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CBSE Class XII 2014 : ACCOUNTANCY

24 pages, 77 questions, 12 questions with responses, 15 total responses,

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H$moS> Z . Series OSR Code No. amob Z . 67/1 narjmWu H$moS >H$mo C ma-nwp VH$m Ho$ _wI-n >na Ad ` {bIo & Roll No. Candidates must write the Code on the title page of the answer-book. H $n`m Om M H$a b| {H$ Bg Z-n _o _w{ V n > 24 h & Z-n _| Xm{hZo hmW H$s Amoa {XE JE H$moS >Z ~a H$mo N>m C ma-nwp VH$m Ho$ _wI-n > na {bI| & H $n`m Om M H$a b| {H$ Bg Z-n _| 25 Z h & H $n`m Z H$m C ma {bIZm ew $ H$aZo go nhbo, Z H$m H $_m H$ Ad ` {bI| & Bg Z-n H$mo n T>Zo Ho$ {bE 15 {_ZQ >H$m g_` {X`m J`m h & Z-n H$m {dVaU nydm _| 10.15 ~Oo {H$`m OmEJm & 10.15 ~Oo go 10.30 ~Oo VH$ N>m Ho$db Z-n H$mo n T>|Jo Am a Bg Ad{Y Ho$ Xm amZ do C ma-nwp VH$m na H$moB C ma Zht {bI|Jo & Please check that this question paper contains 24 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 25 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-book during this period. boImem ACCOUNTANCY {ZYm [aV g_` : 3 K Q>o A{YH$V_ A H$ : 80 Time allowed : 3 hours 67/1 Maximum Marks : 80 1 P.T.O. gm_m ` {ZX}e : (i) `h Z-n VrZ ^mJm| _| {d^ $ h H$, I Am a J & (ii) ^mJ H$ g^r N>m m| Ho$ {bE A{Zdm` h & (iii) narjm{W `m| H$mo eof ^mJ I Am a J _| go H$moB EH$ ^mJ hb H$aZm h & (iv) {H$gr Z Ho$ g^r ^mJm| Ho$ C ma EH$ hr WmZ na {b{IE & 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. ^mJ H$ (gmPoXmar \$_m] VWm H$ n{Z`m| Ho$ {bE boIm H$Z) PART A (Accounting for Partnership Firms and Companies) 1. E g, dmB VWm O S> gmPoXma Wo VWm 1 3 , 2 10 Ed 1 5 Ho$ AZwnmV _| bm^m| H$m ~ Q>dmam H$a aho Wo & E g \$_ go godm{Zd m hmo J`m & eof gmPoXmam| Ho$ A{Ybm^ AZwnmV H$s JUZm H$s{OE & 1 1 3 1 and . , 2 10 5 X retired from the firm. Calculate the gaining ratio of the remaining partners. X, Y and Z were partners sharing profits in the ratio of 2. EH$ ZE do{eV gmPoXma mam m A{YH$mam| H$m C oI H$s{OE & 1 State the rights acquired by a newly admitted partner. 3. `m`mb` Ho$ h Vjon Ho$ AmYma na gmPoXmar Ho$ g_mnZ VWm gmPoXmar \$_ Ho$ g_mnZ _| A V^}X H$s{OE & Distinguish between Dissolution of partnership and Dissolution of partnership firm on the basis of Court s intervention. 67/1 2 1 4. EH$ gmPoXmar \$_ Ho$ nwZJ R>Z H$m AW Xr{OE & 1 Give the meaning of Reconstitution of a partnership firm . 5. S>r {b{_Q>oS> Zo 10 < `oH$ Ho$ 10,00,000 g_Vm A em| Ho$ {ZJ _Z Ho$ {bE AmdoXZ Am_p V {H$E & 8,55,000 A em| Ho$ {bE AmdoXZ m h E & `m H$ nZr A em| Ho$ Am~ Q>Z H$s H$m` dmhr H$a gH$Vr h ? AnZo C ma Ho$ g_W Z _| H$maU Xr{OE & 1 D Ltd. invited applications for issuing 10,00,000 equity shares of < 10 each. The public applied for 8,55,000 shares. Can the company proceed for the allotment of shares ? Give reason in support of your answer. 6. A {b{_Q>oS> Zo 10 < `oH$ Ho$ 100 g_Vm A em| H$mo Omo 20% Ho$ r{_`_ na {ZJ {_V {H$E JE Wo, 5 < H$s Ap V_ _m J am{e {Og_| r{_`_ ^r gp _{bV h , H$m ^wJVmZ Zht H$aZo na haU H$a {b`m & ~ >o H$s Cg A{YH$V_ am{e H$m C oI H$s{OE {Og na BZ A em| H$m nwZ {ZJ _Z {H$`m Om gH$Vm h & 1 A Ltd. forfeited 100 equity shares of < 10 each issued at a premium of 20% for the non-payment of final call of < 5 including premium. State the maximum amount of discount at which these shares can be re-issued. 7. g_nmp d H$ {V^y{V Ho$ $n _| G$Un m| Ho$ {ZJ _Z go `m A{^ m` h ? 1 What is meant by issue of debentures as collateral security ? 8. ho_ V VWm {Zem V EH$ \$_ _| gmPoXma Wo VWm 3 : 2 Ho$ AZwnmV _| bm^m| H$m ~ Q>dmam H$a aho Wo & CZH$s ny Or H $_e 1,60,000 < Am a 1,00,000 < Wt & 1 A b, 2013 H$mo C hm|Zo ^mdr bm^m| _| 1/5 ^mJ Ho$ {bE gmo_oe H$mo ZE gmPoXma Ho$ $n _| {d > {H$`m & gmo_oe AnZr ny Or Ho$ $n _| 1,20,000 < bm`m & \$_ H$s `m{V Ho$ _y ` H$s JUZm H$s{OE VWm Cn`w $ boZXoZm| Ho$ {bE gmo_oe Ho$ doe na Amd `H$ amo OZm_Mm {d{ >`m H$s{OE & 3 Hemant and Nishant were partners in a firm sharing profits in the ratio of 3 : 2. Their capitals were < 1,60,000 and < 1,00,000 respectively. They admitted Somesh on 1st April, 2013 as a new partner for 1/5 share in the future profits. Somesh brought < 1,20,000 as his capital. Calculate the value of goodwill of the firm and record necessary journal entries for the above transactions on Somesh s admission. 67/1 3 P.T.O. 9. Q>mQ>m {b{_Q>oS> Zo 1 A b, 2012 H$mo 100 < `oH$ Ho$ 5,000, 10% G$Un m| H$m {ZJ _Z {H$`m & {ZJ _Z na nyU $n go A{^XmZ h Am & {ZJ _Z H$s eVm] Ho$ AZwgma G$Un m| na `mO AY dm{f H$ AmYma na 30 {gV ~a VWm 31 _mM H$mo Xo` hmoVm h VWm moV na H$a H$s H$Q>m Vr 10% h & 31 _mM , 2013 H$mo g_m hmoZo dmbo AY dm{f H$ `mO go g ~p YV VWm G$Un m| Ho$ `mO H$mo bm^-hm{Z {ddaU _| WmZm V[aV H$aZo H$r Amd `H$ amo OZm_Mm {d{ >`m H$s{OE & 3 Tata Ltd. issued 5,000, 10% Debentures of < 100 each on 1st April, 2012. The issue was fully subscribed. According to the terms of issue, interest on debentures is payable half-yearly on 30th September and 31st March and tax deducted at source is 10%. Pass the necessary journal entries related to the debenture interest for the half-yearly ending on 31st March, 2013 and transfer of interest on debentures to Statement of Profit and Loss. 10. {Z Z{b{IV n[ap W{V`m| _| Amd `H$ amo OZm_Mm {d{ >`m H$s{OE : (i) gZamB O {b{_Q>oS> Zo 100 < `oH$ Ho$ 500, 9% G$Un m| {OZH$m {ZJ _Z 10% Ho$ ~ >o na {H$`m J`m Wm, H$mo 100 < `oH$ Ho$ g_Vm A em| _| n[ad{V V H$aHo$ {H$`m & g_Vm A em| H$mo 25% Ho$ r{_`_ na {ZJ {_V {H$`m J`m Wm & (ii) {~ Q>m{Z`m {b{_Q>oS> Zo 100 < `oH$ Ho$ 3,000, 12% G$Un m| {OZH$m {ZJ _Z 10 < {V G$Un Ho$ ~ >o na {H$`m J`m Wm, H$m emoYZ B h| 100 < `oH$ Ho$ g_Vm A em| Omo 90 < {V A e X m Wo, _| n[ad{V V H$aHo$ {H$`m & Pass necessary journal entries in the following cases : (i) Sunrise Ltd. converted 500, 9% debentures of < 100 each issued at a discount of 10% into equity shares of < 100 each issued at a premium of 25%. (ii) Britannia Ltd. redeemed 3,000, 12% debentures of < 100 each which were issued at a discount of < 10 per debenture by converting them into equity shares of < 100 each, < 90 paid up. 67/1 4 3 11. qgh Ed Jw m Zo H$_ H$s_V dmbo OyQ> ~ J ~ZmZo Ho$ {bE EH$ gmPoXmar \$_ ew $ H$aZo H$m {ZU ` {b`m `m|{H$ bmp Q>H$ ~ J {d{^ H$ma H$s n`m daU g ~ Yr g_ `mE C n H$a aho Wo & BgHo$ {bE C hm|Zo 1 A b, 2012 H$mo H $_e 1,00,000 < VWm 50,000 < H$s ny Or `dgm` _| bJmB & qgh Zo e{ $ H$mo {~Zm ny Or Ho$ gmPoXma Ho$ $n _| \$_ _| {d > H$amZo H$s AnZr B N>m ` $ H$s & e{ $ CgH$m {deof $n go `mo ` bo{H$Z A `{YH$ g OZm _H$ Ed ~w{ _mZ {_ h & Jw m Zo Bgo drH$ma H$a {b`m & gmPoXmar H$s eV] {Z Z{b{IV Wt : (i) qgh, Jw m Ed e{ $ 2 : 2 : 1 Ho$ (ii) ny Or na 6% dm{f H$ Xa go `mO {X`m OmEJm & AZwnmV _| bm^m| H$m ~ Q>dmam H$a|Jo & ny Or H$s H$_r Ho$ H$maU 30 {gV ~a, 2012 H$mo qgh Zo 25,000 < VWm 1 OZdar, 2013 H$mo Jw m Zo 10,000 < H$s A{V[a $ ny Or bJmB & 31 _mM , 2013 H$mo g_m hmoZo dmbo df Ho$ {bE \$_ H$m bm^ 1,68,900 < Wm & (A) Eogo H$moB Xmo _y ` nhMm{ZE Omo \$_ g_mO H$mo g o{fV H$aZm MmhVr h & (~) 31 _mM , 2013 H$mo g_m hmoZo dmbo df Ho$ {bE bm^-hm{Z {d{Z`moOZ ImVm V `ma H$s{OE & 4 Singh and Gupta decided to start a partnership firm to manufacture low cost jute bags as plastic bags were creating many environmental problems. They contributed capitals of < 1,00,000 and < 50,000 on 1st April, 2012 for this. Singh expressed his willingness to admit Shakti as a partner without capital, who is specially abled but a very creative and intelligent friend of his. Gupta agreed to this. The terms of partnership were as follows : (i) Singh, Gupta and Shakti will share profits in the ratio of 2 : 2 : 1. (ii) Interest on capital will be provided @ 6% p.a. Due to shortage of capital, Singh contributed < 25,000 on 30th September, 2012 and Gupta contributed < 10,000 on 1st January, 2013 as additional capital. The profit of the firm for the year ended 31st March, 2013 was < 1,68,900. (a) (b) 67/1 Identify any two values which the firm wants to communicate to the society. Prepare Profit and Loss Appropriation Account for the year ending 31st March, 2013. 5 P.T.O. 12. _mo{ZH$m, gmo{ZH$m VWm _ em EH$ \$_ _| gmPoXma Wt VWm H $_e 2 : 2 : 1 Ho$ AZwnmV _| bm^m| H$mo {d^m{OV H$a ahr Wt & 31 _mM , 2013 H$mo CZH$m p W{V {ddaU {Z Z{b{IV Wm : 31 _mM , 2013 H$mo p W{V {ddaU am{e Xo`VmE < ny Or : am{e g n{ m`m < Wm`r g n{ m`m 3,60,000 _mo{ZH$m 1,80,000 Q>m H$ 60,000 gmo{ZH$m 1,50,000 XoZXma 1,20,000 amoH$ S> 2,70,000 _ em 90,000 4,20,000 g M` H$mof 1,50,000 boZXma 2,40,000 8,10,000 8,10,000 30 OyZ, 2013 H$mo gmo{ZH$m H$s _ `w hmo JB & eof gmPoXmam| Am a CgHo$ C mam{YH$mar Ho$ ~rM gh_{V h B {H$ (A) \$_ H$s `m{V H$m _y `m H$Z {nN>bo Mma dfm] Ho$ Am gV bm^ Ho$ ~am~a hmoJm & Am gV bm^ 2,00,000 < Wm & 3 dfm] Ho$ H $` Ho$ (~) ny Or na 12% dm{f H$ Xa go `mO {X`m OmEJm & (g) _ `w H$s {V{W VH$ bm^m| _| CgHo$ {h go H$s JUZm {nN>bo Mma dfm] Ho$ Am gV bm^ Ho$ AmYma na H$s OmEJr & 30 OyZ, 2013 H$mo 67/1 gmo{ZH$m H$m ny Or ImVm V `ma H$s{OE & 6 4 Monika, Sonika and Mansha were partners in a firm sharing profits in the ratio of 2 : 2 : 1 respectively. On 31st March, 2013 their Balance Sheet was as under : Balance Sheet as on 31st March, 2013 Amount Liabilities < Capitals : Assets Fixed Assets Monika 1,80,000 Stock Sonika 1,50,000 Debtors Mansha 90,000 4,20,000 Cash Reserve Fund < 3,60,000 60,000 1,20,000 2,70,000 1,50,000 Creditors Amount 2,40,000 8,10,000 8,10,000 Sonika died on 30th June, 2013. It was agreed between her executors and the remaining partners that (a) Goodwill of the firm be valued at 3 years purchase of average profits for the last four years. The average profits were < 2,00,000. (b) Interest on capital be provided at 12% p.a. (c) Her share in the profits upto the date of death will be calculated on the basis of average profits for the last four years. Prepare Sonika s Capital Account as on 30th June, 2013. 67/1 7 P.T.O. 13. 1 A b, 2012 H$mo {H$`m J`m Omo 10,00,000 < H$s 10 < `oH$ Ho$ A{YH $V ny Or Ho$ gmW {d dmg {b{_Q>oS> H$m {Z_m U 1,00,000 g_Vm A em| _| {d^m{OV Wr & H$ nZr Zo 90,000 g_Vm A em| Ho$ {bE {ddaU {ZJ {_V H$a AmdoXZ Am_ { V {H$E & H$ nZr H$mo 85,000 g_Vm A em| Ho$ {bE AmdoXZ m h E & W_ df _| H$ nZr Zo `mMZm H$s & am_ Zo Omo Wm, 2< 1,000 A em| H$m YmaH$ Wm VWm `m_ Zo Omo 8 < {V A e H$s 2,000 A em| H$m YmaH$ {V A e H$s W_ `mMZm am{e H$m ^wJVmZ Zht {H$`m & W_ `mMZm Ho$ ~mX `m_ Ho$ A em| H$m haU H$a {b`m J`m VWm ~mX _| haU {H$E JE 1,500 A em| H$mo 6< {V A e, 8 < `m{MV na nwZ {ZJ {_V H$a {X`m J`m & {Z Z{b{IV Xem BE : (A) H$ nZr A{Y{Z`_, 1956 H$s n[aemo{YV gmaUr p W{V {ddaU _| A e ny Or & (~) VI ^mJ I Ho$ AZwgma H$ nZr Ho$ Cgr Ho$ {bE ImVm| Ho$ ZmoQ> g ^r ~ZmBE & On 1st April, 2012, Vishwas Ltd. was formed with an authorised capital of < 10,00,000 divided into 1,00,000 equity shares of < 10 each. The company issued prospectus inviting applications for 90,000 equity shares. The company received applications for 85,000 equity shares. During the first year, < 8 per share were called. Ram holding 1,000 shares and Shyam holding 2,000 shares did not pay the first call of < 2 per share. Shyam s shares were forfeited after the first call and later on 1,500 of the forfeited shares were re-issued at < 6 per share, < 8 called up. Show the following : (a) Share Capital in the Balance Sheet of the company as per revised Schedule VI Part I of the Companies Act, 1956. (b) 67/1 Also prepare Notes to Accounts for the same. 8 4 14. Jmonmb {b{_Q>oS> H$s nw VH$m| _| {Z Z{b{IV boZXoZm| Ho$ {bE Amd `H$ amo OZm_Mm {d{ >`m H$s{OE : (i) _ gg \$ZuMa _mQ> go H$mo ^wJVmZ 4 10 < 2,50,000 < Ho$ \$ZuMa H$m H $` {H$`m & _ gg \$ZuMa _mQ> `oH$ Ho$ g_Vm A em| H$mo 25% Ho$ r{_`_ na {ZJ {_V H$aHo$ {H$`m J`m & (ii) A_Z {b{_Q>oS> go 12,00,000 < 15,00,000 < H$s am{e H$m EH$ Mmby `dgm` IarXm {Og_| 10 < `oH$ Ho$ nyU X m g_Vm A em| mam VWm eof H$m ^wJVmZ am{e H$m ~ H$ S >m Q> mam {H$`m J`m & g n{ m`m VWm Xm{` d {Z Z{b{IV go g ~p YV Wo : g ` ( bm Q)> 3,50,000 <; {d{dY boZXma 1,00,000 < & Q>m H$ 4,50,000 <; ^y{_ Ed ^dZ 6,00,000 <; Pass necessary journal entries for the following transactions in the books of Gopal Ltd. : (i) Purchased furniture for < 2,50,000 from M/s Furniture Mart. The payment to M/s Furniture Mart was made by issuing equity shares of < 10 each at a premium of 25%. (ii) Purchased a running business from Aman Ltd. for a sum of < 15,00,000. The payment of < 12,00,000 was made by issue of fully paid equity shares of < 10 each and balance by a bank draft. The assets and liabilities consisted of the following : Plant < 3,50,000; Stock < 4,50,000; Land and Building < 6,00,000; Sundry Creditors < 1,00,000. 67/1 9 P.T.O. 15. gr_m, VZwOm VWm V { EH$ \$_ _| gmPoXma Wt Omo H$n S>m| H$m `mnma H$aVr Wt & do 5 : 3 : 2 Ho$ AZwnmV _| bm^m| H$m ~ Q>dmam H$a ahr Wt & 1 A b, 2012 H$mo CZH$s ny Or H $_e 3,00,000 <, 4,00,000 < VWm 8,00,000 < Wr & C mamI S> _| ~m T> AmZo Ho$ ~mX, g^r gmPoXmam| Zo `{ $JV $n go ~m T> nr{ S>Vm| H$s ghm`Vm H$aZo H$m {ZU ` {b`m & BgHo$ {bE gr_m Zo 15 {gV ~a, 2012 H$mo \$_ go 20,000 < H$m AmhaU {H$`m & VZwOm Zo amoH$ S> H$m AmhaU H$aZo H$s Anojm \$_ go 24,000 < Ho$ H$n S>o {bE Am a ~m T> nr{ S>Vm| _| C h| ~m Q> {X`m & X gar Amoa, V { Zo 1 OZdar, 2013 H$mo AnZr ny Or go 2,00,000 < H$m AmhaU {H$`m Am a ~m T> ^m{dV jo _| EH$ MbVr-{\$aVr _o{S>H$b d Z XmZ H$s & gmPoXmar g boI Ho$ AZwgma AmhaU na {V df 6% H$s Xa go `mO {b`m OmEJm & A {V_ ImVo V `ma H$aZo Ho$ ~mX `h nm`m J`m {H$ AmhaU na `mO Zht {b`m J`m & Amd `H$ g_m`moOZ {d{ > H$s{OE VWm H$m` H$mar {Q> n{U`m| H$mo n > $n go Xem BE & Eogo {H$ ht Xmo _y `m| H$m ^r C oI H$s{OE Omo `o gmPoXma g_mO H$mo g o{fV H$aZm MmhVo h & Seema, Tanuja and Tripti were partners in a firm trading in garments. They were sharing profits in the ratio of 5 : 3 : 2. Their capitals on 1st April, 2012 were < 3,00,000, < 4,00,000 and < 8,00,000 respectively. After the flood in Uttarakhand, all partners decided to help the flood victims personally. For this Seema withdrew < 20,000 from the firm on 15th September, 2012. Tanuja instead of withdrawing cash from the firm took garments amounting to < 24,000 from the firm and distributed those to the flood victims. On the other hand, Tripti withdrew < 2,00,000 from her capital on 1st January, 2013 and provided a mobile medical van in the flood affected area. The partnership deed provides for charging interest on drawings @ 6% p.a. After the final accounts were prepared it was discovered that interest on drawings had not been charged. Give the necessary adjusting journal entry and show the working notes clearly. Also state any two values which the partners wanted to communicate to the society. 67/1 10 6 16. hZr \$ VWm Oy~oX EH$ \$_ Ho$ gmPoXma Wo VWm AnZr ny Or Ho$ AZwnmV _| bm^ ~m Q>Vo Wo & 31 _mM , 2013 H$mo CZH$m p W{V {ddaU {Z Z H$ma Wm : 31 _mM , 2013 H$mo hZr \$$ VWm Oy~oX H$m p W{V {ddaU am{e Xo`VmE g n{ m`m < am{e < boZXma 1,50,000 ~ H$ 2,00,000 H$_ Mmar j{Vny{V {Z{Y 3,00,000 XoZXma 3,40,000 gm_m ` g M` 75,000 ah{V`m ( Q>m H$) 1,50,000 hZr \$$ H$m Mmby ImVm 25,000 \$ZuMa 4,60,000 _erZar 8,20,000 ny Or : hZr \$ 10,00,000 Oy~oX 5,00,000 Oy~oX H$m Mmby ImVm 80,000 15,00,000 20,50,000 20,50,000 Cn`w $ {V{W H$mo \$_ H$m g_mnZ hmo J`m & (i) XoZXmam| go 5% ~ >o na dgybr h B & hZr \$ Zo 50% ah{V`m ( Q>m H$) nw VH$ _y ` go 10% H$_ _y ` na bo {b`m & eof ah{V`m H$mo 65,000 < _| ~oM {X`m J`m & (ii) Oy~oX Zo 1,35,000 < _| \$ZuMa bo {b`m & _erZar H$mo H$~m S> _| ~oM {X`m J`m & (iii) boZXmam| H$mo nyU ^wJVmZ {H$`m J`m & (iv) 8,000 < Ho$ _| dgybr ``m| H$m ^wJVmZ hZr \$ Zo {H$`m & 6 dgybr ImVm V `ma H$s{OE & 67/1 74,000 < 11 P.T.O. Hanif and Jubed were partners in a firm sharing profits in the ratio of their capitals. On 31st March, 2013 their Balance Sheet was as follows : Balance Sheet of Hanif and Jubed as on 31st March, 2013 Amount Liabilities < Assets Amount < Creditors 1,50,000 Bank 2,00,000 Workmen s Compensation Fund 3,00,000 Debtors 3,40,000 General Reserve 75,000 Stock 1,50,000 Hanif s Current Account 25,000 Furniture 4,60,000 Capitals : Machinery Hanif Jubed 5,00,000 Jubed s Current Account 10,00,000 8,20,000 80,000 15,00,000 20,50,000 20,50,000 On the above date the firm was dissolved. (i) Debtors were realised at a discount of 5%. 50% of the stock was taken over by Hanif at 10% less than the book value. Remaining stock was sold for < 65,000. (ii) Furniture was taken over by Jubed for < 1,35,000. Machinery was sold as scrap for < 74,000. (iii) Creditors were paid in full. (iv) Expenses on realisation < 8,000 were paid by Hanif. Prepare Realisation Account. 67/1 12 17. E g {b{_Q>oS> Zo 10 < `oH$ Ho$ 75,000 g_Vm A em| H$mo 5 < {V A e Ho$ r{_`_ na {ZJ {_V H$aZo Ho$ {bE AmdoXZ Am_p V {H$E & am{e {Z Z H$ma go Xo` Wr : AmdoXZ VWm Am~ Q>Z na 9 < W_ Ed Ap V_ `mMZm na {V A e ( r{_`_ g{hV) eof YZam{e & 3,00,000 A em| Ho$ {bE AmdoXZ m h E & 2,00,000 A em| Ho$ {bE AmdoXZm| H$mo a H$a {X`m J`m VWm AmdoXZ am{e dmng H$a Xr JB & eof AmdoXH$m| H$mo AZwnm{VH$ AmYma na A em| H$m Am~ Q>Z H$a {X`m J`m & W_ VWm Ap V_ `mMZm am{e _m J br JB & Ho$db a{d, {OgZo 1,500 A em| Ho$ {bE AmdoXZ {H$`m Wm, H$mo N>mo S>H$a g_ V am{e m hmo JB & CgHo$ A em| H$m haU H$a {b`m J`m & haU {H$E JE A em| H$mo 4 < {V A e Ho$ ~ >o na nwZ {ZJ {_V H$a {X`m J`m & Cn`w $ boZXoZm| Ho$ {bE E g {b{_Q>oS> H$s nw VH$m| _| Amd `H$ amo OZm_Mm {d{ >`m H$s{OE & 8 AWdm dmB {b{_Q>oS> Zo 10 < `oH$ Ho$ 80,000 g_Vm A em| H$mo 10% Ho$ ~ >o na {ZJ {_V H$aZo Ho$ {bE AmdoXZ Am_p V {H$E & am{e {Z Z H$ma go Xo` Wr : AmdoXZ VWm Am~ Q>Z na 6 < {V W_ Ed Ap V_ `mMZm na A e eof YZam{e & 2,00,000 A em| Ho$ {bE AmdoXZ m h E & 40,000 A em| Ho$ {bE AmdoXZm| H$mo a H$a {X`m J`m VWm AmdoXZ am{e dmng H$a Xr JB & eof AmdoXH$m| H$mo AZwnm{VH$ AmYma na A em| H$m Am~ Q>Z H$a {X`m J`m & W_ VWm Ap V_ `mMZm am{e _m J br JB & Ho$db amohZ, {OgZo 1,600 A em| Ho$ {bE AmdoXZ {H$`m Wm, H$mo N>mo S>H$a g_ V YZam{e m hmo JB & CgHo$ A em| H$m haU H$a {b`m J`m & haU {H$E JE A em| H$mo H$mZyZ mam XmZ A{YH$V_ ~ >m am{e na nwZ {ZJ {_V H$a {X`m J`m & Cn`w $ boZXoZm| Ho$ {bE dmB {b{_Q>oS> H$s nw VH$m| _| Amd `H$ amo OZm_Mm {d{ >`m H$s{OE & 67/1 13 8 P.T.O. X Ltd. invited applications for issuing 75,000 equity shares of < 10 each at a premium of < 5 per share. The amount was payable as follows : On application and allotment < 9 per share (including premium) On first and final call the balance amount. Applications for 3,00,000 shares were received. Applications for 2,00,000 shares were rejected and money refunded. Shares were allotted on pro-rata basis to the remaining applicants. The first and final call was made. The amount was duly received except on 1,500 shares applied by Ravi. His shares were forfeited. The forfeited shares were re-issued at a discount of < 4 per share. Pass necessary journal entries for the above transactions in the books of X Ltd. OR Y Ltd. invited applications for issuing 80,000 equity shares of < 10 each at a discount of 10%. The amount was payable as follows : On application and allotment < 6 per share On first and final call the balance amount. Applications for 2,00,000 shares were received. Applications for 40,000 shares were rejected and money refunded. Shares were allotted on pro-rata basis to the remaining applicants. The first and final call was made. All money was received except on 1,600 shares applied by Rohan. His shares were forfeited. The forfeited shares were re-issued at the maximum discount permissible under the law. Pass necessary journal entries for the above transactions in the books of Y Ltd. 67/1 14 18. {eIa VWm amo{hV EH$ \$_ _| gmPoXma Wo VWm 7 : 3 Ho$ AZwnmV _| bm^ ~m Q>Vo Wo & 1 A b, 2013 H$mo C hm|Zo H${d H$mo \$_ Ho$ bm^m| _| 1/4 ^mJ Ho$ {bE EH$ ZE gmPoXma Ho$ $n _| {d > H$am`m & H${d 4,30,000 < AnZr ny Or Ho$ {bE VWm 25,000 < AnZo `m{V r{_`_ Ho$ ^mJ Ho$ {bE bm`m & 1 A b, 2013 H$mo {eIa VWm amo{hV H$m p W{V {ddaU {Z ZmZwgma Wm : 1 A b, 2013 H$mo {eIa VWm amo{hV H$m p W{V {ddaU am{e Xo`VmE g n{ m`m < ny Or : am{e < ^y{_ VWm ^dZ {eIa amo{hV _erZar 8,00,000 3,50,000 11,50,000 3,50,000 4,50,000 XoZXma 2,20,000 KQ>m mdYmZ 20,000 2,00,000 gm_m ` g M` 1,00,000 Q>m H$ 3,50,000 H$_ Mmar j{Vny{V {Z{Y 1,00,000 amoH$ S> 1,50,000 boZXma 1,50,000 15,00,000 15,00,000 `h {ZU ` {b`m J`m {H$ (i) ^y{_ VWm ^dZ H$m _y ` (ii) _erZar H$m _y ` (iii) H$_ Mmar j{Vny{V {Z{Y H$s Xo`Vm (iv) {eIa VWm amo{hV H$s ny Or H${d mam bmB JB ny Or Ho$ AmYma na g_m`mo{OV H$s OmEJr Am a BgHo$ {bE Amd `H$VmZwgma amoH$ S> bm`m OmEJm VWm BgH$m ^wJVmZ {H$`m OmEJm & 10% 20% ~ T>m`m OmEJm & H$_ {H$`m OmEJm & 50,000 < {Zp MV H$s JB & nwZ_y `m H$Z ImVm, gmPoXmam| Ho$ ny Or ImVo VWm ZB \$_ H$m p W{V {ddaU V `ma H$s{OE & 8 AWdm 67/1 15 P.T.O. Eb, E_ VWm EZ EH$ \$_ _| gmPoXma Wo VWm 2 : 1 : 1 Ho$ AZwnmV _| bm^ ~m Q>Vo Wo & 1 A b, 2013 H$mo CZH$m p W{V {ddaU {Z ZmZwgma Wm : 1 A b, 2013 H$mo Eb, E_ VWm EZ H$m p W{V {ddaU am{e Xo`VmE g n{ m`m < ny Or : am{e < ^y{_ 8,00,000 Eb 6,00,000 ^dZ 6,00,000 E_ 4,80,000 \$ZuMa 2,40,000 EZ 4,80,000 XoZXma 4,00,000 KQ>m mdYmZ 20,000 3,80,000 15,60,000 gm_m ` g M` 4,40,000 Q>m H$ 4,40,000 H$_ Mmar j{Vny{V {Z{Y 3,60,000 amoH$ S> 1,40,000 boZXma 2,40,000 26,00,000 26,00,000 Cn`w $ {V{W H$mo EZ Zo AdH$me J hU {H$`m & {Z Z{b{IV {ZU ` {bE JE : (i) \$_ H$s `m{V H$m _y `m H$Z 6,00,000 < {H$`m J`m & (ii) ^y{_ H$m _y ` 40% ~ T>m`m OmEJm VWm ^dZ na 1,00,000 < H$m _y ` mg bJm`m OmEJm & (iii) \$ZuMa na 30,000 < H$m _y ` mg bJm`m OmEJm & (iv) H$_ Mmar j{Vny{V {Z{Y H$s Xo`Vm 1,60,000 < {Zp MV h B & (v) EZ H$mo Xo` am{e H$mo CgHo$ G$U ImVo _| WmZm V[aV {H$`m OmEJm & (vi) Eb VWm E_ H$s ny Or H$mo CZHo$ ZE bm^ AZwnmV _| g_m`mo{OV {H$`m OmEJm VWm BgHo$ {bE gmPoXmam| Ho$ Mmby ImVo Imobo OmE Jo & nwZ_y `m H$Z ImVm, gmPoXmam| Ho$ ny Or ImVo VWm ZB \$_ H$m p W{V {ddaU ~ZmBE & 67/1 16 8 Shikhar and Rohit were partners in a firm sharing profits in the ratio of 7 : 3. On 1st April, 2013 they admitted Kavi as a new partner for 1/4 share in profits of the firm. Kavi brought < 4,30,000 as his capital and < 25,000 for his share of goodwill premium. The Balance Sheet of Shikhar and Rohit as on 1st April, 2013 was as follows : Balance Sheet of Shikhar and Rohit as on 1st April, 2013 Amount Liabilities Assets < Capitals : < Land and Building 3,50,000 3,50,000 Machinery Shikhar 8,00,000 Rohit Amount 4,50,000 Debtors 2,20,000 11,50,000 Less provision 20,000 2,00,000 General Reserve 1,00,000 Stock 3,50,000 Workmen s Compensation Fund 1,00,000 Cash 1,50,000 Creditors 1,50,000 15,00,000 15,00,000 It was agreed that (i) the value of Land and Building will be appreciated by 20%. (ii) the value of Machinery will be depreciated by 10%. (iii) the liabilities of Workmen s Compensation Fund was determined at < 50,000. (iv) capitals of Shikhar and Rohit will be adjusted on the basis of Kavi s capital and actual cash to be brought in or to be paid off as the case may be. Prepare Revaluation Account, Partners Capital Accounts and the Balance Sheet of the new firm. OR 67/1 17 P.T.O. L, M and N were partners in a firm sharing profits in the ratio of 2 : 1 : 1. On 1st April, 2013 their Balance Sheet was as follows : Balance Sheet of L, M and N as on 1st April, 2013 Amount Liabilities < Capitals : Assets Amount < Land 8,00,000 L 6,00,000 Building 6,00,000 M 4,80,000 Furniture 2,40,000 N 4,80,000 Debtors 4,00,000 15,60,000 Less provision 20,000 3,80,000 General Reserve 4,40,000 Stock 4,40,000 Workmen s Compensation Fund 3,60,000 Cash 1,40,000 Creditors 2,40,000 26,00,000 26,00,000 On the above date N retired. The following were agreed : (i) Goodwill of the firm was valued at < 6,00,000. (ii) Land was to be appreciated by 40% and Building was to be depreciated by < 1,00,000. (iii) Furniture was to be depreciated by < 30,000. (iv) The liabilities for Workmen s Compensation Fund was determined at < 1,60,000. (v) Amount payable to N was transferred to his loan account. (vi) Capitals of L and M were to be adjusted in their new profit sharing ratio and for this purpose current accounts of the partners will be opened. Prepare Revaluation Account, Partners Capital Accounts and the Balance Sheet of the new firm. 67/1 18 ^mJ I ({d mr` {ddaUm| H$m {d bofU) PART B (Financial Statements Analysis) 19. amoH$ S> dmh {ddaU H$m `m AW h ? 1 What is meant by Cash Flow Statement ? 20. amoH$ S> dmh {ddaU V `ma H$aVo g_` {Zdoe J{V{d{Y`m| Ho$ mam amoH$ S> dmh H$mo n WH $ Xem Zm `m| _h dnyU h ? 1 Why is separate disclosure of cash flow from investing activities important while preparing Cash Flow Statement ? 21. 1 {d mr` {ddaUm| Ho$ {d bofU Ho$ {H$gr EH$ C o ` H$m C oI H$s{OE & State any one objective of financial statements analysis. 22. H$ nZr A{Y{Z`_, 1956 H$s n[aemo{YV gyMr VI ^mJ I Ho$ AZwgma H$ nZr Ho$ p W{V {ddaU _| {Z Z _X| {H$Z Cn-erf H$m| Ho$ A VJ V Xem B OmE Jr : (i) ny OrJV g M` (ii) ~m S> g (iii) _m J na Xo` G$U (iv) dmhZ (v) `m{V (vi) IwXam Am Oma 3 Under which sub-headings will the following items be placed in the Balance Sheet of a company as per revised Schedule VI Part I of the Companies Act, 1956 : (i) (ii) Bonds (iii) Loans repayable on demand (iv) Vehicles (v) Goodwill (vi) 67/1 Capital Reserves Loose tools 19 P.T.O. 23. {\$Zmo g {b{_Q>oS> Ho$ 31 _mM , 2013 H$mo g_m h E df Ho$ {bE {Z Z bm^-hm{Z {ddaU go VwbZm _H$ bm^-hm{Z {ddaU V `ma H$s{OE : ZmoQ> g `m {ddaU 2012 13 2011 12 < < MmbZ go m Am` 8,00,000 6,00,000 A ` Am` 1,00,000 50,000 `` 5,00,000 4,00,000 Am` H$a Xa 40% Wr & From the following Statement of Profit and Loss of Fenox Ltd. for the year ended 31st March, 2013, prepare a Comparative Statement of Profit and Loss : Note No. Particulars 2012 13 2011 12 < < Revenue from operations 8,00,000 6,00,000 Other Incomes 1,00,000 50,000 Expenses 5,00,000 4,00,000 Rate of income tax was 40%. 24. (A) EH$ H$ nZr H$m VabVm AZwnmV 1.5 : 1 h & H$maU g{hV C oI H$s{OE {H$ {Z Z{b{IV boZXoZm| go AZwnmV _| (i) d { hmoJr; (ii) H$_r hmoJr `m (iii) H$moB n[adV Z Zht AmEJm : (1) (2) 67/1 3,000 < `mnm[aH$ m `m| _| EH$ XoZXma lr AemoH$ gp _{bV Wm {OgZo Xo` am{e 9,700 < H$m nyU ^wJVmZ H$a {X`m & {H$amE H$m A{J _ ^wJVmZ {H$`m J`m & 20 4 (~) {Z Z{b{IV gyMZm go dm{_ d AZwnmV H$s JUZm H$s{OE : < XrK H$mbrZ G$U 2,00,000 XrK H$mbrZ Am`moOZ 1,00,000 50,000 Mmby Xm{` d 3,60,000 AMb n[ag n{ m`m 90,000 Mmby n[ag n{ m`m (a) 4 The quick ratio of a company is 1.5 : 1. State with reason which of the following transactions would (i) increase; (ii) decrease or (iii) not change the ratio : (1) Paid rent < 3,000 in advance. (2) Trade receivables included a debtor Shri Ashok who paid his entire amount due < 9,700. (b) From the following information compute Proprietary Ratio : < Long Term Borrowings 2,00,000 Long Term Provisions 1,00,000 Current Liabilities 50,000 Non-Current Assets 3,60,000 Current Assets 67/1 90,000 21 P.T.O. 25. {g_H$mo {b{_Q>oS> H$s 31.3.2013 VWm 31.3.2012 Ho$ p W{V {ddaU _| Xr JB gyMZmAm| Ho$ AmYma na amoH$ S> dmh {ddaU V `ma H$s{OE : ZmoQ> 31.3.2013 31.3.2012 g `m < < {ddaU I g_Vm VWm Xo`VmE : 1. A eYmaH$ {Z{Y`m : (A) A e ny Or 2,00,000 1,50,000 (~) g M` Ed Am{Y ` 90,000 75,000 2. AMb Xo`VmE : XrK H$mbrZ G$U 87,500 87,500 3. Mmby Xo`VmE : `mnm[aH$ Xo`VmE 10,000 76,000 Hw$b 3,87,500 3,88,500 II n[ag n{ m`m : 1. AMb n[ag n{ m`m : (A) Wm`r n[ag n{ m`m : (i) _yV n[ag n{ m`m 1,87,500 1,40,000 (~) AMb {Zdoe 1,05,500 1,02,500 2. Mmby n[ag n{ m`m : (A) Mmby {d{Z`moJ ({dH $`-`mo `) 12,500 33,500 (~) Q>m H$ (_mbgyMr) 4,000 5,500 (g) `mnm[aH$ m{ `m 9,500 23,000 (X) amoH$ S> VWm amoH$ S> Vw ` 68,500 84,000 Hw$b 3,87,500 3,88,500 ImVm| Ho$ ZmoQ >g ZmoQ> 1 2013 g M` Ed Am{Y ` Am{Y ` (bm^-hm{Z {ddaU H$m eof) 67/1 22 2012 < {ddaU < 90,000 75,000 6 Prepare a Cash Flow Statement on the basis of the information given in the Balance Sheet of Simco Ltd. as at 31.3.2013 and 31.3.2012 : Note No. Particulars 31.3.2013 31.3.2012 < < I Equity and Liabilities : 1. Shareholder s Funds : (a) Share Capital 2,00,000 1,50,000 90,000 75,000 87,500 87,500 10,000 76,000 3,87,500 3,88,500 1,87,500 1,40,000 1,05,500 1,02,500 12,500 33,500 (b) Inventories 4,000 5,500 (c) Trade Receivables 9,500 23,000 (d) Cash and Cash Equivalents 68,500 84,000 Total 3,87,500 3,88,500 (b) Reserves and Surplus 2. Non-Current Liabilities : Long Term Borrowings 3. Current Liabilities : Trade Payables Total II Assets : 1. Non-Current Assets : (a) Fixed Assets : (i) Tangible Assets (b) Non-Current Investments 2. Current Assets : (a) Current Investments (Marketable) Notes to Accounts Note 1 2013 Reserves and Surplus Surplus (Balance in Statement of Profit & Loss) 67/1 23 2012 < Particulars < 90,000 75,000 P.T.O. ^mJ J (A{^H${b boIm H$Z) PART C (Computerised Accounting) 19. A{^H${b boIm H$Z V Ho$ EH$ KQ>H$ Ho$ $n _| Am H$ S>m| H$m `m AW h ? What is meant by data as a component of Computerised Accounting System ? 1 20. g ~ Ym _H$ S>mQ>m~og `m h ? What is relational database ? 1 21. Amd `H$Vm {d bofU `m h ? What is requirement analysis ? 1 22. A{^H${b boIm H$Z V Ho$ {H$ ht Xmo bm^m| VWm EH$ gr_m H$mo g_PmBE & 3 Explain any two advantages and one limitation of Accounting System. 23. Computerised S>mQ>m d YrH$aU go `m A{^ m` h ? Eogo Xmo CXmhaU Xr{OE O~ _y ` eVm] H$mo nyam Zht H$aVo Am a Bg H$maUde gob Aew{ Xem Vo h & 4 What is meant by data validation ? Give two examples when cell will give error if the values are not meeting the conditions. 24. S> H$Q>m n S>mQ>m~og VWm gd a S>mQ>m~og _| {H$ ht Mma AmYmam| na A V^}X H$s{OE & 4 Differentiate between Desktop database and Server database on any four basis. 25. {Z Z{b{IV gyMZm go {Z Z am{e`m| H$s JUZm Ho$ {bE E gob na gy H$s JUZm H$s{OE : (A) `m m ^ mm Ho$ {bE, _yb doVZ 18,000 < VH$ 10% H$s Xa go VWm Bggo D$na 15% H$s Xa go & (~) Xo` G$U Ho$ {bE, _yb doVZ 18,000 < VH$ 20% H$s Xa go VWm Bggo D$na 25% H$s Xa go & (g) ew doVZ Ho$ {bE, _yb doVZ _| `m m ^ mm Omo S>H$a VWm Xo` G$U KQ>mH$a & Calculate the formulae from the following information on Excel for computing the amounts of : (a) Travelling Allowance, Basic Pay upto < 18,000 at 10% and above it at 15%. (b) Loan Payable, Basic Pay upto < 18,000 at 20% and 25% above that. (c) Net Salary, adding Travelling Allowance and deducting Loan Payable from Basic Pay. 67/1 24 6

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