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Accountancy All India Set 1 2015-2016 CBSE (Commerce) Class 12 Question Paper Solution

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Accountancy [All India Set 1]
Marks: 80 Academic Year: 2015-2016
Date & Time: 17th March 2016, 10:30 am
Duration: 3h
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[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

P, Q, and R were partners in a firm sharing profits in the ratio of 3:2:1. They admitted S as a new partner for 1/8th share in the profits which he acquired 1/16th from P and 1/16th from Q.

Calculate new Profit Sharing Ratio of P, Q, R and S

Concept: Admission of a Partner - Sacrifice Ratio and New Ratio
Chapter: [0.031] Accounting for Partnership Firms
[1] 3

On 28.2.2016 the first call of Rs.2 per share became due on 50,000 equity shares allotted by Kumar Ltd. Komal a holder of 1000 shares did not pay the first call money. Kovil a holder of 750 shares paid the second and final call of Rs.4 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] 4

Distinguish between 'Dissolution of Partnership' and 'Dissolution of Partnership Firm on the basis of 'Economic Relationship'.

Concept: Dissolution of Partnership Firm
Chapter: [0.015] Dissolution of Partnership Firm [0.015] Dissolution of Partnership Firm [0.031] Accounting for Partnership Firms
[1] 5

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] 6

Tom and Harry were partners in a firm sharing profits in the ratio of 5:3. During the year ended 31.3.2015 Tom had withdrawn Rs.40,000. Interest on his drawings amounted to Rs.2,000.

Pass necessary journal entry for charging interest on drawings assuming that the capitals of the partners were fluctuating.

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

On 2.3.2016 L and B Ltd. issued 635, 9% debentures of Rs.500 each. Pass necessary journal entries for the issue of debentures in the following situations:

(a) When debentures were issued at 5% discount, redeemable at 10% premium.

(b) When debentures were issued at 12% premium, redeemable at 6% premium.

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

State any three circumstances other than (i) admission of a new partner; (ii) retirement of a partner and (iii) death of a partner, when need for valuation of goodwill of a firm may arise.

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
[3] 9

K Ltd. took over the assets of Rs.15,00,000 and liabilities of Rs.5,00,000 of P Ltd. For a purchase consideration of Rs.13,68,500. Rs.25,500 were paid by issuing a promissory note in favour of P Ltd. Payable after two months and the balances was paid by issue of equity shares of Rs.100 each at a premium of 25%.

Pass necessary journal entries for the above transactions in the books of K 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 Baramula district of Jammu and Kashmir, Jyoti Power Ltd. decided to setup a power plant. For raising funds the company decided to issue 8,50,000 equity shares of Rs.10 each at a premium of Rs.3 per share. The whole amount was payable on application. Applications for 20,00,000 shares were received. Applications for 3,00,000 shares were rejected and shares were alloted to the remaining applicants on pro- rata basis.

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

Concept: Issue at Par and Premium and at Discount
Chapter: [0.032] Accounting for Companies
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[4] 11

Vikas and Vivek were partners in a firm sharing profits in the ratio of 3: 2.

On 1.4.2014 they admitted Vandana as a new partner for 1/8th the share in the profits with a guaranteed profit of Rs.1,50,000. The new profit sharing ratio between Vivek and Vikas will remain the same but they decided to bear any deficiency on account of guarantee to Vandana in the ratio 2: 3. The profit of the firm for the year ended 31.3.2015 was Rs.9, 00,000.

Prepare Profit and Loss Appropriation Account of Vikas, Vivek and Vandana for the year ended 31.3.2015.

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

Manav, Nath and Narayan were partners in a firm sharing profits in the ratio of 1: 2: 1. The firm closes its books on 31st March every year. On 30th September, 2015 Nath died. On that date his capital account showed a debit balance of Rs.5,000. There was a debit balance of Rs.30,000 in the profit and loss account. The goodwill of the firm was valued at Rs.3,80,000. Nath's share of profit in the year of his death was to be calculated on the basis of average profit of last 5 years, which was Rs.90,000.

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

Concept: Calculation of Deceased Partner's Share of Profit Till the Date of Death
Chapter: [0.031] Accounting for Partnership Firms
[6] 13

Lal and Pal were partners in a firm sharing profits in the ratio of 3: 7. On 1.4.2015 their firm was dissolved. After transferring assets (other than cash) and outsider's liabilities to realisation account, you are given the following information:

(a) A creditor of Rs.3,60,000 accepted machinery valued at Rs.5,00,000 and paid to the firm Rs.1,40,000.

(b) A Second creditor for Rs.50,000 accepted stock at Rs.45,000 in full settlement of his claim.

(c) A third creditor amounting to Rs.90,000 accepted Rs.45,000 in cash and investments worth Rs.43,000 in full settlement of his claim.

(d) Loss on dissolution was Rs.15,000.

Pass necessary journal entries for the above transactions in the books of firm assuming that all payments were made by cheque.

Concept: Dissolution of Partnership Firm
Chapter: [0.015] Dissolution of Partnership Firm [0.015] Dissolution of Partnership Firm [0.031] Accounting for Partnership Firms
[6] 14

R, S and T were partners in a firm sharing profit in the ratio of 1:2:3. 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

Bills Payable

General Reserve

Capitals

    R                                1,00,000

    S                                   50,000

    T                                    25,000

50,000

20,000

30,000

 

 

 

1,75,000

Land

Building

Plant

Stock

Debtors

Bank

 

50,000

50,000

1,00,000

40,000

30,000

5,000

 

  2,75,000   2,75,000

R,S and T decided to share the profits equally with effects from 1.4.2015. For this it was agreed that:

(a) Goodwill of the firm will be valued at Rs.1,50,000

(b) Land will be revalued at Rs.80,000 and building be depreciated by 6%.

(c) Creditors of Rs.6,000 were not likely to be claimed and hence should be written off

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
[6] 15

On 1.4.2013 JJJ Ltd had Rs.1,00,00,000, 10% Debentures of Rs.100 each outstanding.

(i) On 1.4.2014 the company purchased in the open market 30,000 of its own debentures for Rs.99 each and cancelled the same immediately.

(ii) On 28.2.2015 the company redeemed at par debentures of Rs.50, 00,000 by draw of a lot.

(iii) On 31.1.2016 the remaining debentures were purchased for immediate cancellation for Rs.19,99,000.

Ignoring interest on debentures and debenture redemption reserve, 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

SK Ltd. invited applications for issuing 3,20,000 equity shares of Rs.10 each at a premium of Rs.5 per share. The amount was payable as follows:

On application Rs.3 per share (including premium Rs.1 per share)

On allotment Rs.5 per share (including premium Rs.2 per share)

On First and Final Call - Balance

Applications for 4,00,000 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. Jeevan holding 800 shares failed to pay the allotment money and his shares were immediately forfeited. Afterwards final call was made. Ganesh who had applied for 2,700 shares failed to pay the final call. His shares were also forfeited. Out of the forfeited shares 1,500 shares were re-issued at Rs.8 per share fully paid up. The re-issued shares included all the forfeited shares of Jeevan.

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

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

BBG Ltd. had issued 1,00,000 equity shares of Rs.10 each at a premium of Rs.3 per share payable with application money. While passing the journal entries related to the issue, some blanks are left. You are required to complete these blanks.

                                                                                 Books of BBG Ltd

                                                                                          Journal 

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

2015

Jan 05

 

 

 

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

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

(Amount received on application for 1,40,000) shares @ Rs.6 per share including premium)

     

Jan 17

 

 

 

 

 

 

Equity Share Application A/c                                                                                                     Dr

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

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

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

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

(Transfer of application money to share capital securities premium, money refunded for 20,000 shares for rejected application and balance adjusted towards amount due on allotment as shares were allotted on Pro-rata basis)

     

Jan 17

 

 

_ _ _ _ _ _ _ _ _ _                                                                                                                     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)

 

 

3,000

 

 

 

May 20

 

 

 

_ _ _ _ _ _ _ _ _                                                                                                                        Dr

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

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

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

     

June 15

 

 

 

_ _ _ _ _ _ _ _ _ _                                                                                                                     Dr

_ _ _ _ _ _ _ _ _ _                                                                                                                     Dr

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

(Re-issued the forfeited shares)

 

 

3,000

 

 

 
_ _ _ _ _

_ _ _ _ _ _ _ _ __                                                                                                                      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

L, M and N were partners in a firm sharing profit in the ratio of 3:2:1. Their Balance Sheet on 31.3.2015 was as follows :

                                          Balance Sheet of L,M and N as on 31-3-2015

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

Creditors

General Reserve

Capitals

     L                               1,20,000

     M                                 80,000

     N                                  40,000 

 

1,68,000

42,000

 

 

 

2,40,000

 

Bank

Debtors

Stock

Investments

Furniture

Machinery

 

34,000

46,000

2,20,000

60,000

20,000

70,000

 

  4,50,000   4,50,000

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

(i) The new profit sharing ratio between L, M, N and 0 will be 2: 2: 1: 1.

(ii) Goodwill of the firm was valued at Rs.1,80,000 and O brought his share of goodwill premium in cash.

(iii) The market value of investments was Rs.36,000.

(iv) Machinery will be reduced to Rs.58,000.

(v) A creditor of Rs.6,000 was not likely to claim the amount and hence to be written-off.

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

Prepare Revaluation Account. Partner's Capital Accounts and the Balance Sheet of the New Firm

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

J, H and K 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 J,H and K as on 31-3-2015

LIabilities Amount(Rs.) Assets Amount(Rs.)

Creditors

Investment Fluctuation Fund

P & L Account

Capital:

       J                            1,00,000

       H                             80,000

       K                             40,000 

 

42,000

20,000

80,000

 

 

 

2,20,000

 

Land and Building

Motor Vans

Investments

Machinery

Stock

Debtors                         80,000

      Less:                         6,000  

Cash

2,24,000

40,000

38,000

24,000

30,000

 

74,000

32,000

  3,62,000   3,62,000

On the above data H retires and J and K agreed to continue the business on the following terms:

(i) Goodwill of the firm was valued at Rs.1,02,000.

(ii) There was a claim of Rs.8,000 for workmen's compensation.

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

(iv) H will be paid Rs.14,000 in cash and the balance will be transferred in his loan account which will be paid in four equal yearly installments together with interest @ 10% p.a.

(v) The new profit sharing ratio between J and K will be 3:2 and their capitals will be in their new profit sharing ratio. The capital adjustments will be done by opening current accounts.

Prepare Revaluation Account, Partner’s Capital Accounts and Balance Sheet of the new firm.

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

Give the meaning of '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

One of the objectives of ‘Financial Statements Analysis’ is to identify the reasons for change in the financial position of the enterprise, State two more objectives of this analysis.

Concept: Concept of Financial Statement Analysis
Chapter: [0.040999999999999995] Analysis of Financial Statements
[2] 20.2

Name any two items that are shown under the head’ Other Current Liabilities’ and any two items that are shown under the head ‘Other Current Assets’ in the Balance Sheet of a company as per schedule III of the Companies Act, 2013.

Concept: Accounting for Revaluation of Assets and Reassessment of Liabilities
Chapter: [0.013000000000000001] Reconstitution of a Partnership Firm – Admission of a Partner [0.031] Accounting for Partnership Firms
[4] 21
[2] 21.1

What is meant by 'Activity Ratios'?

Concept: Activity Ratios - Inventory Turnover Ratio
Chapter: [0.040999999999999995] Analysis of Financial Statements
[2] 21.2

From the following information calculate inventory turnover ratio; Revenue from operations Rs.16,00,000; Average Inventory Rs.2,20,000; Gross Loss Ratio 5%.

Concept: Activity Ratios - Inventory Turnover Ratio
Chapter: [0.040999999999999995] Analysis of Financial Statements
[4] 22

Following is the Statement of Profit and Loss of Moon India Ltd for the year ended 31st March 2015.

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

Revenue from operations

Other Income

Employee benefit – expenses

Other expenses

Tax Rate

 

50,00,000

2,00,000

60% of the total revenue

10% of employee benefit expenses

50%

40,00,000

10,00,000

50% of the total revenue

20% of employee benefit expenses

40%

The motto of Moon India Ltd. is to produce and distribute green energy in the backward areas of India. It has also taken up a project of giving vocational training to the girls belonging to the backward areas of Rajasthan.

You are required to prepare a comparative statement of Profit and Loss of Moon India Ltd. from the given statement of Profit and Loss and 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 was the Balance Sheet of M.M Ltd at on 31.3.2015.

                                                        M.M. Ltd Balance Sheet as at 31-3-2015

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

 

 

5,00,000

2,00,000

 

4,50,000

 

1,50,000

70,000

 

 

4,00,000

(50,000)

 

5,00,000

 

50,000

90,000

Total   13,70,000 9,90,000

II. Assets

     1. Non – Current Assets

               a) Fixed Assets

                     Tangible assets

                     Intangible assets

               b) Non – Current Investments

      2. Current Assets

                a) Current Investments

                b) Inventories

                c) Cash and Cash Equivalents

 

 

 

5

6

 

 

 

7

 

 

 

 

10,03,000

20,000

1,00,000

 

50,000

1,07,000

90,000

 

 

 

7,20,000

30,000

75,000

 

60,000

45,000

60,000

Total   13,70,000 9,90,000

 

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)

 

2,00,000

 

(50,000)

    2,00,000 (50,000)

2.

 

Long term borrowings :

12 % Debentures

 

4,50,000

 

5,00,000

    4,50,000 5,00,000

3.

 

Short – term borrowings :

Bank Overdraft

 

1,50,000

 

50,000

    1,50,000 50,000

4.

 

Short – term provisions

Provisions for tax

 

70,000

 

90,000

    70,000 90,000

5.

 

 

Tangible Assets

Machinery

Accumulated Depreciation

 

12,03,000

(2,00,000)

 

8,21,000

(1,01,000)

    10,03,000 7,20,000

6.

 

Intangible Assets

Goodwill

 

20,000

 

30,000

    20,000 30,000

7.

 

Inventories

Stock in trade

 

1,07,000

 

45,000

    1,07,000 45,000

Additional Information

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

(ii) Tax Rs. 70,000 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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