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CBSE Class XII 2014 : ACCOUNTANCY

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Code No. Series: OSWI 67lur {q-Ys EiR- ,1qffqfu{i +d+. r on Candidates must write the Code the title Page of the answer-book' Roll No. * + a-s{ cs.{-q* t lkd 16 t sdr-$Ksr *' ffi *" qB+ 5o-ge- w furi q+ tqg qq'+s cq{ 6} EH YEa I cw-rrd a t *t aq Vqqrdrss{dfs-wq[{-v{{ a 25 c{-{t' t I qr nqio rasq ftrd rgs.a,rt t qr&' rr< *ftrc<r * i*, { o' ts qi qrt-q;I kflq ril({ qqq I q'r * t fq q-6+ t-+c + fds. s g vrr-rrt dr ft} q}i sltr w tq-qfu + +trt a qrt{r I 10.15 qq t ro.lo ci # Err +{d cr{-Td fo''qr st-t-$n-+r w +tt r+r rfi ffii t ora o t tET r a t a o a t a paper contains 16 printed pages' Please check that this question be written on the side.of the quesion paper should code number given on tt rigrrt t " tiif" pug" of tn" urswer-book by the candidate' paper contains 25 questions' Please check that this question it' *o of the Please write ilown the Seriat Number to read this 15 minutes time has been allotted distributed at 10.1s question before attempting quesel paper' The question paper will be F;;;"f ii:"*'-'i io'lo *r*"' ffSilfff:.'",u,l,J"ii'X,fi'I";#;"Ly "..n' -"'1..1"-:^*i:lli":1t,.Tt"ff period' on tt'" answer-book during this ACCOUNTANCY t afuacri6 :80 fuifrdqqq :l dll Time allowed : 3 hours l qrqrqtrtrr: (i) we?4-w*4ci,rl+furfi*?It'T rstilsrit +fu ffit (iil ' I tiii qrffi 1ril I Maximum Marl<s : 80 qsolrr t t ar+ 6f vis'7'I sortr'r C C' s)-f ('asm 6a rrfrfur I AaT Yfr Sa'i? cil'ii #rfrr 1'era? wm B- I General Instructions : parts A' B and C' This question paper contains three Pan A is compulsory for all candidates' pans B and (iii) Candidates can atternpt only one part of the remaining attempted at one pldce' Alt parts of the questions shoulil be (il (ii) C' 0v) eilul tP.T.O. I IIFT-i6. PART-A Csrffi rrct ilr EEqFrqt +fu dci6r) (Accounting for partnership Firms and Companies) 1.'\rs' rMsd+Tirld{, twr qFrnqtr What is meant by 'Reconstitution of a partnership Firm, ? qw, er{ HEr +s {rdsrt t flsT +. 3 e * + e-fld + errr} or *r*n + Ml-gfl +dr t + ris sdtlli +is sr1qn +t.r'r* *1&e mr rt t r qfr *s q{. r X, Y and Z are partners sharing profits in the rario remaining partners if Z retires. J. g di E) qq -.{i *' +1Hc eflqR cr .{r+flt *-qqrqr, "r j. ] -o fr. Find the new rario of Hqr .Hr*sfi sd + Tqrq,, taf+gt I {il * sr+{R rmfticr$ qd why heirs of a retiring / firm 5. q-ril+{ r Distinguish between 'Dissolution of partnership' and ,Dissolution Firm' on the basis of closure of books. 4. { li er6 q g*r * of partnership *. siftr+rfr *it rjt * r deceased partner are entitled to a share of goodwill of the ? 'aurq:{' iFI q{cags r Give the meaning of 'Debenture'. rtur frri ga oivii Ei e+ fu qemdc rftr <-*-gr, ffirc toqr qr veidr what is the maximum amount of discount at which forfeited 7. qt$ c-6 Btvc vqmrt q-crEq tt shares can be re-issued ? Hs# fuc .cfr,rft qfrrffT, + sq i[ ct.a er*trftr er rgq],r fuqr qr r Give any one pupose for which the amount received as 'securities premium' may be utilised. 6"ilU1 2 8. e-dt'+ czi Sfu c-*.q{ ii sr+'qr *lr{T. < 2,00,000 nqr ( t r,s0,000 f,qr 7 : 3 * r *' w1q-6 i[ upit or ieqro or i q*fi, 2013 6l E f+ slkPd d +* | Brst {qi qt+ mdt + } "n r + ias q.r cs sr+fi * sq it v'dv Rqr r eftfr t 1,00,000 {'+ + rsq ii ar* r ${ +1 qrfr +flee qTqrqa{iqflq-qT qfufuqi or Xeioq dfreffir oftfr +rfu qi'sq+'n ffi dfrs l Saloni and Shrishti were pafiners in a firm sharing profits in the ratio of 7 : 3. Their capitals were ( 2,00,000 and { 1,50,000 respectively. They admitted Aditi on 1$ April, I 2013 as a new partner for f share in fufire profits. Aditi brought { 1,00,000 as her capital. Calculate the value of goodwill of the firm and record necessary joumal entries for the above transaction on Aditi's admission. 9. frflisi r er*o, zorz qr < too r++.+ 2,000, 127, wrcil fi Fat{i F*qr r fufrrr cr Wl Fc + q$rsH 6-on r trrirt Et Yrdt + s{tqR:Eurqii w qIq ottl{Ifrs'slTclR rR 30 furqr nqr : r qr{ +} tq rtm t nqr *fr c{ s-{ +1 HzYtr 1 07o qrq t qqftrt ilTI zurq=ji qr qrfrs. qrt 3 l qd, 2013 qi qclqr Eli sle qdqfi$1 + fts qt.q}. t t +larq-afrk*"riiprqr<ftf,6r+otere{T+.+ymcqrvfrMdeq I BG. Ltd. issued 2,000, 127o debentures of( 100 each on 1" Apnl2012. 3 The issue was fully subscribed. According to the terms of issue, interest on the debentures is payable half-yearly on 30e September and 3l't March and the tax deducted at source is 107o. to the debenture interest for the half-yearly ending 31't March, 2013 and transfer of interest on debentures of the year to the Statement of Profit & Loss. Pass necessary journal entries related 10. frEfrfudqftMnzitit.:nqlq+'riq-+qqrnfreqides: (i) +6frfu16+ t 100 n+dF* t500, t2voa'rq'ji, k{fi fiflir< 67o q}wfu+1 rrqr qI, 1 1gg e-ds #{Tdr dmT s{tffiF+ c{ frrlfur fuqr rrqr qr +r vilm nivr *' { Et qfisfi-d q,{+fuq r sqar sivii +i t 3 zs cfld r (ii) \r*frfuLs+ ( l00v-+s+ 1,000, 127oftsrqii, krsrtTliq-{ * ,o16aorq-x*' q{ fuqr rrqr fi, sr yiq-{ gt < toO y-d'o *'qrcr qfrqftc+-r*t*qr Pass necessary (i) nivit q} t 90 !fr i}iyl crd q, ii r joumal entries in the following cases : Z Ltd redeemed lSCfJ., l2Vo debentues of t 100 each issued at a discount of 67o by converting them into equity shares of ( 100 each issued at a premium of < 25 per share. (ii) ( ( 100 each issued at a discount of 10 per debenture into equity shares of ? 100 each, ( 90 paid up. X Ltd. converted 1,000, 127o debentures of lP.T.O. I 1. 'qq-* qc.ELU y+ sd + ert sflrTq qFfr kq?fr st qTS.- q+ tM f vqrrq ii 3nffis. Fq. + sq-lh ili + frq rsr G q ud W ori m fiuiq. fd_qr ",*qr$ q.+ *t qqS rer rt e6 61, {+ t sricrr +. Fc + # i cfu,* S+ss-stHqsqt +q^amq e-cftjo.w" ..lCt*,,fr, t ; <\'| , S; qrfuqr r I s{* , zorz fi}ffiifuHydf " ' Jb"" *_A+**"t*ftri*B*: (i) iS*w{m-*n < +,oo,oooaw gtvfr ? 2,00,000drrrgm !qi"r 6ri + Aq q-firq + Bit 6) k{r r (i0 voarc, StrftHqrEdz: z: r *-aqmn{arriiorfr*nqti liii; ffi w ozo qrfi-+.Ert qrq frqr qnqr I tqt Et s+ +.6R T :0. firrqr, zorz *i so-*q + < 50,000 aqr r sfl{0, zor: *} stvfr eqrt 1 31 qfi zor: +i qqTq Ei+ rd ? 20,000 s+ 3rfrft-ff U-S t 3,37,800 qT r r e{;'C# # I (eD N' +ts) { crqrftq.q} s{ RerE +} vdlqo *'m qre_* t (e) :r q{, zor: ei qqrw r}iqr-d q{ +frs,enr_afiAmn_q_{ erm, tqnelfrq i "* r r satnam and Qureshi after doing their MBA decided to start a partnership f*m to manufacture ISI marked erecfonic goods for economicany weaker section of the society. satnam arso expressed his riillingness to-aamit Juliee as a partner without capital who is specially abled but a very crJative and intelligent m*A ,if,l.. q*.rfri agreed to this' They formed a partrership 1" April 20t2 0n thero,.*irg ,".i, , (i) Satnam will contribute < +,OO,OObon anA qu.esf,i will contribute t 2,00,000 as capitals. Satnam, eureshi and Juliee will share profits (iii) Interest on capital will be allowed O AV" p.u. in the mtio o f 2 : 2 : 1. Due to.shortage of capital^ Satnam^contriuuteo? i0,000 on 306 September, 2012 and Qureshi contributed ? 2.0,p0-gn 1., January, 20l as aOOitionat capitals. The profit of the firm for the year ended 3l.rMarctr, ZOti was i"rr,rO0. Identify any two values which tr,. n ,n communicate to the society. Prepare profit & Loss Appropriutron a".ouni for rhe year (ii) j i **trio (a) (b) "naiog irrir*.r,, lz. i{,o, flsflEq+ +cr cs tr+ { *,*ER t n m.qyr. 5 : 3 : 2 # erlq-6 { ildi s}frqi&d sr rt* r :r crd.,2013 qils;r*iftqfr_fu+tqfi,afrfua;; Tr sr qr{, fu{s tr Trrfi 4 zor sitd{T, f*vr<rnirtcrurferfrfu+tur 3,oo,ooo 2.so.ooo 1.50.000 l]tH c{ftr$ t| 7,00,000 i-*. 60,000 1,10,000 i{qn tsg 2,00,000 3,00,000 1,10,000 1,00,000 80,000 80,000 l if,q+r, 2013 s} fu *t Iq ..ri r ris E} trffit 3il{ 3s+ e.fllftrsr0' ; a" sffi Ut P*.: (sD u-f +t cqrfr or Tflisr 3+sd 6rr{ firo-A l,5o,ooo qI t +{ est + eil*ra arrr +4 + * m'q * 1 qIt 1 srq+t, zo r r r r toz, q&*'q{{qrekqlwgql qgqi Cg) qd. zot:-t+ * em e] trod qd' B1 Et + eryun orkt cT{r (E)'tScr *r+r r}'n qi ler< + cf,nftr+,ft +i rqc Fou vri qrer fer< + fu. t 1,50,000 +'rfQ qnr iqn dles r Virad, Vishad and Roma were partners in a firm sharing profits in the ratio of 5 : 3 : 2 respectively. On March 31,2013, their Balance Sheet was as under : Vishad and Roma as on March 31.2013 Balance Sheet of Amount Amount Liabilities Assets { { 2,00,000 3,00,000 3,00,000 1,10,000 Patents 2,50,000 1,00,000 7,00,000 Stock 1.50.000 80,000 Debtors 60,000 Reserve Fund 80,000 1,10,000 Cash Creditors 8,70,000 8,70,000 Virad died on October 1, 2013. It was agreed between his executors and the remaining partner's that : Capitals Buildings Machinery : Virad Vishad Roma (a) Goodwill of the firm be valued at 2l Wals purchase of average profits for the last three years. The average profits were ( 1,50,000. Interest on capital be provided al ll%o p.a. Profit for the year 2013-l4be taken as having accrued at the same rate as that of the previous year which was ( 1,50,000. Prepare Virad's Capital Account to be presented to his Executors as on October 1, (b) (c) 2013. * qM H*.frfuIsm firqlur i*qi .r+r q} fr r qq$ i t,so,ooo gi{it + frs ckqrq 13. r sr*o, zorz *i t ? s0 lds + t,oo,oo,ooo 41 3lfrrf( TS 2,00,000 {q-dr i}i{il ii fuafud fu1frTq-{n*{qrorTq'tsHfus s{r+fiq{ eFie{c{ : : qq;rrqt fr'lr{ q{ {ot qtrqlT ( 15 *q q--RIfrT ofu's.q-+ 6rq++qrfir<rftrrfiqirfr i r+ qrfuit al eivii errcia am f<qr I e{' +{Rri' +'fitsr 4q-+ + fisfr kflq it r i<; s }+fts'qrii++$' 67tgt *r r Frefrfuo<qiqq: (sD o-q+ qfufrqq, rsso ftt cfr{ilftrn sn"ft-vr qiq-I ,.{vr{*, 4 120 : $n 1frdqfrqv-6nttqql: rft q-{Es I S IP.T.O. on l" April, 2012 vivek Ltd. was formed with an authorized capital ( of r,00,00,000 divided into 2,00,000 equiry shares of ? 50 ea"t. ff,e .o.p^i,l*r"O^p.".p""* inviting applications for r,g0,000 shares. The issue price On Application : ?15 *u, puyubr" u, unai.,-'' Allotment : On ?20 On Balance amount The issue was fully subscribed and company allotted shares to _the The company did not make the call during the Call : y#. Show the following (a) (b) a, the applicants. : Share capital in the Balance Sheet of the company as per revised schedure-vl _ Part-I of the Companies Act, 1956. Also prepare 'Notes to Accounts, for the same. 14. {qr frfo}s qt Cw$i { frr{ &ii + fus orrpEr+"+fiqqr cfuM 61ks . (r4 *'r fufrts.i Cq{ frfu}s * t z,zo,ooo E1 qrflr qr *.q l+-qr r 1ffi ftfi}s ai < t oo v,*o *- sqflr eivil o) t oz, *. q{ tTri&-d si+ .ri T,rflr fu* (E) tT-s{ fufu)s+ k6r frfu}6t { 2,50,000 +trr|fl * Gurq*ooo qi_qT r t 2,20,000 sT rqqn t ro rdo +^S * sror irivil enr aqr. ris {ik ql tls ffi '. "'' " "')grw amtqqr reqflazfinqTiq-dr.tnqnr]en*sqFrat: wre ei qvr+t t 90,000; :1qa t 90,000; frEq trql{ t 30,000; eis- t 50,000; I *w < zo,ooo; frfuq *+cR < 2o,ooo I Pass necessaryiournal entries (a) for the folowing transactions in the books of Rajan Ltd : Rajan Lrd. purchased machinery of t 7,20,000 from Kundan Ltd. The payment was made to Kundan Ltd. by issue of equity shares of t00 each'ai i,zo discount. Rajan Ltd. purchased a running business from vikas Ltd. for a sum ofl 2,50,000 payable as < 2,20,000 in irlly paid equity shares of { 10 each and balance by a bank draft. The assets and liabilities consisted of the following : Plant & Machinery. Building ? 90,000; Sundrybebtors ? 30,000; Stock { 50,000; Cash 1?9,99, ? 20,000; Sundry Creditors t 20,000. ( (b) 15. c6q{ d aT+qrr + qi Eqa EqT d* 4 r i s : 3 : 2 # erlvra il +.G t r r errf,. zorz +l Bi-sl {-S mqqT. 12.00.000; t 3,00.000an+i derT ? 6.00.000 et r Etrriqd ii err 3{r+ *-srs E"t Hfui + m r"q t ,,a".ffi +t Tdq, dhiT dm GrT +r 'fcs*r sflq61q.dmffqfuqr {s+fusr-dr+ l fudq{, I zorz +}qdt t 10,000q. s{r6r0TfuqT rqtdi.Fdt+qrssr frq qk qr6 clBf,i if $+ dz ftsr Wt ,+ r q++fr, zor: e) sTT+ < z,oo,oo0 iFT qr6{ur t$qr ott{ eT6 e-Trkd"sb sfu(' mm qii +frs G+< El em* I r*slt d+s + rgvn ormur w uftre{ 67o g qr S qq frqr qrq.rrT I i}ifrq T+ Aqi{ .F qr{ z,E crc,Hr is. 3r6:{q q{ qM +s mrnqr rrqr | .flrg.rs.{qf+sr cfrfu siHc HqT ermoT sri ft1 sTqe{ < 12,000.+ q.q-iT ffi t + .t t { id* sit sd ftqqt +) eqsq qdfuce-r*qrait r t s{i-{s r N.si {iqi;m ct Em+q elns * + *du'"#'+ Naveen, Seerat and Hina were partners in a firm manufacturing blankets. They were sharing profits in the ratio of 5 : 3 : 2. Their capitals on 1" April, 2012 were ( 2,00,000; t 3,00,000 and { 6,00,000 respectively. After t}e floods in Uttaranchal, all partners decided to help the flood victims personally. For this Naveen withdrew t 10,000 from the flrm on l'r September, 2012. Seerat. instead of withdrawing cash from the firm took blankets amounting to { 12,000 from the firm and distributed to the flood victims. On the other hand, Hina withdrew t 2,00,000 from her capital on 1't January, 2013 and set up a centre to provide medical facilities in the flood affected area. The partnership deed provides for charging interest on drawings @ 6Vo p.a. After the Final Accounts were prepared, it was discovered that interest on drawings had not been charged. Give the necessary adjusting joumal entry and show the working notes clearly. Also state any two values that the partners wanted to communicate to the society. 16_ vnk nqr ssr \r$ sdr +qr+qr s++rffik+*urfrqu-qnqr: :r cr{, zo r s w t aqr 4 : 1 +' grflrd t erq # q 1 31 qrd, zot: +) wk dqr lrf,r 6I ftrft fu*ruT 6i (qffi TIfrT TIfrT +flr 45,000 i[m. 55,000 s+sTteft,ffifrftT 40,000 tisr 60,000 {ldlrflsrqqrdr 65,000 Ei-d. 85,000 .r+{{ iQ: 1,00,000 1,30,000 Yntfl 2,00,000 q{ffi {TEIT 1,00,000 ufu6Iqrqqnr 20,000 4,50,000 4,50,(m0 $rtff fre +i $d qr qqrtr{ d Tcr : (I ) vnk i 4070 qrrr er*. or < 40,000 iifu {s+' gw$' lcqrrrfi | q,rtfl + qe t t oe, vr qiu c{ d kcr dqT *s dfi'6i < 80,000 vT!ilEg I (2) \rqtfrfi+r fti fq{rsT +qT g{fl-+i { Td t+qr rrqr qI < 20,000 { *q fsqT,IsT q) t oo,ooo ei arfr qr iqr rrqr rcYF{S r (3) ffiit < ss,000 HqTEs (4) qqq6 6r q6.fum srqr qr ffi'fuq t I ffiunrtvnaifrq 67tut 19,000 sr trdr{ s{ffiI rHI I r lP.T.O. Shanti and Satya were partners in a firm sharing profits On 31't March, 2013 their Balance Sheet was as follows : in the ratio of 4 : l. Balance Sheet of Shanti and Satya as on 31"t March, 2013 Amount Liabilities Creditors 45,000 Amount Assets ? 55,000 Debtors Workmen Compensation Bank 60,000 85,000 Fund 40,000 Stock Satya's Current Account 65,000 Fumiture 1,00,000 Machinery 1,30,000 Capital's: Shanti 2,00,000 Satya 1,00,000 Shanti' s Current Account 450,000 On the above date the firm was dissolved 20,000 4,50,(m0 : (1) Shanti took over 40Vo of the stock at llVo less than its book value and the remaining stock was sold for { 40,000. Furniture realized t 80,000 (2) An unrecorded investment was sold for of t 60,000. (3) (4) { 20,000. Machinery was sold at a loss Debtors realized < 55,000. There was an outstanding bill for repairs for which t 19,000 were paid. Prepare Realisation Account. 17. +6{ dqTqtyTqt-v-f q dER q +dpn et a : z * a-1vrr { fu,il&d o-rt t r r q}e, 20 2 si Tsffi 6) edi qq srfqr $ sq ii v-d { y-}vr fsqr r tsS frfu fti *er aqr qtw or 1 ffik+tqfiqr$Rqr: r qla, zo ffi ai dm mn qtw m forfr f++rur vlfln {Iftr ( 2,10,000 6Rsitr$ 1,40,000 2,50,000 trsr 1,60,000 1,60,000 ifi.' 1,20,000 qstT$ 1,00,000 ITfi 2,80,000 1,oo,ooo 8o.ooo 1,80,000 8,00,000 67tUt RTqff,{i,t ( d'Tffi s+srfte*qfrfrFT qrqrq{iqq i*: +6a ct{r rz 8,00,000 q5ftufqEeTrfu': (0 tr+taqrRis'sTHHm.qfl. (ii) 6+srfr fiftr$ ? 3,80,000iTeII t 1,60,000iFE irdFirqlq I srk < 2,30,000 frkqa foqr rrqr qrlfr + qFT *'fue t t,oo,ooo (iiD 1qfi =rrm ar (iv) sc+ff Yiffimr Cli {cT+sii Et ori *.qrqrq Wcr *} g+, ec$ rrm nftr m-$ fu d -*i {qt +6q cq cefl +} {Tfi {S *. zoz, *.e*r+t r} vrc frftT or r gTq-+ r t r (v) qrqtd*r-fuqrq{ er-lvnfre u-+n m, rr}-", 5r{ei+a cm, {Il#i + TS Ed ,ri tqt dr.T"i{r S ssasq t nqr s{i-Es ri s,d. fr ,rm. ,tvr ft sr tsH kdrur ,n ravr +qT{ deq Svro, r erim, zotz ei s;r+r ftqfr k{rur frra u-on qr -+-u o i z +i furniwc +.ri. i-rsr 1,20,000 EeI:9lEI.lFJ 1,90,000 2,20,000 s+si 1,20,000 2,80,000 ITfi 3,00,000 3,oo.ooo Bqnffi frfq q'r Hkd'r i 8,80,000 $ nq < +o,ooo io.qr rr+ v-d et cqrfr (ii) Sfu s,r qFq 3gq {6rqr qr+fi irsll $I{{ rR ol Wir-t 4,00,000 drlr q-q-srqT r-6"r Fsqr (i) t (iii) rrrTqr+Tq ii < zo,ooo *1+,fr Etqd,ft (iv) Eqeaq{qq +} < ts,ooo c+"8-6rqr qgfi 6tq-dr A"iq m rr4, r 1,00,000 t {-sors ernqr qrq,n I Trfu Bv} urr Er+ ii r r+}+n ur,+ sl1crd ii drft r qHr;r*.tS era} Evrm dqr S'qR+1 qdr l t n) ssor sq+qr qrq erdt *.qrq'T fuqr qTEn Wffi {* unr, mffit * tS *,rftqfrfl++turtqndfre 67|ul r | + tq nftr mr tOEo aR g'rcn t*<r qqrn dpfi is snmfwq'rqtqTEfr (vi) 10.000 3,00,000 si{dr (v) 2,oo,ooo id*. T{t EcR r 70,000 1,80,000 t$: S foft ir+wr 1,20,000 qmrqtqq Fnt : g;vre, gerr aur mfircr u,t ickn I T{r{-d ERT r qq Eqn no, ofum cE sd { {T*.{R + + ilrit +i 3 : 1 : I *, er{qn { r ft *, 1** t ern aqr *kdr *. er+*wr uaur { +$ wrRrfl r ani *. qv-qrq gvm aqr EqR r tP.T.O. I Mohan and Mahesh were partners in a firm sharing profits in the ratio of 3 : 2. On l't April, 2012 they admitted Nusrat as a partner in the flrm. The Balance Sheet of Mohan and Mahesh on that 4ate was as under : Balance Sheet of Mohan and Mahesh as on l"t April, 2012 Liabilities Amount 2,10,000 Creditors Workmen's Compensation Fund General Reserve Capitals : Cash in hand 2,50,000 1,60,000 Debtors Stock Machinery 1,40,000 1,60,000 1,20,000 1,00,000 2,80,000 1,80,000 g,oo,ooo 8,00,000 It was agreed that : (i) The value of Building and Stock be appreciated to (iii) (iv) t Building Mohan 1,00,000 Mahesh 80.000 (ii) Amount Assets ( t 3,80,000 and t 1,60,000 respectively. The liabilities of workmen's compensation fund was determined at ( 2,30,000. Nusrat brought in her share of goodwill 1,00,000 in cash. Nusrat was to bring further cash as would make her capital equal to 207o of the combined capital of Mohan and Mahesh after above revaluation and adjustments are carried out. t (v) Nusrat The future profrt sharing ratio will be Mohan ]n, uut th. "rn ]n, Prepare Revaluation Account, Partner's Capital Accounts and Balance Sheet new firm. Also show clearly the calculation of Capital brought by Nusrat. of the OR Kushal, Kumar and Kavita were partners in a firm sharing profits in the ratio of 3 : On l" April, 2012 their Balance Sheet was as follows : I Balance Sheet of Kushal, Kurnar and Kavita as on 1"t Aprit, 2012 Liabilities Amount Amount Assets 70,000 Creditors 1,20,000 Cash Bills Payable 1,80,000 Debtors General Reserve 1,20,000 Less:Provision Capitals 1,90,000 2,20,000 3,00,000 Fumiture 1,20,000 2,80,000 Building 3,00,000 Land 4,00,000 3.00.000 8,80,000 13,00,000 l3,00,ooo 67tut 10.000 Stock : Kushal Kumar Kavita 2,00,000 r0 : 1. On the above date Kavita retired and the following was agreed Goodwill of the firm was valued at ? 40,000. (i) (ii) Land was to be ( (iii) appreciate d, 1,00,000. : by 30vo and building was to be depreciated by Value of fumiture was to be reduced by { 20,000. Bad debts reserve is to be increased to t 15,000. l\vo of the amount payabre to Kavita was paid in cash and the barance was transferred to her Loan Account. capitals of Kushar and Kumar will be in proportion to their new profit sharing ratio. The surplus/deficit, if any in their capital Accounts wili be adjusted through Current Accounts. (iv) (v) (vi) Prepare Revaluation Account, partner,s capital Accounts and Balance Sheet of Kushal and Kumar after Kavita,s.retirement. 18. qtr qr$+cfufuIsi t roo s-dr.*40,000*,rdr eivi qi oz, eT+fi sTFiFd fu+ r nftr frq n*n* iq q} : qr+qr EqT efld?H c{ - ? 90 yfr iJi{r qeFlfisll 3ifuqql=r{rw _ #elwftrifr6 q6;6n I}S T{irflvT + fr* erd-qr qr* Eq I I 0,000 eivil * s{dEFii si s{ lfir r*r r *q sn**gi qEqrfro +t' erTrrr rR sivit or sraie{ fuqr rrzn r qr}fi nqr qraia< c{ qrq qfrfuff Tr riRr +r qqr+q-{ yEq q?i eililq qrqTr qT iq nlVr ii e.r frqr rrcr r Rat qrq{r rtfu qr,T 4 r q-s' BieTqrs'frrsi so effi + idS en*q{ 6* qr, uqq q?i ;jifrq qqrT nftr or d grrmt rs q. crcr r w*'irivif or aur *. fuqr.rcr r rror r*,4 rri oisii s) ( s? ,fu wi gt' fr,ift'-ae;rt-+rr<i "q" 60,000 siyil r* ; r &it tscttfi +ftS ('w qd qsftfu|s 61 Tn-*i + sftrv{s.+qfl{qr cFqM d&q I OErET frtcls + t 100 c-+d' + 75,000 {Tf,r giyii s} t +fug sT+fi sii{ktr H r rifrr frq q-fl.rt tq 4 : s.qt eilEiay{ IFFrirqI erkqqrffirq{ _ or+{rnqr < 85 yfr eipT 30 qfr siyr + elfrqq qr fidfud 6oi CIlfrccfft-q liv ua{ftT + fts sil-+fi srcr Es r 27,500 si{ii + onas+ qi rr or r liq orqvrfuo fti ernm w qotr o1 s16i7a fua rrqr r en*fi ilTr eTEiar qt crq oifrfrff qflfrr sr Rlt+qT yqq 1lai ;rifrq qrq+ c{ if qE-rT +c {rftr fo+.rqr r e"rt {rflyr cFr r4 qt r qo givrqrr+'fur+ 1000 sivil +fuq BTdEa fua qr, qEq frqr ekq.qrr{r {rfrr sr tllm rtt sr rnrrT I ss+ Bi{il ol ator vr kqrrqr r e{gl rri sftit q} t 150 nh ,ji.vr Wi l-c-r Sr' l,r,tflffi qtlccr.m 1,27,500 eivif tqrr+ 3iT+qdt fi * H r ec+n 67nn +{iii + fae s.*. frfrts d} g*} t emu*6 +s*qqT vftrM *lfuq. r tP.T.O. of :XyZ Ltd'invited applications for 40'000 equity shares follows : 67o. The amount was payable as t 100 each at a discount of ' ( 90 per share On Application and Allotment amount' On First and Final call - the balance for 10'000 shares were shares were received' Applications applicants' Excess on pro-rata basis to remaining rejected and shares were allotted sums and allotment was adjusted towards application money received on application for 50 made' A shareholder' who applied due on first and final call' The "att shares were forfeited' A11 the anA final call money' His fust the pay to failed shares, ( per share fully paid up' forfeited shares were re-issued at 97 of XYZ Ltd' above transactions in the books necessary joumal entries for the Application for 60,000 *"'" Pass OR 75'000 equity shares of AB Ltd' invited applications for issuing : The amount was payable as follows premium of { { 100 each at a 30 per share- 85 per share (including premium) On Application and Allotment - { Amount On First and Final call - the balance Applications for 1,2?,500 shares were for 27 '500 shares were received' Applications rejectedandshareswereur.ro,*oo,pro.ratabasistotheremainingapplicants.Excess sums due on first a[otment was adjusted towards money received on uppf*tion and shares' shareholder' who applied for 1'000 A made' were calls The call. frnal and forfeited His shares were forfeited' All the money' call final and first pay the failed to per share fully paid up' shares were reissued at { 150 of AB Ltd' for the above transactions in the books Pass necessary journal entries qFI-ET PART-B f+traffiaMsuq (Financial Statements AnalYsis) 19. i-+-Ererkd{ur q+i q{q'++sw-6e 6r HI od t ? ? while preparing Cash Flow Statement What is meant by 'Cash Equivalents' 20.'i-*-sy-qr6kd{w ffiri *skq ff rde dfte t 'Cash Flow Statemenf ' State the objective of preparing zr.'ffi kdrsii +ffisq' et tn$ c+.*cr EI Yds dkq I of Financial Statements'' State any one limitation of 'Analysis 67llll ffi,**u* (, evr&a onc rrso +t (ii) Bq_yfr**i + riT,lil E{t{ qCr+srt (v) qfi-v1 qrr-r + qfi{-d fr,q c+ frfi erfr-srsfuryr (iii) sffi ftdI Or,rll +iaqyiqrm (iv) e6t enrivr (vi) *{-erqfu:pr r under which major sub-headings the folrowing items will be placed in the Barance revisei scneaure_vi,.pai_i oi,r,. coip*i., e.ir s561.-- :1.";:il:Tff:#:per (i, Loose Tools (iii; Pou;,io, for employees benefits (iv) gn, (v) (vi) 23. 'O dividend Short-term loans Long-term loans. ffitrj#' fuflr ----=.=.-.rcqrtr{ d sTrq zots 6l n*q Eq q{ +fr'r'd*-Erfr k{iu' 2012-13 ? 20,00,000 10,00,000 21,00,000 +a{'. 3T I SIFI qq vllY !0\ q,( JU70 t .6r<reo 4 2011-12 ? 15,00,000 4,00,000 15,00,000 From the forrowing 'statement of pr-ofit & Loss, for the year ended 3r,rMarc h,2013, u 'corne*utlu. stuti-"nt a Stet, 5na61 ornonl ar-^-c- 6 ^a vr r ruul a oa roruloi6Jo'o Loss or Good Services Ltd. 20t2-13 Particulars 20tt-12 Note No. -:---__----? Revenue from operadons 20,00,000 15,00,000 Other Ilcomes 10,00,000 4,00,000 Expenses 21,00,000 15,00,000 Rate of Income ta* ,as 5d4l pr"p*" t 24. teD fuafufu-eqaaS.ryr_wq-ar a1vn, si+fiifi-{{ur sH-flrfrr q+q-{ qqErlqfi imdcfrqEqfrd qtScfrssqinzfr cilu1 t *tnomni&q: 2+2 2,00,000 1,00,000 s0,000 3,60,000 90,000 13 tP.T.O. (s) qqqfufu>ssr qrq qtqfl q-dqrd 2' t t r onq sf6fr e-doelfuqfu ftefufic-d +{-+ii t ii (i) Sk Ei,fr ; (ii) q+ Etrft qr (iil) ct$ qfir+& rfr etqlr : < q,ooo qr c-s ic fle-o ulq6o qT I !ftT (li qrcrft-*. tq-drci (2) 5rrarto-tf<attr+ o.q4 I 1 ro v-&o *' i t olt+qr 1,00,000 wrff givii q,r Frriq-< *'.q 4i'rt c{frrft + fu#dr r (a) From the following information, compute 'Debt-Equity Ratio' (b) 2,00,000 1,00,000 50,000 Current 3,60,000 Non-current 90,000 Current 2 : 1. State with reason which of the following x. Ltd is The current ratio of transaction would (i) increase ; (ii) decrease or (iii) not change the ratio : Included in tlie trade payables was a bills payable of ( 9,000 which was met on marurity. Company issu6d 1,00,000 equiry shares of 10 each to the Vendors of machinery purchased. : Borrowings LongtermProvisions Long term Liabilities Assets Assets (1) (2) 25. ** { frlqls *. I -3-20 l-qiafu+tqiqndfuq: 1 1 3 apn 3 1 -3-20 1 2 + fufr kd1rr it + :T$ q-d{rct} * qrqr qr rts-E 6 ite tdrr{Er risT I. Errdr\t?iffi (1) tiYIErffftfb (e1 siyr{* CO {qq(rti entr (2) w{ slfu (gD I 3t-3-20L2 { r,80,000 24,000 1,50,000 75,000 2't,000 5,67,000 3,91,000 2,94,000 48,000 2,52,0N 54,000 1,07,000 40,000 24,000 60,000 24,000 17,500 9,500 5,67,000 qqrk*-iTdr(' 2,10,000 1,32,000 1,50,000 1 {ffi{{ul (q 3t-3-2013 3,81,000 (3) qq+rdr( !rI{ II. nqfrii't (r) wqensrHf 1e9 tzl er*vwffi (i) {t*ofrd 1<; erqetdvr qrqqqfrri,f 1e1 wqfaFr.i.r(ffi{) (e) Cq) IEfrqr qrqlft-fiqlfidqr 19 i-+sffir+6sE i5a 67lut t4 18,000 rcrdi*'+..s: *a-r {qqqd qrfhfi elftrqconr-afrkqq+l g, Prepare a cash Flow Statement on the basis of the information given in the Balance Sheets of Liva Ltd. as at 3t-3-2013 and3l_3_20t;; ---'--' I. Equity and Liabilities (1) Shareholders Funds (a) Share Capital (b) Reserves & Surplus (a) Longterm-borrowings (3) CurrentLiabilities (a) II. Trade Payables 1,80,000 1,32,0N 24,0W 1,50,000 1,50,000 75,000 27,0N 2,94,000 2,52,0N 48,000 18,000 54,000 60,000 1,07,000 24,0w 40,000 17,500 24,N0 (2) Non-currentLiabilitie 2,10,000 9,500 Assets (1) Non-current Assets (a) Fixed Assets (i) Tangible Assets (b) Non-currentlnvestments (2) Current Assets (a) Current-Iavestsnents(marketable) (b) Inventories (c) Trade Receivables Notes to Accounts ; Note - 1 Reserves and Surplus Surplus (balance statement of in IP.T.O. $IFI -rt -- PART-C (qeroftr**qio,-{) (Computerized Accounting) qfqfictr 19. srfirsfuA iqtrifl$q-cn.q.s'+6q{'m'r{frfu'tqr 1 System What is meant by 'procedure' as a component of Computerized Accounting 20. S{.q.\Fi. (sQL) What is SQL HIt ? ? ? zt. 'sR"fr'tffi 3{flIcrctz What is meant bY 'Table' ? 22. qfi{qfud +qisq qorrd +l E}$crenr aqr i ffi q-<rEg t System' Give one advantage and two limitations of Computerised Accounting 23.'sr-dsfr-*, ffiqttro, aqr'#fro' qtqq+] sc-flEs 4 t Explain 'sequential' and 'Mnemonic' codes' 24. '#qnd*rii" *ffiqnaniiBlgqflrEq I Explain any four advantages of Data Base Management System' 2s. trefrkt qfir t frq nM +1 rrurn + frq\r*d ct W et rrunr dfre : 1o1rffivi*te,W+fi<20,000(6157o+tc{+fls{rgqts{{zoT'qi<*r (o tq w ( zo,oooa-66'.* 5 i-e-t w zoTo aql {s+ sc{ 25vot6 Ct; Eq*c+ *-fteqa affi { qffi rr{r *gornqr tq wqrm t t for computing the calculate the formulae from the following information on Excel amounts for : (a) Deamess Allowance' Basic pay upto { 20,000 at 157o and above itat207o' (b) (c) Tax payable, Basic pay upto 7 20,N0 at 20Vo and 25Vo above that' payable from Basic Net Salary, adding Deamess Allowance and deducting Tax Pay. 67tul 16

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