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Accountancy Delhi Set 1 2016-2017 CBSE (Science) Class 12 Question Paper Solution

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Accountancy
Delhi Set 1
2016-2017 March
Marks: 80

[1]1

Does partnership firm has a separate legal entity? Give reason in support of your answer. 

Chapter: [1.01] Accounting for Partnership Firms
Concept: Meaning and Definitions of Partnership and Partnership Deed
[1]2

A and B were partners in the firm sharing profits and losses in the ratio of 4:3. They admitted C as a new partner. The new profit sharing ratio between A, B and C were 3:2:2. A surrendered `1/4` th of his share in favour of C. Calculate B’s sacrifice.

Chapter: [1.01] Accounting for Partnership Firms
Concept: Admission of a Partner - Sacrifice Ratio and New Ratio
[1]3

P and Q were partners in a firm sharing profits and losses equally. Their fixed capitals were Rs 1,00,000 and Rs 50,000 respectively. The partnership deed provided for interest on capital @ 10% per annum. For the year ended 31st March 2016, the profits of the firm were distributed without providing interest on capital
Pass necessary adjustment entry to rectify the error.

Chapter: [1.01] Accounting for Partnership Firms
Concept: Division of Profit Among Partners
[1]4

X Ltd. invited applications for issuing 1000, 9% debentures of Rs 100 each at a discount of 6%. Applications for 1,200 debentures were received. Pro-rate allotment was made to all the applicants.


Pass necessary Journal Entries for the issue of debentures assuming that the whole amount was payable with applications.   
Chapter: [1.02] Accounting for Companies
Concept: Calls in Advance and Arrears
[1]5

Y. Ltd forfeited 1,00 equity shares of Rs 10 each for the non-payment of the first call of Rs 2 per share. The final call of Rs2 per share was yet to be made.

Calculate the maximum amount of discount at which these shares can be reissued.

Chapter: [1.02] Accounting for Companies
Concept: Issue at Par and Premium and at Discount
[1]6

Gupta and Sharma were partners in a firm. They wanted to admit five more members in the firm. List any two categories of individuals other than minors who cannot be admitted by them.

Chapter: [1.01] Accounting for Partnership Firms
Concept: The Indian Partnership Act 1932
[3]7

Jain Motors Ltd. converted its 200, 8% debentures of Rs 100 each issued at a discount of 6% into equity shares of Rs 10 each, issued at a premium of 25%. Discount on issue of 8% debentures has not yet been written off.

Showing your working notes clearly pass necessary Journal Entries on conversion of 8% debentures into equity shares.

Chapter: [1.02] Accounting for Companies
Concept: Types of Shares - Preference Shares Equity Shares
[3]8

Amar, Ram, Mohan and Sohan were partners in a firm sharing profits in the ratio of 2 : 2 : 2 : 1. On 31st January, 2017 Sohan retired. On Sohan's retirement the goodwill of the firm was valued at Rs 70,000. The new profit sharing ratio between Amar, Ram and Mohan was agreed as 5 : 1 : 1.

Showing your working notes clearly, pass necessary Journal Entry for the treatment of goodwill in the books of the firm on Sohan's retirement.

Chapter: [1.02] Accounting for Companies
Concept: Share Capital - Issue and Allotment of Equity Shares
[3]9

Z Ltd. purchased machinery from K Ltd. Z Ltd. paid K Ltd as follows:
(i) By issuing 5,000 equity shares of Rs 10 each at a premium of 30%.
(ii) By issuing 1000, 8% Debentures of Rs 100 each at a discount of 10%.
(iii) Balance by giving a promissory note of Rs 48,000 payable after two months.

Pass necessary journal entries for the purchase of machinery and payment to K Ltd. in the books of Z Ltd.

Chapter: [1.01] Accounting for Partnership Firms
Concept: Division of Profit Among Partners
[3]10
Akash Ltd. is registered with an authorized Capital of Rs 8,00,00,000 divided into equity shares of Rs 10 each. Subscribed and fully paid up share capital of the company was Rs 4,00,00,000. For providing employement to the local youth and for the development of the rural areas of the Jammu nad Kashmir State the company decided to set up a food processing unit in Anantnag district. The Company also decided to open skill development centres in Ladakh, Srinagar and Punch. To meet its new financial requirements the company decided to issue 1,00,000 equity shares of Rs 10 each and 10,000, 9% debentures of Rs 100 each. The debentures were redeemable after five years. The issue of equity shares and debentures was fully subscribed. A shareholder holding 1,000 shares failed to pay the final call of Rs 2 per share.

Present the share capital in the Balance Sheet of the company as per the provisions of Schedule III of the Companies Act, 2013. Also, identify any two values that the company wishes to propagate.
Chapter: [1.02] Accounting for Companies
Concept: Accounting for Share Capital
[4]11

Karan and Varun were partners in a firm sharing profits and losses in the ratio of 1 : 2. Their fixed capitals were Rs, 2,00,000 and Rs 3,00,000 respectively. On 1st April, 2016 Kishore was admitted as a new partner for 14th14th share in the profits. Kishore brought Rs 2,00,000 for his capital which was to be kept fixed like the capitals of Karan and Varun. Kishore acquired his share of profit from Varun.

Calculate goodwill of the firm on Kishore's admission and the new profit sharing ratio of Karan, Varun and Kishore. Also, pass necessary Journal Entry for the treatment of Goodwill on Kishore's admission considering that Kishore did not bring his share of goodwill premium in Cash.

Chapter: [1.02] Accounting for Companies
Concept: Issue of Debentures at Par at Premium and at Discount
[4]12

Sandeep, Mandeep and Amandeep were partners in a firm sharing profits in the ratio of 2 : 2 : 1. The firm closes its books on 31st March every year. On 30th September, 2016 Mandeep died. The partnership deed provided that on the death of a partner his executors will be entitled to the following :

(1) Balance in his capital account and interest @ 12% p.a. on capital. On 1-4-2016 the balance in Mandeep's Capital account was Rs 1,00,000.

(2) His share in the profits of the firm in the year of his death which will be calculated on the basis of rate of net profit on sales of the previous year which was 25%. The sales of the firm till 30th September, 2016 were Rs 9,00,000.

(3) His share on the goodwill of the firm. The goodwill of the firm on Mandee's detah was valued at Rs 1,50,000.

The partnership deed also provided that the following deductions will be made from the amount payable to the executor of the deceased partner:

(1) His drawing in the year of his death. Mandeep's drawings till 30th September, 2016 were Rs 4,000.

(2) Interest on drawing @ 6% per annum which calculated as Rs 120.

The accountant of the firm prepared Mandeep's Capital Account to be presented to the executor of Mandeep but in a hurry he left in incomplete. Mandeep's capital Account prepared by Accountant of the firm is shown below : 

Dr.

        Mandeep’s Capital Account

Cr.

Date

Particulars

Amount

(Rs)

Date

Particulars

Amount

(Rs)

2016

 

 

2016

 

 

Sep. 30

……………

4,000

April 1

……………

1,00,000

Sep. 30

……………

Sep. 30

……………

6,000

Sep. 30

……………

Sep. 30

……………

90,000

 

 

 

Sep. 30

……………

40,000

 

 

 

Sep. 30

……………

20,000

 

 

2,56,000

 

 

2,56,000

 

 

 

 

 

 

You are required to complete Mandeep's Capital Account.

Chapter: [1.02] Accounting for Companies
Concept: Disclosure of Share Capital in Company’S Balance Sheet (Horizontal Form)
[6]13

S, T, U and V were partners in a firm sharing profits in the ratio of 4 : 3 : 2 : 1. On 1-4-2016 their Balance Sheet was as follows: 

                     Balance Sheet of S, T, U and V

                                  as on 1.4.2016

       Liabilities

Amount

(Rs)

     Assets

Amount

(Rs)

Capitals:

 

Fixed Assets

4,40,000

S

2,00,000

 

Current Assets

2,00,000

T

1,50,000

 

 

 

U

1,00,000

 

 

 

V

50,000

5,00,000

 

 

 

 

 

 

Sundry Creditor 80,000    

Workmen

 

 

 

Compensation Reserve

60,000

 

 

 

6,40,000

 

6,40,000

 

 

 

From the above data the partners decided to share the future profits in 3 : 1 : 2 : 4 ratio. For this purpose the goodwill of the firm was valued at Rs 90,000.
The partners also agreed for the following :

(i) The claim for workmen compensation has been estimated at Rs 70,000.

(ii) To adjust the capitals of the partners according to new profit sharing ratio by opening partners current accounts.

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

Chapter: [1.01] Accounting for Partnership Firms
Concept: Change in the Profit Sharing Ratio Among the Existing Partners
[6]14

On 1-4-2015 K.K. Ltd. issued 500, 9% Debentures of Rs 500 each at a discount of 4%, redeemable at a premium of 5% after three years.
Pass necessary Journal Entries for the issue of debentures and debenture interest for the year ended 31-3-2016 assuming that interest is payable on 30th September and 31st March and the rate of tax deducted at source is 10%. The company closes its books on 31st March  every year.

Chapter: [1.02] Accounting for Companies
Concept: Interest on Debentures
[6]15

Pass necessary Journal Entires on the dissolution of a partnership firm in the following cases :  

(i) L, a partner, was appointed to look after the dissolution process for which he was given a remuneration of Rs 10,000.

(ii) Dissolution expenses Rs 8,000 were paid by the partner, M.

(iii) Dissolution expenses were Rs 5,000.

(iv) P, a partner, was appointed to look after the process of dissolution for which he was allowed a remuneration of Rs 7,000. P agreed to bear the dissolution expenses. Actual dissolution expenses Rs 4,000 were paid by P.

(v) N, a partner, was appointed to look after the process of dissolution for which he was allowed a remuneration of Rs 9,000. N agreed to bear the dissolution expenses. Actual dissolution expenses Rs 4,000 were paid by the firm.

(vi) Q a partner was appointed to look after the process of dissolution for which he was allowed a remuneration of Rs 18,000. Q agreed to take over stock worth Rs 18,000 as his remuneration. The stock had already been transferred to Realisation Account.

Chapter: [1.01] Accounting for Partnership Firms
Concept: Accounting for Partnership Firms - Reconstitution and Dissolution
[8]16 | Attempt any one of the following
[8]16.1

W and R are partners in a firm sharing profits in the ratio of 3 : 2. Their Balance Sheet as on 31st March, 2016 was as follows 

                          Balance Sheet of W and R

                                  as on 31.3.2016

   Liabilities

Amount

(Rs)

      Assets

Amount

(Rs)

Sundry Creditors

20,000

Cash

12,000

Provision for Bad Debts

2,000

Debtors

18,000

Outstanding Salary

3,000

Stock

20,000

General Reserve

5,000

Furniture

40,000

 

 

Plant & Machinery

40,000

Capitals:

 

 

 

W

60,000

 

 

 

R

40,000

1,00,000

 

 

 

1,30,000

 

1,30,000

 

 

 

 

On the above date C was admitted for 16th16th share in the profits on the following terms:

(i) C will bring Rs 30,000 as his capital and Rs 10,000 for his share of goodwill premium, half of which will be withdrawn by W and R.

(ii) Debtors Rs 1,500 will be written off as bad debts and a provision of 5% will be created for bad and doubtful debts.

(iii) Outstanding salary will be paid off.

(iv) Stock will be depreciated by 10%, furniture by Rs 500 and Plant and Machinery by 8%.

(v) Investments Rs 2,500 not mentioned in the balance sheet were to be taken into account.

(vi) A creditor of Rs 2,100 not recorded in the books was to be taken into account. Pass necessary Journal Entries for the above transactions in the books of the firm on C’s admission.

Chapter: [1.01] Accounting for Partnership Firms
Concept: Change in the Profit Sharing Ratio Among the Existing Partners
[8]16.2

M, N and G were partners in a firm sharing profits and losses in the ratio of 5:3:2. On 31-3-2016 their Balance Sheet was as under: 

                                          Balance Sheet of M, N and G

                                             as on 31.3.2016

          Liabilities

Amount

(Rs)

             Assets

Amount

(Rs)

Creditors

55,000

Cash

40,000

General Reserve

30,000

Debtors

45,000

 

Capitals:

 

Less Provision

5,000

40,000

M

1,50,000

 

Stock

50,000

N

1,25,000

 

Machinery

1,50,000

G

75,000

3,50,000

Patents

30,000

 

 

Building

1,00,000

 

 

Profit & Loss A/c

25,000

 

4,35,000

 

4,35,000

 

 

 

M retired on the above date and it was agreed that:

(i) Debtors of Rs 2,000 will be written off as bad debts and a provision of 5% on debtors for bad and doubtful debts will be maintained.

(ii) Patents will be completely written off and stock, machinery and building will be depreciated by 5%.

(iii) An unrecorded creditor of Rs 10,000 will be taken into account.

(iv) N and G will share the future profits in the ratio of 2 : 3.

(v) Goodwill of the firm on M’s retirement was valued at Rs 3,00,000.

Pass necessary Journal Entries for the above transactions in the books of the firm on M’s retirement.

Chapter: [1.01] Accounting for Partnership Firms
Concept: Admission of a Partner - Preparation of Balance Sheet
[6]17 | Attempt any one of the following
[6]17.1

AXN Ltd. invited applications for issuing 1,00,000 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 Rs 2 premium).
On Allotment Rs 5 per share Including Rs 2 premium).
On First Call Rs 4 per share (including Rs 2 premium).
On Second and Final Call – Balance Amount.


The issue was fully subscribed.

Kumar the holder of 400 shares did not pay the allotment money and Ravi the holder of 1,000 shares paid his entire share money along with allotment money.
Kumar's shares were forfeited immediately after allotment. Afterwards first call was made. Gupta a holder of 300 shares failed to pay the first call money and Gopal a holder of 600 shares paid the second call money also along with first call. Gupta's shares were forfeited immediately after the first call. Second and final call was made afterwards. The whole amount due on second call was received.

All the forfeited shares were re-issued at Rs 9 per share fully paid up.
Pass necessary Journal Entries for the above transactions in the books of the company.
  

Chapter: [1.02] Accounting for Companies
Concept: Share Capital - Issue and Allotment of Equity Shares
[6]17.2

XL Ltd. invited applications for issuing 1,00,000 equity shares of Rs 10 each at par. The amount was payable as follows:

On Application Rs 3 per share.
On Allotment Rs 4 per share.
On First and Final Call Rs 3 per share.


The issue was over-subscribed by three times. Applications for 20% shares were rejected and the money refunded. Allotment was made to the remaining applicants as follows: 

CategoryNo. of Shares AppliedNo. of Shares Allotted 

I                       1,60,000                     80,000 

ii                       80,000                       20,000 

Excess money received with applications was adjusted towards sums due on allotment and first and final call. All calls were made and were duly received except the final call by a shareholder belonging to Category I who has applied for 320 shares. His shares were forfeited. The forfeited shares were re-issued at Rs 15 per share fully up.

Pass necessary Journal entries for the above transactions in the book of XL Ltd. open calls in-arrears and calls in advance account whenever required. 

Chapter: [1.02] Accounting for Companies
Concept: Share Capital - Issue and Allotment of Equity Shares
[1]18

Short term investments are not considered while preparing cash flow statement. Why?

Chapter: [2.02] Cash Flow Statement
Concept: Concept of Cash Flow Statement
[1]19

Net increase in working capital other than cash and cash equivalents will increase, decrease or not change cash flow from operating activities. Give reason in support of your answer. 

Chapter: [2.02] Cash Flow Statement
Concept: Concept of Cash Flow Statement
[4]20

State the objectives of 'Analysis of Financial Statements'.

Chapter: [2.01] Analysis of Financial Statements
Concept: Concept of Financial Statements
[4]21

The Quick Ratio of a company is 0.8 : 1. State with reason whether the following transactions will increase, decrease or not change the quick ratio :
(1) Purchase of loose tools Rs 2,000.
(2) Insurance premium paid in advance Rs 500.
(3) Sale of goods on credit Rs 3,000.
(4) Honoured a bills payable Rs 5,000 on maturity.

Chapter: [1.02] Accounting for Companies
Concept: Nature and Types of Share and Share Capital
[4]22

Financial Statements are prepared following the constituent accounting concepts principles procedures and also the legal environment in which the business organisation operate. These statements are the source of information on the basis of which conclusions are drawn about the profitability and financial position of a company so that their users can easily understand and use them in their economic decisions in a meaningful way.

From the above statements identify any two values that a company should observe while preparing its financial statements. Also, State under which major headings and sub-headings the following items will be presented in the Balance Sheet of a company as per Schedule III of the Companies Act 2013

(1) Capital Reserve
(2) Calls-in-Advance
(3) Loose Tools
(4) Bank overdraft

Chapter: [2.01] Analysis of Financial Statements
Concept: Concept of Financial Statements
[6]23

Following is the Balance Sheet of R.S. Ltd. as at 31st March, 2016 : 

                               R.S. Ltd. Balance Sheet as at 31-3-2016

                         Particulars

NoteNo.

31-03-2016

(Rs)

31-03-2015

(Rs)

I. Equity and Liabilities :

(1) Shareholder's Funds

     

(a) Share Capital

 

9,00,000

7,00,000

(b) Reserves and Surplus

1

2,50,000

1,00,000

       

(2) Non-current Liabilities

     

Long-term borrowings

2

4,50,000

3,50,000

       

(3) Current Liabilities

     

(a) Short-term borrowings

3

1,50,000

75,000

(b) Short-term provisions

4

2,00,000

1,25,000

Total

 

19,50,000

13,50,000

II. Assets

     

(1) Non-current Assets

     

(a) Fixed Assets

     

(i) Tangible

5

14,65,000

9,15,000

(ii) Intangible

6

1,00,000

1,50,000

       

(b) Non-current Investments

 

1,50,000

1,00,000

       

(2) Current Assets

     

(a) Current Investments

 

40,000

70,000

(b) Inventories

7

1,22,000

72,000

(c) Cash and Cash Equivalents

 

73,000

43,000

Total

 

19,50,000

13,50,000

   

Note

No.

                           Particulars

31-03-2016

(Rs)

31-03-2015

(Rs)

(1)

Reserves and Surplus

 

 

 

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

2,50,000

1,00,000

 

 

2,50,000

1,00,000

 

 

 

 

(2)

Long-term borrowings

 

 

 

12% Debentures

4,50,000

3,50,000

 

 

4,50,000

3,50,000

 

 

 

 

(3)

Short-term borrowings

 

 

 

Bank overdraft

1,50,000

75,000

 

 

1,50,000

75,000

 

 

 

 

(4)

Short-term provisions

 

 

 

Proposed Dividend

2,00,000

1,25,000

 

 

2,00,000

1,25,000

 

 

 

 

(5)

Tangible Assets

 

 

 

Machinery

16,75,000

10,55,000

 

Accumulated Depreciation

(2,10,000)

(1,40,000)

 

 

14,65,000

9,15,000

 

 

 

 

(6)

Intangible Assets

 

 

 

Goodwill

1,00,000

1,50,000

 

 

1,00,000

1,50,000

 

 

 

 

(7)

Inventories

 

 

 

Stock in trade

1,22,000

72,000

 

 

1,22,000

72,000

 

 

Additional Information :

 

(1) Rs 1,00,000, 12% Debentures were issued on 31-3-2016.

 

(2)  During the year a piece of machinery costing Rs 80,000 on which accumulated depreciation was Rs 40,000 was sold at a loss of Rs 10,000.

 

Prepare a Cash Flow Statement.

Chapter: [1.01] Accounting for Partnership Firms
Concept: Accounting for Revaluation of Assets and Reassessment of Liabilities

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