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ISC Class XII Board Specimen 2012 : Accounts

8 pages, 23 questions, 3 questions with responses, 4 total responses,

ISC 12th
Indian School Certificate Examination (ISC), New Delhi

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ISC SPECIMEN QUESTION PAPER FOR 2012 EXAMINATION ACCOUNTS (Three hours) (Candidates are allowed additional 15 minutes for only reading the paper. They must NOT start writing during this time) ---------------------------------------------------------------------------------------------------------------------------Answer Question 1 (compulsory) and Question 2 (compulsory) from Part I and any other five questions from Part II. The intended marks for questions or parts of questions are given in brackets [ ]. Transactions should be recorded in the answer book. All calculations should be shown clearly. All working, including rough work, should be done on the same sheet as, and adjacent to, the rest of the answer. ---------------------------------------------------------------------------------------------------------------------------PART I Question 1 [10 2] Answer each of the following questions briefly: (i) Distinguish between authorized, issued, subscribed, called up and paid up capital by the means of a hypothetical example in the form of a problem. (ii) What is the complete accounting treatment of interest on loan to the partner during the preparation of a profit and loss appropriation account of a partnership firm assuming that such interest has been paid in cash to the partner by the firm? (iii) Why are abnormal losses ignored when calculating the profit of the joint venture? (iv) Give two examples of selling overhead and two examples of distribution overhead in the context of a cost sheet. (v) What are imputed costs? How will you deal with it during the preparation of a cost sheet? (vi) What is the basis of accounting that is followed when preparing a cash flow statement? (vii) State two differences between Debtors turnover ratio and Creditors turnover ratio. (viii) What is the self-balancing entry for credit sales and credit purchases? (ix) When should goodwill be recorded in the books of a firm as per AS 10? Are there any exceptions? If so, under what circumstances? (x) Under what heading will Premium on Redemption of Debentures be recorded in a Horizontal balance sheet? --------------------------------------------------------------------------------------------------------------------------ISC Specimen Question Paper 2012 Question 2 [10] Calculate net cash flows from operating activities: 31.3.09 31.3.10 Rs. Rs. Profit and Loss Account 30,000 35,000 General Reserve 10,000 15,000 Provision for depreciation on plant 30,000 35,000 5,000 3,000 Goodwill 20,000 10,000 Sundry debtors 40,000 35,000 Particulars Outstanding expenses An item of plant costing Rs. 20,000 having book value of Rs. 14,000 was sold for Rs. 18,000 during 2009 2010. PART II Question 3 (a) [14] Current liabilities of a company are Rs. 3,00,000. Its current ratio is 3 : 1 and quick ratio is 1 : 1. Calculate the value of stock in trade. (b) Calculate stock turnover ratio from the following information: Opening stock Rs. 58,000; purchases Rs. 4,84,000; Gross profit rate 25% on sales. Sales Rs. 6,40,000 (c) From the following information, calculate operating Ratio: Net sales Rs. 5,00,000; cost of goods sold Rs. 3,00,000 and operating expenses Rs. 1,00,000. (d) X Ltd. has a current ratio of 4 : 1 and its liquid ratio is 3 : 1. If its inventory is Rs. 36,000, find out the value of total current assets, total quick assets and total current liabilities. ---------------------------------------------------------------------------------------------------------------------------2 ISC Specimen Question Paper 2012 (e) From the following Balance Sheet of Spencer Ltd. as on 31.3.2010, calculate debt equity ratio. Liabilities Equity share capital Rs. 10,00,000 Assets Rs. Building 5,00,000 10% Preference share capital 4,00,000 Plant 8,00,000 Securities premium 1,20,000 Machinery 4,00,000 General Reserve 1,00,000 Furniture 2,00,000 12% Debentures 4,00,000 Stock 1,00,000 Creditors 1,00,000 Debtors 50,000 Bills Payable 1,00,000 Bills Receivable 30,000 Outstanding expenses 50,000 Bank 1,00,000 Provision for tax 30,000 Cash 1,00,000 Discount on issue of shares 23,00,000 20,000 23,00,000 Question 4 [14] A, B and C are partners sharing profits and losses in the ratio of 3 : 2 : 1. On 31.3.10, B decides to retire and their capital accounts on that date are A Rs. 60,000; B Rs. 45,000 and C Rs. 50,000. Their current accounts on that date are A Rs. 5,000 (CR); B Rs. 2,300 (DR) and C Rs. 3,000 (CR). The partnership deed provided that, in case of retirement, the retiring partner should be entitled to a share of the goodwill of the firm to be calculated on the average of the profits of last three years ending on 31.3.2010 which comes to Rs. 12,000 and that the payment of the total interest of the retiring partner will be made by annual instalments of Rs.10,000 each. The retiring partner will be entitled to interest also at 6% on the unpaid balance. The first instalment was paid on 31.3.2010. Show B s loan account until the whole payment due to him is made. ---------------------------------------------------------------------------------------------------------------------------3 ISC Specimen Question Paper 2012 Question 5 [14] Jacob and Company Ltd. issues one thousand, 14% debentures of Rs. 100 each at par on 1.1.01. Under the terms of issue: (a) Debenture interest is annually payable on 31st December every year and th (b) 1 of the debentures are annually redeemable by drawings; the first redemption occurring 5 on 31.12.03. Pass necessary journal entries for the year 2001 and 2002. Question 6 [14] Arther and Barry entered into a joint venture on 1.10.2009 for sale of goods paying Rs. 60,000 and Rs. 40,000 respectively in a joint bank account and sharing profits and losses in the ratio of 3 : 5. It was agreed that the joint bank account is to be used for purchases and sales and each venturer is to meet his joint venture expenses out of private funds. Each venturer is to charge a commission @ 5% on sales made by him. The transactions for the period ended 31.3.2010 were as follows: Arther purchased goods costing Rs. 40,000 and incurred carriage amounting to Rs. 6,000. He sold 90% of these goods at 30% over this cost price and selling expenses amounted to Rs. 2,500. Barry purchased goods costing Rs. 50,000 and incurred carriage amounting to Rs. 6,500. He sold 80% of these goods at 25% over the cost price and selling expenses amounted to Rs. 3,000. th 1 of the remaining goods purchased by Arther was destroyed by fire on 28.2.2010 and the 5 insurance company paid a claim of Rs. 2,000. Write up Joint Venture account, Joint Bank account and Ventures account. ---------------------------------------------------------------------------------------------------------------------------4 ISC Specimen Question Paper 2012 Question 7 [14] From the following information prepare a Cost Sheet of Jackson and Company Ltd. showing the total cost for the month of January 2010: Rs. Opening stock of raw materials 60,600 Opening stock of finished goods 35,900 Closing stock of raw materials 75,000 Closing stock of finished goods 30,900 Opening stock of work-in-progress 1,25,600 Closing stock of work-in-progress 1,42,200 Purchase of raw materials 2,85,700 Sale of finished goods 13,50,000 Direct wages 3,50,000 Factory expenses 2,00,000 Office and administration expenses 1,05,000 Selling and distribution expenses 75,000 Abnormal loss of materials 10,000 Cost of idle time in the factory 1,000 Cost of rectification of defective work 5,000 ---------------------------------------------------------------------------------------------------------------------------5 ISC Specimen Question Paper 2012 Question 8 [14] The following information has been extracted from the books of Mathew and Company Ltd. for the three months ended 31.12.2008: 1.10.08 Stock 1500 units @ Rs. 2 per unit 12.10.08 Goods received note 2000 units @ Rs. 2.25 per unit 18.10.08 Requisition 1100 units 10.11.08 Requisition 800 units 16.11.08 Requisition 1000 units 18.11.08 Goods received note 2400 units @ Rs. 2.50 per unit 20.12.08 Requisition 900 units At the physical stock taking on 31.12.08, 2000 units were in stock. You are required to prepare a stores ledger based on LIFO method of pricing. Also prepare a Trading account using this method on the basis of the following sales figures: 18.10.08 1100 units @ Rs. 3.50 per unit 10.11.08 800 units @ Rs. 4 per unit 16.11.08 1000 units @ Rs. 2.75 per unit 20.12.08 900 units @ Rs. 4.50 per unit ---------------------------------------------------------------------------------------------------------------------------6 ISC Specimen Question Paper 2012 Question 9 [14] Prepare the General Ledger Adjustment Accounts as will appear in the Debtors and Creditors ledgers from the information given below: Balance on 1.4.2009 (DR) Rs. (CR) Rs. 47,200 240 280 26,300 Debtors Ledger Creditors Ledger Transactions for the year ended 31.3.2010 Rs. Total Sales 1,20,100 Cash sales 8,100 Bills accepted by customers 20,100 Bills receivable dishonoured 1,500 Total purchase 89,500 Credit purchases 67,000 Creditors paid in full settlement of Rs. 40,000 39,500 Received from debtors in full settlement of Rs. 59,000 58,200 Returns inwards 2,600 Returns outwards 1,800 Bills accepted for creditors 5,500 Bills payable matured 8,000 Bills receivable discounted 5,000 Bills receivable endorsed to creditors 4,000 Endorsed Bills dishonoured 1,000 Bad debts written off (after deducting bad debts recovered Rs. 300) 2,200 Provision for doubtful debts 550 Set offs 1,100 Mutual indebtedness 1,900 Balance on 31.3.2010: Debtors Ledger (CR) Rs. 380. Creditors Ledger (DR) Rs. 420. ---------------------------------------------------------------------------------------------------------------------------7 ISC Specimen Question Paper 2012 Question 10 [14] From the list of following assets and liabilities, prepare the Balance Sheet of Burn and Company Limited in vertical form as per Schedule VI, Part I of the Companies Act, 1956: Assets Rs. Rs. Cash at Bank 79,800 Cash I hand 1,500 Investment 95,000 Preliminary expenses 9,000 Loans and advances 95,000 Goodwill 50,000 Building 6,00,000 Plant and machinery Less depreciation 6,60,000 66000 Stock Debtors Less provision for doubtful debts 10,000 1,74,000 8700 Furniture Liabilities 5,94,000 1,65,300 14,400 Rs. Creditors Rs. 1,00,000 General Reserve 50,000 Interest on debentures accured and due 28,000 Authorised share capital: 120000 shares of Rs. 10 each Called up and paid up capital: 80000 shares of Rs. 10 each Less calls in arrear Profit and loss account 6% debentures Bills payable 12,00,000 8,00,000 15,000 7,85,000 75,000 6,00,000 76,000 ---------------------------------------------------------------------------------------------------------------------------8 ISC Specimen Question Paper 2012

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