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Accountancy Foreign Set 3 2014-2015 CBSE (Commerce) Class 12 Question Paper Solution

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Accountancy [Foreign Set 3]
Marks: 80Academic Year: 2014-2015
Date: March 2015

[1]1

'Samta Limited' invited applications for issuing 6,750 equity shares of Rs 10 each. The amount was payable as follows :

On application - Rs 3 per share
On allotment - Rs 5 per share
On first and final call - Rs 2 per share

The issue was fully subscribed. Subhash applied for 250 shares and paid his entire share money with application. Moti applied for 175 shares and paid allotment money also with an application. The amount received with applications was:

(a) Rs 16,750
(b) Rs 16,000
(c) Rs 19,250
(d) Rs 22,875

Concept: Share Capital - Issue and Allotment of Equity Shares
Chapter: [0.032] Accounting for Companies
[1]2

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]3

Deepak, Farukh and Lilly were partners in a firm sharing profits in the ratio of 3:2:1. On 28.2.2015 Farukh retired from the firm. On Farukh's retirement, there was a balance of `12,000 in Workmen's Compensation Reserve which was no more required. On Farukh's retirement this amount will be :

(a) Debited to the Capital accounts of all the partners in their profit sharing ratio.
(b) Credited to the Capital accounts of all the partners in their profit sharing ratio.
(c) Credited to the Capital accounts of Deepak and Lilly in their profit sharing ratio.
(d) Credited to the Capital account of Farukh.

Concept: Accounting for Share Capital
Chapter: [0.032] Accounting for Companies
[1]4

Anurag and Bhawana entered into the partnership on 1.4.2014. On 1.1.2015 they admitted Monika as a new partner for `3/10` th share in the profits which she acquired equally from Anurag and Bhawana. The new profit sharing ratio of Anurag, Bhawana and Monika was 4:3:3. Calculate the profit sharing ratio of Anurag and Bhawana at the time of forming the partnership.

Concept: Admission of a Partner - Sacrifice Ratio and New Ratio
Chapter: [0.031] Accounting for Partnership Firms
[1]5

Kamal and Vimal were partners in firm sharing profits in the ratio of 3:2. Ghosh was admitted as a new partner for  `1/5` th share in the profits. On Ghosh's admission, the balance sheet of the firm showed a credit balance of  Rs 10,000 in its Profit and Loss Account which was debited by the accountant of the firm in the accounts of Kamal and Vimal. Did the accountant give correct treatment to the balance of Profit and Loss Account? If 'yes' give the reason and if 'not' give the correct treatment.

Concept: Effect of Admiss on of a Partner on Change in the Profit Sharing Ratio
Chapter: [0.031] Accounting for Partnership Firms
[1]6

In the absence of partnership agreement, interest on drawings of partners is charged :
(1) at 6% per annum
(2) at 9% per annum
(3) at 12% per annum
(4) no interest is charged

Concept: Meaning and Definitions of Partnership and Partnership Deed
Chapter: [0.031] Accounting for Partnership Firms
[3]7

State any three conditions for the issue of shares at discount.

Concept: Issue at Par and Premium and at Discount
Chapter: [0.032] Accounting for Companies
[3]8

K and L were partners in a firm sharing profits in the ratio of 3: 2. On 1.4.2014, their Balance Sheet was as follows :

Liabilities

Amount

Rs

Assets

Amount

Rs

Capitals

  K       80,000

  L      1,00,000

 

 

1,80,000

Sundry Assets

 

 

1,80,000

 

 

  1,80,000   1,80,000

The Profit of for the year ended 31.3.2014, Rs 90,000 was divided between the partners without allowing interest on capital @ 6% per annum and a salary to K at Rs 4,000 per quarter. During the year K withdrew Rs 20,000 and L withdrew Rs 27,000.
Pass a single journal entry to rectify the error.

Concept: Change in the Profit Sharing Ratio Among the Existing Partners
Chapter: [0.031] Accounting for Partnership Firms
[3]9

'Telecom Limited' is registered with an authorized capital of Rs 8,00,00,000 divided into 80,00,000 equity shares of Rs 10 each. The company issued 1,00,000 shares at a premium of Rs 2 per share. The amount was payable as follows :

On application - Rs 3 per share
On allotment - Rs 5 per share (including premium)
On first and final call - The balance

All calls were made and were duly received except the first and final call on 1,000 shares held by Asha. Present the 'Share Capital' in the Balance Sheet of the company as per Schedule VI Part I of the Companies Act, 1956

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

'Panipat Blankets Limited' are the manufacturers and exporters of blankets. The company decided to distribute 1,000 blankets free of cost to five villages of Kashmir which had been damaged by the floods. It also decided to employ 100 young persons from these villages in their newly established factory at Ludhiana in Punjab To meet the requirements of funds for its new factory, the company issued 1,00,000 equity shares of  Rs 10 each and 2,000, 9% debentures of Rs 100 each to the vendors of machinery purchased for Rs 12,00,000.

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

Kavita, Ravita and Sunita were partners in a firm sharing profits in 2:1:2 ratio. On 31.3.2014 their Balance Sheet was as follows :

Liabilities

Amount

Rs

Assets

Amount

Rs

Creditors

Bills Payable

Capitals

  Kavita 1,40,000

  Ravita 1,80,000

  Sunita    90,000

83,000

19,000

 

 

 

4,10,000

Cash

Debtors

Bills payable

Furniture

Machinery

Agarwal’s Capital

45,000

34,000

15,000

2,10,000

2,00,000

8,000

  5,12,000   5,12,000

On 31.9.2014, Sunita died. The partnership deed provided for the following to the executors of the deceased partner:

(a) Her share in the goodwill of the firm, calculated on the basis of three years' purchase of the average profits of the last four years. The profits of the last four years were Rs 1,98,000; Rs 2,24,000: Rs 2,76,000 and Rs 3,27,000 respectively.
(b) Her share in the profit of the firm till the date of her death, calculated on the basis of the average profits of the last four years.
(c) Interest @ 6% per annum on the credit balance, if any, in her Capital account.
(d) Interest on her loan @ 12% per annum.
Prepare Sunita's Capital Account to be presented to her executors

Concept: Methods of Capital Accounts - Fixed and Fluctuating Capital Method
Chapter: [0.031] Accounting for Partnership Firms
[4]12

Jain, Gupta and Singh were partners in a firm. Their fixed capitals were: Jain Rs 4,00,000 Gupta Rs  6,00,000 and Singh Rs 10,00,000. They were sharing profits in the ratio of their capitals. The firm was engaged in the processing and distribution of flavoured milk. They partnership deed provided for interest on capital at 10% per annum. During the year ended 31st March 2014, the firm earned a profit of Rs 1,47,000.

Showing your working notes clearly, prepare Profit and Loss Appropriation Account of the firm.

Concept: Preparation of Profit and Loss Appropriation Account
Chapter: [0.031] Accounting for Partnership Firms
[6]13

'Chennai Fibers Limited' was registered with an authorized capital of Rs 40,00,000 divided into 4,00,000 equity shares of Rs 10 each. The company had issued 1,00,000 shares and the dividend paid per share was Rs 3 for the year 2007 - 08. The management of the company decided to export its readymade apparels to European countries. To meet the requirement of additional funds, the finance manager put up before the Board of Directors the following three alternative proposals :

(1) An issue of 1,54,000 equity shares at par.

(2) Obtain a loan of Rs 15,40,000 from a financial institution for a period of 5 years. The loan was
available @ 12% per annum.

(3) Issue 16,000, 9% debentures of Rs 100 each at a discount of 10% redeemable in instalments at the end of the third, fourth, fifth and sixth year as per details are given below :

Year Amount (Rs)
III 2,00,000
IV 3,00,000
V 4,00,000
VI 7,00,000

After Comparing the alternatives, the company decided in favour of the third alternative and issued debentures on 1.4.2008.

Prepare 9% debentures to account for the years 2008-09 to 2013-14.

Concept: Accounting for Debentures - Conversion Method
Chapter: [0.032] Accounting for Companies
[6]14

Chopra, Shah and Patel were partners sharing profits in the ratio of 3:2:1. On 31.3.2014 their firm was dissolved. The assets were realized and liabilities were paid off. The accountant prepared Realisation Account, Partner's Capital Accounts and Cash Account but forgot to post few amounts in these accounts.

You are required to complete the below give accounts by posting correct amounts

Realisation Account
Dr.   Cr.
Particulars

Amount

Rs

Particulars

Amount

Rs

To Plant and Machinery 1,60,000 By Sundry Creditors 1,50,000
To Stock 1,50,000 By Mrs. Chopra Loan 1,30,000
To Sundry Debtors 2,00,000 By Repairs and Renewals Reserve 12,000
To Prepaid Insurance 4,000 By Provision for Bad debts 10,000
To Investment 30,000 By Cash A/c – (Assets sold)  
To Chopra’s Capital A/c
(Mrs. Chopra’s Loan)
1,30,000 Plant       1,20,000  
To Cash A/c (Dishonored Bill) 50,000 Stock      1,20,000  
To Cash (Creditors) 1,50,000 Debtors   1,60,000 3,80,000
To Cash (Expenses) 8,000 By Chopra’s Capital A/c
(Investment)
20,000
    ----------------- -------
  8,82,000   8,82,000

 

Capital Account
Dr.   Cr.
Particulars

Chopra

Rs

Shah

Rs

Patel

Rs

Particulars

Chopra

Rs

Shah

Rs

Patel

Rs

To Realisation 20,000 ----- ------ By bal b/d      
-------- -------- -------- -------- By Realisation
(Loan)
1,30,000    
-------- -------- -------- -------- ------------- -------- -------- --------
  2,30,000 1,50,000 30,000   2,30,000 1,50,000 30,000

 

Cash Account
Dr.   Cr.
Particulars

Amount

Rs

Particulars

Amount

Rs

--------------- -------- By Realisation A/c (Dishonored
Bill)
50,000
--------------- -------- By Realisation (Sundry  Creditors) 1,50,000
To Patel’s Capital A/c 10,000 --------------- --------
    By Chopra’s Capital A/c 1,20,000
    By Shah’s Capital A/c 90,000
  4,18,000   4,18,000
Concept: Dissolution of a Partnership Firm - Preparation of Realization Account, and Other Related Accounts
Chapter: [0.031] Accounting for Partnership Firms
[6]15

On 1.4.2013 Mohan and Sohan entered into a partnership for doing a business of dry fruits. Mohan introduced Rs 1,00,000 as capital and Sohan introduced Rs 50,000. Since Sohan could introduce only Rs 50,000 it was further agreed that as and when there will be a need Sohan will introduce further capital. Sohan was also allowed to withdraw from his capital when the need for the capital was less. During the year ended 31.3.2014, Sohan introduced and withdrew the following amounts of capital:

Date Capital Introduced Capital Withdrawn
01.5.2013 10,000 -
30.6.2013 - 5,000
30.9.2013 97,000 -
01.2.2014 - 87,000

The Partnership deed provided for interest on capital @ 6% per annum. Calculate interest on capitals of the partners

Concept: Admission of a Partner - Adjustment of Capitals
Chapter: [0.013000000000000001] Reconstitution of a Partnership Firm – Admission of a Partner [0.031] Accounting for Partnership Firms
[8]16 | Attempt Any One
[8]16.1

Ratan Limited invited applications for issuing 12,000 equity shares of Rs 100 each at a premium of Rs 75 per share. The amount was payable as follows :

On application and allotment — Rs 100 per share (including Rs 50 premium)
On first and final call — The balance
Applications for 15,000 shares were received. Shares were allotted on pro-rata basis to all applicants. Excess money received with applications was adjusted towards sums due on first and final call. Govind who had applied for 300 shares paid the full share money at the time of applying for shares. Girdhar, who had applied for 600 shares, failed to pay the first and final call money. His shares were forfeited. Out of the forfeited shares, 300 shares were re-issued at Rs 90 per share as fully paid-up.
Pass necessary journal entries for the above transactions in the books of 'Ratan Limited'.

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

'Kalyan Limited' invited applications for issuing 90,000 equity shares of Rs 10 each at a discount of 8%. The amount was payable as follows:
On application — Rs 2 per share
On allotment —  Rs 3 per share
On first and final call — The balance
Application for 87,000 shares was received. Shares were allotted to all the applicants. A shareholder, Shyam who had applied for 1,600 shares failed to pay the allotment money and his shares were immediately forfeited. Later on, the first and final call was made. Another shareholder Ram, to whom 1,500 shares were allotted failed to pay the first and final call. His shares were also forfeited. Out of the forfeited shares, 2,000 shares were re-issued at Rs 9 per share as fully paid-up. The re-issued shares included all the shares of Ram.
Pass necessary journal entries for the above transactions in the books of 'Kalyan Limited'

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

A, B and C were partners in a firm sharing profit in the ratio of 3:2:1. 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

General Reserve

 

Capitals

    A                       60,000

    B                       40,000

    C                       20,000

84,000

21,000

 

 

 

 

1,20,000

Bank

Debtors

Stock

Investments

Furniture & Fittings

Machinery

 

17,000

23,000

1,10,000

30,000

10,000

35,000

 

  2,25,000   2,25,000

On the above date D was admitted as new partner and it was decided that

(i) The new profit sharing ratio between A, B, C and D will be 2:1:1:1.

(ii) Goodwill of the firm was valued at Rs.90,000 and D brought his share of goodwill premium in cash.

(iii) The Market value of investments was Rs.24,000

(iv) Machinery will be reduced to Rs.29,000

(v) A Creditor of Rs.3,000was not likely to claim the amount and hence to be written off.

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

Prepare Revaluations Account, Partner’s Capital Accounts and Balance Sheet of the reconstitute firm

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

O, R and S were partners in a firm sharing profit in the ratio of 3:2:1 On 1.4.2014 their Balance Sheet was as follows:

Liabilities

Amount

RS

Assets

Amount

Rs

Capital Accounts

       O      1,75,000

       R      1,50,000

       S      1,25,000

Current Accounts

      O    4,000

      S    6,000

General Reserve

Profit and Loss Accounts

Creditors

Bills Payable

 

 

 

4,50,000

 

 

10,000

15,000

7,000

80,000

45,000

R’s Current Accounts

Land and Building

Plant and Machinery

Furniture

Investment

Bills Receivables

Sundry Debtors

Stock

Bank

 

 

7,000

1,75,000

67,500

80,000

36,500

17,000

43,500

1,37,000

43,500

 

 

  6,07,000   6,07,000

On the above date, H was admitted on the following terms:
(i) H will bring Rs 50,000 as his capital and will get 116 th share in the profits.
(ii) He will bring necessary cash for his share of goodwill premium. The goodwill of the firm was
valued at Rs 90,000.
(iii) The new profits sharing ratio will be 2:2:1:1.
(iv) A liability of Rs 7,004 will be created against bills receivables discounted.
(v) The value of stock, furniture and investments is reduced by 20% whereas the value of land and building and plant and machinery will be appreciated by 20% and 10% respectively.
(vi) The Capital accounts of the partners will be adjusted on the basis of H's Capital through their
current accounts.
Prepare Revaluation Account and Partner's Current Accounts and Capital Accounts.

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 the flow of cash :
(1) Deposited Rs 43,000 into the bank.
(2) Withdrew cash from bank Rs 23,000.
(3) Sale of the machinery of the book value of Rs 38,000 at a loss of Rs 3,000.
(4) 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 'Cash Flow Statement', the accountant of 'Jain Limited', 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 and sub-heading will the following items be placed in the Balance Sheet of a company as per Schedule VI part I of the Companies Act, 1956 :

(1) Loans provided re-payable on demand.
(2) Goodwill
(3) Copyright
(4) General Reserve
(5) Cheques
(6) Loose tools
(7) A stock of finished goods

(8) 9% debentures re-payable after three years

Concept: The Indian Partnership Act 1932
Chapter: [0.031] Accounting for Partnership Firms
[4]21

The Current Ratio of a company is 2.5: 1.5. A state with reasons which of the following transactions will increase, decrease or not change the ratio

(1) Discounted a bill receivable of  Rs 10,000 from the bank, Bank charged discount of  Rs 200.
(2) A bill receivable Rs 8,000 discounted with the bank was dishonoured.
(3) Cash deposited into bank Rs 7,000.
(4) Paid cash Rs 5,000 to the creditors

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

The motto of 'Nav Hind Pharma Limited', a company engaged in the manufacturing and distribution of Ayurvedic 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 one month's extra salary to all its employees. Following is the Comparative Statement of Profit and Loss of the company for the years ended 31.3.2013 and 31.3.2014:

Nav Hind Pharma Ltd
Comparative Statement of Profit and Loss
Particulars Note
No

2012-13

Rs

2013-14

Rs

Absolute
Change

Rs

%
Change
Revenue from operations   40,00,000 60,00,000 20,00,000 5.0
Less : Employee benefit expenses   24,00,000 28,00,000 4,00,000 16.67
Profit before tax   16,00,000 32,00,000 16,00,000 100
Tax Rate 50%   8,00,000 16,00,000 8,00,000 100
Profit after tax   8,00,000 16,00,000 8,00,000 100

1) Calculate New Profit Ratio for the years ending 31.3.2013 and 31.3.2014

2) Identify any two value which 'Nav Hind Pharma Limited' is trying to communicate

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

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

Wind Power Ltd
Balance Sheet as at 31.3.2014
Particulars Note
No

2013-14

Rs

2012-13

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

 

 

 

 

 

 

 

48,00,000

12,00,000

 

9,60,000

 

7,16,000

2,00,000

 

 

44,00,000

8,00,000

 

6,80,000

 

8,16,000

3,08,000

Total   78,76,000 70,04,000

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 Equivalents

 

 

2

3

 

 

 

 

 

 

 

 

42,80,000

1,60,000

 

 

9,60,000

5,16,000

6,80,000

12,80,000

 

 

34,00,000

4,80,000

 

 

4,48,000

4,84,000

5,72,000

16,20,000

Total   78,76,000 70,04,000

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)

12,00,000

8,00,000

2

 

 

Tangible Assets

Machinery

     Less: Accumulated Depreciation

 

50,80,000

(8,00,000)

 

40,00,000

(6,00,000)

3

 

Intangible Assets

Goodwill

 

1,60,000

 

4,80,000

Additional information

During the year a piece of machinery, costing Rs 96,000 on which accumulated depreciation was Rs 64,000 was sold for Rs 24,000.

Prepare Cash Flow Statement

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