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Question Paper Solutions - Accountancy 2015 - 2016-CBSE 12th-Class 12 CBSE (Central Board of Secondary Education) (CBSE)

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SubjectAccountancy
Year2015 - 2016 (March)

Alternate Sets

        

Marks: 80
[8]16 | Attempt any ONE
[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 _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _

(_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ __ )

     
[8]17 | Attempt any ONE
[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.

[4]20
[4]21
[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.

S