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ISC Class XII Board Specimen 2011 : Accounts

6 pages, 26 questions, 4 questions with responses, 4 total responses,

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

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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) Define Prime Cost. (ii) Explain FIFO method of stock valuation. (iii) What do you mean by the term non-recurring expenses in joint venture? (iv) What is the purpose of opening a joint bank account for joint venture? (v) State two advantages of self-balancing system. (vi) Why is a profit and loss appropriation account necessary in a partnership firm? (vii) Why is there a need for revaluation of assets and liabilities of a firm if there is a change in profit-sharing ratio of partners? (viii) Explain pro-rata allotment of shares by means of a suitable example. (ix) State two differences between current assets and current liabilities . (x) Mention two uses of ratio analysis. ------------------------------------------------------------------------------------------------------------------------43 ISC Specimen Question Paper Question 2 [10] Winston was allotted 100 equity shares of Rs.100 each by Diplod Ltd. originally issued at a discount of 6% per share. He failed to pay the final call at Rs.35. These shares were forfeited and out of these, 50 shares were re-issued to Morgan at Rs.90 each as fully paid up. Journalise the transactions in respect of forfeiture and re-issue of shares only. PART II Question 3 [14] Trading and Profit and Loss Account of Myers Ltd. for the year ended 31st March 2007. Particulars Rs. Particulars To opening stock 15,250 By sales To purchases 63,050 By closing stock To carriage Rs. 1,00,100 19,600 400 To wages 1,000 To Profit and Loss A/c 40,000 1,19,700 To Administrative expenses 20,200 To salaries 2,400 To financial expenses 1,19,700 By Trading A/c 1,400 To Non-operating expenses To Balance c/d By non operating income 40,000 1,200 400 16,800 41,200 41,200 Balance Sheet of Myers Ltd. As at 31st March, 2007. Liabilities Share capital Reserves Profit and Loss A/c Creditors Rs 70,000 1,200 16,800 3,700 91,700 Assets Rs. Fixed assets 60,100 Stock 19,000 Debtors 9,000 Bank 3,600 91,700 From the above, calculate the follow ratios: (i) Gross Profit ratio (%) (ii) Net Profit ratio (%) ------------------------------------------------------------------------------------------------------------------------44 ISC Specimen Question Paper (iii) Stock turnover ratio. (iv) Proprietary ratio (v) Current ratio (vi) Quick ratio. (vii) Working capital turnover ratio. Question 4 [14] The following are the Balance Sheets of Jardine Ltd. as on 31st December 2006 and 2007:Liabilities 2006 2007 Assets Share capital 5,10,000 5,50,000 Goodwill Loan 2,50,000 General reserve 1,00,000 1,00,000 Machinery 1,50,000 Building 2006 2007 25,000 20,000 2,10,000 3,30,000 3,00,000 4,00,000 Profit and Loss A/c 55,000 95,000 Stock 1,25,000 1,05,000 Provision for taxation 20,000 55,000 Debtors 1,50,000 1,20,000 Creditors 25,000 20,000 Cash 1,50,000 12,000 Bills payable 10,000 15,000 Preliminary expenses 15,000 10,000 9,75,000 9,97,000 Provision for doubtful debts. 5,000 12,000 9,75,000 9,97,000 Additional information:(i) During the year, a part of the machinery costing Rs.2,500 was sold for Rs.1,500. (ii) Dividend of Rs.50,000 was paid during the year. (iii) Income tax of Rs.25,000 was paid during the year. (iv) Depreciation provided during the year on Building Rs.5,000 and Machinery Rs.25,000. From the above, you are required to prepare a cash flow statement as per Accounting Standard - 3. ------------------------------------------------------------------------------------------------------------------------45 ISC Specimen Question Paper Question 5 [14] The following is the trial balance of Martin Ltd. as on 31st March 2007:Debits Rs. Opening stock Purchases Wages 75,000 2,45,000 30,000 Credits Rs. Purchase returns Sales 10,000 3,40,000 Discount 3,000 Carriage 950 Furniture 17,000 Salaries 7,500 Creditors 17,500 Rent 4,000 General reserve 15,500 Trade expenses 7,050 Bills payable Dividend paid 9,000 Debtors 1,00,000 7,000 29,000 Cash at Bank Share capital 15,000 27,500 Plant and Machinery Profit and Loss A/c 46,200 Patents 4,800 Bills receivable 5,000 5,08,000 5,08,000 Additional information: (i) Stock as on 31.3.2007 Rs.88,000 (ii) Depreciate plant and machinery at 15%, furniture at 10% and patents at 5% (iii) The Board recommends payment of a dividend @ 15% p.a. From the above information, you are required to prepare the Profit and Loss account for the year ended 31.3.2007 and a Balance Sheet as on that date. Question 6 [14] Show by means of journal entries, how would you record the following issues in the books of Charles Ltd. Also show how would they appear in their respective Balance Sheets:(i) A debenture issued at Rs.95 repayable at Rs.100. (ii) A debenture issued at Rs.95 repayable at Rs.105. [NOTE: Face value of each debenture is Rs.100] ------------------------------------------------------------------------------------------------------------------------46 ISC Specimen Question Paper Question 7 [14] Robert and Smith were partners sharing profits and losses in the ratio of 3 : 2 . On the date of dissolution, their capitals were: Robert Rs.7,650 and Smith Rs.4,300 The Creditors amounted to Rs.27,500. The balance of cash was Rs.760. The assets realised Rs.25,430. The expenses on dissolution were Rs.1,540. All the partners are solvent. Close the books of the firm showing the realisation, capital and cash accounts. Question 8 [14] Johnson Ltd. kept bought and sales ledger on self-balancing principles. From the following particulars, prepare the necessary adjustment accounts for the year 2007 in the two ledgers:Sundry Debtors (1.1.2007) 12,400 Sundry Creditors (1.1.2007) 5,000 Credit purchases 20,600 Credit sales 26,800 Cash received from debtors 15,600 Returns inward Acceptances given Returns outward Debtors acceptances dishonoured 600 8,000 500 1,000 Discount allowed 200 Bad debts written off 400 ------------------------------------------------------------------------------------------------------------------------47 ISC Specimen Question Paper Question 9 [14] S, T and W having agreed to share profits and losses equally, entered into a joint venture to construct a building at a price of Rs.10,00,000. A joint bank account was thus opened where S paid Rs.4,00,000, T Rs.2,00,000 and W Rs.3,00,000. Expenses incurred on behalf of the joint venture were as follows: Materials Rs.2,00,000; wages Rs.1,50,000 and expenses Rs.1,25,000. Materials supplied by S from his stock amounted to Rs.1,25,000. Finally, the venture was closed by T taking the closing stock at a valuation of Rs.1,00,000. From the above, you are required to prepare the joint venture account, co-ventures accounts and the joint bank account. Question 10 [14] The following figures were extracted from the records of Alfred Engineering Company Ltd. for the year ended 31.3.2007. Opening stock of raw materials 40,000 Opening stock of work-in-progress 12,000 Opening stock of finished goods 30,000 Closing stock of raw materials 50,000 Closing stock of work-in-progress 30,000 Closing stock of finished goods 80,000 Raw materials purchased 4,00,000 Direct wages 2,00,000 Factory insurance 90,000 Carriage inwards 4,000 Dock charges 10,000 Cost of rectifying raw materials 20,000 Hire of special tools for manufacturing. 1,00,000 Cost of factory supervision 11,000 Wages paid to works gatemen 20,000 Sale of finished products 15,00,000 Selling and distribution overhead 1% of sales. From the above, you are required to prepare a cost sheet for the year ended 31st March 2007. ------------------------------------------------------------------------------------------------------------------------48 ISC Specimen Question Paper

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