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CBSE XII Sample / Mock 2017 : ACCOUNTANCY (with Marking Scheme / Solutions)

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SAMPLE QUESTION PAPER ACCOUNTANCY (055) CLASS-XII 2016-17 Time allowed Three hours Maximum Marks: 80 General Instructions: 1) This question paper contains two parts A and B. 2) Part A is compulsory for all. 3) Part B has two options Financial Statements Analysis and Computerized Accounting. 4) Attempt only one option of Part B. 5) All parts of a question should be attempted at one place. PART A: ACCOUNTING FOR PARTNERSHIP FIRMS AND COMPANIES Q1. A, B and C are partners sharing profits and losses in the ratio of 5:3:2. C retired and his capital balance after adjustments regarding reserves, accumulated profits/ losses and gain/loss on revaluation (1) was `2,50,000. C was paid `3,00,000 in full settlement. Afterwards D was admitted for 1/4th share. Calculate the amount of goodwill premium brought by D. Sol: Goodwill share of C= `3,00,000-`2,50,000= `50,000 Firm s Goodwill = 50,000x10/2= `2,50,000 Q2. D s share in Goodwill= `2,50,000x1/4= `62,500 A and B were partners in a firm. They admitted C as a new partner for 20% share in the profits. After all adjustments regarding general reserve, goodwill, gain or loss on revaluation, the balances in capital (1) accounts of A and B were `3,85,000 and `4,15,000 respectively. C brought proportionate capital so as to give him 20% share in the profits. Calculate the amount of capital to be brought by C. Sol: Combined capital of A and B = `3,85,000+`4,15,000= `8,00,000 C s share=1/5th of total capital Remaining share= 1-1/5 =4/5 4/5= `8,00,000 C s capital= `8,00,000x5/4x1/5= `2,00,000 Q3. A and B are partners. The net divisible profit as per Profit and Loss Appropriation A/c is `2,50,000. (1) The total interest on partner s drawing is `4,000. A s salary is `4,000 per quarter and B s salary is `40,000 per annum. Calculate the net profit/loss earned during this year. Sol. Net Profit during the year=Divisible profits + Salary to partners Interest on Drawings = 2,50,000+16,000+40,000-4000= `3,02,000 Q4. ABC Ltd. purchased for cancellation its own 5,000, 9% Debentures of `100 each for `95 per debenture. (1) Brokerage charges `15,000 were incurred. Calculate the amount to be transferred to capital reserve. Amount paid for 5,000 Debentures=4,75,000+15,000= `4,90,000 The nominal value of debentures to be redeemed/cancelled= `5,00,000 Q5. Amount of profit on redemption to be transferred to capital reserve= `5,00,000--`4,90,000= `10,000 When can shares held by a shareholder be forfeited? Answer: Shares held by a shareholder can be forfeited for the non-payment of call money due. (1) Q6. A partnership firm has 50 members. All the partners have agreed to admit Ram and Mohan as new partners. Can Ram and Mohan be admitted? Give reason in support of your answer. (1) Answer: No, Ram and Mohan can t be admitted as partners. Reason--- As per the Companies Miscellaneous Rules, 2014 the Maximum number of partners in a partnership firm can be 50. Q7. Explain with an imaginary example how issue of debenture as collateral security is shown in the balance sheet of a company when it is recorded in the books of accounts. (3) A Ltd. obtained Loan of 1,00,000 from Indian Bank and issued 1200, 10% Debentures of `100 each as Collateral security. The company recorded the issue of debentures as collateral security by opening Debenture Suspense Account. Present the issue of debentures in the Balance Sheet of the company. Treatment: An extract of Balance sheet of A Ltd. as at ----------------------Particulars EQUITY AND LIABILITIES Non-current liabilities Long Term Borrowings Note No. 1 1,00,000 Notes to Accounts: Note No 1 Q8. Particulars ` Long Term Borrowings Loan from Indian Bank 1,00,000 1200, 10% Debentures of 100 each issued as Collateral Security 1,20,000 Less: Debenture Suspense Account (1,20,000) -------------- 1,00,000/Rekha, Sunita and Teena are partners in a firm sharing profits in the ratio of 3:2:1. Samiksha joins the firm. Rekha surrenders 1/4th of her share; Sunita surrenders 1/3rd of her share and Teena surrenders1/5th of her share in favour of Samiksha. Find the new Profit sharing ratio. (3) Rekha surrenders for Samiksha = 1/4 x 3/6 = 3/24 Sunita surrenders for Samiksha = 1/3 x 2/6 = 2/18 Teena surrenders for Samiksha = 1/5 x 1/6 = 1/30 New share of Rekha = 3/6 3/24=9/24 New share of Sunita = 2/6-2/18=4/18 New share of Teena = 1/6-1/30=4/30 Share of Samiksha = 3/24+2/18+1/30=97/360 New Ratio :- 9/24:4/18:4/30:97/360 135 : 80 : 48 : 97 Q9. King Ltd took over assets of 25,00,000 and liabilities of 6,00,000 of Queen Ltd. King Ltd paid the purchase consideration by issuing 10,000 equity shares of 100each at a premium of 10% and 11,00,000 by a Bank Draft. Calculate Purchase consideration and pass necessary Journal entries in the books of King Ltd. Solution: (3) Calculation of Purchase Consideration: Nominal Value of Shares issued = 10000 x 100 = Securities premium Reserve = Bank draft = Purchase consideration = 10,00,000 1,00,000 11,00,000 22,00,000 KING LTD. JOURNAL S.No. Particulars L.F Debit Credit ` i. ii. Q10 Sundry Assets A/c-----------------------------------Dr Goodwill A/c (b/f) --------------------------------- Dr To Sundry Liabilities A/c To Queen Ltd. (Being the purchase of assets and liabilities of Queen Ltd.) Queen Ltd. -----------------------------------------Dr To Equity Share Capital A/c To Securities Premium Reserve A/c To Bank A/c 25,00,000 3,00,000 6,00,000 22,00,000 22,00,000 10,00,000 1,00,000 11,00,000 (Being 10,000 Equity shares of ` 100 each issued at a premium of 10% and 11,00,000/- paid by Bank draft) ABC Ltd was a cloth manufacturing company located in Delhi. Being a socially aware organization they wanted to set up a manufacturing plant in a backward area of Kashmir to provide employment to the local people. On July 17, 2014 a flood had hit the entire state of Jammu & Kashmir causing massive destruction and loss. The company wanted to help the people, so they decided to raise funds through issue of 50,000 Equity shares of 50 each to set up the plant in the rural area of Kashmir. Pass necessary Journal entries for the issue of shares and identify any two values that the company wanted to communicate to the society. (3) ABC LTD. JOURNAL S.No. (i) (ii) Particulars L.F Bank A/c -------------------------------------------- Dr. To Equity Share Application & Allotment A/c (Being the amount of application money received on 50,000 shares @ Rs.50 per share.) Equity Share Application & Allotment A/c ---- Dr. To Equity Share Capital A/c (Being the amount transferred to Share Capital A/c) Debit Credit 25,00,000 25,00,000 25,00,000 25,00,000 Values which the Company wants to communicate to the Society: (i) Discharge of Social Responsibility. (ii) Generation of employment opportunities. (iii) Helping the needy people (iv) Sympathy for poor. Q11 A,B,C and D were partners sharing profits in the ratio of 1:2:3:4. D retired and his share was acquired by A and B equally. Goodwill was valued at 3 years purchase of average profit of last 4 years, which was 40,000. General Reserve showed a balance of 1,30,000 and D s Capital in the Balance Sheet was 3,00,000 at the time of D s retirement. You are required to record necessary Journal entries in the books of the firm and prepare D s capital account on his retirement. (4) JOURNAL Date (i) (ii) PARTICULARS L.F A s Capital A/c _________________________Dr. B s Capital A/c _________________________ Dr. To D s Capital A/c (Treatment of goodwill on retirement of D) General Reserve _________________________ Dr. To A s Capital A/c To B s Capital A/c To C s Capital A/c To D s Capital A/c (General Reserve distributed) Dr. PARTICULARS To D s Loan A/c D s Capital Account PARTICULARS 4,00,000 By Balance b/d By A s Capital A/c By B s Capital A/c By General Reserve 4,00,000 DEBIT CREDIT 24,000 24,000 48,000 1,30,000 13,000 26,000 39,000 52,000 Cr. 3,00,000 24,000 24,000 52,000 4,00,000 Q12 Kavita, Meenakshi and Gauri are partners doing a paper business in Ludhiana. After the accounts of partnership have been drawn up and closed, it was discovered that for the years ending 31 st March 2013 and 2014, interest on capital has been allowed to partners @ 6% p.a. although there is no provision for interest on capital in the partnership deed. Their fixed capitals were 2,00,000; 1,60,000 and 1,20,000 respectively. During the last two years they had shared the profits as under: Year Ratio 31 March 2013 3:2:1 31 March 2014 5:3:2 (4) You are required to give necessary adjusting entry on April 1, 2014. Table Showing Adjustment Interest on Capital (2012-13) Interest on Capital (2013-14) Dr. Dr. Total Dr. Kavita Meenakshi 12,000 12,000 9,600 9,600 Gauri 24,000 Profit to be credited (2012-13) Cr. Profit to be credited (2013-14) Cr. 14,400 14,400 19,200 9,600 8,640 Total Cr. Adjustment 28,800 4,800 Cr. 18,240 960 Dr. Total 7,200 7,200 28,800 28,800 14,400 57,600 4,800 5,760 28,800 28,800 10,560 3,840 Dr. 57,600 JOURNAL Q13 DATE PARTICULARS 2014 APR 1 Meenakshi s Current A/c _______________Dr. Gauri s Current A/c ___________________Dr. To Kavita s Current A/c (Adjustment for interest on capital for the year 2012-13 and 2013-14) L.F DEBIT CREDIT 960 3,840 4,800 On 31st March 2015 the Balance Sheet of Punit, Rahul and Seema was as follows Balance Sheet of Punit, Rahul and Seema as at March 31, 2015 Liabilities Assets Capitals: Buildings Punit 60,000 Machinery Rahul 50,000 Patents Seema 30,000 1,40,000 Stock Cash Reserves 20,000 Creditors 14,000 1,74,000 40,000 60,000 12,000 20,000 42,000 1,74,000 They were sharing profit and loss in the ratio 5:3:2. Seema died on October 1, 2015. It was agreed between her executors and the remaining partners that: (i) Goodwill be valued at 2 years purchase of the average profits of the previous five years, which were: 2010-11: 30,000; 2011-12: 26,000; 2012-13: 24,000; 2013-14: 30,000 (6) (ii) (iii) (iv) (v) and 2014-15: 40,000 Patents be valued at 16,000; Machinery at 56,000; Buildings at 60,000 Profit for the year 2015-16 be taken as having been accrued at the same rate as that in the previous year. Interest on capital be provided at 10% p.a. A sum of 15,500 was paid to her executors immediately. Prepare Revaluation Account, Seema s Capital Account and Seema s executors Account. Dr. Particulars To Machinery To Profit Distributed: Punit 10,000 Rahul 6,000 Seema4,000 Dr. Date 2015 Oct 1 LF Revaluation Account Particulars 4,000 By Patents By Buildings Cr. LF 4,000 20,000 20,000 24,000 Seema s Capital Account LF Date 2015 To Seema s Executor s A/c 55,500 Apr1 Oct1 Oct1 Oct1 Oct1 Oct1 Oct1 Particulars 24,000 Cr. Particulars LF By Balance b\d By Reserves By Punit s Capital By Rahul s Capital By Revaluation A/c By P & L Suspense By Int. on Capital 30,000 4,000 7,500 4,500 4,000 4,000 1,500 55,500 Dr. Date 2015 Oct 1 Oct 1 Q14 Particulars To Bank A/c To Seema s Executor s Loan A/c 55,500 Seema s Executor s Account LF Date Particulars 2015 15,500 Oct 1 By Seema s Capital A/c 40,000 55,500 Cr. LF 55,500 55,500 Working Note: Average Profit= (30,000+26,000+24,000+30,000+40,000)/5= 30,000 Goodwill= 30,000X2= 60,000 Seema s share of Profit for 6 months=40,000X6/12X2/12= 4,000 Interest on Seema s Capital = 30,000 X 10/100 X6/12 = 1,500 Ruchi Ltd issued 42,000, 7% Debentures of 100 each on 1st April, 2011, redeemable at a premium of 8% on 31st March 2015. The company decided to create required Debenture Redemption Reserve on 31st March 2014. The company invested the funds as required by law in a fixed deposit with State Bank of India on 1st April, 2014 earning interest @ 10% per annum. Tax was deducted at source by the bank on interest @ 10% per annum. Pass necessary Journal Entries regarding issue and redemption of debentures. Sol. RUCHI LTD. JOURNAL ISSUE OF DEBENTURES Date Particulars L.F. Debit Credit ` ` (6) 2011 April 1 April 1 Bank A/c ---------------------------------Dr. To Debenture Application & Allotment A/c (Being the Application and allotment money received on issue of Debentures Debenture Application & Allotment A/c -----Dr. Loss on Issue of Debenture A/c ----------------Dr. To 7% debenture A/c To Premium on Redemption of Debenture A/c (Being allotment of Debentures redeemable at 8% premium) 42,00,000 42,00,000 42,00,000 3,36,000 42,00,000 3,36,000 REDEMPTION OF DEBENTURES: Date 2014 Mar 31 2014 April 1 2015 Mar 31 Particulars L.F. Debit Surplus i.e. balance in Statement of Profit & Loss Dr. To Debenture redemption Reserve A/c (Being the profits transferred to Debenture Redemption Reserve) 10,50,000 Debenture Redemption Investment A/c ------------Dr. To Bank A/c (Being the Investment made as fixed deposit as per Companies Act, 2013 earning Interest @ 10%) 6,30,000 Bank A/c ---------------------------------------------- Dr. TDS collected A/c ----------------------------------- Dr,. To Debenture Redemption Investment A/c To Interest Earned A/c (Being the fixed deposit encashed on Redemption and interest received @ 10% p.a.) 6,86,700 6,300 Credit 10,50,000 6,30,000 6,30,000 63,000 Mar 31 Q15 7% Debenture A/c ----------------------------------- Dr. 42,00,000 Premium on Redemption of Debenture A/c ------ Dr. 3,36,000 To Debentureholder s A/c 45,36,000 (Being amount due to Debenture holders) Mar 31 Debenture holder s A/c ----------------------------- Dr. 45,36,000 To Bank A/c 45,36,000 (Being the amount due paid on redemption) Mar 31 Debenture Redemption Reserve A/c ---------------Dr. 10,50,000 To General Reserve A/c 10,50,000 (Being Debenture Redemption Reserve transferred to General Reserve) Hema and Garima were partners in a firm sharing profits in the ration of 3:2. On March 31, 2015, their Balance Sheet was as follows: Balance Sheet of Hema and Garima as at March 31, 2015 Liabilities Assets Creditors 36,000 Bank 40,000 Garima s Husband s Loan 60,000 Debtors 76,000 Hema s Loan 40,000 Stock 2,00,000 Capitals: Furniture 20,000 Hema 2,00,000 Leasehold 1,00,000 Garima1,00,000 3,00,000 Premises 4,36,000 4,36,000 (6) On the above date the firm was dissolved. The various assets were realized and liabilities were settled as under: (i) Garima agreed to pay her husband s loan. (ii) Leasehold Premises realized 1,50,000 and Debtors 2,000 less. (iii) Half the creditors agreed to accept furniture of the firm as full settlement of their claim and remaining half agreed to accept 5% less. (iv) 50% Stock was taken over by Hema on cash payment of 90,00 and remaining stock was sold for 94,000. (v) Realisation expenses of 10,000 were paid by Garima on behalf of firm. (vi) Pass necessary journal entries for the dissolution of the firm. Sol: Date 1 2. 3 4 5 6 7 8 Journal Particulars Realisation A/c Dr. To Debtors A/c To Stock A/c To Furniture A/c To Leasehold Premises A/c (Being Assets transferred to Realisation A/c) Creditors A/c Dr. Garima s Husband s Loan A/c Dr. To Realisation A/c (Being third party liabilities transferred to Realisation A/c) Bank A/c Dr. To Realisation A/c (Being Assets realized) Realisation A/c Dr. To Bank A/c (Being creditors paid) Realisation A/c Dr. To Garima s Capital A/c (Being realization expenses and Garima s husband loan paid off by Garima) Realisation A/c Dr. To Hema s Capital A/c To Garima s Capital A/c (Being profit on realization distributed among partners) Hema s Loan A/c Dr. To Bank A/c (Being Hema s loan paid) Hema s Capital A/c Dr. Garima s Captial A/c Dr. To Bank A/c (Being amount paid to partners at final settlement of accounts) Dr.(` ) 3,96,000 Cr.( `) 76,000 2,00,000 20,000 1,00,000 36,000 60,000 96,000 4,08,000 4,08,000 17,100 17,100 70,000 70,000 20,900 12,540 8,360 40,000 40,000 2,12,540 1,78,360 3,90,900 Q16 P and Q were partners in a firm sharing profits in 3:2 ratio. R was admitted as a new partner for 1/4 th share in the profits on April 1, 2015. The Balance Sheet of the firm on March 31,2015 was as follows: Balance Sheet of P and Q as at March 31, 2015 Assets Liabilities Creditors General Reserve Capitals: P 96,000 Q 68,000 20,000 16,000 1,64,000 Cash Debtors Stock Furniture Machinery Buildings 20,000 18,000 20,000 12,000 40,000 90,000 2,00,000 2,00,000 The term of agreement on R s admission were as follows: a) R brought in cash 60,000 for his capital and 30,000 for his share of goodwill. b) Building was valued at 1,00,000 and Machinery at 36,000. c) The capital accounts of P and Q were to be adjusted in the new profit-sharing ratio. Necessary cash was to be brought in or paid off to them as the case may be. Prepare Revaluation Account, Partner s Capital Account and the Balance Sheet of P, Q and R. OR Khushboo, Leela and Meena were partners in a firm sharing profits in the ratio of 5:3:2. Their Balance Sheet on March 31,2015 was as follows: Balance Sheet of Khushboo, Leela and Meena As at March 31, 2015 Assets 70,000 Bank Debtors 90,000 Stock 56,000 Buildings 60,000 2,06,000 Profit & Loss A/c 2,76,000 Liabilities Creditors Capitals: Khushboo Leela Meena 44,000 24,000 60,000 1,40,000 8,000 2,76,000 On April 1,2015 Leela retired on the following terms: i. Building was to be depreciated by 10,000. ii. A Provision of 5% was to be made on Debtors for doubtful debts. iii. Salary outstanding was 4,800 iv. Goodwill of the firm was valued at 1,40,000. v. Leela was to be paid 20,800 through cheque and the balance was to be paid in two equal quarterly installments (starting from June 30,2015) along with interest @ 10% p.a. Prepare Revaluation Account, Leela s Capital Account and her Loan Account till it is finally paid. Solution: Dr. Particulars To Machinery To Profit Distributed: P 3,600 Q 2,400 Dr. Particulars P Revaluation Account Particulars 4,000 By Buildings LF Cr. LF 10,000 6,000 10,000 Q Partners Capital Account R Particulars 10,000 Cr. P Q R (8) To Cash A/c To Balance c/d 19,200 16,800 1,08,000 72,000 1,27,200 Liabilities Creditors Capital: P 1,08,000 Q 72,000 R 60,000 88,800 60,000 By Balance b/d By General Reserve By Cash A/c By Premium for Goodwill By Revaluation A/c 60,000 96,000 68,000 9,600 6,400 60,000 18,000 12,000 3,600 1,27,200 2,400 88,800 Balance Sheet of P,Q and R as at April 1, 2015 Assets 20,000 Building Machinery Cash (20,000+60,000+30,000-19,200-16,800) 2,40,000 Debtors Stock Furniture 2,60,000 60,000 1,00,000 36,000 74,000 18,000 20,000 12,000 2,60,000 OR Dr. Particulars To Buildings To Prov. for Doubtful Debts To Salary Outstanding Dr. Particulars To Profit & Loss A/c To Revaluation A/c To Bank A/c To Leela s Loan A/c Dr. Date 2015 June30 Sep 30 Particulars To Bank A/c To Bank A/c LF LF LF Revaluation Account Particulars 10,000 By Loss Distributed: Khushboo 8,000 1,200 Leela 4,800 4,800 Meena 3,200 16,000 Leela s Capital Account Particulars 2,400 By Balance b/d 4,800 By Khushboo s Capital 20,800 By Meena s Capital 70,000 98,000 Cr. LF 16,000 16,000 Cr. LF Leela s Loan Account Date Particulars 2015 36,750 Apr 1 By Leela s Capital 35,875 June 30 By Interest Sep 30 By Interest 72,625 56,000 30,000 12,000 98,000 Cr. LF 70,000 1,750 875 72,625 Q17. Surya Ltd with a Registered capital of 10,00,000 Equity Shares of 10 each, issued 1,00,000 Equity (8) Shares payable 3 on Application, 2 on Allotment, 3 on First Call and 2 on Second and Final call. The amount due on Allotment was duly received except from Mr. X holding 6,000 shares. His shares were immediately forfeited. On the first call being made, Mr. Y holding 5,000 Equity shares paid the entire balance on his holding. Second call was not made. Pass the necessary Journal Entries to record the transactions and show how the Share Capital will be presented in the Balance Sheet of the Company. Also prepare notes to accounts. OR a) Nidhi Ltd. Issued 2,000 Shares of 100 each. All the money was received except on 200 shares on which only `90 per share were received. These shares were forfeited and out of the forfeited shares 100 shares were reissued at 80 each as fully paid up. Pass necessary Journal entries for the above transactions and prepare the Forfeited Share Account. b) Complete the following Journal Entries: Date Particulars i. ----------------------------- Dr To-----------------------------To-----------------------------(Being the forfeiture of 1000 shares of 10 each, 8 called up, on which allotment money of 2 and First Call of 3has not been received.) ii. ----------------------------- Dr To-----------------------------To-----------------------------(Being reissue of 1000 forfeited shares fully paid up at 11 per share) iii. ----------------------------- Dr To-----------------------------(Being gain on the reissue of shares transferred to capital reserve Account) L.F Debit --------------- Credit --------------- --------------- Sol. Surya Limited Journal Date Particulars i BankA/c Dr. To Equity Share Application A/c (Being the application money received on 1,00,000 shares @ 3 per share received) Equity Share Application A/c To Equity Share Capital A/c (Being the application money transferred to Share Capital A/c) Equity Share Allotment A/c Dr. To Equity Share Capital A/c (Being Allotment made due on 1,00,000 Equity Shares @ 2 per share) Bank A/c Dr. Calls in Arrears A/c To Equity Share Allotment A/c (Being the Allotment money received except for 6,000 shares) Equity Share Capital A/c Dr. To Share Forfeited A/c To Calls in Arrears A/c (Being 6,000 shares forfeited for non-payment of allotment money) ii iii iv. v. L.F Debit Credit 3,00,000 3,00,000 3,00,000 3,00,000 2,00,000 2,00,000 1,88,000 12,000 2,00,000 30,000 18,000 12,000 vi Equity Share First Call A/c Dr. To Equity Share Capital A/c (Being First Call made due on 94,000 Equity Shares @ 3 per share) Bank A./c Dr. To Equity Share First Call A./c To Calls in Advance A/c (Being the First Call money received on 94,000 Equity Shares @ 3 per share and 2 per share on 5,000 shares received in Advance) vii Particulars I EQUITY AND LIABILITIES 1. Shareholder s Funds Share Capital 2,82,000 2,82,000 2,92,000 2,82,000 10,000 Balance Sheet of Surya Ltd. as at---------------Note No 1 7,70,000 Notes to Accounts: Note No 1 Share Capital Authorised Share Capital 10,00,000 Equity Shares of 10 each. 1,00,000,000 Issued Share Capital 1,00,000 Equity Shares of 10 each Subscribed Share capital Subscribed but not fully paid-up 94,000 equity shares of 10 each, 8 Called up Add: Share Forfeited Account 10,00,000 7,52,000 18,000 7,70,000 OR a) Date i ii iii. Particulars L.F Share Capital A/c Dr. To Forfeited Share A/c To Calls in Arrears A/c (Being 200 shares forfeited for nonpayment of call money of 10 per share) Bank A/c Dr. Forfeited Share A/c Dr. To Share Capital A/c (Being 100 shares re-issued for 80 per share as fully paid up) Forfeited Share A/c Dr. To Capital Reserve (Being Allotment made due on 1,00,000 Debit Credit 20,000 18,000 2,000 8,000 2,000 10,000 7,000 7,000 Equity Shares 2 per share) Forfeited Share Account Particulars Particulars To Share Capital A/c (100X20) To Capital Reserve (100X70) To Balance c/d 2,000 7,000 By Share Capital A/c (200X90) 18,000 9,000 18,000 b)JOURNAL Date I 18,000 Particulars L.F Share Capital A/c Dr To Forfeited Share A/c To Share Allotment A/c To share First Call A/c Debit Credit 8,000 3,000 2,000 3,000 (Being the forfeiture of 1000 shares, `8 called up, on which allotment money of 2 II III and First Call of 3 has not been received.) Bank A/c Dr To Share Capital A/c To securities Premium Reserve A/c (Being reissue of 1000 forfeited shares fully paid up at 11 per share) Share Forfeited A/c Dr To Capital Reserve A/c (Being gain on the reissue of shares transferred to capital reserve Account) 11,000 10,000 1,000 3,000 3,000 PART B Option-I ANAYSIS OF FINANCIAL STATEMENTS Q18. The patents of X ltd. increased from 3,00,000 in 2013-14 to 3,50,000 in 2014-15.What will be its (1) treatment while preparing Cash Flow Statement for the year ended 31st March 2015? Sol. It will be taken as purchase of Patents of Activities as an outflow of cash. 50,000 and will be shown under Cash from Investing Q19. Kartik Mutuals, a mutual fund company, provides you the following information: 31st March 2013 Proposed Dividend 20,000 Additional Information: Equity Share Capital raised during the year 3,00,000 10% bank loan repaid was 1,00,000 Dividend received during the year was 20,000 Find out the cash flow from financing activities. Sol. Proceeds from Equity share capital: 3,00,000 Repayment of Bank Loan: (1,00,000) --------------2,00,000 Dividend Paid:(20,000) -------------1,80,000 (1) 31 st March 2014 15,000 Q20. ----------------Note: Dividend received during the year 20,000 will be shown in the Investing Activities. Mudra Ltd. Is in the process of preparing its Balance Sheet as per Schedule III, Part I of the Companies Act, 2013 and provides its true and fair view of the financial position. a) Under which head and sub-head will the company show Stores and Spares in its Balance Sheet? b) What is the accounting treatment of Stores and Spares when the Company will calculate its Inventory Turnover Ratio? c) The management of Mudra Ltd. wants to analyse its Financial Statements. State any two objectives of such analysis. d) Identify the value being followed by Mudra Ltd. (4) Sol. a) Head: Current Assets Sub head ; Inventories b) While calculating Inventory Turnover Ratio it is not included in Inventories c) Objectives Assessing the ability of the enterprise to meet its short term and long term commitments, Assessing the earning capacity of the enterprise d) Values: Transparency, Honesty, Abiding by law Q21. a) X Ltd. has a current ratio 3.5:1 and quick ratio of 2:1. If excess of current assets over quick assets represented by Inventory is 24,000, calculate current assets and current liabilities. b) From the following information, calculate Inventory Turnover Ratio. Revenue from Operations: 4,00,000, Average Inventory : 55,000, The rate of Gross Loss on Revenue from Operations was 10%. Sol. a) Current Ratio = 3.5:1 Quick Ratio = 2:1 Let Current Liabilities = x Current Assets = 3.5x And Quick Assets = 2x Inventory = Current Assets Quick Assets 24,000 = 3.5x 2x 24,000 = 1.5x x = Rs.16,000 Current Assets = 3.5x = 3.5 x 16,000 = 56,000 Verification : Current Ratio = Current Assets : Current Liabilities = 56,000 : 16,000 =3.5:1 Quick Ratio = Quick Assets : Current Liabilities = 32,000 : 16,000 =2:1 b) Revenue from Operations = 4,00,000 Gross Loss = 10% of 4,00,000 = 40,000 Cost of Revenue from Operations = Revenue from Operations + Gross Loss = `4,00,000 + `40,000 (4) = 4,40,000 Inventory Turnover Ratio = Cost of Goods Sold/ Average Inventory = 4,40,000 / 55,000 Q22. = 8 times. From the following Statement of profit and loss of the Sakhi Ltd for the years ended 31 st March 2016, prepare Comparative Statement of Profit & Loss. STATEMENT OF PROFIT & LOSS for the years ended 31st March, 2016 Particulars 2014-15 Revenue from operations Expenses: (a) Employee benefit expenses were 5% of Revenue from operations (b) Other expenses Rate of Tax 35% Sol. Particulars Profit before tax Less: Taxes @35% Profit after tax 2015-16 25,00,000 40,00,000 5,90,000 6,80,000 STATEMENT OF PROFIT & LOSS For the years ended 31st March 2015 & 2016 2014-15 2015-16 Absolute Revenue from operations Expenses: (a) Employee benefit Expenses (b) Other expenses Total expenses %age Change 25,00,000 40,00,000 Change (in `) 15,00,000 1,25,000 5,90,000 2,00,000 6,80,000 75,000 90,000 60 15.25 7,15,000 8,80,000 1,65,000 23.08 17,85,000 31,20,000 13,35,000 74.79 6,24,750 10,92,000 4,67,250 74.79 11,60,250 20,28,000 8,67,750 74.79 60 Q23. Following is the Balance Sheets of Akash Ltd. as at 31-3-2014. Akash Ltd. Balance Sheet PARTICULARS NOTE NO. I EQUITY & LIABILITIES (1) Shareholders Funds (a) Share Capital (b) Reserves & Surplus (2) Non-Current Liabilities (a) Long Term Borrowings (3) Current Liabilities (a) Short term borrowings (b) Trade Payable (c) Short term provisions TOTAL 1 2 3 (4) (6) 2013-14 2012-13 15,00,000 2,50,000 14,00,000 1,10,000 2,00,000 1,25,000 12,000 15,000 18,000 19,95,000 10,000 83,000 11,000 17,39,000 II (1) Non-Current Assets (a) Fixed Assets (i) Tangible assets (ii) Intangible assets (2) Current Assets (a) Current Investments (b) Inventories (c) Trade Receivables (d) Cash & Cash Equivalents TOTAL Notes to Accounts:Note No 4 5 PARTICULARS 1 Reserves and Surplus:Surplus (balance in Statement of Profit and Loss) 2 Short Term Borrowings Bank overdraft Short term provisions Provision for Tax Tangible Assets Machinery Accumulated Depreciation Intangible Assets Patents 3 4 5 18,60,000 50,000 16,10,000 30,000 8,000 37,000 26,000 14,000 19,95,000 5,000 59,000 23,000 12,000 17,39,000 2013-14 2012-13 2,50,000 1,10,000 12,000 10,000 18,000 11,000 20,00,000 (1,40,000) 17,00,000 (90,000) 50,000 30,000 Additional Information: (i) Tax paid during the year amounted to 16,000. (ii) Machine with a net book value of 10,000 (Accumulated Depreciation 40,000) was sold for 2,000. Prepare Cash Flow Statement. Cash Flow Statement For the year ended 31st March, 2014 Particulars I CASH FLOW FROM OPERATING ACTIVITIES Surplus: Balance in the Statement of Profit & Loss (closing) 2,50,000 Less: Surplus: Balance in the Statement of Profit & Loss (beginning) 1,10,000 1,40,000 23,000 Add: Provision for Tax 1,63,000 Net Profit before Tax and Extraordinary Items Add: Non-Cash and Non-operating Expenses: Depreciation 90,000 Loss on Sale of Machine 8,000 98,000 2,61,000 Add: Decrease in Current Assets & Increase in Current Liabilities Inventories 22,000 22,000 2,83,000 Less: Increase in Current Assets & Decrease in Current Liabilities Trade Receivables 3,000 Trade Payables 68,000 71,000 Cash generated from Operating Activities 2,12,000 Less: Income Tax paid (16,000) 1,96,000 Cash Flow From Operating Activities II CASH FLOW FROM INVESTING ACTVITIES 2,000 Sale Of Machinery (3,50,000) Purchase of Machinery (20,000) Purchase of Patents (3,68,000) Cash Used in Investing Activities III CASH FLOW FROM FINANCING ACTIVITIES 1,00,000 Proceeds form Issue of Share Capital 75,000 Proceeds from Long term Borrowings 2,000 Increase in Bank Overdraft 1,77,000 Cash Flow From Financing Activities IV NET INCREASE IN CASH & CASH EQUIVALENTS (I+II+III) V CASH & CASH EQUIVALENTS IN THE BEGINNING OF THE YEAR Current Investments 5,000 Cash & Cash Equivalents 12,000 5,000 VI CASH & CASH EQUIVALENTS AT THE END OF THE YEAR Current Investments 8,000 Cash & Cash Equivalents 14,000 WORKING NOTES: Dr. Machinery Account PARTICULARS To Balance b/d To Bank A/c (purchase) 17,00,000 3,50,000 17,000 22,000 Cr. PARTICULARS By Bank A/c (Sale) By Loss on Sale of Machinery A/c By Depreciation A/c By Balance c/d 2,000 8,000 40,000 20,00,000 20,50,000 Dr. Accumulated Depreciation Account PARTICULARS 20,50,000 Cr. PARTICULARS To Machinery A/c (sold Asset) To Balance c/d 40,000 By Balance b/d By Statement of Profit & Loss 90,000 90,000 1,40,000 1,80,000 Dr. PARTICULARS To Bank A/c (Tax paid) To Balance c\/d 1,80,000 Provision for Tax Account PARTICULARS 16,000 18,000 By Balance b/d By Statement of profit & Loss 34,000 Cr. 11,000 23,000 34,000 PART B Option-II Computerised Accounting 18. 19. 20. While navigating in the workbook, which of the following commands is used to move to the beginning of the Current row: a. [ctrl] + [home] b. [page up] c. [Home] d. [ctrl] + [Back space] Sol: (c) Join line in the context of Access table means: a. Graphical representation of tables between tables b. Lines bonding the data within table c. Line connecting two fields of a table d. Line connecting two records of a table Sol: (b) Enumerate the basic requirements of computerized accounting system for a business organization. (1) (1) (4) Sol: The computerized accounting is one the database-oriented applications wherein the transaction data is stored in well-organized database. The user operates on such database using the required interface and also takes the required reports by suitable transformations of stored data into information. Therefore, the fundamentals of computerized accounting include all the basic requirements of any database-oriented application in computers. Accounting framework [2] It is the application environment of the computerized accounting. A healthy accounting framework in terms of accounting principles, coding and grouping structure is a pre-condition for any computerized accounting system. Operating procedure ........ [2] A well-conceived and designed operating procedure blended with suitable operating environment of the enterprise is necessary to work with the computerized accounting system. 21. The generation of ledger accounts is not a necessary condition for making trial balance in a computerized accounting system. Explain. Sol: In computerized accounting system, every day business transactions are recorded with the help of computer software. Logical scheme is applied for codification of account and transaction. Every account and transaction is assigned a unique code. The grouping of accounts is done from the first stage. [Briefly explaining what is account groups and hierarchy of ledger.] The hierarchy of ledger accounts is maintained and the data is transferred into Ledger accounts automatically by the computer. In order to produce ledger accounts the stored transaction data is processed to appear as classified so (4) that same is presented in the form of report. The preparation of financial statements is independent of producing the trial balance. 22. 23. Internal manipulation of accounting records is much easier in computerized accounting than in manual accounting. How? Sol: Internal manipulation of accounting records is much easier in computerized accounting due to the following: i. Defective logical sequence at the programming stage ii. Prone to hacking Computerisation of accounting data on one hand stores voluminous data in a systematic and organized manner whereas on the other hand suffers from threats of vulnerability and manipulations. Discuss the security measures you would like to employ for securing the data from such threats. Sol: Every accounting software ensures data security, safety and confidentiality. Therefore every, software should provide for the following: Password Security: Password is a mechanism, which enables a user to access a system including data. The system facilitates defining the user rights according to organization policy. Consequently, a person in an organization may be given access to a particular set of a data while he may be denied access to another set of data. Data Audit: This feature enables one to know as to who and what changes have been made in the original data thereby helping and fixing the responsibility of the person who has manipulated the data and also ensures data integrity. Basically, this feature is similar to Audit Trial. Data Vault: Software provides additional security through data encryption ACCOUNTANCY (055) CLASS-XII (2016-17) (4) (6) BLUE PRINT Units Accounting for Partnership Firms and Companies 1 mark Question 3 marks Questions 4 marks Questions 6 marks Questions 8 marks Questions Total Unit 1 Accounting for Partnership Firms 2(K) 11(K) 12(K) 13(K) 15(K) 16(U) 35 Unit 2 Accounting for Companies 1(U) 2(H) 3(U) 6(E) 4(K) 5(K) 7(A) 9(A) 10 (E) - 14(H) 17(H) 25 Part B Financial Statements Analysis Part A Unit 3 Unit 4 Analysis for Financial Statements Cash Flow Statement Total - - 20(U) 21(A) 22(A) - - 12 18(K) 19(H) - - 23(A) - 08 1(8) 3(4) 4(5) 6(4) 8(2) 80(23) ACCOUNTANCY (055) CLASS-XII (2016-17) BLUE PRINT S.No. Typology of Questions 1 Remembering 1 mark Question 4,5,18 2 Understanding 1,3 - 12,20 15 16 6 3 Application - 7,9 21,22 23 - 5 4 HOTS 2,19 - - 14 17 4 5 Evaluation 6 10 1(8) 3(4) Total 3 marks Question 8 4 marks Question 11 6 marks Question 13 8 marks Question - Total 6 2 4(5) 6(4) 8(2) 80(23)

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