Model Test Paper Class-XII ACCOUNTANCY Time allowed: 3 hours Maximum Marks: 80

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1 Model Test Paper Class-XII ACCOUNTANCY Time allowed: 3 hours Maximum Marks: 80 General Instructions: 1. This question paper contains two parts A and B 2. Q1 to Q5 of section A and Q17 and Q19 of Section B carry I mark. 3. Q6 to Q8 of Section A and Q20 of Section B carry 3marks. 4. Q9 to Q11 of Section A and Q21 to Q22 of Section B carry 4marks. 5. Q12 to Q14 of Section A and Q23 of Section B carry 6 marks. 6. Q15 and Q16 of Section A carry 8 marks 3. All parts of a question should be attempted at one place. Section A 1) What type of organisation is advised to form a partnership deed : a. Joint Stock Company b. Partnership firm c. Cooperative societies d. Sole proprietorship firm 2) Give one circumstance in which the fixed capital of partners may change : a. when interest on loan is provided b. when drawings are made c. when additional capital is brought. d. when salary is provided 3) How is the revaluation profit/loss distributed in case of change in profit sharing ratio? a. in old ratio b. in gaining ratio c. in new ratio d. equally 4) Name the account which is opened to transfer the share of profit of the deceased partner in the year of his death. a. profit and loss suspense account b. partner s executors account c. partners loan account d. profit and loss adjustment account 5) Which companies are exempted from the obligation of creating Debenture Redemption Reserve by the SEBI? a. FMCG Companies b. Non listed companies c. Infrastructural companies d. Mid cap companies

2 6) Krishna,Sandeep and Karim are partners sharing profit in the ratio of 3:2:1.Their fixed capitals are: Krishna Rs 1,20,000,Sandeep Rs 90,000 and Karim Rs 60,000.For the year Interest was credited to p.a instead of 5% p.a.record adjustment entry. 7) Record necessary journal entries for the issue of debentures in each of the following cases: a. 27,000,7% debentures of Rs 100 each issued at par,redeemable at par. b. 25,000 7% debentures of Rs 100 each issued at par,redeemable at 4% premium. c. 35,000 7% debentures of Rs 100 each issued at a discount of 4% and redeemable at a premium of 5%. 8) Jain Ltd.purchased Building for Rs 10,00,000 from Gupta Ltd.10% of the payable amount was paid by a cheque drawn in favour of Gupta Ltd. The balance was paid by issue of Equity shares of Rs 10 each at a discount of 10%. Pass necessary Journal Entries in the books of Jain Ltd. 9) On 1st January 2013,Y Ltd has % Debentures of Rs 100 each issued at a discount of 5% redeemable at par. The DRR balances on this date is 30,000. They are due for redemption at the end of the year. Pass the necessary Journal entries for redemption of Debentures in lump sum. 10) L&M were partners in a firm sharing in the ratio of 3:2.Their fixed capitals on were L Rs 1,00,000 and M Rs 2,00,000.They agreed to allow interest on 12% per annum and to charge on 15% per annum. The firm earned a profit,before all above adjustments of Rs 30,000 and Rs 5,000 respectively. Showing your calculations, clearly prepare Profit and Loss Appropriation A/c of L&M.The interest on capital will be allowed even if the firm incurs a loss. 11) (a) A,B and C are sharing profit in the ratio 3:2:1,C dies on 30 June,2011.Accounts are closed on 31st March every year. Sales for the year ending 31st March 2011 amounted to Rs 90,00,000.Sales form 1st April 2013 to 30 June 2013 amounted to Rs 36,00,000.The profit for the year ending 31st March 2013 amounted to Rs 4,50,000. Calculate the deceased partner s share in the current year s profit. (b) There is no earning members in C s family and hence it is agreed to take C s daughter into partnership with 1/10th share of profit. You are required to identify the virtues in making such decision. 12) Three charted accountants A,B and C form a partnership firm, profit sharing ratio will be 3:2:1 subject to the following: a) C s Share of profit is guaranteed to be Rs 15,000 p.a. minimum. b) B gives the guarantee to the effect that gross fees earned by him for the firm shall be equal to the the average gross fees of preceding five years, which was Rs The net profit for the year ended March 31st, 2013 is 75,000.The gross fees earned by B was Rs 16,000. Show the Profit and Loss Appropriation Account giving the above effects.

3 13) On dissolution of a partnership firm of P,Qand R; journalise the following: i) A loan of Rs 50,000 advanced by P,was paid off along with the interest of Rs 1,000. ii) Profit &Loss A/C balance of Rs 30,000 appears on the asset side of B/S. iii) Creditors of Rs 50,000 accepted Rs 45,000 in full settlement. iv) Expenses on Realisation amounting to Rs 1,500 was paid by R v) A bill of Rs5,000 received from Mohan, was discounted from the bank; is dishonored due to insolvency of Mohan. Only 50% was received from his estate. vi) An unrecorded asset worth Rs 10,000 was taken by Q for Rs 7, ) Pass necessary Journal Entries for the following transactions: i) X Ltd purchased its 2000 own debentures of the face value 10,000 from the open market for immediate cancellation at Rs 95. ii) S Ltd purchased its 8000 own debentures of the face value Rs 200 from the open market for immediate cancellation at Rs 185. iii) Z Ltd purchased its 3000 own debentures of the face value Rs 500 from the open market for immediate cancellation at Rs ) Nikhil and Piyush are partners sharing Profit and loss in the ratio of 3:1. On March 31st 2012 their Balance Sheet was as follows: Liabilities Amount. Assets Amount Capital Nikhil Cash 10,200 Piyush Bills Recievable 3,000 Creditors Stock 20,000 Bills Payable Debtors 10,000 General Reserve 4000 Machinery Inv. Fl.Fund 5000 Investment Profit&Loss A/c They decided to admit Jatin into the partnership on the following terms Machinery and stock is to be depreciated by 10% Outstanding rent is Rs 2,500 Investment to be reduced by 7,500. Jatin is to bring Rs 5,000 as Goodwill and Rs 10,000 as capital for a 1/5th share. Capitals of partners be made proportionate taking Jatin s capital as base. Prepare Revaluation A/c, Partners Capital A/c and Balance Sheet of the new firm. Following is the balance Sheet X, Y, and Z as on 31st March 2004 Who were sharing profit and loss in the ratio of their Capitals. Liabilities Rs Assets Rs Creditors Cash Bills Payable Debtors Prov. for doubtful debt 6000 Stock General Reserve Furniture Capital Account X Y Z Machinery

4 Y retires on the above date on the following terms: i) Provision for doubtful debts raised to Rs 8,000. ii) Outstanding claim for damages of Rs 2,200 is to be provided. iii) Creditors be reduced by Rs 12,000 iv) Goodwill of the firm is valued at Rs 40,000. After the retirement of Y the entire capital of the firm was fixed at Rs 1,80,000 and partners decided to maintain it in their new profit sharing ratio of 3:2. Prepare Revaluation A/c, Capital A/c and Balance sheet of X and Z. 16) Geeta Ltd issued 50,000 shares of Rs 10 each payable Rs 3 on application,rs 4 on allotment Rs 2 on first call and balance on final call. In all 60,000 application were received. Allotment was done as follows: i) to applicants for 10,000 shares-in full ii) to applicants for 20,000 shares-15,000 shares iii) to applicants for 30,000 shares- 25,000 shares Every share holder paid the money as and when due, except Sohan who applied for 2000 shares; out of the group applying for 20,000 shares did not paid allotment, first and final call money. His shares were forfeited.1000 of the forfeited shares were reissued for Rs.8 per share as fully paid up.give Journal Entries. The directors made full allotment to some and prorata allotment to the rest.which values are highlighted through it? K limited has been registered with an authorized capital of Rs. 2,00,000 divided into 2,000 shares of Rs.100 each of which 1,000 shares were offered for public subscription at a premium of Rs.5 share, payable as under : On application 10 On allotment 25 (including premium) On first call 40 On final call balance Applications were received for 1,800 shares, of which applications for 300 shares were rejected outright, the rest of applications were allotted 1,000 shares on pro-rata basis. Excess Application money was transferred to allotment, All the money were duly received except from Sundar, holder of 100 shares, who failed to pay allotment and first call money. His shares were later forfeited and reissued to Shyam at Rs.60 per share, Rs 70 paid up. Final call has not been made. Pass necessary Journal entries in the books of K limited. By rejecting 300 shares, which values are ignored by the management? PART B (ANALYSIS OF FINANCIAL STATEMENT) 17) State one transactions which results inflow of cash. a. cash withdrawn from bank b. issue of bonus shares c. purchase of machinery on credit d. purchase of stock for cash

5 18) X Ltd has a Debt equity ratio at 3:1; the management wants to maintain it at 1:1.What are the two choices to do so. a. redemption of debentures b. issue of bonus shares c. declaring dividends d. buy- back of shares 19) Payment of dividend by a financing company will come under which of the following activity: a. Operating activity b. Financing Activity c. Investing activity d. None of these 20) Prepare a Comparative Income Statement from the following Gross Sales 1,20,200 1,35,800 Sales Return 20,200 5,800 Cost of goods sold 40% of net sales 50% of net sale Operating Expenses 15,000 14,000 Income Tax 50% 50% 21) a) Current Ratio of a company is 4:3, working capital is Rs Calculate the amount of current assets and current liabilities b) Calculate Proprietary Ratio from the following. Closing Stock 60,000 9% Preference Shares 4,00,000 Security Premium 30,000 General Reserve 10,000 Other Current Assets 1,10,000 Current Liabilities 1,80,000 Fixed Assets 3,50,000 Operating Expenses 25,000 22) a) Mention any two Contingent Liabilities of a Company. b) List two items shown under non-current liabilities of a company. 23) From the following information of Jeewan Ltd., calculate cash from Investing activities. Also show the working notes clearly: (6) Particulars 31/03/ /03/2013 ASSETS Machinery Goodwill Patents 10% Long Term Investments Investment in shares of Reliance Industries 10,20,000 1,00,000 2,80,000 60,000 1,00,000 12,40,000 3,00,000 1,60,000 1,60,000 1,00,000

6 Additional Information: a) Patents were written off to the extent of Rs.40,000 and some patents were sold at a profit of Rs.20,000. b) A machinery costing Rs.1,40,000 (depreciation provided thereon being Rs.60,000) was sold for Rs.50,000. Depreciation charged during the year Rs.1,40,000. c) On March , 10% Investments were purchased for Rs.1,80,000 and some investments sold at a profit of Rs.20,000. Interest on investments was received on 31 March,2013. d) Reliance Ltd paid on its shares. e) A plot of land had been purchased for investments purposes and let out for commercial use on which rent received was Rs.30, (B) 2. (C) 3. (A) 4. (A) 5. (C) 6. Karim s current a/c Dr. 150 To Krishna s current a/c Interest on capital: L: 12,000 M: 24,000 Loss to L: 600 Loss to M: C s share in the profit=3, Profit s t/f to: A : 41,400 B : 27,600 C : 15, Revaluation loss: 15,000 Partner s capital a/c : Nikhil: 30,000 Piyush : 10,000 Jatin : 10,000 Balance sheet: 93,500 Revaluation loss : 7,800 Partner s capital a/c :108000,72,000 Balancesheet : 3,38, Capital Reserve : 2,000 Capital Reserve : 800 HINTS

7 17. (d) 18. (a) 19. (a) 22. (a) (i)bill discounted but not matured (ii) guarantee given by a company (b) (i) deferred tax liability (ii) long term borrowings.

KENDRIYA VIDYALAYA ERNAKULAM REGION MODEL PAPER ACCOUNTANCY Class XII Time 3.hrs M.Marks 80 PART A

KENDRIYA VIDYALAYA ERNAKULAM REGION MODEL PAPER ACCOUNTANCY Class XII Time 3.hrs M.Marks 80 PART A 1. What are the circumstances in which the capital balances of the partners fluctuate, when the capitals