CBSE MIXED TEST PAPER-09 CLASS - XII ACCOUNTANCY

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1 CBSE MIXED TEST PAPER-09 SECOND PRE-BOARD EXAMINATION CLASS - XII ACCOUNTANCY [Time : 3 hrs.] [M. M.: 80] General Instructions: (1) All questions are compulsory. (2) Working notes are to be given, where-ever required. (3) No overwriting and cuttings should be done. (4) Journal entries should accompany with narrations. (5) All parts of a question should be attempted at one place. PART A (PARTNERSHIP AND COMPANY ACCOUNTS) Q1. How is life membership fee treated in the account of a Not for Profit Organisaiton? [1] Q2. X and Y are partners sharing profits in the ratio of 7:3 Z joins for 1 th share which he acquires 5 equally from X and Y. Z brings 10, 000 as premium in cash. What amount of premium will be received by X and Y? [1] Q3. Give difference between Capital Reserve and Reserve capital. [1] Q4. Give difference between Gaining Ratio and sacrifice Ratio. [1] Q5. Ravi a partner, in the firm has advance a loan of to the firm and has demanded an 9% p.a. the partnership deed is silent on the matter. How will you deal with it? [1] Q6. On the basis of the following information, calculate the amount that will appear against the item, Medicine Account, in the Income and Expenditure Account for the year ended 31 st March, 2008: [3] Particulars As at As at Stock of medicine for medicine 6, 000 4, 000 1, 000 2, 600

2 Advance paid for medicine on Advance paid for medicine carried from Amount paid for medicine during the , , 600 Q7. D.K. Ltd. forfeited 10 shares of 10 each (6 called up) issued at discount of 10% to Y on which he had paid the application money of 2 per share. Out of these 8 shares were-reissued to Z at 6 per share, 8 paid up. [3] Give journal entries to record forfeiture and issue of shares in the books of the company. Q8. Anupam Ltd. issued 5, 000 9% debentures of 100 each at a discount of 5% to be redeemed at par in four equal instilments from the end of the first year. Show the discount on the issue of Debentures Account for the period of 4 years. [4] Q9. Ram, Mohan and Sohan were partners in a firm. On April 1, 2008, their capital stood at 50, 000; 25, 000 and 25, 000 respectively. As per the provision of the partnership deed: [4] (a) Sohan was entitled for a salary of 1, 500 per month. (b) Partners were entitled to interest on capital at 5% p.a. and (c) Profits were to be shared in the ratio of capitals. The net profit for the year ended March, 31, 2008 of 66, 000 was divided equally without providing for the above terms. Pass an adjustment entry to rectify the above error. Q10. Na company purchased a running business from M/s. Raja brother for a sum of 1, 50, 000; payable as in fully paid 10% preference share of 10 each and balance in cash. The assets and liabilities consisted of the following: [3] Plant and machinery 40, 000 Balding 40, 000 Sundry Debtors 30, 000 Stock 50, 000 Cash Sundry You are required to pass the necessary journal entries in the company s books. Q11. Moni, Soni and Toni were partners in a firm sharing profits in the ratio of 5:3:2. On 31 st March, 2008 their Balance-Sheet were as under: [6] Liabilities assets Capitals A/cs: 11, 000 Buildings 6, 000 Machinery Stock 30, , 000

3 Moni : 30, 000 Soni : 25, 000 Toni : 15, , , , 000 Moni died on 1 st October, It was agreed among his executors and the remaining partners that: (a) Goodwill to be valued at 2 1 /2 years purchase of the average profits of the previous 4 years, which were 2005: 13, 000; 2006: 12, 000; 2007: and 2008: 15, 000. (b) Patents be valued at 8, 000; machinery at 28, 000 and building at 25, 000. (c) Profit for the year be taken as having accrued at the same rate as that of the previous year. (d) Interest on capital be provided at 10% p.a. (e) Half of the amount due to Moni to be paid immediately to the executors and the balance transferred to his (Executor) Loan Account. Prepare Moni s Capital Account and Moni s Executor Account as at 1 st October, Q12. Ram and Rahim are partners in a firm sharing profits and losses in the ratio of 3:2. Robin is coming for 1 /3 rd share, is to pay 30, 000 as premium for goodwill but pays only. He also brings 3, 00, 000 as capital. Goodwill already appears in the books of account 50, 000. As between Ram and Rahim, they decided to share profits and losses equally. Pass necessary journal entries. [4] Q13. From the following Receipts and Payments Account of Prince Sport Club and the additional information supplied. Prepare an Income and Expenditure Account and the Balance-Sheet as on 31 st March, 2008: [6] To Balance C/d To subscriptions: To Rent Received Patents Debtors cash Receipt and Payment A/c (For the year ended ) 11, 000 8, 000 8, 000 Receipts Payments 35, 000 By Salaries By Central Expenses 10, 000 By Electric Charges 1, 60, 000 By Sports Materials By Purchase of News Paper By 10% Investment in 4, 500 Government Securities( ) 45, , , 000 2, 000 To Sale of Old News Papers 500 By Balance C/d 58, 0000 Additional Informations: 3, 30,

4 (a) The club has 3, 000 members, each paying an annual subscription of 100. (b) On 31 st March, Salaries amounting to 5, 000 were outstanding. Salaries paid also included 3, 000 for the year (c) On April 1, 2007, the club owned building valued at ; furniture at 50, 000 and books at. (d) Depreciation on building and furniture was 10% p.a. (e) Capital Fund on April 1, 2007 was 2, 12, 000. Q14. Pass the journal entries for the redemption of 10, 000; 15%. Debentures of 50 each issued at par to be redeemed as follows: [6] (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 8% preference shares issued at a premium of 25%. (c) Redeemable at a premium of 8%, by conversion into 10% preference shares issued at a discount of 10%. OR (a) What do you understand by issue of Debentures as Collateral Security? Explain. [2] (b) Pass the necessary journal entries in the books of the company in the following cases: (i) 1, 000; 8% debentures of 100 each have been issued at 5% discount and are redeemable at par. [1] (ii) 1, 000; 8% debentures of 100 each have been issued at 5% premium and are redeemable at par. [1] (iii) 1, 000; 8% debentures of 100 each have been issued at par and are redeemable at 5% premium. [1] (iv) 1, 000; 8% debentures of 100 each have been issued at 5% discount and are redeemable at 10% premium, [1] Q15. The following is the Balance-Sheet of A and B, who had been sharing of profits in proportion of 3 /4 th and 1 /4 th on March 31, 2008: [8] Liabilities Assets 37, 500 6, 000 General Reserve Capital A/cs: A 30, 000 B 16, 000 Cash at Bank 22, 500 Bills Receivable 3, 000 Debtors 16, 000 Stock 46, 000 Office Furniture 1, 000 Buildings 25, 000 Advertisement Exp. 2, , , 500 They agree to take C into partnership on April 1, 2008 on the following terms:

5 (a) That C pays 14, 000 as his capital for 1 /5 th share in the future profits. (b) That a goodwill account be valued from the books of the firm at. C is to bring in cash for his share of goodwill. (c) That stock and furniture will be reduced by 10% and 5% provision for doubtful debts will be created on debtors. (d) Building be appreciated by 20% (e) That the Capital Accounts of the partners will be readjusted on the basis of their profitsharing arrangement and excess of deficiency transferred to their Current Account. Prepare the Revolution Account, the Partners Capital Account and the Balance Sheet of the New Firm. OR The Balance-Sheet of Amar and Anthony, who are partners in affirm sharing profits according to heir capitals as at 31 st March, 2008 was as under: Liabilities Assets 21, 000 General Reserve Capital A/cs: Amar Akbar Anthony 80, , , 000 Buildings Machinery Stock Debtors Less: Provs. For Bad Debts 1, 000 Cash at bank 50, , , , 000 2, 01, 000 2, 01, 000 On that date, Akbar decided to retire from the firm and was paid for his share in the firm subject to the following terms: (a) Building to be appreciated by 20%. (b) Provision for bad debts to be increased to 15% on debtors. (c) Machinery to be depreciated by 20%. (d) Goodwill of the firm is valued at 72, 000 and the retiring partner s share is adjusted through the Capital Accounts of the remaining partners. (e) The capital of the new firm be fixed at RS. 1,. Prepare the Revaluation Account, the Capital Accounts of the partners and the Balance-Sheet after retirement of Akbar. Q16. Raj Limited Company issued a prospectus inviting applications for shares of 10 each at a premium of 2 per hare payable as follows: [8] On Application 2 On Allotment 5 (including premium)

6 On First Call On Second and Final Call 3 2 Applications were received for 30, 000 shares and pro-rata allotments was made on the applications for 24, 000 shares. Money overpaid on applications was employed on account of sum due on allotment. Suresh, to whom 400 shares were allotted, failed to pay the allotment money and on his subsequent failure to pay the first call his shares were forfeited. Mohan, the holder of 600 shares, failed to pay the two calls, and his shares were forfeited after the second call. Of the shares forfeited, 800 shares were sold to Karim. Credited as fully paid for 9 per share. The whole of Suresh s shares have been re-issued. Show journal entries in the books of company. OR Krish Ltd. Company invites applications for 50, 000 equity shares of 10 each payable as follows: On Application 3 On allotment 4 On First Call 2 On Final Call the balance Applications were received for 55, 000 shares. Allotment were made on the following basis: (a) To applicants for 35, 000 shares in full. (b) Top applicants for shares 15, 000 shares. Excess money paid on application was utilized towards allotment money. A share holder who was allotted, 1, 500 shares out of the group applying for shares failed to pay allotment money and money due on calls. These shares were forfeited. 1, 000 forfeited shares were reissued as fully paid on receipt of 8 per share. Show the journal entries in the books of company. PART B (ANALYSIS OF FINANCIAL STATEMENTS) Q17. Quick Ratio of a Company is 2:1. State giving reason whether the ratio will improve, decline or not change on sale of stock (Goods). [1] Q18. What do you mean by cash flow statement? [1]

7 Q19. Classify the following items under operating, Investing and Financing Activity: [1] (a) Interest received by a non finance company. (b) Rent paid by a company. Q20. How would you disclose the following items in the Balance-Sheet of a Limited Company: [3] (a) Dividend Payable (b) General Reserve (c) Debenture Sinking Fund (d) Discount on Issue of Debenture not yet written off (e) Debenture Suspense Account (f) Sundry Debtors. Q21. Prepare the Common Size Income Statement from the following information: [4] Particulars % of Sales 8, % Net Sales Cost of Goods Sold Operating Expenses Income Tax Rate 74.8% of Sales 9, % (a) A firm has Current Ratio of 4:1 and Quick Ratio of 2.5:1. Assuming inventories (stock) are 22, 500. Find out current Assets and total current liabilities. [4] (b) A firm had Current Assets of 3, 00, 000. It then paid a current liabilities of 60, 000. After the payment, the current Ratio was 2:1. Determine the size of current liabilities and working capital after the payment was made. Q23. From the following Balance-Sheet of Rajan Ltd. prepare Cash Flow Statement: [6] Liabilities Assets Equity Share Capital 10% Preference share Capital General Reserve Profit/Loss A/c 1, 50, , , , 500 2, 00, 000 Goodwill 59, 000 Building 35, 000 Plant 24, 000 Debtors 49, 500 Stock Cash 36, , , 000 1, 19, , , , 000 1, 54, , 000 9, 000 2, 97, 500 3, 58, 500 2, 97, 500 3, 58, 500 Depreciation charged on plant was 10, 000 and on Building 60, 000.

TOPPER SAMPLE PAPER 4

TOPPER Sample Papers 237 TOPPER SAMPLE PAPER 4 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