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Accountancy All India Set 3 2014-2015 CBSE (Science) Class 12 Question Paper Solution

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Accountancy [All India Set 3]
Marks: 80Date: 2014-2015 March

[1]1

On the death of a partner, his share in the profits of the firm till the date of his death is transferred to the:

(1) Debit of Profit and Loss Account.
(2) A credit of Profit and Loss Account.
(3) Debit of Profit and Loss Suspense Account
(4) A credit of Profit and Loss Suspense Account

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

Anant, Gulab and Khushbu were partners in a firm sharing profits in the ratio of 5: 3: 2. From 1.4.2014, they decided to share the profits equally. For this purpose, the goodwill of the firm was valued at Rs 2,40,000.

Pass necessary journal entry for the treatment of goodwill on the change in the profit sharing ratio of Anant, Gulab and Khushbu.

Concept: Change in the Profit Sharing Ratio Among the Existing Partners
Chapter: [0.031] Accounting for Partnership Firms
[1]3

In the absence of Partnership Deed, interest on a loan of a partner is allowed :

(1) at 8% per annum
(2) at 6% per annum
(3) no interest is allowed
(4) at 12% per annum

Concept: Meaning and Definitions of Partnership and Partnership Deed
Chapter: [0.031] Accounting for Partnership Firms
[1]4

Nirman Ltd. issued 50,000 equity shares of Rs  10 each. The amount was payable as follows :
On application - Rs 3 per share
On allotment - Rs  2 per share
On first and final call - The balance

Applications for 45,000 shares were received and shares were allotted to all the applicants. Pooja, to whom 500 shares were allotted; paid her entire share money at the time of allotment, whereas Kundan did not pay the first and final call on his 300 shares. The amount received at the time of making first and final call was:

(1) Rs 2,25,000
(2) Rs 2,20,000
(3) Rs 2,21,000
(4) Rs 2,19,500

Concept: Share Capital - Issue and Allotment of Equity Shares
Chapter: [0.032] Accounting for Companies
[1]5

Geeta, Sunita and Anita were partners in a firm sharing profits in the ratio of 5:3:2. On 1.1.2015 they admitted Yogita as a new partner for the 1/10th share in the profits. On Yogita's admission, the Profit and Loss Account of the firm was showing a debit balance of Rs 20,000 which was credited by the accountant of the firm to the capital accounts of Geeta, Sunita and Anita in their profit sharing ratio. Did the accountant give correct treatment? Given reason in support of your answer.

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

Give the meaning of forfeiture of shares

Concept: Accounting Treatment of Forfeiture and Re-issue of Share
Chapter: [0.021] Accounting for Share Capital [0.032] Accounting for Companies
[3]7

For issuing shares at discount a company has to fulfil many conditions. State any three such conditions

Concept: Issue of Shares for Consideration Other than Cash
Chapter: [0.032] Accounting for Companies
[3]8

On 1.4.2013, Brij and Nandan entered into a partnership to construct toilets in government girls schools in the remote areas of Uttarakhand. They contributed capitals of Rs 10,00,000 and Rs 15,00,000 respectively. Their profit sharing ratio was 2:3 and interest allowed on capital as provided in the Partnership Deed was 12% per annum. During the year ended 31.3.2014, the firm earned a profit of Rs 2,00,000

Prepare Profit and Loss Appropriation Account of Brij and Nandan for the year ended 31.3.2014

Concept: Preparation of Profit and Loss Appropriation Account
Chapter: [0.031] Accounting for Partnership Firms
[3]9

'David Ltd.' issued `40, 00,000 equity shares of Rs 10 each out of its registered capital of Rs 10,00,00,000. The amount payable on these shares was as follows :

On application - Rs 1 per share
On allotment - Rs 2 per share
On the first call - Rs 3 per share
On second and final call - Rs 4 per share

All calls were made and were duly received, except the second and final call on 1,000 shares held by Vipul. These shares were forfeited.
Present the 'Share Capital' in the Balance Sheet of the company as per Schedule VI Part I of the Companies Act, 1956. Also, prepare 'Notes to Accounts'.

Concept: Accounting for Share Capital
Chapter: [0.032] Accounting for Companies
[3]10

'Good Blankets Ltd.' are the manufacturers of woollen blankets. Blankets of the company are exported to many countries. The company decided to distribute blankets free of cost to five villages of Kashmir Valley destroyed by the recent floods. It also decided to employ 100 young persons from these villages in their newly established factory at Solan in Himachal Pradesh. To meet the requirements of funds for starting its new factory, the company issued 50,000 equity shares of Rs 10 each and 2,000 8% debentures of Rs 100 each to the vendors of machinery purchased for Rs 7,00,000. Pass necessary journal entries for the above transactions in the books of the company. Also, identify anyone value which the company wants to communicate to the society.

Concept: Concept of Financial Statements
Chapter: [0.023] Financial Statements of a Company [0.040999999999999995] Analysis of Financial Statements
[4]11

On1.4.2014 the Balance Sheet of Anant, Sampat and Gunvant was as follows :

Liabilities

Amount

Rs

Assets

Amount

Rs

Sundry Creditors

General Reserve

Capital Reserve

    Anant    30,000

   Sampat   15,000

   Gunvant  15,000

9,000

9,600

 

 

 

60,000

Bank

Bills Receivables

Stock

Tools

Furniture

 

15,600

18,000

18,000

3,000

24,000

 

  78,600   78,600

Gunvant died on 30.9.2014. Under the terms of Partnership Deed, the executors of the deceased partner were entitled to:

(a) The amount standing to the credit of partner's capital account.
(b) Interest on capital @12% per annum.
(c) A share of goodwill on the basis of twice the average of past three years profits.
(d) A share of profit from the closing of last financial year to the date of death on the basis of last year's profit.

The profits of the last three years were as follows:

Year Profit
2011 - 2012 18.000
2012 - 2013 21,000
2013 - 2014 24,000

The firm closes its books on 31st March every year. Partners share profits in the ratio of their capitals.
Prepare Gunvant's Capital Account to be presented to his executors

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
[4]12

Prem, Param and Priya were partners in a firm. Their fixed capitals were Prem Rs 2,00,000; Param
Rs 3,00,000 and Priya Rs 5,00,000. They were sharing profits in the ratio of their capitals. The firm was engaged in the sale of ready-to-eat food packets at three different locations in the city, each being managed by Prem, Param and Priya. The outlet managed by Prem was doing more business than the outlets managed by Param and Priya. Prem requested Param and Priya for a higher share in the profits of the firm which Param and Priya accepted. It was decided that the new profit sharing ratio will be 2: 1: 2 and its effect will be introduced retrospectively for the last four years. The profits of the last four years were Rs 2,00,000; Rs 3,50,000; Rs 4,75,000 and Rs  5,25,000 respectively. Showing your calculations clearly, pass a necessary adjustment entry to give effect to the new agreement between Prem, Param and Priya.

Concept: Past adjustments
Chapter: [0.012] Accounting for Partnership : Basic Concepts [0.031] Accounting for Partnership Firms
[6]13

Mala, Neela and Kala were partners sharing profits in the ratio of 3: 2: 1. On 1.3.2015 their firm was dissolved. The assets were realized and liabilities were paid off. The accountant prepared Realisation Account, Partners' Capital Accounts and Cash Account, but forgot to post few amounts in these accounts.

You are required to complete these below-given accounts by posting correct amounts.

Realisation Account
Dr.   Cr.
Particulars

Amount

Rs

Particulars

Amount

Rs

To Sundry Assets :

   Machinery             10,000

   Stock                   21,000

   Debtors               20,000

   Prepaid Insurance     400

  Investment            3,000

To Mala’s Capital A/c

     Sheela Loan

To Cash – Creditors paid

To Cash – Dishonored bill paid

To Cash Expenses

 

 

 

 

 

54,400

13,000

 

15,000

5,000

800

By Provision for bad debts

By Sundry Creditors

By Sheela’s Loan

By Repairs and Renewals Reserve

By Cash – Assets sold

   Machinery         8,000

   Stock              14,000

   Debtors           16,000

By Mala’s Capital Investments

By ___________

 

1,000

15,000

13,000

1,200

 

 

 

38,000

2,000

______

 

 

88,200

 

88,200

 

Capital Account
Dr.   Cr.
Particulars

Mala

Rs

Neela

Rs

Kala

Rs

Particulars

Mala

Rs

Neela

Rs

Kala

Rs

----------

----------

To Cash

-----

-----

12,000

-----

-----

9,000

-----

-----

 

---------

---------

To Cash

-----

-----

 

-----

-----

 

-----

-----

1000

  23,000 15,000 3,000   23,000 15,000 3,000

 

Cash Account
Dr.   Cr.
Particulars

Amount

Rs

Particulars

Amount

Rs

To Balance b/d

To Realisation A/c

    Sale of Assets

To Kala’s Capital A/c

 

 

2,800

38,000

 

1,000

 

 

By Realisation A/c

    Creditors paid

By Dishonoured bill

_____________

By Mala’s Capital A/c

By Neela’s Capital A/c

15,000

 

5,000

 

12,000

9,000

 

41,800

 

41,800

 

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

On 1.1.2008, Uday and Kaushal entered into a partnership with fixed capitals of Rs 7,00,000 and Rs 3,00,000 respectively. They were doing good business and were interested in its expansion but could not do the same because of lack of capital. Therefore, to have more capital, they admitted Govind as a new partner on 1.1.2010. Govind brought Rs 10,00,000 as capital and the new profit sharing ratio decided was 3:2:5. On 1.1.2012, another new partner Hari was admitted with a capital of Rs 8,00,000 for the 1/10th share in the profits, which he acquired equally from Uday, Kaushal and Govind. On 1.4.2014 Govind died and his share was taken over by Uday and Hari equally. Calculate :

(1) The sacrificing ratio of Uday and Kaushal on Govind's admission.
(2) New profit sharing ratio of Uday. Kaushal, Govind and Had on Hari's admission.
(3) New profit sharing ratio of Uday, Kaushal and Hari on Govind's death.

Concept: Admission of a Partner - Sacrifice Ratio and New Ratio
Chapter: [0.031] Accounting for Partnership Firms
[6]15

'Ananya Ltd' had an authorized capital of Rs 10,00,00,000 divided into 10,00,000 equity shares of Rs 100 each. The company had already issued 2,00,000 shares. The dividend paid per share for the year ended 31.3.2007 was Rs 30. The management decided to export its products to African countries. To meet the requirements of additional funds, the finance manager put up the following three alternate proposals before the Board of Directors:

(1) Issue 47,500 equity shares at a premium of Rs 100 per share.
(2) Obtain a long-term loan from the bank which was available at 12% per annum.
(3) Issue 9% debentures at a discount of 5%.

After evaluating these alternatives the company decided to issue 1,00,000, 9% debentures on 1.4.2008. The face value of each debenture was Rs 100. These debentures were redeemable in four installments starting from the end of the third year, which was as follows:

Year Rs
III 10,00,000
IV 20,00,000
V 30,00,000
VI 40,00,000

Prepare 9% debenture account from 1.4.2008 till all the debentures were redeemed.

Concept: Issue of Debentures at Par at Premium and at Discount
Chapter: [0.032] Accounting for Companies
[8]16 | Attempt Any One
[8]16.1

Luxury Cars Ltd.' invited applications for issuing 10,000 equity shares of Rs 50 each at a premium of Rs 100 per share. The amount was payable as follows :

On application - Rs 75 per share (including Rs 50 premium)
On allotment - The balance

The issue was fully subscribed. A shareholder holding 400 shares paid his entire share money at the time of application. Another shareholder holding 300 shares did not pay the allotment money. His shares were forfeited. The forfeited shares were later on re-issued for Rs 90 per share as fully paid up.
Pass necessary journal entries for the above transaction in the books of the company.

Concept: Accounting Treatment of Forfeiture and Re-issue of Share
Chapter: [0.021] Accounting for Share Capital [0.032] Accounting for Companies
[8]16.2

'Software Ltd.' invited applications of issuing 70,000 equity share of Rs 10 each on which Rs 7 per share were called up, which were payable as follows:

On application - Rs 2 per share
On allotment - Rs 3 per share
On first call - The balance

The amount was received as follows:
On 40,000 shares - Rs 7 per share
On 20,000 shares - Rs 5 per share
On 10,000 share - Rs 2 per share

The directors forfeited 30,000 shares on which less than Rs 7 per share were received. Later on, the forfeited share was re-issued at Rs  5 per share, as Rs 7 per share paid up

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

Concept: Accounting Treatment of Forfeiture and Re-issue of Share
Chapter: [0.021] Accounting for Share Capital [0.032] Accounting for Companies
[8]17 | Attempt Any One
[8]17.1

Om, Ram and Shanti were partners in a firm sharing profits in the ratio of 3:2:1. On 1st April 2014 their Balance Sheet was as follows:

Balance Sheet
Liabilities

Amount

Rs

Assets

Amount

Rs

Capital Accounts

      Om         3,58,000

      Ram        3,00,000

     Shanti      2,62,000

General Reserve

Creditors

Bills payable

 

 

 

9,20,000

48,000

1,60,000

90,000

Land and Building

Plant and Machinery

Furniture

Bills Receivables

Sundry Debtors

Stock

Bank

3,64,000

2,95,000

2,33,000

38,000

90,000

1,11,000

87,000

  12,18,000   12,18,000

On the above date Hanuman was admitted on the following terms:

1) He will bring Rs 1,00,000 for his capital and will get the 1/10th share in the profits.

2) He will bring necessary cash for his share of goodwill premium. The goodwill of the firm was valued at Rs 3,00,000

3) A liability of Rs 18,000 will be created against bills receivables discount

4) The value of stock and furniture will be reduced by 20%.

]5) The value of land and building will be increased by 10%.

6) Capital accounts of the partners will be adjusted on the basis of Hanuman's capital in their profit sharing ratio by opening current accounts.

Prepare Revaluation Account and Partner's Capital Accounts.

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

Xavier, Yusuf and Zaman were partners in a firm sharing profits in the ratio of 4:3: 2. On 1.4.2014 their Balance sheet was as follows:

Liabilities

Amount

Rs

Assets

Amount

Rs

Sundry Creditors

Capital Accounts

    Xavier     1,20,000

    Yusuf        90,000

    Zaman      60,000

 

41,400

 

 

 

2,70,000

 

Cash at Bank

Sundry Debtors                   30,450

    Less: Prov. For Bad debts   1,050

Stock

Plant and Machinery

Land and Building

33,000

 

29,400

48,000

51,000

1,50,000

  3,11,400   3,11,400

Yusuf had been suffering from ill health and thus gave notice of retirement from the firm. An agreement was, therefore, entered into as on 1.4.2014, the terms of which were as follows:

1) That land and building be appreciated by 10%

2) The provision for bad debts is no longer necessary

3) That stock be appreciated by 20%

4) That goodwill of the firm be fixed at Rs 54,000. Yusuf share of the same be adjusted into Xavier's and Zamna's Capital Accounts, who are going to share future profits in the ratio of 2:1

5) The entire capital of the newly constituted firm be readjusted by bringing in or paying necessary cash so that the future capitals of Xavier and Zaman will be in their profit sharing ratio.

Prepare Revaluation Account and Partner's Capital Account

Concept: Preparation of Revaluation Account and Balance Sheet
Chapter: [0.031] Accounting for Partnership Firms
[1]18

While preparing Cash Flow Statement, the accountant of a financing company showed 'Dividend Received Rs 50,000 on investments' as an investing activity. Was he correct in doing so? Give reason.

Concept: Concept of Cash Flow Statement
Chapter: [0.026000000000000002] Cash Flow Statement
[1]19

Which of the following transactions will result in the flow of cash?
(1) Deposited Rs 40,000 into the bank.
(2) Withdrew cash from bank Rs 54,000.
(3) Sold marketable securities of Rs 25,000 at par.
(4) The sold machinery of the book value of Rs 50,000 at a gain of  Rs 10,000

Concept: Concept of Cash Flow Statement
Chapter: [0.026000000000000002] Cash Flow Statement
[4]20

Under which major headings and sub-headings will the following items be shown in the Balance Sheet of a company  as per Schedule VI Part I of the Companies Act, 1956 :
(i) A balance of the Statement of Profit and Loss.
(ii) A loan of  Rs 1,00,000 payable after three years.
(iii) Short-term deposits payable on demand.
(iv) Loose tools
(v) Trademark
(vi) Land
(vii) Cash at the bank
(viii) Trade payables

Concept: Meaning and Definitions of Partnership and Partnership Deed
Chapter: [0.031] Accounting for Partnership Firms
[4]21

The Current Ratio of a company is 2.1: 1.2. A state with reasons which of the following transactions will increase, decrease or not change the ratio:

(1) Redeemed 9% debentures of  Rs 1, 00,000 at a premium of 10%.
(2) Received from debtors  Rs 17,000.
(3) Issued  Rs 2,00,000 equity shares to the vendors of machinery.
(4) Accepted bills of exchange drawn by the creditors  Rs 7,000.

Concept: Change in the Profit Sharing Ratio Among the Existing Partners
Chapter: [0.031] Accounting for Partnership Firms
[4]22

The motto of 'Pharma Ltd', a company engaged in the manufacturing of low-cost generic medicines, is 'Healthy India'. Its management and employees are hardworking, honest and motivated. The net profit of the company doubled during the year ended 31-3-2014. Encouraged by its performance, the company decided to pay the bonus to all employees at double the rate than last year. Following is the Comparative Statement of Profit and Loss of the company for the years ended 31-3-2013 and 31-3-2014.

Pharma Ltd
Comparative Statement of Profit and Loss
Particulars Note
No.

2012-13

Rs

2013-14

Rs

Absolute
Change

Rs

%
Change

Revenue from operations

Less Employee benefit expenses

Profit before tax

Tax Rate 25%

Profit after tax

 

20,00,000

12,00,000

8,00,000

2,00,000

6,00,000

30,00,000

14,00,000

16,00,000

4,00,000

12,00,000

10,00,000

2,00,000

8,00,000

2,00,000

6,00,000

50

16-87

100

100

100

1) Calculate Net Profit Ratio for the years ending 31st March, 2013 and 2014

2) Identify any two values which ‘Pharma Ltd’ is trying to propagate

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

Following is the Balance Sheets of Solar Power Ltd as at 31.3.2014 :

Solar Power Ltd.
Balance Sheet
Particulars Note
No.

31-3-2014

Rs

31-3-2014

Rs

I. Equity and Liabilities

   1. Shareholder’s Funds

     a. Share Capital

     b. Reserve and Surplus

   2. Non - Current Liabilities

     a. Long-term borrowings

  3. Current Liabilities

    a. Trade Payables

    b. Short Term Provisions

 

 

 

24,00,000

6,00,000

 

4,80,000

 

3,58,000

1,00,000

 

 

22,00,000

4,00,000

 

3,40,000

 

4,08,000

1,54,000

Total   39,38,000 35,02,000

II. Assets

1. Non – Current Assets

  a) Fixed Assets

    (i) Tangible assets

    (ii) Intangible

  b) Non – Current Investments

2. Current Assets

  a) Current Investment

  b) Inventories

  c) Trade Receivables

  d)Cash and Cash

 

 

 

21,40,000

80,000

 

 

 

4,80,000

2,58,000

3,40,000

6,40,000

 

 

17,00,000

2,24,000

 

 

 

3,00,000

2,42,000

2,86,000

7,50,000

Total   39,38,000 35,02,000

Notes to Accounts

Note
No
Particulars As On
31-3-2014
As On
31-3-2013

1

 

Reserve and Surplus

(Surplus i.e. Balance in Statement of Profit and Loss)

6,00,000

 

4,00,000

 

2

 

 

Tangible Assets

Machinery

   Less: Accumulated Depreciation

 

25,40,000

(4,00,000)

 

20,00,000

(3,00,000)

3

 

Intangible Assets

Goodwill

 

80,000

 

2,24,0000

Additional Information:-

During the year a piece of machinery, costing Rs 48,000 on which accumulated depreciation was Rs 32,000, was sold at Rs 12,000.

Prepare Cash Flow Statement.

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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