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CBSE Class 12 Board Exam 2020 : Accountancy (Series 4)

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SET 1 Series : HMJ/4 . Code No. . 67/4/1 - - Roll No. Candidates must write the Code on the title page of the answer-book. (I) (II) (III) (IV) (V) - 31 - - - - 32 , - 15 - 10.15 10.15 10.30 - (I) NOTE 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. (III) Please check that this question paper contains 32 questions. (II) (IV) Please write down the Serial Number of the question in the answer-book before attempting it. (V) 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. ACCOUNTANCY {ZYm [aV g : 3 K Q>o A{YH$V A H$ Time allowed : 3 hours .67/4/1. 314A : 80 Maximum Marks : 80 1 P.T.O. : (i) (ii) (iii) (iv) (v) (vi) (vii) (viii) (ix) (x) (xi) (xii) - - - - 32 - - 1 13 23 29 - , 1 14 30 -1 , 3 15 18 31 -2 , 4 19 20 32 -1 , 6 21 22 -2 , 8 - 2 , - 2 , - 1 - 2 , , - ( , ) 1. , ______ % .67/4/1. 2 1 General Instructions : Read the following instructions very carefully and strictly follow them : (i) This question paper comprises two PARTS A and B. There are 32 questions in the question paper. All questions are compulsory. (ii) Part - A is compulsory for all candidates. (iii) Part - B has two options i.e. (i) Analysis of Financial Statement and (ii) Computerized Accounting. You have to attempt only one of the given OPTIONS. (iv) Heading of the option opted must be written on the Answer-Book before attempting the questions of that particular OPTION. (v) Question number 1 to 13 and 23 to 29 are very short answer type questions carrying 1 mark each. (vi) Question number 14 and 30 are short answer type-I questions carrying 3 marks each. (vii) Question number 15 to 18 and 31 are short answer type-II questions carrying 4 marks each. (viii) Question number 19 to 20 and 32 are also long answer type-I questions carrying 6 marks each. (ix) Question number 21 and 22 are long answer type-II questions carrying 8 marks each. (x) Answer should be brief and to the point. The answer of each part should be written at one place. (xi) There is no overall choice. However, an internal choice has been provided in 2 questions of three marks, 2 questions of four marks, 1 question of six marks and 2 questions of eight marks. You have to attempt only one of the choices in such questions. (xii) However, separate instructions are given with each section and question, wherever necessary. PART A (Accounting for Not-for-Profit Organizations, Partnership Firms and Companies) 1. When a company plans to redeem its debentures out of profits, it should transfer minimum ______ % of the face value of the outstanding debentures to Debenture Redemption Reserve out of surplus available for payment of dividend. .67/4/1. 3 1 P.T.O. 2. _______ 3. , 1 (i) 6% (ii) (iii) 9% ? 4. (a) (i) (b) (ii) (c) (iii) (d) (i) (ii) 1 31 , 2019 (`) 5,00,000 3,75,000 1,24,000 10,00,000 ? (a) ` 1,000, 31 , 2019 (b) (c) , ` 1,000, 31-3-2019 (d) (b) (c) .67/4/1. ` 5,00,000, 1-4-2018 1 4 2. _______ capital accounts always show a credit balance. 3. In the case of retirement, if full or part of the amount payable to the retiring partner still remains to be paid, and there is no agreement among the partners then retiring partner will get 1 (i) Interest @ 6% p.a on the Balance amount. (ii) Share of profit earned proportionate to his amount outstanding to total capital of the firm. (iii) Interest @ 9% p.a. on the balance amount. Which out of the following is correct ? 4. (a) (i) (b) (ii) (c) (iii) (d) Have a choice to get either (i) or (ii) 1 The following information has been extracted from the financial statements of a not-for-profit-organization for the year ended 31st March, 2019. Particulars Amount (`) Opening balance of Match Fund 5,00,000 Sale of Match tickets 3,75,000 Donation for Match Fund received during the year 1,24,000 Match expenses 10,00,000 Which of the following statements is correct for the presentation of the above items in the financial statements of the not-for-profit-organization ? (a) Negative Balance of Match fund ` 1,000 will be shown on the liabilities side of the Balance sheet as at 31st March, 2019. (b) Opening Balance of Match Fund ` 5,00,000 will be shown on the liabilities side of Balance Sheet as at 1-4-2018. (c) Negative balance of match fund, ` 1,000 will be shown on the expenditure side of the Income and Expenditure Account for the year ended 31-3-2019. (d) Both (b) and (c). .67/4/1. 1 5 P.T.O. 5. 3 : 1 - 1/5 : (`) (`) . . 24,000 8,000 16,000 ( ) , (a) (c) 6. 41 : 7 : 12 3:1:1 (b) (d) 13 : 12 : 10 5:3:2 1 , 4 : 3 : 1 - ` 3,600 ` 3,000 : (a) (c) 4:5 6:5 (b) (d) 2:1 4:1 1 7. ______ 8. , - 4 : 3 : 2 ` 90,000 - : (a) (b) (c) (d) .67/4/1. (`) 10,000 1 (`) 10,000 10,000 10,000 90,000 90,000 10,000 10,000 6 1 5. Anita and Babita were partners sharing profits and losses in the ratio of 3 : 1. Savita was admitted for 1/5th share in the profits. Savita was unable to bring her share of goodwill premium in cash. The journal entry recorded for goodwill premium is given below : Date Particular LF Debit Credit Amt. (`) Amt. (`) Savita s Current A/c. Dr. 24,000 To Anita s Capital A/c. 8,000 To Babita s Capital A/c. 16,000 (Being adjustment of goodwill premium on Savita s Admission) The new profit sharing ratio of Anita, Babita and Savita, will be (a) 41 : 7 : 12 (b) 13 : 12 : 10 (c) 3 : 1 : 1 (d) 5 : 3 : 2 1 Amla, Bimla and Kavita were partners sharing profits and losses in the ratio of 4 : 3 : 1. Bimla retires and gives her share of profit to Amla for ` 3,600 and to Kavita for ` 3,000. The gaining ratio of Amla and Kavita will be : (a) 4 : 5 (b) 2 : 1 (c) 6 : 5 (d) 4 : 1 1 7. Capital Reserve is created out of ______ profits. 1 8. Avya, Divya and Kavya were equal partners. They decided to change the profit sharing ratio to 4 : 3 : 2. For this purpose the goodwill of the firm was valued at ` 90,000. The journal entry for the treatment of Goodwill on change in profit sharing ratio will be : Particular Debit Credit Amt. (`) Amt. (`) (a) Kavya s Capital A/c. Dr. 10,000 To Avya s Capital A/c. 10,000 (b) Divya s Capital A/c. Dr. 10,000 To Avya s Capital A/c. 10,000 (c) Avya s Capital A/c. Dr. 90,000 To Kavya s Capital A/c. 90,000 (d) Avya s Capital A/c. Dr. 10,000 To Kavya s Capital A/c. 10,000 1 6. .67/4/1. 7 P.T.O. 9. 10. 11. , - 2 : 1 : 1 ` 14,000 ` 20,000 1 ? (a) (b) (c) (d) ( ) 1 ` 14,00,000 ` 4,00,000 ` 1,50,000 10% : (a) (c) 12. 13. ` 10,00,000 ` 50,000 (b) (d) ` 1,00,000 ` 20,000 1 : (a) (b) (c) (d) 1 - , ________ 1 , 2018 ` 100 50,000, 10% 31 , 2019 31 , 2018 ` 5,00,000 1 , 2018 ` 100 4,000, 12% 30 31 10% 2018-19 14. 31 .67/4/1. 8 3 3 9. Mohit, Shobhit and Rohit are partners sharing profits and losses in the ratio 2 : 1 : 1. Rohit is guaranteed a profit of ` 14,000. The firm incurred a profit of ` 20,000 during the year. Calculate the amount of deficiency borne by Mohit and Shobhit. 1 10. Which of the following is not a purpose for which the Securities Premium amount can be used ? (a) Issuing fully paid bonus shares to shareholders. (b) Issuing partly paid up bonus shares to shareholders. (c) Writing off preliminary expenses of the company. (d) In purchasing its own shares (buy back) 1 11. Tangible Assets of the firm are ` 14,00,000 and outside liabilities are ` 4,00,000. Profit of the firm is ` 1,50,000 and normal rate of return is 10%. The amount of Capital employed will be (a) ` 10,00,000 (b) ` 1,00,000 (c) ` 50,000 (d) ` 20,000 1 12. Income and Expenditure Account records : (a) Receipts and Payments of Revenue and Capital nature both. (b) Income and Expenditure of Revenue nature only. (c) Expenditure of Capital nature only. (d) Receipts of Revenue nature only. 1 13. When the business of the firm becomes illegal, the way of dissolution of the firm is ________. 1 14. On 31st March 2018 SS Ltd. had 50,000 10% debentures of ` 100 each outstanding . These debentures were due for redemption on 31st March, 2019. Debenture Redemption Reserve has a balance of ` 5,00,000 on 31st March, 2018. Ignoring the entries for interest, pass the necessary journal entries for redemption of debentures. OR X Ltd. has 4,000 12% debentures of ` 100 each on 1st April, 2018. According to the terms of issue interest on debentures is payable half yearly on 30th September and 31st March and the rate of tax deducted at source is 10%. Pass necessary journal entries for interest on debentures for the year 2018-19. .67/4/1. 9 3 3 P.T.O. 15. 31-3-2019 1 , 2018 31 , 2019 (`) (`) 1,10,000 1,50,000 25,000 60,000 25,000 70,000 : ` 2,50,000 ` 1,50,000 16. - 3 : 2 31 , 2018 ` 1,65,500 ` 1,27,600 12% 2017-18 ` 50,000 ` 15,000 ` 40,000 5% , 1 , 2018 ` 1,00,000, ` 50,000 ` 50,000 (i) ` 20,000 (ii) 10% (iii) 3 : 1 : 1 31 , 2019 ` 90,000 .67/4/1. 10 4 4 4 15. From the following information, calculate the amount of sports material that will be debited to the Income and Expenditure Account of Bright Sports Club for the year ended 31-3-2019. Particulars 1st April, 2018 31st March, 2019 (`) (`) Stock of Sports Material 1,10,000 1,50,000 Creditors for Sports Material 25,000 60,000 Advance paid for Sports Material 25,000 70,000 Additional Information : Cash purchase of sports material during the year was ` 2,50,000. ` 1,50,000 were paid to the creditors of sports material. 4 16. A and B are partners sharing profits and losses in the ratio of 3 : 2. Their capital on 31st March, 2018 after all adjustments stood at ` 1,65,500 and ` 1,27,600 respectively. Profits amounting to ` 50,000 for the year 2017-18 were distributed after allowing interest on drawings @ 12% p.a. During the year A withdrew ` 15,000 at the beginning of every quarter and B withdrew ` 40,000 during the year. Partnership deed is silent on interest on drawings but provides for interest on Capital @ 5% p.a. Interest on Capital has not been provided. Showing your workings clearly, pass the necessary adjustment entry to rectify the above errors. 4 OR Arun, Shobha and Yuvraj were partners in a firm. On 1st April, 2018 their Fixed Capitals Stood at ` 1,00,000, ` 50,000 and ` 50,000 respectively. As per the provisions of partnership deed, (i) Partners were entitled to an annual salary of ` 20,000 each. (ii) Interest on Capital @ 10% p.a. was to be provided. (iii) Profits were to be shared in the ratio 3 : 1 : 1. Net profit for the year ended 31st March, 2019 was ` 90,000. Pass Journal Entries for the above in the books of the firm. .67/4/1. 11 4 P.T.O. 17. 31 , 2019 31 , 2019 31-3-2019 (`) 10,000 15,000 2017-18 13,000 2018-19 2,00,000 2019-20 17,000 ( ` 10,000) 18. 25,000 2,30,000 (`) 71,000 40,000 31,000 (31-3-2019 7% 8,000 ) 15,000 45,000 19,500 5,000 3,47,500 50,000 40,500 1,15,000 2,05,500 3,47,500 : (i) 225 ` 1,000 (ii) 1-10-2018 15% 4 , 2 : 2 : 1 - 31 24 , 2018 ` 1,20,000 2017-18 ` 15,00,000 ` 3,00,000 1 , 2018 24 , 2018 ` 2,00,000 ` 1,75,000 15 , 2018 4 .67/4/1. 12 17. From the following Receipts and Payments Account of Shyam Music Club for the year ended 31st March, 2019 and additional information, prepare Income and Expenditure Account for the year ended 31-3-2019. Receipts and Payments Account of Shyam Music Club for the year ended 31-3-2019. Receipts Amount Payments Amount (`) (`) To Balance b/d By Honorarium 71,000 Cash 10,000 By Musical 25,000 Bank 15,000 Instruments 40,000 To Subscriptions By Electricity Bill 31,000 2017-18 13,000 By Balance c/d 2018-19 2,00,000 Cash 50,000 2019-20 17,000 2,30,000 Bank 40,500 Fixed Deposit (@ 7% p.a. on 31-3-2019) To Locker Rent 8,000 1,15,000 2,05,500 To Sale of old furniture (book value ` 10,000) To Building Fund Donations To Life Membership Fee To Admission Fee 15,000 45,000 19,500 5,000 3,47,500 3,47,500 Additional Information : (i) The Club had 225 members each paying an annual subscription of ` 1,000. (ii) Musical instruments were purchased on 1-10-2018. Depreciation @ 15% p.a. was to be charged on musical instruments. 18. X, Y and Z were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. The firm closes its books on 31st March every year. Y died on 24th June, 2018. On Y s death goodwill of the firm was valued at ` 1,20,000. Y s share in the profits of the firm till the date of death from the last Balance Sheet was to be calculated on the basis of sales. Sales during the year 2017-18 was ` 15,00,000 and profit earned during the year was ` 3,00,000. Sales from 1st April, 2018 to 24th June, 2018 were ` 2,00,000. The total amount payable to Y s executors on his death was ` 1,75,000. This amount was paid to them on 15-7-2018. Pass the necessary journal entries for the above transactions in the books of the firm. .67/4/1. 13 4 4 P.T.O. 19. 3 : 2 31 , 2018 : 31 , 2018 : 2,80,000 1,60,000 (`) 36,000 10,000 50,000 4,40,000 5,36,000 (`) 47,000 93,000 76,000 2,00,000 20,000 1,00,000 5,36,000 : (i) (ii) ` 1,50,000 ` 12,000 (iii) 10% (iv) 50% ` 90,000 ` 94,000 (v) ` 10,000 , 5 : 3 : 2 ` 6,00,000; ` 4,00,000 ` 2,00,000 ` 75,000 : (i) 9% (ii) 12% (iii) ` 30,000 ` 40,000 .67/4/1. 14 6 19. Harish and Gopal were partners in a firm sharing profits in the ratio of 3 : 2. On 31st March, 2018, their Balance Sheet was as follows : Balance Sheet of Harish and Gopal as at March 31, 2018 Liabilities Creditors Outstanding expenses Gopal s wife s loan Capitals : Harish 2,80,000 Gopal 1,60,000 Amount Assets (`) 36,000 Cash 10,000 Bank 50,000 Debtors Stock Furniture 4,40,000 Leasehold premises 5,36,000 Amount (`) 47,000 93,000 76,000 2,00,000 20,000 1,00,000 5,36,000 On the above date the firm was dissolved. The various assets were realized and liabilities were settled as under : (i) Gopal agreed to pay his wife s loan. (ii) Leasehold premises realised ` 1,50,000 and Debtors ` 12,000 less. (iii) Half of the creditors agreed to accept furniture of the firm as full settlement of their claim and remaining half agreed to accept 10% less. (iv) 50% stock was taken over by Harish on payment by cheque of ` 90,000 and remaining stock was sold for ` 94,000. (v) Realization expenses of ` 10,000 were paid by Gopal on behalf of the firm. Prepare Realization Account. OR Sudha, Naresh and Geeta were partners in a firm sharing profits in the ratio of 5 : 3 : 2. Their fixed capitals were ` 6,00,000; ` 4,00,000 and ` 2,00,000 respectively. Besides her capital Geeta had given a loan of ` 75,000 to the firm. Their partnership deed provided for the following : (i) Interest on capital @ 9% p.a. (ii) Interest on partners drawings @ 12% p.a. (iii) Salary to Sudha ` 30,000 per month and to Naresh ` 40,000 per quarter. .67/4/1. 15 6 P.T.O. (iv) 20. 21. 9% ` 50,000 , ` 50,000 ` 70,000 31 , 2019 ` 7,06,750 - : (i) ` 1,60,000 ` 100 2,000 12% (ii) ` 100 1,000, 12% 10% 5% (iii) ` 4,60,000 ` 100 9% 15% ` 10 3,40,000 ` 5 ` 4 (` 2 ) ` 5 (` 2 ) 6,00,000 1,80,000 , 2,100 , , 6,800 , 850 ` 8 . . ` 10 6,00,000 ` 3 : ` 3 ` 4 ( ) .67/4/1. 16 6 6 8 (iv) Interest on Geeta s loan @ 9% p.a. During the year Sudha withdrew ` 50,000 at the end of each quarter; Naresh withdrew ` 50,000 in the beginning of each half year and Geeta withdrew ` 70,000 at the end of each half year. The profit of the firm for the year ended 31-3-2019 before allowing interest on Geeta s loan was ` 7,06,750. Prepare Profit and Loss Appropriation Account. 6 20. Pass journal entries in the book of X Ltd. in the following cases : (i) The Company took a loan of ` 1,60,000 from SBI and issued 2,000, 12% debentures of ` 100 each as collateral security. (ii) Issued 1,000, 12% debentures of ` 100 each at 10% premium, redeemable at a premium of 5%. (iii) Purchased machinery ` 4,60,000, from Beta Ltd. Payment was made by issue of 9% debentures of ` 100 each at a premium of 15% redeemable at par. 6 21. Zee Ltd. invited applications for issuing 3,40,000 equity shares of ` 10 each at a premium of ` 5 per share. The amount was payable as follows : On application ` 4 per share (including ` 2 premium) On allotment ` 5 per share (including ` 2 premium) On First and Final call Balance. Applications for 6,00,000 shares were received. Application for 1,80,000 shares were rejected and application money was refunded. Shares were allotted on prorata basis to the remaining applicants. Excess money received with applications was adjusted towards sum due on allotment. Yamini who had applied for 2100 shares failed to pay allotment money and her shares were forfeited immediately. Vani to whom 6800 shares were allotted paid her entire share money due on allotment. Afterwards First and Final call was made and was duly received. Out of the forfeited shares 850 shares were reissued to Vansh at ` 8 per share fully paid up. Pass necessary journal entries for the above transactions in the books of the company by opening calls-in-arrears and calls-in-advance accounts. OR K.N. Ltd. invited applications for issuing 6,00,000 equity shares of ` 10 each at a premium of ` 3 per share. The amount was payable as follows : On Application and Allotment ` 3 per share. On First Call ` 4 per share. On Second and Final Call Balance (including premium). .67/4/1. 17 8 P.T.O. 50,000 : I : 4,00,000 , 3,00,000 II : , 6,000 , I ` 13 . . 8,00,000 22. 3 : 1 - 31-3-2019 : 31-3-2019 ` 7,000 18,000 47,000 1,02,000 55,000 : (ii) .67/4/1. ` 24,000 80,000 95,000 14,000 70,000 2,00,000 1,96,000 3,00,000 1,50,000 4,50,000 6,79,000 1/5 : (i) 6,79,000 ` 2,00,000 ` 1,00,000 ` 5,000 5% 18 8 Applications for 8,00,000 shares were received. Applications for 50,000 shares were rejected and the application money was refunded. Shares were allotted to the remaining applicants as follows : Category I : Those who had applied for 4,00,000 share were allotted 3,00,000 shares on pro-rata basis. Category II : The remaining applicants were allotted the remaining shares on pro-rata basis. Excess application money received with applications was adjusted towards sums due on first call. Rakesh to whom 6,000 shares were allotted failed to pay the first call money. Rakesh belonged to category I. His shares were forfeited. The forfeited shares were re-issued at ` 13 per share fully paid up. The second call was made afterwards and was duly received. Pass necessary journal entries for the above transactions in the books of K.N. Ltd. 8 22. Raman and Aman were partners in a firm and were sharing profits in 3 : 1 ratio. On 31-3-2019 their balance sheet was as follows : Balance Sheet of Raman and Aman as on 31-3-2019 Amount Amount Liabilities Assets ` ` Provision for bad debts 7,000 Bank 24,000 Outstanding Expenses 18,000 Bills Receivable 80,000 Bills Payable 47,000 Sundry Debtors 95,000 Sundry Creditors 1,02,000 Stock 14,000 Workmen Furniture 70,000 Compensation Reserve 55,000 Machinery 2,00,000 Capitals : Land & Building 1,96,000 Raman 3,00,000 Aman 1,50,000 4,50,000 6,79,000 6,79,000 On the above date Suman was admitted as a new partner for 1/5th share in the profits on the following conditions : (i) Suman will bring ` 2,00,000 as her capital and necessary amount for her share of goodwill premium. The goodwill of the firm on Suman s admission was valued at ` 1,00,000. (ii) Outstanding expenses will be paid off. ` 5,000 will be written off as bad debts and a provision of 5% for bad debts on debtors was to maintained. .67/4/1. 19 P.T.O. ` 60,000 (iv) ` 18,000 ` 54,000 , 31 , 2019 : 31 , 2019 , (iii) : ` 20,000 40,000 30,000 6,000 60,000 : : 8 ` 20,000 28,000 20,000 45,000 5,000 40,000 1,20,000 40,000 32,000 1,32,000 2,28,000 2,28,000 1 , 2019 - 2 : 1 : (i) ` 30,000 (ii) ` 4,000 10% (iii) ` 1,32,000 (iv) ` 20,000 - (v) ` 1,500 (vi) ` 20,000 , .67/4/1. 20 8 (iii) The liability towards workmen compensation was estimated at ` 60,000. (iv) Machinery was to be depreciated by ` 18,000 and Land and Building was to be depreciated by ` 54,000. Pass necessary journal entries for the above transactions in the books of the firm. OR A, B and C were partners in a firm. Their Balance Sheet as at 31st March, 2019 was as follows : Balance Sheet of A, B and C as at 31st March, 2019 Amount Assets ` Bill payable 20,000 Bank Creditors 40,000 Furniture General Reserve 30,000 Stock Workmen Compensation Debtors : 45,000 Reserve 6,000 Less : Provision Capitals : for doubtful debts 5,000 A 60,000 Land & Building B 40,000 C 32,000 1,32,000 2,28,000 Liabilities Amount ` 20,000 28,000 20,000 40,000 1,20,000 2,28,000 B retired on 1st April, 2019. A and C decided to share profits in the ratio of 2 : 1. The following terms were agreed upon : (i) Goodwill of the firm was valued at ` 30,000. (ii) Bad-debts ` 4,000 were written off. The provision for doubtful debts was to be maintained @ 10% on debtors. (iii) Land and Building was to be increased to ` 1,32,000. (iv) Furniture was sold for ` 20,000 and the payment was received by cheque. (v) Liability towards Workmen Compensation was estimated at ` 1,500. (vi) B was to be paid ` 20,000 through a cheque and the balance was transferred to his loan account. Prepare Revaluation Account, Partners Capital Accounts and Bank Account. .67/4/1. 21 8 8 P.T.O. I ( ) 0.5 : 0.75 ` 5,000 , ? 1 24. - ___________ ( / / ) 1 25. ? (a) (b) - (c) (d) 1 , 2013 III, I / ? (a) (b) (c) (d) 1 _____ 1 1 , ? 1 23. 26. 27. 28. 29. .67/4/1. 22 PART B Option I (Analysis of Financial Statements) 23. The quick ratio of a company is 0.5 : 0.75. Will cash sales of ` 5,000 increase, decrease or not change the ratio ? Give reason in support of your answer. 1 24. Employee benefit expenses include ___________. (bonus/depreciation/ income tax) 1 25. Which of the following is not a limitation of analysis of financial statements ? (a) Window Dressing (b) Price level changes ignored (c) Subjectivity (d) Intra firm comparison possible 1 26. Under which of the following headings/sub-headings, Calls in advance will be presented in the Balance Sheet of a Company as per Schedule III Part I of the Companies Act, 2013 ? (a) Current Liabilities (b) Share Capital (c) Share Application Money Pending Allotment (d) Reserves and Surplus. 1 27. Interest received in cash from loans and advance is considered as _____ activity while preparing cash flow statement. 1 28. List any two items other than cash in hand and cheques in hand that are presented under the sub-heading Cash and Cash Equivalents in the Balance Sheet of a company. 1 29. While preparing cash flow statement, will Cash withdrawn from bank result into inflow, outflow or no flow of cash ? Give reason in support of your answer. 1 .67/4/1. 23 P.T.O. 30. ` 6,00,000 ( ) 3 25% , ( ) ( ) ( ) ( ) 25% ` 6,00,000 10% ` 8,00,000 40% 3 3 31. 31 , 2019 - 31 , 2019 - I. II. III. IV. V. VI. (a) (b) ( ) (c) (d) (III-IV) : 2017-18 ` 20,00,000 1,00,000 2018-19 2017-18 ` 25,00,000 _______ 2,50,000 21,00,000 27,50,000 2018-19 100 _______ 10 105 110 _______ 8,00,000 30 32 1,00,000 2,00,000 _______ 8 _______ 4,50,000 15 18 _______ 2,25,000 10 9 _______ 67 12,00,000 16,75,000 9,00,000 10,75,000 45 43 2,00,000 2,50,000 10 _______ 7,00,000 8,25,000 35 33 .67/4/1. % 24 4 30. The Revenue from operations of a firm is ` 6,00,000. Its inventory turnover ratio is 3 times. If gross profit ratio is 25%, calculate its opening inventory and closing inventory. The opening inventory is 25% of closing inventory. OR From the following information, calculate Interest coverage Ratio : Profit after interest and tax ` 6,00,000 10% Debentures ` 8,00,000 Rate of Income Tax 40% 3 3 31. Fill in the amounts left blank in the following Common Size Statement of Profit and Loss for the year ended 31st March, 2019. Common-Size Statement of Profit & Loss for the year ended 31st March, 2019 Absolute Change Particulars I. Revenue from operations II. Other Income III. Total Revenue 2017-18 2018-19 ` ` % of Revenue from operations 2017-18 2018-19 20,00,000 25,00,000 ________ 100 1,00,000 2,50,000 ________ 10 21,00,000 27,50,000 105 110 ________ 30 32 IV. Expenses (a) Cost of consumed Material (b) Change in Inventory (c) Employee Benefit Expense Other expenses (d) Total Expenses V. 1,00,000 8,00,000 2,00,000 ________ 8 ________ 4,50,000 15 18 ________ 2,25,000 10 9 12,00,000 16,75,000 ________ 67 Profit before Tax (III-IV) 9,00,000 10,75,000 45 43 Less : Tax 2,00,000 2,50,000 10 ________ VI. Profit after Tax 7,00,000 8,25,000 35 33 4 OR .67/4/1. 25 P.T.O. 31 , 2019 - - : . 2018-19 2017-18 30% (`) 45,00,000 10,00,000 5,00,000 (`) 20,00,000 8,00,000 2,00,000 4 , 2019 ` 2,32,000 31-3-2019 . 31 , 2019 31 , 2019 32. 31 (`) I. II. .67/4/1. : 1. (a) (b) 2. 3. (a) (b) : : 1. (a) (i) (ii) (b) 2. : (a) (b) ( ) (c) : 1 10,00,000 4,00,000 8,00,000 (1,00,000) 2 9,00,000 9,00,000 3 4 2,40,000 2,00,000 27,40,000 1,00,000 1,75,000 18,75,000 5 6 20,00,000 46,000 1,00,000 14,42,000 58,000 45,000 2,00,000 2,14,000 1,80,000 27,40,000 1,20,000 90,000 1,20,000 18,75,000 7 26 (`) From the following Statement of Profit and Loss of Skills India Ltd. for the year ended 31st March, 2018 and 2019, prepare a Comparative Statement of Profit and Loss. Note 2018-19 2017-18 Particulars No. (`) (`) Revenue from Operations 45,00,000 20,00,000 Employee Benefit Expenses 10,00,000 8,00,000 Other Expenses 5,00,000 2,00,000 Tax Rate 30% 4 32. From the following Balance Sheet of Gopal Ltd. and the additional information as at 31st March, 2019, prepare a Cash Flow statement when cash flows from financing activities is ` 2,32,000. Gopal Ltd. Balance Sheet as at 31-3-2019 Note 31st March, 31st March, Particulars No. 2019 (`) 2018 (`) I. Equity and Liabilities : 1. Shareholder s Fund (a) Share Capital 10,00,000 8,00,000 (b) Reserve and Surplus 1 4,00,000 (1,00,000) 2. Non-Current Liabilities Long term Borrowings 2 9,00,000 9,00,000 3. Current Liabilities (a) Short term Borrowings 3 2,40,000 1,00,000 (b) Short term Provisions 4 2,00,000 1,75,000 Total : 27,40,000 18,75,000 II. .67/4/1. Assets : 1. Non-Current Assets (a) Fixed Asset (i) Tangible Assets (ii) Intangible Assets (b) Non-current Investments 2. Current Assets : (a) Current Investments (b) Inventories (c) Cash and Cash equivalents Total : 27 5 6 7 20,00,000 46,000 1,00,000 14,42,000 58,000 45,000 2,00,000 2,14,000 1,20,000 90,000 1,80,000 27,40,000 1,20,000 18,75,000 P.T.O. : 1. ( - ) 2. 12% 3. 4. 5. : ( ) 31 , 2019 (`) 31 , 2018 (`) 4,00,000 (1,00,000) 9,00,000 9,00,000 2,40,000 1,00,000 2,00,000 1,75,000 24,00,000 (4,00,000) 16,42,000 (2,00,000) 20,00,000 14,42,000 6. 23. 24. 25. 46,000 7. ( ) 2,14,000 : ` 1,50,000 II ( ) (a) (b) (c) (d) 58,000 90,000 6 1 ______ , _____ - 1 (a) (b) (c) (d) 1 .67/4/1. 28 Notes to Accounts : Note Particulars No. 1. Reserve and Surplus Surplus (Balance in statement of Profit and Loss) 2. Long term Borrowings 12% debentures 3. Short term Borrowings Bank overdraft 4. Short term provisions Provision for tax 5. Tangible Assets Machinery Less : Accumulated Depreciation 6. 7. 31 March, 2019 (`) 31 March, 2018 (`) 4,00,000 (1,00,000) 9,00,000 9,00,000 2,40,000 1,00,000 2,00,000 1,75,000 24,00,000 (4,00,000) 20,00,000 16,42,000 (2,00,000) 14,42,000 46,000 58,000 2,14,000 90,000 Intangible Assets Goodwill Inventories Stock in trade Additional Information : Tax ` 1,50,000 was paid during the year. 6 OPTION II (Computerized Accounting) 23. The process of comparing input data with some known data is called (a) storage data (b) information data (c) data validation (d) data entry 1 24. A ______ attribute can be divided into smaller sub-parts but a _____ attribute cannot be further sub divided. 1 25. Name the accounting information sub-system which deals with receipt and payment of physical cash and electronic fund transfer. (a) Cash and Bank sub-system. (b) Sales and accounts receivable sub-system. (c) Purchase and accounts payable sub-system. (d) Costing sub-system. 1 .67/4/1. 29 P.T.O. 26. - (Key-Stroks) (i) (a) ( ) (ii) (b) ( ) (c) ( ) (d) ( ) (A) (B) (C) (D) (i) (a) (b) (d) (a) (ii) (d) (c) (a) (c) 1 27. _______ 28. 29. 30. 31. 1 : (a) (b) (c) (d) 1 (Rows) ( / ) 1 ? # DIV/O ! Error ( ) ? 3 3 4 4 32. ____________ .67/4/1. 30 6 26. Match the movement of mouse with the key strokes. (i) (ii) (A) (B) (C) (D) One cell down One cell up (i) (a) (b) (d) (a) (a) (b) (c) (d) Down arrow key ( ) or enter Up arrow key ( ) Right arrow key ( ) Left arrow key ( ) (ii) (d) (c) (a) (c) 1 27. _______ prompts the user to enter parameters or criteria through an input box for selecting a set of records with different criteria. 1 28. Hardware refers to (a) System software and application software. (b) Computer associated peripherals and their network. (c) A logical sequence of actions to perform a task. (d) All of the above. 1 29. Rows are referred by alpha characters and columns are numerically numbered from top to bottom. (True/False) 1 30. State any three features of good Accounting Software. OR Name the function of Excel which converts numeric value to text in a specific number format. Explain its syntax. 31. Why is it necessary to have safety features in accounting softwares ? Explain any two tools which provide data security. OR What is meant by # DIV/O ! Error ? State the reasons for the error. 32. A Ltd. wants to enter their sales related data on excel sheet, for their three products to prepare a graphic presentation to be presented in the Board Of Directors meeting. State the basic steps to prepare presentation. 3 3 4 4 6 ____________ .67/4/1. 31 P.T.O. .67/4/1. 32

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