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Accountancy All India Set 1 2010-2011 CBSE (Commerce) Class 12 Question Paper Solution

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SubjectAccountancy
Year2010 - 2011 (March)
Accountancy [All India Set 1]
Marks: 80Date: 2010-2011 March

[1]1

What is the basis of preparing Receipt and Payment Account?

Concept: Issue of Shares for Consideration Other than Cash
Chapter: [0.032] Accounting for Companies
[1]2

Give the average period in months for charging interest on drawings for the same amount withdraws at the beginning of each quarter. 

 

Concept: Interest on Debentures
Chapter: [0.022000000000000002] Issue and Redemption of Debentures [0.032] Accounting for Companies
[1]3

State the meaning of sacrificing ratio. 

Concept: Admission of a Partner - Sacrifice Ratio and New Ratio
Chapter: [0.031] Accounting for Partnership Firms
[1]4

How does the nature of business affect the value of goodwill of a firm? 

Concept: Concept of Goodwill
Chapter: [0.013000000000000001] Reconstitution of a Partnership Firm – Admission of a Partner [0.013999999999999999] Reconstitution of a Partnership Firm – Retirement/Death of a Partner [0.031] Accounting for Partnership Firms
[1]5

Give the meaning of ‘Issue of Debentures as a collateral security.

Concept: Debentures as Collateral Security-concept
Chapter: [0.022000000000000002] Issue and Redemption of Debentures [0.032] Accounting for Companies
[3]6

From the following information of a club, show the amounts of Prize awarded and Price Fund in the Financial Statements of the club for the year ended on 31st March 2009 and 31st March 2010: 

           Details                   Rs
Prize Fund as on 1.4.2009     20,000
Prize Fund donations received during the year 2009-2010 40,000
Prizes awarded during the year 2009-2010

69,000

 

Concept: Retirement and Death of a Partner - Preparation of Balance Sheet
Chapter: [0.031] Accounting for Partnership Firms
[3]7

Goodluck Ltd. purchased machinery costing Rs 10,00,000 from Fair Deals Ltd. The company paid the price by issue of Equity shares of Rs 10 each at a premium of 25%. Pass necessary journal entries for the above transaction in the books of Goodluck Ltd.

 

Concept: Share Capital - Issue and Allotment of Equity Shares
Chapter: [0.032] Accounting for Companies
[3]8

X Ltd. redeemed 1,000 6% Debentures of Rs 100 each by converting them into equity shares of Rs 100 each. The 6% Debentures were redeemable at a premium of 5% for which the Equity shares were issued as a premium of 25%. Pass the necessary journal entries for the redemption of the above mentioned debentures in the books of X Ltd.

Concept: Nature and Types of Share and Share Capital
Chapter: [0.032] Accounting for Companies
[4]9

A and B entered into partnership of 1st April 2009 without any partnership deed. They introduced capitals of Rs 5,00,000 and Rs 3,00,000 respectively. On 31st October 2009, A advanced Rs 2,00,000 by way of loan to the firm without any agreement as to interest. The Profit and Loss Account for the year ended 31.3.2010 showed a profit of Rs 4,30,000 by the partners could not agree upon the amount of interest on loan to be charged and the basis of division of profits. Pass a journal entry for the distribution of the profit between the partners and prepare the Capital A/cs of both the partners and Loan A/c of ‘A’.

Concept: Retirement Or Death of a Partner - Preparation of Loan Account of the Retiring Partner
Chapter: [0.031] Accounting for Partnership Firms
[4]10

A Partnership firm earned net profits during the last three years as follows: 

Years

Net Profit

Rs

2007-2008

1,90,000

2008-2009

2,20,000

2009-2010

2,50,000

The capital employed in the firm throughout the above mentioned period has been Rs 4,00,000. Having regard to the risk involved,

15% is considered to be a fair return on the capital. The remuneration of all the partners during this period is estimated to be Rs 1,00,000 per annum.

Calculate the value of goodwill on the basis of (i) two year’s purchased of super profits earned on a average basis during the above mentioned three years and (ii) by capitalization method. 

Concept: Preparation of Profit and Loss Appropriation Account
Chapter: [0.031] Accounting for Partnership Firms
[4]11

Pass the necessary journal entries for the issue and redemption of Debentures in the following cases:

(i) 15,000, 9% Debentures of Rs 250 each issued at 5% premium, repayable at 15% premium.

(ii) 2,00,000, 12% Debentures of Rs 10 each issued at 8% premium, repayable at par.

Concept: Creation of Debenture Redemption Reserve
Chapter: [0.032] Accounting for Companies
[6]12

From the following items of Receipts and Payments A/c of South India Club, prepare an Income and Expenditure Account for the year ended 31.3.2010: 

                      Particulars

Rs

Salaries Paid

55,000

Lighting expenses

5,500

Stationery (Including Rs 400 for the previous year)

4,000

Subscription received (including 1,000 received in advance

44,000

and Rs 750 for the previous year)

 

Net Proceeds of Refreshment Room

30,000

Miscellaneous Expenses

3,000

Interest paid on loan for three months

1,200

Rent and Rates (Including Rs 500 pre-paid)

4,500

Lockers Rent received

Additional Information:

Subscriptions in arrears on 31.3.2010 were Rs 4,700 and nine months interest on loan was also outstanding. 

 

Concept: Preparation of Revaluation Account and Balance Sheet
Chapter: [0.031] Accounting for Partnership Firms
[6]13

Pass the necessary journal entries for the following transaction of the dissolution of the firm of James and Haider 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 Realisation Account:

(i) James agreed to pay off his brother’s loan Rs 10,000

(ii) Debtors realized Rs 12,000

(iii) Haider took over all investment 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.

Concept: Dissolution of a Partnership Firm - Preparation of Realization Account, and Other Related Accounts
Chapter: [0.031] Accounting for Partnership Firms
[6]14

On 1.1.2007 a Public Limited Company issued 15,000, 10% Debentures of Rs 100 each at par which were repayable at a premium of 15% on 31.12.2011. On the date of maturity, the company decided to redeem the above mentioned 10% Debentures as per the terms of issue, out of profits. The Profit and Loss A/c shows a credit balance of Rs 20,00,000 on this date. The offer was accepted by all the Debentures holders and all the Debentures were redeemed.

Pass the necessary journal entries in the books of the Company only for the redemption of Debentures, if the Company follows

Sec.117 C of the Companies Act.

Concept: Public Subscription of Shares
Chapter: [0.032] Accounting for Companies
[8]15 | Attempt any one of the following
[8]15.1

Dinesh Ltd. invited application for issuing 10,000 Equity shares of Rs 10 each. The amount was payable as follows:

On Application Rs 1

On Allotment Rs 2

On First call Rs 3

On Second and Final Call − Balance

The issue was fully subscribed. Ram to whom 100 shares were allotted, failed to pay the allotment money and his shares were forfeited immediately after allotment. Shyam to whom 150 shares were allotted failed to pay the first call. His share were also forfeited after the first call. Afterwards the second and final call was made. Mohan to whom 50 shares were allotted failed to pay the second and final call. His shares were also forfeited. All the forfeited shares were re-issued at Rs 9 per share fully paid up. Pass necessary Journal entries in the books of Dinesh Ltd.

Concept: Public Subscription of Shares
Chapter: [0.032] Accounting for Companies
[8]15.2

Moti Ltd. invited application for issuing 10,00,000 Equity shares of Rs 10 each at a premium of Rs 2 per share. The amount was payable as follows:

On Application Rs 5 (Including premium)

On Allotment Rs 4

On First and Final Call Rs 3

Application for 15,00,000 share were received. Application for 3,00,000 shares were rejected and pro-rata allotment was made to the remaining applicants. Excess application money was utilized towards sums due on allotment. Giri who had applied for 24,000 shares failed to pay the allotment and call money. His shares were forfeited. Out of the forfeited shares 10,000 shares were reissued for Rs 8 per share fully paid up. Pass necessary journal entries in the books of Moti Ltd.

 

Concept: Public Subscription of Shares
Chapter: [0.032] Accounting for Companies
[8]16 | Attempt any one of the following
[8]16.1

X, Y and Z were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. On 31.3.2010 their Balance Sheet was as follows:

     Liabilities

Amount

Rs

    Assets

Amount

Rs

Capital Accounts:

 

Building

50,000

X

75,000

 

Patents

15,000

Y

62,000

 

Machinery

75,000

Z

37,500

1,75,000

Stock

37,500

Sundry Creditors

42,500

Debtors

20,000

 

 

Cash at Bank

20,000

 

2,17,500

 

2,17,500

 

 

 

 

Z died on 31.7.2010. It was agreed that:

(a) Goodwill be valued at 2½ year’s purchased of the average profits of the last four year which were as follows:  

Years

Profit

Rs

2006 – 2007

32,500

2007 – 2008

30,000

2008 – 2009

40,000

2009 – 2010

37,500

(b) Machinery be valued at Rs 70,000; Patents at Rs 20,000 and Building at Rs 62,500.

(c) For the purpose of calculating Z’s share of profits on the year of his death the profit in 2010 − 2011 should be taken to have been accrued on the same scale as in 2009 − 2010.

(d) A sum of Rs 17,500 was paid immediately to the executors of Z the balance was paid in four half yearly installments together with interest at 12% p.a. starting from 31.1.2011.

Given necessary journal entries to record the above transaction and Z’s executor’s account till the payment of installments due on

31.1.2011

 

Concept: Preparation of Revaluation Account and Balance Sheet
Chapter: [0.031] Accounting for Partnership Firms
[8]16.2

Murari and Vohra were partners in a firm with capitals of Rs 1,20,000 and Rs 1,60,000 respectively. On 1.4.2010 they admitted Yadav

as a partner for non-fourth share in profits on his payment of Rs 2,00,000 as his capital and Rs 90,000 for this one-fourth share of goodwill.

On that date the creditors of Murari and Vohra were Rs 60,000 and Bank Overdraft was Rs 15,000. Their assets apart from cash included Stock Rs 10,000; Debtors Rs 40,000; Plant and Machinery Rs 80,000; Land and Building Rs 2,00,000. It was agreed that stock should be depreciated by Rs 2,000; Plant and Machinery by 20%, Rs 5,000 should be written off as bad debts and Land and

Building should be appreciated by 25%.

Prepare Revaluation Account, Capital Accounts of Murari, Vohra and Yadav and the Balance Sheet of the new firm.

Concept: Preparation of Revaluation Account and Balance Sheet
Chapter: [0.031] Accounting for Partnership Firms
[1]17

State the interest of tax authorities in the analysis of financial statements.

Concept: Concept of Financial Statements
Chapter: [0.023] Financial Statements of a Company [0.040999999999999995] Analysis of Financial Statements
[1]18

List any two investing activities which result into outflow of cash.

Concept: Concept of Cash Flow Statement
Chapter: [0.026000000000000002] Cash Flow Statement
[2]19

‘Payment of dividend’ will come under which type of activity while preparing a Cash Flow Statement?

Concept: Concept of Cash Flow Statement
Chapter: [0.026000000000000002] Cash Flow Statement
[3]20

Given the major heading under which the following items will be shown in a Company’s Balance Sheet as per Schedule VI Part I of companies Act, 1956:

(i) Sundry Creditors; (ii) Provision for tax; (iii) Preliminary Expenses; (iv) Loss Tools; (v) Interest accrued on investment and (vi) Goodwill.

Concept: Disclosure of Share Capital in Company’S Balance Sheet (Horizontal Form)
Chapter: [0.032] Accounting for Companies
[3]21

Calculate Current Ratio of a company from the following information:

Stock Turnover Ratio : 4 times

Stock in the end was Rs 20,000 more than stock in the beginning

Sales Rs 3,00,000

Gross Profit Ratio 25%

Current Liabilities Rs 40,000

Quick Ratio 0.75 : 1 

Concept: Disclosure of Share Capital in Company’S Balance Sheet (Horizontal Form)
Chapter: [0.032] Accounting for Companies
[4]22

Prepare a Comparative Income Statement from the following information: 

  Particulars

31.3.2009

Rs

31.3.2010

Rs

Sales

40,000

50,000

Cost of goods sold

30,000

35,000

Wages paid

16,000

14,000

Operating Expenses

2,500

3,000

Other Incomes

2,000

3,000

Income tax

4,750

7,500

 

Concept: Statement of Profit and Loss and Balance Sheet in the Prescribed Form with Major Headings and Sub Headings
Chapter: [0.040999999999999995] Analysis of Financial Statements
[6]23

From the followings Balances Sheet of Vikas Ltd. as on 31.3.2009 and 31.3.2010, prepare a Cash Flow Statement:

Liabilities

31-3-2009

Rs

31-3-2010

Rs

Assets

31-3-2009

Rs

31-3-2010

Rs

Share Capital

30,000

1,30,000

Fixed Assets

93,400

1,66,000

General Reserve

30,000

55,000

Stock

22,000

26,000

Profit and Loss Account

20,000

30,000

Debtors

36,000

39,000

Trade Creditors

17,400

22,000

Cash

4,000

5,000

 

 

 

Preliminary Expenses

2,000

1,000

 

1,57,400

2,37,000

 

1,57,400

2,37,400

 

 

 

 

 

 

Additional Information:

(i) Depreciation charged on fixed assets for the year 2009-2010 was Rs 20,000

(ii) Income Tax Rs 5,000 has been paid in advance during the year.  

Concept: Statement of Profit and Loss and Balance Sheet in the Prescribed Form with Major Headings and Sub Headings
Chapter: [0.040999999999999995] Analysis of Financial Statements

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