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CBSE XII Sample / Mock 2011 : ACCOUNTANCY with Answers (2 Sample Papers)

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ACCOUNTANCY 67 DESIGN OF QUESTION PAPER ACCOUNTANCY Class - XII Time Allowed - 3 Hrs. Max. Marks - 80 The weightage to marks over different dimensions of the question paper shall be as under : A. Weightage to Content/ Subject units S. No. Content Unit Marks Part A : Accounting for Not for Profit Organizations, Partnership Firms and Companies 1. Accounting for not for profit organizations 10 2. Accounting for Partnership Firms 5 3. Reconstitution of Partnership 20 4. Accounting for Share Capital and Debentures 25 TOTAL 60 Part B : Financial Statement Analysis 5. Analysis of Financial Statements 6. 12 Cash flow Statement 8 Total 20 OR Part C : Computerized Accounting 5 Overview of computerized Accounting system 6. Accounting using Database Management System(DBMS) 7 5 8 Accounting Applications of Electronic Spread sheet 7 TOTAL 20 Grand Total (A+B)/(A+C) 80 68 B. Weightage to forms of Questions S. No. Forms of Questions Marks for each question No. of questions Total Marks 1. Very short answer type (VSA) 1 8 8 2. Short answer type (SAI) 3 4 12 3. Short answer type (SAII) 4 5 20 4. Long answer type (LAI) 6 4 24 5. Long answer type (LAII) 8 2 16 23 80 Total C. No. of Sections The question paper will have three sections A, B and C. The students will have choice between sections B and C. D. Scheme of Options There will be no overall choice. However, there is an internal choice in the questions of 8 marks. E. Weightage of difficulty level of questions S. No Estimated difficulty level of questions 1. Easy 20% 2. Average 60% 3. Difficult 20% 69 Percentage SAMPLE QUESTION PAPER I ACCOUNTANCY Class - XII Senior Secondary School Examination Marks - 60 Set-I & II Part A - PARTNERSHIP AND COMPANY ACCOUNTS BLUE PRINT Form of Questions/ Units 1. Accounting for Not for profit organisations. Long Answer 6,8 Short Answer 3,4 Very Short Answer 1 Total 6(1) 3(1) 1(1) 10(3) 4(1) 1(1) 5(2) 1(2) 20(5) 2. Accounting for Partnership Firms 3. Reconstitution of Partnership 8(1) 6(1) 4(1) 4. Accounting for (a) Share Capital 8(1) 3(1) (b) Debentures 6(1) Sub Total (A) 3(1) 25(6) 1(1) 21(6) 34(5) 4(1) 5(5) Note : Number of questions are given within brackets and total marks outside the brackets 70 60(16) SAMPLE QUESTION PAPER I SENIOR SECONDARY SCHOOL EXAMINATION Subject - Accountancy. Max. Marks - 80 Class - XII Set-I Part B - Financial Statement Analysis. Blue Print Form of Questions/ Units 5. Long Answer 6,8 Short Answer 3,4 Total 1(1) 12(4) 1(2) Analysis of Financial Statements Very Short Answer 1 8(3) 3(1) 4(2) Cash flow Statement 6(1) Sub Total (B) 6(1) 11(3) 3(3) 20(7) Grand Total (A+B) 6. 40(6) 32(9) 8(8) 80(23) Note : Number of questions are given within brackets and marks outside the brackets. 71 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 : 72 (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 (ii) Advertisement Suspense Account Rs. 12,000 Rs. 24,000 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. 73 (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 74 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 (8) books of the company. 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) 75 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%. 76 (vii) Realisation expenses amounted to Rs. 2,000. Prepare : i) Realisation A/c ii) Partners Capital accounts (8) iii) Bank A/c 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) 77 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 78 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) 79 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) Credit 3,30,000 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 Credit 1,000 4,000 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 80 (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 Rs. 5,000 1,000 Rs. 4,000 Cr. Dr. Dr. Short 3. Difference (1 2) 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) 81 11. Date Book of Vinod Ltd Journal Amount (Rs.) Particulars 10% Debentures A/c Dr 40,000 To Bank A/c 1 39,200 800 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 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 To Bank A/c 5 Amount (Rs.) 10,000 10,000 (Being transfer of Profit to Debenture Redemption Reserve) 2 marks for entry no. 1, mark each for remaining 4 entries 2+ + + + = 4 marks 82 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 3,00,000 To Bank A/c (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 Credit 5,00,000 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. 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 Dr. 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) 83 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 50,000 - 6,50,000 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 Add : Purchased 4,00,000 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) 84 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) 85 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. 86 15. OR IN THE BOOKS OF SANGITA LTD. JOURNAL Date (i) (ii) (iii) (iv) (v) (vi) (vii) 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) 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. Dr. Amt. (Rs.) 1,84,000 Cr. Amt. (Rs.) 1,84,000 1,84,000 1,20,000 4,000 60,000 1,80,000 1,80,000 1,08,000 1,08,000 3,00,000 3,00,000 Bank A/c. Dr. To Share First and Final Call A/c (Being first and final call money received) Share Capital A/c Dr. To Share Allotment A/c To Share First and Final Call A/c To Share Forfeited A/c 2,50,000 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) 87 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 Rs. Total First Call money due 60,000xRs.5 Less First Call money received Amount Not Received on first call First call per share = 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 ) 88 16. Dr. Cr. 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 N Rs. 4,000 4,000 17,000 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 M Rs. 20,000 1,500 1,500 - N Rs. 25,000 4,000 27,000 25,000 (1 x3=4 ) Liabilities Capital L M N Bank Loan Creditors Rs. 39,000 27,000 17,000 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 To Bank : (Realisation exp.) Rs. 26,000 24,000 8,000 8,000 31,000 97,000 ( 2) 8,000 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 89 By Y s Capital Stock By Loss transfered to: X s capital A/c 7200 Y s capital A/c 1800 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) 90 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) 21. Comparative Income Statement for the year ended 31st Dec, 2007 Particulars Absolute Figures 2006 2007 (Rs.) (Rs.) Change (Base year 2006) Percentage Absolute 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) 91 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) 92 23. CALCULATION OF CASH FLOWS FROM OPERATING ACTIVITIES Particulars Details (Rs.) Amount (Rs.) 18,000 Net profit before tax and extra-ordinary Items : 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) 26300 Operating profit before working Capital Changes Add : Increase in creditors 8300 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) 93 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 94 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 95 SAMPLE QUESTION PAPER ACCOUNTANCY Class - XII Set - II 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 candidates. 3. Candidates can attempt only one part of the remaining part B and C. 4. All parts of a question should be attempted at one place. Part A 1. Accounting for Not for Profit Organizations, Partnership Firms and Companies Name the account which shows the classified summary of transactions of a Cash Book in a not-for-profit organisation. (1) 2. List two items that may appear on the Credit side of a partner s fixed capital account.(1) 3. Give two circumstances in which sacrificing ratio may be applied. (1) 4. Name any two factors affecting goodwill of a partnership firm. (1) 5. What is the nature of Interest on Debentures? (1) 6. On the basis of following information, calculate the amount of stationery to be shown in Income and Expenditure Account for the year ended 31st March, 2007. (3) Rs. Stock of stationery on 1.4.2006 50,000 Stock of stationery on 31.3.2007 40,000 Amount paid for stationery during the year 2,00,000 Creditors for stationery on 1.4.2006 20,000 Creditors for stationery on 31.3.2007 10,000 7. State the exceptions to the creation of Debenture Redemption Reserve as per SEBI Guidelines. (3) 8. Akash Ltd. issued 1,00,000 shares of Rs. 10 each, payable as follows : Rs. 2 on application payable on 1st March, 2006; Rs. 3 on allotment payable on 1st May, 2006; Rs. 2 on first call payable on 1st August, 2006 and Rs. 3 on second and final call payable on 1st December, 2006. All these shares were subscribed for and amounts duly received. Akriti, who had 8,000 shares, paid the amount of both the calls alongwith allotment. 96 Suniti, who had 4,000 shares, paid the amount of second and final call with the first call. Calculate the amount of interest on calls-in-advance payable to Akriti and Suniti. (3) The Company adopts Table A. 9. X, Y and Z are partners sharing profits and losses in the ratio of 3:2:1. After the final accounts have been prepared, it was discovered that interest on drawings @ 5% p.a. had not been taken into consideration. The drawings of the Partners were : X Rs. 15,000; Y Rs. 12,600; Z Rs. 12,000.Give the necessary adjusting journal entry. (4) 10. P, Q and R are partners sharing profits and losses in the ratio of 5:3:2. From 1st January, 2006, they decide to share profits and losses in equal proportion. The partnership deed provides that in the event of any change in profit sharing ratio, the goodwill should be valued at three years purchase of the average of five years profits. The profits and losses of the preceding five years are: Profits : 2001 - Rs. 60,000 2002 Rs. 1,50,000 2003 - Rs. 1,70,000 2004 - Rs. 1,90,000. Loss : 2005 - Rs. 70,000. Give the necessary journal entry to record the above change. (4) 11. A company took a loan of Rs. 5,00,000 from State Bank of India and issued 10% debentures of Rs. 8,00,000 of Rs. 100 each as a collateral security. Explain how will you deal with issue of debentures in the books of company. (4) 12. (a) Alpha Ltd. has 5,000 8% Debentures of Rs. 100 each due for redemption on March 31, 2007. Assume that Debenture Redemption Reserve has a balance of Rs. 1,90,000 on that date. Record the necessary entries at the time of redemption of debentures. (b) 13. What journal entries should be made for the issue of debentures in the following cases: (i) X Limited issued 30,000 12% Debentures of Rs. 100 each at par, redeemable at a premium of 5%. (ii) Y Limited issued 50,000 12% Debentures of Rs 100 each at a premium of 5%, redeemable at par. (3+3=6) From the following extract of Receipts and Payments Account of Sonic club and the given additional information, show the Salaries items in the Income and Expenditure Account for the year ending 31st Dec. 2006 and the Balance Sheet as on 31st December, 2005 and 31st December, 2006. (6) An Extract of Receipts and Payments Account for the year ending 31st December, 2006 Receipts Rs. Payment By Salaries 2005 2006 2007 97 Rs. 20,000 2,80,000 18,000 Additional Information : Rs. a) 25,000 b) Salaries outstanding on 31.12.2006 45,000 c) 14. Salaries outstanding on 31.12.2005 Salaries paid in advance on 31.12.2005 10,000 A and B Share profits and losses in the ratio of 5:2. They have decided to dissolve the firm. Assets and external liabilities have been transferred to Realization A/c. Pass the journal entries to effect the following : a) Bank Loan of Rs. 12,000 is paid off. b) A was to bear all expenses of realisation for which he is given a commission of Rs. 400/- c) Deferred Advertisement Expenditure A/c appeared in the books at Rs. 28,000. d) Stock worth Rs. 1,600 was taken over by B at Rs. 1,200. e) An unrecorded computer realised Rs. 7000. f) There was an outstanding bill for repairs for Rs. 2000, which was paid off. (6) 15. Metallic Ltd. invited applications for 40,000 equity shares of Rs. 50 each issued at a premium of Rs. 10 per share. The amount was payable as follows : On application and allotment Rs. 20 per share. Balance (including premium)- on first and final call. Applications for 70,000 shares were received. Applications for 20,000 shares were rejected and pro-rata allotment was made to the remaining applicants. First and final call was made and duly received except on 400 shares allotted to Nitesh and his shares were forfeited. Journalise the above transactions. (8) OR Arti Limited invited applications for issuing 80,000 shares of Rs. 10 each at a premium of Rs. 4 per share. The amount was payable as follows On Application - Rs. 5 per share On Allotment - Rs. 9 per share (Including Premium) Applications were received for 1,40,000 shares. Allotment was made on the following basis : (i) To applicants for 80,000 shares - 60,000 shares (ii) To applicants for 60,000 shares - 20,000 shares 98 16. Money overpaid on applications was utilized towards sum due on allotment. Rajiv, belonging to category (i),/had applied for 1,200 Shares failed to pay his dues and his shares were forfeited. Pass journal entries in the books of Arti Limited to record the above transactions. (8) Rajat and Ravi are partners in a firm sharing profits and losses in the ratio of 7:3. Their Balance Sheet as at 31st March, 2007 is as follows : Liabilities Creditors Reserve Capital Accounts Rajat 1,00,000 Ravi 80,000 Rs. 60,000 10,000 1,80,000 2,50,000 Assets Cash in hand Cash at Bank Debtors Stock Furniture Rs. 36,000 90,000 44,000 50,000 30,000 2,50,000 On 1st April, 2007, they admit Rohan on the following terms : (i) Goodwill is valued at Rs. 40,000 and Rohan is to bring in the necessary amount in cash as premium for goodwill and Rs. 60,000 as Capital for 1/4 share in profits. (ii) Stock is to be reduced by 40% and furniture is to be reduced to 40%. (iii) Capitals of the partners shall be proportionate to their Profit Sharing Ratio taking Rohan s Capital as base. Adjustments of Capitals to be made by cash. Prepare Revaluation Account, Partners Capital Accounts and Cash Account. (8) OR The Balance Sheet of X, Y and Z who were sharing profits in the ratio of 5 : 3 : 2 as at March 31, 2007 : Liabilities Amount Assets Amount Creditors 50,000 Cash at Bank 40,000 Employees Provident Sundry Debtors 1,00,000 Fund 10,000 Stock 80,000 Profit & Loss A/c 85,000 Fixed Assets 60,000 Capital A/cs : X 40,000 Y 62,000 Z 33,000 1,35,000 2,80,000 2,80,000 X retired on March 31, 2007 and Y and Z decided to share profits in future in the ratio of 2:3 respectively. The other terms on retirement were as follows : (i) Goodwill of the firm is to be valued at Rs. 80,000. (ii) Fixed Assets are to be valued at Rs. 57,500 (iii) Make a provision for doubtful debts at 5% on debtors (iv) A liability for claim, included in creditors for Rs. 10,000, is settled at Rs. 8000. 99 The amount to be paid to X by Y and Z in such a way that their Capitals are proportionate to their profit sharing ratio and leave a balance of Rs. 15,000 in the Bank Account. Prepare Profit and Loss Adjustment Account and Partners Capital Accounts. (8) 17. 18. 19. 20. 21. Part B Financial Statement Analysis Assuming that the Debt - Equity Ratio is 1:2, state giving reason, whether the ratio will improve, decline or will have no change in case equity shares are issued for cash. (1) Mention the net amount of Source or Use of cash when a fixed asset (having book value of Rs. 15,000) is sold at a loss of Rs. 5,000. (1) Dividend paid by a trading company is classified under which kind of activity while preparing cash flow statement. (1) Show the major headings into which the assets side of company s Balance Sheet is organised and presented as per Schedule VI Part I of the Companies Act, 1956. (3) Prepare the Common Size Income Statement from the following information : (4) Particulars Net Sales Cost of Goods Sold Operating Expenses Income Tax Rate March 31, 2006 1,00,000 70% of sales 8,000 50% March 31, 2007 Rs. 1,00,000 74.8% of sales 9,800 50% 22. A company s Stock Turnover is 5 times. Stock at the end is Rs. 20,000 more than that at the beginning. Sales are Rs. 8,00,000. Rate of Gross Profit on cost 1/4; Current Liabilities Rs. 2,40,000. Acid Test Ratio 0.75. Calculate Current Ratio. (4) 23. The Balance Sheets of Kewal Ltd. as on 31st December, 2006 and 31st December, 2007 were as follows Liabilities 31.12.07 31.12.06 Assets 31.12.07 31.12.06 Rs. Rs. Rs. Rs. Share Capital 10,00,000 7,00,000 Plant and P/L Account 2,50,000 1,50,000 Machinery 8,00,000 5,00,000 Stock 1,00,000 75,000 Proposed 50,000 40,000 Cash 4,00,000 3,15,000 Dividend 13,00,000 8,90,000 13,00,000 8,90,000 Additional Information :(a) Rs. 50,000 depreciation has been charged to Plant and Machinery during the year 2007. (b) A Piece of machinery costing Rs.12,000 (book value Rs. 5,000) was sold at 60% profit on book value. Prepare Cash Flow Statement. (6) Part C Computerised Accounting 100 Marking Scheme Sample Question Paper Accountancy Class XII Set - II 1. Receipts and Payments Account. 2. (i) Opening Capital. (ii) Additional Capital Introduced. (i) Admission of a partner. (ii) Change in profit-sharing ratio of partners. (i) Location of the business. (ii) Skill of the management. 3. 4. 5. ( x2=1) ( x2=1) ( x2=1) It is a charge against profits. 6. (1) Consumption of Stationery = (1) Opening stock + Amount paid + Creditors (beginning) + Creditors (end) - Closing stock = Rs. 50,000+ 2,00,000- 20,000+10,000-40,000 = Rs. 2,00,000 ( mark for Formula ( mark for each adjustments x 5 = 2 marks = ( + 2 = 3) 7. 8. SEBI guidelines would not apply : (i) To Infrastructure companies. (ii) A company issuing debentures with a maturity period of not more than 18 months. (iii) For debentures issued by All India Financial Institutions regulated by RBI. (iv) For debentures issued by Banking companies. (v) For Privately placed debentures (any three 1x3=3) Interest on calls-in-advance payable to Akriti. On Ist Call (1) (for three months) (1) On 2nd Call (for seven months) Rs.1080 102 Smriti On 2nd Call (1) mark (for four months) = (1+1+1=3) 9. Date Journal Particulars Z s Capital A/c To X s Capital A/c To Y s Capital A/c (Interest on drawings omitted, now adjusted) L. F. Dr. Amount (Dr.) Amount (Cr.) 135 120 15 (2) marks Working Notes : (Interest is to be calculated for six months only.) Partners Dr. interest on drawings Cr. profits (Rs.) to Capital A/cs in the ratio of 3:2:1 to Capital A/cs X 375 495 Y 315 330 Z 300 165 990 Rs. 990 Net effect Dr. 135 135 Cr. 120 15 135 (2) (2+2 = 4) 10. (i) Valuation of goodwill Average Profits = = = Rs. 1,00,000 Goodwill = Rs. 1,00,000x3 = Rs. 3,00,000 (ii) (1) Calculation of Gain/ Loss New Share Old Share P 1/3 5/10 Difference P Sacrifice = 103 Q 1/3 3/10 R 1/3 2/10 Q s Gain = R s Gain= (iii) Compensation (5/30 x Rs. 3,00,000 = 50,000) payable by Q and R in the ratio of 1/30 and 4/30 of Rs. 3,00,000. i.e., Rs. 10,000 and Rs. 40,000 respectively. (1) JOURNAL Date Particulars L. F. Q s Capital A/c R s Capital A/c To P s Capital A/c (Being adjustment made for goodwill on change in profit sharing ratio 11. Dr Dr Debit Rs. Credit Rs. Rs. 10,000 Rs. 40,000 Rs. 50,000 (2) = (1+1+2 = 4) There are 2 methods to deal with issue of debentures as collateral security. They are given below : First Method Balance Sheet of Co. (Extract) Liabilities Amount (Rs.) Assets Amount (Rs.) Secured Loans : Loan from SB India (Secured by 5,00,000 issued of 8000, 10% debentures of Rs. 100 each as collateral security) Note : No entry in the books of accounts. Second Method Journal Entries Date Particulars LF Amount (Rs.) Dr Debentures Suspense A/c Dr To 10% Debenture A/c (Being 8000 debentures of Rs. 100 each issued as collateral security to SBI Bank) (1 ) Amount (Rs.) Cr 8,00,000 8,00,000 1 marks Liabilities Loan from SBI Bank 10% Debentures 8,00,000 less Debenture 8,00,000 Suspense A/c Balance Sheet of Co. (Extract) Amount (Rs.) Assets Amount (Rs.) 5,00,000 (1) Note : No entry in the books of accounts. (1 +1 +1=4) 104 12. (a) JOURNAL Date Particulars L. F. Debit Rs. Credit Rs. 2007 Mar 31 Profit and Loss Appropriation A/c Dr. To Debenture Redemption Reserve A/c. (Being amount transfered to Debenture Redemption Reserve A/c) 60,000 2007 Mar 31 Dr. 8% Debentures A/c To Debentureholders A/c. (Being amount due to debentureholders) 5,00,000 2007 Mar 31 Debentureholders A/c. Dr. To Bank A/c (Being amount paid to the debentureholders) 5,00,000 2007 Mar 31 Debenture Redemption Reserve A/c Dr. To General Reserve A/c. (Being DRR transferred to general reserve) 2,50,000 60,000 (1) 5,00,000 ( ) 5,00,000 ( ) 2,50,000 (1) (1+ + +1= 3) 12(b). JOURNAL Date Particulars L. F. Debit Rs. Credit Rs. Case (i) Dr. Bank A/c To Debenture Application and Allotment A/c (Being amount received on application) Debenture Application and Allotment A/c Dr. Loss on Issue of Debentures A/c Dr. To 12% Debentures A/c To Premium on Redemption of Debentures A/c (Being transfer of application money to debentures account redeemable at a premium) Case (ii) Bank A/c Dr. To Debenture Application and Allotment A/c (Being amount received on application) Debenture Application and Allotment A/c Dr. To 12% Debentures A/c To Securites Premium A/c (Being transfer of application money to Debentures, issued at a premium, redeemable at par) 30,00,000 ( ) 30,00,000 30,00,000 1,50,000 30,00,000 1,50,000 52,50,000 (1) ( ) 52,50,000 52,50,000 50,00,000 2,50,000 (1) ( +1+ +1 = 3) 105 13. BALANCE SHEET As on 31st December, 2005 Dr. Particulars Salaries Outstanding Amount 25,000 Cr. Amount 10,000 Particulars Salaries Prepaid (1) INCOME AND EXPENDITURE ACCOUNT for the year ending 31.12.2006 Dr. Particulars To Salaries (+) Advance at beginning Amount 2,80,000 Cr. Amount Particulars 10,000 2,90,000 (+) Outstanding for 2006 40,000 3,30,000 (3) Assets Salaries Outstanding for 2005 5,000 for 2006 40,000 BALANCE SHEET As on 31.12 2006 Amount Liabilities Salaries Prepaid for 2007 45,000 Amount 18,000 (2) (1+3+2 = 6) 14. Date a. b. c. d. Particulars Dr. (Rs.) Realisation A/c To Bank A/c (Being bank loan discharged) Dr. Realisation A/c To A s Capital A/c (Being commission credited to A) Dr. 106 12,000 12,000 400 400 A s Capital A/c Dr. B s Capital A/c Dr. To Deferred Advertisement Expenditure A/c (Being the deferred advertisement expenditure written off B s Capital A/c To stock A/c (Being stock taken our by B at Rs. 1,200) Cr. (Rs.) Dr. 20,000 8,000 28,000 1,200 12,00 e. f. Bank A/c Dr. To Realisation A/c (Being unrecorded computer sold for Rs. 7,000) 7,000 Realisation A/c To Bank A/c (Being outstanding repair bill paid) 2,000 7,000 Dr. 2,000 (1x6 = 6) 15. JOURNAL Date Particulars i. ii. iii. iv. v) L. F. Bank A/c Dr. To Share Application & Allotment A/c (Being application money received on 70,000 shares @ Rs. 20 per share) Share Application and Allotment A/c. Dr. To Share Capital A/c To Calls in advance A/c To Bank A/c (Being application and allotment money adjusted towards share capital; first & final call account and refunded on 20,000 shares) Share First & Final A/c Dr. To Share Capital A/c To Securities Premium A/c (Being amount due on share first & final call) Bank A/c Dr. Calls in Advance A/c Dr. To Share First and Final Call A/c (Being share first & final call money received on 39,600 shares @ Rs. 40 per share less received in advance with share application and allotment money) Share capital A/c Dr. Securities premium A/c Dr. To Share first & final call A/c To Share forfeited A/c (Being 400 shares forfeited for non-payment of share first & final call money) Debit Rs. Credit Rs. 14,00,000 14,00,000 14,00,000 8,00,000 2,00,000 4,00,000 16,00,000 12,00,000 4,00,000 13,86,000 2,00,000 15,86,000 20,000 4,000 14,000 10,000 (1+2+1+2+2 = 8) 107 Working Note : Application recd. No of shares Application Rejected for No of shares Allotted 70,000 20,000 40,000 to Applicants for 50,000 shares Hence Prorata Ratio is 5:4 So Nitesh applied for 500 shares and paid Application and allotment money @ Rs. 20 =10,000 but required application and allotment money on his 400 shares (400x20) Rs.8,000. So his excess Rs. 2,000 is adjusted in advance of share first & final call money. So Share First & Final Call Money due on 400 shares Rs. 16,000 @ Rs. 40 Less - Excess Money Received Rs. 2,000 First & Final Call Money Rs. 14,000 not received on 400 shares. 15. OR IN THE BOOKS OF ARTI LIMITED JOURNAL Date Particulars i) Bank A/c Dr. To Share Application A/c (Being application money received on 1,40,000 shares @ Rs. 5 per Share) Share Application A/c Dr. To Share Capital A/c To Share Allotment A/c To Bank A/c (Being application money transferred to share capital and excess application money adjusted to share allotment and returned the balance) Share Allotment A/c Dr. To Share Capital A/c To Securities Premium A/c (Being allotment money due on 80,000 Share @ Rs.9 per share including premium @ Rs.4 per share) Bank A./c Dr. To Share Allotment A/c (Being allotment money received) Share Capital A/c Dr. Securities Premium A/c Dr. To Share Allotment A/c To Share Forfeited A/c (Being 900 shares of Rajiv forfeited on non-payment of allotment money) ii) iii) iv) v) L. F. Debit Rs. Credit Rs. 7,00,000 7,00,000 7,00,000 4,00,000 2,80,000 20,000 7,20,000 4,00,000 3,20,000 4,33,400 4,33,400 9,000 3,600 6,600 6,000 [1+2+1+2+2 = 8] 108 Working Note Utilization of excess money received on application (i) Rs. (a) for pro rata cetegory of 4:3 Money received on application 80000xRs.5 = 4,00,000 Money required on application 60000xRs.5 = 3,00,000 Excess money received = 1,00,000 Amount due on allotment 60000xRs.9 = 5,40,000 So entire excess money (Rs.1,00,000) is adjusted towards allotment. Rs. (b) for pro-rata category of 3:1 Money received on application 60000xRs.5 = 3,00,000 Money required on application 20000xRs.5 = 1,00,000 Excess money received = 2,00,000 Amount due on allotment 20000x9 = 1,80,000 So only Rs. 1,80,000 out of excess application money of Rs. 2,00,000 can be adjusted towards allotment and remaining Rs. 20,000 is to be returned. Hence, Total excess application money adjusted towards allotment is Rs. 2,80,000 [i.e. Rs. 1,00,000 + Rs. 1,80,000] It also shows that defaulter Rajiv belongs to pro-rata category of 4:3. Rajiv s applied number of shares = 1,200 So shares alloted to him = (ii) (iii) Amount not paid by Rajiv. Application money received 1200xRs.5 Less application money due 900xRs.5 Excess application money adjusted to allotment Allotment money due 900xRs.9 Allotment money not received (Rs. 8,100 Rs. 1500) Calculation of Amount Received on Allotment Total allotment money due 80,000xRs.9 Less allotment money already received Less allotment money not received Amount received on allotment 16. = = = = = Rs. 6,000 4,500 1,500 8,100 6,600 = 7,20,000 = 2,80,000 = 6,600 = 4,33,400 REVALUATION A/c Dr. Particulars To Stock To Furniture Amount Rs. 20,000 18,000 Particulars By Loss : Rajat s Cap A/c Ravi s Cap A/c 38,000 109 Cr. Amount Rs. 26,600 11,400 38,000 (2) PARTNERS CAPITAL ACCOUNTS Particulars Rajat Ravi Rohan Rs. Rs. Rs. 26,600 11,400 - By Balance b/d - 20,600 - By Reserve By Cash By Premium To Balance c/d 1,26,000 54000 60,000 1,52,600 86,000 60,000 To Revalution A/c To Cash A/c Particulars Ravi Rohan Rs. By Cash A/c. Rajat Rs. Rs. 1,00,000 80,000 - 7,000 7,000 3,000 3,000 60,000 - 1,52,600 86,000 60,000 38,600 (3) Working Notes : Rohan s Capital for 1/4 th share = Rs. 60,000 = Rs. 60,000 x 4 = Rs. 2,40,000 Total capital Rajat share in profits = , and Ravi s share = Hence, Rajat s Capital = Rs. 2,40,000 x Ravi s Capital = Rs. 2,40,000 x Dr. Particulars To Bal b/d To Rohan s Capital A/c To Premium To Rajat s Capital A/c = Rs. 1,26,000 = Rs. 54,000 CASH A/C Amount Particulars Rs. 36,000 By Ravi s Capital A/c 60,000 By Bal. c/d 10,000 38,600 1,44,600 (2) Cr. Amount Rs. 20,600 1,24,000 1,44,600 (1) (2+3+2+1=8) Dr. Particulars To Fixed Assets A/c To Provision for Doubtful Debts A/c OR PROFIT AND LOSS ADJUSTMENT A/C Amount Particulars Rs. By Creditors A/c By Loss transferred to : 2,500 X s Capital A./c 2,750 Y s Capital A/c 1,650 5,000 Z s Capital A/c 1,100 Cr. Amount Rs. 2,000 5,500 7,500 (2) 7,500 110 Particulars X PARTNERS CAPITAL A/C Y Z Particulars By Balance b/d By P& L A/c To P & L Adjustment A/c 2,750 1,650 1,100 To X Cap A/c - 8,000 32,000 To Bank A/c 1,19,750 To Bank A/c - 2,050 To Balance c/d 75,800 1,13,700 1,22,500 87,500 1,46,800 By Y s Cap A/c By Z s Cap A/c By Bank A/c X Y 40,000 62,000 42,500 25,500 Z 33,000 17,000 8,000 32,000 96,800 1,22,500 87,500 1,46,800 (2x3=6) (2+6 = 8) Working Notes : Total Capital = Rs.77,850+ Rs.16,900+Rs. 94,750 = Rs.1,89,500 Total Capital of the new firm = 1,89,500 Y s Capital = Rs. 1,89,500 x = Rs. 75,800 Z s Capital = Rs. 1,89,500 x = Rs. 1,13,700 Shortage of cash at Bank Opening Bal of Cash = Rs. 40,000 Less Minimum Balance Required = Rs. 1,5000 Amount available Rs. 25000 to pay to X 17. Amount payable to X = Rs. 1,19,750 Less Available at Bank Rs. 25,000 Shortage to be brought in By Y and Z = Rs. 94,750 Issue of Equity Shares Debt equity ratio = The ratio will decline Reason :- Debt remains unchanged. Equity increases. 18. 19. ( mark for answer and mark for reason) (1) (1) Source - Rs. 10,000 Financing Activity 111 20. Major headings on the asset side are : 1. 2. 3. 4. 5. Fixed Assets Investments Current Assets, Loans and Advances (a) Current Assets (b) Loans and Advances Miscellaneous Expenditure Profit and Loss A/c. (Dr.) 21. ( x6= 3) COMMON SIZE INCOME STATEMENT FOR THE YEAR ENDED 31ST MARCH 2006 & 2007 Particulars Net Sales Less: Cost of goods sold Gross Profit Less: Operating Exp. Opereting Profit Less: Tax Net Profit Absolute Amounts 2006 (Rs.) 2007(Rs.) 1,00,000 1,00,000 70,000 74,800 30,000 8000 22,000 11,000 11,000 25,200 9,800 15,400 7,700 7,700 Percentage of Net Sales 2006 (%) 2007(%) 100 100 70 74.8 30 8 22 11 11 25.2 9.8 15.4 7.7 7.7 2 marks for % of 2006 2 marks for % of 2007 (2+2= 4) 22. Stock Turnover Ratio = ( ) 5= (Let Opening stock= X) 5= 10x + 1,00,000 = 12,80,000 10x = Rs. 11,80,000 112 x = Rs. 1,18,000 (1) Closing Stock = Opening Stock + 20,000 Rs. 1,18,000 + 20,000 = Rs. 1,38,000 ( ) Acid Test Ratio = ( ) ( +1+ =2) 0.75 = Liquid Asset = 2,40,000 x 0.75 = Rs. 1,80,000 Current Assets = Liquid Assets + Closing Stock Rs. 1,80,000 + Rs. 1,38,000 = Rs. 3,18,000 Current Ratio = ( ) ( ) ( ) ( + + = 2) Current Ratio = (2+2 = 4) 23. Cash Flow Statement Particulars Rs. (A) Cash Flow from Operating Activities Profit before tax 1,50,000 Adjustments: Add : Depreciation on Plant and Machinery 50,000 Less : Profit on sale of Plant and Machinery (3,000) Operating Profit before working capital changes 1,97,000 Less : Increase in stock (25,000) Cash generated from operations 1,72,000 ( ) Tax Paid. Net Cash Flow from Operating Activities (B) Cash Flow from Investing Activities Sale of Plant and Machinery 8,000 Purchase of Plant and Machinery (3,55,000) Net Cash used in Investing Activities (C) Cash Flow from Financing Activities Issue of Share Capital 3,00,000 Dividend paid (40,000) Net Cash flow from Financing Activities Net Increase/Decrease in cash and cash equivalents Add : Opening cash and cash equivalents Closing cash and cash equivalent 113 Rs. 1 1,72,000 1 1 (3,47,000) 2,60,000 85,000 3,15,000 4,00,000 (1+ + + +1+1+ + + = 6) Working Notes : (1) Profit Before Tax Rs. 1,00,000 50,000 1,50,000 Profit as per P/L Account Add Proposed Dividend (2) Plant and Machinery Account Dr. Particulars To Balance b/d To Profit and Loss A/c To Bank A/c (Purchase) (Balancing/figure) Rs. 5,00,000 3,000 Particulars By Depreciation A/c By Bank A/c (Sale) 3,55,000 By Balance c/d 8,58,000 Cr. Rs. 50,000 8,000 8,00,000 8,58,000 (2) 114 SAMPLE QUESTION PAPER-II 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 2 1 2 minutes A 4 3 1 2 minutes A 5 4 1 2 minutes B 6 1 3 6 minutes A 7 4 3 6 minutes A 8 4 3 6 minutes B 9 2 4 8 minutes B 10 3 4 8 minutes B 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 C 16 3 8 16 minutes B 17 5 1 2 minutes A 18 6 1 2 minutes A 115 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 C 23 6 6 12 minutes B Reference for abbreviations to Difficulty Level A Easy 20% 16 B Average 60% 48 C Difficult 20% 16 116

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Additional Info : CBSE Class XII Board Solved Sample / Mock Question Paper 2011 Accountancy with Answers
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