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Accountancy All India Set 1 2011-2012 CBSE (Arts) Class 12 Question Paper Solution

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SubjectAccountancy
Year2011 - 2012 (March)
Accountancy [All India Set 1]
Marks: 80Academic Year: 2011-2012
Date: March 2012

[1]1

Name an item which is never shown on the ‘Payments’ side of ‘Receipts and Payments Account’, but is shown as an Expenses while preparing ‘Income and Expenditure Account’  

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
[1]2

A Partnership deed provides for the payments of interest on Capital but there was a loss instead of profit during the year 2010-2011. At what rate will the interest on capital be allowed?

Concept: Admission of a Partner - Adjustment of Capitals
Chapter: [0.013000000000000001] Reconstitution of a Partnership Firm – Admission of a Partner [0.031] Accounting for Partnership Firms
[1]3

Give any one distinction between sacrificing ratio and gaining ratio.

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

State any one purpose for admitting a new partner in a firm. 

Concept: Admission of a Partner - Adjustment of Capitals
Chapter: [0.013000000000000001] Reconstitution of a Partnership Firm – Admission of a Partner [0.031] Accounting for Partnership Firms
[1]5

What is meant by calls in advance? 

Concept: Effect of Admiss on of a Partner on Change in the Profit Sharing Ratio
Chapter: [0.031] Accounting for Partnership Firms
[3]6

From the following information, calculate the amount of subscription due to be shown in the

‘Income and Expenditure Account’ for the year ended 31.3.2011 if there are 1000 members and each paying Rs 300 p.a. as subscription.

Subscription received during the year 2010 − 2011: Rs 3,00,000.

Subscription received in advance as on 31.3.2011: Rs 36,800.

Subscription outstanding as on 1.4.2010: Rs 32,000.

Subscription received in advance as on 1.4.2010: Rs 25,000 

Concept: Public Subscription of Shares
Chapter: [0.032] Accounting for Companies
[3]7

Sundram Ltd. Purchased Furniture for Rs 3,00,000 from Ravindram Ltd. Rs 1,00,000 were paid by drawing a Promissory Note in favour of Ravindram Ltd. The balance was paid by issue of

Equity Shares of Rs 10 each at a premium of 25%.

Pass necessary Journal entries in the book of Sundram Ltd.  

Concept: Nature and Types of Share and Share Capital
Chapter: [0.032] Accounting for Companies
[3]8

Nav Lakshmi Ltd. Invited application for issuing 3,000, 12% Debentures of Rs 100 each at a premium of Rs 50 per Debentures. The full amount was payable on application.

Applications were received for 4,000 debentures. Application for 1,000 debentures were rejected and application money was refunded. Debentures were allotted to the remaining applicants.

Pass necessary Journal entries for the above transaction in the books of Nav Lakshmi Ltd 

Concept: Issue of Debentures at Par at Premium and at Discount
Chapter: [0.032] Accounting for Companies
[4]9

Lalan and Balan were partners in a firm sharing profits in the ratio of 3 : 2. Their fixed capitals on 1.4.2010 were : Lalan Rs 1,00,000 and Balan Rs 2,00,000. They agreed to allow interest on capital @ 12% per annum and to change on drawing @ 15% per annum. The firm earned a profit, before all above adjustments of Rs 30,000 of the year ended 31.3.2011. The drawing before Lalan and Balan during the year were Rs 3,000 and Rs 5,000 respectively. Showing your calculations, clearly prepare Profit and Loss Appropriation Account of Lalan and Balan. The interest on capital will be allowed even if the firm incurs a loss.

Concept: Admission of a Partner - Adjustment of Capitals
Chapter: [0.013000000000000001] Reconstitution of a Partnership Firm – Admission of a Partner [0.031] Accounting for Partnership Firms
[4]10

A, B, C and D are partners sharing profits in the ratio of 3 : 3 : 2 : 2 respectively. D retires and A, B and C decide to share the future profits in the ratio of 3 : 2 : 1. Goodwill of the firm is valued at Rs 6,00,000. Goodwill already appears in the book at Rs 4,50,000. The profits for the first year after D’s retirement amount to Rs 12,00,000. Give the necessary Journal entries to record Goodwill and to distribute the profits. Show your calculations clearly.

Concept: Factors Affecting Goodwill
Chapter: [0.013000000000000001] Reconstitution of a Partnership Firm – Admission of a Partner [0.031] Accounting for Partnership Firms
[4]11

Sarvottam Ltd. Decided to redeem its 1250, 12% Debentures of Rs 100 each. It purchased 850 Debentures from the open market at Rs 96 per Debenture. The remaining Debenture were redeemed out of profit. The company has already made a provision for Debenture Redemption Reserve in its books.

Pass necessary Journal entries in the books of the company for the above transaction.

Concept: Issue of Debentures at Par at Premium and at Discount
Chapter: [0.032] Accounting for Companies
[6]12

Pass necessary Journal entries for the following transaction in the books of Fortune Ltd:

 

(i) Redeemed Rs 96,000, 12% Debenture by conversion into Equity Shares of Rs 100 each. The

Equity Shares were issued at a discount 4%.

 

(ii) Converted 4,800, 12% Debentures of Rs 100 each into New 13% Debentures of Rs 100 each.

The new Debentures were issued at a premium 25%.

Concept: Issue of Debentures at Par at Premium and at Discount
Chapter: [0.032] Accounting for Companies
[6]13

Sanjay and Sameer were partners in a firm sharing profits in the ration of 2 : 3. On 31.3.2011 their Balance Sheet was as follows: 

              Balance Sheet of Sanjay and Sameer

                          as on 31.3.2011

Liabilities

Amount

Rs

Assets

Amount

Rs

Capitals

 

Land and Building

3,00,000

Sanjay:

2,00,000

 

Stock

1,00,000

Sameer:

3,00,000

5,00,000

Debtors

1,50,000

Creditors

1,05,000

Bank

1,55,000

Workmen compensation Fund

1,00,000

 

 

 

7,05,000

 

The firm was dissolved on 1.4.2011 and the Assets and Liabilities were settled as follows:

(i) Sanjay agreed to take over land and Building at Rs 3,50,000 by paying cash;

(ii) Stock was sold for Rs 90,000.

(iii) Creditors accepted Debtors in full settlement of their claim.

Pass necessary Journal entries for dissolution of the firm.  

Concept: Change in the Profit Sharing Ratio Among the Existing Partners
Chapter: [0.031] Accounting for Partnership Firms
[6]14

From the following Receipts and Payments Account of Kolkata Sports Club for the year ended

31.3.2011, prepare Income and Expenditure Account. 

Receipts and Payments Account of Kolkat Sports Club

             for the year ended 31.3.2011

Dr.

 

 

Cr.

             Receipts

Amount

Rs

    Payments

Amount

Rs

To Balance b/d

3,200

By Salary

1,800

To Subscription

22,500

By Rent (paid on 30.9.2010 for 12 months)

2,300

To Entrance Fees (including Rs 1,000 as capital income)

3,000

By Electricity

1,000

To Donations

750

By Taxes

2,200

To Rent of hall

1,750

By Printing and Stationery

400

To Accrued interest for the year 2009 – 2010

2,000

By Sundry Expenses

900

 

 

By Books

7,500

 

 

By 9% Fixed Deposit (on 1.4.2010)

15,200

 

 

By Balance c/d

1,900

 

33,200

 

33,200

 

 

 

 

 

Concept: Preparation of Revaluation Account and Balance Sheet
Chapter: [0.031] Accounting for Partnership Firms
[8]15 | Attempt any one of the following
[8]15.1

Atal and Madan were partners in a firm sharing profits in the ratio of 5 : 3. On 31.3.2011 they admitted Mehra as a new partner fro 1/5th share in the profits. The new profit sharing ratio was 5 : 3 : 2. On Mehra’s admission the Balance Sheet to the firm was as follows: 

      Liabilities

Amount

Rs

    Assets

Amount

Rs

Capitals:

 

Land and Building

1,50,000

Atal:

1,50,000

 

Machinery

40,000

Madan:

90,000

2,40,000

Patents

5,000

Provision for bad debts

1,200

Stock

27,000

Creditors

20,000

Debtors

47,000

Workmen compensation Fund

32,000

Cash

4,200

 

 

Profit and Loss Account

20,000

 

2,93,200

 

2,93,200

 

 

On Mehra’s admission it was agreed that

(i) Mehra will bring Rs 40,000 as his capital and Rs 16,000 for his share of goodwill premium, half of which was with draw by Atal and Madan;

(ii) A provision of `2 1/2%` for bad and doubtful debts was to be created;

(iii) Included in the sundry creditors was an item of Rs 2,500 which was not to be paid;

(iv) A provision was to be made for an outstanding bill for electricity Rs 3,000;

(v) A claim of Rs 325 for damage against the firm was likely to be admitted. Provision for the same was to be made.

After the above adjustment, the capitals of Atal and Madan were to be adjusted on the basis of

Mehra’s capital. Actual cash was to be brought in or to be paid off to Atal and Madan as the case may be.

Prepare Revaluation Account, Capital Accounts of the partners and the Balance Sheet of the new firm.

Concept: Admission of a Partner - Sacrifice Ratio and New Ratio
Chapter: [0.031] Accounting for Partnership Firms
[8]15.2

Khanna, Seth and Mehta were partners in a firm sharing profit in the ratio of 3 : 2 : 5. On

31.12.2010 the Balance Sheet of Khana, Seth and Mehta was as follows:  

      Liabilities

Amount

Rs

    Assets

Amount

Rs

Capitals:

 

Goodwill

3,00,000

Khanna:

3,00,000

 

Land and Building

5,00,000

Seth:

2,00,000

 

Machinery

1,70,000

Mehta:

5,00,000

10,00,000

Stock

30,000

General Reserve

1,00,0000

Debtors

1,20,000

Loan from Seth

50,000

Cash

45,000

Creditors

75,000

Profit and Loss Account

60,000

 

12,25,000

 

On 14th March 2011, Seth died.

The partnership deed provides that on the death of a partner the executor of the deceased partners

is entitled to:

(i) Balance in Capital Account;

(ii) Share in profits upto the date of death on the basis of last year’s profit;

(ii) His share in profit/loss in revaluation of assets and re-assessment of liabilities which were as follows:

(a) Land and Building was to be appreciated by Rs 1,20,000;

(b) Machinery was to be depreciated to Rs 1,35,000 and stock to Rs 25,000;

(c) A provision of `2 1/2%` for bad and doubtful debts was to created on debtors;

(iv) The net amount payable to Seth’s executors was transferred to his loan account which was to be paid later.

Prepare Revalution Account, Partners Capital Accounts, Seth’s Executors Account and the

Balance Sheet of Khanna and Mehta who decided to continue the business keeping their capital balances in their new profit sharing ratio. Any surplus of deficit to be transferred the current account of the partners. 

Concept: Preparation of Revaluation Account and Balance Sheet
Chapter: [0.031] Accounting for Partnership Firms
[8]16 | Attempt any one of the following
[8]16.1

R.K. Ltd. invited applications for issuing 70,000 Equity Shares of Rs 10 each at a premium of Rs 35 per share. The amount was payable as follows:  

 

On Application Rs 15 per share (including Rs 12 Premium)

On Allotment Rs 10 per share (including Rs 8 Premium)

On First and Final Call − Balance

Applications for 65,000 shares were received and allotment was made to all the application. A shareholder, Ram who was allotted 2,000 shares were failed to pay the allotment money. His shares were forfeited immediately after allotment. Afterwards the first and final call was made. Sohan, who had 3000 shares failed to pay the first and final call. His shares were also forfeited. Out of the forfeited shares 4,000 shares were re-issued at Rs 50 per share fully paid up. The re-issued shares included all the shares of Ram.

Pass necessary Journal Entries for the above transactions in the books of R.K. Ltd.

Concept: Share Capital - Issue and Allotment of Equity Shares
Chapter: [0.032] Accounting for Companies
[8]16.2

Ashish Ltd. Invited applications for issuing 75,000 Equity Shares of Rs 10 each at a discount of 10%. The amount was payable as follows:

On Application Rs 2 per share.

On Allotment Rs 2 per share

On First and Final Call − Balance

Applications for 1,50,000 shares were received. Applications for 25,000 shares were rejected and the application money of these applicants was refunded. Shares were allotted on pro-rata basis to the remaining applicants. Excess money received with applications was adjusted towards sums due on allotment. Suman who had applied for 1250 shares failed to pay allotment and first and final call money. Dev did not pay the first and final call on his 100 shares. All these share were forfeited and later on 1000 of these share were re-issued at Rs 17 per shares fully paid up. The re-issued shares included all the shares of Suman.

Pass necessary Journal Entries for the above transactions in the books of Ashish Ltd.

Concept: Share Capital - Issue and Allotment of Equity Shares
Chapter: [0.032] Accounting for Companies
[1]17

State the significance of analysis of financial statements to ‘Top Management’.

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

What is the object of preparing a Cash Flow Statements? 

The important objectives for preparing Cash Flow Statement are as follows.

  1. It helps to ascertain the gross inflows and outflows of cash and cash equivalents from various activities.
  2. Secondly, Cash Flow Statement helps in analysing various reasons responsible for change in the cash balances during an accounting year.
Concept: Concept of Cash Flow Statement
Chapter: [0.026000000000000002] Cash Flow Statement
[1]19

While preparing Cash Flow Statements, What type of activity is ‘Payments of cash to aquire shares of another company by a trading company’. 

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

X Ltd has a Current Ratio of 3 : 1 and Quick Ratio of 2 : 1. If the excess of Current Assets over

Quick Assets as represented by Stock is Rs 40,000, calculate Current Assets and Current Liabilities.

Concept: Admission of a Partner - Sacrifice Ratio and New Ratio
Chapter: [0.031] Accounting for Partnership Firms
[4]21

From the following information, calculate any two of the following ratios:

(a) Debt-Equity Ratio

(b) Working Capital Turnover Ratio and

(c) Return on Investment

 

Information: Equity Share capital Rs 10,00,000, General Reserve Rs 1,00,000; Profit and Loss Account after tax and interest Rs 3,00,000; 12% Debenture Rs 4,00,000; Creditors Rs 3,00,000; Land and Building Rs 13,00,000; Furniture Rs 3,00,000; Debtors Rs 2,00,00 and Cash Rs 1,10,000 and Preliminary expenses Rs 1,00,000

 

Sales for the year ended 31-3-2011 was Rs 30,00,000. Tax Paid 50%.

Concept: Types of Shares - Preference Shares Equity Shares
Chapter: [0.021] Accounting for Share Capital [0.032] Accounting for Companies
[4]22

Following is the Income statements, prepare a Common Size Income Statements of Jayant

Ltd. For the year ended 31-3-2011: 

Income Statement of Jayant Ltd.

for the year ended 31.3.2011 

Particulars

Amount

Rs

Income:   
Sales 25,38,000
Other Incomes 38,000
Total Income 25,76,000
Expenses:  
Cost of goods sold 14,00,000 
Operating expenses 5,00,000
Total Expenses 19,00,000
Tax 3,38,000

Prepare a common size Income Statements of Raj Ltd. for the year ended 31-3-2011.

Concept: Common Size Statements
Chapter: [0.024] Analysis of Financial Statements [0.040999999999999995] Analysis of Financial Statements
[6]23

From the following Balance Sheets of B.C.R. Ltd as on 31-3-2010 and 31-3-2011.

Prepare a Cash Flow Statements:  

Balance Sheets of B.C.R. Ltd.

as on 31.3.2010 and 31.3.2011

Liabilities

31-3-2010

Rs

31-3-2011

Rs

Assets

31-3-2010

Rs

31-3-2011

Rs

Equity Shares Capital

Profit and Loss Account

Bank Loan

Proposed Dividend

Provision for tax

Creditors

5,00,000

 

2,00,000

 

1,00,000

50,000

30,000

55,000

7,00,000

 

3,50,000

 

50,000

70,000

50,000

52,000

Patents

Equipment

Investment

Debtors

Stock

Bank

1,00,000

5,00,000

80,000

55,000

2,00,000

95,000

5,00,000

1,00,000
1,47,000

1,30,000

3,00,000

 

 

9,35,000

12,72,000

 

9,35,000

12,72,000

 

 

 

Additional Information:

During the year Equipment costing Rs 1,00,000 was purchases. Loss on sale of Equipment amounted to Rs 12,000. Rs 18,000 deprecation charged on Equipment.

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

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