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CBSE Guess Paper Accountancy Class – XII [Set-1]

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CBSE Guess Paper

Accountancy

Class - XII

1. Give two main sources of income of a ‘Not for Profit Organisations’.             1

2. What do you mean by ‘Registered Debentures’?                                    1

3. What are the features of Receipts and Payments Account?                  1

4. Why is P & L appropriation A/c prepared by partnership firm?              1

5. Mention any two provisions of the Partnership Act, in the Absence of Partnership deed?   1

6. Write a note on minimum subscripiton?                       2

7. List the vapious methods by which we can issue debenture?                           2

8. From the following informations calculate the amount of subscriptions for the year 2008-09.

subscriptions received during the year 90000
subscriptions outstanding 31 March 2008 20000
subscriptions outstanding 31 March 2009 20000
subscriptions received in advance on 31 March 2008 20000
subscriptions received in advance on 31 March 2009 20000

subscription of Rs. 5000 are still in arrears for the year 2007-08.                3

9. The promising company ltd. Took over assets of rs 3,50,000 & liabilites of rs 30,000 of x ltd. For a purchase consideration of rs 3,30,000. The promising company ltd. Paid the purchase consideratio n by issuing 12% debenture of rs 100 each at 10 % premium. Give journal entries in the books of promising ltd.                3

10. AKS Ltd. purchased the business of PR Ltd. for a purchase consideration of Rs. 250,000. Assets of PR Ltd. were of value Rs. 180,000, whereas its liabilities were of value Rs. 40,000. PR Ltd. was issued 10%Debentures of Rs. 100 each at par for the same. Journalise in the books of AKS Ltd.            3

11. A & b are partners sharing profits in the ratio of 5:3. They admit c in the firm for 3/10th share in profit which he takes 2/10th from a & 1/10th from b. C brings rs 30,000 as premium in cash out of his share of rs 7,800. Goodwill a/c does not appear in the books of a & b. Give necessary journal entries in the books of the firm.          4

12. X, Y and Z were sharing in 3:2:1. The Balance Sheet as on 31/03/09 :-

Liabilities

Amount(Rs.)

Assets

Amount(Rs.)

X’s Capital

Y’s Capital

Z’s Capital

Reserves

Creditors

24,000

12,000

8,000

42,000

14,000

Buildings

Machinery

Stock

Debtors

Cash at Bank

36,000

46,000

5,100

6,000

6,900

 

100,000

 

100,000

X died on 30/09/07. Under the partnership agreement, the executors of deceased partner were entitled to :-

a) Amount standing to the credit of Partner’s Capital A/c.

b) Interest on capital @ 18% p.a.

c) Share of Goodwill on the basis of 4 years’ purchase of last three years average profit.

d) Share of profit from the closing of the last financial year to the date of death on the basis of last years’ profit. Profits for the year 2005,2006 and 2007 were Rs. 14,000, Rs. 6,000 and Rs. 7,000 respectively. Prepare X’s Capital A/c to be rendered to his executors.                                           4

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13. What is meant by issue of shares at discount ? Explain the provision of section 79 of the companies act regarding issue of shares at discount.                    4

14. P ltd. Issued rs 4,00,000 10% debenture of rs 100 each at par , redeemable at 5% premium at the option of debenture holders. One debentures holding 200 debenture exercised his option. Pass journal entries to record the issue & conversion of debentures.                               4

15. Journalise the following transactions assuming that the face value of each debenture is Rs. 100.

i) 150 debentures issued at Rs. 95 each, repayable at Rs. 100.

ii) 100 debentures issued at Rs. 95 each, repayable at Rs. 105.

iii) 80 debentures issued at Rs. 100 each, repayable at Rs. 105.

iv) 120 debentures issued at Rs. 105 each, repayable at Rs. 100

16. Receipts & Payments A/c for the year ended 31/12/07, for Golden Club

Receipts

Amt.(Rs.)

Payments

Amt.(Rs.)

To Balance B/d

Cash & Bank

To Donation

To Subscription

To Legacies

To Interest on Investment

To Sale of old newspaper

24,100

9,000

42,800

18,000

4,500

200

By Charity

By Rent & Taxes

By Salary

By Printing & Postage

By Advertisement

By Insurance

By Furniture

By Investment

By Balance C/d

Cash & Bank

11,000

3,700

6,000

900

4,500

2,000

21,000

23,000

26,500

 

98,600

 

98,600

Prepare Income & Expenditure A/c for the year ended 31/12/07 and a Balance Sheet as on that date after these adjustments:

a) Subscriptions outstanding as on 31/12/06 were Rs. 1000, out of which Rs. 800 were collected during this year. Subscriptions received in advance for 2008 were Rs. 500.

b) Insurance Premium was paid in advance for Rs. 500 related to 2008.

c) Interest on Investment Rs. 1100, accrued but not received.

d) Rent Rs. 600 and salary Rs. 900 outstanding as on 31/12/07.

e) It was decided to treat 1/3rd of the amount received on account of Donation as revenue income.                     6

17. 1) Sonam ltd. Issued20,000 shares of rs 10 each at a discount of rs 1 per share payable as follows:

rs 2.50 per share on application

rs 4.00 per share on allotment

rs 2.50 per share on 1st & final call.

subscripiton list was closed on 1st january,1994 by which date application for 45,000 shares had been received. Allotment was made as follows:

list a - applicants for 5,000 shares were alloted in full.

list b - applicants for 10,000 shares were alloted 5,000 shares on pro-rata basis.

list c - applicants for 30,000 shares were alloted 10,000 shares on pro-rata basis.

application money in excess of that required on allotment could be utilized for calls. all the shareholders paid the amounts due on allotment & calls except y (who was allotted 400 shares under list b ) & z (who was alloted 200 shares under list c ). Both of these shareholders paid only the application money. their shares were duly forfeited & were re – issued at rs 7 per share fully paid. Pass the necessary journal entries.                                6

18. Jyoti, Ruchi and Yogesh were sharing profit and loss in the proportion of their capitals. Their Balance Sheet as on December 31, 2008 was as under :

Liabilities

Amount

Assets

Amount

Sundry Creditors
Capital Accounts:
Jyoti - 80000
Ruchi  -  60000
Yogesh - 40000
21600
-
-
-
-
180000
Building
Machinery
Stock   - 18000
Debtors - 10000
Less: Provision 400
-
Bank
Cash
100000
8000
-
-
-
19600
8000
8000
 

201600

 

201600

Ruchi decided to retire due to old age. They agreed to the following adjustments in the books of Accounts to decide Ruchi's share :

a) Building to be appreciated by 20%.

b) Provision for bad and doubtful debts is to be increased to 5% on debtors.

c) Out of total insurance premium paid by Rs. 3000 is to be treated as prepaid insurance. This amount was earlier debited to Profit & Loss A/c.

d) Machinery is to be depreciated by 20%.

e) Goodwill of the entire firm is to be valued at Rs. 72000. Ruchi's share is to be adjusted in the accounts of Jyoti and Yogesh.

f) Jyoti and Yogesh also decide that total capital of the firm after Ruchi's retirement will be Rs. 180000 in their profit sharing ratio, i.e., actual cash to be brought in or paid to the partners as the case may be. You are required to prepare Revaluation A/c, Partners's Capital Accounts and the Balance Sheet of Jyoti and Yogesh.

19. Rama Ltd. issued 90000 equity shares of Rs. 10 each at a discount of Re. 1 per share (to be adjusted on allotment) payable as follows :

Rs. 3 per share on application

Rs. 2 per share on allotment

Rs. 4 per share on 1st call

The subscription list was closed on 1st January, 2008 by which date applications for 120000 shares were received. Allotment was made as follows :

List I. Applicants of 15000 shares were allotted in full.

List II. Applicants 45000 shares were allotted 30000 shares on pro-rata basis.

List III. Applicants 60000 shares were allotted 45000 shares on pro-rata basis.

All the shareholders paid the amount due on allotment and call except A (who was allotted 3000 shares under List II) and B (who applied for 6000 shares under List III). They did not pay any money due on allotment and 1st call. Their shares were forfeited and reissued at Rs. 6 per share fully paid.

Pass the necessary journal entries to record the above transactions.               6

20. 1) A & b are partners of 3:2 as on 1st/jan/1999.their balance sheet as follows:

Liabilites

Rs

Assets

Rs

Sundry creditors

51,000

Goodwill

15,000

Workmen’s compensation fund

4,000

Profit & lossa/c

15,000

Capital:--

A---1,00,000

B--- 1,20,000

2,20,000

Plant

75,000

   

Patents

8,000

   

Stock

80,000

   

Debtors

62,000

   

Cash

20,000

 

2,75,000

 

2,75,000

On this date they agreed to admit c on following terms:

- C will get 3/10th share which he shall accquire 1/5th from a & 1/10th from b.he will bring in rs 60,000 as his capital.

- Goodwill of the firm was rs 40,000 & partners decide to write off goodwill from the books of new firm.

- Plant is valued at rs 60,000 & stock at rs 70,000.

- Claim on a/c of workmen’s compensation fund is rs 6,000.

- Patents should be written off.

- Investments of rs 5,000 which didn’t appear in the books should be duly recorded.

B is to withdraw rs 20,000 in cash. Give journal;revaluation a/c & partners capital a/c of new firm.                 8





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