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Accountancy Foreign Set 1 2013-2014 CBSE (Commerce) Class 12 Question Paper Solution

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Accountancy
Foreign Set 1
2013-2014 March
Marks: 80

[1]1

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

Concept: Change in the Profit Sharing Ratio Among the Existing Partners
Chapter: [0.031] Accounting for Partnership Firms
[1]2

Distinguish between 'Dissolution of partnership' and 'Dissolution of partnership firm' on the basis of settlement of assets and liabilities.

Concept: Dissolution of a Partnership Firm
Chapter: [0.031] Accounting for Partnership Firms
[1]3

Why does a firm revaluate its assets and reassess its liabilities on retirement or death of a partner?

Concept: Admission of a Partner - Revaluation of Assets and Liabilities
Chapter: [0.031] Accounting for Partnership Firms
[1]4

Why is 'Realisation Account' prepared?

Concept: Accounting for Revaluation of Assets and Reassessment of Liabilities
Chapter: [0.013000000000000001] Reconstitution of a Partnership Firm – Admission of a Partner [0.031] Accounting for Partnership Firms
[1]5

When can a company forfeit the shares held by a shareholder? 

Concept: Theory on Shares
Chapter: [0.032] Accounting for Companies
[1]6

Give the meaning of 'Share Capital'.

Concept: Nature and Types of Share and Share Capital
Chapter: [0.032] Accounting for Companies
[1]7

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
[3]8

Bhuwan and Shivam were partners in a firm sharing profits in the ratio of 3 : 2. Their capitals were Rs 50,000 and Rs 75,000 respectively. They admitted Atul on 1st April, 2013 as a new partner for 1/4th share in the future profits. Atul bought Rs 75,000 as his capital. Calculate the value of goodwill of the firm and record necessary journal entries for the above transactions on Atul's admission.

Concept: Change in the Profit Sharing Ratio Among the Existing Partners
Chapter: [0.031] Accounting for Partnership Firms
[3]9

Vishesh Ltd. issued 10,000, 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 debentures interest for the half-yearly ending on 31st March, 2013 and transfer of interest on debentures for the year to Statement of Profit and 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:
 Kim India Ltd. converted 1,000, 9% debentures of Rs 100 each issued at a discount of 10% into equity shares of Rs 100 each issued at a premium of 25%.


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

Sonali Ltd. redeemed 6,000, 12% debentures of Rs 100 each which were issued at a discount of Rs 10 per debentures by converting them into equity shares of Rs 100 each, Rs 90 paid up.

Concept: Interest on Debentures
Chapter: [0.022000000000000002] Issue and Redemption of Debentures [0.032] Accounting for Companies
[4]11

Karam Singh and Suleman decided to start a partnership firm to manufacture low cost paper bags from the waste paper as plastic bags were creating many environmental problem. For this, they contributed capitals of Rs 2,00,000 and Rs 1,00,000 respectively on 1st April, 2012. Suleman also expressed his willingness to admit Inderjeet as a partner without capital in the firm. Inderjeet is specially abled but a very creative and intelligent friend of his. Karam Singh agreed to this. The terms of partnership were as follows:

(i) Karam Singh, Suleman and Inderjeet will share profit in the ratio of 2 : 2 : 1.
(ii) Interest on capital will be provided @6% p.a

Due to shortage of capital, Karam Singh contributed Rs 50,000 on 30th September, 2012 and Suleman contributed Rs 20,000 on 1st January 2013 as additional capital. The profit of the firm for the year ended 31st March, 2013 was Rs 2,00,300.

(a) Identify any two values which the firm wants to communicate to the society.
(b) Prepare Profit and Loss Appropriate Account of the firm for the year ending 31st March, 2013.

Concept: Accounting for Partnership Firms - Reconstitution and Dissolution
Chapter: [0.031] Accounting for Partnership Firms
[4]12

Manika, Nishtha and Sakshi were partners in a firm sharing profits in the ratio of 2 : 2 : 1 respectively. On 31st March, 2013 their Balance Sheet was as under: 

                 Balance Sheet as on 31st March, 2013

        Liabilities

Amount

Rs

   Assets

Amount

Rs

Capitals:

 

Fixed Assets

3,60,000

Manika

2,80,000

 

Debtors

2,80,000

Nishtha

3,00,000

 

Stock

1,30,000

Sakshi

1,00,000

6,80,000

Cash

4,60,000

Reserve Fund

3,00,000

 

 

Creditors

2,50,000

 

 

 

12,30,000

 

12,30,000

 

 

 

 

Sakshi died on 1st July, 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 three years. The average profits were Rs 5,00,000.
(b) Interest on capital be provided at 12% p.a.
(c) Her share in the profits upto the date of death will be calculated on the basis of average profits for the last three years.

Prepare Sakshi's Capital Account as on 1st July, 2013.  

 

Concept: Change in the Profit Sharing Ratio Among the Existing Partners - Gaining Ratio
Chapter: [0.031] Accounting for Partnership Firms
[4]13

On 1st April, 2012, Khanna 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 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, Shikha holding 2,000 share and Poonam holding 4,000 shares did not pay the first call of Rs 2 per share. Poonam's shares were forfeited after the first call and later on 3,000 of the forfeited shares re-issued 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'.

Concept: Share Capital - Issue and Allotment of Equity Shares
Chapter: [0.032] Accounting for Companies
[4]14

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

(i) Sewak Ltd. acquired assets of Rs 5,00,000 and liabilities of Rs 3,00,000 of Goodwill Ltd. for a purchase consideration of Rs 1,35,000. Payment to Goodwill Ltd. was made by issuing equity shares of 10 each at a discount of 10%.

(ii) Purchase furniture of Rs 5,00,000 from Ramprastha Ltd. The payment to Ramprastha Ltd. was made by issuing equity shares of Rs 10 each at a premium of 25%.

Concept: Issue at Par and Premium and at Discount
Chapter: [0.032] Accounting for Companies
[6]15

Anil, Vineet and Vipul were partners in a firm manufacturing food items. They were sharing profits in the ratio of 5 : 3 : 2. Their capitals on 1st April, 2012 were Rs 4,00,000, Rs 5,00,000 and 9,00,000 respectively. After the floods in Uttranchal, all partners decided to help the flood victims personally.

For this Anil withdrew Rs 30,000 from the firm in 30th September, 2012. Vineet instead of withdrawing cash from the firm took some food items amounting to Rs 25,000 from the firm and distributed those to flood victims. On the other hand, Vipul withdrew Rs 2,50,000 from his capital on 1st January, 2013 and built a shelter-home to help flood victims.

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 entry and show the working notes clearly. Also state any two values that the partners wanted to communicate to the society.

Concept: Change in the Profit Sharing Ratio Among the Existing Partners - Gaining Ratio
Chapter: [0.031] Accounting for Partnership Firms
[6]16

Ramesh and Umesh were partners in a firm sharing profits in the ratio of their capitals. On 31st March, 2013 their Balance Sheet was as follows:On the above data the firm was dissolved. 

            Balance Sheet of Ramesh and Umesh as on                            31st March, 2013

Liabilities

Amount

Rs

Assets

Amount

Rs

Creditors

1,70,000

Bank

1,10,000

Workmen’s Compensation Fund

2,10,000

Debtors

2,40,000

General Reserve

2,00,000

Stock

1,30,000

Ramesh’s Current Account

80,000

Furniture

2,00,000

Capitals:

 

Machinery

9,30,000

Ramesh

7,00,000

 

Umesh’s Current Account

50,000

Umesh

3,00,000

10,00,000

 

 

 

16,60,000

 

16,60,000

 

 

 

(i) Ramesh took over 50% of stock at Rs 10,000 less than book value. The remaining stock was sold at a loss of Rs 15,000. Debtors were realised at a discount of 5%.
(ii) Furniture was taken over by Umesh for Rs 50,000 and machinery was sold for Rs 4,50,000.
(iii) Creditors were paid in full.
(iv) There was an unrecorded bill for repairs for Rs 1,60,000 which was settled at Rs 1,40,000.

Prepare Realisation Account.

Concept: Admission of a Partner - Revaluation of Assets and Liabilities
Chapter: [0.031] Accounting for Partnership Firms
[8]17 | Attempt any one of the following
[8]17.1

Kalpana and Kanika were partners in a firm sharing profits in the ratio of 3 : 2. On 1st April, 2013 they admitted Karuna as a new partners for 1/5th share in the profits of the firm. The Balance Sheet of Kalpana and Kanika as on 1st April, 2013, was as follows:

 Balance Sheet of Kalpana and Kanika as on 1st April, 2013

                     Liabilities

Amount

Rs

        Assets

Amount

Rs

Capitals

 

Land and Building

2,10,000

Kalpana

4,80,000

 

Plant

2,70,000

Kanika

2,10,000

6,90,000

Stock

2,10,000

General Reserve

60,000

Debtors

1,32,000

 

Workmen’s Compensation Fund

1,00,000

Less: Provision

–12,000

1,20,000

Creditors

90,000

Cash

1,30,000

 

 

 

 

 

9,40,000

 

9,40,000

 

 

 

 

It was agreed that
(i) the value of Land and Building will be appreciated by 20%.
(ii) the value of plant be increased by Rs 60,000.
(iii) Karuna will bring Rs 80,000 for her share of goodwill premium.
(iv) the liabilities of Workmen's Compensation Fund were determined at Rs 60,000.
(v) Karuna will bring in cash as capital to the extent of `1/5`th share of the total capital of the new firm.

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

Concept: Admission of a Partner - Revaluation of Assets and Liabilities
Chapter: [0.031] Accounting for Partnership Firms
[8]17.2

P, Q and R were partners in a firm sharing profit in the ratio of 7 : 2: 1. On 1st April, 2013 their Balance Sheet was as follows:

           Balance Sheet of P, Q and R as on 1st April, 2013

    Liabilities

Amount

Rs

         Assets

Amount

Rs

Capitals:

 

Land

12,00,000

P

9,00,000

 

Building

9,00,000

Q

8,40,000

 

Furniture

3,60,000

R

9,00,000

26,40,000

Stock

6,60,000

General Reserve

3,60,000

Debtors

6,00,000

 

Workmen’s Compensation Fund

5,40,000

Less provision

–30,000

5,70,000

Creditors

3,60,000

Cash

2,10,000

 

39,00,000

 

39,00,000

 

 

 

 

 

On the above data Q retired.
The following were agreed:
(i) Goodwill of the firm was valued at Rs 12,00,000.
(ii) Land was to be appreciated by 30% and Building was to depreciated by 3,00,000.
(iii) Value of furniture was to be reduced by Rs 60,000.
(iv) The liabilities for Workmen's Compensation Fund were determined at Rs 1,40,000.
(v) Amount Payable to Q was transferred to his loan account.
(vi) Capitals of P and R were to be adjusted in their new profit sharing ratio, For this purpose current accounts of the partners will be opened.

Prepare Revaluation Account, Partner's 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 of the following
[8]18.1

LCM Ltd. invited applications for issuing 2,00,000 equity shares of Rs 10 each at a premium of Rs 3 per share. The amount was payable as follows:

On application and allotment – Rs 8 per share (including premium)
On first and final call – the balance amount.

Applications for 3,00,000 share were received. Applications for 50,000 shares were rejected and money refunded. Shares were allotted on pro-rata basis to the remaining applicants. First and final call was made as was duly received except on 2,500 share applied by Kanwar. His shares were forfeited. The forfeited shares were re-issued at Rs 7 per share fully paid up.

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

Concept: Share Capital - Issue and Allotment of Equity Shares
Chapter: [0.032] Accounting for Companies
[8]18.2

HCF 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 and allotment – 4 per share
On first and final call – the balance amount.

Applications for 2,00,000 share were received. Applications for 50,000 shares were rejected and money refunded. Shares were allotted on pro-rata basis to the remaining applicants. The first and final call was made and was duly received except on 1,500 share applied by Raja. His share were forfeited. The forfeited shares were re-issued at maximum discount permissible under law.

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

Concept: Share Capital - Issue and Allotment of Equity Shares
Chapter: [0.032] Accounting for Companies
[1]19

What is meant by 'Cash Flow' while preparing Cash Flow Statement?

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

State any one objective of preparing Cash Flow Statement.

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

State any one limitation of Financial Statement Analysis’

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

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

(i) Long-term Loans
(ii) Capital Redemption reserve
(iii) Short term provisions
(iv) Goodwill
(v) Provision for warranties
(vi) Brand/ Trademarks 

Concept: Disclosure of Share Capital in Company’S Balance Sheet (Horizontal Form)
Chapter: [0.032] Accounting for Companies
[4]23

From the following Statement of Profit and Loss of Navratan Ltd. for the year ended 31st March, 2013, prepare a Comparative Statement of Profit and Loss: 

Particulars Note No.  2012 – 13
  Rs
  2011 – 12
  Rs
Revenue from operations   8,05,000 6,14,000
Other Incomes   43,000 51,000
Expenses   5,59,000 4,88,000

Rate of income tax was 40%.

Concept: Issue of Debentures at Par at Premium and at Discount
Chapter: [0.032] Accounting for Companies
[4]24

(a) The Debt-Equity ratio of a company is 1 : 2. State with reason which of the following transactions would (i) increase; (ii) decrease or (iii) not change the ratio:

(1) Issued equity shares of Rs 1,00,000.
(2) Obtained a short-term loan from bank Rs 1,00,000.

(b) From the following information compute 'Total Assets to Debt Ratio:

  Rs.
Long Term Borrowings
Long Term Provisions
Current Liabilities
Non-Current Assets
Current Assets
3,00,000
1,50,000
75,000
5,40,000
1,35,000
Concept: Share Capital - Issue and Allotment of Equity Shares
Chapter: [0.032] Accounting for Companies
[6]25

Prepare a Cash Flow Statement on the basis of the information given in the Balance Sheet of Libra Ltd. as at 31.3.2013 and 31.3.2012. 

 

    Particulars

Note No.

31.3.2013

Rs

31.3.2012

Rs

I

Equity and Liabilities :

 

 

 

1.

Shareholder’s Funds :

 

 

 

 

(a) Share Capital

 

8,00,000

6,00,000

 

(b) Reserve and Surplus

 

4,00,000

3,00,000

2.

Non-Current Liabilities :

 

 

 

 

Long Term Borrowings

 

1,00,000

1,50,000

3.

Current Liabilities :

 

 

 

 

Trade Payables

 

40,000

48,000

 

Total

 

13,40,000

10,98,000

 

 

 

 

 

II

Assets

 

 

 

1.

Non-Current Assets :

 

 

 

 

(a) Fixed Assets :

 

 

 

 

(i) Tangible Assets

 

8,50,000

5,60,000

 

(b) Non-Current Investment

 

2,32,000

1,60,000

2.

Current Assets :

 

 

 

 

(a) Current Investments (Marketable)

 

50,000

1,34,000

 

(b) Inventories

 

76,000

82,000

 

(c) Trade Receivables

 

38,000

92,000

 

(d) Cash and Cash Equivalents

 

94,000

70,000

 

Total

 

13,40,000

10,98,000

 

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

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