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CBSE Class 12 Pre Board 2021 : Accountancy - Set 3 (CBSE Gulf Sahodaya Qatar Chapter, Doha)

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MODEL EXAMINATION (2020- 21) CLASS: XII Marks:80 Time:3 Hrs. General Instructions: 1. This question paper contains two Parts A and B. 2. Both the parts are compulsory. 3. Show the necessary working notes along with answer 4. All parts of a question should be attempted at one place PART A (Accounting for Not-for profit Organizations, Partnership firms and Companies) 1) If the date of drawings is not given, interest is calculated for: (1) A. 6 months B. 12 months C. 7 months D. 3 months. 2) When a new partner brings his share of goodwill in cash, the amount is debited to: (1) A. Goodwill A/c B. New Partner s Capital A/c. Partners Capital A/c. C. Cash A/c D. Old 3) Premium on issue of shares can be used for: (1) A. Issue fully paid bonus shares, B. Writing off preliminary expenses C. Writing off discount/loss on issue of debentures D. All of the above. 4) Subscription received during the year 2018-19, 1,50,000. Outstanding Subscription as on 31st March,2018 1,00,000. The amount shown as subscription will be (1) A. 50,000; B. 1,50,000; C. 1,00,000; D. None of the above. Page 1 5)On firm s Dissolution, Goodwill was realized at 40,000.State which Account will be credited (1) A. Cash A/c. B. Realization A/c. C. Profit & Loss A/c. D, None of these. 6)X Ltd. forfeited 2,000 shares of 10 each (which were issued at par) held by Naresh for non-payment of allotment money of 4 per share. The called up value per share was 9. On forfeiture, the amount debited to Share Capital Account will be: (1) A. 20,000 B. 70,000 C. 15,000 D. 18,000 7)Rohit, a partner is to carry out dissolution and he gets 50,000. Realisation expenses were 25,000. How much amount debited to Realization Account? (1) A. 50,000 B. 90,000 C. 25,000 D. None of these. 8)Goodwill of a firm of A and B is valued at 30,000.Goodwill is appearing in the books at 12,000.C is admitted for 1/4th share, amount that he will bring for goodwill is (1) A. 3,000 B. 4,500 C. 7,500 D. 10,500. 9)As per Section 37 of the Indian Partnership Act,1932,the executors would be entitled at their choice to the interest calculated from the date of death till the date of payment of the final amount due to the deceased partner at(1) A. 6% B. 7% C. 8% D.10%. 10) Admission of a partner will create a situation for the old partners, which is known as: (1) A. Dissolution of Partnership, B. Dissolution of Partnership firm, C.Winding up of business, D. None of these. 11)On the death of the partner his legal representatives are entitled to the profit: BHPS/EMP-740/XII/ACC/MODEL EXAMINATION/2020- 21 (1) Page 2 A. For the full year, B. From the date of death till the finalization of accounts, C. Beginning of the financial year up to the date of death, D. None of the above. 12) When guarantee is given to a partner by the other partners, deficiency on such guarantee will be borne by: (1) A. All of the other partners, B. Partnership firm, C. Partners who gave the guarantee, D. None of these. 13) The excess amount which the firm gets on selling its business over and above the net value is: (1) A. Surplus, B. Super Profits, C. Reserve, D. Goodwill. 14) From the following particulars relating to Guruji Charitable Society, prepare a Receipts and Payments Account for the year ending 31st March,2019: (3) Particulars Cash in hand on 1.04.2018 16,000 Cash at Bank as on 1.04.2019 28,000 Subscriptions (including 11,000 for 2017-18) 60,000 2,90,000 Donations for building Miscellaneous expenses 98,000 Locker rent 32,000 Entrance fees 41,000 OR From the information of a hospital, calculate the amount of medicines consumed during the year 2018-19: Page 3 Particulars Payment for purchase of medicines 5,10,000 Creditors for medicines purchased:on 1.04.2018 34,000 on 31.03.2019 29,000 on 1.04.2018 86,000 on 31.03.2019 39,000 Stock of medicines: Advance to suppliers of medicines: on 1.04.2018 26,000 on 31.03.2019 32,000 15) Veena and Somesh were partners in a firm with capitals of 1,00,000 and 80,000 respectively. They admitted Nisha on 1st April,2019 as a new partner for 1/4th share in the future profits of the firm. Nisha brought 90,000 as her capital.Nisha acquired her share as 1/12th from Veena and the remaining from Somesh. Calculate the value of goodwill of the firm and pass the necessary journal entries on Nisha s admission. (4) OR Asha,Rina and Chahat were partners in a firm sharing profits and losses in the ratio of 2:2:1.Their BalanceSheet as at 31.03.2019 was as follows: Balance Sheet of Asha, Rina and Chahat as at 31st March,2019 BHPS/EMP-740/XII/ACC/MODEL EXAMINATION/2020- 21 Page 4 Liabilities Creditors General Reserve 12,00,000 2,00,000 Assets Plant &Machinery Stock 2,20,000 Capitals: Debtors Asha 3,00,000 Less:Provision 20,000 Rina 2,00,000 Bank Chahat 1,00,000 14,80,000 2,60,000 2,40,000 60,000 6,00,000 20,00,000 20,00,000 Asha,Rina and Chahat decided to share future profits equally with effect from 1st April,2019.For this,it was agreed that: (i) (ii) Goodwill of the firm be valued at 1,50,000. Bad debts amounted to 40,000.A provision for doubtful debts was to be made @5% on debtors. Pass the necessary journal entries to record the above transactions in the books of the firm. 16) Complete the following journal entries: (4) Page 5 Journal of X Ltd. Particulars L.F Equity Share Capital A/c(470x 10) Dr ? Dr.( ) 4,700 Dr To Forfeited shares Cr.( ) ? A/c 940 To Calls in Arrears A/c 6,110 (Being 470 shares forfeited for nonpayment of allotment and call money) Bank A/c Dr. 840 To ? ? To ? ? (Being 60 shares reissued at 14 per share) ? Dr. To ? ? ? (Being ?) 17) Vasudha and Devan were partners in a firm sharing profits and losses in the ratio of 2:3.The firm was dissolved on 31st March,2019.After transfer of assets (other than cash) and external liabilities to Realization Account,the following transactions took place: (a) (4) Investments of the face value of 60,000 were sold in the open market for 63,000 for which a commission of 700 was paid to the broker. BHPS/EMP-740/XII/ACC/MODEL EXAMINATION/2020- 21 Page 6 (b) Creditors worth 65,000 were settled by handling over the entire stock to them along with a payment of 23,000 by cheque. (c) There was an old furniture which had been completely written off from the books of the firm. It was taken over by Vasudha at 2,000. (d) Devan undertook to pay Ms.Devan s loan of 45,000. 18) Ajay and Rayan are partners in a firm. They do not have Partnership Deed. What shall be the position in the following cases? (i)Ajay devotes more time than Rayan in the business. Ajay demands (4) a salary of 6,000 per month for it. (ii)Rayan has invested capital of 50,000 whereas Ajay invested 5,000 as capital. Ajay, however, has advanced 10,000 as loan to the firm. What interest,if any, will be allowed to Ajay and Rayan? (iii)Ajay wants to introduce his son Inder as partner. Rayan objects to his proposal. (iv)Rayan wants that profit should be distributed in the ratio of their capitals but Ajay wants that it should be distributed equally. 19) From the given Receipts & Payments Account and additional information of Friends Club for the year ended 31st March, 2019, prepare Income & Expenditure Account for the year ending 31st March,2019: Receipts To Balance b/d 50,400 To Donations 44,000 To Subscriptions: 2017-18 1,600 2018-19 60,000 ByFurniture(purchased on 1.12.2018) By Salaries To Sale of old sports material Payments (6) 1,20,000 1,00,000 2,000 By Secretary honorarium 4,000 By Books 44,000 Page 7 2019-20 5,000 To Entrance Fees 66,600 By Balance c/d 15,000 1,20,000 2,83,000 2,83,000 Additional information: (i)On 1st April,2018,the club had the following balances of assets and liabilities: Furniture 1,00,000; Subscriptions in arrears 2,000 and Outstanding Salary 6,000. (ii)The Club had 75 members each paying an annual subscription of 1,000. (iii) Charge depreciation on Furniture @10%. P.a. 20) Pass the necessary journal entries for the issue of debentures for the following transactions: (6) (i) Anand Ltd, issued 800,9% Debentures of 500 each at a premium of 20% to the vendors, for machinery purchased from them costing 4,80,000. (ii) Darwar Ltd. issued 5,000,7% Debentures of 200 each at a premium of 5% redeemable at a premium of 10%. (iii)Novelty Ltd.issued 1,000 8%Debentures of 100 each at a discount of 5%, redeemable at a premium of 10%. 21) Following is the Balance Sheet of Subash and Asha as at 31st March,2019 sharing profits in the ratio of 3:2: BHPS/EMP-740/XII/ACC/MODEL EXAMINATION/2020- 21 (8) Page 8 Liabilities Creditors 10,000 Employees Provident Fund Assets Debtors 22,000 8,000 Less: Provision 1,000 21,000 General Reserve 30,000 Stock 11,000 Workmen Compensation Reserve 15,000 Bank 21,000 Capital A/cs: Subash 15,000 Asha 10,000 25,000 Land & Building 18,000 Plant & Machinery 12,000 Advertisement Suspense A/c. 5,000 88,000 88,000 They admit Tanya as a partner on 1st pril,2019 for 1/6th share in the profits.It was decided that: (i) Value of Land & Building be increased by 3,000. (ii) Value of Stock be increased by 2,500 (iii) Provision for Doubtful Debts be increased by 1,500. (iv) A Bill of Exchange of 10,000 which was previously discounted with the banker, was dishonored on 31st March,2019 but no entry has been passed for dishonor. (v) Liability against Workmen Compensation Reserve was determined at 20,000. (vi) Tanya brought in as her share of goodwill 10,000 by cheque. (vii) Tanya was to bring in further cheque of 15,000 as her capital. Prepare Revaluation Account, Partners Capital Accounts and the Balance Sheet of the new firm. OR X,Y and Z were partners in a firm with profit-sharing ratio of ,1/3 and 1/6 respectively. The Balance Sheet of the firm as at 31st March,2019 were as Page 9 follows: Liabilities Trade Creditors Workmen Compensation Reserve Employees Provident Fund Investment Fluctuation Reserve 2,10,000 6,80,000 Y 3,20,000 Z 2,10,000 Cash at Bank 57,500 Debtors 1,20,000 60,000 60,000 4,00,000 Less:Provision 20,000 3,80,000 Stock 3,76,500 Investments(Market Value 1,76,000) 1,50,000 Patents 1,00,000 5,00,000 Machinery Capital A/cs: X Assets 12,10,000 Advertisement Expenditure 36,000 Goodwill 60,000 16,60,000 16,60,000 Z retired on 1st April,2019 on the following terms: (i) Goodwill of the firm is valued at 3,00,000. (ii) Value of patent is to be reduced by 20% and that of machinery to 90%. (iii) Provision for Doubtful Debts is to be raised to 6%. (iv) Liability for Workmen Compensation to the extent of 60,000 is to be created. (v) Z took the Investment at market value. (vi) Amount due to Z is to be settled on the following basis: BHPS/EMP-740/XII/ACC/MODEL EXAMINATION/2020- 21 Page 10 50% on retirement,50% of the balance within one year and the balance by a bill of exchange (without interest) at 3 months. You are required to prepare Revaluation Account,Partners Capital Accounts and the Balance Sheet of X and Y after Z s retirement. 22) R Ltd. invited applications for issuing 1,00,000 shares of 10 each at a premium of 2 per share. Amount per share was payable as follows: On Application 4(including premium 1) On Allotment 4(including premium 1) On first & final call Balance. Applications were received for 1,50,000 shares and allotment was made to the applicants as follows: (i) Applicants of 80,000 shares were allotted 60,000 shares. (ii) Applicants of 50,000 shares were allotted 40,000 shares. (iii) No shares were allotted to the remaining applicants and their application money was returned. (iv) Y, who belonged to category (ii) and who had applied for 5,000 shares failed to pay the allotment and call money. His shares were forfeited. Later, half of Y s forfeited shares were reissued @ 18 per share as fully paid up. Pass the necessary journal entries for the above transactions in the books of R Ltd. (8) OR E Ltd. invited applications for issuing 2,00,000 equity shares of 10 each at a premium of 3 per share. The amount was payable as follows: On Application 4 per share On Allotment 6 per share (including premium 3) On first and final call Balance. Page 11 Applications were received for 3,00,000 shares and allotment was made on pro-rata basis to all the applicants. Money over paid on application was utilized towards sums due on allotment. S, who had applied for 6,000 shares failed to pay the allotment money while R holding 2,000 shares paid the first and final call money with allotment. S s share were forfeited immediately after allotment. Thereafter, first and final call was made and was duly received. Half of the forfeited shares were reissued to V as fully paid for 9 per share. Pass the necessary journal entries for the above transactions in the books of E Ltd. PART B (Analysis of Financial Statements) 23) G Ltd. purchased machinery of 10,00,000 by issuing a cheque of 2,50,000 and 10% Debentures of 7,50,000.In the Cash Flow Statement, the transaction will be shown as: (1) A. Outflow under investing activity 10,00,000,inflow under financing activity as receipt for Debentures 7,50,000. B. Outflow under Investing Activity 2,50,000. C. Inflow of 7,50,000 as Financing Activity. D. None of the above. 24) If Current Ratio of a firm is 2.5:1 and its current liabilities are 2,00,000.Its working capital will be: (1) A. 3,00,000; B. 3,75,000; C. 4,00,000; D. 7,00,000. 25) Which technique of financial analysis shows a comparative study of items or components of financial statements for two or more years? (1) A. Common-size Statement; B. Ratio Analysis; C. Comparative Statement; D. None of these. 26) Public Deposits appear in the Company s Balance Sheet under the BHPS/EMP-740/XII/ACC/MODEL EXAMINATION/2020- 21 Page 12 head/subhead: (1) A. Intangible Assets; B. Current Liabilities; C. Shareholders Funds; D. Non-Current Liabilities. 27) From the following, which ratio is not a part of Profitability Ratio: (1) A. Liquid Ratio; B. Gross Profit Ratio; C. Operating Ratio; D.Net Profit Ratio. 28) Exe Ltd. has balance in Provision for Tax Account of 50,000 and 75,000 as on 31st March,2018 and 2019 respectively. It made a provision for tax during the year of 65,000. The amount of tax paid during the year was: (1) A. 50,000; B. 60,000; C. 40,000;D. None of these. 29)Which of the following is not a Non-Cash Transaction? (1) A. Depreciation; B. Issue of Bonus Shares; C. Issue of Equity Shares for consideration other than cash; D. Payment of wages. 30) Calculate the Current Ratio and Debt-Equity Ratio from the following information: (3) Non-Current Assets 16,00,000 Current Assets 4,00,000 Working Capital 2,00,000 Non-Current Liabilities 12,00,000 OR From the following information, determine the opening inventory and the closing inventory: Inventory Turnover Ratio 5times Page 13 Revenue from Operations 8,00,000 Gross Profit Ratio 25%. 31) From the following information obtained from the books of V Ltd., prepare a Comparative Statement of Profit and Loss for the year ending 31st March,2019: (4) Particulars 2018-19 Revenue from operations Cost of materials consumed Other Expenses 2017-18 300%of Cost of materials consumed. 4,00,000. 200%of cost of materials consumed. 2,00,000. 20% of cost of materials consumed. 20%of cost of materials consumed. 50% Tax Rate 50%. OR From the following Balance Sheet of S Ltd., as at 31st March,2019, prepare a common size Balance Sheet: Particulars I. 1. Note No. 31.03.2019( ) 31.03.2018( ) Equity & Liabilities: Shareholders Funds: (a) Share Capital 4,00,000 2,00,000 (b) Reserves and Surplus 1,00,000 70,000 3,00,000 4,30,000 2,00,000 3,00,000 10,00,000 10,00,000 2.Non-Current Liabilities: Long term borrowings 3.Current Liabilities: Trade Payables Total BHPS/EMP-740/XII/ACC/MODEL EXAMINATION/2020- 21 Page 14 II.Assets: 1.Non-Current Assets: Fixed Assets: Tangible Assets 6,00,000 5,00,000 (a) Inventories 2,50,000 2,00,000 (b) Cash and Cash Equivalents. 1,50,000 3,00,000 10,00,000 10,00,000 2.Current Assets: Total. 32) There was Nil net cash flow from operating activities of Ashok Ltd.during the year ending 31st March,2019. From the following Balance Sheet of Ashok Ltd as at 31st March,2019,prepare a Cash Flow Statement: Particulars Note No. (6) 31.03.2019( ) 31.03.2018( ) I. Equity and Liabilities: 1.Shareholders Funds: (a) Share Capital 19,00,000 11,00,000 1 1,60,000 2,00,000 2 1,00,000 4,00,000 (a) Short-term Borrowings 3 2,50,000 2,30,000 (b) Short-term Provisions 4 1,90,000 2,70,000 (b) Reserves and Surplus 2. Non-Current Liabilities: Long term borrowings 3.Current Liabilities: Total 26,00,000 22,00,000 II.Assets: 1.Non-Current Assets: Page 15 Fixed Assets: (i) Tangible Assets 5 15,00,000 11,00,000 (ii) Intangible Assets 6 2,80,000 1,70,000 (i) Current Investments 1,30,000 2,90,000 (ii) Trade Receivables 3,90,000 4,10,000 (iii) 3,00,000 2,30,000 26,00,000 22,00,000 2.Current Assets: Cash at Bank Total Notes to Accounts: Note No. 1. 2. Particulars 31.03.2019( ) 31.03.2018( ) 1,60,000 2,00,000 1,00,000 4,00,000 2,50,000 2,30,000 1,90,000 2,70,000 Plant & Machinery 16,30,000 11,70,000 Accumulated Depreciation (1,30,000) Reserves &Surplus: Surplus(Balance in Statement of Profit & Loss) Long term Borrowings: 8% Debentures 3. Short term Borrowings: Bank Overdraft 4. Short term Provisions: Provision for Tax 5. 6. Tangible Assets: (70,000) 15,00,000 11,00,000 2,80,000 1,70,000 Intangible Assets: Goodwill BHPS/EMP-740/XII/ACC/MODEL EXAMINATION/2020- 21 Page 16 Additional Information: (i) A machinery of the book value of 60,000, (depreciation provided thereon 20,000) was sold at a loss of 6,000. (ii) 8% Debentures were redeemed on 1st July,2018. Page 17

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