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Class 12 CBSE Pre Board 2016 : Accountancy (The Navodaya Academy, Namakkal)

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THE NAVODAYA ACADEMY SENIOR SECONDARY SCHOOL CBSE, NAMAKKAL PRE BOARD EXAM -7 (2015-2016) Class: XII Marks: 80 Subject: ACCOUNTANCY Time: 3 hours DATE: 055 Subject code: General Instructions: 1) This question paper contains two parts A and B. 2) Part A is compulsory for all. 3) Part B has two options-Financial statements Analysis and Computerized Accounting. 4) Attempt only one option of Part B. 5) All parts of a question should be attempted at one place. 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 the question paper PART-A: ACCOUNTING FOR PARTNERSHIP FIRM AND COMPANIES Q.1 Give the name of the compensation which is paid by a new Partner to sacrificing Partners for sacrificing their share of profits. [1] Q.2 Anand, Bhutan and Chadha sharing profits in ratio of 3:2:1. On 1st April 2007, they decided to share profits equal. Name the partners who are gaining on consequence of such change. [1] Q.3 Give journal entry for distribution of Accumulated Profits* in case of admission of a partner [1] Q.4 on the basis of the following data how much final payment will be made to a partner on firm s dissolution? [1] Credit balance of capital account Rs. 50,000; share of loss on realization Rs. 10,000; Firm s liability taken over by him for Rs. 8,000 Q.5 Give formula for calculating goodwill under super profit method [1] Q.6 What is Sweat Equity? Q.7 Ram, Shyam and Mohan are partners in a firm sharing profits and losses in the ratio of 2:1:2. Their FIXED CAPITALS were Rs. 3,00,000; Rs. 1,00,000; and Rs. 2,00,000 respectively. Interest on capital for the year 1996 was credited to them @ 9% p.a instead of 10% p.a . the profit for the year before charging interest was Rs. 2,50,000. Prepare necessary adjusting entry. [3] Q.8 A and B are partners in a firm sharing profits in the ratio of 2:1. C joins the firm. A surrenders 1/4th of his share and B 1/5 th of his share in favour of C. find the new profit sharing ratio. [3] Q.9 X Ltd purchased land costing Rs. 9,50,00,000 from Y Ltd Rs. 50,00,000 were paid through bank and the balance by issuing equity shares of Rs. 100 each at a discount of 10% [3] Pass the necessary journal entries Q.10 Raghav Ltd. purchased a running business from Krishna Traders for a sum of Rs. 15,00,000 payable 3,00,000 by cheque and for the balance issued 9% debenture of Rs. 100 each at par. The assets and liabilities consisted of the following: [3] Plant & Machinery Rs. 4, 00,000 Building Rs. 6, 00,000 Stock Rs. 5, 00,000 Sundry debtors Sundry creditors Rs. 3, 00,000 Rs. 3, 00,000 Q.11X,Y and Z are partners sharing profits and losses in the ratio of 3:2:1. After the final accounts have been prepared, it was discovered that interest on drawings @ 5% p.a had not been taken into consideration. The drawings of the partners were: X Rs. 15,000; Y Rs.12,600 and Z Rs.12,000. Give the necessary journal entry [4] Q.12 As a director of a company you had invited applications for 30,000 equity shares of Rs 10 each at a premium of Rs 5 each. The total application money received at Rs 2 per share was Rs 72,000. Name the kind of subscription. List the three alternatives for allotting these shares [4] Q. 13 Following is the B/S of X and Y, who share profits and losses in the ratio of 4:1, as at 31st March, 2009: [6] Liabilities Sundry creditors Bank overdraft Rs. Assets Rs. 8,000 Bank 20,000 6,000 Debtors 15,000 17,000 Less provision 2,000 X s Brother s loan 8,000 Stock 15,000 Y s loan 3,000 Investments 25,000 Investment fluctuation fund 5,000 Buildings 25,000 X s Capital A/c 50,000 Goodwill 10,000 Y s Capital A/c 40,000 Profit & Loss A/c 10,000 Total 1,20,00 Total 1,20,00 0 The firm was dissolved on the above date and the following arrangements were decided upon: (i) X agreed to pay off his brother s loan (ii) Debtors of Rs. 5,000 proved bad. (iii) Other assets realized Investments 20% less; and Goodwill at 60%. (iv) One of the creditors of Rs. 5,000 was paid only Rs. 3,000 (v) Buildings were auctioned for Rs. 30,000 and the auctioneer s commission amounted to Rs. 1,000. (vi) Y took over part of stock at Rs. 4,000 (being 20% less than the book value). Balance stock realized 50%. (vii) Realization expenses amounted to Rs. 2,000. Prepare: realization account; Partner capital accounts and bank account Q.14 X,Y and Z were partners sharing profits in the ratio 3:2:1. On 31st March, their B/S stood as under [6] Liabilities X s Capital account Y s Capital account Rs 75,000 70,000 Assets Cash at bank Investments Rs 70,000 50,000 Z s Capital account Creditors General reserve 50,000 72,000 24,000 Total Patents Stock Debtors Buildings Machinery Total 2,91,00 0 Z died on May 31st 2008. It was agreed that: 15,000 25,000 20,000 75,000 36,000 2,91,00 0 (i) Goodwill was valued at 3 years purchase of the average profits of the last five years, which were 2003: Rs. 40,000; 2004: Rs. 40,000; 2005 : Rs. 30,000; 2006: Rs. 40,000 and 2007: Rs. 50,000. (ii) Machinery was valued at Rs. 70,000, Patents at Rs. 20,000 and buildings at Rs. 66,000 (iii) For the purpose of calculating Z s Share of profit till the date of death, it was agreed that the same be calculated based on the average profits for the last 2 years (iv) The executor of the deceased partner is to be paid the entire amount due by means of a cheque Prepare Z s Capital account to be rendered to the executor and also a journal entry for the settlement of the amount due to Z s executors. Q.15 Saraswati Ltd. issued 5,000 6% Debentures of 200 each at a premium of 5% on June 30, 20ll redeemable on June 30, 20l5. The issue was fully subscribed. The Board of Directors decided to transfer the required amount to Debenture Redemption Reserve on March 3l, 20l5. It was decided to invest l5% of the face value of debentures to be redeemed towards Debenture Redemption Investment on 30th April, 20l5. Investments were encashed and Debentures were redeemed on due date. Record necessary entries for issue and redemption of debentures [6] Q.16 (a) D and E were partners in a firm sharing profits in 3:1 ratio. On 1-4-2007 they admitted F as a new partner for 1/4th share in the firm which he acquired from D. their B/S on that date was as follows: Liabilities Creditors D s capital E s capital General reserve Rs 54,000 1,00,000 70,000 32,000 Assets Rs. Land and buildings 50,000 Machinery 60,000 Stock 15,000 Debtors 37,000 40,000 Less: Provision 3,000 Investments 50,000 Cash 44,000 Total 2,56,000 Total 2,56,000 F will bring Rs. 40,000 as his capital and the other terms agreed upon were: [8] (i) Goodwill of the firm was valued at Rs. 24,000 (ii) Land and Building were valued at Rs. 70,000 (iii) Provision for bad debts was found to be in excess by Rs. 800 (iv) A liability for Rs. 2,000 included in creditors was not likely to arise (v) The capital of the partners be adjusted on the basis of F s contribution of capital to the firm (vi) Excess or short fall, if any, to be transferred to current accounts. Prepare Revaluation a/c, Partners capital a/c, and the B/S of the new firm Or (b) X, Y and Z were partners in a firm sharing profits in the ratio of : 1/3: 1/6 respectively. The Balance Sheet of the firm on 31st December, 2004 stood as follows: Liabilities Creditors Bills payable Rs. Assets Rs 9,500 Cash at Bank 1,250 2,500 Debtors 7,750 8,000 Less provision for bad 250 Reserve fund 6,000 Stock 12,500 X s Capital 20,000 Motor Vans 4,000 Y s capital 15,000 Machinery 17,500 Z s capital 12,500 Building 22,500 Totals 65,500 Totals 65,500 Y retired from the firm on the above date subject to the following conditions: (i) Goodwill of the firm be valued at Rs. 9,000 and is not to be shown in the books of the firm (ii) Machinery would be depreciated by 10% and Motor van by 15% (iii) Stock would be appreciated by 20% and Building by 10% (iv) The provision for doubtful debts would be increased by Rs. 975 (v) Liability for workmen s compensation to the extent of Rs. 825 would be created It was agreed that x and Z would share profits in future in the ratio of 3:2 respectively It was agreed that x and Z would share profits in future in the ratio of 3:2 respectively You are required to prepare the Revaluation Account, Capital Account of the partners and the Balance Sheet of the firm after the retirement of Y Q.17 (a) A Co issued to the public for subscription 40,000 shares of Rs 10 each at a discount of 10% payable as Rs 2 each on application, allotment and first call and Rs 3 on the final call. Applications were received for 60,000 shares and allotment was made pro-rate to 80% of applicants. R to whom 1,600 shares were allotted paid only the application money, and S who had applied for 2,4000 shares paid the entire call money due along with the allotment. Pass necessary journal entries to record the above transactions. [8] OR (b) (i) Meena Ltd Issued 60,000 shares of rs 10 each at a premium of Rs 2 per share payable as Rs 3 on application, Rs 5 (Including premium) on allotment and the balance on first and final call. Applicants were received for 1,02,000 shares. The Directors resolve to allot as follows: [4] (a) Applicants of 60,000 shares 30,000 shares (b) Applicants of 40,000 shares 30,000 shares (c) Applicants of 2,000 shares nil Nikhil who had applied for 1,000 shares in category A, and Vish who was allotted 600 shares in category B failed to pay the allotment money. Calculate the amount received on allotment (b) (ii) X Ltd with a nominal capital of Rs 50,00,000 in equity shares of Rs 10 each, issued 2,00,000 shares payable Rs 2.5 per share on application, Rs 2.5 per share on allotment and Rs 5 per share on first and final call three months later. All moneys payable on allotment were duly received but one shareholder failed to pay the amount due on allotment on his 2,500 shares, while another shareholder who had 2,000 shares paid for the shares first and final call also. Make the necessary journal entries in the company s books to record the above transactions up to allotment of shares and show the company B/S [4] PART B: ANALYSIS OF FINANCIAL STATEMENTS Q.18 Which item is assumed to be 100 in case of common size income statement? [1] Q.19 State one activity which is a financing activity for both financial and nonfinancial companies Q.20 Calculate gross profit based on the following information: [4] Cash revenue from operations 25% of total revenue from operations Purchases = Rs 2,76,000 Credit revenue from operations = Rs 2,40,000 Excess of closing inventory over opening inventory =Rs 20,000 Q.21 The following is the B/S of X Ltd as at 31-3-12 B/S as at 31-3-2012 PARTICULARS I)EQUITY AND LIABILTY 1. SHAREHOLDER S FUNDS a) Share capital b) Reserve and surplus 2. CURRENT LIABILITIES Trade payables Total II) ASSETS 1. NON- CURRENT ASSETS FIXED ASSETS a) Tangible assets 2. CURRENT ASSETS a) Inventory b) Trade Receivables c) Cash and Cash Equivalents Total NOTES ACCOUNT PARTICULARS 1. reserve and surplus a) Reserves b) Profit for the year 2. Fixed assets a) Land and Building b) Plant and Machinery 3. cash and cash Equivalents a) Cash b) Bank OD Calculate quick ratio and return on investment [4] NOTE NO AMOUNT Rs 2,00,000 1,50,000 (1) 1,00,000 4,50,000 (2) 2,30,000 1,40,000 80,000 4,50,000 (3) AMOUNT Rs. 90,000 60,000 1,50,000 1,50,000 80,000 2,30,000 30,000 (30,000) - Q.22 Prepare a comparative statement of Profit and Loss with the help of following information [4] Particulars 1. 2. 3. 4. 5. 6. 7. Revenue from operations Other incomes Purchase of stock-in-trade Change in inventories of stock-in-trade Employees Benefit expenses Finance cost Depreciation and amortization expenses 31-3-2012 Rs. 40,00,000 80,000 28,00,000 1,50,000 90,000 75,000 1,00,000 31-3-2013 Rs. 50,00,000 1,00,000 30,00,000 2,20,000 1,10,000 85,000 1,15,000 Tax is payable @ 50% Q.23 The B/S of XYZ Ltd as on 31-3-2011 and 31-3-2012 were as follows: BALANCE SHEET AS AT 31-3-2011 AND 2012 PARTICULARS Note no I) EQUITY AND LIABILITIES 1. Shareholder s funds a) Equity Share capital b) Reserve and surplus 2. Current liabilities Short term provisions 31-3-2011 Rs. 31-3-2012 Rs. 10,00,000 2,50,000 7,00,000 1,50,000 (2) 50,000 13,00,000 40,000 8,90,000 (3) 8,00,000 5,00,000 1,00,000 4,00,000 13,00,000 75,000 3,15,000 8,90,000 (1) Total II) ASSETS 1. Non-current assets a) Fixed assets ( Tangible asset) 2. current assets a) Inventory b) Cash and cash equivalents Total Notes to account: PARTICULARS 1) Reserve and surplus Profit and loss 2. short term provisions a) Proposed dividends 3. tangible assets Plant and machinery 4. Cash and cash equivalents Cash Additional information: 31-3-2012 Rs. 31-3-2011 Rs. 2,50,000 1,50,000 50,000 40,000 8,00,000 5,00,000 4,00,000 3,15,000 a) Rs 50,000 depreciation has been charged to plant and machinery during the year 2012 b) A piece of machinery costing Rs 12,000 (book value Rs 5,000) was sold at 60% profit on book value Prepare cash flow statement Answer key for revision test 7: Q.1 Ans: The share of future profits which the incoming partner receives is equal to the sacrifice of profit by an existing partner of partners of the firm. The compensation he pays against this sacrificing is called goodwill or premium. Q.2 Ans. Chadha Q.3 Ans: Accumulated Profit A/c Dr. To Old Partners Capital A/c (Being distribution of accumulated profits among old partners Q.4 Ans: rs. 48,000 Q.5 Ans: Goodwill = Super Profit x Number of Years Purchase Q.6 Ans. Sweat Equity shares means easily shares issued by the company to its employees or whole time directors at a discount or for consideration other than cash for providing know - how or making available right in the nature of intellectual property rights or valve addition by whatever name called Q.7 Ans: Page no. 1.53 (Refer Arya Publications) Q.8 Ans: New ratio of A,B and C= 15:8:7 Q.9 Ans: Dr. Land a/c and Cr. Y ltd by Rs. 9,50,0000 Dr. Y ltd a/c and Cr. Bank a/c by Rs. 50,00,000 Dr. Y ltd, Discount on issue of share a/c and Cr. Equity share capital a/c by Rs. 10,00,00,000 Q.10 Ans: JOURNAL Date Particulars Plant and Machinery A/c ...........................Dr. Buildings A/c ..............................................Dr. Stock A/c ...................................................Dr. Sundry Debtors A/c ...Dr. To Sundry Creditors A/c To Krishna Limited To Capital Reserve A/c (Balancing Figure) (Being the purchase of assets liabilities) L. F Dr. Rs Cr. Rs 4,00,000 6,00,000 5,00,000 3,00,000 2,00,000 15,00,000 1,00,000 Krishna Limited ........................................Dr. TO Bank A/c (Being Rs. 3,00,000 paid by cheque) Krishna Limited ...Dr. 12,00,000 To 9% Debentures A/c 12,00,000 (Being the balance of Re. 12,00,000 discharged by issue of 9% Debentures at par) Q.11 Ans: 1.47 (Refer Arya Publications) 3,00,000 3,00,000 12,00,00 0 12,00,000 Q.12 Ans: It is a case of Over-subscription. Three alternatives for allotting these shares may be: i) Some applications may be rejected in full, because of some technical defect, i.e insufficient application money. Pro-rate allotment may be made to the remaining applicants ii) Some applicants may be rejected in full and remaining applications may be accepted in full iii) Some applications may be rejected in full, some may be accepted in full and pro-rate allotment may be made to the remaining applicants Q. 13 Ans: Realization account loss: X s Capital A/c Rs. 7,200; Y s Capital A/c Rs. 1,800. X s Capital A/c 42,800; Y s Capital A/c 32,200 and Bank A/c; Rs. 92,000 Q.14 Ans: amount paid to Z s executor Rs. 80,250 Z s executors A/c ..Dr 80,250; To Bank A/c . 80,250 Q.15 Ans: refer material (Supplementary Material in accountancy) Q.16 (a) Ans: Profit on Revaluation Rs. 22,800; Capital a/c: D Rs. 80,000; E 40,000; F 40,000; D s current A/c 67,100 (Cr) E s current a/c 43,700(Cr); Cash balance 84,000 B/S total=3.22,800 Q. 16 (b) Ans: Profit on revaluation Rs. 600; Y s loan A/c Rs. 20,200; Capital A/c of X= Rs. 22,400 and Z s Rs. 11,500; B/S total Rs. 66,925. Gaining ratio 3:7 Q.17 (a) Ans: Page no 6.124 (Refer Arya publications text book) Q.17 (b) (i) Ans: Page no 6.120 (Refer Arya Publications) Q.17 (b) (ii) Cash at bank Rs 10,03,750; cash received on allotment Rs 5,03,750 (5,00,000-6,250+10,000). B/S total Rs 10,03,750 Q.18 Ans: Generally revenue from operations figures are assumed to be 100 in case of common size Q.19 Ans: Dividend paid is a financial activity Q.20 Ans: Total revenue from operations = 100/75*2,40,000= 3,20,000 Cost of revenue from operations= opening inventory+ net purchases-closing inventory Cost of revenue from operation= 2,56,000 Gross profit= revenue from operations-cost of revenue from operations Ans: a) Quick ratio = 1,10,000/1,30,000= .85:1 b) Capital employed= fixed assets+ networking capital or capital employed = equity share capital+ reserve+ profit profit before interest and tax/ capital employed*100 60,000/3,50,000*100= 17.14% Q.22 Ans: Revenue from operations=25, other income= 25, total revenue=25, employee benefits expenses= 22.22, profit before tax=81.50, profit after tax= 81.50 Q. 23 Ans: Dr. Bank a/c 3,55,000 and Cr. Balance c/d 8,00,000 in Plnt and machinery a/c Cash flow from operating activities: Net profit before tax and extraordinary items =1,50,000, operating profit before working capital changes = 1,97,000 Net cash inflow from operating activities= 1,72,000 Net cash out flow on investing activities= (3,47,000) Net cash inflow from financing activities= 2,60,000 Net increase in cash and cash and cash equivalents- 85,000 Cash and cash equivalents at the end of the year= 4,00,000

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