ACCOUNTANCY (Set II—Compartment Outside Delhi)

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CBSE Guess > Papers > Question Papers > Class XII > 2004 > Accountancy > Compartmemt Outside Delhi Set-II

ACCOUNTANCY (Set II—Compartment Outside Delhi)

Note: Except for the following questions, all the remaining questions have been asked in Set I.

PART A: PARTNERSHIP AND COMPANY ACCOUNTS

Q. 1. Why is Profit and Loss Appropriation Account prepared? 2

Q. 2. Define share. 2

Q. 4. State any two points of distinction between a share and a debenture. 2

Q. 5. K Ltd. purchased its own 100, 8% debentures of Rs. 100 each at Rs. 95 per debenture for the purpose of redemption. Pass necessary journal entries. 3

Q. 6. P, Q and R started a partnership firm on 1.7.2002. They contributed Rs. 5,00,000, Rs. 6,00,000 and Rs. 7,00,000 respectively as their capitals. Interest on capital is to be provided @ 12% per annum. The firm earned a profit of Rs. 1,75,000 for the year ended 31.3.2003. The profit sharing ratio of P and R 1 : 2 : 2.
Prepare Profit and Loss Appropriation Account for the year ended 31.3.2003. 3

Q. 7. X and Y were partners in a firm sharing profits in the ratio of3:1. On 1.3.2004 they admitted Z as a new partner for ¼ the share in the profits. The new profit sharing ratio will be 2: 1: 1. Z brought in Rs. 2,00,000 as his capital and Rs. 50,000 for his share of goodwill (premium) in cash. On Vs admission goodwill appeared in the books of the firm at Rs. 30,000.
Pass necessary journal in the books off the firm on Z's admission. 4

PART B - ANALYSIS OF FINANCIAL STATEMENTS

Q. 21. From the following Balance Sheets of J Ltd. as on 31.3.2002 and 31.3.2003,
prepare a Schedule of Changes in Working Capital, calculate Funds from Operations and prepare a Statement of Changes in Financial Position:
Balance Sheets of J Ltd. as at 31.3.2002 and 31.3.2003

Liabilities	2002 Rs.	2003 Rs.	Assets	2002 Rs.	2002 Rs.
Equity share capital Reserves 8% debentures accounts payable outstanding expen. Provision for taxati. Profit & loss A/c	6,00,000 3,00,000 10,00,000 5,00,000 1,00,000 2,00,000 10,000 27,10,000	18,00,000 4,45,000 4,00,000 6,00,000 75,000 2,80,000 50,000 36,55,000	Land Building Stock Debtors Accounts rece. Cash Preliminary Exp.	10,00,000 8,00,000 2,00,000 4,00,000 2,25,000 75,000 10,000 27,10,000	12,00,000 15,00,000 1,50,000 4,50,000 3,00,000 50,000 5,000 36,55,000

Additional Information:
Dividend paid during the year was Rs. 1,00,000. 6
Or
Monika Ltd. reported at net profit of Rs. 15,000 for the year ending on 31.3.2003 after taking the following into consideration:

	Rs.
Depreciation on land and buildings Depreciation on land and buildings Amortisation of goodwill Loss on sale of machinery	15,000 45,000 20,000 5,000

The current assets and current liabilities at the beginning and the end of the year were:

	1-4-2002	31-3-2003
Accounts receivable Stock on hand Expenses due Accounts payable	35,000 55,000 12,000 6,000 60,000	46,000 42,000 2,000 8,000 53,000

Calculate cash from operating activities.

Accountancy 2004 Question Papers Class XII
Delhi		Outside Delhi		Compartment Delhi		Compartment Outside Delhi
	Set I		Set I		Set I		Set I
	Set II		Set II		Set II		Set II
	Set III		Set III

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