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CBSE XII Sample / Mock 2012 : ACCOUNTANCY with Answers (PaperI)

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SAMPLE QUESTION PAPER ACCOUNTANCY Class - XII Set - I Time Allowed - 3 Hrs. Max. Marks - 80 General Instructions :1. This question paper contains three parts A, B and C. 2. Part A is compulsory for all . 3. Attempt only one part of the remaining parts B and C. 4. All parts of questions should be attempted at one place. Part A Accounting for Not-for-Profit Organisations, Partnership Firms and Companies 1. Not-for-profit organisations have some distinguishing features from that of profit organisations. State any one of them. (1) 2. Alka, Barkha and Charu are partners in a firm having no partnership agreement. Alka, Barkha and Charu contributed Rs. 2,00,000, Rs. 3,00,000 and Rs.1,00,000 respectively. Alka and Barkha desire that the profits should be divided in the ratio of capital contribution. Charu does not agree to this. Is Charu correct? Give reasoning. (1) 3. Give the formula for calculating gaining share of a partner in a partnership firm. 4. Pawan and Jayshree are partners. Bindu is admitted for 1/4th share. What is the ratio in which Pawan and Jayshree will sacrifice their share in favour of Bindu? (1) 5. What is meant by Convertible debentures ? 6. Show the following information in the Balance Sheet of the Cosmos Club as on 31st March, 2007: Particulars (1) Debit Rs. Tournament Expenses 18,000 12,000 Income from Tournament Fund Investment 1,50,000 1,50,000 Tournament Fund Investment Credit Rs. Tournament Fund (1) Additional Information :Interest Accrued on Tournament Fund Investment Rs. 6,000. 7. Shubh Limited has the following balances appearing in its Balance Sheet : 78 (3) Rs. Securities Premium 22,00,000 9% Debentures 120,00,000 Underwriting Commission 10,00,000 The company decided to redeem its 9% Debentures at a premium of 10%. You are required to suggest the ways in which the company can utilise the securities premium amount. (3) 8. 20,000 Shares of Rs. 10 each were issued for public subscription at a premium of 10%. Full amount was payable on application. Applications were received for 30,000 shares and the Board decided to allot the shares on a pro-rata basis. Pass journal entries. (3) 9. A, B and C are partners in a firm. They have omitted interest on capital @ 10% p.a. for three years ended 31st March, 2007. Their fixed capitals on which interest was to be calculated throughout were: A Rs. 1,00,000 B Rs. 80,000 C Rs. 70,000 (4) Give the necessary adjusting journal entry with working notes. 10. X, Y and Z were sharing profits and losses in the ratio of 5:3:2. They decided to share future profits and losses in the ratio of 2:3:5 with effect from 1.4.2007. They decided to record the effect of the following, without affecting their book values:(i) Profit and Loss Account Rs. 24,000 (ii) Advertisement Suspense Account Rs. 12,000 Pass the necessary adjusting entry. (4) 11. Vinod Ltd. decided to redeem Rs. 50,000, 10% debentures. It purchased Rs. 40,000 debentures in the open market at Rs. 97.50 each. The expenses being Rs. 200 and redeemed the balance of Rs. 10,000 debentures by draw of lots. Journalise. (4) 12. (a) Raghav Limited purchased a running business from Krishna Traders for a sum of Rs. 15,00,000, payable Rs. 3,00,000 by cheque and for the balance issued 9% Debentures of Rs. 100 each at par. The assets and liabilities consisted of the following : Rs. Plant and Machinery 4,00,000 Buildings 6,00,000 Stock 5,00,000 Sundry Debtors 3,00,000 Sundry Creditors 2,00,000 Record necessary journal entries in the books of Raghav Limited. 79 (b) On 1st January, 2004, Rhythm Limited issued 1,000 10% debentures of Rs. 500 each at par. Debentures are redeemable after 7 years. However, the company gave an option to debenture holders to get their debentures converted into equity shares of Rs. 100 each at a premium of Rs. 25 per share anytime after the expiry of one year. Shivansh, holder of 200 debentures, informed on Jan. 1, 2006 that he wanted to exercise the option of conversion of debentures into equity shares. The company accepted his request and converted debentures into equity shares. Pass necessary journal entires to record the issue of debentures on Jan. 1,2004 and conversion of debentures on Jan. 1, 2006. (3+3 = 6) 13. From the following Receipts and Payments Account of Sonic Club and from the given additional information; prepare Income and Expenditure Account for the year ending 31st December, 2006 and the Balance Sheet as on that date : Receipts and Payments Account for the year ending 31st December, 2006 Dr. Cr. Receipts To Balance b/d To Subscriptions To Interest on Investments @ 8% p.a. for full year Rs. 1,90,000 6,60,000 Payments By Salaries By Sports Equipment By Balance c/d 40,000 8,90,000 Rs. 3,30,000 4,00,000 1,60,000 8,90,000 Additional Information : (a) (b) (c) 14. The club had received Rs. 20,000 for subscription in 2005 for 2006. Salaries had been paid only for 11 months Stock of Sports Equipment on 31st December, 2005 was Rs. 3,00,000 and on 31st December, 2006 Rs. 6,50,000. (6) Ram, Mohan and Sohan were partners sharing profits and losses in the ratio of 5:3:2. On 31st March, 2006 their Balance Sheet was as under : Liabilities Capitals : Ram Rs. Assets Rs. Leasehold 1,50,000 Patents Mohan 1,25,000 Sohan 75,000 Creditors 1,25,000 30,000 Machinery Stock 3,50,000 1,50,000 1,90,000 Cash at Bank Workmen s Compensation Reserve Rs. 40,000 30,000 1,55,000 5,35,000 5,35,000 80 Sohan died on 1st August, 2006. It was agreed that : (i) Goodwill of the firm is to be valued at Rs. 1,75,000. (ii) Machinery be valued at Rs. 1,40,000; Patents at Rs. 40,000; Leasehold at Rs. 1,50,000 on this date. (iii) For the purpose of calculating Sohan s share in the profits of 2006-07, the profits should be taken to have accrued on the same scale as in 2005-06, which were Rs. 75,000. Prepare Sohan s Capital Account and Revaluation Account. 15. (6) Srijan Limited issued Rs. 10,00,000 new capital divided into Rs. 100 shares at a premium of Rs. 20 per share, payable as under : On Application Rs. 10 per share On Allotment Rs. 40 per share (including premium of Rs. 10 per share) On First and Final Call Balance Over-payments on application were to be applied towards sums due on allotment and first and final call. Where no allotment was made, money was to be refunded in full. The issue was oversubscribed to the extent of 13,000 shares. Applicants for 12,000 shares were allotted only 2,000 shares and applicants for 3,000 shares were sent letters of regret and application money was returned to them. All the money due was duly received. Give Journal Entries to record the above transactions (including cash transactions) in the books of the company. (8) OR Sangita Limited invited application for issuing 60,000 shares of Rs. 10 each at par. The amount was payable as follows : On Application Rs. 2 per share On Allotment Rs. 3 per share On First and Final Call Rs. 5 per share Applications were received for 92,000 shares. Allotment was made on the following basis : (i) To applicants for 40,000 shares - Full (ii) To applicants for 50,000 shares - 40% (iii) To applicants for 2,000 Shares - Nil Rs. 1,08,000 was realised on account of allotment (excluding the amount carried from application money) and Rs. 2,50,000 on account of call. The directors decided to forfeit shares of those applicants to whom full allotment was made and on which allotment money was overdue. Pass journal entries in the books of Sangita Limited to record the above transactions. (8) 81 16. L and M share profits of a business in the ratio of 5:3. They admit N into the firm for a fourth share in the profits to be contributed equally by L&M. On the date of admission, the Balance Sheet of L&M is as follows : Balance Sheet as at Liabilities L s Capital M s Capital Reserve Fund Bank Loan Creditors Rs. 30,000 20,000 4,000 12,000 2,000 68,000 Assets Machinery Furniture Stock Debtors Cash Rs. 26,000 18,000 10,000 8,000 6,000 68,000 Terms of N s admission were as follows : (i) N will bring Rs. 25,000 as his capital. (ii) Goodwill of the firm is to be valued at 4 years purchase of the average super profits of the last three years. Average profits of the last three years are Rs. 20,000; while the normal profits that can be earned on the capital employed are Rs. 12,000. (iii) Furniture is to be revalued at Rs. 24,000 and the value of stock to be reduced by 20%. Prepare Revaluation Account, Partners Capital Accounts and the Balance Sheet of the firm after admission of N. (8) OR Following is the Balance Sheet of X and Y, who share profits and losses in the ratio of 4:1, as at 31st March, 2009 : Liabilities Sundry Creditors Bank overdraft X s Brother Loan Y s Loan Investment Fluctuation Fund Capital X Y Amount Rs. Assets 8,000 6,000 8,000 3,000 5,000 50,000 40,000 Bank Debtors 17,000 Less Provision 2,000 Stock Investments Buildings Goodwill Profit and Loss A/c Amount Rs. 20,000 15,000 15,000 25,000 25,000 10,000 10,000 1,20,000 1,20,000 The firm was dissolved on the above date and the following arrangements were decided upon : (i) X agreed to pay off his brother s Loan (ii) Debtors of Rs. 5,000 proved bad (iii) Other assets realised - Investments 20% less; and goodwill at 60% (iv) One of the creditors for Rs. 5,000 was paid only Rs. 3,000. (v) Buildings were auctioned for Rs. 30,000 and the auctioneer s commission amounted to Rs. 1,000. (vi) Y took over part of stock at Rs. 4,000 (being 20% less that the book value). Balance stock realised 50%. 82 (vii) Realisation expenses amounted to Rs. 2,000. Prepare : i) Realisation A/c ii) Partners Capital accounts iii) Bank A/c (8) Part-B Financial Statement Analysis 17. X Ltd. has a Debt Equity Ratio at 3 : 1. According to the management it should be maintained at 1:1. What are the two choices to do so? (1) 18. State whether cash deposited in bank will result in inflow, outflow or no flow of cash.(1) 19. Interest received by a finance company is classified under which kind of activity while preparing a cash flow statement ? (1) 20. Show the major headings into which the liabilities side of a Company s Balance Sheet is organised and presented as per Schedule VI Part I of the Companies Act, 1956. (3) 21. Prepare a Comparative Income Statement with the help of the following information :(4) Particulars Sales Gross Profit Indirect Expenses Income Tax 22. 2006 Rs. 20,00,000 40% 50% of G.P. 50% 2007 Rs. 30,00,000 30% 40% of G.P. 50% Following is the Balance Sheet of X Ltd. as on 31st March, 2008 : Liabilities Bills Payable Creditors 10% Long Term Loan Profit & Loss A/c Reserves Share Capital Rs. 10,00,000 15,00,000 10,00,000 5,00,000 5,00,000 10,00,000 55,00,000 Assets Cash Bills Receivable Debtors Stock Investment Fixed Assets (Net) Rs. 1,00,000 4,00,000 20,00,000 9,00,000 1,00,000 20,00,000 55,00,000 The existing liquid ratio stands at 1:1. A liability of Rs. 4,00,000 under dispute has to be paid immediately as per High Court Order Show the effect of this order on Liquid Ratio and Current Ratio as on 31st March 08. (4) 83 23. From the following balance sheets of ABC Ltd., Find out cash from operating activities only. : Liabilities Equity Share Capital General Reserve Profit & Loss Account 10% Debentures Sundry Creditors Provision for Depreciation on Machinery 31.3.2006 31.3.2007 Assets Rs. Rs. 30,000 10,000 21,000 8,500 35,000 15,000 7,000 25,000 12,500 9,000 13,000 78,500 Goodwill Machinery 10% Investments Stock Cash and Bank Discount on Debentures Profit & Loss Account 1,07,500 Additional Information : *Debentures were issued on 31.3.2007. *Investments were made on 31.3.2007. 31.3.2006 31.3.2007 Rs. Rs. 10,000 41,000 3,000 6,000 12,000 8,000 54,000 8,000 24,500 13,000 500 6,000 78,500 1,07,500 (6) Part C Computerised Accounting 84 MARKING SCHEME SAMPLE QUESTION PAPER -I ACCOUNTANCY Class - XII Set - I Part A Accounting for Not for Profit Organizations, Partnership Firms and Companies 1. Such organisations are formed for providing service to a specific group or public at large and not to earn profit. (1) 2. Charu is correct. Reason : In the absence of partnership deed profits are to be shared equally. ( + =1) 3. Gaining share = New Share-Old Share (1) 4. Old Ratio i.e. 1:1 (1) 5. The debentures which are convertible into equity shares or other securities either at the option of debentureholder or at the option of the company after a specified period. (1) 6. COSMOS CLUB Balance Sheet as on 31 March, 2007 Liabilities Tournament Fund (+) Income from Tournament Fund Investment Rs. Assets Tournament Fund Investment 1,50,000 Accrued Interest on Tournament Fund Investment 18,000 Rs. 1,50,000 6,000 1,68,000 (+) Accrued Interest on Tournament Fund Investment 6,000 1,74,000 ( ) Tournament expenses 12,000 1,62,000 ( x 6 = 3) 7. (i) Utilise Rs. 10,00,000 to write off underwriting commission. (ii) Utilise remaining Rs. 12,00,000 to provide for premium on redemption of 9% Debentures. (1 +1 =3) 85 8. JOURNAL Date Particulars L.F. Debit Bank Account Dr. To Share Application & Allotment A/c (Being application money received on 30,000 shares @ Rs.11 each ) 3,30,000 Share Application & Allotment Account Dr. To Share Capital Account To Securities Premium Account To Bank Account (Being application money adjusted towards share capital and securities premium; balance refunded) 3,30,000 Credit 3,30,000 2,00,000 20,000 1,10,000 (1 + 2 = 3) 9. JOURNAL Date Particulars L.F. 31.3.07 B s Current A/c C s Current A/c To A s Current A/c (Being omission of interest on capital for three years rectified) Dr. Dr. Debit 1,000 4,000 Credit 5,000 (2) Working Notes : (i) Interest on capital (A) x Rs. 1,00,000 = Rs. 10,000 x 3 years = Rs.30,000 (B) x Rs. 80,000 = Rs. 8,000 x 3 years = Rs. 24,000 = Rs. 7,000 x 3 years = Rs.21,000 (C) x Rs. 70,000 Total Rs. 75,000 86 (1) (ii) Statement showing Adjustment to be made : Particulars A B C 1. Amount already credited by way of share of profit Rs. 25,000 Rs. 25,000 Rs. 25,000 2. Amount which should have been credited by way of interest on capital Rs. 30,000 Rs. 24,000 Rs. 21,000 3. Difference (1 2) Rs. 5,000 1,000 Rs. 4,000 Cr. Dr. Dr. Short excess excess (1) (2 + 1 + 1 = 4) 10. X Old Ratio Y 5 : New Ratio 2 : Z 3 : 2 3 : 5 Change in Ratio = OR NR (1) Total amount of adjustment to be made : Profit and Loss A/c (Cr. Balance) Rs.24,000 Advertisement Suspense (12,000) Total Amount to be adjusted 12,000 Z s share of gain = 3/10 x Rs.12,000 = Rs.3,600 X s share of sacrifice = 3/10 x Rs.12,000 = Rs.3,600 (1) JOURNAL Date Particulars Rs. Z s Capital A/c Dr. Rs. 3,600 To X s Capital A/c 3,600 (Being adjustment made on account of change in profit-sharing ratio) (2) (1+1+2=4) 87 11. Date Book of Vinod Ltd Journal Particulars Amount (Rs.) 10% Debentures A/c Dr 40,000 To Bank A/c 1 39,200 To profit on Redemption of Debentures A/c (Being purchase of 400 debentures @ Rs. 97.50 plus 200 for expenses) 10% Debentures A/c 2 Dr 800 10,000 To Debenture Holders A/c (Being redemption of Rs. 10,000 debentures due) Debenture Holders A/c Dr 10,000 10,000 To Bank A/c 3 10,000 (Being amount paid to debenture holders) Profit on Redemption of debentures A/c Dr 800 To Capital Reserve A/c 4 800 (Being transfer of Profit on redemption to Capital Reserve) Profit and Loss Appropriation A/c Dr 10,000 10,000 To Bank A/c 5 Amount (Rs.) (Being transfer of Profit to Debenture Redemption Reserve) 2 marks for entry no. 1, mark each for remaining 4 entries 2+ + + + = 4 marks 88 12. (a) JOURNAL Date Particulars L.F. Plant and Machinery A/c Buildings A/c Stock A/c Sundry Debtors A/c Dr. Dr. Dr. Dr. Debit Credit 4,00,000 6,00,000 5,00,000 3,00,000 To Sundry Creditors A/c 2,00,000 To Krishna Limited A/c 15,00,000 To Capital Reserve A/c 1,00,000 (being the purchase of assets and liabilities of Krishna Limited) Krishna Limited A/c Dr. 3,00,000 To Bank A/c 3,00,000 (Being Rs.3,00,000 paid to Krishna Ltd. by cheque) Krishna Limited A/c Dr. 12,00,000 To 9% Debentures A/c 12,00,000 (Being the balance Rs.12,00,000 discharged by issue of 9% Debentures at par) (1 + 1 + 1 = 3) 12. (b) JOURNAL Date Particulars L.F. 1.1.04 Bank A/c Dr. Debit 5,00,000 To 10% Debenture Application and Allotment A/c (Being application money received on 1000 debentures @ Rs.500) 1.1.04 10% Debenture Application and Allotment A/c Dr. Dr. 5,00,000 5,00,000 To 10% Debentures A/c (Being application money transferred to 10% Debentures account consequent upon allotment) 1.1.06 10% Debentures A/c Credit 5,00,000 1,00,000 To Debentureholder A/c 1,00,000 (Being amount due to Debentureholder on conversion) 1.1.06 Debentureholder A/c Dr. 1,00,000 To Equity Share Capital A/c 80,000 To Securities Premium A/c 20,000 (Being the issue of 800 equity shares of Rs. 100 each at a premium of Rs.25 per share) 89 Working Note : Calculation of Number of Shares Number of equity shares = = 800. ( + 1 + + 1 = 3) (3+3=6) 13. Income and Expenditure Account for the year ending December, 2006 Dr. Expenditure Rs. Income To Salaries Rs.3,30,000 By Subscription Rs.6,60,000 Add : Outstanding Add : Advance for salaries 30,000 3,60,000 Subscription received To Depreciation on in 2005 for 2006 Rs. 20,000 Sports Equipments 3,00,000 By Interest on Investments + 4,00,000 @8% on Rs.5,00,000 - 6,50,000 50,000 To Surplus 3,10,000 (bal. fig.) 7,20,000 Cr. Rs. 6,80,000 40,000 7,20,000 (2 ) Balance Sheet as on 31st December, 2006 Liabilities Capital Fund Add : Surplus Rs. Rs. 9,70,000 3,10,000 Salaries Outstanding 12,80,000 30,000 Assets Rs. Investments Sports Equipments Rs.3,00,000 4,00,000 Add : Purchased 7,00,000 5,00,000 Less : Depreciation 6,50,000 Cash 13,10,000 50,000 1,60,000 13,10,000 (2 ) Working Note : Balance Sheet as on 31st December, 2005 Liabilities Subscription Received in Advance Capital Fund (bal.fig) Rs. 20,000 9,70,000 9,90,000 Assets Cash Investment Sports Equipment Rs. 1,90,000 5,00,000 3,00,000 9,90,000 (1) (2 +2 +1=6) 90 14. REVALUATION ACCOUNT Dr. Cr. Particulars To Machinery To Profit Transferred to Capital Accounts : Ram : Rs. 12,500 Mohan : 7,500 Sohan : 5,000 Rs. 10,000 Particulars By Leasehold By Patents Rs. 25,000 10,000 25,000 35,000 35,000 (2) Sohan s Capital Account Rs. To Sohan s Executor s A/C 1,26,000 Rs. 75,000 5,000 By Balance b/d By Revaluation A/c By Ram s Capital A/c 21,875 By Mohan s Capital A/c 13,125 By P& L Suspense A/c By Workmen s Compensation Reserve A/c 5,000 6,000 1,26,000 1,26,000 (4) Working Notes : (i) Sohan s share of Goodwill : 1/5 of Rs. 1,75,000 = Rs. 35,000. The amount for Goodwill to be contributed by Ram and Mohan in the ratio of 5:3. (ii) Profit of Sohan till the time of death that is upto 31.07.2006 (for 4 months) Rs. 75,000 x 4/12 x 2 10 = Rs. 5,000. (2+4=6) 91 15. JOURNAL Date (i) (ii) (iii) (iv) (v) (vi) Particulars L. F. Bank A/c Dr. To Share Application A/c (Being application money received on 23000 shares @Rs.10 per share) Share Application A/c Dr. To Share Capital A/c To Share Allotment A/c To Call in advance A/c To Bank A/c (Being application money adjusted and balance refunded) Share Allotment A/c Dr. To Share Capital A/c To Securities Premium A/c (Being allotment money due) Bank A/c Dr. To Share Allotment A/c (Being allotment money received) Share First & Final Call A/c Dr. To Share Capital A/c To Securities Premium A/c (Being Call money due) Bank A/c Dr. Call in advance Dr. To Share First & Final Call A/c (Being call money received) Dr. Amt. (Rs.) 2,30,000 Cr. Amt. (Rs.) 2,30,000 2,30,000 1,00,000 80,000 20,000 30,000 4,00,000 3,00,000 1,00,000 3,20,000 3,20,000 7,00,000 6,00,000 1,00,000 6,80,000 20,000 7,00,000 (1+2+1+1 + 1 + 1 = 8) Working Notes : i) Total amount received on application = Rs.10x23,000 = Rs. 2,30,000 ii) Pro rata category applied 12,000 : Allotted 2,000 (i.e. 6:1) Money received on application 12,000xRs10 = Rs.1,20,000 Money required on application 2,000xRs10 = Rs.20,000 Excess money received on application = Rs. 1,00,000 Money required on allotment 2,000xRs.40 = Rs.80,000 So entire amount due on allotment is already received. Excess Rs.20,000 is transferred to calls in advance. This amount will be credited to Calls in Advance A/c. In that case, Calls in Advance A/c will be debited in entry No.6 along with Bank A/c and Share First and Final Call A/c will be credited with full amount of Rs.7,00,000. 92 15. OR IN THE BOOKS OF SANGITA LTD. JOURNAL Date (i) (ii) (iii) (iv) Particulars L. F. Bank A/c Dr. To Share Application A/c (Being application money received on 92,000 shares @ 2 per share) Share Application A/c. Dr. To Share Capital A/c. To Bank A/c To Share Allotment A/c (Being the application money adjusted towards share capital and share allotment and surplus refunded ) Share Allotment A/c Dr. To Share Capital A/c (Being allotement money due on 60,000 Shares @ Rs. 3 per Share) Bank A/c Dr. To Share Allotment A/c (Being allotment money received) Dr. Amt. (Rs.) 1,84,000 1,84,000 1,80,000 1,08,000 (v) Share First and Final Call A/c To Share Capital A/c (Being first and final call money due on 60,000 shares @ Rs. 5 per share) Dr. 3,00,000 (vi) Bank A/c. Dr. To Share First and Final Call A/c (Being first and final call money received) Cr. Amt. (Rs.) 1,84,000 1,20,000 4,000 60,000 1,80,000 1,08,000 2,50,000 (vii) Share Capital A/c Dr. To Share Allotment A/c To Share First and Final Call A/c To Share Forfeited A/c 3,00,000 2,50,000 40,000 12,000 20,000 8,000 (Being 4000 shares forfeited due to non-payment of allotment and first and final call) (Marks 1+1+1+1+1+1+2 = 8) 93 Working Notes : 1. Utilization of excess money received on application for pro rata category 5 : 2 Money received on application 50,000x Rs.2 Money required an application 20,000x Rs.2 Excess money received Amount due on allotment 20,000x Rs.3 Rs. =1,00,000 = 40,000 = 60,000 =60,000 So entire excess money (Rs. 60,000) is adjusted towards allotment. 2. Number of shares on which allotment is not received Rs. = 1,80,000 = 60,000 = 1,08,000 =12,000 = Rs. 3 Total Allotment money due 60000x Rs.3 Less : Allotment money already received Less : Allotment money received Amount not received on allotment Allotment money per share Number of shares on which Allotment Money is not received 3. Shares Number of Shares on which first call is not received Total First Call money due 60,000xRs.5 Less First Call money received Amount Not Received on first call First call per share Rs. = 3,00,000 = 2,50,000 = 50,000 Rs. 5 Number of shares on which first call money is not received (Which includes 4,000 shares on which allotment money was not received. These shares were forfeited) 16. Revaluation A/c Particulars To Stock To Partners Capital A/c L 2,500 M 1,500 Rs. 2,000 Particulars By Furniture Rs. 6,000 4,000 6,000 6,000 (1 ) 94 16. Dr. Partners Capital A/c. Particulars L Rs. M Rs. To L s Capital To M s Capital To Balance c/d 39,000 27,000 39,000 27,000 Liabilities Capital L M N Bank Loan Creditors Rs. 39,000 27,000 17,000 To Bank : (Realisation exp.) Particulars L Rs. By Balance b/d 30,000 By Reserve Fund 2,500 By Revaluation A/c 2,500 By Cash A/c By N s Capital A/c* 4,000 25,000 39,000 Balance Sheet as at.......... Rs. Assets Machinery Furniture Stock 83,000 Debtors 12,000 Cash 2,000 97,000 *Working Note N s Capital A/c Dr To L s Capital A/c To M s Capital A/c Dr. Particulars To Goodwill To Buildings To Investments To Stock To Debtors To X s Capital A/c (X s brother s Loan) To Bank : Creditors 6,000 Bank overdraft 6,000 N Rs. 4,000 4,000 17,000 8,000 Cr. M Rs. 20,000 1,500 1,500 - N Rs. 25,000 4,000 27,000 25,000 (1 x3=4 ) Rs. 26,000 24,000 8,000 8,000 31,000 97,000 ( 2) 4,000 4,000 1 + 4 + 2 = 8 OR Realisation Account Cr. Rs. Particulars Rs. 10,000 By Investment Fluctuation Fund 5,000 25,000 By Provision for doubtful debts 2,000 25,000 By Creditors 8,000 15,000 By Bank overdraft 6,000 17,000 By X s Brother s loan 8,000 By Bank : 8,000 Assets realised Debtors 12,000 Investments 20,000 12,000 Goodwinll 6,000 Buildings 29,000 5,000 72,000 Stock 2,000 1,14,000 95 By Y s Capital Stock By Loss transfered to: X s capital A/c 7200 1800 Y s capital A/c 4,000 9000 1,14,000 (4) Particulars X (Rs) To Profit & Loss A/c 8,000 To Realisation A/c To Realisation A/c 7,200 (Loss) To Bank A/c 42,800 58,000 Partners Capital A/c Y (Rs) Particulars 2,000 By Balance b/d 4000 By Realisation A/c 1,800 Y (Rs) 40,000 - 58,000 32,200 40,000 X (Rs) 50,000 8,000 40,000 (2) Dr. Particulars To balance b/d To Realisation A/c Bank A/c Amount (Rs) Particulars 20,000 72,000 By Y s Loan A/c By Realisation A/c Liabilities paid off By Realisation Exp. A/c By X s Capital A/c By Y s Capital A/c 92,000 Cr. Amount (Rs) 3,000 12,000 2,000 42,800 32,200 92,000 (2) (4+2+2= 8) 96 18. PART - B The two choices to maintain Debt equity at 1:1 from 3:1 are : (i) To increase equity or (ii) To reduce Debt (iii) Both i.e. increase equity and reduce Debt. No Flow 1 1 19. Operating Activity 1 17. 20. Liabilities side of the Company s Balance Sheet as per Schedule VI Part -I of the Companies Act, 1956 Liabilities Rs. Asset Rs. 1. Share Capital 2. Reserves & Surplus 3. Secured Loans 4. Unsecured Loans 5. Current Liabilities & Provisions : (A) Current Liabilities (B) Provision ( Mark for first four items and + for fifth item = 3) Comparative Income Statement for the year ended 31st Dec, 2007 21. Particulars Absolute Figures 2006 2007 (Rs.) (Rs.) Change (Base year 2006) Absolute Percentage figures (Rs.) (%) Sales 20,00,000 30,00,000 10,00,000 50% Less : Cost of goods sold Gross Income/ Profit Less : Indirect Expenses Profit before Tax Less : Tax (50%) Profit after tax 12,00,000 8,00,000 (4,00,000) 4,00,000 (2,00,000) 2,00,000 21,00,000 9,00,000 (3,60,000) 5,40,000 (2,70,000) 2,70,000 9,00,000 1,00,000 40,000 1,40,000 (70,000) 70,000 75% 12.5% 10% 35% 35% 35% 2 marks for calculating absolute changes 2 marks for calculating percentage (2+2=4) 97 22. Liquid Ratio = Liquid Assets Current Liabilities Bills Receivables + Debtors + Cash Creditors + Bills Payable = 4,00,000+20,00,000+1,00,000 15,00,000+10,00,000 = 25,00,000 25,00,000 = 1:1 (1) After Court s decision, Current Liability increased by Rs. 4,00,000 and thus 25,00,000 29,00,000 Liquid Ratio = = 0.86:1 hence reduced (1) Current Ratio before court s decision was = Current Assets Current Liabilities = Liquid Assets + Stock Current Liabilities = 25,00,000 + 9,00,000 25,00,000 OR 1.36 : 1 (1) After Court s decision Current Ratio = 34,00,000 29,00,000 OR 1.17 : 1 Hence reduced (1) (1+1+1+1 = 4) 98 23. CALCULATION OF CASH FLOWS FROM OPERATING ACTIVITIES Particulars Details (Rs.) Amount (Rs.) Net profit before tax and extra-ordinary Items : 18,000 Items to be added Add : Depreciation 4000 Discount on issue of Deb 500 Goodwill Written off 2000 Interest on Debentures 2100 (10% of 21000) 8600 Items to be deducted Less : Interest on Investment (300) Operating profit before working Capital Changes Add : Increase in creditors 8300 26300 4000 (18,500) Less : Increase in stock (14,500) Cash generated from operating activities 11,800 (5) Working Notes : Calculation of profit before Tax Less : Closing balance as per P& L A/c Rs. 7,000 Less : Opening balance as per P & L (6,000) Add : Transfer to General Reserve 5,000 18,000 (1) (5+1=6) 99 SAMPLE QUESTION PAPER-I Subject : Accountancy Class XII Max. Marks 80 Time : 3 hrs. QUESTION-WISE ANALYSIS S. No of question Unit/Ch. Number Marks allotted Estimated time (Minutes) Estimated Difficulty level 1 1 1 2 minutes A 2 2 1 2 minutes A 3 3 1 2 minutes A 4 3 1 2 minutes A 5 4 1 2 minutes A 6 1 3 6 minutes A 7 4 3 6 minutes C 8 4 3 6 minutes A 9 2 4 8 minutes B 10 3 4 8 minutes C 11 4 4 8 minutes C 12 4 6 12 minutes B 13 1 6 12 minutes B 14 3 6 12 minutes B 15 4 8 16 minutes B 16 3 8 16 minutes B 17 5 1 2 minutes B 18 6 1 2 minutes A 100 S. No of question Unit/Ch. Number Marks allotted Estimated time (Minutes) Estimated Difficulty level 19 6 1 2 minutes A 20 5 3 6 minutes A 21 5 4 8 minutes B 22 5 4 8 minutes B 23 6 6 12 minutes C Reference for abbreviations to Difficulty Level A Easy 20% 16 B Average 60% 48 C Difficult 20% 16 101

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