1st PRE BOARD EXAMINATION ( )

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1 1st PRE BOARD EXAMINATION ( ) Subject : ACCOUNTANCY Class : XII B / 40 Time : 3:00 Hours Max. Marks : 80 General Instructions : (i) This question paper contains two parts A and B. (ii) Part A is compulsory for all candidates. (iii) Part B has two options - Analysis of Financial statements and computerized accounting. (iv) Attempt only one option of Part B (v) All parts of a questions should be attempted at one place. PART - A (Accounting for Partnership Firms and Companies) Q.1 What is meant by "Unlimited Liability of a Partner."? (1) Q.2 A, B and C are partners sharing profits in the ratio 5:2:1. If teh new ratio on the retirement of C is 5:2, what will be gaining ratio? (1) Q.3 Charu and Deepika are partners. They decided to admit Shikha their specially abled unemployed friend into partnership. Identify the value involved in admitting Shikha as a partner. (1) Q.4 A and B are partners in a firm sharing profits in the ratio 3:2 Mrs. A has given a loan of Rs. 20,000 to the firm and the firm also obtained a loan of Rs. 10,000 from B. The firm was dissolved and its assets were realised for Rs. 25,000. State the order of payment of Mrs. A's Load and B's loan with reasons if there were no creditors of one firm. (1) Q.5 What is purchased goodwill? (1) Q.6 Can 'Securities Premium' be distributed as dividend? (1) Q.7 On 1st April 2013, an existing firm had assets of Rs. 10,00,000 including cash of Rs. 20,000. Its creditors amounted to Rs. 50,000 on that date. The partner's capital accounts showed a balance of Rs. 8,00,000 while the reserve fund amounted to Rs. 1,50,000. If the normal rate of return is 15% and the goodwill of the firm is valued at Rs. 1,80,000 at 3 years purchase of super profit find the average profits of the firm. (3) Q.8 Avni Ltd. purchased assets from Hamid Ltd.t. for Rs. 8,40,000 at an agreed value of Rs. ( 1 )

2 8,00,000 along with liabilities of Rs. 20,000. Avni Ltd. paid Rs. 3,80,000 by issuing a cheque and the balance was settled by issuing 12% Debentures of Rs. 100 each at a premium of 20%. Pass necessary journal entries in the books of Avni Ltd. (3) Q.9 Rose Ltd. had issued 8% debentures of Rs. 100 each redemable on March 31, It was decided to invest 15% of the face value of debentures to be redeemed towards Debenture Redemption. Investment on 30th April, Investments were encashed and debentures were redeemed as the due date. Record necessary entries for redemption of debentures. (3) Q.10 Deepak and Ganesh were partners in a firm sharing profits in A:3 ratio. They admitted Gogoi into partnership who has won a Gold medal in world Boxing meet for 20% share in the profits. Gogoi acquired his share of profits in the ratio of 1:2 from Deepak and Ganesh. You are required to : (i) Identify the value in admitting Mr. Gogoi into partnership. (1) (ii) Calculate the new profit sharing ratio of the partners. (3) Q.11 X, Y and Z were partners in a firm sharing profits in the ratio 5:3:2. Y retired and the new profit sharing ratio between X and Z was 2:3. On Y's retirement the goodwill of the firm was valued at Rs. 6,00,000. Pass necessary journal entry for the treatment of goodwill on Y's retirement without opening goodwill account. (4) Q.12 P Ltd. purchase business from Q Ltd. for a sum of Rs. 25,00,000 payable as Rs. 7,00,000 by issuing a cheque and the balance in fully paid equity shares of Rs. 100 at 20% premium. The assets and liabilities consisted of the following : Rs. Plant and Machinery 15,00,000 Inventory 9,00,000 Trade Receivables 1,30,000 Trade Payables 1,40,000 Pass necessary journal entries in the books of P Ltd. (3) Q.13 (a) Green Valley Ltd. offered 5,00,000 shares to public for subscription. Application were received for shares and pro-rata allotment was made to one applicatns of 6,00,000 shares. Arushi applied for 4800 shares and Marya was allotted 3000 shares from the above information, calculate. (i) How many applications have been rejected altogether? ( 2 )

3 (ii) What is the pro-rata ratio? (iii) How many shares were allotted to Arushi? (iv) How many shares were applied by Marya? (4) (b) Which value has been affected by rejecting alternative for the same. (2) Q.14 Alex, John and Sam are partners in a firm. Their capital accounts on 1st April, 2011, stood at Rs. 1,00,000, Rs. 80,000 and Rs. 60,000 respectively. Each partners withdrew Rs. 5,000 during the financial year As per the provisions of their Partnership deed: (a) John was entitled to a salary of Rs.1,000 per month. (b) Interest on Capital was to be 10% per annum. (c) Interest on drawings was to be 4% per annum. (d) Profits and losses were to be shared in the ratio of their capitals. The net profit of Rs for the year ended 31st March, 2012, was divided equally amongst the partners without providing for the terms of the deed. You are required to pass a Single Adjusting Journal entry to rectify the error. (Show the working clearly) 6 Q.15 B, C and D were partners in a firm sharing profits in the ratio of 5:3:2. On 31st December, 2008 their Balance Sheet was follows : Liabilities Rs. Assets Rs. Creditors Cash Bills Payable Stock General Reserve Debtors Capital A/c : Land and Building B Profit and Loss A/c C D ,42,000 2,72,000 2,72,000 B died on 31st march, The partnership deed provided for the following on the death of a partner. (a) Goodwill of the firm was to be valued at 3 years purchase of the average profits of last 5 years. the profits for the years ended 31st December, 2007, 31st December 2006, 31st December, 2005 and 31st December 2004 were Rs. 70,000, Rs. 60,000, Rs. 50,000 and Rs. 40,000 respectively. (b) B's share of profit or loss till date of his death was to be calculated on the basis of the profit or loss for the year ended 31str December you are required to calcuate the following: ( 3 )

4 (i) (ii) (iii) Goodwill of the firm and B's share of goodwill at the time of his death. B's share in the profit or loss of one firm till the date of his death. Prepare B's Capital Account at the time of his death to be presented to his executors. Q.16 Reliable Ltd. was registered with an authorized capital of RS. 20,00,00 in Rs. 10 per equity share. It invited applications for issuing 1,00,000 equity shares at a premium of Rs. 2 per share. The amount was payable as follows : An application Rs. 4 per share (including premium) On allotment Rs. 3 per share Balance on 1st and final call. Application were received for 1,30,000 shares. Applications for 10,000 shares were rejected and the application money received on them was refunded. Pro-rata allotment coas made to the remaining applications. Amount overpaid on these applications was adjusted towards the amount due on allotment. Sameer, who has applied for 1,200 shares, failed to pay the allotment and call money. The company forfeited his shares, out of which 800 shares were reissued to Sanjay at Rs. 9 per share fully paid up : You are required to : (i) Pass the journal entries in the books of the company through calls in Arrears Account. (ii) Prepare the share allotment account. (8) or (a) X Ltd. forfeited 1000 equity shares of Rs. 10 each issued at a premium of Rs. 3 per share for the non-payment of final call of Rs. 6 (including premium ) per share. The forfeited shares were re-issued as fully paid up for Rs. 7 per share. (b) Y Ltd. forfeited 800 equity shares at Rs. 10 each issued at a discount of 10% for the non-payment of first and final call of Rs. 3 per share. The forfeited shares were reissued at Rs.12 per share as fully paid up. (c) Z Ltd. issued equity shares of Rs. 100 each at a premium of Rs. 10 per share for the purchase of furniture of Rs Pass necessary journal entry. (8) Q.17 Neha and Tara are partners in a firm sharing profits and losses in the ratio of 3:2. Their balance sheet as at 31st March, 2012 stood as follows : Liabilities Rs. Assets Rs. Capital Accounts Plant & Machinery 1,20,000 Neha Land and Building 1,40,000 ( 4 )

5 Tara Debtors General Reserve Less : Provision for Doubtful debts 40, ,000 Fund Stock Creditors Cash They agreed to admit prachi into partnership for 1/5th share of profits on 1st April, 2012 on the following terms; (a) All debts to be considered as good and therefore the provision for doubtful debts to be written back. (b) Value of land and building to be increased to Rs. 1,80,000 (c) Value of plant and machinery to be reduced by Rs. 20,000 (d) The liability against workmen's compensation on fund is determined at Rs. 20,000 which is to be paid later in the year. (e) Prachi to bring in her share of Goodwill of Rs in cash. (f) She will further bring in cash so as to make her capital equal to 20% of the total capital of one new firm : (Show your working clearly) You are required to prepare : (i) Revaluation Account (ii) Partners capital accounts (iii) Revised balance sheet (8) OR Following was the balance sheet of A, B and C as at 31st March 2012 Liabilities Amount Assets Amount Creditors Bank Bills payable Debtors B's loan 8000 Stock David's loan Furniture W.C.R Land & Building Capitals : B's Capital A C The firm was dissolved on the above date on the following term. (i) Debtors realized Rs and creditors and bills payable were paid at a discount of 10% ( 5 )

6 (ii) Stock was taken over by C for Rs and furniture was sold to N for Rs (iii) Land and building was sold for Rs (iv) David's loan was paid by a cheque for the same amount. (v) There was an unrecorded assets of Rs which was sold for Rs. 14,000 (vi) The firm had a joint life policy of Rs with a surrender value of Rs The policy was surrendered at its surrender value. Prepare realisation account, Bank account and capital accounts of A, B and C. PART-B (Financial Statement Analysis) Q.18 A Ltd. engaged in the business of retailing of two wheelers, invested Rs in the shares of a manufacturing company. State with reason whether the dividend received on this investment will be cash flows from operating activities of investing activities. (1) Q.19 State whether conversion of debentures into equity shares by a financing company will result in inflow, outflow or no flow of cash. (1) Q.20 Under which line item (major heads) of one statement of Profit and loss of a company following items will be shown : (i) Sale of goods (ii) Profit on sale of vehicle (iii) Salaries (iv) Interest paid on term loan. (4) Q.21 Following is the comparative statement of profit and loss of X ltd. for two consecutive years. COMPARATIVE STATEEMNT OF PROFIT & LOSS for the year ended 31st March 2012 and 2013 Particulars Note Absolute Percentage change change A B B A=C C/Ax100=D I. Revenue from operations II. Less : Expenses : Cost of material consumed other expenses Total Expenses III. Profit before tax IV. Tax 40% Profit after Tax You are required to fill in the miss figures in the comparative statement of profit & loss. (4) ( 6 )

7 Q.22 From the following compute (a) Current ratio (b) Quick ratio S.No. Items Amt. S.No. Items Amt. 1. Current Investments Short term provision Inventories Other current Libilities Trade Receivables Short term loans & Advances Short term borrowings Tangible fixed Assets Trade Payable Cash & Cash Equivalents Prepaid expenses Advance tax 8000 Q.23 The following is the statement of profit and loss of Yamuna Limited for one year ended March 31, Particulars Amt. Revenue from Operations (Sales) Less : Purchases Changes in Inventories (Op. Inventory - Cl. Inventory) Operating expenses Net Profit Additional Insformations : (i) Trade receivables decrease by Rs. 30,000 during the year. (ii) Prepaid expenses increase by Rs. 5,000 during the year. (iii) Trade payables decrease by Rs. 15,000 during the year (iv) Outstanding expenses increased by Rs during the year. (v) Operating expenses included depreciation of Rs. 25,000 Compute net cash provided by operations for the year ended March 31, 2012 by the indirect method. (6) PART - C (COMPUTERIZED ACCOUNTING Q.18 The common fields used in a relationship between tables are called : (i) Key fields (ii) Table fields (iii) Main fields (iv) Joint fields (1) Q.19 'SJ' for sales journal and 'NDRS' for New Delhi railway station are the examples of which of the following : (i) Block codes (ii) Mnemonic codes (iii) Sequential codes ( 7 )

8 (iv) Accounting codes Q.20 What is meant by DBMS'? Explain any two of its advantages. (4) Q.21 Explain any two advantages of using graphs/charts. (4) Q.22 State the elements which are considered while calculating 'deductions' for current payroll period. (4) Q.23 Identify the errors that appears on a spread sheet when a cell reference is not valid. Also state the steps to correct that error. (6) ( 8 )