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CBSE XII Pre Boards 2015 : ACCOUNTANCY with Answers (KV Kolkata)

7 pages, 33 questions, 11 questions with responses, 18 total responses,

Kendriya Vidyalaya No.1 Salt Lake
Kendriya Vidyalaya (KV) No. 1, Salt Lake

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KENDRIYA VIDYALAYA SANGATHAN-KOLKATA REGION 2ND PRE-BOARD EXAMINATION: 2014-15 SUB: ACCOUNTANCY TIME ALLOWED: 3 HOURS M.M :80 General Instructions: 1. This question paper contains two parts- A and B. 2. All parts of a question paper should be attempted at one place. Part A ACCOUNTING FOR PARTNERSHIP FIRMS AND COMPANIES 1. Under which of the following circumstances, reconstitution of a firm may not take place? (a) Change in profit ratio among existing partners (b) Admission of new partner (c) Additional capital introduced by partners (d) Death of a partner 1 2. When a new partner brings his share of goodwill in cash, the amount is debited to: (a) Premium A/c (b) Cash A/c (c) Capital A/c of old partners (d) Capital A/c of new partners 1 3. On the retirement of a partner, reserves should be transferred to the Capital Accounts of: (a) Retiring partner (b) Remaining partner (c) All partners (d) None of these 1 4. Unrecorded liability when paid on dissolution of a partnership firm is debited to: (a) Cash Account (b) Liability Account (c) Realisation Account (d) Partner s Capital Account 1 5. The balance of Debenture Redemption Reserve Account is finally transferred to: (a) Capital Reserve Account (b) Specific Reserve Account (c) General Reserve Account (d) None of these 1 6. Priya and Ruchi were partners in a firm sharing profits in the ratio of 7:5. Their respective fixed capitals were Priya Rs 20,00,000 and Ruchi Rs 14,00,000. The partnership deed provided for the following: (i) Interest on capital- @12% p.a. (ii) Priya s salary Rs 12,000 per month and Ruchi s salary Rs 1,20,000 per year. The profit for the year ended 31st December,2012 was Rs 10,08,000 which was distributed equally, without providing for the 3 above. Pass an adjustment entry. 7. X Ltd. Obtained a loan of Rs 6,00,000 from IDBI Bank. The company issued 7,000, 9% Debentures of Rs 100 each as collateral security for the same. Show how these items will be presented in the Balance Sheet of the company. 3 8. Pass the necessary journal entries for the issue of 1,000, 7% Debentures of Rs 50 each in the following cases: (a) Issued at 5% premium, redeemable at a premium of 10%. (b) Issued at a discount of 5% redeemable per year. 3 9. Ganga and Harry are partners in a firm sharing profits and losses in the ratio of 5:3. They admit Chandrika, the widow of their friend, into partnership for 1/4th share. As between themselves, Ganga and Harry decides to share profits equally in future. Chandrika brings in Rs 60,000 as her capital Rs 30,000 as premium (a) Mention the values displayed by the partners in admitting Chandrika into partnership (b) Mention the rights of partners they acquire after entering in the firm. (c) Calculate the sacrificing ratio and pass the necessary journal entry on the assumption that the amount of premium brought in by Chandrika is retained in business. 4 10. A, B and C were partners sharing profits and losses in the ration 7 : 3 : 2. From 1 st January, 2012 they decided to share profits and losses in the ratio 8 : 4 : 3. Goodwill is to be valued at the average of three years profits preceding the date of change in profit sharing ratio. The profits for 2008,2009, 2010 and 2011 were Rs 52,000 and Rs 48,000, Rs 60,000 and Rs 90,000 respectively. Give the necessary journal entry. 4 11. Neha Ltd. Purchased Building costing Rs 4,05,000 from Ruchi Ltd. The payment was made by issue of equality shares of Rs 10 each at a discount of Rs 1 per share. Pass the necessary journal entries in the book of Neha Ltd. 4 12. Sanjana and Kalpana are partners sharing profits in the ratio 3:2 with capitals of Rs 25,000 and Rs 15,000 respectively. Interest on capital is agreed @6% p.a. Kalpana is to be allowed an annual salary of Rs 1,250. During 2013, the profits of the year prior to calculation of interest on capital but after changing Kalpana s salary amounted to Rs 6,250. A provision of 5% of the profits is to be made in respect of manager s commission. Prepare Profit and Loss Appropriation Account and partner s capital accounts. 6 13. A, B and C shared profits in the ratio of 3:2:1. They dissolved the partnership and appointed A to realize the assets. A is to receive 5 % commission on the sale of assets (except cash) and is to bear all expenses of realization. The position of the farm was as follows: Balance Sheet Liabilities Capitals: A 90,000 B 60,000 C 10,000 (Rs) Assets (Rs) Plant 91,200 Investments 15,000 Stock 36,000 Debtors 52,300 Cash in Hand 22,500 Profit & Loss A/c 54,000 1,60,000 Bank Overdraft 25,000 Creditors 60,000 Provident Fund 12,000 Investment Fluctuation Fund Commission received in advance 6,000 8,000 2,71,000 2,71,000 (i) A realized the assets as follows: Debtors Rs 30,000; Stock Rs 26,000; Investment at 75% value; Plant at Rs 42,750; Expenses of realization to Rs 4,100. (ii) Commission received in advance is returned to the customer after deducting Rs 3,000 for work done. (iii) Firm had to pay Rs 7,200 for outstanding salaries, not provided for earlier. (iv) Compensation to employees paid by the firm amounted to Rs 9,800. This liability was not provided for in the above Balance Sheet. (v) Rs 25,000 had to be paid for Provident Fund. Prepare the necessary Ledger accounts. 6 14. Record the Journal entries for the forfeiture and reissue in the following cases: (a) X Ltd. forfeited 60 shares of Rs 10 each, Rs 7 called up on which the shareholder had paid applicants and allotment money of Rs 5 per share. Out of these, 45 shares were re-issued to Naresh as Rs 7 paid up for Rs 8 per share. (b) Y Ltd. forfeited 300 shares of Rs 10 each, Rs 8 called up, issued at a premium of Rs 2 per share to R for non-payment of allotment money of Rs 5 per share including premium. Out of these, 210 shares were re-issued to Sanjay as Rs 8 called up for Rs 10 per share fully paid up. (c) Z Ltd. Forfeited 900 shares of Rs. 10 each issued at a premium of Rs 3 per share to R for non-payment of first and final call of Rs 3 per share. All the forfeited shares were reissued at Rs 3 per share fully paid up. 6 st 15. On 31 March, 2013 the Balance Sheet of Ram and Shyam, who were sharing profits in the ration 3:1 was as follows: Liabilities (Rs) Assets Creditors Employees Provident Fund 2,800 Cash at Bank Debtors 1,200 Less: Reserve for D.D General Reserve (Rs) 2,000 2,000 Stock 6,500 500 6,000 3,000 Capitals: Ram Shyam Investments 6,000 4,000 5,000 10,000 16,000 16,000 They decided to admit Mohan on April 1st, 2013 for 1/5th share on the following terms: (i) Mohan shall bring Rs 6,000 as his share of premium (ii) That unaccounted accrued income of Rs 100 be provided for (iii) The market value of investments was Rs 4,500 (iv) A debtor whose dues of Rs. 500 was written off as bad debts paid Rs 400 in full advance (v) Mohan to bring in capital to extent of 1/5th of the total capital of the new firm. Prepare the Revaluation Account, Partner s Capital Accounts and the Balance Sheet of the new firm. 8 Or On 31st March, 2013 the Balance Sheet of A,B and C who were sharing profits in in proportion to their capitals stood as follows: Balance Sheet Liabilities Bills payable Creditors Employees Provident Fund (Rs) Assets (Rs) 8,000 Land and Buildings 12,000 Cash at Bank Debtors 17,000 Less: Provision forD.D 50,000 30,000 10,000 200 9,800 General Reserve 6,000 Stock 14,000 Capitals: Machinery 6,000 30,000 B C 8,200 Profit and Loss A/c A 30,000 15,000 1,18,000 1,18,000 B retires on 1st April, 2013 and the following readjustments of the assets and liabilities have been agreed upon before the ascertainment of the amount payable to B: (i) That out of the amount of insurance which was debited entirely to profit and Loss Account, Rs 1,292 be carried forward as unexpired insurance. (ii) That the land and buildings be appreciated by 10% (iii) That the provision for doubtful debts be brought up to 5% on debtors (iv) The machinery be depreciated by 6% (v)That a provision of Rs 1,500 has made in respect of any outstanding bill for printing and stationery (vi) The goodwill of the firm will be valued at Rs 18,000, but no goodwill is to be raised (vii) That entire capital of the firm as newly constituted be fixed at Rs 60,000 between A and C in the proportion of three-fourth and one-fourth after passing entries in their accounts for adjustment, i.e. actual cash to be paid off or to be brought in by the continuing partners as the case may be. (viii) That B be paid Rs 5,000 in cash and the balance be transferred to his loan account payable in two equal installments along with the interest 8% p.a. Prepare necessary accounts and Balance Sheet of the firm A and C. Also prepare B s loan till it is finally settled. 8 16. Sudhir Ltd. Invited applications for 50,000 shares of Rs 10 each on the following terms: on application Rs 3, on allotment Rs 2 and on first and final call Rs 5. Applications were received for 1,10,000 shares. It was decided: (i) To refuse allotment to the applicants for 10,000 shares who have applied for less than 500 shares. (ii) To allot 50% to Mr. X who has applied for 20,000 shares. (iii) To allot in full to Mr. Y who has applied for 10,000 shares. (iv) To allot balance of the available shares pro rata among the other applicants. (v) To utilise excess application money in part payment of allotment and final call. (a) Which value has been affected by rejecting the applications of the applicants for 10,000 shares? (b) Give journal entries assuming that entire sum due are received in full. Call is made after two months of allotment and 6% p.a. interest is allowed on calls-in-advance. 8 Or Jain Ltd issued 10,000 shares of rs 10 each at a discount of Rs 1 per share(to be adjusted on allotment) payable as follows: Rs 2.50 on application Rs 4.00 on allotment Rs 2.50 on first call Subscription list was closed on 1-4-2011 by which date applications for 24,000 shares were received. Allotment was made as follows: List I Applicants for 1,000 shares were sent letters of regret List II - Applicants for 2,000 shares were allotted in full List III - Applicants for 1,000 shares were allotted 3,000 shares on pro rata basis. List III - Applicants for 15,000 shares were allotted 5,000 shares on pro rata basis. Excess money received on application was utilised towards allotment and call. All the shareholders paid the amounts due on allotment and call except A(who was allotted 300 shares under list II) and B(who was allotted 500 shares under list III). Both of these shareholders paid only the application money. (a) Which value has been affected by rejecting the applications of the applicants for 1,000 shares? (b) Pass the necessary journal entries and prepare the Balance Sheet. 8 Part B ANALYSIS OF FINANCIAL STATEMENTS 17. Proposed Dividend is a: (a) Provision (c) Non-current Liability (b) Surplus (d) Long term Loan 1 18. A mutual fund company receives a dividend of Rs 5,00,000 on its investments, what type of activity is this while preparing Cash Flow statement? (a) Operating Activities (b) Investing Activities (c) Financing Activities (d) None of these 1 19. An example of cash flow from investing activities is: (a) Issue of debenture (b) Repayment of long-term borrowings (c) Purchase of raw materials for cash (d) Sale of investment by non-financial enterprise 1 20. Give the major headings under which the following items will be shown in a Company s balance Sheet: (i) Capital Reserve (ii) Bills of Exchange (iii) Trade Payables (iv) Provision for Taxation (v) Loose Tools (vi) Proposed Dividend 3 21. From the following information, prepare comparative Income Statement of XYZ Ltd: Particulars Revenue from Operations Cost of materials Consumed Finance Costs Depreciation and Amortization Expenses Other Incomes Rate of Income Tax: 2011(Rs) 2010(Rs) 12,00,000 10,00,000 8,72,000 7,00,000 1,50,000 1,60,000 90,000 60,000 15,000 12,000 50% 50% 4 22. Following particulars are provided of Vijay Ltd.: Share capital Rs 3,20,000, 9% Debentures Rs 1,20,000, Current Liabilities Rs 3,04,000, Statement of Profit and Loss Rs 48,000, reserves and Surplus Rs 1,00,000, Building Rs 3,00,000, Machinery Rs 60,000, Inventories Rs 1,76,000, Trade Receivables Rs 3,28,000, Bank Balance Rs 28,000. From the information given above, work out the following ratios: (i) Debt-Equity Ratio (ii) Total Assets to Debt Ratio (iii) Proprietary Ratio (iv) Quick Ratio 4 23. From the following Balance Sheet, prepare a Cash Flow Statement as per AS-3(revised): Particulars Note No. I. EQUITY AND LIABILITIES 1. Shareholder s Funds (a) Share Capital (b) Reserves and Surplus 1 2. Current Liabilities (a) Trade Payables Total II. ASSETS 1. Non-current Assets (a) Fixed Assets (i)Tangible Assets 2. Current Assets (a) Inventories (b)Trade Receivables (c) Cash And Cash Equivalents Total 31st mar 2012(Rs) 31st mar 2011(Rs) 45000 18000 36000 15000 33000 ________ 96000 ----------- 45000 ________ 96000 ------------- 24000 15000 12000 24000 36000 _________ 96000 18000 30000 33000 ________ 96000 Notes to Accounts Particulars 1. Reserves and Surplus Statement of profit and Loss A dividend of Rs 9,000 was paid during the year. 31st mar 2012(Rs) 18,000 31st mar 2011(Rs) 15,000 6 KENDRIYA VIDYALAYA SANGATHAN-KOLKATA REGION COMMOM SECOND PRE-BOARD EXAMINATION: 2014-15 SUB: ACCOUNTANCY MARKING SCHEME 1. (c) 2. (b) 3. (c) 4. (c) 5. (c) 6. Dr. Ruchi s Capital A/c and Cr. Priya s Capital A/c by Rs 76,000 7. Bank Loan Rs 6,00,000 8. (a) Loss on issue of Debentures Rs 5,000 (b) Discount on issue of Debentures Rs 2,500 9 . Sacrifice made by Ganga , Premium for goodwill transferred to Ganga s Capital A/c Rs 30,000 10. Value of goodwill Rs 66,000; B (Dr.) Rs 1,100; C (Dr.) Rs 2,200; A(Cr) Rs3,300 11. No of shares to be issued = Rs 4, 05,000/Rs 9 = 45,000 shares 12. Manager s Commission Rs 375, Profit transferred to Sanjana Rs 2,085, Kalpana Rs 1,390 Partner s Capital balances: Sanjana Rs 28,585; Kalpana Rs 18,540 13. Realisation Loss: Rs 1,11,000 Total of Cash A/c: Rs 1,50,000 14. Capital Reserve: (a) Rs 180 (b) Rs 630 (c) Rs 0 15. Partner s Capital: Ram Rs 12,000, Shyam Rs 6,000, Mohan Rs 4,500, Balance Sheet Rs 26,500 Or Revaluation Profit Rs 4,000; Balance Sheet: Rs 1,32,300 16. Amount received on Allotments: Rs 20,000, Amount received on First & Final call Rs 1,80,000 Or Amount received on Allotments: Rs 12,500, Amount received on First & Final call Rs 20,000. 17. (a) 18. (a) 19. (d) 20. (i) Shareholder s Funds (ii) Current Assets (iii)Current Liabilities (iv) Current Liabilities (v) Current Assets (vi) Current Liabilities 21. Revenue from Operations- 20%, Other incomes- 25.5%, Total Revenue -19.94%, Total expenses -20.87%, profit before Tax- 7.35% 22. (i) Debt Equity Ratio = 0.26:1 (ii) Total Assets to Debt Ratio = 13.45% (iii) Proprietary Ratio = 52.47% (iv) Quick Ratio = 1.17:1 23. Cash flow from Operating Activities- Rs 12,000; Cash used in Investing Activities -Rs 9,000; Cash used in Financing Activities- Nil

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Additional Info : KV Sangathan, Kolkata Region ACCOUNTING Pre-Board
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