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CBSE Guess > Papers > Question Papers > Class XII > 2005 > Accountancy > Delhi Set-II

ACCOUNTANCY (Set II—Delhi)

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

PART - A

(ACCOUNTANCY)

Q. 13. E and F were partners in a firm sharing profits in the ratio of 3 : 2. Their Balance Sheet on 28.2.2005 was as follows:

Liabilities
Amount
Rs
Assets
Amount
Rs
Creditors
Outstanding expenses
Capital Accounts:
E                    90,000
F                 1,20,000

25,000
5,000


__2,10,000
2,40,000

Building
Plant
Stock
Debtors
Cash
1,00,000
40,000
30,000
45,000
__25,000
2,40,000

On the above date the firm was dissolved. Stock was taken over by E at a discount of 10% F took over debtors for Rs 40,000. Plant was sold for Rs 30,000 and building realised Rs. 80,000. F agreed to pay the creditors. E paid outstanding expenses. Expenses of realisation amounted to Rs. 7,500.

Prepare Realisation Account Cash Account and Capital Accounts to close the books of the firm. 6

Or

Pass necessary journal entries to record the following at the time of dissolution of a partnership firm assuming that the Assets & third party liabilities have already been transferred to Realisation A/c:

a) Au unrecorded asset of Rs. 300 was taken over by ‘A’, one of the partners.
b) Creditors were paid Es. 14,000 in full settlement of their claims for Rs. 15,000
c) Sale of Sundry assets realised Rs. 1,95,000.
d) ‘B’ (another partner) was to bear the expenses on dissolution, which amounted to Rs. 1,500.
e) Wine of Sundry liabilities including creditors at the time of dissolution was
f) ‘A’ takes over the loan payable to ‘Mrs. A’ Rs. 15,000. 6

Q. 14. Sonam Ltd. invited application for issuing 10,000 equity shares of Rs. 10 each at a discount of 10%. Rs. 4 per share were payable on application and the balance after discount on allotment Application for 20,000 shares were received. Shares were allotted proportionately to all application. An applicant who was allotted 1,500 shares failed to pay the allotment money. His shuns were, therefore, forfeited. The forfeited shares were re-issued at Rs. 6 per share as fully paid up. Pass necessary journal entries in the books of the company. 6

PART ‘B’

(ANALYSIS OF FINANCIAL STATEMENTS)

Q. 18. Briefly explain the advantages of analysis of financial statements. 3

Q. 19. The current liabilities of a company are Rs. 4,50,000. Its current ratio is 3 and liquid ratio is 1.60. Calculate the amount of Current Assets. Liquid Assets and Inventory. 3

Accountancy 2005 Question Papers Class XII
Delhi Outside Delhi
Indian Colleges Set I Indian Colleges Set I
Indian Colleges Set II Indian Colleges Set II
Indian Colleges Set III Indian Colleges Set III