
	Trending ▼ ICSE CBSE 10th ISC CBSE 12th CTET GATE UGC NET Vestibulares ResFinder

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

9 pages, 42 questions, 27 questions with responses, 28 total responses,

	Kendriya Vidyalaya Air Force Stn Sulur Kendriya Vidyalaya Air Force..., Sulur, Coimbatore	+Fave Message
	Profile Timeline Uploads

Home > kv_kendriya_vidyalaya_sulur > F Also featured on: kv_kendriya_vidyalaya_iitchennai

Formatting page ...

KENDRIYA VIDYALAYA SANGATHAN, CHENNAI REGION CLASS XII-COMMON PRE BOARD EXAMINATION-2014-2015 SUBJECT:ACCOUNTANCY TIME ALLOTTED: 3 HOURS MAX.MARKS:80 General Instructions: I. This question paper contains two parts A and B ii. All parts of questions should be attempted at one place. iii. Marks are indicated against each question. PART-A (PARTNERSHIP AND COMPANY ACCOUNTS) G D P C A (1) 2. State the formula for valuation of Goodwill on the basis of Capitalization of Average Profits (1) 3. How do you treat the Goodwill appearing in Balance sheet when a partner retires from the firm? (1) H Partnership firm? B S e time of Dissolution of (1) 5. Distinguish between Capital Reserve and Reserve Capital. (1) 6. What do you mean by Participating Preference shares? (1) 7. X Ltd. issued 50,000, 10% Debentures of Rs.100/- each on 1st April 2013 redeemable at par on 30th June 2014. How much amount of Debenture redemption reserve is to be created before the redemption is carried out as per SEBI guidelines? (1) 8. Bat and Ball are partners sharing the profits in the ratio of 2:3 with capitals of Rs.1,20,000 and Rs.60,000 respectively. On 1st October 2013, Bat and Ball granted loans of Rs.2,40,000 and Rs.1,20,000 respectively to the firm. The losses for the year ended 31st March, 2014 before any interest amounted to Rs.9,000. Show the distribution of profit or Loss. (3) 9. Pass Journal entries to record the following issues. (a) E Ltd. issues Rs.60,00,000, 12% Debentures of Rs.100 each at a discount of 5% repayable at a premium of 10% at the end of 5 years. (b) F Ltd. issues Rs.7,00,000, 12% Debentures of Rs.100 each at premium of 5% redeemable at 110% at the end of 10 years. (3) 10. India textiles corporation Ltd. has outstanding Rs.50,00,000, 9% Debentures divided into debenture of Rs.100 each due for redemption on 31st March, 2012. Pass Journal entries regarding redemption assuming that there is a balance of Rs.3,00,000 in Debenture Redemption Reserve on the date of redemption. (3) 11. State the purposes for which Securities Premium Reserve can be utilized? 1 (4) 12. A company issued 30,000 fully paid-up shares of Rs.100 each at a discount of 10% for the purchase of following assets and liabilities from Sharma & Co. at a Purchase consideration of Rs.27,00,000. Plant Rs.7,00,000 Stock Rs.9,00,000 Land and Building Rs.12,00,000 Sundry creditors Rs..2,00,000 (4) You are required to pass necessary Journal entries. 13. What Journal entries will be passed in the books of A and B sharing profits and losses in the ratio of 3:1, for the following transactions on dissolution of the firm: (a) Stock worth Rs.20,000 was taken by partner A (b) B, to bear realization expenses for which he will get Rs.1,900. The actual expenses paid by B were Rs.1,500 (c) Z, a partner, agreed to take a creditor of Rs.30,000 for Rs.20,000 (d) There were creditors of Rs.40,000 which was settled by giving furniture of the same value. (4) 14. (a) A and B are partners sharing profits and losses in the ratio of 3:2. C is admitted for 1/4th share. A and B decide to share equally in future. Find out New Profit sharing ratio. (b) W,X,Y and Z are partners sharing profits and losses in the ratio of 1/3, 1/6, 1/3, 1/6 respectively. Y retires and W, W and Z decide to share the profis and losses equally in future. Calculate Gaining Ratio. (4) 15. A,B,C and D are partners sharing profits and losses in the ratio of 4:3:2:1. Their capitals as at 1 st April 2013 were Rs.3,00,000, Rs.2,50,000, Rs.1,50,000 and Rs.1,00,000 respectively. D R C A Rs.2,60,000. The profits for the year ended 31st March 2014 were Rs.9,00,000 before interest on capital @ 10% and salary to C @ 10,000 per month. Prepare the Profit and Loss Appropriation Account and distribute the profits. (6) 16.A,B and C carried on business in partnership, sharing profits and losses in the proportion of 3:2:1. Their capitals as per the Balance Sheet as at 31st March, 2012 were A-Rs.30,000, B-Rs.20,000 and C-Rs.15,000 On 31st December 2012 C died. You are instructed to prepare an account for presentation to his executors, having regard to the following facts assuming that the accounting year is ended by 31 st March every year. (a) Capital carried interest at 12% p.a. st C D April 2012 to the date of his death amounting to Rs.4,500 C f profits for the portion of the current financial year for which he lived was to be taken at the sum calculated on the average of the last three completed years G of last three completed years. (e) The annual profits of the last three completed years were Rs.17,500, Rs.16,000 and Rs.19,000 respectively. Show the account of the executors of C. (6) 17. Ram and Rahim were in partnership, sharing profits in the ratio of 2:1. Since both of them are specially abled sometimes they find it difficult to run the business on their own. Chrislin, a common friend, decides to help them. Therefore, they admit her into partnership for 1/3rd share in profits. She brings Rs.60,000 for goodwill and proportionate capital. At the time of admission of Chrislin, the Balance Sheet of Ram and Rahim was as under: 2 LIABILITIES Capital Accounts: Ram 70,000 Rahim 60,000 ---------General Reserve Bank Loan Creditors RS. ASSETS Plant Furniture Investments 1,30,000 Stock 18,000 Debtors 18,000 Less: Provision for Bad Debts 72,000 Cash 2,38,000 RS. 66,000 30,000 40,000 46,000 38,000 4,000 ----------- 34,000 22,000 2,38,000 It was decided to (a) reduce the value of stock by Rs.10,000 (b) Plant is to be valued at Rs.80,000 (c) An amount of Rs.3000 included in Creditors was not payable (d) Half of the investments were taken over by Ram at book value and remaining were valued at Rs.25,000 Prepare R A P C A B S Identify the two values being conveyed in the question. (OR) (8) The Balance Sheet of Ganesh, David and Mohammad who were sharing profits in proportion to their capitals, stood as at 31st March 2014 LIABILITIES Capital Accounts: A B C RS. 80,000 60,000 40,000 ---------- ASSETS Stock Debtors Less: Provision for Bad Debts RS. 32,000 20,000 400 ----------- 19,600 34,000 1,00,000 22,000 2,07,600 Creditors 1,80,000 Machinery 27,600 Building Cash at Bank 2,38,000 David retired on 1st April 2014 and the following was agreed upon: a) That Stock be depreciated by 6% b) That Provision for Doubtful Debts to be brought up to 5% on Debtors c) That Building be appreciated by 20% d) That provision of Rs.3080 be made in respect of outstanding legal charges e) That the Goodwill of the entire firm be valued at Rs.43,200 D the accounts of Ganesh and Mohammad who are going to share future profits in the ratio of 5:3 f) That the entire capital of the firm as newly constituted to fixed at Rs.1,12,000 between Ganesh and Mohammad in the ratio of 5:3 (actual cash to be brought in or paid off as the case may be) The balance due to the retiring partner is to be paid immediately by arranging a bank loan for whole amount payable to Mr.David as he would like to donate 50% of his deserving amount to the charitable institution. You are required to prepare Revaluation Account, Capital accounts of partners and the B S D A 3 18. XYZ Ltd. which is decided to provide free transport facilities to physically challenged students studying in Delhi University, issued a prospectus inviting applications for 2000 shares of Rs.10 each at a premium of Rs.4 per share payable as On application On allotment On first call On second and final call Rs.6 (including premium of Rs.2) Rs.4 (including premium of Rs.2) Rs.2 Rs.2 Applications were received for 3,000 shares and pro rata allotment was made on the applications for 2,400 shares. It was decided to utilize excess application money towards the amount due on allotment. X, to whom 40 shares were allotted, failed to pay the allotment money and on his subsequent failure to pay the first call, his shares were forfeited. Y, who applied for 72 shares failed to pay the two calls and on his such failure, his shares were forfeited. Of the shares forfeited, 80 shares were sold to Mr.Z credited as fully paid for Rs.9 per share, Y Pass journal entries for the above transactions. Also mention one value highlighted and another value affected by rejecting the applications of 600 shares in this question. (OR) (8) The directors of Super star Ltd. who have decided to modify its production method by introducing Low waste technology. To implement this decision, as it requires finance, the directors invited applications for 2,00,000 Equity shares of Rs.10 each to be issued at 20% premium. The money payable on shares is as follows: On application Rs.5 On Allotment Rs.4 (including premium) On first call RS.2 On final call Rs.1 Applications were received for 2,40,000 shares and allotment was made as (i) to applicants for 1,00,000 shares - in full (ii) to applicants for 80,000 shares - 60,000 shares (iii) to applicants for 60,000 shares - 40,000 shares Applicants of 1,000 shares falling in category (i) and applicants of 1,200 shares falling in category (ii) failed to pay allotment money. These shares were forfeited on failure to pay first call. The holders of 1,200 shares falling in category (iii) failed to pay the first and final call and these shares were forfeited after final call. Of the shares forfeited, 1,300 shares (1,000 of category (i) and 300 category (ii)) were reissued at Rs.8 per share as fully paid. Journalize the above transactions. Also mention two values highlighted in this question. 4 PART-B (ANALYSIS OF FINANCIAL STATEMENTS) 19. What is Operating Cycle? (1) 20. What do you mean by Cash flow? (1) 21. State any two transactions that are shown under investing activities. (1) 22. Under which of the major heads and sub heads will the following items be shown while preparing the Balance Sheet of a company, as per Schedule VI of the Companies Act 1956: (i) Unamortized Loss on issue of debentures (to be written off after 12 months from the date of Balance Sheet (ii) 10% Debentures (iii) Stock in trade (iv) Goodwill (v) Trucks (vi) Provision for tax (3) 23. From the following statement of profit and loss of Star Ltd. for the year ended 31st March, 2012 and 2011, prepare a Common-size statement of Profit and Loss. PARTICULARS 31st March 2012 31st March 2011 Revenue from operations 20,00,000 16,00,000 Employee benefit expenses 10,00,000 1,00,000 Other expenses 8,00,000 2,00,000 (4) 24. (a) From the following data, calculate Current Ratio Liquid Assets Rs.37,500, Inventories Rs.10,000, Prepaid Expenses Rs.2,500, Working Capital Rs.30,000 (b) From the following information, calculate Debt-Equity Ratio: 10,000 Equity shares of Rs.10 each fully paid Rs.1,00,000 5,000, 9% Preference shares of RS.10 each fully paid Rs. 50,000 General Reserve Rs. 45,000 Surplus, i.e. Balance in statement of profit and loss Rs. 20,000 10% Debentures Rs. 75,000 Current Liabilities Rs. 50,000 (4) 5 25. Following are the Balance Sheets of Wisben Ltd. as at 31 st March 2011 and 31st March 2012. II Assets 1. Non-Current Assets Fixed Assets: Tangible Assets 2. Current Assets (a) Inventories (b) Trade Receivables (c) Cash and cash equivalents Total 6,00,000 1,10,000 3,00,000 2,00,000 30,000 25,000 9,35,000 8,00,000 60,000 40,000 35,000 12,30,000 Total 7,00,000 2,00,000 70,000 32,000 28,000 I EQUITY AND LIABILITIES S (a) Share Capital (b) Reserves and Surplus (Profit and Loss Balance) 2. Non-Current Liabilities Long-term Borrowings 3. Current Liabilities Trade Payable 31st MARCH 2011 (Rs.) 11,00,000 NOTE NO. 31st MARCH 2012 (Rs.) 12,30,000 PARTICULARS 9,35,000 Additional Information:During the year a piece of machinery of the book value of Rs.80,000 was sold for Rs.65,000. Depreciation provided on tangible assets during the year amounted to Rs.2,00,000. Prepare a Cash Flow Statement (6) **************************************************************************************** 6 KENDRIYA VIDYALAYA SANGATHAN, CHENNAI REGION CLASS XII COMMON PRE-BOARD EXAMINATION 2014-15 BLUE PRINT SUB: ACCOUNTANCY PART-A. (ACCOUNTING FOR PARTNERSHIP AND COMPANY ACCOUNTS ) SL. NO. FORM OF QUESTIONS/ UNITS 1. Accounting for Partnership firms-Fundamentals, Reconstitution and Dissolution LONG ANSWER (6,8) SHORT ANSWER (3,4) 6(1) 6(1) 8(1) 3(1) 4(2) VERY SHORT ANSWER (1) 1(1) 1(3) TOTAL 35(10) 2. Accounting for companies Sub Total (A) 8(1) 28(4) 4(2) 3(2) 25(7) 1(2) 1(1) 7(7) 25(8) 60(18) PART B (FINANCIAL STATEMENT ANALYSIS) SL. NO. FORM OF QUESTIONS/ UNITS 5. Analysis of Financial Statements 6. Cash Flow Statement Sub Total (B) Grant Total (A + B) LONG ANSWER (6,8) SHORT ANSWER (3,4) --- 3(1) 4(2) --11(3) 36(10) 6(1) 6(1) 34(5) VERY SHORT ANSWER (1) 1(1) TOTAL 1(2) 3(3) 10(10) Note: Number of questions are given within brackets and marks outside the brackets 12(4) 8(3) 20(7) 80(25) KENDRIYA VIDYALAYA SANGATHAN CHENNAI REGION COMMON PRE-BOARD EXAMINATION 2014-2015 CLASS XII ACCOUNTANCY MAX.MARKS: 80 Q.No. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 SCORING KEY Correct Answer Opening balance, Drawings, Interest on drawings Average profitx100/Normal rate of return The existing goodwill should be written off in the old profit sharing ratio among all partners. P Any one difference Share holders having a right to participate in the remaining profits No DRR to be created as the debentures are redeemable before 18 monhs. Share of loss Bat-Rs. 7920 Ball-Rs.11880 Journal entry for the distribution (a)Journal entry -1 (b)Journal entry- 1 Creation of DRR Redemption of debentures Transfer of DRR to general reserve One mark for each purpose(any four) Goodwill Rs.1,00,000 i. Entry for purchase of business (2 mks) ii. No. of shares issued at discount -30,0000 Journal entry (2 mks) For each correct journal entry (1mark) a. NPR OF A, B and C-3:3:2 (2mks) b. Gaining ratio of W,X and Z 0:1:1(2mks) P/L Appropriation A/C A -R B -1,50,000, C -R D -R. 2,50,000) Amount due to Executors Rs.19,870 Values-Secularism, friendship, support, sympathy(any two) Revaluation A/C Profit Rs.12,000 Capital A/C Ram-Rs.1,10,000,Rahim-Rs.90,000,Chrislin-Rs1,00,000 Balance Sheet Rs.3,87,000 (2+2+2+2) OR Values-Secularism, support, sympathy, Helping tendency(any two) Revaluation A/C Profit Rs.14,400 Capital A/C G-Rs.70,000, M-Rs. 40,000, Amount paid to D-79,200 Balance Sheet Rs.2,21,880 (2+2+2+2) Marks 2x1/2 1 1 1 1 1 1 3 3 1 1 1 4x1 4 4 4 6 6 8 18 19 20 21 22 23 24 25 Appn entries Allotment entries First call entries Second call entries forfeiture entry Reissue & Transfer to capital reserve entries Amount transferred to capital reserve Rs.400 Value affected is equality and value highlighted is helping tendency OR values highlighted social responsibility, equality Appn entries Allotment entries First call entries Second call entries forfeiture entry Reissue & Transfer to capital reserve Amount transferred to capital reserve Rs.4,400 1 1 1 1 1 1 Time taken to by a company to acquire an asset for processing and converting it into Cash and cash equivalents. Cash inflow means cash inflows and cash outflows of cash and cash equivalents. Any two (dividend received, purchase of investments etc.) For each correct answer mark each i.e. 6 X Percentage change Revenue from operation- 100%-100%, Emp benefit Exp-50%-50%, other exp-12.5% -5% , Total exp-62.5%_ 55%, PBT-37.5%_ 45% (a)Current liabilities Rs.20,000, Current Assets- Rs.50,000 and Currentratio2.5:1(2mks) (b) Debt equity ratio 0.35:1(2mks) Net cash used in operating activities Rs.3,08,000 Net cash from investing activities (Rs.5,15,000) Net cash from financing activities Rs. 2,00,000 1 2 2 1 1 1 1 1 1 1 1 3 4 4 6

Formatting page ...

Top Contributors
to this ResPaper
(answers/comments)

Savio Bastian
(24)

jellokuttan19
(3)

Rg
(1)

Formatting page ...

Tags : kendriya vidyalaya kv air force station sulur, coimbatore, tamil nadu, chennai, cbse pre boards, prelims preliminary exams, cbse specimen / guess / mock papers / books, cbse india portal, central board for secondary education, answer keys, top schools, cbse question bank, cbse model test papers with answers, solved question papers of cbse last year, previous years papers with solutions, free download pdf online cbse paper, cbse syllabus, pattern, dates notification, application forms, india cbse board sample last 10 years, clat important questions preparation, how to prepare, 2015, 2014.

kv_kendriya_vidyalaya_sulur chat

Horizontal lines at:
Guest Horizontal lines at:
AutoRM Data:
Box geometries: