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Accountancy All India Set 2 2013-2014 CBSE (Science) Class 12 Question Paper Solution

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Accountancy
All India Set 2
2013-2014 March
Marks: 80

[1]1

Give the meaning of 'Debentures issued as Collateral Security'.

Concept: Debentures as Collateral Security-concept
Chapter: [0.022000000000000002] Issue and Redemption of Debentures [0.032] Accounting for Companies
[1]2

D Ltd. invited applications for issuing 10,00,000 equity shares of Rs 10 each. The public applied for 8,55,000 shares. Can the company proceed for the allotment of shares? Give reason in support of your answer

Concept: Share Capital - Issue and Allotment of Equity Shares
Chapter: [0.032] Accounting for Companies
[1]3

Distinguish between 'Dissolution of partnership' and 'Dissolution of partnership firm' on the basis of court's intervention.

Concept: Dissolution of a Partnership Firm
Chapter: [0.031] Accounting for Partnership Firms
[1]4

X, Y and Z were partners sharing profits in the ratio of 1/2, 3/10 and 1/5. X retired from the firm. Calculate the gaining ratio of the remaining partners

Concept: Change in the Profit Sharing Ratio Among the Existing Partners - Gaining Ratio
Chapter: [0.031] Accounting for Partnership Firms
[1]5

X, Y and Z were partners sharing profits in the ratio of 1/2, 3/10 and 1/5. X retired from the firm. Calculate the gaining ratio of the remaining partners

Concept: Change in the Profit Sharing Ratio Among the Existing Partners - Gaining Ratio
Chapter: [0.031] Accounting for Partnership Firms
[1]6

What is meant by ‘Reconstitution of a partnership firm’

Concept: Accounting for Partnership Firms - Reconstitution and Dissolution
Chapter: [0.031] Accounting for Partnership Firms
[1]7

State the rights acquired by a newly admitted partner

Concept: Effect of Admiss on of a Partner on Change in the Profit Sharing Ratio
Chapter: [0.031] Accounting for Partnership Firms
[3]8

Pass necessary journal entries in the Given cases :

Sunrise Ltd. converted 500, 9% debentures of  Rs 100 each issued at a discount of 10% into equity shares of Rs 100 each issued at a premium of Rs 25%.

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

Pass necessary journal entries in the given cases :

Britannia Ltd. redeemed 3,000, 12% debentures of  Rs 100 each which were issued at a discount of  Rs 10 per debenture by converting them into equity shares of  Rs 100 each Rs 90 paid up.

Concept: Issue of Debentures at Par at Premium and at Discount
Chapter: [0.032] Accounting for Companies
[3]9

Hemant and Nishant were partners in the firm sharing profits in the ratio of 3:2. Their capitals were Rs 1,60,000 and Rs 1,00,000 respectively. They admitted Somesh on 1st April 2013 as a new partner for 1/5 share in the future profits. Somesh brought Rs 1,20,000 as his capital. Calculate the value of goodwill of the firm and record necessary journal entries for the above transactions on Somesh's admission.

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
[3]10

Tata Ltd. issued 5,000, 10% Debentures of Rs 100 each on 1st April 2012. The issue was fully subscribed. According to the terms of issue, interest on debentures is payable half-yearly on 30th September and 31st March and tax deducted at source is 10%.
Pass the necessary journal entries related to the debenture interest for the half-yearly ending on 31st March 2013 and transfer of interest on debentures to Statement of Profit and Loss.

Concept: Meaning and Concept of Debentures
Chapter: [0.032] Accounting for Companies
[4]11

Pass necessary journal entries for the following transactions in the books of Gopal Ltd:

Purchased furniture for Rs 2,50,000 from M/s Furniture Mart. The payment to M/s Furniture Mart was made by issuing equity shares of Rs 10 each at a premium of 25%.

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

Pass necessary journal entries for the following transactions in the books of Gopal Ltd:

Purchased a running business from Aman Ltd, for a sum of  Rs 15,00,000. The payment of Rs 12,00,000 was made by issue of fully paid equity shares of  Rs 10 each and balance by a bank draft. The assets and liabilities consisted of the following: Plant Rs 3,50,000; Stock Rs 4,50,000; Land and Building Rs 6,00,000; Sundry Creditors Rs 1,00,000

Concept: Share Capital - Issue and Allotment of Equity Shares
Chapter: [0.032] Accounting for Companies
[4]12

Singh and Gupta decided to start a partnership firm to manufacture low-cost jute bags as plastic bags were creating many environmental problems. They contributed capitals of Rs 1,00,000 and Rs 50,000 on 1st April 2012 for this. Singh expressed his willingness to admit Shakti as a partner without capital, who is specially abled but a very creative and intelligent friend of his. Gupta agreed to this. The terms of the partnership were as follows :

1) Singh, Gupta and Shakti will share profits in the ratio of 2:2:1.

2) Interest on capital will be provided @ 6% p.a.

Due to the shortage of capital, Singh contributed Rs 25,000 on 30th September 2012 and Gupta contributed Rs 10,000 on 1st January 2013 as additional capital. The profit of the firm for the year ended 31st March 2013 was Rs 1,68,900.

a. Identify any two values which the firm wants to communicate to the society.

b. Prepare Profit and Loss Appropriation Account for the year ending 31st March 2013.

Concept: Preparation of Profit and Loss Appropriation Account
Chapter: [0.031] Accounting for Partnership Firms
[4]13

Monika, Sonika and Mansha were partners in firm sharing profits in the ratio of 2:2:1 respectively. On 31st, March 2013, their Balance Sheet as under:

Balance Sheet as on March 31, 2013
Liabilities Rs Assets Rs

Capital:

   Monika     1,80,000

   Sonika     1,50,000

   Mansha      90,000

Reserve Fund 

Creditors

 

 

 

4,20,000

1,50,000

2,40,000

Fixed Asset

Stock

Debtors

Cash

 

 

3,60,000

60,000

1,20,000

2,70,000

 

 

 

8,10,000   8,10,000

Sonika died on 30th June 2013. It was agreed between her executors and the remaining partners that:

a. Goodwill of the firm be valued at 3 years' purchase of average profits for the last four years. The average profits were Rs 2,00,000

b. Interest on capital be provided at 12% p.a.

c. Her share in the profits up to the date of death will be calculated on the basis of average profits for the last four years.

Prepare Sonika's Capital Account as on 30th June 2013.

Concept: Preparation of Deceased Partner's Capital Account, Executor's Account
Chapter: [0.031] Accounting for Partnership Firms
[4]14

On 1st April 2012, Blue Heaven Ltd. was formed with an authorised capital of Rs 20,00,000 divided into 2,00,000 equity shares of Rs 10 each. The company issued the prospectus inviting applications for 1,80,000 equity shares. The company received applications for 1,70,000 equity shares. During the first year, Rs 8 per share were called. Ram holding 2,000 shares and Varun holding 4,000 shares did not pay the first call of Rs 2 per share. Varun's shares were forfeited after the first call and later on, 3,000 of the forfeited share were reissued at Rs 6 per share, Rs 8 called up.

Show the following:

a. Share Capital in the Balance Sheet of the company as per revised Schedule VI Part I of the Companies Act, 1956.
b. Also, prepare 'Notes to Accounts' for the same.

Concept: Accounting Treatment of Forfeiture and Re-issue of Share
Chapter: [0.021] Accounting for Share Capital [0.032] Accounting for Companies
[6]15

Anju, Manju and Ruchi were partners in a firm trading in medicines. They were sharing profits in the ratio of 5 : 3: 2. Their capitals on 1st April, 2012 were Rs 3,00,000; Rs 5,00,000 and Rs 7,00,000 respectively. After the flood in Uttarakhand; all partners decided to help the flood victims personally. For this Anju withdrew Rs 30,000 from the firm of 1st August 2012. Manju instead of withdrawing cash from the firm took medicines amounting to Rs 25,000 from the firm and distributed those to the flood victims. On the other hand, Ruchi withdrew Rs 1,50,000 from her capital on 1st December;2012 and provided the necessary items of daily use in the flood affected area. The partnership deed provides for charging interest on drawings @ 6% p.a. After the final accounts were prepared it was discovered that interest on drawings had not been charged. Give the necessary adjusting journal entry and show the working notes clearly. Also, state any two values which the partners wanted to communicate to the society

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
[6]16

Hanif and Jubed were partners in a firm sharing profits in the ratio of their capitals. On the 31st March 2013 their Balance Sheet was as follows:

Balance Sheet of Hanif and Jubed as on 31st March 2013
Liabilities Rs Assets Rs

Creditors

Workman Companion Fund

General Reserve

Hanif’s Current Account

Capital's:

   Hanif      10,00,000

   Jubed       5,00,000

1,50,000

3,00,000

75,000

25,000

 

 

15,00,000

Bank

Debtors

Stock

 

Furniture

Machinery

Jubed’s Current Account

2,00,000

3,40,000

1,50,000

 

4,60,000

8,20,000

80,000

  20,50,000   20,50,000

On the above date the firm was dissolved:

a. Debtors were realised at a discount of 5%, 50% of the stock was taken over by Hanif at 10% less than the book value. Remaining stock was sold for Rs 65,000.
b. Furniture was taken over by Jubed for Rs 1,35,000. Machinery was sold as scrap for Rs 74,000.
c. Creditors were paid in full.
d. Expenses on realisation Rs 8,000 were paid by Hanif.

Prepare Realisation Account.

Concept: Dissolution of a Partnership Firm - Preparation of Realization Account, and Other Related Accounts
Chapter: [0.031] Accounting for Partnership Firms
[8]17 | Attempt Any One
[8]17.1

Shikhar and Rohit were partners in a firm sharing profit in the ratio 7:3. On 1st April 2013, they admitted Kavi as a new partner for a ¼ share in the profit of the firm. Kavi brought Rs 4,30,000 as his capital and Rs 25,000 for his share of goodwill premium. The Balance Sheet of Shikhar and Rohit as on 1st April 2013 was as follows:

Balance Sheet of Shikhar and Rohit as on 1st April 2013
Liabilities Rs Assets Rs

Capital:

   Shikhar          8,00,000

   Rohit             3,50,000

General Reserve

Workman’s Compensation Fund

Creditors

 

 

11,50,000

1,00,000

1,00,000

1,50,000

Land and Building

Machinery

Debtors                2,20,000

Less: Provision        20,000

Stock

Cash

3,50,000

4,50,000

 

2,00,000

3,50,000

1,50,000

  15,00,000   15,00,000

It was agreed that:

1. The value of Land and Building will be appreciated by 20%.
2. The value of Machinery will be depreciated by 10%.
3. The liabilities of Workmen's Compensation Fund was determined at Rs 50,000.
4. Capitals of Shikhar and Rohit will be adjusted on the basis of Kavi's capital and actual cash to be brought in or to be paid off as the case may be.

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

Concept: Preparation of Revaluation Account and Balance Sheet
Chapter: [0.031] Accounting for Partnership Firms
[8]17.2

L, M and N were partners in firm sharing profits in the ratio of 2:1:1. On 15' April 2013 their Balance Sheet as follows:

Balance Sheet of L, M and N as on 1st April 2013
Liabilities Rs Assets Rs

Capital:

    L             6,00,000

    M             4,80,000

    N             4,80,000

General Reserve

Workman’s Compensation Fund

Creditors

 

 

 

 

15,60,000

4,40,000

3,60,000

2,40,000

 

Land

Building

Furniture

Debtors             4,00,000

Less: Provision      20,000

Stock

Cash

 

8,00,000

6,00,000

2,40,000

 

3,80,000

4,40,000

1,40,000

 

  26,00,000   26,00,000

On the above date, N retired

The following were agreed:

i. Goodwill of the firm was valued at Rs 6,00,000.
ii. The land was to be appreciated by 40% and Building was to be depreciated by Rs 1,00,000. Furniture was to be depreciated by Rs 30,000.
iii. The liabilities for Workmen's Compensation Fund was determined at Rs 1,60,000.
iv. The amount payable to N was transferred to his loan account.
v. Capitals of L and M were to be adjusted in their new profit sharing ratio and for this purpose current accounts of the partners will be opened.

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

Concept: Preparation of Revaluation Account and Balance Sheet
Chapter: [0.031] Accounting for Partnership Firms
[8]18 | Attempt Any One
[8]18.1

KY Ltd. invited applications for issuing 60,000 equity shares of Rs 10 each at a premium of `4 per share. The amount was payable as follows:
On applications and allotment - Rs 8 per share (including premium)
On first and final call - the balance amount
Applications for 2,00,000 shares were received. Applications for 80,000 shares were rejected and money refunded. Shares were allotted on pro-rata basis to the remaining applicants. The first and final call was made. The amount was duly received except on 600 shares applied by Ravi. His shares were forfeited. The forfeited shares were re-issued at a discount of Rs 8 per share.

Pass necessary journal entries for the above transactions in the books of KY Ltd

Concept: Accounting Treatment of Forfeiture and Re-issue of Share
Chapter: [0.021] Accounting for Share Capital [0.032] Accounting for Companies
[8]18.2

JY Ltd. invited applications for issuing 70,000 equity shares of Rs 10 each at a discount of 10%. The amount was payable as follows:
On applications and allotment - Rs 4 per share
On first and final call - the balance amount
Application for 2,00,000 shares were received. Applications for 60,000 shares were rejected and money refunded. Shares were allotted on pro-rata basis to the remaining applicants. The first and final call was made. All money was received except on 1,400 shares applied by Naresh. His shares were forfeited. The forfeited shares were re-issued at the maximum discount permissible under the law.

Pass necessary journal entries for the above transactions in the books of JY Ltd.

Concept: Accounting Treatment of Forfeiture and Re-issue of Share
Chapter: [0.021] Accounting for Share Capital [0.032] Accounting for Companies
[1]19

State the meaning of ‘Cash Flow’ while preparing Cash Flow Statement.

Concept: Concept of Cash Flow Statement
Chapter: [0.026000000000000002] Cash Flow Statement
[1]20

Why is specific disclosure of cash flow financing activities important while preparing Cash Flow Statement?

Concept: Concept of Cash Flow Statement
Chapter: [0.026000000000000002] Cash Flow Statement
[1]21

State the objectives of 'Analysis of Financial Statements'.

Concept: Concept of Financial Statements
Chapter: [0.023] Financial Statements of a Company [0.040999999999999995] Analysis of Financial Statements
[3]22

Under which major sub-headings the following items will be placed in the Balance Sheet of a company as per revised Schedule-VI, Part-I of the Companies Act, 1956:

i. Capital Reserve
ii. Bonds
iii. Loans repayable on demand
iv. Vehicles
v. Goodwill
vi. Loose tools

Concept: The Indian Partnership Act 1932
Chapter: [0.031] Accounting for Partnership Firms
[4]23

From the following Statement of profit and loss of Corex Ltd, year ended 31st March 2013, prepare a comparative statement of Profit and Loss :

Particular Note
No.

2012-13

Rs

2011-12

Rs

Revenue from operation   14,00,000 11,00,000
Other expenses   2,00,000 1,40,000
Expenses   8,00,000 9,00,000

Rate of Income tax was 40%.

Concept: Comparative Statements
Chapter: [0.024] Analysis of Financial Statements [0.040999999999999995] Analysis of Financial Statements
[4]24
[2]24.1

The quick ratio of a company is 1.5: 1. A state with reason which of the following transactions would

i. increase:
ii. decrease or
iii. not change the ratio

a. Paid rent Rs 3,000 in advance.
b. Trade receivables included a debtor Shri Ashok who paid his entire amount due Rs 9,700.

Concept: Activity Ratios - Inventory Turnover Ratio
Chapter: [0.040999999999999995] Analysis of Financial Statements
[2]24.2

From the Following information , compute Debt-Equity Ratio:

                                              Rs.

Long Term Borrowings          2,00,000

Long Term Provision             1,00,000

Current Liabilities                    50,000

Non-Current-Assets              3,60,000

Current -Assets                       90,000

Concept: Solvency Ratios - Debt to Equity Ratio
Chapter: [0.040999999999999995] Analysis of Financial Statements
[6]25

Prepare a Cash Flow Statement from the information given in the balance sheet of Simco Ltd. As at 31-3- 2013and 31-3-2012:

Particulars Note No.

31-3-2013

Rs

31-3-2012

Rs

I. Equity and Liabilities

  1. Shareholders' Funds

    a. Equity Share Capital

    b. Reserves and Surplus

  2. Non-current Liabilities

    a. Long term-borrowing

  3. Current liabilities

     a. Trade Payables

 

 

 

2,00,000

90,000

 

87,500

 

10,000

 

 

1,50,000

75,000

 

87,500

 

76,000

Total   3,87,500 3,87,500

II. Assets

  1. Non- Current assets

    a. Fixed assets

      i. Tangible assets

    b. Non –Current Investment

2. Current assets

   a. Current-Investment (marketable)

   b. Inventory

   c. Trade receivable

   d. Cash and Cash equivalents

 

 

 

 

1,87,500

1,05,000

 

12,500

4,000

9,500

68,500

 

 

 

1,40,000

1,02,500

 

33,500

5,500

23,000

84,000

Total   3,87,500 3,88,500

Notes to Account:
Note -1

Particulars

2013

Rs

2012

Rs

Reserve and Surplus    
Surplus( balance in the statement of profit and loss) 90,000 75,000
Concept: Concept of Cash Flow Statement
Chapter: [0.026000000000000002] Cash Flow Statement

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