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Accountancy Foreign Set 1 2015-2016 CBSE (Science) Class 12 Question Paper Solution

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Accountancy [Foreign Set 1]
Marks: 80Date: 2016-03-17
Duration: 3h

[1]1

Name the Act that provides for the maximum number of partners in a partnership firm. What is the maximum number of partners that a partnership firm can have?

Concept: Accounting for Partnership Firms - Reconstitution and Dissolution
Chapter: [0.031] Accounting for Partnership Firms
[1]2

Ram, Mohan and Sohan were partners in a firm sharing profits in the ratio of 5:3:2. They admitted Hari as a new partner for 1/5th share in the profit which he acquired from Ram and Mohan in the ratio of 3:2. Calculate the new profit sharing ratio of Ram, Mohan, Sohan and Hari.

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

State the provisions of the Companies Act, 2013 for the creation of 'Debenture Redemption Reserve'.

Concept: Creation of Debenture Redemption Reserve
Chapter: [0.032] Accounting for Companies
[1]5

On 15-1-2016 the first call of Rs.4 per share became due on 10,000 equity shares issued by New India Ltd. Aman a holder of 500 shares did not pay the first call money. Shanti a shareholder holding 600 shares paid the second and final call of Rs.3 per share along with the first call.

Pass the necessary journal entry for the amount received by opening 'Calls-in-arrears' and 'Calls-in-advance' account in the books of the company.

 

Concept: Calls in Advance and Arrears
Chapter: [0.032] Accounting for Companies
[1]6

A and B were partners in a firm sharing profits in the ratio of 4:5. During the year ended 31-3-2015 A withdrew Rs.19,000. Interest on A's drawings was Rs.700.

Pass necessary Journal entry for charging interest on A's drawings assuming that the capitals of the partners were fixed.

Concept: Methods of Capital Accounts - Fixed and Fluctuating Capital Method
Chapter: [0.031] Accounting for Partnership Firms
[3]7

TRK Ltd. issued 767, 9% debentures of Rs.100 each on 1-1-2016. Pass necessary journal entries for the issue of debentures in the following situations:

(a) When debentures were issued at a discount of 3% and were redeemable at a premium of 7%.

(b) When debentures were issued at a premium of 4% and were redeemable at a premium of 9%.

Concept: Issue of Debentures with Terms of Redemption
Chapter: [0.022000000000000002] Issue and Redemption of Debentures [0.032] Accounting for Companies
[3]8

Why should assets and liabilities be revalued on the reconstitution of a partnership firm? Explain briefly giving examples.

Concept: Accounting for Partnership Firms - Reconstitution and Dissolution
Chapter: [0.031] Accounting for Partnership Firms
[3]9

B' Ltd. took over the assets of Rs.14,00,000 and liabilities of Rs.4,00,000 of C Ltd. for a purchase consideration of Rs.9,19,000. Rs.17,000 were paid by a bank draft in favour of C Ltd. and the balance was paid by issue of equity shares of Rs.10 each at a premium of 10% in favour of C Ltd.

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

Concept: Issue at Par and Premium and at Discount
Chapter: [0.032] Accounting for Companies
[3]10

To provide employment to the youth and to develop a backward area of Jharkhand which is near one of the coal mines, Thermal Power Energies Ltd. decided to set-up a Thermal Power Plant of 500 mega watt capacities. The company decided to issue 10,00,000 equity shares of Rs.10 each at a premium of 70% to finance the project.

Applications for 17,00,000 shares were received. Applications for 5, 00,000 shares were rejected and money refunded. Shares were allotted on pro-rata basis to the remaining applicants. The whole of share money was payable on application.

Pass necessary journal entries for the above transactions in the books of the company and identify any two values which the company wants to convey to the society.

Concept: Pro-rata Allotment
Chapter: [0.032] Accounting for Companies
[4]11

E and F were partners in a firm sharing profits in the ratio of 7:3. On 1-4-2014 they admitted G as a new partner for 1/5th share in the profit with a guaranteed profit of Rs.60,000. The new profit sharing ratio between E and F will remain the same but they agreed to bear any deficiency on account of guarantee to G in the ratio of 3:7. The profit of the firm for the year ended 31-3-2015 was Rs.2,70,000.

Prepare Profit and Loss Appropriation Account of E, F and G for the year ended 31-3-2015.

Concept: Preparation of Profit and Loss Appropriation Account
Chapter: [0.031] Accounting for Partnership Firms
[4]12

Geeta, Sita and Meeta were partners in a firm sharing profits in the ratio of 5:3:2. The firm closes its books on 31st March every year. On 30-6-2015 Geeta died. On that date her capital account showed a debit balance of Rs.5,000 and Goodwill of the firm was valued at Rs.3,70,000. There was a debit balance of Rs.12,000 in the profit and loss account. Geeta's share of profit in the year of her death was to be calculated on the basis of the average profit of last 5 years which was Rs.80,000.

Pass necessary journal entries in the books of the firm on Geeta's death.

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
[6]13

K and P were partners in a firm sharing profits in the ratio of 7:5. On 31-1-2016 their firm was dissolved. After transferring assets (other than cash) and outsiders liabilities to the realization account, you are given the following information:

(a) Raman, a creditor for Rs.4, 20,000 accepted building valued at Rs.8, 00,000 and paid the balance to the firm by a cheque.

(b) Rajeev, a second creditor for Rs.1, 70,000 accepted machinery valued at Rs.1, 65,000 in full settlement of his claim.

(c) Ranjan, a third creditor for Rs.90,000 accepted investments of Rs.45,000 and a bank draft of Rs.43,000 in his favour in full settlement of his claim.

(d) P we appointed to do the work of dissolution for which he was allowed Rs.2,000. Actual expenses of dissolution Rs.2,400 were paid by P.

Pass necessary journal entries for the above transactions in the books of K and P.

Concept: Dissolution of a Partnership Firm
Chapter: [0.031] Accounting for Partnership Firms
[6]14

Ajay, Aman and Anand were partners in a firm sharing profits in the ratio of 5:1:4. Their Balance Sheet as on 31-3-2015 was as follows :

                                              Balance Sheet of Ajay,Aman and Anand as on 31-3-2015

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

Creditors

Bills Payable

General Reserve

Capitals

      Ajay                                      5,00,000

      Aman                                     1,00,000

      Anand                                    1,60,000

1,47,000

33,000

2,10,000

 

 

 

7,60,000

Land

Building

Plant

Stock

Debtors

Bank

 

5,40,000

2,70,000

1,90,000

75,000

60,000

15,000

 

  11,50,000   11,50,000

From 1-4-2015 Ajay. Aman and Anand decided to share future profits equally. For this it was agreed that:

(i) Goodwill of the firm be valued at Rs1, 80,000.

(ii) Land be revalued at Rs.6,00,000 and building be depreciated by 10%.

(iii) Creditors of Rs.15,000 were not likely to be claimed and hence be written-off.

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

Concept: Preparation of Revaluation Account and Balance Sheet
Chapter: [0.031] Accounting for Partnership Firms
[6]15

On 1-4-2013 NK Ltd. had 15,000, 9% Debentures of Rs.100 each outstanding.

(i) On 1-4-2014 the company purchased from the open market 5,000 of its own debentures for Rs.102 each and cancelled the same immediately.

(ii) On 1-4-2015 company redeemed at par debentures of Rs.3, 00,000 by draw of lot.

(iii) On 17-2-2016 the remaining debentures were purchased for immediate cancellation for Rs.5, 99,500.

Ignoring debenture redemption reserve and interest on debentures pass necessary journal entries for the above transactions in the books of the company.

Concept: Redemption of Debentures for Immediate Cancellation - Draw of Lots, Lump Sum and Purchase in the Open Market
Chapter: [0.032] Accounting for Companies
[8]16 | Attempt any ONE
[8]16.1

JS Ltd. invited applications for issuing 80,000 equity shares of Rs.10 each at a premium of Rs.6 per share. The amount was payable as follows:

On application - Rs.4 per share (including premium Rs.1 per share)

On Allotment - Rs.6 per share (including premium Rs.3 per share)

On First and Final Call — Balance

Applications for 1,60,000 shares were received. Applications for 40,000 shares were rejected and application money refunded. Shares were allotted on pro-rata basis to the remaining applicants. Excess money received with applications was adjusted towards sums due on allotment. Raman holding 400 shares failed to pay the allotment money. His shares were forfeited immediately after allotment. Afterwards the final call was made. Veer who had applied for 1,200 shares failed to pay the final call. His shares were also forfeited. Out of the forfeited shares 500 shares were re-issued at Rs.8 per share fully paid-up. The re-issued shares included all the forfeited shares of Raman.

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

Concept: Issue at Par and Premium and at Discount
Chapter: [0.032] Accounting for Companies
[8]16.2

RS Ltd. has issued 25000 equity shares of Rs. 10 each at a premium of Rs. 2 per hares payable with application money. The incomplete journal entries related to the issue are given below. You are required to complete these blanks.

                                                                                             Books of RS Ltd.

                                                                                                   Journal

Date Particulars L.F. Dr.(Rs.) Cr.(Rs.)

2015

Jan 10

 

 

 

_ _ _ _ _ _ _ _ _ _ _                                                                                                                 Dr

             To _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

(Amount received on application for 35,000 shares @ Rs.5 per share)

     

Jan 16

 

 

 

 

 

 

_ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _                                                                                            Dr

                  To _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _

                  To _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _

                  To _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _

                  To _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _

(Transfer of application money to share capital securities premium, money refunded for 4,000 shares for rejected application and balance adjusted towards amount due on allotment as shares were allotted on Pro-rata basis)

     

Jan 31

 

 

_ _ _ _ _ _ _ _ _ _                                                                                                                     Dr

                 To _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _

(Amount due on allotment @ Rs.4 per share)

     

Feb 20

 

 

_ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _                                                                                              Dr

                   To _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _

(Balance amount received on allotment)

     

April 01

 

 

_ _ _ _ _ _ _ _ _                                                                                                                        Dr

                 To _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

(First and Final Call money due)

     

April 20

 

 

 

_ _ _ _ _ _ _ _ _ _                                                                                                                     Dr

Calls – in – arrears A/c                                                                                                               Dr

              To _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _

(Money received on First and Final Call except on 500 shares)

     

Aug 27

 

 

 

_ _ _ _ _ _ _ _ _                                                                                                                        Dr

               To _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

               To _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _

(Forfeited the shares on which call money was not received)

     

Oct 3

 

 

 

_ _ _ _ _ _ _ _ _ _                                                                                                                     Dr

_ _ _ _ _ _ _ _ _ _                                                                                                                     Dr

               To _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _

(Re-issued the forfeited shares @ 8 per share fully paid - up)

     
_ _ _ _ _

_ _ _ _ _ _ _ _ __                                                                                                                      Dr

              To _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _

(_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ __ )

     
Concept: Issue at Par and Premium and at Discount
Chapter: [0.032] Accounting for Companies
[8]17 | Attempt any ONE
[8]17.1

P, Q and R were partners in a firm sharing profits in the ratio of 3:2:1. On 31-3-2015 their Balance Sheet was as follows :

                                     Balance Sheet of P,Q and R as on 31-3-2015

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

Creditors

General Reserve

Capitals

     P                                      1,80,000

     Q                                      1,20,000

     R                                        60,000

 

2,52,000

63,000

 

 

 

3,60,000

 

Bank

Debtors

Stock

Investments

Furniture

Machinery

 

51,000

69,000

3,30,000

90,000

30,000

1,05,000

 

  6,75,000   6,75,000

On the above date S was admitted as a new partner and it was decided that:

(i) The new profit sharing ratio between P, Q, R and S will be 2:2:1:1.

(ii) Goodwill of the firm was valued at Rs.2, 70,000 and S will bring his share of goodwill premium in cash.

(iii) The market value of investments was Rs.64,000.

(iv) Machinery will be reduced to Rs.87,000.

(v) A creditor of Rs.9,000 was not likely to claim the amount and hence to be written-off.

(vi) S will bring proportionate capital so as to give him 1/6th share in the profits of the firm.

Prepare Revaluation Account. Partners' Capital Accounts and the Balance Sheet of P, Q, R and S.

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

A. B and C were partners in a firm sharing profits in the ratio of 5: 3: 2. On 31-3-2015 their Balance Sheet was as follows:

                                                              Balance Sheet of A,B and C as on 31-3-2015

Liabilities Amount(Rs) Assets Amount(Rs.)

Creditors

Investment Fluctuation Fund

P & L Account

Capitals

     A                                                       1,50,000

     B                                                       1,20,000

     C                                                          60,000

 

 

63,000

30,000

1,20,000

 

 

 

3,30,000

 

 

Land & Building

Motor Vans

Investments

Machinery

Stock

Debtors                                                     1,20,000

       Less : Provision                                       9,000

Cash

 

1,86,000

60,000

57,000

36,000

45,000

 

 

 

 

  5,43,000   5,43,000

 

On the above date B retired and A and C agreed to continue the business on the following terms:

(1) Goodwill of the firm was valued at Rs.1, 53,000.

(2) Provision for bad debts was to be reduced by Rs.3,000.

(3) There was a claim of Rs.12,000 for workmen compensation.

(4) B will be paid Rs.24,600 in cash and the balance will be transferred to his loan account which will be paid in four equal yearly instalments together with interest 10% p.a.

(5) The new profit sharing ratio between A and C will be 3:2 and their capital will be in their new profit sharing ratio. The capital adjustments will be done by opening current accounts.
Prepare Revaluation Account, Partners' Capital Accounts and the Balance Sheet of A and C.

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

A. B and C were partners in a firm sharing profits in the ratio of 5: 3: 2. On 31-3-2015 their Balance Sheet was as follows:

                                                              Balance Sheet of A,B and C as on 31-3-2015

Liabilities Amount(Rs) Assets Amount(Rs.)

Creditors

Investment Fluctuation Fund

P & L Account

Capitals

     A                                                       1,50,000

     B                                                       1,20,000

     C                                                          60,000

 

 

63,000

30,000

1,20,000

 

 

 

3,30,000

 

 

Land & Building

Motor Vans

Investments

Machinery

Stock

Debtors                                                     1,20,000

       Less : Provision                                       9,000

Cash

 

1,86,000

60,000

57,000

36,000

45,000

 

 

 

 

  5,43,000   5,43,000

 

On the above date B retired and A and C agreed to continue the business on the following terms:

(1) Goodwill of the firm was valued at Rs.1, 53,000.

(2) Provision for bad debts was to be reduced by Rs.3,000.

(3) There was a claim of Rs.12,000 for workmen compensation.

(4) B will be paid Rs.24,600 in cash and the balance will be transferred to his loan account which will be paid in four equal yearly instalments together with interest 10% p.a.

(5) The new profit sharing ratio between A and C will be 3:2 and their capital will be in their new profit sharing ratio. The capital adjustments will be done by opening current accounts.
Prepare Revaluation Account, Partners' Capital Accounts and the Balance Sheet of A and C.

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

L Ltd. had purchased machinery on deferred payment basis. During the year ended 31-3-2015 the company paid an installment of Rs.4,00,000 which included interest of Rs.4,000. Under which activity or activities payment of installment will be classified while preparing Cash flow  Statement.

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

'An enterprise may hold securities and loans for dealing or trading purposes in which case they are similar to inventory acquired specifically for resale.' Is the statement true? Cash flows from such activities will be classified under which type of activity while preparing 'Cash flow statement'.

Concept: Concept of Cash Flow Statement
Chapter: [0.026000000000000002] Cash Flow Statement
[4]20
[2]20.1

List any four items that are shown under the sub-heading 'Cash and Cash Equivalents' as per Schedule III of the Companies Act, 2013.

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
[2]20.2

What is meant by a 'Common Size Statement'?

Concept: Common Size Statements
Chapter: [0.024] Analysis of Financial Statements [0.040999999999999995] Analysis of Financial Statements
[4]21
[2]21.1

What is meant by 'Profitability' of business?

Concept: Profltabtltty Ratios - Gross Profit Ratio
Chapter: [0.040999999999999995] Analysis of Financial Statements
[2]21.2

From the following details obtained from the financial statements of JN Ltd. calculate 'interest coverage ratio'. Net profit after tax Rs.2, 00,000; 12% Long-Term Debt Rs.40, 00,000; Rate of tax 40%.

Concept: Solvency Ratios - Interest Coverage Ratio
Chapter: [0.040999999999999995] Analysis of Financial Statements
[4]22

Following is the statement of Profit and Loss of DD Ltd. For the year ended 31-3-2015.

Particulars Note No. 31-3-2015 (Rs.) 31-3-2014 (Rs.)

Revenue from operations

Other Income

Employee benefit – expenses 60% of total revenue

Other expenses 10% of employee benefit expenses

Tax Rate

 

75,00,000

1,50,000

 

 

 

 

40%

34,00,000

3,00,000

 

 

 

 

50%

The motto of DD Ltd. is to produce and supply green energy in the rural areas of India. It has also taken up a project of constructing a road that will pass through five villages so that these villages could be connected to the nearby town. It will use the local resources and employ local people for construction of the road.

You are required to prepare a comparative statement of Profit and Loss of DD Ltd. from the given statement of Profit and Loss. Also identify any two values that the company wishes to convey to the society.

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

Following is the Balance Sheet of SN Ltd as at 31-3-2015:

                                                     S.N Ltd Balance Sheet as at 31-3-2015

Particulars Note No. 31-03-2015 (Rs.) 31-03-2014 (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) Short – term borrowings

                b) Short – term provisions

 

 

 

1

 

2

 

3

4

 

 

2,50,000

1,00,000

 

2,25,000

 

75,000

35,000 

 

 

2,00,000

(25,000)

 

2,50,000

 

25,000

45,000 

Total   6,85,000   4,95,000

 II. Assets

       1. Non – Current Assets

                a) Fixed Assets

                      Tangible assets

                      Intangible

                 b) Non – Current Investments

         2. Current Assets

                 a) Current Investments

                  b) Inventories

                  c) Cash and Cash Equivalents

 

 

 

5

6

 

 

 

7

 

 

 

 

5,01,500

10,000

50,000

 

25,000

53,500

45,000 

 

 

 

3,60,000

15,000

37,500

 

30,000

22,500

30,000 

 Total    6,85,000 4,95,000 

 

Note No. Particulars 31-3-2015 (Rs.) 31-3-2014 (Rs.)

1.

 

Reserve and Surplus

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

 

1,00,000

 

(25,000)

    1,00,000 (25,000)

2.

 

Long term borrowings :

12 % Debentures

 

2,25,000

 

2,50,000

    2,25,000 2,50,000

3.

 

Short – term borrowings :

Bank Overdraft

 

75,000

 

25,000

    75,000 25,000

4.

 

Short – term provisions

Provisions for tax

 

35,000

 

45,000

    35,000 45,000

5.

 

 

Tangible Assets

Machinery

Accumulated Depreciation

 

6,01,500

(1,00,000)

 

4,10,500

(50,500)

    5,01,500 3,60,000

6.

 

Intangible Assets

Goodwill

 

10,000

 

15,000

    10,000 15,000

7.

 

Inventories

Stock in trade

 

53,500

 

22,500

    53,500 22,500

Additional Information

(i) 12% Debentures were redeemed on 31-3-2015

(ii) Tax Rs.35,000 was paid during the year

Prepare Cash flow Statement

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

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CBSE previous year question papers Class 12 Accountancy with solutions 2015 - 2016

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