profit transferred to current A/c A- 44,000 B- 44,000 C- 22,000 40,000 1,10,000 Amount to be credited to A = 16,000+44,000 = 60,000 Amount to be credited to B = 12,000+44,000 = 56,000 Amount to be credited to C = 12,000+22,000 = 34,000 Amt. to be credited Amt. already credited By Net profit 1,50,000 1,50,000 1,50,000 A B C Total 60,000 50,000 56,000 50,000 34,000 50,000 1,50,000 1,50,000
8 216 Accounts XII Difference 10,000 (cr.) 6,000 (cr.) 16,000 (dr.) --- Journal Entry Date Particulars L.F. Rs.() Rs.(Cr.) C s current A/c 16,000 To A s current A/c To B s current A/c 10,000 6,000 (2+1+1) 10. (a) It is prepared to find out the profit or loss on revaluation of assets & liabilities at the time of reconstitution of firm. Profit or loss shown by revaluation account is divided between the old partners in old profit sharing ratio. (b) Assets & liabilities are revalued because the entire profit or loss due to their revaluation is divided amongst the old partners in their old profit sharing ratio. The new partner should not share such profit or loss because it belongs to the period prior to his admission. (2+2) 11. Journal Entries Date Particulars L.F. Rs.() Rs.(Cr.) Share Capital A/c 8,000 To Share Forfeited A/c To Calls in Arrears A/c To Share Discount A/c 4,000 1,000 (being shares forfeited) 2,400 Share Forfeited A/c 400 Share Discount A/c 400 To Share Capital A/c 3,200 (being 400 shares reissued) 2,800 Share Forfeited A/c 800 Share Discount A/c 400 To Share Capital A/c 4,000 (being 400 shares reissued) Share Forfeited A/c 2,000 To Capital Reserve A/c 2,000 (being balance of shares forfeited A/c transferred to capital reserve A/c ) (1x4) 12. Income & Expenditure A/c For the year ending Particulars Rs. Particulars Rs. To salaries To Postage To rent To Printing & Stationery To Sports material used (9,500+6,000-1,500) To Miscellaneous expenses To Depreciation on Furniture 42,500 1,950 11,000 20,000 14,000 2,400 1,500 By Subscription 70,000 Add: O/s (end) 5,000 By Entrance fees By Sale of old magazines By interest on investment ( for 9 months) By Deficit 75,000 3, ,625 8,675
9 TOPPER Sample Papers (a) Journal Entries 93,350 93,350 (1/2 x 12) Date Particulars L.F. Rs.() Rs.() 12% Debentures A/c 10,00,000 Premium on redemption of Deb. To Debentures holders A/c 1 (Being amt. due to Debentures holders on conversion) Debentures holders A/c 1 To Equity share capital A/c 1 (Being issue of equity shares at par) (b) Journal Entries Date Particulars L.F. Rs.() Rs.() 12% Debentures A/c 10,00,000 Premium on redemption of Deb. To Debentures holders A/c 1 (Being amt. due to Debentures holders on conversion) Debentures holders A/c 1 To Equity share capital A/c To Securities premium A/c 8, 2,20,000 (Being issue of 8,800 equity shares at a premium of 25%) (c) Journal Entries Date Particulars L.F. Rs.() Rs.() 12% Debentures A/c 10,00,000 Premium on redemption of Deb. To Debentures holders A/c 10, (Being amt. due to Debentures holders on conversion) Debentures holders A/c 10, Discount on issue of shares 1,20,000 To 8% Preference share capital A/c 12,00,000 (Being issue of 12,000 preference shares at a discount of 10%) (1 x 6) 14. Indu s Capital A/c Particulars Rs. Particulars Rs. To Indu s executor A/c 3,06,640 By balance b/d By reserves By Hema s capital A/c By Interest on capital A/c By P & L suspense A/c 1,20,000 18,000 1,63,800 1,200 3,640 3,06,640 3,06,640
10 218 Accounts XII Calculation of P&L suspense = Average profit of last 3 years x 3/5 x 1/12 = 91,000 x 3/5 x 1/12 = 3,640 (1 x6) 15. Journal Entries Date Particulars L.F. Rs.() Rs.(Cr.) 1,50,000 To Share application A/c 1,50,000 (Being share application money received on 75,000 shares) Share Application A/c 1,50,000 To Share Capital To Share Allotment To Bank 40,000 30,000 (Being application money transferred) Share Allotment A/c 2,00,000 To share capital A/c To Securities premium A/c (Being allotment due on 40,000 Rs3 at a premium of Rs.2) Calls in arrears A/c To share allotment A/c To calls in advance A/c (Being allotment money received) Share First call A/c To share capital A/c (Being share first call due) Calls in arrears A/c Calls in advance A/c To Share First call A/c (Being call money received ) Share Final call A/c To share capital A/c (Being share final call due) Calls in arrears A/c Calls in advance A/c To Share Final call A/c (Being call money received ) OR 1,58,000 12,000 70,000 6,000 4,000 1,20,000 1,05,000 9,000 6,000 1,20,000 1,60,000 10,000 1,20,000 1,20,000 (1 x8 =8)
11 TOPPER Sample Papers 219 Journal Entries Date Particulars L.F. Rs.() Rs.(Cr.) 2,50,000 To Share application A/c 2,50,000 (Being share application money received on 1,25,000 shares) Share Application A/c 2,50,000 To Share Capital To Share Allotment To Bank 1,20,000 30,000 (Being application money transferred) Share Allotment A/c 1,50,000 Discount on shares A/c 50,000 To share capital A/c 2,00,000 (Being allotment due on 50,000 shares ) 34,500 Calls in arrears A/c 1,500 To share allotment A/c To calls in advance A/c (Being allotment money received) Share First call A/c To share capital A/c (Being share first call due) Calls in arrears A/c Calls in advance A/c To Share First call A/c (Being call money received ) Share Final call A/c To share capital A/c (Being share final call due) Calls in arrears A/c Calls in advance A/c To Share Final call A/c (Being call money received ) 16. Revaluation A/c 94,000 94,000 30,000 6,000 (1 x 8) Particulars Rs. Particulars Rs. To Plant 3,500 By Buildings 7,000 To P/D/D To Profit A: 1,800 B: 1, ,150 7,000 7,000
12 220 Accounts XII Partners Capital A/c Particulars A B C Particulars A B C To balance c/d 83,800 62,850 20,950 By balance b/d By cash A/c By premium A/c By Revaluation profit 2,000 60,000 1,500 20,950 1,800 1,350 83,800 62,850 20,950 83,800 62,850 20,950 Balance Sheet As on 1 st April 2008 Liabilities Rs. Assets Rs. Creditors Bills Payable A s capital B s capital C s capital 25,000 5,000 83,800 62,850 20,950 Cash( ) Bank Debtors 30,500 Less: Provision for doubtful debts 650 Stock Plant Building 26, ,850 25,000 36,500 67,000 1,97,600 1,97,600 Working Notes: 1. C s capital = (A s capital + B s capital) x 8/7 x1/8 = (83,800+62,850) x 1/7 = Rs.20,950 (2+3+3) Revaluation A/c Particulars Rs. Particulars Rs. To Provision for doubtful debts To Plant & Machinery To profit transferred to A B C Partners Capital A/c 2,400 10,000 OR By Land & Buildings By Provision for discount on creditors 20,000 1,400 9,000 21,400 21,400 Particulars A B C Particulars A B C To A s capital To P & L A/c To Cash To balance c/d 10,000 87,000 7,000 10,000 99,500 7,000 10,000 99,500 By balance b/d By revaluation Profit By B s capital By C s capital By cash 7,000 7,000 33,500 60,000 53,500
13 TOPPER Sample Papers 221 Balance Sheet As on ,000 1,16,500 1,16,500 97,000 1,16,500 1,16,500 Liabilities Rs. Assets Rs. Creditors 50,000 Less: Provision for discount on creditors 1,400 B s capital C s capital 48,600 99,500 99,500 Cash Debtors 48,000 Less: P/D/D 2,400 Land & Building Plant & Machinery Motor car 2,000 45,600 46,000 54,000 2,47,600 2,47,600 New capital of B = ( ) x ½ = 1,99,000 x ½ = 99,500 New capital of C = ( ) x ½ = 1,99,000 x ½ = 99,500 (2+4+2) PART B 17. Shareholders of the business are interested in the longevity of the business enterprise and therefore, they want to know the earning capacity of the business and its prospects for future growth & prosperity. (1) 18. Interest received on calls in arrears by a company is considered as financing. (1) 19. Quick ratio will improve as both the liquid assets and current liabilities will decrease by the same amount. (1) 20. Common size Income Statement Particulars % on sales Sales Less: Cost of goods sold Gross profit Less: Operating expenses Operating Profit Add: Interest on investment Net profit before tax Less: Tax payable 15,00,000 8,00,000 7,00,000 2,10,000 4,90,000 60,000 5,50,000 2,75, Net profit after tax 2,75, (1+2) 21. Stock Turnover Ratio = Cost of goods sold / Average stock = Cost of goods sold / 1, Cost of goods sold = 1 x 8 = 14,40,000 Gross profit ratio = 33 1/3 % Gross profit = 14,40,000 x ¼ = 3,60,000 Sales = Cost of goods sold + Gross profit Sales = 14,40, ,60,000 = 18,00,000 Average stock = opening stock + closing stock / 2 1, = x + x + 10,000 /2
14 222 Accounts XII 1, = x + 5,000 x = 1,75,000 Opening stock = 1,75,000 Closing stock = 1,85,000 (4) 22. (a) Return on Investment = Net profit before int., tax & pref. dividend/capital employed Net profit before int., tax & pref. dividend = Net profit after tax +tax + interest = 6,50,000 +6,50,000 + = 14,00,000 Capital employed = Net fixed assets + Investment + Working capital = (24,60,000 4,60,000) + (15,00,000 7,00,000) = 20,00, ,00,000 = 28,00,000 Return on Investment = 14,00,000 / 28,00,000 x 100 = 50% (b) Earning per share = Net profit after int., tax & pref. dividend/ No. of equity shares Net profit after int., tax & pref. dividend = Net profit before int., tax & pref. dividend interest - tax Preference dividend = 3,00,000 1,50,000 30,000 =1,20,000 No of equity shares = 20,000 Earning per share = 1,20,000 / 20,000 = Rs.6 (2+2) 23. Cash Flow from Operating Activities Particulars Net loss during the year Add: Depreciation on fixed assets Preliminary expenses w/o Loss on sale of Furniture Less: Profit on sale of Machinery Operating profit before changes in working capital Add: Bills receivable Rent payable Prepaid insurance Less: Stock Creditors Amount (20,000) 24,000 6,000 2,000 (4,000) 8,000 9,000 2, (17,000) (10,000) Cash used in Operating Activities (7,200) (1/2 x 12 = 6)
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