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Question Paper Solutions - Accountancy 2012 - 2013-CBSE 12th-Class 12 CBSE (Central Board of Secondary Education)

Alternate Sets

  

Marks: 80
[1]1

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

Chapter: [3] Reconstitution of Partnership
Concept: Admission of a Partner - Adjustment of Capitals
[1]2

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?

Chapter: [1.01] Accounting for Partnership Firms
Concept: Change in the Profit Sharing Ratio Among the Existing Partners
[1]3

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.

Chapter: [1.01] Accounting for Partnership Firms
Concept: Calculation of Deceased Partner's Share of Profit Till the Date of Death
[1]4

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.

Chapter: [1.01] Accounting for Partnership Firms
Concept: Retirement Or Death of a Partner - Adjustment of Accumulated Profits and Reserves
[1]5

What is meant by ' Securities Premium '?

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

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

Chapter: [1.02] Accounting for Companies
Concept: Accounting for Companies - Introduction
[1]7

Give the meaning of 'Debentures issued as Collateral Security'.

Chapter: [1.02] Accounting for Companies
Concept: Debentures as Collateral Security-concept
[3]8

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: [3] Reconstitution of Partnership
Concept: Admission of a Partner - Adjustment of Capitals
[3]9

Pass the necessary journal entries for an issue of 1,000, 7% Debentures of `100 each in the following cases:

1) Issued at 5% premium redeemable at a premium of 10%.

2) Issued at a discount of 5% redeemable at par.

Chapter: [4] Role of a Secretary in the Capital Formation Part 2
Concept: Issue of Debentures with Terms of Redemption
[3]10

Taneja Constructions Ltd. has an outstanding balance of Rs 5,00,000, 7% debentures of Rs 100 each redeemable at a premium of 10%. According to the terms of redemption, the company redeemed 30% of the above debentures by converting them into shares of Rs 50 each at a premium of 20%. Record the entries for the redemption of debentures in the books of Taneja Constructions Ltd.

Chapter: [4] Role of a Secretary in the Capital Formation Part 2
Concept: Issue of Debentures with Terms of Redemption
[4]11

Abhay and Beena are partners in a firm. They admit Chetan as a partner with 1/4 th 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.

Chapter: [1.01] Accounting for Partnership Firms
Concept: Admission of a Partner - Treatment of Goodwill
[4]12

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.

Chapter: [3] Reconstitution of Partnership
Concept: Retirement Or Death of a Partner - Adjustment of Capitals
[4]13

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.

Chapter: [8] Company Accounts
Concept: Share Capital - Issue and Allotment of Equity Shares
[4]14

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.

Chapter: [8] Company Accounts
Concept: Share Capital - Issue and Allotment of Equity Shares
[6]15

Ali, Bimal and Deepak are partners in a firm. On 1st April 2011 their capital accounts stood at Rs 4,00,000, Rs 3,00,000 and Rs 2,00,000 respectively. They shared profits and losses in the proportion of 5 : 3: 2. Partners are entitled to interest on capital @10% per annum and salary to Bimal and Deepak @ Rs 2,000 per month and Rs 3,000 per quarter respectively as per the provisions of the partnership deed. Bimal's share of profit (excluding interest on capital but including salary) is guaranteed at a minimum of Rs 50,000 p.a. Any deficiency arising on that account shall be met by Deepak. The profits of the firm for the year ended 31st March 2012 amounted to Rs 2,00,000. Prepare Profit & Loss Account for the year ended on 31st March 2012.

Chapter: [1.01] Accounting for Partnership Firms
Concept: Change in the Profit Sharing Ratio Among the Existing Partners - Treatment of Reserves and Accumulated Profits
[6]16

The Balance Sheet of Sudha, Rahim and Kartik who were sharing profit in the ratio of 3:3:4. On the 31st March 2012 their Balance Sheet was as follows:

Liabilities Rs Assets Rs

General Reserve

Bills Payable

Loan

Capital: Sudha       60,000

Rahim                   50,000

Kartik                   40,000

10,000

5,000

12000

 

 

1,50,000

Cash

Stock

Investments

Land & Building

Sudha's loan

 

16,000

44,000

47,000

60000

10,000

 

  1,77,000   1,77,000

Sudha died on June 30th, 2012. The partnership deed provided for the following on the death of a partner:

a. Goodwill of the firm be valued at two years purchase of average profits for the last three years.
b. Sudha'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 Rs 4,00,000 and that from 1st April to 30th June 2012 to Rs 1,50,000. The profit for the year ended 31st March 2012 was Rs 1,00,000.
c. Interest on capital was to be provided @ 6% p.a.
d. The average profits of the last three years were Rs 42,000.
e. According to Sudha's will, the executors should donate her share to "Matri Chhaya - an orphanage for girls.

Prepare Sudha's Capital Account to be rendered to her executor. Also, identify the value being highlighted in the question.

Chapter: [1.01] Accounting for Partnership Firms
Concept: Preparation of Deceased Partner's Capital Account, Executor's Account
[8]17 | Attempt Any One
[8]17.1

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.

Chapter: [8] Company Accounts
Concept: Share Capital - Issue and Allotment of Equity Shares
[8]17.2

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.

Chapter: [8] Company Accounts
Concept: Accounting Treatment of Forfeiture and Re-issue of Share
[8]18 | Attempt Any One
[8]18.1

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.

Chapter: [1.01] Accounting for Partnership Firms
Concept: Preparation of Revaluation Account and Balance Sheet
[8]18.2

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
Chapter: [1.03] Reconstitution of Partnership
Concept: Dissolution of a Partnership Firm
[1]19

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

Chapter: [4] Cash Flow Statement (Only for Non-financing Companies)
Concept: Concept of Cash Flow Statement
[1]20

What is meant by 'Cash from Operating Activities'?

Chapter: [4] Cash Flow Statement (Only for Non-financing Companies)
Concept: Concept of Cash Flow Statement
[1]21

State any objective of Financial Statement Analysis’.

Chapter: [2.01] Analysis of Financial Statements
Concept: Concept 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.

  1. Premium on Redemption of Debentures
  2. Loose Tools
  3. Balance with Banks
Chapter: [1.02] Accounting for Companies
Concept: Accounting for Companies - Introduction
[4]23
[2]23.1

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
Chapter: [5.03] Activity Ratios
Concept: Activity Ratios - Working Capital Turnover Ratio
[2]23.2

Calculate Debt-Equity Ratio

Particulars Rs
Total Assets 3,50,000
Total Debts 2,50,000
Current Liabilities 80,000
Chapter: [2.01] Analysis of Financial Statements
Concept: Solvency Ratios - Debt to Equity Ratio
[4]24

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 Note
No.
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
Chapter: [9] Analysis of Financial Statements
Concept: Comparative Statements
[6]25

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

Balance Sheet of Tiger Super Steel Ltd.
Particulars Note
No.

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

Adjustments:

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.

Chapter: [4] Cash Flow Statement (Only for Non-financing Companies)
Concept: Concept of Cash Flow Statement
S