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CBSE Class 12 Board Exam 2015 : Accountancy

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SET 1 . Series : SSO/C Code No. 67/1 - - . Roll No. Candidates must write the Code on the title page of the answer-book. - 24 - - - - 23 , - 15 - 10.15 10.15 10.30 - - Please check that this question paper contains 24 printed pages. Code number given on the right hand side of the question paper should be written on the title page of the answer-book by the candidate. Please check that this question paper contains 23 questions. Please write down the Serial Number of the question before attempting it. 15 minutes time has been allotted to read this question paper. The question paper will be distributed at 10.15 a.m. From 10.15 a.m. to 10.30 a.m., the students will read the question paper only and will not write any answer on the answer-book during this period. : 3 ] ACCOUNTANCY Time allowed : 3 hours ] [ : 80 [ Maximum Marks : 80 : (i) - , (ii) (iii) ( ) ( ) (iv) General Instructions : (i) This question paper contains three parts A, B and C. (ii) Part A is compulsory for all. (iii) There are two parts. Part B Financial Statement Analysis and Part C Computerized Accounting. Attempt only one Part. (iv) All parts of a question should be attempted at one place. 67/1 1 [P.T.O. PART A ( ) (Accounting for Partnership Firms and Companies) 1. , - : ( ) - ( ) ( ) ( ) 1 When a new partner is admitted, the balance of General Reserve appearing in the Balance Sheet at the time of admission is credited to : 2. (a) Profit and Loss Appropriation Account. (b) Capital Accounts of all the partners. (c) Capital Accounts of old partners. (d) Revaluation Account. , 3:2:1 - ? 1 Kajal, Neerav and Alisha are partners in a firm sharing profits in the ratio of 3 : 2 : 1. They decided to admit Rajan, their landlord as a partner in the firm. Rajan brought sufficient amount of capital and his share of goodwill premium. The accountant of the firm passed the entry of rent paid for the building to Rajan in Profit and Loss Appropriation Account . Is he correct in doing so ? Give reason in support of your answer. 3. 67/1 : ( ) ( ) ( ) ( ) 2 1 At the time of retirement of a partner Loss on Revaluation is debited : 4. (a) only to the capital account of the retiring partner. (b) to the capital accounts of all the partners in their old profit sharing ratio. (c) to the capital accounts of the remaining partners in their new profit sharing ratio. (d) to the capital accounts of remaining partners in their old profit sharing ratio. 1 Name the account to which the Balance of Debenture Redemption Reserve is transferred after all the debentures have been redeemed. 5. ( ) : ( ) 10% : ( ) : ( ) 1 A forfeited share can : 6. (a) not be reissued at discount. (b) be reissued at a maximum discount of 10% only. (c) be re-issued at a maximum discount equal to the amount forfeited on the share. (d) None of the above. - - 1 Differentiate between Profit and Loss Appropriation Account and Profit and Loss Suspense Account. 7. 67/1 , , , ` 100 50,000 ` 50 80,000, 10% 3 3 [P.T.O. Nandan Ltd. is a manufacturer of heavy machines in a town of Telangana. It follows high standards of environment safety in the process of manufacturing. The company runs a school to provide quality education and a medical centre to address health issues of the resident of that area. The company is doing well and is going to start a new manufacturing unit in Jharkhand creating livelihood for people, especially those from disadvantaged sections of the society. In order to raise funds the company decided to issue 50,000 shares of ` 100 each at par and 80,000, 10% debentures of ` 50 each. Pass necessary journal entries for the issue of shares and debentures. Also identify any one value which the company wants to communicate to the society. 8. , 2014 ` 20,000 ` 1,00,000 ` 60,000 ` 10,000 8% ` 60,000 , 1 3 On 1st April, 2014 a firm had assets of ` 1,00,000 excluding stock of ` 20,000. Partners capital accounts showed a balance of ` 60,000. The current liabilities were ` 10,000 and the balance constituted the reserve. If the normal rate of return is 8%, the Goodwill of the firm is valued at ` 60,000 at four years of purchase of super profit, find the average profit of the firm. 9. ` 500 7,000, 10% ` 50 5 10% ` 200 10% 3 Alok Ltd. issued 7,000, 10% debentures of ` 500 each at a premium of ` 50 per debenture redeemable at a premium of 10% after 5 years. According to the terms of issue, ` 200 was payable on application and balance on allotment. Record necessary journal entries at the time of issue of 10% debentures. 10. 67/1 1 , 2012 ` 100 4,000, 9% 10% 10% 31 , 2014 ` 40,000 31 , 2014 ` 32,000 ` 95 ` 8,000 ` 90 ` 1,000 9% 4 3 On 1st April, 2012 a company issued 4,000 9% debentures of ` 100 each at a discount of 10%, repayable at a premium of 10%. The terms of issue provided for the redemption of ` 40,000 debentures every year commencing from March 31st, 2014, either by purchase from open market or by draw of lots at the company s option. On March 31st, 2014, the company purchased for cancellation its own debentures of the face value of ` 32,000 at ` 95 per debenture and ` 8,000 at ` 90 per debenture. The expenses of purchase amounted to ` 1,000. Record necessary journal entries for redemption of 9% debentures. 11. 3:1 ` 4,40,000 , 2:2:1 ` 1,00,000 ` 2,50,000 4 Anu and Bhagwan were partners in a firm sharing profits in the ratio of 3 : 1. Goodwill appeared in the books at ` 4,40,000. Raja was admitted to the partnership. The new profit sharing ratio among Anu, Bhagwan and Raja was 2 : 2 : 1. Raja brought ` 1,00,000 for his capital and necessary cash for his goodwill premium. The goodwill of the firm was valued at ` 2,50,000. Record the necessary journal entries in the books of the firm for the above transactions. 12. , 3:2:1 31 , 2014 - : (` `) (` `) 1,20,000 1,40,000 5% 1,00,000 1,80,000 1,70,000 1,30,000 1,20,000 2,00,000 1,20,000 80,000 20,000 1,40,000 70,000 2,90,000 4,00,000 9,40,000 67/1 : 4 9,40,000 5 [P.T.O. 12 , 2014 : ( ) ( ) ( ) : ` 30,000 ; ` 70,000 ` 80,000 Priya, Karam and Anna were partners of a firm sharing profits in the ratio of 3 : 2 : 1. Their Balance Sheet on March 31st, 2014, was as follows : Liabilities Amount (` `) Assets Amount (` `) Bills Payables 1,20,000 Cash in hand Creditors 1,40,000 Debtors Karam s Loan @ 5% 1,00,000 Bill Receivable Reserve 1,80,000 Stock 1,70,000 Investment 1,30,000 Advertisement Suspense A/c. 1,20,000 Building 2,90,000 Capitals : Priya 2,00,000 Karam 1,20,000 Anna 80,000 4,00,000 9,40,000 20,000 1,40,000 70,000 9,40,000 Karam died on June 12, 2014, and according to the Partnership deed his executors were entitled to be paid as under : (a) His share in the profits of the firm till the date of his death which will be calculated on the basis of average profits of last three completed years. (b) His share in the goodwill of the firm which will be calculated on the basis of two years purchase of total profits of last three years. (c) Profits for the last three years were : ` 30,000, ` 70,000 and ` 80,000. Prepare Karam s capital A/c to be rendered to his executors. 67/1 6 13. ( ) : 6 . (` `) (` `) ------- ------------------ ------- 6,000 ------- ------- (` 10 2,000 ` 2 ` 8 , ` 5 ` 2 ) 19,600 ------- ----------------- ------- 1400 : ) (` 19,600 ------- ------------- ( : ) 67/1 7 [P.T.O. ( ) : . (` `) (` `) 80,000 ------- ------------ ------- 60,000 (` 100 1,000 ` 80 10% ) 56,000 ------------ ------- ------- ------- (` 70 ` 80 , 800 : ) ------- ( : ) 67/1 ------- 8 (a) Fill in the blank spaces in the journal entries given below : Date Particulars F Dr. (` `) Share Capital A/c. Dr. ------- ----------------------- Dr. ------- To Share Forfeited A/c Cr. (` `) 6,000 To Share Allotment A/c ------- To Share First Call A/c ------- (Being 2,000 shares of ` 10 each ` 8 called up issued at a premium of ` 2 per share forfeited for nonpayment of allotment of ` 5 per share including premium and first call of ` 2 per share) Bank A/c. Dr. 19,600 To Share Capital A/c ------- To --------------------- ------- (Being 1400 shares reissued for ` 19,600 as fully paid up). Share Forfeited A/c. Dr. To Capital Reserve A/c. ------- ------------- (Being profit on reissue of forfeited shares transferred to capital reserve) 67/1 9 [P.T.O. (b) Fill in the blank spaces in the journal entries given below : Date Particulars F Share Capital A/c. Dr. Dr. (` `) Cr. (` `) 80,000 To Share Forfeited A/c. ------- To --------------------- ------- To Share first call A/c. 60,000 (Being 1000 shares of ` 100 each, ` 80 called up issued at a discount of 10% forfeited for non-payment of first call) Bank A/c. Dr. 56,000 --------------------- Dr. ------- Share Forfeited A/c. Dr. ------- To Share Capital A/c. ------- (Being 800 shares reissued at ` 70 per share ` 80 paid-up) Share Forfeited A/c. Dr. To Capital Reserve A/c. (Being profit on reissue of forfeited shares transferred to capital reserve) 67/1 10 ------------- 14. , 3:2:1 30 , 2014 - : 6 (` `) (` `) 50,400 13,700 - 10,000 20,100 12,000 62,600 16,000 20,000 : 30,000 20,000 10,000 60,000 1,32,400 1,32,400 : ( ) ` 18,000 ( ) ` 17,500 ( ) ` 60,500 ( ) ` 4,500 , 67/1 11 [P.T.O. Bhuvan, Suraj and Ibrahim were partners in a firm sharing profits in the ratio of 3 : 2 : 1. On 30th June, 2014, they decided to dissolve the firm. Following was the Balance Sheet of the firm on that date. Amount Amount Liabilities Assets (` `) (` `) Creditors 50,400 Cash 13,700 Investment Fluctuation Fund 10,000 Stock 20,100 Reserve Fund 12,000 Debtors 62,600 Capitals : Bhuvan 30,000 Suraj 20,000 Ibrahim 10,000 Investments 16,000 Furniture 20,000 60,000 1,32,400 1,32,400 The assets were realized and the liabilities were paid off as follows : (a) Investments were taken over by Bhuvan for ` 18,000. (b) Stock was taken over by Suraj for ` 17,500 and furniture was taken over by Ibrahim at book value. (c) ` 60,500 were realized from the debtors. (d) Creditors were settled in full and realization expenses were ` 4,500. Prepare Realisation account, Cash account and Partners Capital accounts. 15. 67/1 31 , 2014 , : ` 3,20,000, ` 2,40,000 ` 1,60,000 31 , 2014 ` 90,000 ` 48,000 ` 60,000 5% 10% 3:2:1 12 6 On March 31st, 2014, the balances in the capital accounts of Esha, Manav and Daman after making adjustments for profits and drawings were ` 3,20,000, ` 2,40,000 and ` 1,60,000 respectively. Subsequently, it was discovered that the interest on capital and drawings had been omitted. The profit for the year ended on 31st March, 2014 was ` 90,000. During the year, Esha and Manav each withdrew a sum of ` 48,000 in equal instalments in the middle of every month and Daman withdrew ` 60,000. The interest on drawings was to be charged @ 5% p.a. and interest on capital was to be allowed @ 10% p.a. The profit sharing ratio of the partners was 3 : 2 : 1. Showing your workings clearly pass the necessary rectifying entry. 16. ` 10,00,000 ` 100 84,000 : - ` 30 - ` 40 ( ) - ` 50 80,000 : 200 , 400 , ` 80 : 8 Dogra Ltd. had an Authorised capital of ` 10,00,000 divided into Equity shares of ` 100 each. The company offered 84,000 shares to the public at premium. The amount was payable as follows : On Application ` 30 per share On Allotment ` 40 per share (including premium) On First & Final call ` 50 per share. Applications were received for 80,000 shares. All sums were duly received except the following : Lakhan, a holder of 200 shares did not pay allotment and call money. Paras, a holder of 400 shares did not pay call money. The company, forfeited the shares of Lakhan and Paras subsequently, the forfeited shares were reissued for ` 80 per share fully paid-up. Show the entries for the above transaction in the cash book and Journal of the company. /OR 67/1 13 [P.T.O. ` 10 1,00,000 10% ` 2 , ` 3 ` 2 1,50,000 50,000 - , 3,000 , , , 700 , , , 1,000 , ` 11 : Kaya Fab Ltd. issued 1,00,000 equity shares of ` 10 each at a discount of 10% payable as ` 2 on application; ` 3 on allotment and ` 2 each on first call and final call. Applications were received for 1,50,000 shares. Applicants of 50,000 shares were sent letters of regret and application money was refunded. Madhur, a holder of 3000 shares failed to pay allotment money which he paid along with the first call. Rohan, a shareholder holding 700 shares paid both the calls along with allotment. Sohan a holder of 1000 shares did not pay the first call and the final call. His shares were forfeited. The forfeited shares were reissued at ` 11 per share as fully paid-up. Pass necessary journal entries for the above transaction in the books of the company. 17. 31 , 2014 - : (` `) (` `) 26,000 20,000 16,000 30,000 : 30,000 : 1,10,000 60,000 1,70,000 44,000 2,000 42,000 1,20,000 20,000 - 10,000 2,42,000 67/1 8 2,42,000 14 1 4 : ( ) ` 2,900 ( ) ` 35,000 ( ) ` 40,000 ( ) Following is the Balance Sheet of Amit and Vidya as at 31st March, 2014. Liabilities Amount ` Amount ` Assets Creditors 26,000 Bank 20,000 Employees Provident Fund 16,000 Stock 30,000 Workmen s Compensation Fund 30,000 Debtors Less : provision for Capitals : Amit Vidya bad debts 1,10,000 60,000 44,000 2,000 Plant and Machinery 1,70,000 Goodwill Profit and Loss Account 2,42,000 42,000 1,20,000 20,000 10,000 2,42,000 On the above date Chintan was admitted as a partner for 1/4 share in the profits of the firm with the following terms : (a) ` 2,900 will be written off as bad debts. (b) Stock was taken over by Vidya at ` 35,000. (c) Goodwill of the firm was valued at ` 40,000. Chintan brought his share of goodwill premium in cash. (d) Chintan brought proportionate capital and the capitals of the other partners were adjusted on the basis of Chintan s capital. For this necessary cash was to be brought in or paid off to the partners as the case many be. Prepare Revaluation Account and Partners Capital Accounts. /OR 67/1 15 [P.T.O. , : 50%, 30% 20% 31 , 2014 - : (` `) (` `) 34,000 68,000 10,000 38,000 - 20,000 : : 94,000 6,000 88,000 1,40,000 80,000 80,000 40,000 50,000 - 20,000 2,70,000 3,34,000 3,34,000 : ( ) ` 1,02,000 ( ) ` 12,000 ` 30,000 ( ) ` 2,000 ( ) ` 20,600 , 10% ( ) 67/1 16 Lokesh, Mansoor and Nihal were partners in a firm sharing profits as 50%, 30% and 20% respectively. On 31st March, 2014, their Balance Sheet was as follows : Amount (` `) Liabilities Amount (` `) Assets Creditors 34,000 Cash 68,000 Provident Fund 10,000 Stock 38,000 Investment Fluctuation Fund 20,000 Debtors Capitals : Lokesh Mansoor Nihal 1,40,000 80,000 50,000 94,000 Less : Provision 6,000 Investment Goodwill 2,70,000 Profit & Loss 3,34,000 88,000 80,000 40,000 20,000 3,34,000 On the above date, Mansoor retired and Lokesh and Nihal agreed to continue on the following terms : (a) Firm s goodwill was valued at the ` 1,02,000 and it was decided to adjust Mansoor s share of goodwill into the capital accounts of the continuing partners. (b) There was a claim for workmen s compensation to the extent of ` 12,000 and investments were brought down to ` 30,000. (c) Provision for bad debts was to be reduced by ` 2,000. (d) Mansoor was to be paid ` 20,600 in cash and the balance will be transferred to his loan account which was paid in two equal instalments together with interest @ 10% p.a. (e) Lokesh s and Nihal s capital were to be adjusted in their new profit sharing ratio by bringining in or paying off cash as the case may be. Prepare Revaluation Account and Partners Capital Accounts. ( -1) PART B (Option-1) ( ) (Analysis of Financial Statements) 18. 67/1 ? ( ) ( ) ( ) ( ) 17 1 [P.T.O. Koval Ltd. is a financing company. Under which activity will the amount of interest paid on a loan settled in the current year be shown : 19. (a) Investing activity (b) Financing activity (c) Both Financing and Operating activities (d) Operating activity ` 30,00,000 ` 20,00,000 ` 2,00,000 ` 15,00,000 1 Shri Ltd. was carrying on a business of packaging in Delhi and earned good profits in the past years. The company wanted to expand its business and required additional funds. To meet its requirements the company issued equity shares of ` 30,00,000. It purchased a computerized machine of ` 20,00,000. It also purchased raw material amounting to ` 2,00,000. During the current year the Net Profit of the company was ` 15,00,000. Find out Cash flows from operating activities from the above transactions. 20. ( ) , 1956 VI, I - ? (i) (ii) (iii) (iv) ( ) (a) Under which major headings and sub-headings the following items will be shown in the Balance Sheet of a company as per schedule VI, Part I of the Companies Act, 1956. (i) Long term loans (ii) Loose tools (iii) Trademarks (iv) Drafts in hand (b) 67/1 State any two objectives of financial statements analysis. 18 4 21. - : 4 ` 25,00,000 2,10,000 8,50,000 2,75,000 1,50,000 14,30,000 8% 4,00,000 2,75,000 ( - ) 1,50,000 From the following information, calculate Total Assets to Debt Ratio : ` Capital Employed 25,00,000 Investment 2,10,000 Land 8,50,000 Trade Receivables 2,75,000 Cash and Cash Equivalents 1,50,000 Equity Share Capital 67/1 14,30,000 8% Debentures 4,00,000 Capital Reserve 2,75,000 Surplus i.e., Balance in statement of profit and loss 1,50,000 19 [P.T.O. 22. 31 , 2013 2014 - : 2012-13 2013-14 (` `) (` `) 4 % (` `) 14,00,000 18,00,000 4,00,000 28.50 5,00,000 1,00,000 25.00 10,00,000 13,00,000 3,00,000 30.00 : 4,00,000 @ 30% 3,00,000 3,90,000 90,000 30.00 7,00,000 9,10,000 2,10,000 30.00 ( ) ( ) 31 , 2013 2014 Nishit was the Managing Director of Lalita Electronics Ltd . He had been earning good revenues and profits for the company. He believed in giving respect to his subordinates as his moral responsibility. He was the one who recognized the need to find ecofriendly ways to treat waste. Following is the Comparative Statement of Profit and Loss of Lalita Electronics Ltd. for the years ended 31st March, 2013 and 2014. Particulars Revenue from Operations Less : Employee benefit expenses Profit before tax 67/1 Note No. 2012-13 2013-14 (` `) (` `) 14,00,000 18,00,000 Absolute Percentage Change Change (` `) 4,00,000 28.5 5,00,000 1,00,000 25 10,00,000 13,00,000 3,00,000 30 4,00,000 Tax @ 30% 3,00,000 3,90,000 90,000 30 Profit after tax 7,00,000 9,10,000 2,10,000 30 (a) Calculate Net Profit ratio for the years ending 31st March, 2013 and 2014. (b) Identify any two values which are being communicated to the society in the above case. 20 23. 31 , 2014 - : I. (2) 2012-13 (` `) (` `) ( ) ( ) 1 (3) 40,00,000 30,00,000 10,00,000 6,00,000 6,00,000 4,00,000 3,00,000 4,00,000 1,40,000 1,20,000 60,40,000 45,20,000 ( ) ( ) 2 (1) ( ) (2) (i) 3 38,00,000 30,00,000 (ii) 4 9,40,000 5,40,000 ( ) ( ) 5,00,000 3,20,000 ( ) 4,20,000 4,20,000 ( ) 3,80,000 2,40,000 60,40,000 45,20,000 67/1 2013-14 (1) II. 6 21 [P.T.O. : . . 1. 31-3-2014 (` `) ( - ) 2. 3. 10,00,000 6,00,000 1,40,000 1,20,000 42,00,000 33,00,000 (4,00,000) (3,00,000) 9,40,000 5,40,000 4. 31-3-2013 (` `) : ` 40,000 , ` 30,000 , ` 9,000 Following is the Balance Sheet of Sreshtha Ltd. as on 31st March, 2014. Note No. Particulars I. 2012-13 (` `) (` `) EQUITY AND LIABILITIES (1) (2) Shareholders Funds (a) Share Capital (b) Reserves and Surplus 1 (3) 40,00,000 30,00,000 10,00,000 6,00,000 6,00,000 4,00,000 3,00,000 4,00,000 1,40,000 1,20,000 60,40,000 45,20,000 Non-Current Liabilities Long Term Borrowings Current Liabilities (a) Trade Payables (b) Short Term Provisions 2 Total 67/1 2013-14 22 II. ASSETS (1) Non-current Assets (a) Fixed Assets (i) Tangible assets (ii) Intangible assets (2) Current Assets (a) Inventories (b) Trade Receivables (c) Cash and Cash Equivalents Total Notes to Accounts : S. No. 3 4 38,00,000 9,40,000 30,00,000 5,40,000 5,00,000 4,20,000 3,80,000 60,40,000 3,20,000 4,20,000 2,40,000 45,20,000 As on 31-3-2014 (` `) Particulars As on 31-3-2013 (` `) 1. Reserves and Surplus Surplus (Balance in Statement of Profit and Loss) 10,00,000 6,00,000 2. Short Term provisions Provision for tax 1,40,000 1,20,000 3. Tangible Assets Machinery 42,00,000 33,00,000 Accumulated Depreciation (4,00,000) (3,00,000) 4. Intangible Assets 5,40,000 Goodwill 9,40,000 Prepare a Cash Flow Statement after taking into account the following adjustment : During the year a piece of machinery costing ` 40,000 on which accumulated depreciation was ` 30,000, was sold for ` 9,000. ( -2) PART C (Option-2) ( ) (Computerized Accounting) 18. 67/1 : ( ) , , - - ( ) ( ) ( ) , 23 1 [P.T.O. The components of Computerized Accounting System refer to 19. (a) Analysis and recording of business transactions, preparation of trial balance, statement of Profit and Loss and Balance Sheet. (b) Transforming manual accounting system to computerized accounting system. (c) Hardware and Software. (d) CPU, Keyboard and Mouse. ( ) ( ) ( ) ( ) 1 The term Field as applied to database table means : 20. (a) Vertical column of the table. (b) Name of the table. (c) Horizontal row of the table. (d) Size of the table. - 4 State the steps to construct a Bank Reconciliation Statement using Tally. 21. (CAS) 4 A business data needs to be guarded from its competitors. Explain any two features of CAS which help a business to maintain its secrecy. 22. 4 Enumerate different elements of a chart or a graph in pictorial presentation of data. 23. Write the steps to create a Query in Microsoft Access. ____________ 67/1 24 6

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