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CBSE Accountancy Question Paper 2011 Class 12th

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SET 1

Series SOS                                                                                                           Code No. 67/1

• Please check that this question paper contains 16 printed pages.
• Code number given on the right hand side of the question paper should be written on the title page of the answer-book by the candidate.
•  Please check that this question paper contains 23 questions.
•  Please write down the Serial Number of the question before attempting it.
• 15 minutes time has been allotted to read this question paper. The question paper will be distributed at 10.15 a.m. From 10.15 a.m. to 10.30 a.m., the students will read the question paper only and will not write any answer on the answer script during this period.

ACCOUNTANCY

Time allowed: 3 Hours  /  Maximum Marks: 80

 General Instructions:
(i)  This question paper contains three parts A, B and C.
(ii) Part A is compulsory for all candidates.
(iii) Candidates can attempt only one part of the remaining parts B and C.
(iv) All parts of the questions should be attempted at one place.

PART A
(Accounting for Not-for-Profit Organisations, Partnership Firms and Companies)

 
1.  What is the basis for preparing Receipt and Payment Account?

2.  Give the average period in months for charging interest on drawings for the same amount withdrawn at the beginning of each quarter.          1

3. State the meaning of sacrificing ratio.

4. How does the nature of business affect the value of goodwill of a firm?

5. Give the meaning of `Issue of Debentures as a collateral security'.

6.  From the following information of a club, show the amounts of Prize awarded & Prize Fund in the Financial Statements of the club for the year ended on 31st March 2009 and 31st March 2010                                                      3

Details

 

Prize Fund as on 1.4.2009

20,000

Prize Fund donations received during the Year 2009-2010

40,000

Prizes awarded during the year 2009 - 2010

69,000

 
7.  Goodluck Ltd. purchased machinery costing Rs/- 10,00,000 from Fair Deals Ltd. The company paid the price by issue of Equity shares of Rs/- 10 each at a premium of 25%.
Pass necessary journal entries for the above transactions in the books of Goodluck Ltd.                3

8.  X Ltd. redeemed 1000, 6% Debentures of Rs/-100 each by converting them into Equity shares of Rs/- 100 each. The 6% Debentures were redeemable at a premium of 5% for which the Equity shares were issued at a premium of 25%. Pass the necessary journal entries for the redemption of the above mentioned Debentures in the books of X Ltd.                3

9.  A and B entered into partnership on 1st April 2009 without any partnership deed. They introduced capitals of Rs/- 5,00,000 and Rs/- 3,00,000 respectively. On 31st October 2009, A advanced Rs /- 2,00,000 by way of loan to the firm without any agreement as to interest.
The Profit and Loss Account for the year ended 31.3.2010 showed a profit of Rs/- 4,30,000, but the partners could not agree upon the amount of interest on loan to be charged and the basis of division of profits. Pass a journal entry for the distribution of the profit between the partners and prepare the Capital A/c's of both the partners and Loan A/c of W.     4

10.  A partnership firm earned net profits, during the last three years as Follows:

Year’s

Net profit (Rs/-)

2007-2008

1,90,001

2008-2009

2,20,001

2009-2010

2,50,001

The capital employed in the firm throughout the above mentioned period has been Rs/- 4,00,000. Having regard to the risk involved, 15% is considered to be a fair return on the capital. The remuneration of all the partners during this period is estimated to be Rs/- 1,00,000 per annum.
Calculate the value of goodwill on the basis of (i) two year's purchase of super profits earned on average basis during the above mentioned three years and (ii) by capitalisation method.                4

11.  Pass the necessary journal entries for the issue and redemption of Debentures in the following cases:  4
(i) 15,000,  9% Debentures of Rs/- 250 each issued at 5% premium, repayable at 15% premium.
(ii) 2,00,000, 12% Debentures of Rs/- 10 each issued at 8% premium, repayable at par.

12.  From the following items of Receipt & Payment A/c of South India Club, prepare an Income and Expenditure Account for the year ended 31.3.2010:                        6

 

(Rs/-)

Salaries paid

55,000

Lighting expenses

5,500

Stationery (including Rs/- 400 for the previous year)

4,000

Subscriptions received (including Rs/- 1,000 received in advance and Rs/- 750 for the previous year)

44,000

Net proceeds of Refreshment Room

30,000

Miscellaneous Expenses

3,000

Interest paid on loan for three months

1,200

Rent and Rates (including Rs/- 500 pre-paid)

4,500

Lockers Rent received

4,900

Additional Information:
Subscriptions in arrears on 31.3.2010 were Rs/- 4,700 and nine months interest on loan was also outstanding.

13.  Pass the necessary journal entries for the following transactions on the dissolution of the firm of James and Haider who were sharing profits and losses in the ratio of 2:1. The various assets (other than cash) and outside liabilities have been transferred to Realisation Account
(i) James agreed to pay off his brother's loan Rs/- 10,000.
(ii) Debtors realised Rs/- 12,000.
(iii) Haider took over all investments at Rs/- 12,000.
(iv) Sundry creditors Rs/- 20,000 were paid at 5% discount.
(v) Realisation expenses amounted to Rs/- 2,000.
(vi ) Loss on realisation was Rs/- 10,200.

14.  On 1.1.2007 a Public Limited Company issued 15,000, 10% Debentures of Rs/- 100 each at par which were repayable at a, Premium of 15% on 31.12.2011. On the date of maturity, the company decided to redeem the above mentioned 10% Debentures as per the terms of issue, out of profits. The Profit & Loss A/c shows a credit balance of Rs/- 20,00,000 on this date. The offer was accepted by all the Debenture-holders and all the Debentures were redeemed.
Pass the necessary journal entries in the books of the Company only for the redemption of Debentures, if the Company follows Sec. 117 C of the Companies Act.                    6

15.  Dinesh Ltd. invited applications for issuing 10,000 Equity shares of    Rs/- 10 each. The amount was payable as follows:
On Application Rs/- 1
On Allotment Rs/- 2
On First Call Rs/- 3
On Second and Final Call - Balance
The issue was fully subscribed.  Ram to whom Equity shares of 100 shares were allotted, failed to pay the allotment money and his shares were forfeited immediately after allotment. Shyam, to whom 150 shares were allotted, failed to pay the first call.  His shares were also forfeited after the first call. Afterwards the second and final call was made. Mohan to whom 50 shares were allotted failed to pay the second and final call. His shares were also forfeited.  All the forfeited shares were re-issued at Rs/- 9 per share fully paid up. Pass necessary journal entries in the books of Dinesh Ltd.      8
  OR

Moti Ltd. invited applications for issuing 10,00,000 Equity shares of Rs/- 10 each at a premium of Rs/- 2 per share. The amount was payable as follows:
On Application Rs/- 5 (including premium)
On Allotment     Rs/- 4
On First and Final Call     Rs/- 3
Applications for 15,00,000 shares were  received.  Applications for 3,00,000 shares were rejected and pro-rata allotment, was made to the remaining applicants. Excess application money was utilized towards sums due on allotment. Giri who' had applied for 24,000 shares failed to pay the allotment and call money. His shares were forfeited. Out of the forfeited shares 10,000 shares were reissued for Rs/- 8, per share fully paid up. Pass necessary journal entries in the books of Moti Ltd.

16. X, Y and Z were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. On 31.3.2010 their Balance Sheet was as follows:

Liabilities

Amount (Rs/-)

Assets

Amount (Rs/-)

Capital Accounts:

 

Building

50,000

X: 74999

 

Patents

15,000

Y: 62499

 

Machinery

75,000

Z: 37499

1,75,001

Stock

37,500

Sundry Creditors

42,500

Debtors

20,000

 

 

Cash at Bank

20,000

 

2,17,500

 

2,17,500

Z died on 31.7.2010. It was agreed that:
(a)          Goodwill be valued at 2½ year's purchase of the average profits of the last four years, which were as follows:

Year's

Profit (Rs/-)

2006-2007

32,500

2007-2008

30,000

2008-2009

40,000

2009-2010

37,500

(b) Machinery be valued at Rs/- 70,000; Patents at Rs/- 20,000 and Building at Rs/- 62,500.
(c)  For the purpose of calculating Z's share of profits in the year of his death the profits in 2010-2011 should be taken to have been accrued on the same scale as in 2009-2010.
(d)  A sum of Rs/- 17,500 was paid immediately to the executors of Z and the balance was paid in four half yearly installments together with interest at 12% p.a. starting from 31.1.2011.
Give necessary journal entries to record the above transactions and Z's executors' account till the payment of installment due on 31.1.2011.          8
OR

Murari and Vohra were partners in a firm with capitals of Rs/- 1,20,000 and Rs/- 1,60,000 respectively. On 1.4.2010 they admitted Yadav as a partner for one-fourth share in profits on his payment of Rs/- 2,00,000 as his capital and Rs/- 90,000 for his one-fourth, share of goodwill.
On that date the creditors of Murari and Vohra were Rs/- 60,000 and Bank overdraft was Rs/- 15,000. Their assets .apart from cash included Stock Rs/- 10,000; Debtors Rs/- 40,000; Plant and Machinery Rs/- 80,000; Land and Building Rs/- 2,00,000. It was agreed that stock should be depreciated by Rs/- 2,000; Plant and Machinery by 20%, Rs/- 5,000 should be written off as bad debts and Land and Building should be appreciated by 25%.
Prepare Revaluation Account, Capital Accounts of Murari, Vohra and Yadav and the Balance Sheet of the new firm.

23.  From the following Balance Sheets of Vikas Ltd. as on 31.3.2009 and 31.3.2010, prepare a Cash Flow Statement

Liabilities

31.3.2009

31.3.2010

Assets

31.3.2009

31.3.2010

Share Capital

90,000

1,30,000

Fixed Assets

93,400

1,66,000

General Reserve

30,000

55,000

Stock

22,000

26,000

Profit and Loss Account

20,000

30,000

Debtors

36,000

39,000

Trade Creditors

17,400

22,000

Cash

4,000

5,000

 

 

 

Preliminary Expenses

2,000

1,000

 

1,57,400

                   2,37,000

 

               1,57,400

2,37,000

Additional Information:
(i)  Depreciation charged on fixed assets for the year 2009  2010 was Rs/- 20,000.
(ii)  Income Tax Rs/- 5,000 has been paid in advance during the year.                        6

PART C
(Computerised Accounting)

17.          What are Sequential codes?       1

18.          What is Normalisation?            1

19.          What is the function of `Table' in DBMS?               2

20.          What is a join line in DBMS?                   3

21.          Why in DBMS do we seek to split formation into different tables  rather than a single table?           3

22.          What are the advantages of Computerised Accounting System?                4

23. Calculate the formula on Excel for the following:                        3x2=6
Dearness Allowance
45% on basic pay upto Rs/- 15,000, minimum Rs/ 6,000
35% on basic pay above Rs/- 15,000, minimum Rs/- 7,500
House Rent Allowance
Upto basic pay of Rs/- 10,000           :  Rs/- 4,000
Rs/- 10,001- Rs/- 15,000 basic pay   :  Rs/- 8,000
Above Rs/- 15,000 basic pay             :  Rs/- 10,000
City Compensatory Allowance:
10% of basic pay subject to a minimum of Rs/- 1,500

 


SET 2

 

Series SOS/2                                                                                                                            Code No. 6712/1
ACCOUNTANCY

Time allowed: 3 Hours    /    Maximum Marks: 80

 

General Instructions:
(i)  This question paper contains three parts A, B and C.
(ii) Part A is compulsory for all candidates.
(iii) Candidates can attempt only one part of the remaining parts B and C.
(iv)  All parts of the questions should be attempted at one place.

PART A
(Accounting for Not-for-Profit Organisations, Partnership Firms and Companies)

 

1.  List any two main sources of income of a Not-for-Profit organisation.         1

2. State the provisions of Partnership Act 1932, in the absence of a partnership deed regarding:
(i)  Interest on Partner's Drawings and
(ii) Interest on Advances other than Capital.  1

3. Give any one difference between reconstitution of a firm and dissolution of a firm.           1

4.  How does the nature of business affect the goodwill of a firm?       1

5.  Give the meaning of `Registered Capital' of a company.       1

6.  From the following information of a club, show the amounts of Prize awarded and Prize Fund in the Financial Statements of the club for the year ended on 31St March 2009 and 31st March 2010:

Details

Amount (Rs/-)

Match Expenses

3,00,000

Match Fund

1,70,000

Donation for Match Fund

90,000

Sale of Match Tickets

25,000


7.  Jain Ltd. purchased machinery Rs/- 10,00,000 from Ayer Ltd. 50% of the payment was made by cheque and for the remaining 50% the company issued Equity shares of Rs/- 100 each at a premium of 25%.
Pass necessary journal entries in the books of Jain Ltd. for the above transactions.               3

8.  P Ltd. redeemed its 360,  9% Debentures of Rs/- 100 each, which were issued at a premium of 5%, by converting into Equity shares of Rs/- 10 each, issued at a discount of 10%. Pass the necessary journal entries in the books of P Ltd. for the redemption of debentures.

9. Ram and Shyam were partners in a firm. After crediting the profits of the year Rs/- 2,00,000 in their Capital Accounts, the balances of their capital were Rama Rs/- 4,00,000 and Shyam Rs/- 3,00,000. During the year Ram withdrew Rs/- 80,000 and Shyam Rs/- 1,00,000. It was found that interest on Capital and Drawings @ 10% p.a.  as provided in the partnership agreement had not been allowed and charged to the partners capital accounts. Pass the necessary adjustment entry.    4

10. J and K are partners in a firm. Their capitals are J Rs/- 3,00,000 and K Rs/- 2,00,000. During the year ended 31.3.2010 the firm earned a profit of Rs/- 1,50,000. Assuming that the normal rate of return is 20%, calculate the value of goodwill of the firm:
(i)         By capitalisation method and
(ii)        By super profit method if the goodwill is valued at 2 years purchase of super profits.

11. Pass the necessary journal entries for the issue and redemption of Debentures in the following cases         4
(i)  15,000, 10% Debentures of Rs/- 100 each issued at 10% premium, repayable at par.
(ii) 6,00,000, 12% Debentures of Rs/- 500 each issued at 5% premium, repayable at 10% premium.

12.  From the following items of Receipt & Payment A/c. of Bharti Club for the year ended 31.3.2010;  prepare an Income and Expenditure Account:

 

Rs/-

Salaries paid

1,50,000

Lighting expenses

15,000

Stationery

13,500

Subscriptions received (including Rs/- 2,000 received in advance and Rs/- 8,000 for the previous year)

1,40,000

Net proceeds of Refreshment Room

91,000

Miscellaneous Expenses

24,000

Half year's interest paid on loan

2,400

Rent and Rates (including Rs/- 1,500 pre-paid)

15,000

Lockers Rent received

6,700

Additional Information:
Subscriptions in arrears on 31.3.2010 were Rs/- 9,000 and half year's, interest on loan was also outstanding.

13.  Pass the necessary journal entries for the following transactions on the dissolution of the firm of R and L after the various assets (other than cash) and outside liabilities have been, transferred to Realisation Account:
(i)         R paid creditors Rs/- 17,000 in full settlement of their claim of Rs/- 20,000.
(ii)        L agreed to pay his wife's loan Rs/- 70,000.
(iii)       Stock Rs/- 40,000 was taken over by R for Rs/- 39,000.
(iv)       Other assets realised Rs/- 39,000.
(v)        Expenses of realisation Rs/- 4,900 were paid by L.
(vi)       Loss on dissolution Rs/- 9,000 was divided between R and L in the ratio of 3:1.

14.  On 1.1.2007 a Public Limited Company issued 5,000, 10% Debentures of Rs/- 100 each at par which were repayable at a Premium of 10% on 31.12.2011. On the date of maturity, company decided to redeem the above mentioned 10% Debentures as per the terms of issue, out of profits. The Profit and Loss A/c shows a credit balance of Rs/- 6,00,000 on this date. The offer was accepted by all the Debenture-holders and all the Debentures were redeemed.
Pass the necessary journal entries in the books of the Company only for the redemption of Debentures, if the Company follows Sec.  117C of the Companies Act.                   6

15.  Hema. Ltd.  invited applications for issuing 30,000 Equity shares of 7 100 each at a premium of Rs/- 20 each. The amount was payable as follows:
On Application and Allotment  Rs/- 40 (including premium Rs/- 10) per share
On First Call Rs/- 50 (including premium Rs/- 10) per share
On Second and Final Call - Balance
Applications for 75,000 shares were received. Applications for 15,000 shares were rejected and the money received from them was refunded. Shares were allotted on pro-rata basis to the remaining applicants. All calls were made. ‘A’ who had applied for 2,000 shares failed to pay the first call and second and final call on the shares allotted to him. B who was allotted 1,000 shares failed to pay the second and final call. The shares of both A and B were forfeited. The forfeited shares were re-issued at Rs/- 160 fully paid.
Pass necessary journal entries in the books of the company for the above transactions.
OR
Shakti Ltd. invited applications for issuing 1,00,000 equity shares of Rs/- 10 each. The amount was payable as follows:
On Application Rs/- 3 per share
On Allotment Rs/- 2 per share
On First and Final Call Rs/- 5 per share
Applications were received for 2,20,000 shares. Applications for 20,000 shares were rejected and their application money was refunded. Shares were allotted to the remaining applicants as follows:
(i)         Allotted 50% shares to Raman who had applied for 40,000 shares.
(ii)        To allot in full to Akbar who had applied for 20,000 shares.
(iii)       To allot balance of the shares on pro-rata basis to the other applicants.
Excess application money was utilized in payment of allotment and final call. All calls were made and were duly received except the first and final call on 600 shares allotted to an applicant in III category. His shares were forfeited. The forfeited shares were re-issued for Rs/- 9 per share fully paid up.
Pass necessary journal entries in the books of Shakti Ltd. for the above transactions.

16. S and T were partners in a firm sharing profits in the ratio of 7:3. Their Balance Sheet on 31.3.2010 was as follows:

Liabilities

Amount (Rs/-)

Assets

Amount

Creditors

40,000

Bank

36,000

Bank overdraft

20,000

Debtors:            46,000

46,000

General Reserve

10,000

Less Provision:    2,000

44,000

Capital Accounts:

 

Stock

50,000

S: 50,000

 

Machinery

30,000

T: 40,000

90,000

 

 

 

1,60,000

 

1,60,000

On 1st April, 2010 they admitted R as a new partner for 1/4th share in profits on the following terms:
(i)         R will bring Rs/- 30,000 for his capital and Rs/- 10,000 for goodwill premium.
(ii)        20% of general reserve will be transferred to provision for bad and doubtful debts.
(iii)       Stock and Machinery will be depreciated by 40%.
(iv)       Capital accounts of S and T will be adjusted on the basis of R's capital, for this purpose actual cash will be brought in or paid off to S and T as the case may be.
Prepare Revaluation Account, Partners Capital Accounts and Balance Sheet of the firm.
OR
A, B and C were partners in a firm sharing profits in the ratio of 2:1:1. Their Balance Sheet as on 31.3.2010 was as follows:

Liabilities

Amount (Rs/-)

Assets

Amount

Capital Accounts:

 

Furniture

9,000

A: 10000

 

Stock

4,000

B: 5000

 

Debtors

6,000

C: 5000

20,000

Bills Receivable

2,000

General Reserve

3,200

Cash at Bank

5,000

Creditors

3,000

Cash in hand

200

 

26,200

 

26,200

On 30.6.2010  C died. Under the provisions of partnership deed the executors of a deceased partner were entitled to the following:
(i)         Amount standing to the credit of partners capital account.
(ii)        Interest on capital @ 5% p.a.
(iii)       Share of goodwill on the basis of two years purchase of the average profits of last three years.
(iv)       Share of profit in the year of his death, till the date of his death on the basis of the last year's profit.
The profits of the firm during the previous three years were as follows:

Year

Profit (Rs/-)

2007-2008

5,000

2008-2009

9,000

2009-2010

7,000

C's executors were paid Rs/- 1,800 on 1.7.2010 and the balance in three equal instalments of equal intervals of 6 months starting from 31.12.2010 with interest @ 10% per annum.
Pass necessary journal entries, at the time of C's death, prepare C's Capital Account and C's Executor's Account upto 31.12.2010.


PART B
(Financial Statements Analysis)

 

17. State the interest of trade unions in the analysis of financial statements.      1

18. State with reason whether the withdrawal of cash from bank for office use will result into inflow, outflow or no flow of cash.   1

19. State any two objectives of preparing a `Cash Flow Statement'.

20. With the help of the following information obtained from the books of Raj Silk Mills prepare a Comparative Income Statement for the year ended 31.3.2010:

 

31.3.2009

31.3.2010

Sales

200% of cost of goods sold

300% of cost of goods sold

Cost of goods sold

Rs/- 10,00,000

Rs/- 12,00,000

Operating expenses

10% of cost of goods sold

20% of cost of goods sold

Tax

50%

50%

 
21.       Calculate Current Ratio of a company from the following information:                          4
Stock Turnover Ratio: 4 times
Stock in the beginning was Rs/- 20,000 less than stock at the end. Sales Rs/- 6,00,000
Gross Profit Ratio 25%
Current Liabilities Rs/- 60,000
Quick Ratio 0.75: 1

22.  State under which major headings the following items will be shown in the Balance Sheet of a company as per Schedule VI Part I of the Companies Act 1956:
Interest accrued on investments; Bills receivables; Proposed dividend; Unclaimed dividend; Work-in-progress; Bills payable; Stores and spare parts; Provident fund.

23.  From the following Balance Sheets of Varun Ltd. as on 31.3.2009 and 31.3.2010, prepare a `Cash Flow Statement'  :           6

Liabilities

31.3.2009
(Rs/-)

31.3.2010
(Rs/-)

Assets

31.3.2009
(Rs/-)

31.3.2010
(Rs/-)

Creditors

50,000

45,000

Cash

35,000

75,000

Bills Payable

20,000

35,000

Debtors

98,000

90,000

Bank Loan

-

20,000

Stock

87,000

1,20,000

Profit and Loss A/c

60,000

75,000

Long term investments

15,000

10,000

Share Capital

1,25,000

1,50,000

Fixed assets

20,000

30,000

 

2,55,000

3,25,000

 

2,55,000

3,25,000

Additional Information:
(i) During the year Rs/- 15,000, depreciation was charged on fixed assets.
(ii) Company has paid Rs/- 12,000 interim dividends during the year.

 
PART C
(Computerised Accounting)

 

17. What are block codes?

18.  What is data validation?         1

19. What is a `report' in DBMS?  2

20.  What is a join line in DBMS?

21.  List the advantages of DBMS.    3

22.  What are the limitations of Computerised Accounting System?

23.  Calculate the formula on Excel for the following           3x2=6
Dearness Allowance
45% on basic pay upto Rs/- 15,000, minimum Rs/- 5,000
35% on basic pay above Rs/- 15,000, minimum Rs/- 7,500
House Rent Allowance
Upto basic pay of Rs/- 10,000            :             Rs/- 3,500
Rs/- 10,001 - Rs/- 15,000 basic pay    :            Rs/- 7,500
Above Rs/- 15,000 basic pay  :                      Rs/- 10,000
City Compensatory Allowance:
10% of basic pay subject to a minimum of Rs/- 1,500

 


SET 3

Series : SOS/1                                                                                                                           Code No. 67/l/1

•   Please check that this question paper contains 15 printed pages.
•   Code number given on the right hand side of the question paper should be written on the    title page of the answer-book by the candidate.
•   Please check that this question paper contains 23 questions.
•   Please write down the Serial Number of the question before attempting it.
•  15 minutes time has been allotted to read this question paper. The question paper will be distributed at 10.15 a.m. From 10.15 a.m. to 10.30 a.m., the student will read the question paper only and will not write any answer on the answer script during this period.


Time allowed: 3.Hours    /   Maximum marks: 80

ACCOUNTANCY

General Instructions:
(i)   This question paper contains three parts A, B and C.
(ii)   Part A is compulsory for all candidates.
(iii)  Candidates can attempt only one part of the remaining parts B and C.
(iv)  All parts of the questions should be attempted at one place.

Part-A
(Accounting for Not-for-Profit Organisations, Partnership Firms & Companies)

 

1.  What is the basis for preparing an Income and Expenditure Account in the case of Not-for-Profit Organizations.

2.  Distinguish between Fixed and Fluctuating Capital Accounts.                       1

3.  State the two main rights that a newly admitted partner acquires in the firm.

4. How does the market situation affect the value of goodwill of a firm ?              1

5.  Pass the necessary Journal entry when 10,000 debentures of Rs/- 100 each are issued as collateral security against a Bank loan of Rs/- 8,00,000. 1

6. From the following information of a club show the amounts of match expenses and match fund in the Financial Statements of the Club for the years ended on 31st March, 2009 and 31St March,.2010.

Details

Amount (Rs/-)

Match expenses (paid during the year 2009-2010)

30,000

Match Fund (as on 31-3-2009)

17,000

Donation for Match Fund (Received during the year 2009-2010)

9,000

Proceeds from the sale of match tickets (Received during the year 2009-2010)

3,000


7.  Y Ltd. purchased furniture costing Rs/- 1,35,000 from A. B. Ltd. The payment was made by issue of Equity Shares of Rs/- 10 each at a discount of Rs/- 1 per share. Pass necessary Journal entries in the books of Y Ltd.          3

8. X Ltd. redeemed 100, 6% Debentures of Rs/- 100 each by converting them into Equity Shares off Rs/- 100 each. The 6% Debentures were redeemable at 10% premium for which the Equity Shares were issued at 25% premium. Pass the necessary Journal entries for the redemption of above mentioned debentures in the books of X Ltd.                3

9.  A and B are partners in a firm sharing profits and losses in the ratio of 3 : 2. The following was the Balance Sheet of the firm as on 31-3-2010.

Liabilities

Amount (Rs/-)

Assets

Amount (Rs/-)

Capitals :  A

60,000

Sundry Assets

80,000

                  B

20,000

 

 

 

80,000

 

80,000

 The profits Rs/- 30,000 for the year ended 31-3-2010 were divided between the partners without allowing interest on capital @ 12% p.a. and salary to A @ Rs/- 1,000 per month. During the year A withdrew Rs/- 10,000 and B Rs/- 20,000.
Pass the necessary adjustment journal entry and show your working clearly.   4

10. A business has earned average profits of Rs/- 1,00,000 during the last few years and the normal rate of return in similar business is 10%. Find out the value of Goodwill by:
(i)            Capitalisation of super profit method and
(ii)           Super profit method if the goodwill is valued at 3  years purchase of super profit.
The assets of the business were Rs/-  10,00,000  and its external liabilities Rs/- 1,80,000.  4

11.  Pass the necessary Journal entries for the issue and redemption of Debentures in the following cases :
(i)            10,000, 10% Debentures of Rs/- 120 each issued at 5%o premium, repayable at par.
(ii)           20,000,  9% Debentures of Rs/- 200 each issued at 20% premium, repayable at 30% premium.

12.  From the following item of Receipts & Payments A/c. of Young Ladies Club, prepare an Income and Expenditure Account for the year ended 31-3-2010.

Salaries paid

50,000

Lighting and Heating

5,000

Printing and Stationery (including ! 500 for the previous year)

3,500

Subscriptions received (including ! 2,000 received in advance and 7 5,000 for the previous year)

40,000

Net proceeds of Refreshment Room

45,000,

Miscellaneous expenses

16,000

Interest paid on Loan for half year

1,200

Rent and Rates (including ! 1,000 prepaid)

7,500

Locker rent received

4,500

 Additional Information:
Subscriptions in arrears on 31-3-2010 were Rs/- 8,000 and Half year's interest on loan was also outstanding.             6

13.  Pass the necessary Journal entries for the following transactions on the dissolution of the firm of P and Q after the various assets (other than cash) and outside liabilities have been transferred to Realisation Account.
(i)   Bank Loan Rs/- 12,000 was paid.
(ii)  Stock worth Rs/- 16,000 was taken over by partner Q.
(iii)  Partner P paid a creditor Rs/- 4,000.
(iv)  An asset not appearing in the books of accounts realised Rs/- 1,200.
(v)   Expenses of realisation Rs/- 2,000 were paid by partner Q.
(vi)  Profit on realisation Rs/- 36,000 was distributed between P and Q in 5:4 ratio.                   6

14. On 1St April, 2008 a company made an issue of Rs/- 2,00,000, 6% Debentures of Rs/- 100 each, repayable at a premium of  10%. The terms of issue provided for the redemption of 400 debentures every year starting from the end of 31-3-2010 either by purchase from the open market or by draw of lots at the company's option.
On 31-3-2010, the company purchased for cancellation 300 Debentures at 95% and 100 Debentures at 90%.
Pass the necessary Journal entries for the issue and redemption of debentures assuming that the company had already created the Debenture Redemption Reserve A/c by the required amount.                      6

15. X Ltd. issued 40,000 Equity Shares of Rs/- 10 each at a premium of Rs/- 2.50 per share. The amount was payable as follows:
On application   -   Rs/- 2 per share
On allotment      -   Rs/- 4.50 per share (including premium)
and on call         -   Rs/- 6 per share
Owing to heavy subscription the allotment was made on pro-rata basis as follows :
(a)  Applicants for 20,000 shares were allotted 10,000 shares.
(b)  Applicants for 56,000 shares were allotted 14,000 shares.
(c)  Applicants for 48,000 shares were allotted 16,000 shares.
It was decided that excess amount received on applications would be utilized on allotment and the surplus would be refunded.
Ram, to whom 1,000 shares were allotted, who belongs to category (a), failed to pay allotment money. His shares were forfeited after the call.
Pass the necessary Journal entries in the books of X Ltd. for the above transactions.       8
OR
Give Journal entries to record the following transactions of forfeiture and re-issue of shares and open share forfeited account in the books of the respective companies.
(i)            C Ltd. forfeited 1000 shares of Rs/- 100 each issued at a discount of 8% on these shares the first call of Rs/- 30 per share was not received and the final call of Rs/- 20 per share was yet to be called. These shares were subsequently re-issued at Rs/- 70 per share Rs/- 80 paid up.
(ii)           L Ltd. forfeited 470 Equity Shares of Rs/- 10 each issued at a premium of Rs/- 5 per share for non-payment of allotment money of Rs/- 8 per share (including share. premium Rs/- 5 per share) and the first and final call of Rs/- 5 per share. Out of these 60 Equity Shares were subsequently re-issued at Rs/- 14 per share.

16. M, N and 0 were partners in a firm sharing profits and losses equally. Their Balance Sheet on 31-12-2009 was as follows :

Liabilities

Amt.

Assets

Amt.

Capitals :             M: 70000

 

Plant and Machinery

60,000

                           N: 70000

 

Stock

30,000

                           O: 70000

2,10,000

Sundry Debtors

95,000

General Reserve

30,000

Cash at Bank

40,000

Creditors

20,000

Cash in Hand

35,000

 

2,60,000

 

2,60,000

 N died on 14th March, 2010. According to the Partnership Deed, executors of the deceased partner are entitled to :
(i)            Balance of partner's capital account.
(ii)           Interest on Capital @ 5% p.a.|
(iii)          Share of goodwill calculated on the basis of twice the average of past three year's profits and
(iv)  Share of profits from the closure of the last accounting year till the date of death on the basis of twice the average of three completed year's profits before death.
Profits for 2007, 2008 and 2009 were Rs/- 80,000, Rs/- 90,000, Rs/- 1,00,000 respectively. Show the working for deceased partner's share of goodwill and profits till the date of his death. Pass the necessary journal entries and prepare N's Capital Account to be rendered to his executors.                   8
OR
On 31-3-2010 the Balance Sheet of W and R who shared profits in 3:2 ratio was as follows:

Liabilities

Amt. (Rs/-)

Assets

Amt. (Rs/-)

Creditors

20,000

Cash

5,000

Profit and Loss Account

15,000

Sundry Debtors:         20,000

 

Capital Accounts :

 

Less: Provision Stock:    700

19,300

W: 40,000

 

Stock

25,000

R: 30,000

70,000

Plant and Machinery

35,000

 

 

Patents

20,700

 

1,05,000

 

1,05,000

 On this date B was admitted as a partner on the following conditions:
(a)          `B' will get 4/15th share of profits.
(b)          `B' had to bring  Rs/- 30,000 as his capital to which amount other Partners capitals shall have to be adjusted.
(c)           He would pay cash for his share of goodwill which would be based on 2½ years purchase of average profits of past 4 years.
(d)          The assets would be revalued as under :
Sundry debtors at book value less  5% provision for bad debts. Stock at Rs/- 20,000, Plant and Machinery at Rs/- 40,000.
(e)          The profits of the firm for the years 2007, 2008 and 2009 were Rs/- 20,000; Rs/- 14,000 and Rs/- 17,000 respectively.
Prepare Revaluation Account, Partner's Capital Accounts and the Balance Sheet of the new firm.

Part   B
(Financial Statements Analysis)

 

17.   What is meant by a ‘Common Size Statement’?

18.   Give the meaning of ‘Cash Flow’.

19.  State with reason whether deposit of cash into Bank will result into inflow, outflow or noflow of cash.

20.  List the items which are shown under the heading current liabilities and provisions as per Schedule VI Part-I of the Companies' Act, 1956.

21. Prepare a Comparative Income Statement from the following information.         4

 

2009

2010

 

Rs/-

Rs/-

Sales

10,00,000

12,50,000

Cost of goods sold

5,00,000

6,50,000

Carriage inwards

30,000

50,000

Operating expenses

50,000

60,000

Income tax

50%

50%

 22. On the basis of the following information, calculate :
(i)            Debt-Equity Ratio and
(ii)           Working Capital Turnover Ratio

Information :

Net Sales

60,00,000

Cost of goods sold

45,00,000

Other current assets

11,00,000

Current liabilities

4,00,000

Paid up share capital

6,00,000

6% Debentures

3,00,000

9% Loan

1,00,000

Debenture Redemption Reserve

2,00,000

Closing Stock

1,00,000



23.          From the following Balance Sheets of Vijaya Ltd.  as on 31-3-2009 31-3-2010 prepare a Cash Flow Statement.

Liabilities

31-3-2009
Rs/-  

31-3-2010
Rs/-  

Assets

31-3-2009
Rs/-  

31-3-2010
Rs/-  

Share Capital

45,000

65,000

Fixed Assets

46,700

83,000

General Reserve

15,000

27,500

Stock

11,000

13,000

Profit & Loss Account

10,000

15,000

Debtors

18,000

19,500

Trade Creditors

8,700

11,000

Cash

2,000

2,500

 

 

 

Preliminary Expanses

1,000

500

 

78,700

1,18,500

 

78,700

1,18,500

 Additional Information:
(i)            Depreciation on Fixed Assets for the year 2009-2010 was Rs/- 14,700.
(ii)           An interim dividend Rs/- 7,000 has been paid to the shareholders during the year.

Part   C
(Computerised Accounting)

 

17.   What is codification of accounts ?

18.   What are logical values ?

19.   What is a query ?

20.   What is a record in DBMS ?

21.   Why in DBMS do we seek to split formation into different tables rather than a single table ?

22.   Briefly explain the Accounting Information System.                4

23. Calculate the formula on excel for the following:
Dearness allowance
35% of basic pay upto Rs/- 15,000, Minimum Rs/- 4,000
30% on above basic pay Rs/- 15,000, Minimum Rs/- 6,600
House Rent Allowance
Upto basic pay of Rs/- 8,000        Rs/- 3,000
Rs/- 8,001-15,000 basic pay          Rs/- 6,000
Above Rs/- 15,000 basic pay        Rs/- 9,000
City Compensatory Allowance:
10% of basic pay subject to a minimum of ' 1,500               3   x  2 =  6


Download:
Accountancy-2011-CBSE-Class XII-Set-1.pdf
Accountancy-2011-CBSE-Class XII-Set-2.pdf
Accountancy-2011-CBSE-Class XII-Set-3.pdf



  « Question Bank Class Xii - 2008 CBSE Sociology Question Paper 2011 Class 12th »  

  Posted on Saturday, August 3rd, 2013 at 3:24 PM under   Year 2011 | RSS 2.0 Feed



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