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ISC Class XII Sample / Model Paper 2023 : Accounts

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Dhruvi Solanki
Hutchings High School & Junior College, Pune
Class 12 Commerce

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The marks for each question is given in [] brackets. Section B or Section C. Section Ais compulsory. The students are allowed to attempt either SECTION A(60 Marks) Answer all questions (lx10 = 10] Question 1 application money ofE3 has i. A company forfeited 4,000 shares of 10 each on which has been been paid. Out of these 2,000 shares were reissued as fully paid up and 4,000 transferred to capital reserve. Calculate the rate at which shares were reissued. c. 11 per share a. 10 per share d. 8 per share b. 9 per share ii. When debentures are issued at a discount and are redeemable at a premium, which of the following accounts is debited at the time of issue? debentures Accounts c. Loss on issue of a. 9% Debentures Account d. Securities Premium Reserve Account b. Premium on redemption of debentures Account on redemption of Debentures? iii.Which of the following can be used towrite off discount c. Share Forfeiture Alc a. Investment Fluctuation Reserve d. Debenture Redemption Reserve b. General Reserve iv. Assertion (A): BillsPayable is recorded under the Heading Current Liabilities and subheading Trade Receivables Reason (R): Bills Payable are payable within a year. a. Both Assertion and Reason are correct, and Reason is the correct explanation for Assertion. b. Both Assertion and Reason are correct, but Reason is not the correct explanation for Assertion. C. Assertion is false and Reason is true. d. Assertion is true and Reason is false. V. Preference Shareholders are: c. Owners of a company d. Officers of a company a. Creditors of a company b. Lenders of a company vi. Robin Lid is a listed company having 2,000 debentures of {50 each. What is the amount of Debenture Redemption Reserve to be created by the company? vii. Mukbang Ltd. had purchased the business of Flogger Ltd. for aconsideration of t6,60,000. The net assets of the business were worth 6,80,000. It issued 11% Debentures of?100 at a discount of 4%. What will be the closing entry to write off Capital Losses faced by the company? viii. Name the head and sub-head under which Premium on Redemption of Debentures' is shown in the Balance Sheet as per Schedule III of the Companies Act, 2013. ix. Sharul Ltd. decided to raise finance for the business by issuing 12%Debentures of 100 each to the General public at a discount of 5%. The company received applications for only 40% of the Debentures to be issued, can the company still issue these debentures. State with reason. x. HariOm Ltd. at the AGM raised a proposal to give outthe dividends to the public before providing interest on the 8% Debentures that the company was having. The proposal was supported by 75% of the owners but the company still did not go ahead with the proposa. Give reason to support the decision. Question 2 (3] Mathias was a shareholder of 2500 shares in a company which had issued 40,000 equity shares of 50 each at a premium of 3each. Mathias failed to pay 14 on these shares. The final call is yet to be made of Z8. His shares were forfeited and 80% of the shares were re-issued at a premium of 1. Pass journal entries to record forfeiture and re-issue of these shares. OR favor of Purelt Ltd payable ailel eams books ofKrome Ltd. the in transactions of 100each at a premium of 25%. entries for the above Pass necessary journal 1,30,000 of Maestro Ltd. for a liabilities Question 3 and 7,50,000 at a discount e Presto Ltd. purchased the assetsamount was to be paid in 9%Debentures of {50 each considerationof <6,50,000. The record the above transactions. each. Pass the journal entries to [3] per as Sheet Balance Question 4 following items be shown in the the will sub-head State under which head and Schedule II of thecompanies Act, 2013. purchase on Debentures. a. Interest Accrued and due b. Patents C. Dividend receivable on Shares 3] Question5 a premium of 4. The 7,000 12% Debentures of I00 cach at its redeemed NBFC) listed (a Bao Ltd. redemption was done as follows: 3,000 31 March 2021 1,500 2,500 31s March 2022 31s March 2023 the Debenture redemption Investment account Based on the above details, you are required to prepare for the years 202 1 to 2023. [6] Question 6 premium of 6. Payable as: PUBG Ltd. issued a prospectus for 30,000 equity shares of 20 each at a 28 on application, 27 on allotment and the remaining on 1 and final call. The issue was undersubscribed by 2000 shares and the shares were allotted. whereas Harry, a shareholder having 1,200shares paid the amount of 1 callalong with allotment The allotment. on dues Justin, another shareholder who had applied for 800 shares failed to pay his along dues previous company recently made the final call 4 months after allotmnent. Justin cleared his stated in Table with the final call. The company has a policy to pay interest on calls-in-advance asissue of these shares. the for entries journal the Fof the companies Act, 2013. You are required to pass OR Journal of Pochinki Ltd. Particulars Date 2022 Sep 1 Share Capital A/c Securities Premiunm A/c To Share Forfeiture Alc LF Amount Dr Dr Amount (a) (b) (c) 44,100 To Calls-in-Arrears A/c (Being forfeiture of Arjun 's shares who applied for 6,300 shares and pro-rataallotment done in the ratio 9:7. The final call of 7 is yet to be made. Arjun paid 18 excluding premium of 4. on them) Oct 24 Bank Ae Share Forfeiture Ae Dr Dr ToShare Capital A/c (Being ) shares re-issued by the company at a discount as partly paid) Question 7 Disney Ltd has the following opening balances of Reserves and Surplus: Debenture Redemption Reserve Securities Premium Reserve Surplus, i.e., Balance in Statement of Profit and LOSs Profit after tax during the year amounted to 2,50,000. The following appropriations were proposed: Transfer to Debenture Redemption Reserve Transfer to General Reserve Transfer toBecurities Premium Reservg4 12,000 (d) (e) [6] 50,000 1,00,000 4,50,000 2,00,000 2,00,000 1,50,000 wthe above items shall be shown in Notes to accounts on Reserves and Surplus. Questior (a)rite)a LOKI Ltd. registered itself with a OR and the remaining of capital as divided into 80,000 EquityShares of 20 each ARC Ltd. for purchase8%ofPreference Shares of30,00,000 100 each. The company issued 20,000 equity shares to and Building Infinity Ltd. for purchase of Piant and Issued 1.00100089% Debentures of 100 at a premium of K10 0 Later it issued the Machinery. Equity Shares to the public at par. The issue was fully Company has calledremaining 75% of the amount subscribed and the on these Shares, All the YOu are required to prepare the amount called was duly Balance Sheet of LOKILtd, based on the above received. information. Question8 On April 1, 2021 Naruto Ltd. took over [6] Anime Ltd. by purchasing assets of79,00,000 and of <l,o0,000at an agreed valuation of T6,00,000, It issued 7% liabilities Debentures of 100 each at a discount of 5% for the same which is redeemable after 5 at par. Later on June 1 2021, the company issuedyears 8,000 11%Debentures of Z100 each as collateral security to a Bank for loan advanced of 7,50,000 for a of 2 years. On the same date it also issued 3,000 9% period of Z100 each at par, redeemable at a premium of Debentures 10. The interest on debentures is paid half yearly on 30th June and 31st every year. The company also had a balance of 20,000 in Security Premium at December the beginning of the year.. You are required to pass the journal entries in the books of Naruto Ltd. for the year ended 31 March 2031. JO22 Question 9 Following is the Trial Balance of Jupiter Ltd as at 31 March, 2023. The company had [10] an Authorized capital of 74,00,000, equity shares of 10 each. Trial Balance as at 31$ March, 2023 General Reserve Plant & Machinery Land & Building Profit & Loss (Debit balance) Cash & Bank balance 2,40,000 Goodwill Trade Receivables Unclaimed Dividend 12,00,000 16,00,000 3,00,000 Calls In Arrears (7 4per share) vFrade Payables 5,00,000 Capital (2,60,000 equity shares of) each) Share Forfeiture 26,00,000 20,000 2,00,000 40,000 60,000 80,000 Inventories 1,00,000 60,000 Fixed Deposit accepted LB 9,00,000 Calls In Advance 60,000 Youare required toprepare: () (ii) The Balance Sheet of Jupiter Ltd as at 31 March, 2023 as per Schedule I. Notes to Accounts. (10| Question 10 Shwarma Ltd. issued 2,00,000 equity shares of 15 to the public at a premium of3. The amount was payable as follows:7 on application; 4 on allotment; 7 including premium on first and final call. The issue was fully subscribed, and the shares were allotted. All the amount was duly received except 8,800 from Gul on her 800shares and 74,900 from Jiya on her 700shares. The shares on which both allotment and calls were not received were forfeited and later re-issued at 20 per share. You are required to pass journal entries in the books of Shwarma Ltd. Prepare the Share Forfeiture A/c. [8] [2] OR Sukanya Ltd. invited applications for issuing 1,00,000 equity shares of 10 each. The shares were issued at a premium of 20 per share. The amount was payable as follows: On Application and Allotment14 per share (including premium of 10) On FirstCall8 per share (including premium of ?5) On Final Call-8 per share (including premiunm of ?5) Applications for 96,000 shares were received. Rohit, a shareholder holding 7,000 shares failed to pay both the calls and Namit, a holder of 5,000 shares, did not pay the final cal. Shares of Rohit and Namit were forfeited. Of the forfeited shares, 8,000 shares including all the shares of Rohit were reissued to Reena @ 8 per share fully paid-up. You are required to: () Pass necessary Journal entries for the above transactions in the books of Sukanya Ltd. (i1)Prepare the Calls-in-Arrears Account. Question 11 () (ii) (ii) (iv) (v) SECTION-B (20 marks) Which one of the following analyses is a. Vertical Analysis considered as a dynamic analysis? [1x5 =5] b. Horizontal Analysis C. Internal Analysis d. External Analysis Working Capital of a company isZ60,000. The The Current Assets of the company will be: Current Ratio of the company is 2;1. a. 60,000 C. ? 1,50,000 b. 1,20,000 d. 2,40,000 If the total assets of a firm are 8.20,000 and its fixed assets are 5.90,400, what will be the percentage of current assets of total assets? What is the main objective of a Comparative Analysis? Chad Ltd. had Current Assets worth 3.00,000 and Current Liabilities worth 790,000. What willbe the change in its Current Ratio if one of the bill endorsed to a for 16,000 gets creditor honoured? Question 12 From the following information, Prepare the Common Size Statement of Profit and the year ended 31$ March 2023. Loss for Particulars Net Sales Sale of Scrap [3] Amount 7,96,000 Purchases 24,000 Changes in inventories Other Expenses 4,70,000 (25,000) Rate of Tax 1,54,000 25% Question 13 From the following data, calculate any three of the following: a. Revenue from Operations c. Working Capital b. Cost of Revenue from Operations d. Current Assets Particulars Amount [6] Trade Receivables turnover Ratio Current Liabilities Average Debtors Working capital turnover ratio Cash Revenue from Operations Gross Profit Ratio 4.5 times <1,08,000 83,000 20% of Revenue from 7 times Operations 40% Question 14 Particulars Cost of Revenue frorn Operations os Operating Expenses Gross Revenue from Operations Revenue from Operations Returns Total Current Assets Total Current Liabilities Total Assets Closing Inventory Prepaid Insurance Share Capital Reserves and Surplus From the above information calculate: i. Quick Ratio Current Ratio iii. Working Capital Ratio (6] () 1,20,000 1,00,000 16,00,000 20,000 6,00,000 2,00,000 14,00,000 60,000 10,000 11,20,000 68,000

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