KENDRIYA VIDYALAYA SANGATHAN, CHENNAI REGION COMMON PRE-BOARD EXAMINATION ACCOUNTANCY

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1 KENDRIYA VIDYALAYA SANGATHAN, CHENNAI REGION COMMON PRE-BOARD EXAMINATION ACCOUNTANCY SET-III Time allowed : 3 hours Maximum marks: 80 General Instructions i. This paper contains two parts part A and part B.. ii. All the questions are compulsory. iii. Show your workings where ever necessary iv. Avoid overwriting. SECTION A ACCOUNTING FOR NOT FOR PROFIT ORGANIZATIONS, PARTNERSHIP FIRMS AND COMPANIES 1 Write any one difference between Receipts and Payments A/c (1) 2 A and B are partners. There is no partnership agreement. A wants a salary since he is working and B does not agree to it. Solve the case. (1) 3 Give the formula for calculating sacrificing ratio (1) 4 X, Y and Z are partners Sharing profits in the ratio of 3:2:1. X retires. What is the ratio in which Y and Z will gain X s share of profits? (1) 5 Can the debentures be forfeited for non-payment of calls? (1) 6 Calculate the amount to be debited to Income and Expenditure A/c under the heading Sports items for the year in respect of the Cosmopolitan Club. o Stock of Sports items on Rs. 44,700. o Stock of Sports items on Rs.24,500 o Paid for Sports items during the year Rs.97,900 o Creditors for supplies of Sports items on Rs.26,500 7 Give any three points of difference between a preference share and an equity share 1 P a g e KENDRIYA VIDYALAYA SANGATHAN,CHENNAI REGION

2 8 Rohit Ltd Purchased assets from Rohan &Co.,for Rs.3,50,000.A sum of Rs.75,000 was paid by means of a bank draft and for the balance due Rohit Ltd issued equity shares of Rs.10 each at a premium of 10%. Journalize these transactions in the books of Rohit Ltd. 9 A, B and C were partners in a firm sharing profits in the ratio of 2:2:1.C has been guaranteed minimum profit of Rs to be borne by B. The profits for the year ended 31 st March 2008 was Rs.80, 000.Show the distribution profits among the partners 10 A,B and C were partners in a firm sharing profits in the ratio of 5:3:2.On 1 st January 2005 they decided to share the profits equally. It was also agreed that the change be carried out retrospectively for the last 4 years. The profits for the last 5 years are as follows. Year Ended Profit(Rs.) , , (loss) , ,00,000 Pass the necessary adjustment entry. 11 X Ltd forfeited 100 shares of Rs.10 each issued at a discount of 10% for non payment of first call of Rs,2 per share and the final call of Rs.3 per share on 31 st March,2008.All forfeited shares were reissued as fully paid for Rs.8 per share. Give the journal entries to record forfeiture and reissue of shares. 12 Pass the journal entries for the following transactions in the books of Jay Ltd. i) Issued, 8% debentures of Rs.200 each at a premium of Rs.50 per debenture. ii) Purchased 800, 8% own debentures of Rs.1, 000 each at Rs.990 per debenture for immediate cancellation. iii) Converted 700,8% debentures of Rs.100 each into equity shares of Rs.100 each issued at a premium of 25% 2 P a g e KENDRIYA VIDYALAYA SANGATHAN,CHENNAI REGION

3 13 Following is the Receipts and Payments A/c of Literary Club for the year ended 31 st March 2006 Receipts and Payments A/c Receipts Rs. Payments Rs. Balance b/d Subscriptions: , Sale of old newspapers Government Grants Sale of old furniture (Book value Rs.7,000) Interest on Fixed Deposits 19,550 28,200 1,250 5, ,150 Salaries Newspapers Electricity Expenses Fixed Deposits (on 9% p.a.) Books Rent Furniture Balance c/d 3, ,000 20,000 10,600 6,800 10,500 11,200 65,150 Additional Information: i) Subscriptions outstanding as on were Rs.2, 000 and on Rs.2,500. ii) On ,salary outstanding was Rs.600 and Rent outstanding was Rs, 1,200. iii) The club owned furniture Rs.15, 000 and books Rs.7, 000 on Prepare Income and Expenditure A/c of the club for the year ended and ascertain Capital Fund as on 31 st March A,B and C were partners in a firm sharing profits in the ratio of 5:3:2. On 31 st March 2005 their Balance Sheet was as under: Liabilities Rs. Assets Rs. Creditors Reserves Capitals: 7,000 Building Machinery Stock 20,000 30,000 A 30,000 Patents] 6,000 B 25,000 Debtors 8,000 C 15,000 Cash 13, ,000 87,000 87,000 3 P a g e KENDRIYA VIDYALAYA SANGATHAN,CHENNAI REGION

4 B died on 1 st October,2005.It was agreed that: i) Goodwill be valued at 2 years purchase of the previous 5 years, which were 2001:Rs.15,000, 2002:Rs.13000,2003:Rs.12,000, 2004:Rs.15,000 and 2005: Rs.20,000. ii) Patents be valued at Rs.8,000; machinery at Rs.28,000; and Buildings at Rs.30,000. iii) Profit for the year be taken as having accrued at the same rate as the previous year. iv) Interest on capital be provided at 10%p.a. v) A sum of Rs.4250 was to be paid to his executors immediately Prepare B s capital A/c to be rendered to his Executors. 15 Z Ltd invited applications for issuing 2,00,000 equity shares of Rs.25 each at a premium of Rs.10 per share. The amount was payable as follows: On applications and allotment Rs.10 per share. Balance including premium on first and final call. Applications for 2,50,000 shares were received. Applications for 25,000 shares were rejected and shares were allotted on prorata basis to the remaining applicants. All calls were made and were duly received except the first and final call on 2,000 shares allotted to Vijay. His shares were forfeited and per share fully paid up. Pass the journal entries in the books of the company. OR Janata Ltd invited applications for issuing 1,00, 000 equity shares of Rs.100 each at a discount of 5%.The amount was payable as follows: On application Rs.30;on allotment RS.40;balance on First and final call. Applications for 1,30,000 shares were received. Applications for shares were rejected and prorata allotment was made to the remaining applicants. Over payments received on applications were adjusted towards sums due on allotment. Vinod,to whom 500 shares were allotted, failed to pay allotment and first and final call. His shares were forfeited and were reissued for Rs.55,000 fully paid up. Pass the journal entries in the books of Janatha Ltd.Show the workings clearly (8) 4 P a g e KENDRIYA VIDYALAYA SANGATHAN,CHENNAI REGION

5 16 Following is the Balance Sheet of Subash and Asha sharing profits as 3;2. Liabilities Rs Assets Rs Creditors Employees Provident Fund General Reserve Workmen s Reserve Capitals: Compensation Subash 15,000 Asha ,000 30,000 15,000 25,000 88,000 Debtors 22,000 Less Provision 1, Land and Building Plant and Machinery Stock Bank Advertisement Exp On admission of Tanya for 1/6 th share in the profits, it was decided that: i) Value of land and building be increased by Rs.3,000. ii) iii) iv ) Value of stock be increased by Rs.2,500. Provision for bad debts be increased by Rs.1, ,000 18,000 12,000 11,000 21,000 5,000 88,000 The liability of Workmen s Compensation Reserve was determined to be Rs.12,000. v) Tanya brought in as her share of goodwill Rs. in cash. Vi) Tanya was to bring in further cash of Rs.15,000 as her capital. Prepare the Revaluation A/c, the capital accounts and Balance Sheet of the new firm. OR X,Y and Z were partners in a firm sharing profits in the ratio of 1/2: 1/3:1/6 respectively. The Balance Sheet of the firm on 31 st December,2004 stood as follows: Liabilities Rs Assets Rs Creditors 9,500 Cash at Bank 1,250 Bills Payable 2,500 Debtors 8,000 Reserve Fund 6,000 Less Provision 250 Capitals: ,750 X 20,000 Stock 12,500 Y 15,000 Motor Vans 4,000 Z 12,500 Machinery 17, ,500 Buildings 22,500 (8) 5 P a g e KENDRIYA VIDYALAYA SANGATHAN,CHENNAI REGION

6 65,500 65,500 Y retired from the firm on the above date subject to the following conditions: i) Goodwill of the firm be valued at Rs.9,000 and is not to be shown in the books of the firm. ii) Machinery would be depreciated by 10% and motor vans by 15%. iii)stock be appreciated by 20% and Buildings by 10%. iv) The provision for doubtful debts would increase by Rs.975. v) Liability for workmen s compensation fund to the extent of Rs.825 would be created. It was agreed that X and Z would share profits in the future in the ratio of 3:2 respectively. Prepare the Revaluation A/c, the capital accounts and Balance Sheet of the new firm. PART-B FINANCIAL STATEMENT ANALYSIS 17 State one objective of Analysis of Financial Statements. (1) 18 Dividend received by a financing company is classified under which kind of activity while preparing a cash flow statement? (1) 19 Do you think Issue of Bonus Shares will appear in the cash flow statement? (1) 20 Show the major headings into which the liabilities side of a Company s Balance Sheet is organized and presented as per Schedule VI of the Companies Act, From the following data, prepare a statement of profits in the comparative form: Particulars Sales Rs.6,00,000 Rs.8,00,000 Gross profit Ratio 30% 40% Administrative Expenses Rs. 40,000 Rs.1,00,000 Income Tax 50% 50% 6 P a g e KENDRIYA VIDYALAYA SANGATHAN,CHENNAI REGION

7 22 a) Calculate Return on Investment from the following information: Net profit after tax Rs.6, 50,000.,Convertible Debentures Rs.8,00,000: Income Tax 50%:Fixed Assets at cost Rs.24,60,000:Depreciation reserve 4,60,000: Current Assets Rs.15,00,000: Current Liabilities Rs.7,00,000. b) Profit Before Interest and Tax Rs.2, 00,000:10% Preference Shares of Rs.100 each Rs.2,00,000: 20,000 Equity shares of Rs.10 each: Rate of Earnings Per Share. 23 From the following Balance Sheet, prepare a cash flow statement on BALANCE SHEETS Liabilities Assets (Rs) (Rs) (Rs) (Rs) Share capital 2,00,000 2,50,000 Land&Buildi 2,00,000 1,90,000 General ng Reserve 50,000 60,000 Machinery 1,50,000 1,69,000 Profit &loss Stock 1,00,000 74,000 A/c 30,500 30,600 Debtors 80,000 64,200 Bank Loan 70, Cash Creditors 1,50,000 1,35,200 Bank ,000 Tax Provision 30,000 35,000 Goodwill , ,30,500 5,10,800 5,30,500 5,10,800 Additional Information: a) Dividend of Rs.23,000 was paid. b) Income Tax paid during the year Rs.28,000. c) Machinery was purchased during the year Rs.33,000. d) Depreciation written off on Machinery Rs14,000: Building Rs.. (2) (2) 7 P a g e KENDRIYA VIDYALAYA SANGATHAN,CHENNAI REGION

KENDRIYA VIDYALAYA SANGATHAN, CHENNAI REGION COMMON PRE-BOARD EXAMINATION ACCOUNTANCY

KENDRIYA VIDYALAYA SANGATHAN, CHENNAI REGION COMMON PRE-BOARD EXAMINATION 2008-09 ACCOUNTANCY SET-V Time allowed : 3 hours Maximum marks: 80 General Instructions i. This paper contains two parts part A