COMMERCE TEACHERS’ ASSOCIATION ACCOUNTANCY SAMPLE PAPER Class – XII

COMMERCE TEACHERS’ ASSOCIATION
ACCOUNTANCY SAMPLE PAPER
Class – XII
Time – 3 Hours.
General Instructions: 1.
2.
3.
4.
Maximum Marks – 80
This Question paper contains two parts PART A and Part B.
Marks are indicated against each question.
Use of calculator is prohibited .
Attempt all the questions , all questions are compulsory.
PART-A (60marks)
1.
Distinguish between fixed and fluctuating Capital account of partners.
(1)
2.
State the occasion when the partnership can be reconstituted.
(1)
3.
Distinguish between a debenture and a share.
(2)
4.
Saxena Ltd, converted its 1,00,000, 9% debentures issued at premium of 10% into 8% preference share
of Rs. 100 each issued at premium of 25%.
Pass necessary journal entries on the redemption of debentures.
(4)
5.
Modi and Shivraj are partners in a firm sharing profits and losses in the ratio of 7:3 According to the
partnership deed, Modi was to be paid salary of Rs. 5000 per month and Shivraj was to get a
Commission of Rs. 40,000. They get 5% p.a. interest on Capital. Their capitals were Rs.8,00,000 and
Rs.6,00,000 respectively. The firm earned a profit of Rs. 4,50,000 for the year ended 31.3.2014.
Prepare Profit and Loss Appropriation Account of Modi and Shivraj.
(4)
6.
Sudesh Suryavanshi Limited invited applications for issuing 10,000 Equity Share of Rs. 10 each at a
premium of Rs. 3 per share. The whole amount was payable on application. The issue was
oversubscribed by 3,000 shares and allotment was made on pro-rata basis. Pass necessary journal entries
in the books of the company.
(3)
7.
Dinesh Madan Ltd purchased land costing Rs 6,00,000 from Sashikala Ltd Rs. 60,000 were paid
through bank and the balance by issuing equity shares of Rs. 100 each at a discount of 10%. Pass the
necessary journal entries from making the payment through bank and by issue of equity share. (4)
8.
Mention any two purposes for which the securities premium can be utilized.
9.
A firm earned net profits during the last three years as follows:
Year :
2012
2013
2014
Profit (Rs.) :
22,000
38,000
30,000
The capital investment of the firm is Rs.70,000. A fair return on the capital having regard to the risk
involved is 10%. Calculate the value of goodwill on the basis of three year’s purchase of the super
profits for the last 3 years.
(3)
(2)
10.
On 1.4.2013 Kejriwal Ltd issued 500000 8% Debenture of Rs. 100 each at a discount of 6%
redeemable at premium of 10% after four years. Record the necessary journal entries for the issue of
debentures in the books of the company.
(3)
11.
Briefly explain any two points of the need for the revaluation of assets and liabilities on the
reconstitution of partnership firm?
(2)
12.
Monitor and Keyboard were partners in a firm sharing profits in the ratio of 1:4. Their Balance Sheet
on 30-09-2013 was as follows:
Liabilities
Rs.
Assets
Rs.
Bank loan
26,000 Building
1,00,000
Creditors
90,000 Plant
1,40,000
Outstanding Expenses
4,000 Stock
50,000
Capital Accounts
Debtors
45,000
Monitor
1,40,000
Cash
3,45,000
Keyboard
4,20,000 5,60,000
6,80,000
6,80,000
On the above date firm was dissolved. Stock was taken over by Monitor at the discount of 10% .
Keyboard took over debtors for Rs. 40000. Plant was sold for Rs.1,30,000 and building realized Rs.
80,000. Keyboard agreed to pay the creditors and Monitor agreed to pay outstanding expenses.
Expenses on realization amounted to Rs. 7500.
There was an unrecorded Typewriter which now fetched Rs.20,000.
Prepare Realization Account, Cash Account and Capital Account to close the books of the firm. (8)
OR
C, B and A were partners in a firm sharing profits in the ratio of 5:3:2. On 31st March, 2014 their
Balance sheet was as under:
Liabilities
Reserves
Creditors
C’s capital 60000
B’s capital 50000
A’s capital 30000
Bank Loan
Rs.
8,000
12,000
1,40,000
10,000
1,70,000
Assets
Buildings
Machinery
Stock
Patents
Debtors
Cash
Rs.
40000
30000
10000
11000
28,000
51,000
1,70,000
C died on 1st October, 2014. It was agreed between his executors and the remaining Partners that:
a) Goodwill to be valued at 2½ year purchase of the average profit of the previous four years, which
were : 2010-11: Rs.13, 000; 2011-12: Rs.12,000; 2012-13: Rs.20,000 and 2013-14: Rs.15,000.
b) Machinery be valued at Rs.28000 ; Patents at Rs.8000; and buildings at Rs.45,000.
c) Profit for the year be taken as having accrued at the same rate as that of previous year.
d) Interest on capital be provided at 5 % p.a.
e) Half of the amount to C to be paid immediately to the executor and the balance transferred to his loan
A/c. Prepare C’s capital A/c as on 1st October, 2014.
(8)
13.
(1)
(2)
Pass necessary journal entries in the books of CTA Ltd. For the following transactions:
500 equity shares of Rs.100 each issued at a discount of 10% were forfeited for the non-payment of final
call of Rs. 30 per share .The forfeited shares were reissued for Rs.35,000 fully paid up.
5,000 equity shares of Rs.10 each were forfeited for the non- payment of the allotment money of Rs. 4
per share. The first and final call of Rs. 2 per share was not paid . The forfeited shares were reissued for
Rs. 59000 fully paid up.
(6)
14.
Salt and Sweet were partners in a firm sharing profits in the ratio of 3:1 They admitted Sour as a new
partner on 1.1.2014 for 1/3 share. It was decided that Salt, Sweet and Sour will share future profits
equally. Sour brought Rs. 50000 in each and machinery worth 70000 for his share of profits as premium
for goodwill. Showing your calculation clearly, pass necessary journal entries in the books of the firm.
(3)
15.
Explain any 2 factors affecting Goodwill.
16.
(2)
Shivani Nagrath Ltd. issued for public subscription 50,000 equity shares of the value of Rs.10 each at
the discount of 10% payable as follows.Rs.2 on application, Rs.3 on allotment, Rs. 2 on first call, Rs. 2
on final call. The company received application for 1,25,000 shares .
The allotment was done as follows.
A. Applicants of 25,000 shares were refunded the application money.
B. Applicants of 60,000 shares were allotted 30,000 shares
C. Remaining applicants were allotted 20,000 shares
The excess application money to be adjusted allotment and call if any.
Jyotsna, A share holder who had applied for 3000 shares (Group B) failed to pay the allotment money
and both calls. Arti a shareholder (Group C) who was allotted 1500 paid the calls money long with
allotment money. Pass journal entry to record the above.
What value do you find affected? Suggest any two alternatives to allot the shares.
(8)
17.
Anna Ltd. Forfeited 1,200 shares of Rs. 10 each fully called up, on which the holder has paid only the
application money of Rs. 2 per share. Out of these, 700 shares were reissued at Rs. 12 per share, fully
paid up.
(3)
18.
Give one point of difference between capital reserve and reserve capital.
(1)
Part-B (20 marks)
19.
State whether the following transactions will result into inflow, outflow or no flow on funds?
(i) Purchased Building of Rs. 1,00,000 and issued equity shares of the same amount to the vendor.
20.
(ii) Redeemed of Debentures Rs. 2,00,000
(2)
Name any two parties interested in the analysis of financial statements of a company.
(1)
21.
On the basis of the information given below calculate any two of the following ratio:
(2)
(i) Debts-Equity Ratio
(ii) Gross Profit Ratio
(iii) Working Capital Turnover Ratio
Information:
Net Sale Rs. 100,000; Cost of goods sold Rs.35,000, Current Liabilities Rs. 37,500, Loan Rs. 48,000;
Current Assets 75,000; Equity share capital Rs. 60,000 and Debentures Rs. 52,000.
22.
What is meant by Cash flow from financing activities?
23.
Write the headings and sub headings of Assets side according to revised schedule VI companies act. (3)
24.
From the following information, Savita Shangari ltd prepare a comparative income statement:
Particulars
Sales
Cost of goods sold
Indirect expenses
Wages & Salaries paid
Income tax
2013(Rs.)
4,00,000
2,00,000
50,000
2,000
30%
(1)
2014(Rs)
6,00,000
3,00,000
1,00,000
4,000
40%
25 From the following particulars of Kiran Agrawal ltd, prepare Cash Flow
statement
(6)
Liabilities
2014
2013
Assets
2014
2013
Equity share capital
80000
70000
Fixed Assets
80000
82000
12% pref. Share capital
20000
10000
Less:- Accumulated
General reserve
4000
4000
Depreciation
30000
22000
Profit and loss A/C
2400
2000
50000
60000
15% debentures
14000
12000
Debtors
52000
47000
Creditors
26000
31000
Stock
70000
60000
Provision for taxation
8400
6000
Prepaid expenses
1000
600
Proposed dividend
11600
10000
Cash
7000
2400
Bank overdraft
13600
25000
Total
180000
170000
Total
180000
170000
Additional Information: a) Tax provided during the year Rs 9400
(4)
b) Fixed assets sold for Rs. 25000, their cost Rs.20000 and accumulated depreciation till date of sale on
them Rs. 6000
c) Dividend paid during the year Rs.12,000.