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ISC Class XII Board Specimen 2014 : Accounts

9 pages, 43 questions, 17 questions with responses, 22 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.) ---------------------------------------------------------------------------------------------------------------Section A - Answer Question 1 (compulsory) from Part I and any other four questions from Part II. Section B and Section C Answer two questions from either section B or Section C. 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. --------------------------------------------------------------------------------------------------------------- SECTION A PART I (20 Marks) Answer all questions. Question 1 [10 2] Answer each of the following questions briefly: (i) (ii) Define joint venture. State the provisions of the Partnership Act, 1932, in the absence of a Partnership Deed regarding (a) Interest on Partner s Drawing (b) Interest on advances made by a partner to the firm other than capital. (iii) State the complete accounting treatment of hidden goodwill at the time of admission of a partner. (iv) Why are assets revalued and liabilities reassessed when there is a change in profit sharing ratio amongst the partners? (v) State two differences between dissolution of partnership and dissolution of firm. (vi) Why is a memorandum balance sheet prepared at the time of dissolution of a partnership firm? (vii) State two similarities between calls in arrear account and calls in advance account. (viii) What is the accounting treatment when shares are issued to promoters for consideration other than cash? (ix) Differentiate between Joint Venture account and JV with account. (x) Mention the name and explain the part of capital of a company which is called up only on its winding up. 1 ISC Specimen Question Paper 2014 PART II (40 Marks) Answer any four questions. Question 2 [10] Brian and Derek entered into a joint venture agreement sharing profits and losses equally. Brian purchased 10,000 litres of oil @ ` 40 per litre and incurred freight and insurance amounting to `10,000. The goods were sent to Derek to be sold in the market. Derek incurred `5,000 on duty and `3,000 on godown rent. During transit, 100 litres were stolen against which Brian received an insurance claim of `3000. Derek took delivery of the remaining consignment and sold 7,000 litres @ ` 50 per litre. Finally, Derek took over the closing stock for business use. Assume a normal loss of 10 litres due to leakage and evaporation. You are required to prepare the Joint Venture Account and Derek s account in the books of Brian assuming both coventurers maintain all accounts. Note: All calculations are to be made to the nearest rupee. Question 3 [10] The capital accounts of Adam and Batty stood at ` 40,000 and ` 30,000 respectively after the necessary adjustments in respect of the drawings and the net profit for the year ended 31st December 2011. It was subsequently ascertained that interest on capital and on drawings @ 5% per annum were not taken into account in arriving at the divisible profits for the year. The drawings of the partners had been: Adam ` 1,200 drawn at the end of each quarter and Batty `1,800 drawn at the end of each half year. The net profit for the year amounted to ` 20,000. The partners share profits and losses in the ratio of 3:2. You are required to pass the necessary journal entries to rectify the lapse in accounting and also prepare the adjusted capital accounts of the partner. 2 ISC Specimen Question Paper 2014 Question 4 [10] st Following is the Balance Sheet of John and Jimmy as on 31 December 2010: Liabilities Amount Assets ` ` John s capital 50,000 Goodwill Jimmy s capital 35,000 Land and building Reserve Creditors Amount 6,000 Furniture 25,000 Stock 6,000 40,000 3,750 25,000 Debtors 20,000 Investments 15,250 Bank 4,500 Cash 1,500 1,16,000 1,16,000 The partners shared profits and losses in the ratio of 2:1. From 1st January, 2011. They agreed to share profits and losses equally. For this purpose, the following particulars are provided: (a) Land and building are to be appreciated by 25% . (b) Furniture valued at ` 3,250. (c) Market value of stock is ` 22,500. (d) A provision for bad debts @ 5% is to be created on debtor. (e) Goodwill is valued at ` 15,000. Show the revised Balance Sheet of the firm as on 1st January, 2011 along with appropriate ledger accounts as proper working notes. 3 ISC Specimen Question Paper 2014 Question 5 Henry, Jacob and Jackson are partners in a firm. Their Balance Sheet as on 31st December 2011, stood as follows: Liabilities Henry s capital Jacob s capital Jackson s capital General reserve Creditors Amount ` 2,00,000 1,50,000 40,000 1,00,000 1,00,000 Assets Plant and machinery Furniture and fixtures Stock Debtors Investments [10] Amount ` 2,00,000 25,000 1,05,000 1,50,000 1,20,000 6,00,000 6,00,000 The partnership deed provides that the representatives of the deceased partner shall be entitled to: (a) Deceased partner s capital as appearing in the last balance sheet. (b) Interest on capital @ 6% per annum up to date of death. (c) (e) His share of profit up to date of death on the average of last three years divisible profit. His share of goodwill valued at two years purchase of the average divisible profit of last three years. His share of any undistributed profits and losses as per last drawn balance sheet. (f) Interest on drawings up to date of death will be charged @ 10% per annum. (d) (g) Assets and liabilities of the firm on the date of death will be revalued and reassessed respectively by an independent valuer. Jacob died on 30th June, 2012 and the valuer appointed by Henry and Jackson with the consent of he legal heirs of Jacob recommended as follows: (i) Plant and Machinery to be depreciated by 5% . (ii) Furniture and fixtures to be taken at ` 20,000. (iii) Stock to be reduced by 10% . (iv) A provision of 2 % is to be raised against debtors for doubtful debts. (v) The investments are to be valued at `1,50,000. The divisible profits for the last three years were ` 6,50,000 ` 6,40,000 and ` 6,90,000. Jacob s drawings up to the date of death amounted to ` 1,00,000. Finally, it was decided to transfer the amount due, to Jacob s executor s loan account. You are required to prepare the revaluation account, partners capital accounts and the balance sheet. Note: All calculations are to be made to the nearest rupee. 4 ISC Specimen Question Paper 2014 Question 6 [10] Mathew, Clarke and Adolf are partners sharing profits and losses in the proportion to their capitals, which on 31st December 2011 stood at ` 3,00,000, ` 2,00,000 and ` 1,00,000 respectively. The firm s liabilities on that date amounted to ` 3,00,000 apart from a contingent liability of ` 60,000 not so far brought into the books, which also matured for payment. In addition, Adolf had loaned ` 80,000 to the firm on which he was entitled to receive interest on loan @ 6% per annum for the whole year. They dissolved the partnership on 31st December, 2011 and the assets realized ` 14,40,000. You are required to close the books of the firm. Note: All calculations are to be made to the nearest rupee. Question 7 [10] Norton and Company Limited make an issue of 10,000 equity shares of `10 each payable as follows: ` 2 on application, ` 3 on allotment and ` 5 on first and final call (3 months after allotment). Applications were received for 12,000 shares and the directors refunded the excess application money. One shareholder who was allotted 20 shares paid first and final call with allotment money and another shareholder did not pay allotment money on his 30 shares but which he paid with first and final call. Directors have decided to charge and allow interest, as the case may be, on calls in arrear and calls in advance respectively according to the provisions of Table A of the Companies Act 1956. Journalize the above transactions in the books of the company. Question 8 [10] Parker and Company Limited issued 2,000 15% debentures of ` 100 each at a premium of 10% on 1st January, 2011. Under the terms of issue: (a) Entire money is payable on application. (b) Debenture interest is payable half yearly on 30th June and 31st December. (c) Tax to be deducted at source @ 10%. (d) Debentures are to be redeemed after 5 years from the date of issue. Pass the necessary journal entries for the year 2011. 5 ISC Specimen Question Paper 2014 SECTION B Answer any two questions Question 9 (a) What is the main object of preparing a Comparative Balance Sheet? [2] (b) From the following information, prepare a Comparative Balance Sheet of Relay Ltd. [8] Particulars Equity Share Capital Fixed Assets Reserve & Surplus Investments Long-Term Loans Current Assets Current Liabilities 31st March 2012 (`) 25,00,000 30,00,000 5,00,000 5,00,000 15,00,000 15,00,000 5,00,000 31st March 2013 (`) 26,00,000 35,00,000 6,00,000 5,00,000 14,00,000 11,50,000 5,50,000 Question 10 (a) The following information is available from the books of Arnold and Company Limited : Debtors turnover ratio = 4 times. Cost of goods sold = ` 6,40,000. Gross profit = 20% on sales. Closing debtors were ` 20,000 more than at the beginning. Cash sales being 33 1/3 % of credit sales. From the above calculate the opening debtors and the closing debtors of the company. [5] (b) The following information is available from the books of Duncan and Company Limited : [3] The above company has a current ratio of 4.5:1, quick ratio of 3:1 and its inventory is ` 36,000. From the above calculate the current assets, current liabilities and quick assets of the company. (c) Give the formulae for computing: (i) Working Capital Turnover Ratio. (ii) Earning per Share [2] 6 ISC Specimen Question Paper 2014 Question 11 (a) Define Operating Activities . [2] (b) From the following Balance Sheets of Pixie Ltd. As on 31st March, 2011 and 31st March 2012, prepare a Cash Flow Statement. [8] Particulars 31.03.2011 (`) I. Equity and Liabilities 1. Shareholders Funds Equity Share Capital 10% Preference Share Capital 31.03.2012 (`) 3,00,000 50,000 6,50,000 1,00,000 2,50,000 1,70,000 Long Term Borrowings 10% Debentures Total 3,50,000 9,50,000 2,50,000 11,70,000 II. Assets 1. Non Current Assets Fixed Assets Non Current Investments 4,50,000 50,000 7,00,000 60,000 Inventories 2,00,000 2,10,000 Trade Receivables 1,50,000 90,000 60,000 1,10,000 Reserve and Surplus Balance of Statement of Profit & Loss Account General Reserve Securities Premium Reserve Preliminary Expenses (adjusted 31.03.2011) 31.03.2011 31.03.2012 1,60,000 90,000 30,000 1,10,000 60,000 (30,000) ________ 2,50,000 -----________ 1,70,000 2. Non Current Liabilities 2. Current Assets Bank Short-term Investments __40,000 --- 9,50,000 11,70,000 7 ISC Specimen Question Paper 2014 Additional Information: (i) During the year, a machine costing ` 80,000 (accumulated depreciation thereon being `10,000) was sold for ` 65,000. (ii) Debentures were redeemed on 30.09.2011. (iii) Depreciation charged on Fixed Assets ` 80,000. SECTION C Answer any two questions Question 12 [10] (a) What is Auto filling? (b) What is the extension of Excel Worksheet and Excel Workspace? (c) Explain the following functions? (i) Countif( ) (ii) Max( ) (d) What is the difference between absolute reference and relative reference? (e) What does the error #VALUE! mean? Question 13 1 2 3 4 5 6 7 8 9 10 11 A EMPLOYEE CODE [10] B BASIC C DA (35% of Basic) D HRA (10% of Basic) E MED (fixed) F SPL ALL G GROSS I PTAX (fixed) J ITAX (10% of gross) K NPAY 19625 H PF (10% of basic + DA) 1688 EMP001 12500 4375.00 1250.00 300 1200 150 0 17788 EMP002 14000 4900.00 1400.00 300 1200 21800 1890 150 0 19760 EMP003 11000 3850.00 1100.00 300 1200 174450 1485 150 0 15815 EMP004 10400 3640.00 1040.00 300 1200 16580 1404 150 0 15026 EMP005 17800 6230.00 1780.00 300 1200 27310 2403 150 2731 22026 EMP006 11350 3972.00 1135.00 300 1200 17958 1532 150 0 16275 EMP007 18000 6300.00 1800.00 300 1200 27600 2430 150 2760 22260 EMP008 14600 5110.00 1460.00 300 1200 22670 1971 150 0 20549 EMP009 12800 4480.00 1280.00 300 1200 20060 1728 150 0 18182 EMP010 16900 5915.00 1690.00 300 1200 26005 2282 150 2601 20973 8 ISC Specimen Question Paper 2014 (a) Write the expression to calculate DA and HRA in the cells C2 and D2 respectively. (b) How would you evaluate NPAY in the cell K2? (c) Write the suitable statement to evaluate ITAX for gross >= 25000 in the cell J2. (d) Write the suitable function to select the maximum GROSS value. (e) How would you copy the calculation for the corresponding employees? Question 14 [10] (a) What is the difference between Primary key and Foreign key? (b) Define: (i) Table (ii) Field (iii) Record (c) Define RDBMS? (d) What are queries? (e) What is a report? 9 ISC Specimen Question Paper 2014

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