SAMPLE PAPER- 5 (unsolved) ACCOUNTANCY Class XII. Time allowed: 3 hours Maximum Marks: 80
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1 SAMPLE PAPER- 5 (unsolved) ACCOUNTANCY Class XII Time allowed: 3 hours Maximum Marks: 80 General Instructions: 1. This question paper contains Two parts A& B. 2. Both the parts are compulsory for all. 3. All parts of questions should be attempted at one place. 4. Marks are given at the end of each question. Question Paper Designed by : Dr. Vinod Kumar Book recommended by author : ULTIMATE BOOK OF ACCOUNTANCY Publisher : Vishwas Publications ( , ) Dr. Vinod Kumar is Author of Ultimate Book of Accountancy and a great name in the field of accountancy Part A Partnership, Share Capital and Debentures 1. Would a Charitable Hospital run by 10 members be deemed a partnership firm? Give reason in support of your answer. (1) 2. State any one purpose for admitting a new partner in a firm. (1) 3 State with reason whether Securities Premium Reserve be used as working capital. (1) 4. Can a company issue shares at 5% discount in its initial public offer (IPO). (1) 5. What is meant by issue of Debentures for consideration other than cash? (1) 6. X, Y and Z are partners their fixed capitals are Rs.2,00,000; Rs.2,00,000; Rs.1,50,000. Their profit sharing ratio is 3:2:1. After the final accounts have been prepared, it was discovered that interest on drawings had not been taken into consideration, the interest on drawings of partners amounted to X Rs.1,000; Y Rs.760; Z Rs.400. pass necessary adjusting entry. (3) (Hint: Y s Current A/c Dr.40; Z s Current A/c Dr.40; X s Capital A/c Cr.80) 7. X Ltd. Purchased the assets of Y Ltd. for Rs.4,00,000. It also agreed to take over the liabilities of Y Ltd. amounted to Rs.1,00,000 for purchase consideration of Rs.3,20,000. The payment of Y Ltd. was made by issue of 12% Debentures of Rs.100 each at par. Pass necessary journal entries. (3) (Hint: Goodwill Rs.20,000) 8. Maxima Limited issued Rs.2,00,000; 15% Debentures of Rs.100 each at a premium of 5% redeemable at a premium of 10% at the end of 4 years. The Board of Directors decided to transfer
2 the minimum required amount to DRR Account at the time of redemption. Pass necessary Journal entries at the time of redemption. (3) (Hint: DRR Rs.1,00,000) 9. X, Y and Z were partners in a firm. They had no partnership deed. They had been in business for 4 years and their profit or loss for this period was : 31 st March 2004 Rs.39, st March 2005 Rs.54, st March 2006 Rs.18,000 (Loss) 31 st March 2007 Rs.75,000 During the year , they agreed to share profits and losses in the ratio of 2:2:1 with Retrospective effect from the year It was also decided that an interest (charge) of 5% p.a. was to be provided on capitals (fixed). Their capitals were Rs.80,000, Rs.60,000 and Rs.60,000 respectively. Pass a single adjustment entry to adjust the capital accounts of the partners. (4) (Hint: Z s Capital A/c Dr. 16,000; X s Capital A/c Cr.10,000; Y s Capital A/c Cr.6,000) 10. The Balance Sheet of A, B and C, who were sharing profits in proportion to their capital, stood as follows on 31 st December 2012: (6) Capitals : A 80,000 B 60,000 C 40,000 27,600 1,80,000 Cash at Bank Debtors 20,000 Less: Provision 400 Machinery Building 22,000 19,600 32,000 34,000 1,00,000 2,07,600 2,07,600 B retired on the above date and the following was agreed upon: (a) That be depreciated by 6% and Building be appreciated by 20%. (b) That provision for doubtful debts to be brought up to 5% on Debtors. (c) That a provision of Rs.3,080 be made in respect of outstanding legal charges. (d) That the goodwill of the firm be valued at Rs.43,200 and B s share of will be adjusted into the accounts of A and C who are going to share future profits in the ratio of 5:3. (e) That the entire capital of the firm as newly constituted to be fixed at Rs.1,12,000 between A and C in the ratio of 5:3 (actual cash to be brought in or paid off as the case may be). You are required to prepare the Revaluation Account, Partners Capital A/cs and Balance Sheet of the firm. (Hint: Revaluation Profit Rs.14,400; Balance Sheet Rs.2,21,880) 11. Orange Limited purchased a running business from Apple Limited for a sum of Rs.27,00,000 payable 20% by cheque and the balance by the issue of fully paid Equity Shares of Rs.100 each at a premium of 20%. The assets and liabilities consisted of the following: Plant and Machinery Rs.,4,50,000 Building Rs.13,50,000 Rs. 9,00,000 Sundry Debtors Rs.4,50,000 Sundry Rs.3,60,000 Give necessary journal entries. (4) (Hint: Capital Reserve Rs.90,000)
3 12. On 1 st April, 2011, Fukrey Limited was formed with an authorised capital of Rs.30,00,000 divided into 30,000 shares of Rs.100 each. The company issued 10,000 shares at par. The issue price was payable as follows: On Application Rs.30; On Allotment Rs.50; On Final Call Rs.20 per share. The issue was fully subscribed and the company allotted shares to all the applicants. All money was received except the final call money on 1,000 shares. Show the Share Capital in the Balance Sheet of the Company as per Schedule VI, Part 1 of the Companies Act,1956 as at 31 st March 2012 and also show Notes to Account. (4) 13. X and Y are partners sharing profits and loss equally. Their fixed capitals were Rs.1,50,000 and Rs.1,00,000 respectively. The profit for the year was Rs.20,000. They decided to allow interest on per annum. Prepare concerned account in the following cases: (a) When Interest on Capital is an appropriation. (b) When Interest on Capital is a charge against the profit. (6) (Hint: Case (a) X Rs.12,000 and B Rs.8,000; Case (b) Loss to X Rs.2,500 and Y Rs.2,500) 14. Alpha, Beta and Gamma are partners, sharing Profits and Losses in the ratio of 3:2:1. Their Balance Sheet on 31 st December, 2013 is as follows: General Reserve Capitals : Alpha 10,000 Beta 6,000 Gamma 4,000 19,860 3,000 Cash at Bank Debtors Investments Building 1,210 10,750 12,470 10,430 8,000 20,000 42,860 42,860 Beta died on 28 th February, 2014 and according to partnership agreement his legal representative is entitled to be paid out as follows: (i) (ii) (iii) (iv) (v) The Capital to his credit at the time of his death and interest upto the time of his per annum. His appropriate share in General Reserve. His share of profit for the period based on the figure of the profit of the previous year. Goodwill according to his share of profit to be calculated by taking twice the amount of the average profits of the last three years. The profits for the last three years. Year 2003 Rs.7,800; Year 2004 Rs.9,000; Year 2005 Rs.9,600. Beta s legal representative paid off by selling the investment for Rs.16,020. Pass necessary journal entries and prepare Beta s legal representative s account. (6) (Hint: Beta s legal representative s account Rs.15,324) 15. Vinod Limited invited applications for 60,000 Equity Shares of Rs.10 each (with premium Rs.1 per share), payable as: On application Rs.2; On Allotment Rs.4 (including premium); On 1 st Call Rs.3; On Final Call Rs.2. Applications were received for 80,000 shares and decided to deal with the applications as : (i) To refuse allotment to applicants of 8,000 shares. (ii) To allot 100% basis of applicants for 24,000 shares. (iii) To allot the remaining shares among remaining applicants on pro-rata basis.
4 (iv) To adjust the surplus applications money against the amount due on allotment. (v) Whole of the money was received, except two calls on 300 shares, which were forfeited. Out of these forfeited shares, 200 shares were reissued at Rs.7 per share. Give necessary journal entries and show your working clearly. (8) (Hint: Capital Reserve Rs.400) OR Pass necessary Journal Entries in the book of the company for following transactions: (a) Vinod Limited forfeited 500 Equity Shares of Rs.100 each issued at a discount of 10% for the non-payment of first call of Rs.20 per share. The final call of Rs.25 per share was not yet made. Of the forfeited shares 300 shares were reissued at Rs.125 per share fully paid up. The remaining shares were reissued at Rs.100 per share fully paid up. (b) Vinod Limited forfeited 1,000 Equity Shares of Rs.10 each issued at a premium of Rs.2 per share for non-payment of allotment money of Rs.5 per share including premium. The final call of Rs.2 per share was not yet called on these shares. Of the forfeited shares 800 shares were reissued at Rs.12 per share fully paid up. The remaining shares were reissued at Rs.11 per share fully paid up. 16. Ajay and Raja are in partnership, sharing profit in proportion of 3:2 respectively. The Balance Sheet is as follows: Undistributed Profit Capitals : Ajay 2,000 Raja 1, ,000 3,000 Cash at Bank Debtors 1,000 Less : Provision 400 Plant & Machinery Advertisement Suspense , ,000 4,400 4,400 They decided to admit Sheetal with 1/3 rd share in the terms that he is to pay into business Rs.1,000 as goodwill and sufficient capital to give him 1/3 rd share of the total capital of the new firm. It was agreed that the Reserve for Bad Debts be reduced to Rs.100; that the be revalued at Rs.2,000 and that the Plant be reduced to Rs.500. The Capital of the other partners are to be adjusted in the profit sharing ratio. Give necessary journal entries and prepare Balance Sheet of new firm. (8) (Hint: Revaluation Profit Rs.650; Balance Sheet Rs.7,375) OR X, Y and Z are three partners. Their profit sharing ratio was 3:2:1. Their Balance Sheet on 31 st March 2013 was as under: Z s Loan Current Accounts: X 1,400 Y 700 Capital Accounts : X 21,000 Y 7,700 Z 14,000 7,000 4,200 2,100 42,700 Cash Debtors Furniture Goodwill Y s Current A/c 1,400 14,000 7,000 5,600 21,000 7,000
5 56,000 56,000 The firm dissolved on above date: (i) Goodwill was taken by Z for Rs.16,800 and by X at Rs.8,400. (ii) Realisation from Debtors was 10% less and Furniture was sold for Rs.4,200. (iii) Realisation Expenses were Rs.700 (iv) were paid in full. (v) Partners will pay cash, if necessary. Prepare Realisation Account, Partners Capital A/cs and Cash Account. (Hint: Realisation Loss Rs.6,300) Part B Financial Statement Analysis 17. The Debt Equity Ratio of a Company is 0.8:1. State whether the long term loan obtained by the company will improve, decrease or not change the ratio. (1) (Hint: Debt Equity Ratio will improve) 18. Define the Cash as per Accounting Standard -3. (1) (Hint: Cash means Cash in hand and Cash at Bank) 19. Give one transaction which may result into outflow of cash and one which may result into no flow of cash. (1) (Hint: Cash paid to is outflow of cash and Cash deposited into bank is no flow of cash). 20. Give major heads and sub heads under which following items will be disclosed in the Balance Sheet as per Revised Schedule VI of the Companies Act, 1956: (3) (a) Subsidy Reserve (d) Loose Tools (b) Provision for doubtful debts (e) Prepaid Insurance (c) Mining Rights (f) Shares in NTPC Limited 21. Prepare a Comparative Statement of Profit & Loss from following information: (4) Particulars Revenue from operations 500% of other income 500% of other income Other incomes 1,00,000 1,50,000 Cost of Material Consumed 50% of operating revenue 60% of operating revenue Other Expenses 10% of Material Consumed 10% of Material Consumed Tax 30% 30% 22.The Current Ratio of a Company is 2:1. State giving reasons which of the following would improve, reduce or not change the ratio: (a) Repayment of a Current Liability. (b) Purchasing goods on Cash. (c) Sale of Office Equipment for Rs.10,000 (Book Value Rs.12,000). (d) Sale of goods for Rs.15,000 (Cost Rs.12,000). (e) Payment of Dividend. (4) (Hint: (a) improve; (b) No effect; (c) (d) and (e) improve) 23. From the following Balance Sheets of Vinod Limited, prepare Cash Flow Statement: (6)
6 Particulars I. EQUITY AND LIABILITIES : Shareholder s Funds: Equity Share Capital Preference Share Capital Reserve and Surplus : General Reserve Statement of Profit & Loss Current Liabilities : Trade Payables : ,000 66,400 Bills Payable 16,000 12,800 Short Term Provisions : Proposed Dividend Provision for Taxation Total II. ASSETS: Non-Current Assets: Tangible : Land and Building Plant and Machinery Intangible : Goodwill Current Assets : Inventories Trade Receivables Cash & Cash Equivalents 2,40,000 1,20,000 32,000 24,000 60,000 3,20,000 80,000 56,000 38,400 79,200 33,600 40,000 32,000 40,000 5,41,600 6,53,600 1,60,000 64,000 92,000 61,600 1,44,000 20,000 1,36,000 1,60,000 72,000 87,200 1,84,000 14,400 5,41,600 6,53,600 Additional Information: (a) Depreciation of Rs.8,000 and Rs.16,000 has been charged on Plant, Land and Building respectively during the year. (b) An Interim Dividend of Rs.16,000 has been paid. (c) Income Tax of Rs.28,000 has been paid. (Hint: Operating Activities Rs.1,13,600; Investing (Rs.96,000); Financing (Rs.9,600)
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