2011 CBSE Accountacy question paper Question paper
HALF YEARLY EXAM 2010-11
Class – XII
Subject – Accountancy
TIME ALLOWED :3 HOURS MAXIMUM MARKS :80
GENERAL INSTRUTIONS:-
(i) This question paper contains two parts A,B and C.
(ii) Part A is compulsory for all candidates.
(iii) Candidates can attempty only one part of the remaining parts B and C.
(iv) All parts of the questions should be attempted at one place.
Not for profit organisation, partnership firms and companies accounts
Q1. Show the accounting treatment of 'Legacy'. 1marks
Q2. Give any one difference between fixed and fluctuating capital account 1mark
Q3. Distinguish between general donations and specific donations. 1marks
Q4. State the circumstances when change in profit sharing ratio is needed. 1marks
Q5. Mention the amounts which are debited to Deceased Partner's Capital A/c. 1marks
Q6. Show how would you deal with the following items by preparing final account of non-profit
organisation in respect of Sachin Cricket Club for the year ending on 31st December, 2009: 3marks
Particulars Rs.
Tournament Fund as on 1st January, 2009 1,80,000
12% Tournament Fund Investments as on 1st January, 2009 1,80,000
Contribution Collected for Tournament during the year 2009 90,000
Expenditure incurred during the year 2009 on conducting Tournaments 1,05,000
Interest received on Tournament Fund Investments during the year 2009 15,600
Q7. How will you deal with the following in the income and expenditure account and balance sheet
of shimla entertainment club for the year 2000 3 marks
Subscription received during the year 2000 Rs 250000
Subscription o/s on 31.12.1999 Rs 5000
Subscription on o/s on 31.12.2000 Rs 10000
Subscription received in advance as on 31.12.1999 Rs 7000
Subscription received in advance as on 31.12.2000 Rs 22000
Q8. Pappu and Munna are partners In a firm sharing profits in the ratio of 3 : 2. The
partnership deed provided that Pappu was to be paid salary of Rs. 2,500 per month and
Munna was to get a commission of Rs. 10,000 per year. Interest on capital was to be
allowed @ 5% per annum and interest on drawings was to be charged @ 6% per annum.
Interest on Pappu's drawing was Rs. 1,250 and on Munna's drawings Rs. 425. Capital of the
partners were Rs. 2.00.000 and respectively, and were fixed. The firm earned a profit of Rs.
90,575 for the year ended 31.3.2004.
Prepare Profit and Loss Appropriation Account of the firm. 3marks
Q9. P,R and S are in partnership sharing profits in the ration of 4:3:1 respectively. It is provided in the
partnership deed that, on the death of any partner, his share of goodwill is to be valued at half of the
profits credited to his account during the previous four completed years.
R dies on 1January,1997. The firm's profits for the last four years 1993: Rs. 120000, 1994: Rs 80000,
1995: Rs 10000, 1996: Rs 80000. Determine the amount that should be credited to R in respect of his
share of goodwill and record journal entry for the same. 4 marks
Q10. A and B are partners sharing profits and losses in the ratio of 3:2 with capitals of Rs 600000 and
Rs 300000 respectively. Show the distribution of profits in each of the following alternatives cases:
Case(i) If the partnership deed is silent as to the interest on capital and the profits for the year are Rs
150000.
Case (ii) If the partnership deed provides for interest on capital @8% P.a. and the losses for the year
are Rs 50000. 4 marks
Q11. Anjali and Gayatri are partners in a firm sharing profit and losses equally. On 1st January,
2009 their capitals were Rs.2,50,000 and Rs.1,50,000. On 1st April, 2009 Gayatri introduced
further capital of Rs.50,000 into the business. During the year ended on 31st December, 2009
they made a profit of Rs.2,60,000. The terms of partnership deed provided . the following:
a. Interest on capitals to be allowed @ 10% p.a.
b. Interest on drawings to be charged @ 5% p.a. Drawing being Anjali – Rs.50,000 and
Gayatri – Rs.40,000.
c. 10% of the distributed profits to be transfer to General Reserve.
d. Both partner entitled to a salary of Rs.4,000 per quarter.
Prepare Profit and Loss Appropriation Account for the year ended 31st December, 2009. 4
marks
Q12. Amar, Uday and Sagar were partners, sharing profits in the ratio of 5 : 3 : 2. Their Balance
Sheet on 31.3.2009 was as follows:
Liabilities Rs. Assets Rs.
Capital Account Plant & Machinery 72,000
Amar 60,000 Furniture 12,000
Uday 75,000 Debtors 46,000
Sagar 37,500
Joint life Policy (surrender
value)
36.000
Bank Overdraft 39,000 Bills Receivable 29,000
Mrs. Amar's Loan 20,000 Stock 42,000
Creditors 38,000 Loan to Sagar 20,000
Bills Payable 18,500 Investments 25,000
Profit and Loss Account 10,000 Cash in hand 16,000
2,98,000 2,98,000
The firm was dissolved on 31st March, 2005 on the following terms:
a. The Joint Life Policy is Surrender at book value.
b. Investments are taken over by Uday at 10% discount.
c. Other Assets are realised as follows: Plant and Machinery Rs.48,000; Debtors and Bills
Receivable at 15% less; Furniture Rs.7,800 and Stock at 10% less.
d. Creditors agreed to accept Rs.35,000 for full settlement.
e. Expenses on realisation amounted to Rs.2,000.
Prepare Realisation Account, Partners Capital Account and Cash Account. 6marks
Q13. From the following receipts and payments account of a club and from the information supplied,
prepare an income and expenditure account for the year ended 31st December,2003 and a balance
sheet as on that date.
Receipts and Payments Account
Receipts Rs Payments Rs
To balance b/d
To subscriptions
To rent of the hall
To sale of grass
To sale of old furniture
[book value Rs200]
2300
6000
2000
200
100
B y salaries
By office expenses
By sports Equipment
By machine
By 6% Investments
By balance c/d
4500
1500
1000
2000
1000
600
10600 10600
Other information
Subscriptions received included Rs.1000 for 2002 and Rs 500 for 2004. Outstanding subscriptions for
2003 amounted to Rs 800. Sports equipment on hand on 31st December,2002 was of Rs.3000. The
value placed on this equipment on hand on 31st December,2003 was Rs.3100. The machine was
purchased on 1st july,2003 and is to be depreciated at 20% per annum. Salaries Rs200 for 2003 are
yet to be paid. Interest on investment is accrued of 6 months. On 1st January,2003 club owned land
and building valued at Rs 1500 and furniture at Rs 600. 6marks
Q14.The following is the balance sheet of A and B on 31st December,2008:
Liabilities Rs Assets Rs
Sundry creditors
Bills payable
Mrs. A loan
Mrs. B loan
General reserve
Salaries outstanding
A's capital
B's capital
30000
8000
5000
10000
10000
1000
10000
10000
Cash in hand
Cash at bank
Stock in trade
Investment
Debtors 20000
(-)prov 2000
Plant
Building
Goodwill
Profit and loss a/c
500
8000
5000
10000
18000
20000
15000
4000
3500
84000 84000
The firm was dissolved on 31st December,2008 on the following terms: 6marks
a) A promised to pay off Mrs. A 's loan and took away stock in trade at Rs 4000.
b) B took away half the investment at 10% discount.
c) Debtors realised Rs.19000.
d) Creditors and bills payable were due on an average basis one month after 31st December,
but they were paid immediately on 31st December, at a discount of 6% per annum.
e) Plant realised Rs.25000, building Rs40000,goodwill Rs6000 and remaining investments at Rs
45000.
f) There was an old typewriter in the firm which had been written off completely from the
books of the firm. It was now estimated to realised Rs300. Ti was taken away by Bat this
estimated price.
g) Realisation expenses were Rs.1000.
You are required to give necessary ledger accounts to close the books of the firm
Q15. Jain and gupta were partners in a firm sharing profit and losses in the ratio of 4:3. The following
is the balance sheet of the firm as on 31st December,1994
Balance sheet of jain and gupta ltd.
As on 31st December,1994
Liabilities Rs Assets Rs
Sundry creditors
Bills payable
Bank Overdraft
Capitals:
Jain 70000
Gupta 60000
20000
3000
17000
130000
Cash
Debtors 20500
Less:provision 300
Stock
Plant
Buildings
14800
20200
20000
40000
75000
170000 170000
They agreed to admit Mishra as partner with effect from 1st January,1995 with 1/4th share in profits
on the following terms:
1. Mishra will brings in capital to the extent of 1/4th of the total capital of the new firm after all
adjustment have been made.
2. Building is to be appreciated by Rs. 14000 and plant to be depreciated by Rs 7000.
3. The provision on debtors is to be raised to Rs.1000.
4. The goodwill of the firm has been valued at Rs 21000.
Prepare the Revaluation Account, Partners' Capita Account and Balance sheet of the firm
immediately after Mishra's admission. 8marks
Or
A,B and C were partners in a firm sharing profits and losses in the ration of 5:3:2 respectively. A died
on 28th February,2007. The balance sheet on that date was as follows:
Liabilities Rs Assets Rs
Capital A/Cs
A 12000
B 16000
C 12000
General Reserve
Creditors
40000
12000
22000
Machinery
Furniture
Stock
Debtors
Cash
35000
6000
15000
15000
3000
74000 74000
The firm had a joint Life Policy in the names of the partners, for insured value of Rs60000. The
premium paid on the policy was debited to profit and loss account. The partnership deed provided
that on the death of a partner the assets and liabilities are to be revalued. The assets and liabilities
were revalued as follows on A's death.
1. Machinery Rs 45000 and Furniture Rs 7000
2. A provision of 10% was created for Doubtful Debts.
3. A provision of Rs. 15000 was made for Taxation.
4. The goodwill of hte firm was valued at Rs 15000 on A's death.
5. Death claim for policy was realised in full.
The amount payable to A was transferred to his executor's account. You are required to prepare
Revaluation Account, Capital Accounts of the Partners and the Balance sheet of B and C.
16.`The Balance Sheet of A, B and C who are partners in a firm sharing profits and losses in
proportion to their capitals stood as on 31st December, 2009 was as under:
Liabilities Rs. Assets Rs.
Capital Account: Goodwill 20,000
A 80,000 Land and Building 1,20,000
B 60,000 Plant and Machinery 42,000
C 60,000 Inventory 47,800
Trade Creditors 40,000
Debtors
45,000
Bills Payable 25,000
Less: Provision
2,800
42,200
Reserve Fund 30,000 Bills Receivable 26,000
Workmen Compensation Fund 10,000 Typewriter 7,000
3,05,000 3,05,000
B retires on the above date and the following adjustments were to be made:
e. Plant and Machinery and Stock depreciated by 10% and Land and Buildings appreciated
by 20%.
f. Provision for legal charges to be made at Rs.3,320.
g. Provision for doubtful debts to be raised to 10% on debtors
h. Goodwill of the firm is fixed at Rs.60,000 at the time of retirement of B.
i. B will be paid Rs.15,000 in cash and balance will be transferred to his Loan Account.
j. The capitals of the new firm to be fixed at Rs.2,40,000. A and C decided to keep new
capitals in their new profit sharing ratio which is 2 : 1. Adjustment will be made by
opening current account.
Prepare Revaluation Account, Partners Capital Account and Balance Sheet after retirement of
B. (8)
OR
X, Y and Z were in partnership sharing profits and losses equally. X died on 31st October,
2009. The Balance Sheet of the firm as at 31st March, 2009 was as under:
Liabilities (Rs) Assets (Rs)
Sundry Creditors 31,200 Cash at Bank 8,000
General Reserve 12,000 Debtors 36,000
Investment Fluctuation
Fund
4,100 Inventory 56,000
Provision for Doubtful
Debts
3,700 Investments (Cost) 16,000
Capital Accounts: Freehold Property 60,000
X 60,000 Goodwill 27,000
Y 50,000
Z 42,000
2,03,000 2,03,000
On the date of death it was found that:
a. Freehold Property was worth Rs.80,000.
b. Debtors were all good.
c. Stock were valued at Rs.48,000
d. Investments were valued at Rs.15,000 and were taken over by Y at that value.
e. A liability for Workmen's Compensation for Rs.4,000 was to be provided for.
f. Goodwill was to be valued at 2 years purchase of average profits of last 5 years.
g. X's share of profit upto the date of death was to be calculated on the basis of last three
year's average profit.
h. The profits of the last five years were as follows: 2004-05 - Rs.21,000; 2005-06 -
Rs.27,000; 2006-07 - Rs.23,000; 2007-08 - Rs.22,000 and 2008-09 - Rs.27,000.
Prepare Revaluation Account, Partners Capital Account and Balance Sheet of the remaining
partners. (8)
PART-B
Analysis of Finansial analysis
Q17 Give any one important features of financial analysis. 1mark
Q18 Give any one advantage of CFS. 1marks
Q19 State the effects of changes in current assets and current liabilities on cash from operating
activities. 1marks
Q20 From the following Balance sheet of Arihant Textile Ltd; prepare a Comparative Balance Sheet
and comment upon the changes 3 marks
Balance sheet
As on 31st march,2007 and 2008
Liabilities 2007 2008 Assets 2007 2008
Current liabilities
Reserves
12% loan
Share capital
200000
300000
500000
500000
400000
200000
800000
1000000
Fixed Assets
(-) Accumulated
Depreciation
Current assets
1200000
200000
1800000
300000
1000000
500000
1500000
900000
1500000 2400000 1500000 2400000
Q21 Calculate the following ratios from the details given below: 4 marks
(i) Current ratio
(ii) Liquid ratio
(iii) Operating ratio
(iv) Gross profit ratio
Details:
Current assets = Rs 70000 sales =Rs 140000
Net working capital= Rs 30000 cost of goods sold= Rs 68000
Inventories = Rs 30000
Q22 From the following information, calculate (a) cost of goods sold, (b) opening stock and closing
stock, (c) quick assets and current assets,if
i) Stock turnover raio 5 times
ii) Stock at the end is Rs 10000 more than the stock in the beginning.
iii) Sales Rs 300000
iv) Gross profit ratio 25%
v) Current liabilities Rs 40000
vi) Quick ratio 0.75 4 marks
Q23 From the following particulars, prepare CFS 6marks
Liabilities 2005 2004 Assets 2005 2004
Equity share capital
12% pref. Share capital
Genral reserve
Profit and loss A/C
15% debentues
Creditors
Provision for taxation
80000
20000
4000
2400
14000
22000
8400
80000
------
4000
2000
12000
24000
6000
Fixed Assets
Less:- acc.
Depreciation
Debtors
Stock
Prepaid expenses
80000
30000
82000
22000
50000
48000
70000
1000
60000
40000
60000
600
Proposed dividend
Bank overdraft
11600
13600
10000
25000
Cash 7000 2400
176000 163000 176000 163000
Additional Information:
a) Tax paid Rs7000
b) Fixed assets sold for Rs. 10000, their cost Rs.20000 and accumulated depreciation till date of
sale on them Rs6000
c) Dividend paid during the year Rs.9000.
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