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Accountancy Delhi Set 3 2013-2014 CBSE (Commerce) Class 12 Question Paper Solution

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Accountancy [Delhi Set 3]
Marks: 80Date: 2013-2014 March

[1]1

Give the meaning of Debenture?

Concept: Meaning and Concept of Debentures
Chapter: [0.032] Accounting for Companies
[1]2

Why are heirs of a retiring/deceased partner entitled to a share of goodwill of the firm?

Concept: Retirement Or Death of a Partner - Treatment of Goodwill
Chapter: [0.013000000000000001] Reconstitution of a Partnership Firm – Admission of a Partner [0.031] Accounting for Partnership Firms
[1]3

Distinguish between ‘Dissolution of partnership’ and Dissolution of partnership firm ‘on the basis of closure of Books.

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

X, Y and Z are partners sharing profit in ratio of 1/2, 2/5, and 1/10. Find the new ratio of remaining partners if Z retires.

Concept: Retirement and Death of a Partner - Effect of Retirement I Death of a Partner on Change in Profit Sharing Ratio
Chapter: [0.031] Accounting for Partnership Firms
[1]5

Give any one purpose for which the amount received as ‘Securities Premium’ may be utilised.

Concept: Theory on Shares
Chapter: [0.032] Accounting for Companies
[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

What is the maximum amount of discount at which forfeited share can be re-issued?

Concept: Accounting Treatment of Forfeiture and Re-issue of Share
Chapter: [0.021] Accounting for Share Capital [0.032] Accounting for Companies
[3]8

Saloni and Shrishti were partners in a firm sharing profits in the ratio of 7:3. Their capitals were Rs.2,00,000 and Rs.1,50,000 respectively. They admitted Aditi on 1st April, 2013 as a new partner for 1/6th share in future profits. Aditi brought Rs.1,00,000 as her capital. Calculate the value of goodwill of the firm and record necessary journal entries for the above transaction on Aditi's admission.

Concept: Admission of a Partner - Treatment of Goodwill
Chapter: [0.013000000000000001] Reconstitution of a Partnership Firm – Admission of a Partner [0.031] Accounting for Partnership Firms
[3]9

BG. Ltd. issued 2,000, 12% debentures of Rs.100 each on 1st April 2012. The issue was fully subscribed. According to the terms of issue, interest on the debentures is payable half-yearly on 30th September and 31st March and the tax deducted at source is 10%. Pass necessary journal entries related to the debenture interest for the half-yearly ending 31st March, 2013 and transfer of interest on debentures of the year to the Statement of Profit & Loss.

Concept: Interest on Debentures
Chapter: [0.022000000000000002] Issue and Redemption of Debentures [0.032] Accounting for Companies
[3]10

Pass necessary journal entries in the following cases

Kay Ltd. converted 3,000, 12% debentures of Rs 100 each issued at a premium of 10% into equity shares of Rs 100 each issued at a premium of 25%.

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

Pass necessary journal entries in the following cases

Jay Ltd. redeemed 1,500, 12% debentures of Rs 1,000 each issued at a discount of 10% by converting them into equity shares of Rs 50 each issued at par.

Concept: Types of Shares - Preference Shares Equity Shares
Chapter: [0.021] Accounting for Share Capital [0.032] Accounting for Companies
[4]11

Virad, Vishad and Roma were partners sharing profits in the ratio of 5 : 3: 2 respectively. On March 31, 2013, their Balance Sheet as under.

Liabilities Amount(Rs.) Assets Amount(Rs.)

Capital:

       Virad      3,00,000

       Vishad    2,50,000

       Roma      1,50,000 

Reserve Fund

Creditors

 

 

 

 

7,00,000

60,000

1,10,000

 

Building

Machinery

Patents

Stock

Debtors

Cash

 

2,00,000

3,00,000

1,10,000

1,00,000

80,000

80,000

 

  8,70,000   8,70,000

Virad died on October 1, 2013. It was agreed between his executors and the remaining partner's that:

a. Goodwill of the firm is valued at 2 ½ years purchase of average profits for the last three years. The average profits were Rs.1,50,000.

b. Interest on capital is provided at 10% p.a.

c. Profit for the year 2013-14 is taken as having accrued at the same rate as that of the previous year which was Rs.1,50,000.

Prepare Virad's Capital Account to be presented to his Executors as on October 1, 2013.

Concept: Change in the Profit Sharing Ratio Among the Existing Partners
Chapter: [0.031] Accounting for Partnership Firms
[4]12

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

(a) Rajan Ltd. purchased machinery of Rs.7,20,000 from Kundan Ltd. The payment was made to Kundan Ltd. by issue of equity shares of Rs.100 each at 10% discount.

(b) Rajan Ltd purchased a running business from Vikas Ltd. for a sum of Rs.2,50,000 payable as Rs.2,20,000 in fully paid equity shares of Rs.10 each and balance by a bank draft. The assets and liabilities consisted of the following:

Plant & Machinery Rs.90,000; Building Rs.90,000; Sundry Debtors Rs.30,000; Stock Rs.50,000; Cash Rs.20,000; Sundry Creditors Rs.20,000.

Concept: Issue of Shares for Consideration Other than Cash
Chapter: [0.032] Accounting for Companies
[4]13

Satnam and Qureshi after doing their MBA decided to start a partnership firm to manufacture 151 marked electronic goods for economically weaker section of the society. Satnam also expressed his willingness to admit Juliee as partner without capital who is specially abled but a very creative and intelligent friend of him. Qureshi agreed to this. They formed a partnership on 1st April 2012 on the following terms :

i. Satnam will contribute Rs.4,00,000 and Qureshi will contribute Rs.2,00,000 as capitals.

ii. Satnam, Qureshi and Juliee will share profits in the ratio of 2:2:1.

iii. Interest on capital will be allowed @ 6% p.a. Due to shortage of capital Satnam contributed Rs.50,000 on 30th September, 2012 and Qureshi contributed Rs.20,000 on 1st January, 2013 as additional capitals. The profit of the firm for the year ended 31st March, 2013 was Rs.3,37,800.

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

Prepare Profit & 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]14

On 1st April 2012, Mayank Ltd. was formed with an authorised capital of  Rs 25,00,000 divided into 50,000 equity shares of Rs 50 each. The company issued a prospectus inviting applications for 45,000 shares. The issue price was payable as under :

On Application: Rs 15
On Allotment: Rs 20
On Call: Balance amount

The issue was fully subscribed and the company allotted shares to all the applicants. The company did not make the call during the year. 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 for Share Capital
Chapter: [0.032] Accounting for Companies
[6]15

Amar, Karan and Varun were partners in a firm manufacturing garment. They were sharing profits in the ratio of 5:3:2. On 1st April, 2012 their capitals were Rs 3,00,000, Rs 4,00,000 and Rs 5,00,000 respectively. After the flood in Uttaranchal, all partners decide to personally help the flood victims. For this Amar withdrew Rs 30,000 from the firm on 1st September 2012, Karan instead of withdrawing cash from the firm took garments amounting to Rs 36,000 from the firm and distributed to the flood victims. On the other hand, Varun withdrew Rs 1,50,000 from his capital on 1st January 2013 and started a school to provide elementary education in the flood affected area. The partnership deep provides for charging interest on drawings @ 6% p.a. After the Final Accounts were prepared, it was discovered that interest in drawings had not been charged

Give the necessary adjusting journal entry and show the working notes clearly. Also, state any two values that 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

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

Balance Sheet of Kumar and Gaurav as on 31st March 2013
Liabilities

Amount

Rs

Assets

Amount

Rs

Creditors

Workman Compensation Fund

Satya’s Current Account

Capital’s:

   Kumar        1,50,000

   Gaurav       1,00,000

80,000

25,000

24,000

 

 

2,50,000

Bank

Debtors

Stock

Machinery

Shanti’s Current Account

 

79,000

1,70,000

34,000

79,000

17,000

 

 

3,79,000

  3,79,000

On the above date the firm was dissolved:

1. Kumar took over 50% of stock at 10% less than its book value. The remaining stock was sold for Rs 10,000.
2. Debtors were realized at a discount of 5%.
3. An unrecorded asset was sold for Rs 9,000 and machinery was sold for Rs 18,000.
4. Creditors were paid in full.
5. There was an outstanding bill for repairs for amounting to Rs 14,000 which was settled at Rs 12,000.

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

Mohan and Mahesh were partners in a firm sharing profit in the ratio 3:2. On 1st April 2012, they admitted Nusrat as a partner in the firm. The Balance Sheet of Mohan and Mahesh on that date was as under:

Balance Sheet of Mohan and Mahesh as on 1st April 2012

Liabilities Amount(Rs.) Assets Amount(Rs.)

Creditors

Workman’s Compensation Fund

General Reserve

Capital:

       Mohan                     1,00,000

       Mahesh                       80,000

 

2,10,000

2,50,000

1,60,000

 

 

1,80,000

 

Cash in hand

Debtors

Stock

Machinery

Building

 

 

1,40,000

1,60,000

1,20,000

1,00,000

2,80,000

 

 

  8,00,000   8,00,000

It was agreed that:

i. The value of Building and Stock be appreciated to Rs.3,80,000 and Rs.1,60,000 respectively.

ii. The liabilities of workmen's compensation fund was determined at Rs.2,30,000.

iii. Nusrat brought in her share of goodwill Rs.1,00,000 in cash.

iv. Nusrat was to bring further cash as would make her capital equal to 20% of the combined capital of Mohan and Mahesh after above revaluation and adjustments are carried out.

v. The future profit sharing ratio will be Mohan 2/5, Mahesh 2/5, Nusrat 1/5.

Prepare Revaluation Account, Partner's Capital Accounts and Balance Sheet of the new firm. Also show clearly the calculation of Capital brought by Nusrat.

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

Kushal Kumar and Kavita were partners in a firm sharing profit in the ratio 3:1:1. On 1st April 2012 their Balance Sheet was as follows:

Balance Sheet of Kushal, Kumar and Kavita as on 1st April 2012

Liabilities Amount (Rs.) Assets Amount (Rs.)

Creditors

Bill payable

General Reserve

Capital:

       Kushi       3,00,000

       Kumar     2,80,000

       Kavita     3,00,000  

1,20,000

1,80,000

1,20,000

 

 

 

8,80,000

Cash

Debtors               2,00,000

  Less: Provision    10,000  

Stock

Furniture

Building

Land

70,000

 

1,90,000

2,20,000

1,20,000

3,00,000

4,00,000

  13,00,000   13,00,000

On the above date, Kavita retired and the following was agreed:

i. Goodwill of the firm was valued at Rs.40,000.

ii. The land was to be appreciated by 30% and the building was to be depreciated by Rs.1,00,000.

iii. Value of furniture was to be reduced by Rs.20,000.

iv. Bad debts reserve is to be increased to Rs.15,000.

v. 10% of the amount payable to Kavita was paid in cash and the balance was transferred to her Loan Account.

vi. Capitals of Kushal and Kumar will be in proportion to their new profit sharing ratio. The surplus/deficit, if any in their Capital Accounts will be adjusted through Current Accounts.

Prepare Revaluation Account, Partners Capital Accounts and Balance Sheet of Kushal and Kumar after Kavita's retirement.

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

XYZ Ltd. invited applications for 40,000 equity shares of Rs.100 each at a discount of 6%. The amount was payable as follows:

On Application and Allotment - Rs.90 per share

On First and Final call - the balance amount.

Applications for 60,000 shares were received. Applications for 10,000 shares were rejected and shares were allotted on pro-rata basis to remaining applicants. Excess application money received on application and allotment was adjusted towards sums due on first and final call. The calls were made. A shareholder, who applied for 50 share, failed to pay the first and final call money. His shares were forfeited. All the forfeited shares were re-issued at Rs.97 per share fully paid up. Pass necessary journal entries for the above transactions in the books of XYZ 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

AB Ltd. invited applications for issuing 75,000 equity shares of Rs.100 each at a premium of Rs.30 per share. The amount was payable as follows:

On Application and Allotment - Rs.85 per share (including premium)

On First and Final call - the balance amount

Applications for 1,27,500 shares were received. Applications for 27,500 shares were rejected and shares were allotted on pro-rata basis to the remaining applicants. Excess money received on application and allotment was adjusted towards sums due to first and final call. The calls were made. A shareholder, who applied for 1,000 shares, failed to pay the first and final call money. His shares were forfeited. All the forfeited shares were reissued at Rs.150 per share fully paid up.

Pass necessary journal entries for the above transactions in the books of AB 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 objective preparing ‘Cash Flow Statement’.

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

State any one limitation of Analysis of Financial Statement.

Concept: Concept of Financial Statement Analysis
Chapter: [0.040999999999999995] Analysis of Financial Statements
[1]21

Give the meaning of ‘Cash Equivalents’ for the purpose of preparing Cash Flow Statement.

Concept: Concept of Cash Flow Statement
Chapter: [0.026000000000000002] Cash Flow Statement
[3]22

From the following Statement of profit and loss of the year ended 31st March 2013, prepare a comparative statement of Profit and Loss ‘of Better Sales Ltd.

Particulars 2012-13  Rs 2011-12  Rs

Revenue from operation

Other expenses

Expenses

7,00,000

75,000

4,50,000

5,00,000

1,00,000

3,75,000

Rate of Income tax was 50%.

Concept: Comparative Statements
Chapter: [0.024] Analysis of Financial Statements [0.040999999999999995] Analysis of Financial Statements
[4]23

From the following Statement of profit and loss of the year ended 31st March 2013, prepare a comparative statement of Profit and Loss ‘of Better Sales Ltd.

Particulars 2012-13  Rs 2011-12  Rs

Revenue from operation

Other expenses

Expenses

7,00,000

75,000

4,50,000

5,00,000

1,00,000

3,75,000

Rate of Income tax was 50%.

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

From the Following information, compute Debt-Equity Ratio

  Rs
Long-Term Borrowings 8,00,000
Long-Term Provision 4,00,000
Current Liabilities 2,00,000
Non-Current-Assets 14,40,000
Current -Assets 3,60,000
Concept: Solvency Ratios - Debt to Equity Ratio
Chapter: [0.040999999999999995] Analysis of Financial Statements
[2]24.2

The current ratio of Z. Ltd is 1: 1. A state with reason which of the following transaction would

1. increase;
2. decrease or
3. not change the ratio.

1. Included in the trade payables was a bill payable of  Rs 3,000 which was met on maturity

2. Debentures of Rs 50,000 were converted into Equity Share

Concept: Concept of Accounting Ratios
Chapter: [0.025] Accounting Ratios [0.040999999999999995] Analysis of Financial Statements
[6]25

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

Balance Sheet of Tiger Super Steel Ltd
Particulars Note No. 31-3-2015 (Rs.) 31-3-2014 (Rs.)

I. Equity and Liabilities

        1. Shareholder’s Funds

              a. Equity Share Capital

              b. Reserve and Surplus

         2. Non - Current Liabilities

              a) Long term borrowings

         3. Current Liabilities

              a) Trade Payables

1

 

 

2,10,000

1,32,000

 

1,50,000

 

75,000

 

 

1,80,000

24,000

 

1,50,000

 

27,000

Total   5,67,000 3,81,000

II. Assets

     1. Non – Current Assets

               a) Fixed Assets

                     Tangible assets

               b) Non – Current Investments

      2. Current Assets

                a) Current Investments (marketable)

                b) Inventories

                c) Trade Receivable

                c) Cash and Cash equivalents

 

 

 

 

2,94,000

48,000

 

54,000

1,07,000

40,000

24,000

 

 

 

2,52,000

18,000

 

60,000

24,000

17,500

9,500

Total   5,67,000 3,81,000

 

Notes to Account:

Note -1

Particulars 2013 (Rs.) 2012 (Rs.)

Reserve and Surplus

Surplus (balance in statement of profit and loss)

 

1,32,000

 

24,000

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

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