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CBSE Class 12 Pre Board 2020 : Accountancy (Kendriya Vidyalaya (KV) Agra)

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KENDRIYA VIDYALAYA SANGATHAN , AGRA REGION SET H PRE-BOARD EXAM 2019-20 ACCOUNTANCY CLASS XII Time 3:00 Hr MM: 80 General Instruction: This Question Paper contains two parts namely Part A and Part B. Both the Parts are compulsory for all. All Parts of a question should be attempted at one place. Internal Choice is given in 3 Mark, 4 Mark, 6 Mark and 8 Mark questions. Show working notes clearly. Marks for questions all indicated against each question. PART A (Accounting for Not-for-Profit Organizations, Partnership Firms and Companies) Q.1 How are the following items presented in financial statements of a Not-for-Profit 1 organisation? (a) Receipts from Charity Show Rs. 7,000 (b) Expenses on Charity Show Rs. 3,000 Q.2 On the death of a partner, Credit balance of Profit and Loss Account appearing in 1 the Balance Sheet should be credited to the Capital Accounts of (a) All partners including the deceased partner in their profit-sharing ratio. (b) The remaining partners in the new profit-sharing ratio. (c) Neither the deceased partner nor the remaining partners. (d) None of the above. Q.3 Unrecorded liabilities when paid are debited to 1 (a) Realisation Account (b) Partners Capital Accounts. (c) Bank Account (d) None of the above Q.4 X and Y are partners in a firm having a capital of Rs. 54,000 and Rs. 36,000 respectively. They admitted Z for 1/4th share in the profits Z brought proportionate amount of capital. The Capital brought in by Z would be Page 1 of 13 1 (a) Rs. 90,000 Q.5 (b) Rs. 45,000 (c) Rs. 5,400 (d) Rs. 30,000 A and B are partners sharing profits equally. A drew regularly Rs. 4,000 in the 1 beginning of every month for six months ended 30th September,2019. Calculate interest on drawings @5%p.a. for a period of six months. Q.6 Ankit, Unnati and Aryan are partners sharing profits in the ratio of 5:3:2. They 1 decided to share future profits in the ratio of 2:3:5 with effect from 1st April,2018. They had the following balance in their balance sheet, passing necessary Journal Entry: Particulars Amount (Rs.) General Reserves Q.7 60,500 A and B are partners in a firm with capital of Rs.60,000 and Rs. 1,20,000 1 respectively. They decide to admit C into the partnership for 1/4th share in the future profits. C is to bring in a sum of Rs. 70,000 as his capital. Calculate amount of goodwill. Q.8 X, Y and Z were partners in a firm sharing profit and loss in the ratio of 8:7:5. On 1 2nd November 2018, Z died. Z s share of profits till the date of her death was calculated at 7,500. Pass the necessary journal entry. Q.9 A, B and C sharing profit and losses in the ratio of 4: 3: 2, decided to take D as a 1 partner for 1/5th share in the firm with effect from 1st April 2019. An extract of their balance sheet as at 31st March 2019 , workmen Compensation Reserve is Rs. 90,000. Show the accounting treatment of Workmen compensation Reserve on the admission of D if a claim on account of workmen compensation is estimated at Rs. 45,000. Q.10 Distinguish between Reconstitution of Partnership and Dissolution of 1 Partnership Firm on the basis of Closure of books . Q.11 State the provision of the Companies Act, 2013 for the creation of Debenture 1 Redemption Reserve. Q.12 A and B were partners in a firm sharing profits in the ratio of 3: 2. C and D 1 were admitted as new partners. A sacrificed 1/4th of his share in favour of C and B sacrificed 50% of his share in favour of D. Calculate the new profitsharing ratio of A, B, C and D. Q.13 When a company issues shares to its high caliber employees to retain them at a lower than the market rate, such an issue is called as_____________. Page 2 of 13 1 Q.14 From the following information, calculate the amount of stationery consumed by Shree Club for the year ended 31st March, 2018. Particulars 31.3.2017(Rs.) 31.3.2018(Rs.) Balance of stationery 24,000 29,500 Creditors for stationery 2,09,000 1,95,000 3 During the year creditors were paid Rs 300000 Or Distinguish between Income and Expenditure Account and Receipt and payment Account on basis of: (a) Nature (b)Nature of items (c)Period Q.15 Ashok, Babu and Chetan were partners in a firm sharing profits in the ratio of 4:3:3. The firm closes its books on 31st March every year. On 31st December, 2016 Ashok died. The partnership deed provided that on the death of a partner his executors will be entitled for the following: (i) Balance in his capital account. On 1.4.2016, there was a balance of Rs. 90,000 in Ashok s Capital Account. (ii) Interest on capital @ 12% per annum. (iii) His share in the profits of the firm in the year of his death will be calculated on the basis of rate of net profit on sales of the previous year, which was 25%. The sales of the firm till 31st December, 2016 were Rs. 4,00,000. (iv) His share in the goodwill of the firm. The goodwill of the firm on Ashok s death was valued at Rs. 4,50,000. The partnership deed also provided for the following deductions from the amount payable to the executor of the deceased partner: (i) His drawings in the year of his death. Ashok s drawings till 31.12.2016 were Rs. 15,000. (ii) Interest on drawings @ 12% per annum which was calculated as Rs. 1,500. You are required to prepare Ashok s Capital Account to be presented to his representative. Page 3 of 13 4 Q.16 The partners of a firm, A, B and C distributed the profits for the year ended 31st 4 March, 2017, Rs. 80,000 in the ratio of 5:3:2 without providing for the following adjustments: (a) A and C were entitled to a salary of 1,500 each p.m. (b) B was entitled for a salary of 4,000 p.a. Pass the necessary Journal entry for the above adjustments in the books of the firm. Show Working clearly OR A, B and C are 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 1st April, 2019. They also decide to record the effect of the following revaluations without affecting the book values of the assets and liabilities by passing an Adjustment Entry: Particulars Book Values (Rs.) Revised Values(Rs.) Land and Building 5,00,000 5,50,000 Plant and Machinery 2,50,000 2,40,000 Sundry Creditors 60,000 55,000 Outstanding Expenses 60,000 75,000 Pass necessary Single Adjustment Entry. Q.17 XYZ Ltd. Registered with capital of Rs. 95,00,000 divided into 95,000 equity 4 shares of Rs. 100 each. The company issued prospectus inviting applications for 42,000 equity shares of Rs. 100 each payable as Rs.20 on application, Rs. 30 on allotment, Rs.20 on first call and balance on second call. Applications were received for Rs.40,000 shares. Mohan to whom 1600 shares were allotted failed to pay final call money and these shares were forfeited. Of the forfeited shares, 600 shares were reissued to Sohan, credited as fully paid for Rs.90 per share. Present the Share Capital as per Schedule III of Companies Act 2013. Q.18 J, K and L were partners in a firm sharing profits in the ratio of 4 : 5 : 1. On 31 st March, 2018 their firm was dissolved. On this date the Balance Sheet showed a balance of Rs. 1,34,000 in debtors account and a balance of Rs. 14,000 in provision for bad debts account. Both the accounts were closed by transferring their balances to realisation account. Rs. 4,000 of the debtors became bad and nothing could be realised from them on dissolution. K agreed to look after the dissolution work for which he was allowed a remuneration of Rs. 16,000. K Page 4 of 13 4 also agreed to bear dissolution expenses for which he was allowed a lumpsum payment of Rs. 4,000. Actual dissolution expenses were Rs. 6,500 and the same were paid from the firm s cash. Loss on dissolution amounted to Rs. 37,000. Pass necessary journal entries for the above transactions in the books of the firm on its dissolution. Q.19 From the following Receipts and Payments Account and additional information of Modern Health Club, prepare Income and Expenditure Account for the year ended 31st March, 2019 and the Balance Sheet as at 31st March, 2019. Receipts and Payments Account for the year ended 31st March, 2019 Receipts Amount (Rs.) Payments Amount (Rs.) To Balance b/d 17,000 By Salaries 30,000 To Subscriptions 60,000 By Rent 18,300 To Donations 2,000 By Repairs 4,700 To Furniture (Book Value Rs. 6,000) 5,000 By Books 16,000 To Life Membership Fees To Interest on Investment (@ 5% for full year) By Buildings 30,000 By Balance c/d 1,000 7,000 9,000 1,00,000 1,00,000 Additional Information: Particulars 31.03.2018 (Rs.) 31.03.2019 (Rs.) (i) Subscription received in advance 4,000 5,000 (ii) Outstanding Subscription 3,000 4,000 (iii) Books 12,500 26,500 Page 5 of 13 6 Q.20 X Ltd. Issued 15,000, 10% debentures of Rs. 100 each. Give journal entries in 6 each of the following cases: (i) The debentures are issued at a premium of 10%. and redeemed at par (ii) The debentures are issued at a discount of 5%. and redeemed at par (iii) The debentures are issued as a collateral security to bank against a loan Rs. 12,00,000. (iv) The debentures are issued to a supplier of machinery costing Rs. 13,50,000. OR Y. Ltd. Issued 50,000; 10% Debentures of Rs. 10 each n 1st April, 2018 redeemable at par on 30th June, 2019. The company received applications for 55,000 debentures and the allotment was made to the applicants on pro rata. The debentures were redeemed on due date. Assume that required investment was made on 1st April of the financial year in which redemption is due. Pass journal entries for issue and redemption of debentures, DRR and investment, ignoring interest on debentures. Q.21 C and D are partners in a firm sharing profits in the ratio of 4:1. On 31.3.2016, 8 their Balance Sheet was as follows: Balance Sheet of C and D as on 31.3.2016 Liabilities Sundry Creditors Amount (Rs.) Assets Amount (Rs.) 40,000 Cash 24,000 Debts 4,000 Debtors 36,000 Outstanding Salary 6,000 Stock 40,000 General Reserve 10,000 Furniture 80,000 Provision for Bad Capitals: Plant and C 120000 Machinery D 80000 80,000 2,00,000 2,60,000 2,60,000 On the above date, E was admitted for 1/4th share in profits on the following terms (i) E will bring Rs. 1,00,000 as his capital and Rs. 20,000 for his share of goodwill premium, half of which will be withdrawn by C and D. (ii) Debtors Rs. 2,000 will be written off as bad debts and a provision of 4% Page 6 of 13 24,000 will be created on debtors for bad and doubtful debts. (iii) Stock will be reduced by Rs. 2,000, furniture will be depreciated by Rs. 4,000 and 10% depreciation will be charged on plant and machinery. (iv) Investments of Rs. 7,000 not shown in the Balance Sheet will be taken into account. (v) There was an outstanding repairs bill of Rs. 2,300 which will be recorded in the books. Pass necessary journal entries for the above transactions in the books of the firm on E s admission. OR Sameer, Yasmin and Saloni were partners in a firm sharing profits and losses in the ratio of 4: 3: 3. On 31.3.2016, their Balance Sheet was as follows: Balance Sheet of Sameer, Yasmin and Saloni as on 31.3.2016 Liabilities Assets Amount (Rs.) cash 80,000 Stock 1,00,000 Machinery 3,00,000 Capitals: Building 2,00,000 Sameer 300000 Patents 60,000 Yasmin 250000 Debtors Creditors General Reserve Saloni 150000 Amount (Rs.) 1,10,000 60,000 7,00,000 90,000 Less: Provision 10,000 80,000 Profit and loss account 50,000 8,70,000 8,70,000 On the above date, Sameer retired and it was agreed that: (i) Debtors of Rs. 4,000 will be written off as bad debts and a provision of 5% on debtors for bad and doubtful debts will be maintained. (ii) An unrecorded creditor of Rs. 20,000 will be recorded. (iii) Patents will be completely written off and 5% depreciation will be charged on stock, machinery and building. (iv) (v) Yasmin and Saloni will share future profits in the ratio of 3: 2. Goodwill of the firm on Sameer s valued at Rs.5,40,000. Page 7 of 13 retirement was Prepare necessary ledger accounts for the above transactions in the books of the firm on Sameer s retirement. Q.22 VXN Ltd. invited applications for issuing 50,000 equity shares of Rs. 10 each at a premium of Rs. 8 per share. The amount was payable as follows: On Application: Rs. 4 per share (including Rs. 2 premium) On Allotment: Rs. 6 per share (including Rs. 3 premium) On First Call: Rs. 5 per share (including Rs. 1 premium) On Second and Final Call: Balance Amount The issue was fully subscribed. Gopal, a shareholder holding 200 shares, did not pay the allotment money and Madhav, a holder of 400 shares, paid his entire share money along with the allotment money. Gopal s shares were immediately forfeited after allotment. Afterwards, the first call was made. Krishna, a holder of 100 shares, failed to pay the first call money and Girdhar, a holder of 300 shares, paid the second call money also along with the first call. Krishna s shares were forfeited immediately after the first call. Second and final call was made afterwards and was duly received. All the forfeited shares were reissued at Rs. 9 per share fully paid up. Pass necessary journal entries for the above transactions in the books of the VXN Ltd. company. OR A Ltd. invited applications for issuing 1,00,000 shares of Rs. 10 each at a premium of Rs. 1 per share. The amount was payable as follows: On Application : Rs. 3 per share On Allotment : (including premium) Rs. 3 per share On First Call : Rs. 3 per share On Second and Final Call: Balance amount Applications for 1,60,000 shares were received. Allotment was made on the following basis: (i) (ii) (iii) To applicants for 90,000 shares: 40,000 shares To applicants for 50,000 shares: 40,000 shares To applicants for 20,000 shares: full shares Page 8 of 13 8 Excess money paid on application is to be adjusted against the amount due on allotment and calls. Rishabh, a shareholder, who applied for 1,500 shares and belonged to category (ii), did not pay allotment, first and second and final call money. Another shareholder, Sudha, who applied for 1,800 shares and belonged to category (i), did not pay the first and second and final call money. All the shares of Rishabh and Sudha were forfeited and were subsequently re-issued at Rs. 7 per share fully paid. Pass the necessary journal entries in the books of A Ltd. Open Calls-in-Arrears Account and Calls-in-Advance Account wherever required. PART B (Analysis of Financial Statements) Q.23 What will be operating profit if operating ratio is 88.94? 1 Q.24 Which of the following will increase the current ratio where it is 2: 1? 1 (a) Payment to creditors (b)Conversions of receivables into cash (c)Purchase of goods on credit (d)Purchase of goods for cash Q.25 Assuming that the debt to equity ratio is 1: 2,,State reason, whether the ratio will 1 improve, decline or will have no change in case equity shares are issued for cash. Q.26 State the importance of financial analysis for creditors. 1 Q.27 State whether the following will increase, decrease or have no effect on Stock- 1 Turnover Ratio which is 2 Times presently : (1) Purchase of raw material on credit by Rs. 3,000 (2) Increase in prepaid expenses by Rs. 2,000. Q.28 When does an investment qualify as cash equivalent? 1 Q.29 How is goodwill written off treated while calculating cash flow from operating 1 activities? Q.30 From the following information obtained from the books of Reliance Ltd., calculate the inventory turnover ratio for the years 2015 16 and 2016 -17 2015 -16 2016 -17 Inventory on 31st March Rs. 7,00,000 Rs.17,00,000 Revenue from operations Rs.50,00,000 Rs.75,00,000 Page 9 of 13 3 (Gross profit is 25% on cost of revenue from operations) In the year 2015 16, inventory increased by Rs.2,00,000. OR Under which major heads and sub-heads will the following items be placed in the Balance Sheet of the Co. as per Schedule III, Part I of the Companies Act, 2013? (i) Cheque and Bank Drafts in hand. (ii) Securities Premium Reserve (iii) Provident Fund Q.31 From the following information prepare a Comparative Income Statement of NY Ltd: Particulars 31.03.2017 31.03.2018 (Rs.) (Rs.) 15,00,000 24,00,000 Cost of materials consumed 8,00,000 12,00,000 Employee benefit expenses 1,20,000 1,80,000 80,000 60,000 Revenue from operations Other expenses Tax Rate 50% Or Page 10 of 13 4 From the following Balance Sheet of R. Ltd., Prepare a Common Size Statement Balance Sheet As at 31st March, 2019. Particulars Note 31.3.2019 31.3.2018 No. (Rs.) (Rs.) a. Share Capital 5,00,000 4,00,000 b. Reserve and Surplus 1,60,000 1,20,000 a. Trade Payable 1,40,000 80,000 Total 8,00,000 6,00.000 Tangible Assets 3,20,000 2,40,000 Intangible Assets 40,000 60,000 a. Inventories 1,60,000 60,000 b. Trade Receivables 2,40,000 2,00,000 40,000 40,000 8,00,000 6,00,000 EQUITYAND LIABILITES 1. Shareholder s Funds: 2. Current Liabilities: ASSETS 1. Non-Current Assets: a. Fixed Assets: 2. Current Assets c. Cash Total Page 11 of 13 Q.32 From the following Balance Sheet of JY Ltd. As at 31st March 2017, prepare a Cash Statement :Balance Sheet of JY Ltd. As at 31.3.2017 Particulars I- Note 31.03.2017 31.03.2016 No. (Rs.) (Rs.) Equity and Liabilities 1. Shareholder s Funds (a) Share capital 5,00,000 5,00,000 1 1,00,000 (25,000) 2 2,50,000 1,50,000 (a)Short term Borrowing 3 1,50,000 1,00,000 (b)Short term provision 4 2,00,000 1,25,000 12,00,000 8,50,000 (b) Reserve & surplus 2.Non Current Liabilities Long term Borrowings 3. Current Liabilities Total II Assets : 1.Non Current Assets Fixed Assets : Tangible 5 6,00,000 4,50,000 (a)Trade Receivables 2,75,000 2,25,000 (b) Cash and Cash Equivalents 1,25,000 75,000 (c) Short-term Loans & Advances 2,00,000 1,00,000 12,00,000 8,50,000 2.Current Assets : Total Page 12 of 13 6 Notes to Accounts : NN Particulars 31.3.2017 31.3.2016 1. Reserves and Surplus: 1,00,000 (25,000) 1,00,000 (25,000) 2,50,000 1,50,000 2,50,000 1,50,000 1,50,000 1,00,000 1,50,000 1,00,000 2,00,000 1,25,000 2,00,000 1,25,000 Machinery 7,37,500 5,25,000 Accumulated Depreciation (1,37,500) (75,000) 6,00,000 4,50,000 (Surplus, i.e., Balance in the Statement of Profit and Loss) 2. Long-term Borrowings: 10% Debentures 3. Short-term Borrowings: Bank Overdraft 4. Short-term Provisions: (i) 5. Provision for Tax Tangible Assets: Additional Information: Rs. 1,00,000, 10% debentures were issued on 31.3.2017. END OF PAPER Page 13 of 13

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