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

ACCOUNTANCY (Set III—Outside Delhi)

Except for the following questions, all the remaining questions have been asked in Set I and Set II

PART A – ACCOUNTING

Q. 1. List any four essential elements of a partnership. 2

Q. 5. The partners of a firm distributed the profits for the year ended 31st March, 2003, Rs. 1,20,000 in the ratio of 2 : 2 : 1 without providing for the following adjustments:
(i) A and B were entitled to a salary of Rs. 1,500 per quarter.
(ii) C was entitled to a commission of Rs. 6,000.
(iii) A and C had guaranteed a minimum profit of Rs. 48,000 p.a. to B.
(iv) Profits were to be shared In the ratio of 4 : 3 : 2.
Pass necessary journal entry for the above adjustments in the books of the firm. 3

Q. 6. Pass necessary journal entries in the books of the company in the following cases for redemption of 6,000 12% Debentures of Rs. 10 each issued at per:
(a) Debentures redeemed at p by conversion into 10% preference shares of Ks. 50 each.
(b) Debentures redeemed at a premium o 20% by conversion into equity shares issued at par.
(c) Debentures redeemed at a premium of 20% by conversion into equity shares issued at a premium of 20%.

Q. 8. A, B and C were partners in a firm sharing profits in the ratio of 4 : 3 : 3. On 1.4.03 they decided to dissolve the firm. On that A’s capital was Rs. 1,25,000, B’s capital was Rs. 45,000 and C’s capital was Rs. 12,000 (Dr). The Creditors amounted to Rs. 23,150 and cash in hand was Rs. 3,920. Ike assets realised Rs. 1,44,000 and the expenses of dissolution were Rs. 1,860. Prepare Realization Account and show your working clearly. 4

PART B - ANALYSIS OF FINANCIAL STATEMENT

Q. 17. Give any two points of importance of Funds Flow Statement. 2

Q. 18. What are the contingent liabilities? Mention any two examples. 3

Q. 20. (a) The ratio of Current Assets (Rs. 3,00,000) to Current Liabilities (Rs. 2,00,000) is 1. 5 : 1. The accountant of the firm is interested In maintaining a Current Ratio of 2 : 1, by paying off a part of the Current Liabilities. Compute the amount of Current Liabilities that should be paid, so that the Current Ratio at the level of 2 : 1 may be maintained.
(b) Compute the Gross Profit Ratio from the following information:
Sales Rs. 5,00,000; Gross Profit 25% on cost. 2+2=4

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