Practice Paper Set - V Code No. 055 NAVODAYA VIDYALAYA SAMITI Class-XII 2015-16 ACCOUNTANCY ROLL NO. STUDENT NAME Time Allowed: - 3 Hours General Instructions:- (i) This question paper contains two parts-a and B. (ii) Part-A is compulsory for all. (iii) Attempt all part of question in one place. (iv) There is internal choice only in question no. 16 and 17. (v) Working Notes should form part of the answers wherever necessary. Maximum Marks-80 Complete paper JAWAHAR NAVODAYA VIDYALAYA SAMITI CLASS- XII SUBJECT - ACCOUNTANCY Max Marks: 80 Max Time : 3 Hours General Instructions This question paper contains 23 questions. Marks for question are indicated against each. All the questions are compulsory. All the parts of a question should be attempted at one place. PART A (Accounting for Partnership Firms and Companies) 1. A company invited application for the issue of 40,000 equity share of Rs.10 each at a premium of 10%
payable on application. It received applications for 50,000 shares. As per the prospectus entire amount including premium was to be received with application. The amount to be credited to share application would be: A)5,50,000 B) 5,00,000 C)4,00,000 D)10,00,000 1 2. What do you mean by Sweat Equity? 1 3. Sitin,Jatin and Nitin were sharing profits and losses in the ratio of 2:3:1.At the time of retirement of Sitin goodwill appeared in the books of accounts at Rs.12,000.For the purpose of his retirement goodwill of the firm is determined at Rs.60,000.find out the share of goodwill of the outgoing partner. 1 4. On the death of a partner his share of loss till the date of his death is transferred to the A) Debit of P/L a/c B) Credit of P/L a/c C) Debit of P/L Suspense a/c D) Credit of P/L Suspense account. 1 5. How do you treat Workmen Compensation Fund appearing in the balance sheet of the firm at the time of admission of admission of a new partner? 1 6. Rate of interest payable on loan provided by a partner is 10% per annum as mentioned in the
partnership deed. But the firm suffered loss. Now as an accountant of the firm you are going to A) Pay interest @6% per annum B) Pay interest @10%per annum C) Avoid payment of interest since there is no profit D) Pay interest at a mutually acceptable rate. 1 7. State the alternatives available to a public limited company in case of oversubscription of equity share in a public issue. 3 8. Abhi and Ravi entered into partnership for the construction of a new dining hall in Navodaya each contributing capitals of Rs.10, 00, 000 and 12, 00, 000 respectively. There profit sharing ratio was 3:2.and interest allowed on capital was 10%.During the year ended 31 st March 2015 they made a net profit of Rs.1, 20, 000. Prepare P/L Appropriation account of the firm for the year ended 31.03.2015. 3 9. India Auto Ltd. is registered with an authorised capital of Rs.7, 00, 00,000 divided into 7, 00,000 shares of Rs.100 each. The company issued 50,000 shares to the vendor for building purchased at par and 2, 00,000 shares were issued to the public. The amount was payable as follows: On application and allotment- Rs 20 per share On 1 st call- Rs 50 per share On 2 nd and final call the balance
All calls were made and were duly received expect on 100 shares held by Rajani, who failed to pay the 2 nd and final calls. Her shares were forfeited. Present the share capital in the b Balance Sheet of the company as per schedule III parts I of the Companies Act, 2013 and also prepare Notes to Accounts. 3 10) Good blankets Ltd. are the manufactures of woollen blanket. Blankets of the company are exported to many countries. The company decided to distribute blanket free of cost to 5 villages of Kashmir valley destroyed by the recent floods. It also decided to employ 100 young persons from these villages in their newly established factory at Solan in Himachal Pradesh. To meet the requirements of funds for starting its new factory, the company issued 50,000 equity shares of Rs. Each and 2000 8% debentures of Rs 100 is to the vendors of machinery purchased for Rs. 7,00,000. 3 Pass necessary journal entries for the above transaction in the books of the company. Also identify any one value which the company wants to communicate to the society. 11) The following is the Balance sheet of A, B & C as on 31 st March, 2015. 4 Liabilities Amount Asset Amount
Sundry creditors Reserve funds Capital accounts: A 15000 B 7500 C 7500 4,500 C ash in 300 4,800 hand Cash at bank 7,500 Stock 9,000 Debtors 9,000 Furniture 12,000 Tools 1,500 30,000 39,300 39,300 C died on 30 th June, 2014. Under the terms of partnership deed, the executers of the deceased partner were entitled to: a) Amount standing to the credit of partner s capital a/c. b) Interest on capital @ 6% p.a. c) Share of Goodwill on the basis of twice the average of past 3 years profit. d) Share of profits from the closing of last financial year to the date of death on the basis of last year profits. The profits of the last 3 year were as follows:
Year Profits (Rs) 2011-12 9000 2012-13 10500 2013-14 12000 The firms closes it books on 31 st march every year. The partners shared profit in the ratio of their capital. Prepare C s capital a/c to be presented to his executors. 12) Babuli, Chagali &Tuguli were partners in the firms. There fixed capital were Babuli Rs. 2,00,000;Chagali Rs 3,00,000 and Tuguli Rs. 5,00,000.They were sharing profits in the ratio of their capitals.the firm was engaged in the sale of ready -to -eat food packets at 3 different location in the city, each being managed by Babuli, Chagali & Tuguli. The outlet managed by Babuli was doing more business than the outlets managed by Chagali & Tuguli. Babuli requested Chagali & Tuguli for a higher share in the profits of the firms which Chagali & Tuguli accepted. It was decided that the new profit sharing ratio will be 2:1:2 and its effects will be introduced retrospectively for the last 4 years. The profit of the last 4 year were Rs. 2,00,000;Rs 3,50,000;Rs 4,75,000 & Rs 5,25,000 respectively.
Showing your calculation clearly, pass a necessary adjustment entry to give effect to the new agreement between Babuli, Chagali & Tuguli. 4 13) Ananya Ltd. Had an authorized capital of Rs. 10,00,00,000 divided into 10,00,000 equity shares of Rs. 100 each. The company had already issued 2,00,000 shares. The dividend paid per share for the year ended 31.3.2014 was Rs 30. The management decided to export its product to African countries. To meet the requirements of additional funds, the finance manager put up the following three alternate proposals before the boards of directors: i) Issue 47,500 equity shares at a premium of Rs. 100 per shares. ii) Obtain a long term a loan from bank which was available at 12% p.a. iii) Issue 9% debentures at discount of 5%. After evaluating these alternatives the company decided to issue 1,00,000, 9% debentures on 1.04. 2015 the face value of each debentures was Rs. 100. These debentures were redeemable in four instalments starting from the end of 3 rd year, which was as follows: Year Amount (Rs) III 10, 00,000 IV 20, 00,000 V 30, 00,000 VI 40, 00,000
Prepare 9% debentures a/c from 1.04.2015 till all the debentures were redeemed. 6 14. The following balance sheet of A,B and C as on 31-12-2014: Liabilities Rs. Assets Rs. Creditors Reserve fund Capitals: A -30,000 B - 25,000 C- 25,000 19,000 8,000 Tools Furniture Stock Debtors 2,000 20,000 18,000 35,000 Cash at 80,000 bank Cash 17,000 in 15,000 1,07,000 hand 1,07,000 B died on 31 st March2015.Under the partnership agreement, executor of B was entitled to: (a) Amount standing to the credit balance of his capital account. (b) Interest on capital which amounted to Rs.750 (c) His share of goodwill Rs.15,000 (d) His share of profit from the closing of last financial year to the date of death amounted to Rs.5,250 B s executor was paid Rs.16,000 and balance due to him to be kept in his loan account. Prepare B s capital account and his executor account. 6 15) On 1.1.2015, Uday and Kaushal entered into partnership with fixed capitals of Rs. 7,00,000 and
3,00,000respectively. They were doing good business and were interested in its expansion but could not do the same because of lack of capital. Therefore, to have more capital, they admitted Govind as new partner on 1.1.2013. Govind brought Rs. 10, 00,000 as capital and the new profit sharing ratio decided was 3:2:5. On 1.1.2014.Another new partner Hari was admitted with a capital of Rs. 8,00,000 for 1/10 th share in the profit, which he acquired equally from the Uday, Kaushal and Govind. On 1.4.2015 Govind died and his share was taken over by Uday and Hari equally. Calculate i) The sacrificing ratio of Uday, Kaushal on Govind s admission. ii) New profit sharing ratio of Uday, Kaushal, Govind and Hari on Hari s admission. iii) New profit sharing ratio of Uday, Kaushal, and Hari on Govind s death. 6 16. Om, Ram, Shanti were partner in a firm there profit sharing ratio in the firm was 3:2:1.on 1 st April 2015 there balance sheet was as fallow: 8 Liabilities Amount Asset amount Capital account Om 3,58,000 Ram 3,00,000 Shanti 2,62,000 General reserve Creditor 9,20,000 48,000 1,60,000 Land and building Plant and machinery Furniture Bill receivable 3,64,000 2,95,000 2,33,000 38,000 90,000
Bills payable 90,000 Sundry debtor stock Bank 1,11,000 87,000 12,18,000 12,18,000 On the above date Hanuman was admitted on the following terms: 1. He will bring Rs. 1, 00,000 for his capital and will get 1/10 th share in the profit. 2. He will bring necessary cash for his share of goodwill premium. The goodwill of the firm was valued at Rs. 3, 00,000. 3. A liability of 18,000 will be created against bills receivables discounted. 4. The value of stock and furniture will be reduced by 20%. 5. The value of land and building will be increased by 10%. 6. Capital a/c of the partners will be adjusted on the basis of Hanuman s capital in their profit sharing ratio by opening current accounts. Prepare revolution account and partner capital accounts.
Or P and Q are partners in a firm sharing profit in the ratio of 3:1. Their Balance sheet 31 st March 2014 was as follows: Liabilities Amount Assets Amount Creditors 30,000 Debtors 50,000 Bills Payable 1,000 Less provision 5,000 45,000 Reserve fund 16,000 Outstanding salary 3,000 Stocks 30,000 Capitals: Bills Receivable 10,000 P-60,000 Patents 1,000 Q-20,000 80,000 Machinery 40,000 Cash 4,000 1,30,000 1,30,000 They admitted R as new partner on this date. New profit sharing ratio is agreed as 3:2:1. The terms of admission were as follows:- a. R brings Rs. 30,000 as capital and Rs. 16,000 as share of goodwill. b. Provision for doubtful debt reduced by Rs. 2,000 c. The old typewriter valued at Rs. 2,400, which was completely written off earlier. d. Patents are valueless. Prepare Revaluation A/c and Partner s Capitals accounts.
17. Y limited invited application for issuing 15,000 equity share of 10 each on which 6 per share were called up which were payable as follows: On application 2 per share On allotment 1 per share On 1 st call -- 3 per share The issue share was fully subscribed and the amount was received as follows: On 10000 share 6 per share On 3,000 share -- 3 per share On 2,000 share 2 per share The directors forfeited those share on which less than 6 per share were received. The forfeited were reissued at 9 per share as 6 per share paid up. Do you feel that the directors actions were ethical? What values did they ignore in their actions? Pass necessary journal entry for the book of the company. PART-B 18. Which of the following will the result into in flow of cash from investing activities 1
a) sale of goods b) sale of building c) Issue of shares for cash d) Raising money from issue of debentures 19) Where do you show bank over draft in the cash flow statement of the company? 1 20. Under which headings and sub-headings will the following items be shown in the Balance Sheet of the company as per schedule III Part I of the Companies Act 2013 4 i) Cheques in hand ii) Stock in Trade iii) Patents iv) Loose tools v)securities Premium vi) Capital Redemption Reserve vii)unpaid Dividend viii) Mining Rights. 21.Current Ratio 2.5
Quick Ratio 1.5 Working capital Rs1,20,000 Gross profit @25% on revenue from operation was Rs.1,00,000 Inventory Turnover Ratio 3 times. You are required to calculate opening inventory. 4 22. Prepare a common-size statement of Profit and Loss from the following information 4 Particular 31 st march 2015 31 st march 2014 Revenue from operation Other income Purchase of stock in trade Change in inventories Other expenses Rate of income tax is 50% 10,00,000 1,00,000 7,50,000 (50,000) 10,000 7,50,000 75,000 6,00,000 10,000 7,500 23.From the following information, prepare Cash flow Statement of A.Ltd 6 Particulars Not 31st march 2015 31 st March 2015
EQUITY AND LIABILITIES 1.Shareholder fund a. share capital b. Reserve and surplus 2.Non current liabilities Long term borrowing 3. Current liabilities 1 2 3 4,00,000 (5,000) 1,20,000 45,000 3,00,000 35,000 1,40,000 25,000 TOTAL 5,60,000 5,00,000 ASSETS 1. Noncurrent assets a. tangible fixed assets b. Non-current investment 2.Current assets a. trade Receivables b. Cash and cash equivalent c. other current assets 3,00,000 1,05,000 1,20,000 30,000 5,000 2,70,000 1,10,000 80,000 30,000 10,000 TOTAL 5,60,000 5,00,000 Particulars 31 st March 2015 31 st March 2014 1. reserve and surplus Surplus, i.e., balance in statement (15,000) 35,000
of P/L securities premium reserve 2. long term borrowing 10% debenture 3.current liabilities Trade payables Bank overdraft 10,000 1,20,000 45,000...... 1,40,000 15,000 10,000 Additional information: 1. Debenture were redeemed on 1 st April 2014 2. During the year, a machine included in fixed assets Rs.60, 000 was purchased and another machine having book value of Rs. 18000 was sold at a loss of Rs. 2,000.