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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
Indian Colleges Set I Indian Colleges Set I Indian Colleges Set I Indian Colleges Set I
Indian Colleges Set II Indian Colleges Set II Indian Colleges Set II Indian Colleges Set II
Indian Colleges Set III Indian Colleges Set III