# Accountancy Delhi Set 2 2012-2013 CBSE (Commerce) Class 12 Question Paper Solution

Accountancy [Delhi Set 2]
Date: March 2013

[1]1

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
[1]2

What rate of interest the does company pay on calls - in advance if it has not prepared its own Articles of association?

Concept: Accounting for Companies - Introduction
Chapter: [0.032] Accounting for Companies
[1]3

Give the journal entry to distribute Workman Compensation Reserve' of Rs 60,000 at the time of retirement of Sajjan, when there is not claim against it. The firm has three partners Rajat, Sajjan and Kavita.

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

What is meant by ' Securities Premium '?

Concept: Issue at Par and Premium and at Discount
Chapter: [0.032] Accounting for Companies
[1]5

Name the account which is opened to credit the share of profit of the deceased partner, till the time of his death to his Capital account.

Concept: Calculation of Deceased Partner's Share of Profit Till the Date of Death
Chapter: [0.031] Accounting for Partnership Firms
[1]6

State the ratio in which the partners share profits or losses on the revaluation of assets and liabilities when there is a change in profit sharing ratio amongst existing partners?

Concept: Change in the Profit Sharing Ratio Among the Existing Partners
Chapter: [0.031] Accounting for Partnership Firms
[1]7

When the partner capitals are fixed, where the drawing made by a partner will be recorded?

Chapter: [0.013000000000000001] Reconstitution of a Partnership Firm – Admission of a Partner [0.031] Accounting for Partnership Firms
[3]8

Pass the necessary journal entries for the issue of debentures in the following cases:

Rs 30,000, 12% debentures of Rs 100 each issued at a discount of 5% redeemable at par.

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

Pass the necessary journal entries for the issue of debentures in the following cases:

Rs 60,000, 12% debentures of Rs 100 each issued at a discount of 5% redeemable at Rs 105.

Concept: Issue of Debentures with Terms of Redemption
Chapter: [0.022000000000000002] Issue and Redemption of Debentures [0.032] Accounting for Companies
[3]9

Mona, Nisha and Priyanka are partners in a firm. They contributed Rs 50,000 each as capital three years ago. At that time Priyanka agreed to look after the business as Mona and Nisha were busy. The profits for the past three years were Rs 15,000, Rs 25,000 and Rs 50,000 respectively. While going through the books of accounts Mona noticed that the profit had been distributed in the ratio of 1:1:2. When the enquired from Priyanka about this, Priyanka answered that since she looked after the business she should get more profit. Mona disagreed and it was decided to distribute profit equally retrospectively for the last three years.

1) You are required to make necessary corrections in the books of accounts of Mona, Nisha and Priyanka by passing an adjustment entry.

2) Identify the value which was not practiced by Priyanka while distributing profits

Chapter: [0.013000000000000001] Reconstitution of a Partnership Firm – Admission of a Partner [0.031] Accounting for Partnership Firms
[3]10

Abhay and Beena are partners in a firm. They admit Chetan as a partner with 1/4th shares in the profits of the firm. Chetan brings Rs 2,00,000 as his share of capital. The value of the total assets of the firm is Rs 540,000 and outside liabilities are valued at Rs 1,00,000 on that date. Give the necessary entry to record goodwill at the time of Chetan's admission. Also, show your working notes.

Concept: Admission of a Partner - Treatment of Goodwill
Chapter: [0.013000000000000001] Reconstitution of a Partnership Firm – Admission of a Partner [0.031] Accounting for Partnership Firms
[4]11

Abhay and Beena are partners in a firm. They admit Chetan as a partner with 1/4th shares in the profits of the firm. Chetan brings Rs 2,00,000 as his share of capital. The value of the total assets of the firm is Rs 540,000 and outside liabilities are valued at Rs 1,00,000 on that date. Give the necessary entry to record goodwill at the time of Chetan's admission. Also, show your working notes.

Concept: Admission of a Partner - Treatment of Goodwill
Chapter: [0.013000000000000001] Reconstitution of a Partnership Firm – Admission of a Partner [0.031] Accounting for Partnership Firms
[4]12

The authorized capital of Suhani Ltd. is Rs 45,00,000 divided into 30,000 shares of Rs 150 each. Out of these company issued 15,000 shares of Rs 150 each at a premium of Rs 10 per share. The amount was payable as follows: Rs 50 per share on the application, Rs 40 per share on the allotment (including premium), Rs 30 per share on first call and balance on final call. Public applied for 14,000 shares. All the money was duly received. Prepare an extract of Balance Sheet of Suhani Ltd. as per Revised Schedule VI Part - I of the Companies Act 1956 disclosing the above information. Also, prepare 'notes to accounts' for the same.

Concept: Share Capital - Issue and Allotment of Equity Shares
Chapter: [0.032] Accounting for Companies
[4]13

Naresh, David and Aslam are partners sharing profits in the ratio of 5:3:7. On April 1st, 2012, Naresh gave the notice to retire from the firm. David and Aslam decided to share future profits in the ratio of 2 : 3. The adjusted capital accounts of David and Aslam show a balance of Rs 33,000 and Rs 70,500 respectively. The total amount of the paid to Naresh is Rs 90,500. This amount is to be paid by David and Aslam in such a way that their capitals become proportionate to their new profit sharing ratio. Pass necessary journal entries for the above transactions in the books of the firm. Show your working clearly.

Concept: Retirement Or Death of a Partner - Adjustment of Capitals
Chapter: [0.031] Accounting for Partnership Firms
[4]14

Madhav Ltd. issued fully paid equity shares of Rs 80 each at a discount of Rs 5 per share for the purchase of a running business from Gupta Bros. for a sum of  Rs 15,00,000. The assets and liabilities consisted of the following : Plant Rs 5,00,000; Trucks Rs 7,00,000; Stock Rs 3,00,000; Machinery Rs 6,00,000 and Sundry Creditors Rs 5,00,000. You are required to pass necessary journal entries for the above transactions in the books of Madhav Ltd.

Concept: Share Capital - Issue and Allotment of Equity Shares
Chapter: [0.032] Accounting for Companies
[6]15

Anwar, Biswas and Divya are partners in a firm. On 1st April 2011 their capital accounts stood at Rs 8,00,000, Rs 6,00,000 and Rs 4,00,000 respectively. They shared profits and losses in the proportion of 3: 2: 1. Partners are entitled to interest on capital @ 6% per annum and salary to Biswas and Divya @ 4,000 per month and Rs 6,000 per quarter respectively as per the provisions of the partnership deed. Biswas's share of profit (excluding interest on capital but including salary) is guaranteed at a minimum of Rs 82,000 p.a. Any deficiency arising on that account shall be met by Divya. The profits of the firm for the year ended 31st March 2012 amounted to Rs 3,120,000. Prepare Profit & Loss Account for the year ended on 31st March 2012.

Concept: Effect of Admiss on of a Partner on Change in the Profit Sharing Ratio
Chapter: [0.031] Accounting for Partnership Firms
[6]16

The Balance Sheet of Sadhu, Raja and Karan who were sharing profit in the ratio of 4:2:4. On the 31st March 2012 their Balance Sheet was as follows:

 Liabilities Rs Assets Rs General Reserve Bills Payable Loan Capital: Suda  80,000 Rahim            60,000 Kartik           1,00,000 2,40,000 Cash Stock Investments Land and Building Sadhu's Loan 26,000 64,000 85,000 97,000 20,000 2,92,000 2,92,000

Sadhu died on July 31st, 2012. The partnership deed provided for the following on the death of a partner:
a. Goodwill of the firm is valued at two years purchase of average profits for the last three years.
b. Sadhu's share of profit or loss till the date of her death was to be calculated on the basis of sales. Sales for the year ended 31st March 2012 amounted to 4,50,000 and that from 1st April to 31st July 2012 to Rs 2,70,000. The profit for the year ended 31st March 2012 was Rs 1, 25,000.
c. Interest on capital was to be provided @ 5% p.a.
d. The average profits of the last three years were Rs 55,000.
e. According to Sudha's will, the executors should donate her share to "Matri Chhaya - an orphanage for girls".

Concept: Preparation of Deceased Partner's Capital Account, Executor's Account
Chapter: [0.031] Accounting for Partnership Firms
[8]17 | Attempt Any One
[8]17.1

Sahaj and Nimish are partners in a firm. They share profits and losses in the ratio of 2: 1. Since both of them are specially abled, sometimes they find it difficult to run the business on their own. Gauri, a common friend decides to help them. Therefore, they admitted her into a partnership for a 1/3rd share. She brought her share of goodwill in cash and proportionate capital. At the time of Gauri's admission, the Balance sheet of Sahaj and Nimish was as under:

 Liabilities Rs Assets Rs Capital Accounts: Sahaj             1,20,000 Nimish              80,000 General Reserve Creditors Employee's Provident Fund 2,00,000 30,000 30,000 40,000 Machinery Furniture Stock Sundry Debtors Cash 1,20,000 80,000 50,000 30,000 20,000 3,00,000 3,00,000

It was decided to:

a. Reduce the value of a stock by 5,000.

b. Depreciate furniture by 10% and appreciate machinery by 5%.

c. Rs 3,000 of the debtors proved bad. A provision of 5% was to be created on Sundry Debtors for doubtful debts.

d. Goodwill of the firm was valued at Rs 45,000.

Prepare Revaluation Account, Partners' Capital Accounts and Balance Sheet of the reconstituted firm. Identify the value being conveyed in the question.

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

Prachi, Ritika and Ishita were partners in a firm sharing profits and losses in the ratio of 5 : 3: 2. In spite of repeated reminders by the authorities, they kept dumping hazardous material into a nearby river. The court ordered for the dissolution of their partnership firm on 31st March 2012. Prachi was deputed to realise the assets and pay the liabilities. She was aid Rs 1,000 as the commission for her services. The financial position of the firm was as follows:

 Liabilities Rs Assets Rs Creditors Investment Fluctuation Fund Capitals Prachi Ritika 2,00,000 30,000 30,000 40,000 Furniture Stock Investments Cash Ishita's Capital 37,000 5,500 15,000 9,000 18,000 84,500 84,500
Concept: Dissolution of Partnership Firm
Chapter: [0.015] Dissolution of Partnership Firm [0.015] Dissolution of Partnership Firm [0.031] Accounting for Partnership Firms
[8]18 | Attempt Any One
[8]18.1

Moneyplus Company issued for public subscription 75,000 shares of the value of Rs 10 each at a discount of 10% payable as follows: Rs 2 per share on an application, Rs 3 per share on an allotment and Rs 4 per share on call. The company received applications for 1,50,000 shares. The allotment was done as under:

a. Applicants of 15,000 shares were allotted 5,000 shares.
b. Applicants of 70,000 shares were allotted 40,000 shares.
c. Remaining applicants were allotted 30,000 shares.

Money in excess to allotment was returned. Hari, a shareholder who had applied for 3,500 shares out of group B failed to pay allotment and call money. Rohan, a shareholder who was allotted 3,000 shares paid the call money along with the allotment. Rohan also belonged to group B. Pass necessary journal entries to record the above transactions in the books of the company. Show your working notes clearly.

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

Record the journal entries for forfeiture and reissue of shares in the following cases:

a. X Ltd. forfeited 20 shares of Rs 10 each, Rs 7 called upon which the shareholder had paid application and allotment money of Rs 5 per share. Out of these, 15 shares were re-issued to Naresh as Rs 7 per share paid up for rs 8 per share.
b. Y Ltd. forfeited 90 shares of  Rs 10 each, Rs 8 called up issued at a premium of Rs 2 per share to 'R' for nonpayment of allotment money of Rs 5 per share (including premium). Out of these, 80 shares were reissued to Sanjay as `8 called up for Rs 10 per share.
c. Z Ltd. forfeited 300 shares of Rs 10 each issued at a discount of Rs 1 per share for non-payment of first and final call of  Rs 3 per share. Out of these 200 shares were reissued at Rs 3 per share fully paid up.

Concept: Accounting Treatment of Forfeiture and Re-issue of Share
Chapter: [0.021] Accounting for Share Capital [0.032] Accounting for Companies
[1]19

Under which type of activity will you classify' Dividend received by a financial company' while preparing Cash Flow Statement?

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

When does the flow of cash take place'?

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 heads and sub-heads the following items will appear in the Balance Sheet of a company as per revised Schedule VI, Part-I of the Companies Act 1956.

i. Tax Reserve
ii. Interest on Calls in Advance
iii. Store and Spares

Concept: Accounting for Companies - Introduction
Chapter: [0.032] Accounting for Companies
[4]23

From the Following Statements of Profit and Loss Suntrack Ltd., for the years ended 31st March 2011 and 2012, prepare a 'Comparative Statement of Profit and Loss'.

 Particulars NoteNo. 2011-12 2010-11 Revenue from Operations 20,00,00 12,00,000 Other Incomes 12,00,000 9,00,000 Expenses 13,00,000 10,00,000
Concept: Comparative Statements
Chapter: [0.024] Analysis of Financial Statements [0.040999999999999995] Analysis of Financial Statements
[4]24
[4]24.1

Compute Working Capital Turnover Ratio using the following information.

 Particulars Rs Cash Sales 1,30,00 Credit Sales 3,80,000 Sales Returns 10,000 Liquid Assets 1,40,000 Current Liabilities 1,05,000 Inventory 90,000
Concept: Activity Ratios - Working Capital Turnover Ratio
Chapter: [0.040999999999999995] Analysis of Financial Statements
[4]24.2

Calculate Debt-Equity Ratio

 Particulars Rs Total Assets 3,50,000 Total Debts 2,50,000 Current Liabilities 80,000
Concept: Solvency Ratios - Debt to Equity Ratio
Chapter: [0.040999999999999995] Analysis of Financial Statements
[6]25

Following is the Balance Sheet of Wisben Ltd. As on 31st March 2012

 Balance Sheet of Tiger Super Steel Ltd. Particulars NoteNo. 2012 Rs 2011 Rs I. Equity and Liabilities    1. Shareholders' Funds      a. Share Capital      b. Reserves and Surplus (Profit & Loss Balance)    2. Non-Current Liabilities      a. Long Term-Borrowing    3. Current Liabilities      a. Trade Payables 7,00,000 2,00,000   3,00,000   30,000 6,00,000 1,10,000   2,00,000   25,000 Total 12,30,000 9,35,000 II. Assets    1. Non- Current assets      a. Fixed assets         i. Tangible assets      b. Non –Current Investment    2. Current assets      a. Inventory      b. Trade Receivable      c. Cash and Cash Equivalents 11,00,000     70,000 32,000 28,000 8,00,000     60,000 40,000 35,000 Total 12,30,000 9,35,000

During the year a piece of machinery of the book value of Rs 80,000 was sold for Rs 65,000. Depreciation provided on tangible assets during the year amounted to Rs 2,00,000.
Prepare a Cash Flow Statement.

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

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