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Accountancy Delhi Set 1 2014-2015 CBSE (Science) Class 12 Question Paper Solution

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Accountancy [Delhi Set 1]
Marks: 80Date: 2014-2015 March

[1]1

In the absence of partnership deed the profits of a firm are divided among the partners :

(a) In the ratio of capital

(b) Equally

(c) In the ratio of time devoted for the firm's business

(d) According to the managerial abilities of the partners

Concept: Meaning and Definitions of Partnership and Partnership Deed
Chapter: [0.031] Accounting for Partnership Firms
[1]2

A. B, C and D were partners in a firm sharing profits in the ratio of 4: 3: 2: 1. On 1-1-2015 they admitted E as a new partner for `1/10` share in the profits. E brought Rs 10,000 for his share of goodwill premium which was correctly recorded in the books by the accountant. The accountant showed goodwill at Rs 1,00,000 in the books. Was the accountant correct in doing so? Give 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]3

On the retirement of Hari from the firm of 'Hari, Ram and Sharma' the balance-sheet showed a debit balance of Rs 12,000 in the profit and loss account. For calculating the amount payable to Hari this the balance will be transferred

(a) to the credit of the capital accounts of Hari, Ram and Sharma equally
(b) to the debit of the capital accounts of Hari, Ram and Sharma equally
(c) to the debit of the capital accounts of Ram and Sharma equally
(d) to the credit of the capital accounts of Ram and Sharma equally

Concept: Retirement Or Death of a Partner - Adjustment of Accumulated Profits and Reserves
Chapter: [0.031] Accounting for Partnership Firms
[1]4

Kumar, Verma and Naresh were partners in a firm sharing profit & loss in the ratio of 3:2:2. On 23rd January 2015 Verma died. Verma's share of profit till the date of his death was calculated at Rs 2,350. Pass necessary journal entry for the same in the books of the firm.

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 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
[1]6

Joy Ltd. issued 1,00,000 equity shares of Rs 10 each. The amount was payable as follows:

On application - Rs 3 per share

On allotment - Rs 4 per share

On 1st and final call - balance

Applications for 95,000 shares were received and shares were allotted to all the applicants. Sonam to whom 500 shares were allotted failed to pay allotment money and Gautam paid his entire amount due including the amount due on first and final call on the 750 shares allotted to him along with allotment.

The amount received on allotment was

(a) Rs 3,80,000
(b) Rs 3,78,000
(c) Rs 3,80,250
(d) Rs 4,00,250

Concept: Pro-rata Allotment
Chapter: [0.032] Accounting for Companies
[3]7

State any three purposes other than 'issue of bonus shares' for which securities premium can be utilized.

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

On 1-4-2013 Jay and Vijay, entered into the partnership for supplying laboratory equipment to
government schools situated in remote and backward areas. They contributed capitals of `80,000 and Rs 50,000 respectively and agreed to share the profits in the ratio 3: 2. The partnership deed provided that interest on capital shall be allowed at 9% per annum. During the year the firm earned a profit of Rs 7,800. Showing your calculations clearly, prepare Profit and Loss Appropriation Account of Jay and Vijay for the year ended 31-3-2014

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

Tractors India Ltd. is registered with an authorized capital of Rs10,00,000 divided into 1,00,000 equity shares of Rs 10 each. The company issued 50,000 equity shares at a premium of Rs 5 per share. Rs 2 per share were payable with the application, Rs 8 per share including premium on the allotment and the balance amount on first and final call. The issue was fully subscribed and all the amount due was received except the first and final call money on 500 shares allotted to Balaram. Present the 'Share Capital in the Balance Sheet of Tractors India Ltd. as per Schedule VI Part I of the Companies Act, 1956, Also prepare Notes to Accounts for the same.

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
[3]10

'Sangam Woolens Ltd.', Ludhiana, are the manufacturers and exporters of woollen garments. The company decided to distribute free of cost woollen garments to 10 villages of Lahaul and Spiti District of Himachal Pradesh. The company also decided to employ 50 young persons from this village in its newly established factory. The company issued 40,000 equity shares of Rs 10 each and 1,000 9% debentures of Rs 100 each to the vendors for the purchase of machinery of Rs 5,00,000. Pass necessary Journal Entries. Also, identify anyone value that the company wants to communicate to the society.

Concept: Accounting for Share Capital
Chapter: [0.032] Accounting for Companies
[4]11

Dev, Swati and Sanskar were partners in a firm sharing profits in the ratio of 2:2:1. On 31-3-2014 their Balance Sheet was as follows:

Liabilities

Amount

 

Rs

Assets

Amount

Rs

Trade Payables

Bank Loan

Capitals

   Dev        77,000

   Swati      37,000

   Sanskar  46,000

17,000

13,000

 

 

 

2,10,000

Building

Inventory

Trade Receivables

Cash

Profit and Loss A/c

 

1,04,000

16,000

23,000

40,000

57,000

 

  2,40,000   2,40,000

On 30th June 2014 Dev died. According to partnership agreement Dev was entitled to interest on capital at 12% per annum. His share of profit till the date of his death was to be calculated on the basis of the average profits of last four years. The profit of the last four years was:

Years

Profit

Rs

2010-2011 2,04,000
2011-2012 1,80,000
2012-2013 90,000

On 1-4-2014, Dev withdrew Rs 15,000 to pay his medical bills

Prepare Dev's account to be presented to his executors

Concept: Calculation of Deceased Partner's Share of Profit Till the Date of Death
Chapter: [0.031] Accounting for Partnership Firms
[4]12

Kumar, Gupta and Kavita were partners in the firm sharing profits and losses equally. The firm was engaged in the storage and distribution of canned juice and its godowns were located at three different places in the city. Each godown was being managed individually by Kumar, Gupta and Kavita. Because of increase in business activities at the godown managed by Gupta, he had devoted more time. Gupta demanded that his share in the profits of the firm be increased, to which Kumar and Kavita agreed. The new profit sharing ratio was agreed to be 1: 2: 1. For this purpose, the goodwill of the firm was valued at two years purchase of the average profits of last five years. The profits of the last five years were as follows :

  Years

Profit

Rs

I   4,00,000
II   4,80,000
II   7,33,000
IV Loss 33,000
V   2,20,000

You are required to:

1) Calculate the goodwill of the firm

2) Pass necessary Journal Entry for the treatment of goodwill on the change in profit sharing ratio of Kumar, Gupta and Kavita.

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
[6]13

On 1-4-2010 Sahil and Charu entered into a partnership for sharing profits in the ratio of 4: 3. They admitted Tanu as a new partner on 1-4-2012 for `1/5` th share which she acquired equally from Sahil and Charu. Sahil, Charu and Tanu earned profits at a higher rate than the normal rate of return for the year ended 31-3-2013. Therefore, they decided to expand their business. To meet the requirements of additional capital they admitted Puneet as a new partner on 1-4-2013 for `1/7` th share in profits which he acquired from Sahil and Charu in 7: 3 ratio.

Calculate:

1) New profit sharing ratio of Sahil, Charu and Tanu for the year 2012-13.

2) New profit sharing ratio of Sahil, Charu, Tanu and Puneet on Puneet's admission.

Concept: Admission of a Partner - Sacrifice Ratio and New Ratio
Chapter: [0.031] Accounting for Partnership Firms
[6]14

Bharat Ltd. had an authorized capital of Rs 20,00,000 divided into 2,00,000 equity shares of Rs  10 each. The company issued 1,00,000 shares and the dividend paid per share was Rs 2 for the year ended 31-3-2008. The management of the company decided to export its products to the neighbouring countries Nepal, Bhutan, Sri Lanka and Bangladesh. To meet the requirement of additional funds the financial manager of the company put up the following three alternatives before its Board of Directors :

1) Issue 54,000 equity shares.

2) Obtain a loan from Import and Export Bank of India. The loan was available at 12% per annum interest.

3) To issue 9% Debentures at a discount of 10%.

After comparing the available alternatives the company decided on 1-4-2008 to issue 6,000 9% debentures of Rs 100 each at a discount of 10%. These debentures were redeemable in four installments starting from the end of the third year. The amount of debentures to be redeemed at the end of the third, fourth, fifth and sixth year was as follows:

Years Profit (Rs)
III 1,00,000
IV 1,00,000
V 2,00,000
VI 2,00,000

Prepare 9% Debentures Account for the year 2008-09 to 2013-14

Concept: Meaning of Redemption of Debentures
Chapter: [0.032] Accounting for Companies
[6]15

Bora, Singh and Ibrahim were partners in a firm sharing profits in the ratio of 5: 3: 1. On 2-3-2015 their firm was dissolved. The assets were realized and the liabilities were paid off. Given below are the Realisation Account, Partners' Capital Account and Bank Account of the firm. The accountant of the firm left a few amounts unposted in these accounts. You are required to complete these accounts by posting the correct amounts.

Realisation Account
Dr.   Cr.
Particular

Amount

Rs

Particular

Amount

Rs

To Stock 

To Debtors

To Plant and Machinery

To Bank

   Sundry Creditors   16,000

   Bills Payable            3,400

   Mortgage Loan      15,000 

To Bank (Outstanding repairs)

To Bank (Exp.)

 

 

10,000

25,000

40,000

 

 

 

34,400

400

620

 

 

By Provision of bad debts

By Sundry Creditors

By Bills Payables

By Mortgage Loan

By Bank – Assets realized

      Stock                     6,700

      Debtors                12,500

      Plant & Machinery   36,000

By Bank – unrecorded unrecorded assets realized

By ______________________

 

5,000

16,600

3,400

15,000

 

 

 

55,200

6,220

------

 

 

1,10,420

  1,10,420

 

Capital Account
Dr.   Cr.
Particulars

Bora

Rs

Singh

Rs

Ibrahim

Rs

Particulars

Bora

Rs

Singh

Rs

Ibrahim

Rs

-

-

-

-

-

-

-

-

By Balance b/d

By General Reserve

22,000

2,500

18,000

1,500

10,000

500

  24,500 19,500 10,500   24,500 19,500 10,500

 

Bank Account
Particular

Amount

Rs

Particular

Rs

Amount

Rs

To Balance b/d

To Realisation

_______________

 

 

19,500

55,200

-------

 

 

By Realisation (liabilities)

By Realisation (Unrecorded liabilities)

By __________

By __________

 

34,400

400

 

 

 

  80,920   80,920
Concept: Preparation of Deceased Partner's Capital Account, Executor's Account
Chapter: [0.031] Accounting for Partnership Firms
[8]16 | Attempt Any One
[8]16.1

Alfa Ltd. invited applications for issuing 75,000 equity shares of Rs 10 each. The amount was payable as follows :

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

Application for 1,00,000 shares was received. Shares were allotted to all the applicants on pro-rata basis and excess money received with applications was transferred towards sums due on the first call. Vibha who was allotted 750 shares failed to pay the first call. Her shares were immediately forfeited.
Afterwards, the second call was made. The amount due on the second call was also received except on 1000 shares, applied by Monika. Her shares were also forfeited. All the forfeited shares were re-issued to Mohit for Rs 9,000 as fully paid up.
Pass necessary journal entries in the books of Alfa Ltd. for the above transactions

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

Jeevan Dhara Ltd. invited applications for issuing 1,20,000 equity shares of Rs 10 each at a premium of Rs 2 per share. The amount was payable as follows:

On application - Rs 2 per share
On allotment - Rs 5 per share (including premium)
On first and final call - balance

Applications for 1,50,000 share were received. Shares were allotted to all the applicants on pro-rata basis. Excess money received on applications was adjusted towards sums due on allotment. All calls were made. Manu who has applied for 3,000 shares failed to pay the amount due on an allotment and first and final call. Madhur who was allotted 2,400 shares failed to pay the first and final call. Shares of both Manu and Madhur were forfeited. The forfeited shares were re-issued at Rs 9 per share as fully paid up. Pass necessary journal entries for the above transactions in the books of Jeevan Dhara Ltd.

Concept: Pro-rata Allotment
Chapter: [0.032] Accounting for Companies
[8]17 | Attempt Any One
[8]17.1

Charu and Harsha were partners in a firm sharing profits in the ratio of 3:2. On 1-4-2014 their Balance Sheet was as follows :

Balance Sheet
Liabilities

Amount

Rs

Assets

Amount

Rs

Creditors

General Reserve

Workmen Compensation Fund

Investment Fluctuation Fund

Provision for bad debts

Capitals

   Charu    30,000

   Harsha   20,000

17,000

4,000

9,000

11,000

2,000

 

 

50,000

Cash

Debtors

Investments

Plant

Land and building

 

 

 

6,000

15,000

20,000

14,000

38,000

 

 

 

  93,000   93,000

On the above date, Vaishali was admitted for 1/4th share in the profits of the firm on the following terms:

(a) Vaishali will bring Rs 20,000 for her capital and Rs 4,000 for her share of goodwill premium.
(b) All debtors were considered good.
(c) The market value of investments was Rs 15,000.
(d) There was a liability of Rs 6,000 for workmen compensation.
(e) Capital accounts of Charu and Marsha are to be adjusted on the basis of Vaishali's capital by
opening current accounts.

Prepare Revaluation Account and Partners' Capital Accounts

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

Amit, Balan and Chander were partners in a firm sharing profits in the proportion of `1/2, 1/3 and 1/6`respectively. Chander retired on 1-4-2014. The Balance Sheet of the firm on the date of Chander's retirement was as follows:

Balance Sheet of Amit, Balan and Chander as on 1-4-2014
Liabilities

Amount

Rs

Assets

Amount

Rs

Sundry Creditors

Provident Fund

General Reserve

Capitals

    Amit        40,000

    Balan       36,500

   Chander    2,000

12,600

3,000

9,000

 

 

 

96,500

Bank

Debtors            30,000

Less: Provision    1,000

Stock

Investments

Patents

Machinery

4,100

 

29,000

25,000

10,000

5,000

48,000

  1,21,100   1,21,100

It was agreed that:

(a) Goodwill will be valued at Rs 27,000.
(b) Depreciation of 10% was to be provided on machinery.
(c) Patents were to be reduced by 20%.
(d) Liability on account of Provident Fund was estimated at Rs 2,400.
(e) Chander took over investments for  Rs 15,800.
(f) Amit and Balan decided to adjust their capitals in a proportion of their profit sharing ratio by
opening current accounts.

Prepare Revaluation Account and Partners' Capital Accounts on Chander's retirement.

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

Which of the following transactions will result in 'Flow of Cash’?
(a) Deposited Rs 10,000 into the bank.
(b) Withdrew cash from bank Rs 14,500.
(c) Sale of the machinery of the book value of Rs 74,000 at a loss of Rs 9,000.
(d) Converted Rs  2,00,000 9% debentures into equity shares.

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

While preparing the Cash Flow Statement the accountant of Gulfam Ltd., a financing company showed Dividend received on Investments as Investing Activity. Was he correct in doing so? Give reason.

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

Under which major headings the following items will be presented in the Balance sheet of a company as per Schedule VI Part I of the Companies Act, 1956?

(1) Loans provided repayable on demand
(2) Goodwill
(3) Copyrights
(4) Loose tools
(5) Cheques
(6) General Reserve
(7) A stock of finished goods and
(8) 9% Debentures repayable after three years

Concept: Preparation of Revaluation Account and Balance Sheet
Chapter: [0.031] Accounting for Partnership Firms
[4]21

From the following information related to Naveen Ltd. calculate

(1) Return on Investment and

(2) Total Assets to Debt Ratio.

Information : Fixed Assets Rs 75,00,000; Current Assets Rs  40,00,000; Current Liabilities Rs  27,00,000; 12% Debentures Rs 80,00,000 and Net Profit before Interest, Tax and Dividend Rs 14,50,000.

Concept: Profitability Ratios - Return on Investment
Chapter: [0.040999999999999995] Analysis of Financial Statements
[4]22

The motto of Yash Ltd., an advertising company is 'Service with Dignity'. Its management and workforce is hard-working, honest and motivated. The net profit of the company doubled during the year ended 31-3-2014. Encouraged by its performance company decided to give one-month extra salary to all its employees. Following is the Comparative Statement of Profit and Loss of the company for the years ended 31st March 2013 and 2014.

Yash 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

 

10,00,000

6,00,000

4,00,000

1,00,000

3,00,000

15,00,000

7,00,000

8,00,000

2,00,000

6,00,000

5,00,000

1,00,000

4,00,000

1,00,000

3,00,000

50

16.67

100

100

100

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

2) Identify any two values which Yash Ltd. is trying to propagate

Concept: Profitability Ratios - Net Profit Ratio
Chapter: [0.040999999999999995] Analysis of Financial Statements
[6]23

Following is the Balance Sheets of Thermal Power Ltd. as at 31-3-2014

Thermal Power Ltd
Balance Sheet as at 31-3-2014
Particulars Note
No.

2013-2014

Rs

2012-2013

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

 

 

 

1

 

 

 

 

 

 

 

12,00,000

3,00,000

 

2,40,000

 

1,79,000

50,000

 

 

11,00,000

2,00,000

 

1,70,000

 

2,04,000

77,000

Total   19,69,000 17,51,000

II. Assets

   1. Non – Current Assets

      a) Fixed Assets

         (i) Tangible assets

         (ii) Intangible  

     b) Non – Current Investments

   2. Current Assets

      a) Current Investments

      b) Inventories

      c) Trade Receivables

      d)Cash and Cash

 

 

 

2

3

 

 

 

 

 

 

 

 

 

10,70,000

40,000

 

 

2,40,000

1,29,000

1,70,000

3,20,000

 

 

 

8,50,000

1,12,000

 

 

1,50,000

1,21,000

1,43,000

3,75,000

Total   19,69,000 17,51,000

Notes to Accounts

Note No Particulars 31-3-2015 31-3-2014

1

 

2

 

 

3

 

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

Tangible Assets

Machinery

    Less: Accumulated Depreciation

Intangible Assets

Goodwill

 

3,00,000

 

12,70,000

(2,00,000)

 

40,000

 

2,00,000

 

10,00,000

(1,50,000)

 

1,12,000

Additional Information:

During the year a piece of machinery, costing Rs 24,000 on which accumulated depreciation was Rs 16,000, was sold for Rs 6,000.

Prepare Cash Flow Statement

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

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