2011 CBSE Accountancy question paper Question paper
Sample Paper – 2011
Class – XII
|| PART A;: PARTNERSHIP AND COMPANY ACCOUNTS ||
1 Not –for-profit organization have some distinguishing features from that of profit organizations. State any one of them. 1
2 State the two main contents which are included in a partnership deed. 1
3 Give any two factors which influence the valuation of Goodwill of a partnership firm. 1
4 What is revaluation account? 1
5 What is meant by over subscription? 1
6 What amount of sports material will be posted to Income and Expenditure account for the year will be ended March 31, 2007 as expenditure? :
Stock of sports materials as on April 1, 2006 7,500
Creditors for sports material as on April 1, 2006 2,000
Stock of sports material as on March 31, 2007 6,200
Amount paid for sports material during the year 2006-07 17,000
Advance paid for sports material as on March 31, 2007 3,500
Creditors for sports material as on March 31, 2007 1,200 3
7 Rukmani Ltd. with paid up share capital on Rs. 60,00,000 has a balance of Rs. 15,00,000 in Securities premium account. The company management does not want to carry over this balance. You are required to suggest the method for utilizing this premium money that would achieve the object of the management and maximize the return to shareholders. 3
8 Enumerate the various methods of redemption of debentures. 3
9 M, N and O are partners in a firm having fixed capital of Rs. 1,50,000; Rs. 75,000 and Rs. 60,000 respectively sharing 5 : 3 : 2. The rate of interest on capital was agreed at 10% per annum but was wrongly credited to them as 12% p.a. Give the necessary adjustment entry to adjust then balances of partner's capital account. 4
10 X. Y and Z shared profits and loss equally. They mutually decided to change their ratio to 5 : 3 : 2. respectively. On the date of change in ratio, goodwill of the firm was valued 75,000 and they had the following undistributed profits and losses, which need to be adjusted because of the change in their ratio.
(a) General reserve Rs. 34,000; (b) Profit & loss account Rs. 38,000
(c) Advertisement suspense account Rs. 12,000.
Give one journal entry for all to make the necessary adjustments. 4
11 Rohit Ltd. purchased assets from Roshan & Co.' for Rs. 7,00,000. A sum of Rs. 1,50,000 was paid by means of a bank draft and for the balance due Rohit Ltd. issued Equity shares of Rs. 50 each at a premium of 10%. Journalise the above transaction in the books of Rohit Ltd. 4
12 (a) Gopalan Ltd. purchased 5,000 of its own 8% debentures of Rs. 100 each at Rs. 987 per debentures. It also purchased another lot of 600 debentures of the same series at Rs. 986. The debentures were purchased for the purpose of cancellation. Record necessary journal entries in the books of the company.
(b) On 1st January 2006 Fast Computers Ltd. issued 5,00,000, 6% debentures of Rs. 100 each at discount 4%, redeemable at a premium of 5% after three years. Record the necessary journal entries at the time of issue and redemption. 6
13 From the following Receipt and payment account of Sant Roshan Kalyan club, prepare Income and Expenditure account and balance sheet for the year ending December 31, 2007.
Receipt Amount Payment Amount
Cash in hand as on 1.1.07 6,800 Salaries 24,000
Subscription 60,200 traveling Expenses 6,000
Sale of furniture 4,000 Stationery 2,300
(book value of Rs. 6,000) Rent 16,000
Donation 3,000 Repair 700
Entrance fees 800 Books purchased 6,000
Life Membership Fees 7,000 Building purchased 30,000
Interest on investment 5,000 Cash in hand as 31, 12. 2007 1,800
(@ 5% for full year)
As on As on
(i) Subscription received in advance 1,000 3,200
(ii) Outstanding subscription 2,000 3,700
(iii) Stock of stationery 1,200 800
(iv) Books 13,500 16,500
(v) Furniture 16,000 8,000
(v) Outstanding rent 1,000 2,000 6
14 Black and Brown are partners. The partnership deed provided inter alia as follows:
(i) That the accounts be balanced 31st March each year.
(ii) That the profit be divided as follows:
Black one- half; Brown one-third and one sixth carried to a Reserve account.
(iii) That in the event of death of partner, his Executor will be entitled to be paid out:
(a) The capital to his credit at the date of death.
(b) Interest on capital be provided at 12% p.a.
(c) His proportion of profit to date of death based on the average profits of the last three completed years plus 10%.
(d) His share of goodwill based on three years' purchased of the average profits for the three preceding completed years less 5%.
(e) His proportion of Reserve at the date of the last balance sheet.
On 31st March, 2007 the ledger balance were:
Particulars Dr. balances Cr. Balances
Black capital 93,000
Brown capital 62,000
Bills Receivable account 20,000
Profit & Loss account 5,000
The profits for the last three years were : Rs. 45,000; Rs. 42,000; Rs. 48,000 respectively.
Black died on 1st August, 2007.
Prepare Black's capital account and Black Executor's account as on 1st August 2007
15 Sonam Ltd. invited applications for issuing 1,00,000 shares of Rs. 10 each at a discount of 10%. Rs. 4 per share were payable on application and the balance after discount on allotment. Applications for 2,00,000 shares were received. Shares were allotted proportionately to all applicants. An applicant who was allotted 1,500 shares failed to pay the allotment money. His shares were, therefore forfeited. The forfeited shares were reissued at Rs. 6 per share as fully paid. Pass necessary journal entries in the books of the company.
(a) A company forfeited 100 equity shares of Rs. 100 each issued at a premium of 50% (to be paid at the time of allotment) on which first call money of Rs. 30 per share was not received; final call of Rs. 20 is yet to be made. Out of these, 75 shares were reissued at Rs. 70 per share at Rs. 80 paid up.
Give necessary journal entries regarding forfeiture and re-issue of shares.
(b) A Ltd. company issued 1,000 equity shares of Rs. 100 each as fully paid up in consideration of the purchase of plant and machinery worth Rs. 99,000.
(c) The directors of DHU Ltd., resolved on 1st January 2007 that 100 equity shares of Rs. 10 each, 8 paid be forfeited for non-payment of final call of Rs. 2. On 1st February 2007, 50 of these shares were re-issued at Rs. 7 per share fully paid up. Give necessary journal entries.
16 X and Y were partners in a firm sharing profits in the ratio of 3 : 2. On 31. 2. 2005 their balance sheet was as follows:
Liabilities Amount Assets Amounts
Sundry Creditors 50,000 Land and Building 1,00,000
Bills payable 20,000 Machinery 80,000
Reserve 10,000 Stock 1,00,000
Outstanding Expenses 10,000 Bills Receivable 5,000
Capital account X 1,80,000 Debtors 40,000
Y 70,000 Cash 15,000
On the above date Z was admitted as a new partner in a firm for ¼ share in the profits on the following terms:
(i) Z will bring Rs. 1,20,000 for his capital and Rs. 20,000 for his share as premium for goodwill.
(ii) Machinery was to be depreciated by 10% and Land and building was to be appreciated by Rs. 30,000.
(iii) Stock was overvalued by Rs. 20,000.
(iv) A provision of 5% was to be created for doubtful debts.
(v) Salary outstanding was Rs. 5,000.
Prepare Revaluation Account, Partner's capital Accounts and the Balance sheet of the new firm.
E, F and G were partners in a firm sharing profits in the ration of 3 : 1 : 1. On 31. 3 2005 their balance sheet was as follows:
Liabilities Amount Assets Amounts
Sundry Creditors 90,000 Bank 31,000
Bills payable 30,000 Debtors 70,000 Provision for doubtful debts 2,000 Stock 80,000
Capital accounts E 1,50,000 Building 2,70,000
F 1,00,000 Profit and Loss A/c 20,000
On the above data F retired on the following terms:
(i) Building was to be appreciated by 10%.
(ii) 10% provision for doubtful debts was to be made on sundry debtors.
(iii) Creditors Rs. 10,000 will not be claimed.
(iv) There was an outstanding bill for repairs Rs. 2,000.
(v) Goodwill of the firm was valued at Rs. 75,000 and not goodwill account was to be opened for its treatment.
(vi) F was to paid Rs. 20,000 in cash and the balance was to be transferred to his Loan account.
Prepare Revaluation account, Partner's Capital account and Balance sheet of E and G after F's retirement. 8
Part B – Analysis of Financial Statement
17 The debt-equity ratio of a company is 2: 1. what will be effect of redemption of debentures covert into preference share. 1
18 For each of the following items, state how it would be reported in the cash flow statement.
(a) Purchased land Rs. 10,00,000 and paid by issue of equity shares of the same amount to the vender.
(b) Received cash Rs. 2,00,000 from debtors. 1
19 Explain briefly the term cash Equivalent. 1
20 What are the items shown under the heading "Reserve and Surplus" and "miscellaneous Expenditure"?
(Three each) 3
21 Prepare a "Common-Size Income statement" with help of the following information:
Particulars 2005 2006
Gross Sales 3,00,000 3,60,000
Less ; Returns 6,000 12,000
Cost of goods sold 1,74,000 1,08,000
Other expenses 50,000 60,000
Income tax Rate 50% 50%
22 (a) X Ltd. has a current ratio of 3.5 : 1 and Quirk ratio of 2 : 1. If excess of current assets over quick assets represented by stock is Rs. 24,000. Calculate current assets and current liabilities.
(b) Calculate Stock turnover ratio if Sales Rs. 4,00,000, Average stock Rs. 55,000, gross Loss ratio 10%. (4)
23 Calculate Cash flows from operating activities from the following information:
Profit and Loss account for the year ended March 31, 2006
Expenses/Losses Amount Revenues/gains Amount
Rent 10,000 Gross profit 50,000
Salary 25,000 Profits on sale of machinery 2,000
Depreciation 5,000 Income tax refund 3,000
Loss on Sale of equipment 3,000
Goodwill written off 2,000
Provision for taxation 2,000
April 01, 2005 March 31. 2006
Provision for tax 10,000 18,000
Outstanding rent 2,000 2,500
Creditors 21,000 25,000
Debtors 15,000 21,000
Inventories 25,000 22,000
Prepaid insurance 5,000 5,500
Accrued Commission 3,000 2,000
Interest received in advance 8,000 6,000 (6)
Return to question paper search