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. 2. Both the parts are compulsory for all. 3. All parts of questions should be attempted at one place. 4. Marks are given at the end of each question. Part A Partnership, Share Capital and Debentures 1. List two items that may appear on the credit side of a Partner s Fixed Capital Account. (1) 2. Give two circumstances in which sacrificing ratio may applied. (1) 3. What is meant by Private Placement of Shares? (1) 4. What is meant by issue of shares for consideration other than cash? (1) 5. What is meant by issue of Debentures as Purchase Consideration? (1) 6. X, Y and Z are partners in a firm having fixed capitals of Rs.; Rs.20,000 and Rs.25,000 respectively sharing profits as 7 : 6 : 4. The rate of interest on capital was agreed at 10% p.a., but was wrongly credited to them as 12% p.a. Give necessary adjustment entry. (3) 7. Bharti Limited issued 10,000, 15% Debentures of Rs.100 each at par, redeemable after 10 years. The debenture holders are given an option that they may get their debentures redeemed anytime after 4 years @ Rs.110 per debenture. A debenture holder holding 300 debentures exercised his option. Pass necessary journal entries to record the issue and redemption of debentures. (3) 8. Pass necessary Journal entries for the issue of 11% Debentures in the following cases: (3) (a) 200 Debentures of Rs.150 each issued at 10% premium redeemable at Rs.200 each. (b) 200 Debentures of Rs.200 each issued at a discount of 10% redeemable at par.
9. Vinod and Sunita are partners with capitals of Rs.1,00,000 and Rs.1,20,000 respectively. On 1 st January 2008 Vinod give a loan of Rs.20,000 and Sunita introduced Rs. as additional capital. Profit for the year ending 31 st March 2008 was Rs.30,400. There is no partnership deed. Both the partners expect interest @10% p.a. on the loan and 8% p.a. on additional capital advanced by them. Show distribution of profit among the partners. (4) 10. The Balance Sheet of Keshav, Nirmal and Pankaj who are partners in a firm sharing profits according to their capital as on 31 st March 2012 was as follows: Liabilities Amount Assets Amount Capitals : Keshav 1,60,000 Building Nirmal 80,000 Machinery Pankaj 80,000 3,20,000 Closing Stock General Reserve Debtors Sundry Creditors 42,000 Less : Provision 2,000 2,00,000 1,00,000 36,000 38,000 28,000 Cash at Bank 4,02,000 4,02,000 On that date Nirmal decided to retire from the firm and was paid for his share in the firm subject to the following: (a) Buildings 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 Rs.1,44,000 and the retiring partner s share is adjusted the capital accounts of remaining partners. (e) The capital of the new firm be fixed at Rs.2,. Prepare Revaluation A/c, Partners Capital A/cs, Bank A/c and Balance Sheet. (6) 11. Vinod Limited issued shares of Rs.10 each payable as Rs.2 per share on application, Rs.4 on allotment and the balance in two equal instalments. Applications were received for 80,000 shares and the allotment was made as: (a) Applicants of shares... Allotted 30,000 shares. (b) Applicants of 30,000 shares... Allotted 10,000 shares. Govind, to whom 600 shares were allotted from category (a), failed to pay the allotment money. Give necessary journal entries upto allotment only. (4) 12. Vinod Limited has an authorised capital of Rs.50,00,000 divided into Equity Shares of Rs. 100 each. The company offered to the public for 2, shares. Applications received for only 2,00,000 shares. Company had made allotment and calls and duly received except the final call of Rs.20 per shares on 4,000 shares. 1200 of these shares on which final call was not received by the company were forfeited. Prepare a Balance Sheet of the Company showing Share Capital as per Revised Schedule VI of the Indian Companies Act, 1956. (4) 13. X, Y and Z were partners in a firm. Their capitals on 1.4.2012 were : X Rs.2,00,000; Y Rs.2, and Z Rs.3,00,000. The partnership deed provided for the following:
(i) They will share profits in the ratio of 2:3:3. (ii) X will be allowed a salary of Rs.12,000 per annum. (iii) Interest on capital will be allowed @12% p.a. During the year X withdrew Rs.28,000; Y Rs.30,000 and Z Rs.18,000. For the year ended 31.3.2013 the firm earned a profit of Rs.5,00,000. Prepare Profit & Loss Appropriation A/c and Partners Capital A/cs. (6) 14. Singh, sultan and David are partners in a firm sharing profits in the ratio of 2:2:1 respectively. Firm closes its accounts on 31 st March every year. Sultan died on 30 th September 2012. There was a balance of Rs.96,000 in Sultan s Capital Account in the beginning of the year. in the event of death of any partner, the partnership deed provides for the following: (i) Interest on capital will be calculated at the rate of 12% p.a. (ii) The executor of deceased partner shall be paid to his executor. (iii) His share of Reserve Fund which is Rs.10,000 shall be paid to his executor. (iv) His share of profit till the date of death will be calculated on the basis of sales. It is also specified that the sales during the year 30 th September, 2012 were Rs.1,. The profit of the firm for the year ending 31 st March 2012 was Rs.1,00,000. Prepare Sultan s Capital Account to be presented to his executor. (6) 15. Vishvas Limited invited applications for issuing shares of Rs.100 each at a premium of Rs.10 per share payable as follows: Rs.50 per share on Application; Rs.35 per share on Allotment (including premium); Balance on Call. Applications for 82,500 shares were received. Applications for 20,000 shares were rejected and allotment was made on pro-rata basis to the remaining applicants. Kapoor who had applied for 1,250 shares failed to pay the amount due on allotment and call. The company forfeited his shares. Later on, out of the forfeited shares, company issued 500 shares @ Rs.105 per share fully paid up. Pass necessary journal entries. (8) OR Vinod Limited invited applications for issuing 2,00,000 Equity Shares of Rs.100 each at a premium of Rs.60 per share. The amount was payable as follows: On Application Rs.30 per share (including premium Rs.10) On Allotment Rs.70 per share (Including premium Rs.50) Balance on 1 st & final call Applications for 1,90,000 shares were received. Shares were allotted to all the applicants and the company received all money due on allotment except Mr. Mohan who had been allotted 1,000 shares, and his shares were immediately forfeited. Afterwards first & final call was made. Mr. Sohan did not pay the first & final call on his 2,000 allotted shares. His shares were also forfeited. 50% of the forfeited shares of both Mr. Mohan and Mr. Sohan were reissued for Rs.90 per share fully paid up. Pass necessary journal entries in the books of the company and also identify the values disclosed by the company by issuing shares to all the applicants.
16. Ram and Shyam were partners in a firm sharing profits in the ratio of 3 : 2. On 31. 3. 2013. Their Balance Sheet was as follows: Liabilities Amount (Rs.) Assets Amount (Rs.) Sundry Creditors Bills Payable Outstanding Expenses 20,000 10,000 Land and Building Machinery Stock 1,00,000 80,000 1,00,000 Capitals : Ram 1,80,000 Debtors Shyam 70,000 2, Cash 10,000 3,30,000 3,30,000 On the above date Mohan was admitted as a new partner in the firm for 1/4 th share of profits on the following terms: (i) Mohan will bring Rs.1,20,000 for his capital and Rs.20,000 for his share as premium for goodwill. (ii) Machinery was to be depreciated by 10% and Land and Building was to be appreciated by Rs.30,000. (iii) Stock was overvalued by Rs.20,000. (iv) A provision of 5% was to be created for doubtful debts. (v) Salary outstanding was Rs.5,000. Prepare Revaluation A/c, Partners Capital A/cs and Balance Sheet of new firm. (8) OR Pass the necessary Journal entries for the following transactions on the dissolution of the firm of David and Khan who were sharing profits and losses in the ratio of 2:1. The various assets (other than cash) and outside liabilities have been transferred to Realization Account: (i) David agreed to pay off his brother s loan Rs.10,000. (ii) Debtors realized Rs.12,000. (iii) Khan took over all investments at Rs.12,000. (iv) Sundry Creditors Rs.20,000 were paid at 5% discount. (v) Realisation expenses amounted to Rs.2,000. (vi) Loss on realization was Rs.10,200. Part B Financial Statement Analysis 17. State any one objective of financial statement analysis. (1) 18. List any two Investing activities which result into outflow of cash. (1) 19. Interest received on debentures woulld result into inflow, outflow or no flow of cash. (1) 20. Give major heads and sub heads under which following items will be disclosed in the Balance Sheet as per Revised Schedule VI of the Companies Act, 1956: (3) (a) Software (d) Plant and Machinery (b) Office Equipments (e) Bank Overdraft (c) Cash in hand (f) Goodwill 21. From the following information, prepare Comparative Statement of Profit & Loss: (4)
Particulars 2012 2013 Revenue from Operations Other income Cost of Material Consumed Other Expenses Tax 500% of other income 60% of Revenue from operations 2 ½ % of Cost of Material Consumed 30% 500% of other income 50% of Revenue from operations 2 ½ % of Cost of Material Consumed 30% 22. (a) Net Credit Sales of Vinod Limited during the year were Rs.4,. If Debtors Turnover Ratio is 4 Times, calculate the debtors in the beginning and at the end of the year. you are informed that closing debtors are two times in comparison to opening debtors. (b) Opening Inventory Rs.; Inventory Turnover Ratio 4 Times; Gross Profit 20% of Sales (Revenue from operation). Closing Inventory was two times in comparison of Opening Inventory. Find out the amount of sales (Revenue from operations). (2 + 2 = 4) 23. From the Balance Sheets and information given below prepare Cash Flow Statement: (6) Particulars I. Equity and Liabilities 1. Shareholders Funds (a) Share Capital 2. Non-current Liabilities Long-term Borrowings : Mortgage Loan 3. Current Liabilities (a) Trade Payables (Creditors) Total Note No. 31 st March 2005 (Rs.) 1,25,000 65,000 31 st March 2006 (Rs.) 1,53,000 44,000 II Assets 1. Non-current Assets (a) Fixed Assets: (i) Tangible Assets 2. Current Assets (a) Inventories (b) Trade Receivables (Debtors) (b) Cash and Cash Equivalents Total 1 1,55,000 35,000 30,000 10,000 1,65,000 25,000 7,000 Notes to Accounts 1. Tangible Assets Land Machinery Building 31 st March 2005 80,000 35,000 31 st March 2006 55,000 60,000 During the year Machine Costing Rs.10,000 (Accumulated Depreciation Rs.3,000) was sold for Rs.5,000. The provision for depreciation against Machinery as on 31 st March 2005 and on 31 st March 2006 were Rs.25,000 and Rs. respectively. Net Profit for the year amounting to Rs.4,500.
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