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ISC Class XII Sample / Model Paper 2024 : Accounts

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ACCOUNTS 2 ---------------------------------------------------------------------------------------------------Maximum Marks: 80 Time Allowed: Three hours This paper has been made by strict efforts of our teachers and has a copyright by Obsession.ltd. Students do not share thesepaper with anyone as these are authenticated according to board s requirements 2024. SECTION A (60 Marks) Answer all questions. Question 1 In subparts (i) to (iv) choose the correct options and in subparts (v) to (x) answer the questions as instructed. (i) At the time of admission of a partner, recording of an unrecorded asset by the firm leads to: (a) loss to the old partners. (ii) (b) gain to the old partners. (c) gain to all the partners. (d) loss to all the partners. At the time of dissolution of a firm, its Balance Sheet showed debtors of 60,000 and provision for doubtful debts of 2,000. What is the amount realised from the debtors, if 5,000 of the debtors prove bad and the remaining debtors are realised at a discount of 20%? (a) 42,400 (b) 46,400 (c) 48,000 (d) 44,000 ---------------------------------------------------------------------------------------------------------------- OBSESSION BY SHUBHAM JAGDISH [1] [1] (iii) (iv) White Ltd. offered 20,000 shares of 10 each to the public. The public applied for 30,000 shares. The company made pro-rata allotment in the ratio of 6:5 and the remaining applications were rejected and money refunded to the applicants. How many shares did shareholder Aarti apply for, if the company had allotted 80 shares to her? (a) 66 shares (b) 96 shares (c) 90 shares (d) 120 shares Agni Bank of India has outstanding 40,000, 6% Debentures of 100 each redeemable at a premium of 10 %. [1] [1] According to the provisions of the Companies Act, 2013, what amount, if any, should the bank transfer from its profits to Debenture Redemption Reserve before the redemption of debentures? (v) (vi) (a) 4,40,000 (b) 6,00,000 (c) 4,00,000 (d) No amount At the time of reconstitution of a partnership firm, its goodwill was valued on the basis of two years purchase of the profit of the previous year. The profit of the previous year was 40,000. It was found that the closing stock in this year had been undervalued by 5,000. What was the correct profit on the basis of which the goodwill of the firm was valued? A firm having creditors of 20,000, due to be paid on 30 th April, 2022, was dissolved on 31st March, 2022. The creditors were paid on the date of dissolution of the firm at a rebate of 6% per annum. [1] [1] Give the journal entry to discharge the creditors. (vii) Mention whether the following Trade Payables are Non-current Liabilities or Current Liabilities: Operating Cycle Expected period of payment (a) 12 months 13 months (b) 15 months 10 months --------------------------------------------------------------------------------------------------------------------2 OBSESSION BY SHUBHAM JAGDISH [1] (viii) Mention any two groups to whom a company can issue debentures, other than the general public. [1] Isha, Veena and Geeta are partners in a firm. On the date of Veena s retirement, the Balance Sheet of the firm showed debtors of 15,000. [1] (ix) On this date, a bill receivable of 2,000, which had been endorsed to a creditor gets dishonoured. The firm wants to maintain a provision for doubtful debts @ 10% of the debtors in the reconstituted firm. What will be the net debtors to be shown in the Balance Sheet of the reconstituted firm? (x) Exe Ltd. has 5,000, 15% Debentures of 100 each, due for redemption at par on 31st March, 2022. The Debenture Redemption Investment which was purchased on 30th April, 2021, was realised on the date of redemption at 103%, and the debentures were redeemed. Give the journal entry to record the sale of the Debenture Redemption Investment. [1] [3] Question 2 Joy, Deb and Sam are partners in a firm sharing profits in the ratio of 5:4:3. Deb died on 30th June, 2022. The partnership deed provides that the representatives of a deceased partner are entitled to: (a) His share of profit calculated from the date of the last Balance Sheet till the date of his death based on the profits of the previous year. The profit of the firm for the year 2021-22 was 60,000. (b) His share of goodwill calculated at two years purchase of the average profit of the previous two years. The firm s goodwill so calculated was 72,000. (c) Interest on his capital @ 8% per annum. Deb s capital on 1st April, 2022, was 1,00,000. Joy and Sam decided to share profits equally in the reconstituted firm. You are required to prepare Deb s Capital Account to be rendered to his representatives. OR --------------------------------------------------------------------------------------------------------------------3 OBSESSION BY SHUBHAM JAGDISH Turn over Akhil and Sachin are two partners in a firm sharing profits and losses equally. On Sachin s retirement from the firm on 31st March, 2021, his capital account, after all adjustments (including his share of goodwill), stood at 1,80,000. Akhil decided to pay off Sachin by giving him cash of 50,000 immediately on 31st March, 2021, and the balance transferred to his loan account to be paid along with interest @ 5% per annum on 31st March, 2022. You are required to prepare: (i) Sachin s Capital Account on the date of his retirement. (ii) Sachin s Loan Account till it is finally closed. Question 3 [3] On 1st April, 2021, Right Ltd. had a balance of 2,40,000 in its Securities Premium Reserve. On this date, it issued 40,000, 6% Debentures of 100 each at a discount of 9% to be redeemed after five years at a premium of 5%. You are required to pass necessary journal entries in the books of Right Ltd. for the year 2021-22. (Ignore entries for interest on debentures). Question 4 On 1st April, 2020, the following balances appeared in the books of Skydeck Ltd. (an unlisted manufacturing company) 10% Debentures of 100 each 12,00,000 Debenture Redemption Reserve 1,20,000 The debentures were to be redeemed in two equal annual instalments. One-half of the Debentures were redeemed at par on 31st March, 2021, and the remaining half on 31st March, 2022. After meeting the requirements of the Companies Act, 2013, regarding Debenture Redemption Investment, the debentures were redeemed by the company. You are required to record necessary journal entries in the books of Skydeck Ltd. for the year 2021-22. (Ignore entries for interest on debentures). OR On 1 April, 2020, Tulip Ltd. (a listed company) issued 8,00,000, 7% Debentures of 10 each, at par, redeemable at a premium of 5% on 31st March, 2022, interest to be paid annually on 31 st March. You are required to prepare for the year 2021-22: (i) Interest on Debentures Account. st (ii) Debenture holders Account. --------------------------------------------------------------------------------------------------------------------4 OBSESSION BY SHUBHAM JAGDISH [3] Question 5 [3] Shaan, Viraj and Sanjay were partners in a firm sharing profits in the ratio of 2:2:1. Viraj retired on 31st March, 2022, and his share of profit was taken up by Sanjay. On the date of Viraj s retirement: (a) The firm had total liabilities of 1,80,000 including the capital balances of the partners of 1,10,000 and creditors of 30,000. The reserves constituted the rest. (b) The goodwill of the firm was valued at 1,20,000 at three years purchase of super profit. (c) The normal rate of return of the industry was 10%. You are required to calculate: (i) The new profit-sharing ratio of the continuing partners. (ii) The average profit of the firm. Question 6 [6] Judy and Cathy are partners in a firm sharing profits and losses in the ratio of 3:2. Their Balance Sheet as at 31st March, 2022, is given below: Balance Sheet of Judy and Cathy As at 31st March, 2022 Liabilities ( ) Assets ( ) Creditors 27,000 Cash at Bank 52,000 General Reserve 25,000 Sundry Debtors 55,000 Capital Accounts: Less Provision for Judy 60,000 doubtful debts 5,000 50,000 Cathy 40,000 1,00,000 Investments 50,000 1,52,000 1,52,000 st 1 On 1 April, 2022, Sandra is admitted as a new partner for 5 share in the profits on the following terms: (a) Sandra brings in 30,000 as her capital and 5,000 as her share of goodwill in cash. (b) Creditors of 2,000 are discharged by Cathy privately for which she is reimbursed. The market value of investments is determined at 40,000. These are taken over by Judy and Cathy in the ratio of 3:2. (d) A debtor whose dues of 15,000 were written off as bad debts, pays 10,000 in full settlement. (e) The capitals of Judy and Cathy are readjusted on the basis of their profit-sharing arrangement, adjustments of capitals are made through cash. You are required to prepare Partners Capital Accounts. (c) OR --------------------------------------------------------------------------------------------------------------------5 OBSESSION BY SHUBHAM JAGDISH Turn over Kamal and Vinay are partners in a firm sharing profits and losses in the ratio of 3:2. On 1st April, 2022, they admit Dhaval for share in the profits. On the date of Dhaval s admission: (a) The capitals of Kamal and Vinay were: 40,000 and 30,000 respectively. (b) The Advertisement Suspense Account had a debit balance of 6,000. (d) Goodwill of 4,000 existed in the books. (e) (f) There were creditors of 15,000 out of which 5,000 were paid off by Kamal for which he was not to be reimbursed. Furniture of 2,000 was taken over by Vinay at its book value. (g) Goodwill of the firm was valued at 25,000. [ Dhaval contributed of the combined capital of Kamal and Vinay and his share of goodwill in cash. You are required to prepare Partners Capital Accounts. (h) Question 7 Joe and Kevin were partners in firm sharing profits and losses in the ratio of 3:2. They dissolved their firm on 31st March, 2022. On this date, their books showed: Capitals of Joe and Kevin of 5,00,000 and 2,50,000 respectively Creditors of 3,00,000 Kevin s loan from the firm of 50,000 Joe s loan to the firm of 1,00,000 Cash of 1,00,000 The firm also had fixed and other current assets which were sold for 7,00,000 at the time of dissolution of the firm. Joe s loan was also discharged by the firm along with interest @ 6% per annum. You are required to, on 31st March, 2022: (i) Calculate the book value of the fixed and other current assets of the firm by preparing a Memorandum Balance Sheet. (ii) Prepare Kevin s Loan Account. (iii) Prepare Joe s Loan Account. --------------------------------------------------------------------------------------------------------------------6 OBSESSION BY SHUBHAM JAGDISH [6] Question 8 [6] The following balances have been extracted from the books of Meadow Ltd. as at 31st March, 2022: Amount ( ) Particulars Share Capital (Equity shares of 10 each) 12,00,000 Plant and Machinery 9,00,000 Patents 1,00,000 Balance in Statement of Profit and Loss 2,00,000 Calls-in arrears @ 2 per share 20,000 Cash at bank 3,80,000 You are required to prepare as at 31st March, 2022: (i) The Balance Sheet of Meadow Ltd. as per Schedule III of the Companies Act, 2013. (ii) Notes to Accounts. Question 9 [10] Shakti Ltd., with an authorised capital of 80,00,000 divided into 80,000 Equity shares of 100 each, issued 50,000 shares to the public, payable as follows: 30 on Application 30 on Allotment 40 on First & Final Call. The public applied for 60,000 shares. Applications for 10,000 shares were rejected and money received on these shares was refunded. Jaya, who was allotted 500 shares failed to pay the allotment money and on her subsequent failure to pay the call money, her shares were forfeited. Hema, who was allotted 300 shares failed to pay the call money and her shares were forfeited after the call. Later, the company reissued 600 of the forfeited shares at 120 per share credited as fully paid up, the whole of Hema s shares being included. You are required to pass journal entries to record the above transactions in the books of Shakti Ltd. OR --------------------------------------------------------------------------------------------------------------------7 OBSESSION BY SHUBHAM JAGDISH Turn over Disha Ltd. was registered with a capital of 5,00,000 divided into 50,000 Equity shares of 10 each. It issued 20,000 shares at a premium of 2 per share, payable as follows: On Application 2 per share 6 per share (including premium) 4 per share (due on 1st March, 2022, three months after the allotment) The subscription was at par. All money payable on allotment was duly received. Ali, a shareholder holding 500 shares paid the amount due on his first and final call along with the allotment money. According to the Articles of Association of the company, interest @ 12% per annum was payable by the company on any calls-in-advance. The interest on calls-in-advance was paid by the company to Ali on 1st March, 2022. You are required to pass journal entries to record the above transactions in the books of Disha Ltd. On Allotment On First Call & Final Call Question 10 Adit, Vijay and Aman are partners in a firm sharing profits in the ratio of 5:3:2. On 1st April, 2021, their capitals were: Adit 1,00,000; Vijay 80,000; Aman 60,000. According to their partnership deed: (a) 6,000 to be transferred from the profits to Workmen Compensation Reserve. (b) Interest on drawings to be charged @ 10% per annum. (c) Aman to get a guaranteed profit of 12,000 of the divisible profits, from the firm. Any deficiency in his guaranteed profit to be met by Adit and Vijay equally. (d) Adit s guarantee to the firm that the firm would earn a net profit of at least 60,000 per annum and any shortfall in these profits would be personally met by him. Vijay had withdrawn 8,000 on 1st July, 2021, and the interest on his drawings at the end of the year was 600. The trading profit of the firm for the year 2021-22 was 55,000. You are required to: (i) Give the journal entry to record the drawings made by Vijay. (ii) Prepare the Profit and Loss Appropriation Account for the year ending 31st March, 2022. OR --------------------------------------------------------------------------------------------------------------------8 OBSESSION BY SHUBHAM JAGDISH [10] Ravi, Shiv and Nimit are three partners sharing profits and losses in the ratio of 1:1:2. On 31st March, 2021, their books showed the following balances: Partner Capital Account Current Account Ravi 2,00,000 1,00,000 (Cr) Shiv 4,00,000 50,000 (Dr) Nimit 6,00,000 1,50,000 (Cr) Loan from Partner 1,50,000 On 1st April, 2021, they adopted the fluctuating capital method of accounting, thereby transferring their current account balances to their capital accounts. Their partnership deed provided for the following: (a) Interest on capital to be allowed at @ 10% per annum. (b) (c) A monthly allowance of 6,000, 4,000 and 3,000 to be allowed to Ravi, Shiv and Nimit respectively. Interest on loan taken from a partner to be allowed at 20% per annum. During the year ending 31st March, 2022, the firm earned a net profit of 5,00,000 before allowing interest on Shiv s loan. You are required to prepare for the year ending 31st March, 2022: (i) Profit and Loss Appropriation Account. (ii) Shiv s Capital Account. SECTION B (20 Marks) Answer all questions Question 11 In subparts (i) and (ii) choose the correct options and in subparts (iii) to (v) answer the questions as instructed. (i) Choose the correct statement in the context of the Trade Payables Turnover Ratio. (a) A high ratio indicates a shorter payment period. (b) A high ratio indicates a longer payment period. (c) A low ratio indicates a longer collection period. (d) A low ratio indicates a shorter collection period. [1] --------------------------------------------------------------------------------------------------------------------9 OBSESSION BY SHUBHAM JAGDISH Turn over (ii) While preparing a Cash Flow Statement of Xen Ltd., which one of the following will NOT cause any flow of cash under its Investing activities? (a) Purchase of office equipment for 20,000. (b) Sale of land for 2,50,000 for cash. (c) Purchase of 5,000, 10% Debentures of 100 each of Zoom Ltd. for cash. [1] (d) Issue of 3,000, 6% Debentures of 100 each to Alpha Ltd. for cash. (iii) Give the formula for calculating Earning per share. [1] (iv) State any one condition for an investment to qualify as a Cash Equivalent as per AS-3. [1] (v) What is meant by intra-firm analysis? [1] Question 12 [3] From the following data of Pearl Ltd., you are required to prepare a Comparative Statement of Profit and Loss. Particulars Revenue from Operations (% of cost of materials consumed) Other income Cost of Materials consumed Other expense ((% of cost of materials consumed) 31.03.2022 31.03.2021 400% 300% 20,000 10,000 2,00,000 1,00,000 10% 10% Question 13 [6] Answer any three of the following questions. (i) Calculate Inventory Turnover Ratio (up to two decimal places) from the following information: Particulars Opening Inventory Closing Inventory Revenue from Operations Gross Profit 15,000 17,000 2,00,000 20% on Revenue from Operations --------------------------------------------------------------------------------------------------------------------10 OBSESSION BY SHUBHAM JAGDISH (ii) Calculate Current Ratio (up to two decimal places) from the following information: Particulars Total Debts Long-Term Debts Working Capital ( ) 3,00,000 1,90,000 1,00,000 (iii) Calculate Gross Profit Ratio (up to two decimal places) from the following information: Particulars Changes in Inventory Net Purchases Carriage inward Wages Revenue from operations (iv) ( ) (1,00,000) 10,00,000 50,000 1,50,000 15,00,000 Calculate Debt Equity Ratio (up to two decimal places) from the following information: Particulars Equity Share Capital General Reserve Balance in Statement of Profit & Loss (Dr) Long-term Provisions Long-term Borrowings ( ) 4,00,000 70,000 1,00,000 1,30,000 5,00,000 --------------------------------------------------------------------------------------------------------------------11 OBSESSION BY SHUBHAM JAGDISH Turn over Question 14 [6] From the following Balance Sheets of Zeba Ltd., you are required to prepare a Cash Flow Statement (as per AS 3) for the year 2021-22. Balance Sheets of Zeba Ltd. As at 31st March, 2022 and 31st March, 2021 Note No. Particulars I 1. 2. 3. II 1. 2. EQUITY AND LIABILITIES Shareholders Funds (a) Share Capital (Equity) (b) Reserves and Surplus (Surplus in Statement of P/L) Non-Current Liabilities Long-term Borrowings (15% Debentures) Current Liabilities (a) Trade Payables (b) Short term Provision (Provision for Tax) TOTAL ASSETS Non-Current Assets Non-Current Investments Current Assets Cash & Bank Balances TOTAL 31.3.2022 ( ) 31.3.2021 ( ) 4,00,000 41,000 4,00,000 (30,000) 2,00,000 2,00,000 1,85,000 15,000 8,41,000 50,000 11,000 6,31,000 40,000 45,000 8,01,000 8,41,000 5,86,000 6,31,000 Additional information: During the year 2021-22, the company: (a) Purchased non-current investments costing 30,000 and sold some investments at a loss of 20% on their book value. (b) Earned and received interest of 4,000 on its non-current investments. OR --------------------------------------------------------------------------------------------------------------------12 OBSESSION BY SHUBHAM JAGDISH From the following information and extracts of the Balance Sheets of Xylo Ltd. as at 31st March, 2021 and 31st March, 2022, calculate for the year 2021-22: (i) Cash from Operating Activities (ii) Cash from Investing Activities 31.3.2022 ( ) 31.3.2021 ( ) 50,000 40,000 Balance of Statement of Profit & Loss (Cr) 2,80,000 1,50,000 Provisions for Tax 1,00,000 80,000 Trade Payables 12,000 18,000 Trade Receivables 25,000 20,000 Inventories 40,000 30,000 1,90,000 1,45,000 40,000 50,000 1,00,000 60,000 15,000 12,000 Particulars General Reserve Plant and Machinery (at cost) Accumulated depreciation on Plant and Machinery 10% Debentures Goodwill Note: Proposed dividends for the years 2020-21 and 2021-22 were 30,000 and 40,000 respectively. Additional information: During the year 2021-22, the company: (a) Provided depreciation on Plant and Machinery amounting to 20,000. (b) Condemned and scrapped a machine. (c) Issued the additional debentures on 1st April, 2021. --------------------------------------------------------------------------------------------------------------------13 OBSESSION BY SHUBHAM JAGDISH Turn over --------------------------------------------------------------------------------------------------------------------14 Turn over OBSESSION BY SHUBHAM JAGDISH

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