Class XII: Accountancy – 2008 (Set I)

February 7, 2009 by  
Filed under Class XII Question Papers

Accountancy

Part A

(Not for Profit Organizations, Partnership Firms and Company Accounts)

1. Distinguish between Income and Expenditure Account and Receipt and Payment Account on the basis of nature of items recorded therein.

2. Ram and Mohan are partners in a firm without any partnership deed. Their capitals are Ram Rs. 8,00,000 and Mohan Rs. 6,00,000. Ram is an active partner and looks after the business. Ram wants that profit should be shared in proportion of capitals. State with reason whether his claim is valid or not.

3. Define goodwill.

4. State any two reasons for the preparation of ‘Revolution Account’ on the admission of a partner.

5. Give the meaning of ‘minimum subscription’.

6. Calculate the amount of sports material to be debited to the Income and Expenditure Account of Capital Sports Club for the year ended 31.3.2007 on the basis of the following information:

1.4.2006

Rs.

31.3.2007

Rs.

Stock of sports material

7,500

6,400

Creditors for sports material

2,000

2,600

Amount paid for sports material during the year was Rs. 19,000.

7. Samta Ltd. forfeited 800 equity shares of Rs. 100 each for the non-payment of first call of Rs. 30 per share. The final call of Rs. 20 per share was not yet made. Out of the forfeited shares 400 were re-issued at the rate of Rs. 105 per share fully paid up.

Pass necessary journal entries in the books of Samta Ltd. for the above transactions.

8. Deepak Ltd. purchased furniture Rs. 2,20,000 from M/s Furniture Mart. 50% of the amount was paid to Furniture Mart by accepting a bill of exchange and for the balance the company issued 9% debentures of Rs. 100 each at a premium of 10% in favour of Furniture Mart.

Pass necessary journal entries in the books of Deepak Ltd. for the above transactions.

9. Kumar and Raja were partners in a firm sharing profits in the ratio of 7 : 3. Their fixed capitals were : Kumar Rs. 9,00,000 and Raja Rs. 4,00,000. The partnership deed provided for the following but the profit for the year was distributed without providing for :

(i) Interest on capital @ 9% per annum.

(ii) Kumar’s salary Rs. 50,000 per year and Raja’s salary Rs. 3,000 per month.

The profit for the year ended 31.3.2007 was Rs. 2,78,000.

Pass the adjustment entry.

10. P, Q and R were partners in a firm sharing profits in 2 : 2 : 1 ratio. The firm closes its books on 31 March every year. P died three months after the last accounts were prepared. On that date the goodwill of the firm was valued at Rs. 90,000. On the death of a partner his share of profit in the year of death was to be calculated on the basis of the average profits of the last four years. The profits of last four years were :

Year ended 31.3.2007 Rs. 2,00,000

Year ended 31.3.2006 Rs. 1,80,000

Year ended 31.3.2005 Rs. 2,10,000

Year ended 31.3.2004 Rs. 1,70,000 (Loss)

Pass necessary journal entries for the treatment of goodwill and P’s share of profit on his death. Show clearly the calculation of P’s share of profit.

11. Sagar Ltd. was registered with an authorised capital of Rs. 1,00,00,000 divided into 1,00,000 equity shares of Rs. 100 each. The company offered for public subscription 60,000 equity shares. Applications for 56,000 shares were received and allotment was made to all the applicants. All the calls were made and were duly received except the second and final call of Rs. 20 per share on 700 shares. Prepare the Balance Sheet of the company showing the different types of share capital.

12. Following is the Receipt and payment Account of Indian Sports Club for the year ended 31.12.2006 :

Receipts

Amount

Rs.

Payments Amount

Rs.

Balance b/d 10,000 Salary 15,000
Subscriptions 52,000 Billiards Table 20,000
Entrance Fee 5,000 Office Expenses 6,000
Tournament Fund 26,000 Tournament Expenses 31,000
Sale of old newspapers 1,000 Sports Equipment 40,000
Legacy 37,000 Balance c/d 19,000
1,31,000 1,31,000

Other Information :

On 31.12.2006 subscription outstanding was Rs. 2,000 and on 31.12.2005 subscription outstanding was Rs. 3,000. Salary outstanding on 31.12.2006 was Rs. 1,500.

On 1.1.2006 the club had building Rs. 75,000, furniture Rs. 18,000, 12% investment Rs. 30,000 and sports equipment Rs. 30,000. Depreciation charged on these items including purchases was 10%.

Prepare Income and Expenditure Account of the Club for the year ended 31.12.2006 and ascertain the Capital Fund on 31.12.2005.

13. K and Y were partners in a firm sharing profits in 3 : 2 ratio. They admitted Z as a new partner for 1/3rd share in the profits of the firm. Z acquired his share from K and Y in 2 : 3 ratio. Z brought Rs. 80,000 for his capital and Rs. 30,000 for his 1/3rd share as premium. Calculate the new profit sharing ratio of K, Y and Z and pass necessary journal entries for the above transactions in the books of the firm.

14. Pass necessary journal entries in the books of Varun Ltd. for the following transactions :

(i) Issued 58,000, 9% debentures of Rs. 1,000 each at a premium of 10%.

(ii) Converted 350, 9% debentures of Rs. 100 each into equity shares of Rs. 10 each issued at a premium of 25%.

(iii) Redeemed 450, 9% debentures of Rs. 100 each by draw of lots.

15. R,, S and T were partners in a firm sharing profits in 2 : 2 : 1 ratio. On 1.4.2004 their Balance Sheet was as follows :

Liabilities

Amount

Rs.

Assets Amount

Rs.

Bank Loan 12,800 Cash 51,300
Sundry Creditors 25,000 Bills Receivable 10,800
Capitals : Debtors 35,600
R 80,000 Stock 44,600
S 50,000 Furniture 7,000
T 40,000 1,70,000 Plant and Machinery 19,500
Profit and Loss A/c 9,000 Building 48,000
2,16,800 2,16,800

S retired from the firm on 1.4.2004 and his share was ascertained on the revaluation of assets as follows :

Stock Rs. 40,000; Furniture Rs. 6,000; Plant and Machinery Rs. 18,000; Building Rs. 40,000; Rs. 1,700 were to be provided for doubtful debts. The goodwill of the firm was valued at Rs. 12,000.

S was to be paid Rs. 18,080 in cash on retirement and the balance in three equal yearly installments.

Prepare Revaluation Account, Partner’s Capital Accounts, S’s Loan Account and Balance Sheet on 1.4.2004.

OR

DD and E were partners in a firm sharing profits in 3 : 1 ratio. On 1.4.2007 they admitted F as a new partner for 1/4th share in the firm which he acquired from D. Their Balance Sheet on that date was as follows :

Liabilities

Amount

Rs.

Assets Amount

Rs.

Creditors 54,000 Land and Building 50,000
Capitals : Machinery 60,000
D 1,00,000 Stock 15,000
E 70,000 1,70,000 Debtors 40,000
General Reserve 32,000 Less provision for

bad debts 3,000

37,000
Investments 50,000
Cash 44,000
2,56,000 2,56,000

F will bring Rs. 40,000 as his capital and the other terms agreed upon were :

(i) Goodwill of the firm was valued at Rs. 24,000.

(ii) Land and Building were valued at Rs. 70,000.

(iii) Provision for bad debts was found to be in excess by Rs. 800.

(iv) A liability for Rs. 2,000 included in sundry creditors was not likely to arise.

(v) The capital of the partners be adjusted on the basis of F’s contribution of capital to the firm.

(vi) Excess or shortfall, if any, to be transferred to current accounts.

Prepare Revaluation Account, Partner’s Capital Accounts and the Balance Sheet of the new firm.

16. Janata Ltd. invited applications for issuing 70,000 equity shares of Rs. 10 each at a premium of Rs. 2 per share. The amount was payable as follows :

On application Rs. 4 per share (including premium)

On allotment Rs. 3 per share

On first and final call – Balance.

Applications for 1,00,000 shares were received. Applications for 10,000 shares were rejected. Shares were allotted to the remaining applicants on pro-rata basis. Excess money received with applications were adjusted towards sums due on allotment. All calls were made and were duly received except first and final call on 700 shares allotted to Kanwar. His shares were forfeited. The forfeited shares were re-issued for Rs. 77,000 fully paid up.

Pass necessary journal entries in the books of the company for the above transactions.

OR

Shubham Ltd. invited applications for the allotment of 80,000 equity shares of Rs. 10 each at discount of 10%. The amount was payable as follows :

On application Rs. 2 per share

On allotment Rs. 3 per share

On first and final call – Balance.

Applications for 1,10,000 shares were received. Applications for 10,000 shares were rejected. Shares were allotted on pro-rata basis to the remaining applicants. Excess application money received on application was adjusted towards sums due on allotment. All calls were made and were duly received. Manoj who had applied for 2000 shares failed to pay the allotment and first and final call. His shares were forfeited. The forfeited shares were re-issued for Rs. 24,000 fully paid up.

Pass necessary journal entries in the books of the company for the above transactions.

Part B

(Analysis of Financial Statements)

17. The stock turnover ratio of a company is 3 times. State, giving reason, whether the ratio improves, declines or does not change because of increase in the value of closing stock by Rs. 5,000.

18. State whether the payment of cash to creditors will result in inflow, outflow or no flow of cash.

19. Dividend paid by a manufacturing company is classified under which kind of activity while preparing cash flow statement?

20. Show the major headings on the liabilities side of the Balance Sheet of a company as per Schedule VI Part I of the Companies Act, 1956.

21. From the following information prepare a Comparative Income Statement of Victor Ltd. :

2006

Rs.

2007

Rs.

Sales

15,00,000

18,00,000

Cost of goods sold

11,00,000

14,00,000

Indirect Expenses

20% of Gross Profit

25% of Gross Profit

Income Tax

50%

50%

22. From the following information calculate any two of the following ratios :

(i) Net Profit Ratio

(ii) Debt-Equity Ratio

(iii) Quick Ratio

Information :

Rs.

Paid up Capital

20,00,000

Capital Reserve 2,00,000
9% Debentures 8,00,000
Net Sales 14,00,000
Gross Profit 8,00,000
Indirect Expenses 2,00,000
Current Assets 4,00,000
Current Liabilities 3,00,000
Opening Stock 50,000

Closing Stock – 20% more than opening stock.

23. From the following Balance Sheets of Som Ltd. as on 31.3.2006 and 31.3.2007 prepare a Cash Flow Statement :

Liabilities

2006

Amount

Rs.

2007 Amount

Rs.

Assets

2006

Amount

Rs.

2007

Amount

Rs.

Equity Share Capital 2,00,000 5,00,000 Fixed Assets 3,00,000 4,50,000
Profit and Loss 1,25,000 25,000 Stock 1,00,000 1,50,000
10% Debentures 1,00,000 75,000 Debtors 75,000 1,25,000
8% Preference Share Capital 50,000 75,000 Bank 45,000 65,000
General Reserve 45,000 1,15,000
5,20,000 7,90,000 5,20,000 7,90,000

During the year a machine costing Rs. 70,000 was sold for Rs. 15,000. Dividend paid Rs. 24,000.

Part C

(Computerised Accountancy)

24. What are the subsystems (types) in the Computerised Accounting System ?

25. Explain the concept of Data Definition Language (DDL).

26. Differentiate between Database and File.

27. What are the limitations of the computerised accounting system ?

28. What are the disadvantages of DBMS ?

29. Write the formulae for a spreadsheet to compute the depreciation and written down value of assets. The following are the rates of depreciation :

Plant and Machinery : 20%; Computers : 35%; Furniture : 25%; Motor vehicles : 20%. Round off calculations to the nearest rupee.

Assets Opening value Depreciation Written down value
Plant and Machinery 6,25,000
Computers 7,24,000
Furniture and Fittings 99,000
Motor Vehicles 3,89,000

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