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CBSE Class 12 Pre Board 2019 : Accountancy - Prelim 2 (St Xavier's Sr. Sec. School, Delhi)

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Pre Board Examination 2019 Std. 12 14-01-2019 Set 2 ACCOUNTANCY Max. Marks : 80 Time : 3 hrs. Part-A (Partnership and Company Accounts) 1. What is meant by unlimited liability of a partner? (1) 2. A partnership deed provides for the payment of interest on capital but there was a loss instead of profit during the year 2017-18. At what rate will the interest on capital be allowed? (1) 3. Give the journal entry to distribute Workmen Compensation Reserve of Rs. 70,000 at the time of retirement of H when there is a claim of Rs. 40,000 against it. The firm has three partners R, H and A. (OR) State any two features of partnership. (1) What do you meant by Honorarium ? (OR) What is meant by subscription? (1) Differentiate between called up share capital and paid up share capital . (OR) What is meant by participating preference share? (1) 4. 5. 6. Find the amount of Subscription transferred to Income & Expenditure Account from the following items for the year ending on 31st March, 2018: i) Subscriptions in arrears on 31st March, 2017 500 ii) Subscriptions received in advance on 31st March 2017 for 2017-18 1,100 iii) Total subscriptions received during 2017-18 (including Rs. 400 for 2016-17, Rs. 1,200 for 2018-19 and Rs. 300 for 2019-20) 35,400 iv) Subscriptions outstanding for 2017-18 400 (OR) Jain Motors Ltd. converted its 200, 8% debentures of Rs.100 each issued at a discount of 6% into equity shares of Rs.10 each issued at a premium of 25%. Discount on issue of 8% debentures has not yet been written off. Showing your working notes clearly. Pass necessary journal entries on conversion of 8% debentures into equity shares. (3) 7. Pass journal entries regarding issue of 9% debentures in the following cases: a) 200 debentures of Rs. 150 each issued at 10% premium redeemable at Rs. 200 each. b) 200 debentures of Rs. 200 each issued at 10% discount redeemable at par. (3) How will the following balances be shown in the Balance Sheet of a Charitable Sports Club? (3) 8. Cash in Bank Match Fund 12,500 75,000 Investment of Match Fund 99,000 Distribution of the Prizes to Winner of the Match 3,000 Expenses relating to Match 10,500 Donations received for March Fund 30,000 9. Salaries Interest on the Investment Of Match Fund Interest on Investment of Permanent Fund 2,500 Permanent Fund Investment of Permanent Fund 1,20,000 1,20,000 7,500 12,000 A, B and C are partners with capitals Rs. 50,000, Rs. 30,000 and Rs. 20,000 respectively. According to partnership deed, interest on capital will be allowed @6% p.a. and interest on drawings will be charged @9% p.a. Partners divide profit in the ratio of 3:2:1. C will be given Rs. 5,000 as Std. 12 ACCOUNTANCY (Set 2) Page 2 salary each year. During the year 2017-18, each partner withdrew in cash Rs. 6,000, Rs. 5,000, Rs. 6,000. Respectively and B withdrew goods costing Rs. 2,000 which was not entered in the books. Trading profit for the year 2017-18 was Rs. 60,000 before recording of salary, interest on capital and withdrawal of goods. Prepare Profit and Loss Appropriation Account for the year ended 31st March, 2018. (4) 10. Gaurav and Neeraj are partners in a firm. Gopal was admitted in firm for 1/5th share. Gopal brought Stock Rs. 4,000, Building Rs. 10,000, Debtors Rs. 6,000 and Creditors Rs. 12,000. On the date of admission, General Reserve of Rs. 8,000 was shown in the books of account. Gopal will bring his share of goodwill Rs.2,000 in cash, his capital was determined Rs. 17,000 and rest amount will be brought in cash. Give necessary journal entries at the time of admission of Gopal. (4) 11. Business has earned average profit of Rs. 1,00,000 during the last few years and the normal rate of return in similar business is 10%. Find out the value of Goodwill by: (i) Capitalisation of super profit method and (ii) Super Profit method if the goodwill is valued at 3 years purchase of super profit. The assets of the business were Rs. 10,00,000 and its external liabilities Rs. 1,80,000. (4) 12. Raghu, Vasu and Bhanu are partners in a firm, sharing profits in the ratio of 3:2:1. Their Balance Sheet as at 31st March 2018 is as follows: Liabilities Capital Accounts: Raghu Vasu Bhan Current Accounts: Raghu Vasu Amount (Rs.) 3,50,000 2,50,000 1,50,000 7,50,000 12,000 8,000 20,000 General Reserve Creditors Assets Land and Buildings Machinery Stock Debtors Cash at Bank Bhanu s Current A/c 80,000 1,45,000 9,95,000 Amount (Rs.) 5,20,000 1,70,000 1,20,000 1,20,000 23,000 2,000 9,95,000 They agreed to share future profits equally. The goodwill of the firm is valued at Rs. 40,000. They also decided to value Land and Building at Rs. 6,00,000 and Machinery at Rs. 1,50,000. This revised value is to be shown in the new Balance Sheet and General Reserve will continue to appear as it is. The capital of the firm was fixed at Rs. 7,50,000 divided in their profit sharing ratio. Adjustment is to be made through Current Accounts. Prepare Capital A/c, Current A/c and Balance Sheet of the reconstituted firm. 13. (6) Prepare an Income and Expenditure account from the following particulars of Young Activities Club: Receipts and Payments A/c For the year ending March 31, 2018 Liabilities To Balance b/d (1.4.2017) To Subscriptions: 2016-17 1,500 2017-18 60,000 2018-19 1,800 To Donations (Billiards Table) To Entrance Fees To sales of Old Magazines (Rs.) 32,500 By By By By 63,300 By By 90,000 By 1,100 By 450 By 1,87,350 Payments Salaries Postage Rent Printing and stationery Sports Material Miscellaneous Expenses Furniture (1.10.2017) 10% Investment (1.7.2017) Balance c/d (31.3.2018) (Rs.) 31,500 1,250 9,000 14,000 11,500 3,100 20,000 70,000 27,000 1,87,350 Std. 12 ACCOUNTANCY (Set 2) Page 3 Additional Information: (i) There are 250 members each paying an annual subscription of Rs. 300. (ii) Rs. 1,200 is still in arrers for the year 2016-17 for subscription. (iii) Value of sports material at the beginning and at the end of the year was Rs.3,000 and Rs. 4,500 respectively. (iv) Depreciation to be provided @10% p.a. on furniture. 14. (6) M, N and O were partners in a firm sharing profits and losses equally. Their Balance Sheet on 31-03-2017 was as follows: Liabilities Capitals: M N O (Rs.) 70,000 70,000 70,000 General Reserve Creditors Assets Plant and Machinery Stock Sundry Debtors 2,10,000 Cash at Bank Cash in Hand 30,000 20,000 2,60,000 (Rs.) 60,000 30,000 95,000 40,000 35,000 2,60,000 N died on 12th June, 2017. According to the Partnership Deed, executors of the deceased partner are entitled to: (i) Balance of partner s Capital Account. (ii) Interest on capital @5% p.a. (iii) Share of goodwill calculated on the basis of twice the average of past three years profits and (iv) Share of profits from the closure of the last accounting year till the date of death on the basis of twice the average of three completed years profits before death. Profits for 2014-15, 2015-16 and 2016-17 were Rs. 80,000, Rs. 90,000, Rs. 1,00,000 respectively. Show the workings for deceased partner s share of goodwill and profits till the date of his death. Pass the necessary Journal entries and prepare N s Capital Account to be rendered to his executors. (OR) Piya and Bina are partners in a firm sharing profits and losses in the ratio of 3:2. Following was the Balance Sheet of the firm as on 31st March, 2016: Liabilities Capitals: Piya Bina Rs. 80,000 40,000 Assets Sundry Assets Rs. 1,20,000 1,20,000 1,20,000 1,20,000 The profits Rs. 30,000 for the year ended 31st March, 2016 were divided between the partners without allowing interest on capital @ 12% p.a. and salary to Piya @ Rs.1,000 per month. During the year Piya withdrew Rs. 8,000 and Bina withdrew Rs. 4,000. Showing your working notes clearly, pass the necessary rectifying entry. 15. On 31-3-2018 the Balance Sheet of W and R who shared profits in 3:2 ratio was as follows: Liabilities Creditors Profit and Loss Account Capital Accounts: W 40,000 R 30,000 (Rs.) Assets 20,000 Cash 15,000 Sundry Debtors Less: Provision 70,000 Stock Plant and Machinery Patents 1,05,000 20,000 700 (Rs.) 5,000 19,300 25,000 35,000 20,700 1,05,000 (6) Std. 12 ACCOUNTANCY (Set 2) Page 4 On this date B was admitted as a partner on the following conditions: (i) B will get 4/15th share of profits. (ii) B had to bring Rs. 30,000 as his capital to which amount other Partners capitals shall have to be adjusted. (iii) He would pay cash for his share of goodwill which would be based on 2 years purchase of average profits of past 4 years. (iv) The assets would be revalued as under: Sundry Debtors at book value less 5% provision for bad debts Stock at Rs. 20,000 Plant and Machinery at Rs. 40,000. (v) The profits of the firm for the year ending 31st March, 2015, 2016 and 2017 were Rs. 20,000; Rs. 14,000 and Rs. 17,000 respectively. Prepare Revaluation Account, Partners Capital Accounts and the Balance Sheet of the new firm. (OR) Prashant and Rajesh were partners in a firm sharing profits in the ratio of 3:2. They decided to dissolve the partnership firm on 31st march 2018. Prashant was deputed to realize the assets and to pay the liabilities. He was paid Rs. 1,000 as commission for his services. The financial position of the firm on 31st March 2018 was as follows: Balance Sheet as on 31st March 2012 Liabilities (Rs.) Assets (Rs.) Creditors 80,000 Building 1,20,000 Mrs. Prashant s Loan 40,000 Investments 30,600 Rajesh s Loan 24,000 Debtors 34,000 Investment Less: prov. For b/debts 4,000 30,000 Fluctuation fund 8,000 Capitals: Bills receivable 37,400 Prashant 42,000 Cash 6,000 Rajesh 42,000 84,000 Profit and loss A/c 8,000 Goodwill 4,000 2,36,000 2,36,000 Following was arrange upon: (i) Prashant agree to pay his wife s loan. (ii) Debtors realized Rs. 24,000. (iii) Rajesh took away all investments at Rs. 27,000. (iv) Building realised Rs. 1,52,000. (v) Creditors were payable after two months. They were paid immediately at 10% discount. (vi) Bills receivable were settled at a loss of Rs. 1,400. (vii) Realisation expenses amounted to Rs. 2,500. Prepare realisation Account, Partner s Capital Account and Cash Account to close the book of the firm. (8) 16. Parul Ltd. Issued 40,000 Equity Shares of Rs. 10 each at a premium of Rs. 2.50 per share. The amount was payable as follows: On application Rs. 2 per share On allotment Rs. 4.50 per share (including premium) On call Rs. 6 per share Owing to heavy subscription the allotment was made on pro-rata basis as follows: (A) Applications for 20,000 shares were allotted 10,000 shares. (B) Applications for 56,000 shares were allotted 14,000 shares. (C) Applications for 48,000 shares were allotted 16,000 shares. It was decided that excess amount received on applications would be utilized on allotment and the surplus would be refunded. Ram, to whom 1,000 shares were allotted, who belonged to category (A), failed to pay allotment money. His shares were forfeited after the call. Pass the necessary Journal entries in the books of X Ltd. for the above transactions. (OR) Std. 12 ACCOUNTANCY (Set 2) Page 5 Anand Ltd., issued 50,000 shares of 10 each at a premium of 2 per share payable as follows: Rs. 3 on Application Rs. 6 on Allotment (including premium) and Rs. 3 on Call. Applications were received for 75,000 shares and a pro-rata allotment was made as follows: To the applicants of 40,000 shares, 30,000 shares were issued and the rest 20,000 shares were issued. All money due was received except the allotment and call money from Ram who had applied for 1,200 shares (out of the group of 40,000 shares). All his shares were forfeited. The forfeited shares were re-issued for Rs. 8 per share fully paid up. Pass necessary Journal entries for the above transactions. (8) Part-B (Financial Statements Analysis) 17. State any one objective of Financial Statements Analysis. (1) 18. Under which type of activity will you classify Issuing 9% Debentures while preparing Cash Flow Statement? (1) 19. Declaration of final dividend would result in inflow, outflow or no flow of cash. Give your answer with reason. (1) 20. From the following information provided, prepare a comparative income statement for the period 2016 and 2017: (3) Particulars Revenue from Operations (Rs.) Cost of Raw Materials Consumed Other Expenses as % of (Revenue from operations- Cost of Materials Consumed) Income Tax 21. a) b) a) b) 22. 2016 6,00,000 60% of Revenue from operations 20% 50% 2017 9,00,000 50% of Revenue from operations 15% 50% A business has a current ratio of 3:1 and quick ratio of 1.2:1. If the working capital is Rs. 1,80,000, calculate the total Current Assets and the value of Inventory (Stock). From the given information, calculate the Inventory turnover ratio. Revenue from Operations Rs. 2,00,000. Gross Profit 25% on cost Inventory at the beginning is 1/3rd of the Inventory at the end which was 30% of Revenue from Operations. (OR) Classify the following items under Major Head and Sub-Head (if any) in the Balance Sheet of a company as per Schedule III of the Companies Act, 2013: (i) Capital Work-in-Progress; and (ii) Provision for warranties. State any two objectives of Analysis of Financial Statements . (4) Assuming that the Debt-Equity ratio is 2, state giving reasons whether this ratio would increase, decrease or remain unchanged in the following cases: (any four) a) Purchase of fixed asset on a credit of 2 months. b) Purchase of fixed asset on a long term deferred payment basis. c) Issue of new shares for cash. d) Issue of Bonus shares. e) Sale of fixed asset at a loss of Rs. 3,000. (4) Std. 12 23. ACCOUNTANCY (Set 2) Page 6 Summarised Balance Sheet of PQR Ltd. as at 31st March, 2018 and 2017 are: Particulars I) Note No. EQUITY AND LIABILITIES 1. Shareholder s Funds (a) Share Capital (b) Reserve and Surplus 2. Non-Current Liabilities (a) Long term Borrowings: Mortgage loan 3. Current Liabilities (a) Trade Payables (b) Short-term provision: Provision for tax 1 TOTAL II) ASSETS 1. Non-Current assets (a) Fixed Assets (Tangible) (b) Non-current Investments 2. Current Assets (a) Current Investments (b) Investories (c) Trade receivables (d) Cash and cash Equivalents TOTAL 31st March, 2018 31st March, 2017 4,50,000 3,78,000 4,50,000 3,56,000 2,70,000 - 1,34,000 10,000 _________ 12,42,000 _________ 1,68,000 75,000 __________ 10,49,000 __________ 3,20,000 60,000 4,00,000 50,000 17,000 2,10,000 4,55,000 1,80,000 _________ 12,42,000 19,000 2,40,000 2,10,000 1,30,000 __________ 10,49,000 Notes to Accounts: Particulars 1. Reserve and Surplus General Reserve Surplus, i.e., Balance in statement of Profit and Loss 31st March, 2018 3,10,000 31st March, 2017 3,00,000 68,000 3,78,000 56,000 3,56,000 Additional Information: i) Investments costing Rs. 80,000 were sold during the year for Rs. 8,500. ii) Provision for tax made during the year was Rs. 9,000. iii) During the year part of the fixed assets costing Rs. 10,000 was sold for Rs. 12,000 and the gain was included in the statement of Profit and Loss. iv) Interim Dividend paid during the year amounted to Rs. 40,000. Prepare Cash Flow Statement. -x-x-x-x-x-x- (6)

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