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CBSE Class 12 Board Exam 2016 : Accountancy

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SET-1 Series ONS U . Code No. U . 67/1 U U U- S - c U U Roll No. Candidates must write the Code on the title page of the answer-book. U - c U 31 - U U U U U- S - c U U U - 23 U M U , - 15 U - U q 10.15 10.15 10.30 U - U U - S U U Please check that this question paper contains 31 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 minute 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-book during this period. S ACCOUNTANCY U 3 U Time allowed : 3 hours 67/1 80 Maximum Marks : 80 1 P.T.O. (i) - U - U (ii) U (iii) U - U (iv) U U (v) U U S U General Instructions : (i) This question paper contains two parts - A and B. (ii) Part A is compulsory for all. (iii) Part B has two options - Analysis of Financial Statements and Computerized Accounting. (iv) Attempt only one option of Part B. (v) 67/1 All parts of a question should be attempted at one place. 2 U - ( U Z ) PART - A (Accounting for Partnership Firms and Companies) 1. 40 U U U S 1 A group of 40 people wants to form a partnership firm. They want your advice regarding the maximum number of persons that can be there in a partnership firm and the name of the Act under whose provisions it is given. 2. ., . U. U 3 : 2 : 1 U 1 8 . U 1 16 1 16 1 . . ., ., U. . P, Q and R were partners in a firm sharing profits in the ratio of 3 : 2 : 1. They admitted S as a new partner for 1 th share in the profits which he acquired 8 1 th 1 th from P and from Q. 16 16 Calculate new profit sharing ratio of P, Q, R and S. 67/1 3 P.T.O. 3. 28.2.2016 U U U m U U 50,000 U ` 2 U 1000 U U 750 U ` 4 U U U 1 S - - U U U $ c U On 28.2.2016 the first call of ` 2 per share became due on 50,000 equity shares alloted by Kumar Ltd. Komal a holder of 1000 shares did not pay the first call money. Kovil a holder of 750 shares paid the second and final call of ` 4 per share alongwith the first call. Pass the necessary journal entry for the amount received by opening calls - in - arrears and calls - in - advance account in the books of the company. 4. U U U U U U U 1 Distinguish between Dissolution of partnership and Dissolution of partnership firm on the basis of Economic Relationship . 5. , 2013 1 State the provisions of Companies Act, 2013 for the creation of Debenture Redemption Reserve . 6. U U U 5 : 3 U 31.3.2015 U ` 40,000 U U U ` 2,000 U U , U U U $ c U 67/1 4 1 Tom and Harry were partners in a firm sharing profits in the ratio of 5 : 3. During the year ended 31.3.2015 Tom had withdrawn ` 40,000. Interest on his drawings amounted to ` 2,000. Pass necessary journal entry for charging interest on drawings assuming that the capitals of the partners were fluctuating. 7. 2.3.2016 . U . U U ` 500 635, 9% 3 U S U $ c U ( ) 5% ^ U 10% U ( ) 12% U 6% U On 2.3.2016 L and B Ltd. issued 635, 9% debentures of ` 500 each. Pass necessary journal entries for the issue of debentures in the following situations : 8. (a) When debentures were issued at 5% discount, redeemable at 10% premium. (b) When debentures were issued at 12% premium, redeemable at 6% premium. (i) U , (ii) U (iii) U U S 3 State any three circumstances other than (i) death of a partner, (ii) admission of a partner and (iii) retirement of a partner when need for valuation of goodwill of a firm may arise. 67/1 5 P.T.O. 9. . U U . U U ` 15,00,000 ` 5,00,000 ` 13,68,500 ` 25,500 . U U m U . U U ` 100 25% U U 3 U . U U S U $ c U K Ltd. took over the assets of ` 15,00,000 and liabilities of ` 5,00,000 of P Ltd. for a purchase consideration of ` 13,68,500. ` 25,500 were paid by issuing a promissory note in favour of P Ltd. payable after two months and the balance was paid by issue of equity shares of ` 100 each at a premium of 25%. Pass necessary journal entries for the above transactions in the books of K Ltd. 10. U $ U U U U U U U U U U U U ` 10 8,50,000 ` 3 U U U U 20,00,000 3,00,000 Ug U U U U U U S U $ c U U U To provide employment to the youth and to develop Baramula district of Jammu and Kashmir, Jyoti Power Ltd. decided to setup a power plant. For raising funds the company decided to issue 8,50,000 equity shares of ` 10 each at a premium of ` 3 per share. The whole amount was payable on application. Applications for 20,00,000 shares were received. Applications for 3,00,000 shares were rejected and shares were alloted to the remaining applicants on pro - rata basis. Pass necessary journal entries for the above transactions in the books of the company and identify any two values which the company wants to propagate. 67/1 6 3 11. U 3 : 2 U 1 8 1.4.2014 4 U ` 1,50,000 U U U U U U U 2 : 3 U U 31.3.2015 ` 9,00,000 31.3.2015 , - U Vikas and Vivek were partners in a firm sharing profits in the ratio of 3 : 2. On 1.4.2014 they admitted Vandana as a new partner for 1 th share in the 8 profits with a guaranteed profit of ` 1,50,000. The new profit sharing ratio between Vivek and Vikas will remain the same but they decided to bear any deficiency on account of guarantee to Vandana in the ratio 2 : 3. The profit of the firm for the year ended 31.3.2015 was ` 9,00,000. Prepare Profit and Loss Appropriation Account of Vikas, Vivek and Vandana for the year ended 31.3.2015. 12. , U U 1 : 2 : 1 U S 31 U 30 U, 2015 ` 5,000 U - ` 30,000 ` 3,80,000 U Z , ` 90,000 , U U U S U $ c U 4 Manav, Nath and Narayan were partners in a firm sharing profits in the ratio of 1 : 2 : 1. The firm closes its books on 31st March every year. On 30th September, 2015 Nath died. On that date his capital account showed a debit balance of ` 5,000. There was a debit balance of ` 30,000 in the profit and loss account. The goodwill of the firm was valued at ` 3,80,000. Nath s share of profit in the year of his death was to be calculated on the basis of average profit of last 5 years, which was ` 90,000. Pass necessary journal entries in the books of the firm on Nath s death. 67/1 7 P.T.O. 13. U 3 : 7 U 1.4.2015 U ( U U ) s S U U ( ) U ` 5,00,000 U U S U U ` 1,40,000 U ( ) ` 50,000 ( ) ` 90,000 ` 3,60,000 U U U S U ` 45,000 S U U U U U ` 45,000 ` 43,000 ( ) U U ` 15,000 m U U S U $ c U Lal and Pal were partners in a firm sharing profits in the ratio of 3 : 7. On 1.4.2015 their firm was dissolved. After transferring assets (other than cash) and outsider s liabilities to realisation account, you are given the following information : (a) A creditor of ` 3,60,000 accepted machinery valued at ` 5,00,000 and paid to the firm ` 1,40,000. (b) A second creditor for ` 50,000 accepted stock at ` 45,000 in full settlement of his claim. (c) A third creditor amounting to ` 90,000 accepted ` 45,000 in cash and investments worth ` 43,000 in full settlement of his claim. (d) Loss on dissolution was ` 15,000. Pass necessary journal entries for the above transactions in the books of firm assuming that all payments were made by cheque. 67/1 8 6 14. U., . U . U 1 : 2 : 3 U 31.3.2015 S U U 31.3.2015 U U.1,00,000 . 50,000 . 25,000 6 U., . U . S U U C 50,000 20,000 30,000 U S U U U C 50,000 50,000 1,00,000 40,000 30,000 5,000 1,75,000 2,75,000 2,75,000 U., . U . U U- U U U 1.4.2015 ( ) ` 1,50,000 ( ) ` 80,000 U U 6% O ( ) ` 6,000 U S U , U , U U S U U 67/1 9 P.T.O. R, S and T were partners in a firm sharing profits in the ratio of 1 : 2 : 3. Their Balance Sheet as on 31.3.2015 was as follows : Balance Sheet of R, S and T as on 31.3.2015 Liabilities Amount C Assets Amount C Creditors 50,000 Land 50,000 Bills Payable 20,000 Building 50,000 General Reserve 30,000 Plant 1,00,000 Stock 40,000 R 1,00,000 Debtors 30,000 S 50,000 T 25,000 Bank Capitals : 5,000 1,75,000 2,75,000 2,75,000 R, S and T decided to share the profits equally with effect from 1.4.2015. For this it was agreed that : (a) Goodwill of the firm be valued at ` 1,50,000. (b) Land be revalued at ` 80,000 and building be depreciated by 6%. (c) Creditors of ` 6,000 were not likely to be claimed and hence be written off. Prepare Revaluation Account, Partner s Capital Accounts and the Balance Sheet of the reconstituted firm. 67/1 10 15. 1.4.2013 . . . U U ` 100 ` 1,00,00,000, 10% 6 $ U S 30,000 ` 99 U U Ug U (i) 1.4.2014 (ii) 28.2.2015 U U m U ` 50,00,000 U U (iii) 31.1.2016 U Ug U ` 19,99,000 U U S U $ c U On 1.4.2013 JJJ Ltd had ` 1,00,00,000, 10% Debentures of ` 100 each outstanding. (i) On 1.4.2014 the company purchased in the open market 30,000 of its own debentures for ` 99 each and cancelled the same immediately. (ii) On 28.2.2015 the company redeemed at par debentures of ` 50,00,000 by draw of a lot. (iii) On 31.1.2016 the remaining debentures were purchased for immediate cancellation for ` 19,99,000. Ignoring interest on debentures and debenture redemption reserve, pass necessary journal entries for the above transactions in the books of the company. 67/1 11 P.T.O. 16. . . U U ` 10 3,20,000 ` 5 U U U U U U - ` 3 (` 1 ) U U - ` 5 (` 2 ) U - 40,000 Ug U U U U U U U U U U U U U 800 U , U U U U U , 2,700 U U U 1,500 ` 8 U U 4,00,000 U S U $ c U . . . U U ` 10 1,00,000 ` 3 U U $ c U U U S U U U U S 67/1 12 8 . . . U U $ U . . . C C 2015 U 05 (1,40,000 C 6 ) U U 17 ( S U , 20,000 g U U U U U U ) U 17 (C 4 U U 20 U U ) ( U ) 67/1 13 P.T.O. 1 . . . U C C ( ) 20 3,000 ( ) 20 ( U U ) 15 3,000 ( U - ) ( ) 67/1 14 SK Ltd invited applications for issuing 3,20,000 equity shares of ` 10 each at a premium of ` 5 per share. The amount was payable as follows : On application - ` 3 per share (including premium ` 1 per share) On allotment - ` 5 per share (including premium ` 2 per share) On First and Final Call - Balance. Applications for 4,00,000 shares were received. Applications for 40,000 shares were rejected and application money refunded. Shares were alloted on pro-rata basis to the remaining applicants. Excess money received with applications was adjusted towards sums due on allotment. Jeevan holding 800 shares failed to pay the allotment money and his shares were immediately forfeited. Afterwards final call was made, Ganesh who had applied for 2,700 shares failed to pay the final call. His shares were also forfeited. Out of the forfeited shares 1,500 shares were re-issued at ` 8 per share fully paid up. The re-issued shares included all the forfeited shares of Jeevan. Pass necessary journal entries for the above transactions in the books of the company. OR BBG Ltd. had issued 1,00,000 equity shares of ` 10 each at a premium of ` 3 per share payable with application money. While passing the journal entries related to the issue, some blanks are left. You are required to complete these blanks. 67/1 15 P.T.O. Books of BBG Ltd. Journal Date Debit Credit L.F. Amount Amount C C Particulars 2015 Jan. 05 Dr. To (Application money received for 1,40,000 shares @ C 6 per share including premium) Jan. 17 Equity Share Application A/c Dr. To To To To (Application money transferred to share capital account, securities premium account, refunded for 20,000 shares for rejected applications and balance adjusted towards money due on allotment as shares were alloted on pro - rata basis) Jan. 17 . Dr. To (Allotment money due @ C 4 per share) Feb. 20 . Dr. To (Balance allotment amount received) 67/1 16 Date Debit Credit L.F. Amount Amount C C Particulars April 1 . Dr. To (First and Final Call money due) April 20 . Dr. Calls-in-arrears A/c Dr. 3,000 To (First and Final Call money received) May 20 . Dr. To To (Forfeited the shares on which First and Final Call was not received) June 15 . Dr. . Dr. 3,000 To (Forfeited shares re-issued) . Dr. To ( ) 67/1 17 P.T.O. 17. ., . . U 3 : 2 : 1 U 31.3.2015 S U U 31 2015 . . . S U U C U . 1,20,000 . 80,000 . 40,000 1,68,000 42,000 2,40,000 U S U U U U C 34,000 46,000 2,20,000 60,000 20,000 70,000 4,50,000 4,50,000 U . U (i) . . . . 2 : 2 : 1 : 1 (ii) (iii) $ U ` 36,000 (iv) U ` 58,000 U (v) ` 6,000 (vi) ` 1,80,000 . U U 1 6 . , U S U U 67/1 18 8 ., . . U 5 : 3 : 2 U 31.3.2015 S U U 31 2015 ., . . S U U U U - C 42,000 20,000 80,000 . . . 1,00,000 80,000 C 1,24,000 U U 40,000 38,000 U S U U U 24,000 30,000 80,000 6,000 74,000 40,000 2,20,000 32,000 3,62,000 3,62,000 U . U . . Z U U 67/1 (i) ` 1,02,000 (ii) U ` 8,000 (iii) U ` 2,000 U 19 P.T.O. (iv) . ` 14,000 S U U U U U 10% (v) . . 3 : 2 U , U S U U L, M and N were partners in a firm sharing profits in the ratio of 3 : 2 : 1. Their Balance Sheet on 31.3.2015 was as follows : Balance Sheet of L, M and N as on 31.3.2015 Liabilities Creditors General Reserve Amount C Assets 1,68,000 Bank 34,000 42,000 Debtors Capitals : Amount C 46,000 Stock 2,20,000 L 1,20,000 Investments 60,000 M 80,000 N 40,000 Furniture 20,000 Machinery 70,000 2,40,000 4,50,000 4,50,000 On the above date O was admitted as a new partner and it was decided that : 67/1 (i) The new profit sharing ratio between L, M, N and O will be 2 : 2 : 1 : 1. (ii) Goodwill of the firm was valued at ` 1,80,000 and O brought his share of goodwill premium in cash. 20 (iii) The market value of investments was ` 36,000. (iv) Machinery will be reduced to ` 58,000. (v) A creditor of ` 6,000 was not likely to claim the amount and hence was to be written off. (vi) O will bring proportionate capital so as to give him 1 th share in the profits 6 of the firm. Prepare Revaluation Account, Partner s Capital Accounts and the Balance Sheet of the New Firm. 67/1 21 P.T.O. OR J, H and K were partners in a firm sharing profits in the ratio of 5 : 3 : 2. On 31.3.2015 their Balance Sheet was as follows : Balance Sheet of J, H and K as on 31.3.2015 Liabilities Amount C Assets Amount C Creditors 42,000 Land and Building 1,24,000 Investment Fluctuation Fund Profit and Loss Account Capitals : 20,000 Motor Vans 40,000 80,000 Investments 38,000 Machinery 24,000 Stock 30,000 J 1,00,000 Debtors 80,000 H 80,000 Less : Provision 6,000 K 40,000 2,20,000 Cash 3,62,000 74,000 32,000 3,62,000 On the above date H retired and J and K agreed to continue the business on the following terms : (i) Goodwill of the firm was valued at ` 1,02,000. (ii) There was a claim of ` 8,000 for workmen s compensation. (iii) Provision for bad debts was to be reduced by ` 2,000. (iv) H will be paid ` 14,000 in cash and the balance will be transferred in his loan account which will be paid in four equal yearly instalments together with interest @ 10% p.a. (v) The new profit sharing ratio between J and K will be 3 : 2 and their capitals will be in their new profit sharing ratio. The capital adjustments will be done by opening current accounts. Prepare Revaluation Account, Partner s Capital Accounts and Balance Sheet of the new firm. 67/1 22 U - ( U ) PART - B (Analysis of Financial Statements) 18. U U U 1 Give the meaning of Cash Flow Statement . 19. l U , U g U , S ? U U U U U U U 1 An enterprise may hold securities and loans for dealing or trading purpose in which case they are similar to inventory acquired specifically for resale . Is the statement correct ? Cash Flows from such activities will be classified under which type of activity while preparing Cash Flow Statement ? 20. ( ) m U U U S U g U g 2+2=4 ( ) , 2013 III - 67/1 23 P.T.O. 21. (a) One of the objectives of Financial Statement Analysis is to judge the ability of the firm to repay its debt and assessing the short term as well as the long term liquidity position of the firm. State two more objectives of this analysis. (b) List any two items that are presented under the head other current liabilities and any two items that are presented under the head other current assets as per schedule III of the Companies Act, 2013. ( ) ? 2+2=4 ( ) U (S U ) ` 16,00,000; U (S U ) ` 2,20,000; 5% (a) What is meant by Activity Ratios ? (b) From the following information calculate inventory turnover ratio; Revenue from operations ` 16,00,000; Average Inventory ` 2,20,000; Gross Loss Ratio 5%. 2015 U U U - U U 22. 31 U U U U 67/1 31.3.2015 C U . 31.3.2014 C 50,00,000 40,00,000 2,00,000 10,00,000 U 10% U 50% 40% 24 4 U U U - U U U U U U S U U M - U - U U U Following is the Statement of Profit and Loss of Moon India Ltd. for the year ended 31st March 2015. Particulars Note No. 31.3.2015 C Revenue from operations Other Incomes 31.3.2014 C 50,00,000 40,00,000 2,00,000 Employee benefit expenses 60% of total Revenue 10,00,000 50% of total Revenue Other Expenses 10% of employee benefit expenses 20% of employee benefit expenses Tax Rate 50% 40% The motto of Moon India Ltd. is to produce and distribute green energy in the backward areas of India. It has also taken up a project of giving vocational training to the girls belonging to the backward areas of Rajasthan. You are required to prepare a comparative statement of Profit and Loss of Moon India Ltd. from the given statement of Profit and Loss and also identify any two values that the company wishes to convey to the society. 67/1 25 P.T.O. 23. 31.3.2015 . . U U S U U . . U U 31.3.2015 S U U . U U ( ) ( ) ( ) ( ) 31.3.2015 31.3.2014 C C I. (1) (2) (3) 5,00,000 4,00,000 1 2,00,000 (50,000) 2 4,50,000 5,00,000 3 1,50,000 50,000 4 70,000 90,000 13,70,000 9,90,000 5 10,03,000 7,20,000 6 20,000 30,000 1,00,000 75,000 50,000 60,000 1,07,000 45,000 90,000 60,000 13,70,000 9,90,000 U U ( ) S (i) (ii) ( ) U ( ) ( ) S U ( ) ( ) U U II. (1) (2) 7 67/1 26 6 U 31.3.2015 C U U (1) ( - - U ) (2) (3) (4) (5) (6) (7) 31.3.2014 C 2,00,000 (50,000) 2,00,000 (50,000) 4,50,000 4,50,000 5,00,000 5,00,000 1,50,000 50,000 1,50,000 50,000 70,000 90,000 70,000 90,000 U U 12,03,000 8,21,000 O (2,00,000) (1,01,000) 10,03,000 7,20,000 20,000 30,000 20,000 30,000 1,07,000 45,000 1,07,000 45,000 12% U U S ( ) U (i) 12% 31.3.2015 (ii) ` 70,000 U U U U 67/1 27 P.T.O. Following was the Balance Sheet of M.M. Ltd at on 31.3.2015. M.M. Ltd. Balance Sheet as at 31.3.2015 Note No. Particulars 31.3.2015 31.3.2014 C C I. Equity and Liabilities (1) Shareholder's Funds (a) Share Capital 5,00,000 4,00,000 1 2,00,000 (50,000) 2 4,50,000 5,00,000 (a) short-term borrowings 3 1,50,000 50,000 (b) short-term provisions 4 70,000 90,000 13,70,000 9,90,000 (b) Reserves and Surplus (2) Non-Current Liabilities Long- term borrowings (3) Current Liabilities Total II. Assets (1) Non-Current Assets (a) Fixed Assets (i) Tangible 5 10,03,000 7,20,000 (ii) Intangible 6 20,000 30,000 1,00,000 75,000 50,000 60,000 1,07,000 90,000 45,000 60,000 13,70,000 9,90,000 (b) Non-Current Investments (2) Current Assets (a) Current Investments 7 (b) Inventories (c) Cash and Cash Equivalents Total 67/1 28 Notes To Accounts Note Particulars No. (1) Reserves and Surplus (Surplus i.e. Balance in statement of Profit and Loss) (2) (3) (4) (5) (6) (7) 31.3.2015 C 31.3.2014 C 2,00,000 (50,000) 2,00,000 (50,000) 4,50,000 5,00,000 4,50,000 5,00,000 1,50,000 1,50,000 50,000 50,000 70,000 90,000 70,000 90,000 Machinery 12,03,000 8,21,000 Accumulated Depreciation (2,00,000) (1,01,000) 10,03,000 7,20,000 20,000 30,000 20,000 30,000 1,07,000 45,000 1,07,000 45,000 Long - term borrowings 12% Debentures Short - term borrowings Bank overdraft Short - term Provisions Provision for tax Tangible Assets Intangible Assets Goodwill Inventories Stock in trade Additional Information : (i) 12% Debentures were redeemed on 31.3.2015. (ii) Tax ` 70,000 was paid during the year. Prepare Cash Flow Statement. 67/1 29 P.T.O. U - ( ) PART - B (Computerized Accounting) 18. Uc U ( U U ) 1 List the steps that are involved in Data Processing Cycle . 19. U U U ? 1 How is Accounting data computed in a computerized accounting software ? 20. U U U U U U U U 4 State the steps to construct Bank Reconciliation Statement using accounting software tally. 21. U - S 4 ? Internal manipulation of records is much easier in computerized accounting than in manual accounting. How ? 22. U U ( U . . . .) U Explain any four advantages of Data Based Management System (DBMS). 67/1 30 4 23. U U U U $ U 6 ` 15,000 U U U ( ) , ( ) , ( ) U ( ) U U U - 31 , U 45%, U $ U S U U U U 12%, 25%, U U $ U S U U U $ U S U U U $ U S U U ` 1,000 ` 2,000 U Rohit Kumar is a non-supervisor. He took leave for half a day during the month. His basic pay is ` 15,000. On the basis of the following information using Excel, give the formulae to compute, (a) Basic Pay Earned; (b) DA; (c) House Rent Allowance and (d) Transport Allowance. Information : Number of working days in the month are - 31, Rate of D.A. 45% of basic pay, HRA for supervisory staff is 25% of basic pay, HRA for non-supervisory staff 12% of basic pay. Transport allowance for supervisory staff ` 2,000 per month and transport allowance for non-supervisory staff ` 1,000 per month. 67/1 31 P.T.O.

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