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Accountancy 2010 Question Paper For CBSE Class XII Exams

Part A (Profit Organizations, Partnership Firms and Companies)

  1. Name any two financial statements prepared by a not – for – profit organization. ( 1 Marks)
  2. What is meant by partnership deed? (1 Marks)
  3. Why are ‘Reserves and Surplus’ distributed at the time of reconstitution of the firm?( 1 Marks)
  4. How does the factor ‘Efficiency of Management’ affect the goodwill of a firm? (1 Marks)
  5. What is meant by ‘Capital Reserve’?(1 Marks)
  6. From the following information calculate the amount of subscriptions  outstanding for the year  2008 – 09 :       ( 3 Marks)  

A club has 200 members each paying an annual subscription of Rs. 1,000. The Receipts and payments account for the year showed a sum of Rs 2, 05,000 received as subscriptions.      

   The following additional information is provided:

                                                                                                                        Rs       

Subscriptions outstanding on 31st March 2008                            40,000  
Subscriptions received in advance on 31st March 2009              30,000
Subscriptions received in advance on 31st March 2008              12,000   

  1. X Ltd. Obtained a loan of Rs . 4,00,000 from IDBI Bank. The company issued 5000, 9 % Debentures of Rs. 100 each as a collateral security for the same. Show how these items will be presented in the Balance Sheet of the company. ( 3 Marks)
  2. DN Ltd. Issued 50,000 shares of Rs. 10 each at a discount of 10% payable as Rs.2 per share on application, Rs.3 on allotment  and Rs.2 each on first and final call. Applications were received for 70,000 shares.  It was decided that (3 Marks)

    1. Refuse allotment to the applicants of 10,000 shares,
    2. Allot 10,000 shares to Mohan who had applied for a similar number, and
    3. Allot the remaining shares on a pro-rata basis.

Mohan failed to pay the allotment money and Sohan who belonged to category (c) and was allotted 3,000 shares, paid both the calls with allotment. Calculate the amount received on allotment.

  1. A, B and C were partners in a firm. Their capitals were A Rs. 30,000 B Rs. 20,000 and C Rs.10, 000 respectively. According to the partnership deed they were entitled to an interest on capital @ 5% p.a. In addition B was also entitled to draw a salary of Rs. 500 per. Month. C was entitled to a commission of 5% on the salary payable to B. The net profits for the year were Rs. 30,000 distributed in the ratio of their capitals without         providing for any of the above adjustments. The profits were to be shared in the ratio 2: 1: 2. Pass the necessary adjustment entry showing the workings clearl  (4 Marks)
  1.  A, B and C were partners in a firm sharing profits in the ratio of 6: 5: 4. Their capitals were A, Rs. 1, 00,000 B, Rs. 80,000 and C, Rs. 60,000 respectively. On 1st April 2009 ‘C’ retired from the firm and the new profit sharing ratio between A and B was decided as 11: 4. On C’s retirement the goodwill of the firm was valued at Rs. 90,000. Showing your calculations clearly, pass necessary journal entry for the treatment of goodwill on C’s retirement.   (4 Marks)
  2. X Ltd. had Rs. 10,00,000  9% debentures due to be redeemed out of profits  on 1st October 2009 at a premium of  5% the company had a Debenture Redemption Reserve of Rs. 4,14,000. Pass necessary journal entries at the time of redemption.   (4 Marks)
  3. From the following information of a not – for – profit organization, show the ‘Sports Material’ item in the Income and Expenditure A/C for the year ending on 31st March 2009 and Balance Sheets as on 31st March 2008 and 31st March 2009.   (6 Marks)

                                                                                                   31.3.2008         31.3.2009
                                                                                                                   Rs.                       Rs  
              Stock of Sports Material                                                        7,200                5,800
              Creditors for sports Material                                               5,800                 9,200 
              Advance to suppliers for Sports Material                         12,000               21,000

              Payment to suppliers for the Sports Material during the year was Rs. 1, 00,000. There were no   cash purchases made.

  1. (a) X, Y and Z are partners in a firm sharing profits in the ratio of 3 : 2 : 1. On  April 1st    2009. Y  Retires from the firm. X and Z agree that the capital of The new firm shall be fixed at Rs. 2, 10,000 in the profit sharing ratio. The Capital accounts of X and Z after all adjustments on the date of retirement  Showed balances of Rs. 1, 45,000 and Rs. 63,000 respectively Sate the  Amount of actual cash to be brought in or to be paid off to the partners.  (3 Marks)

 (b) A, B and C are partners in a firm whose books are closed on March 31st each Year. B died on 30th June 2009 and according to the agreement. The share of Profits of a Deceased partner up to the date of the death is be calculated on  The basis of the average profits for the last five years. The net profits for the Last 5 years have been: 2005. Rs. 14,000; 2006, Rs .18, 000; 2007, Rs.16, 000; 2008, Rs. 10,000 (loss) and 2009, Rs. 16.000. Calculate B’s  Share of the profits upto the date of death and pas necessary journal entry.  (3 Marks)

  1.  Devi Ltd. on 1st April 2006 acquired assets of the value of Rs. 6,00,000 and liabilities      worth Rs. 70,000 from P & Co., at an agreed value of Rs. 5,50,000. Devi Ltd. Issued 12% Debentures of Rs. 100 each at a premium of 10% in full satisfaction of purchase consideration. The debentures were redeemable 3 years later at  a premium of 5% Pass   journal entries to record the above including redemption of debentures.  (6 Marks)
  1.  X Ltd. Issued 50,000 shares of Rs. 10 each at a premium of Rs. 2 per share payable  As follows:

    Rs. 3 on Application
    Rs. 6 on Allotment (including premium) and
    Rs. 3 on call.

Applications were received for 75,000 shares and pro – rata allotment was made as Follows:

To the applicants of 40,000 shares, 30,000 shares were issued and for the rest 20,000 share Were issued. All moneys due were received except the allotment and call money From Ram Who had applied for 1,200 shares (out of group of 40,000 shares). All per Shares were forfeited. The forfeited shares were re-issued for Rs. 8 per share fully Paid –up Pass necessary journal entries for the above transactions. (8 Marks)

OR

Janata Ltd. Invited applications for issuing 2, 00,000 equity shares of Rs. 10 each at A discount of 10%. The amount was payable as follows:

On Application – Rs. 2 per share
On Allotment – Rs. 3 Per share
On first and final call – balance amount

The issue was undersubscribed to the extent of 20,000 shares. Shares were Allotte to all the applicants. All call was made and were duly received. ‘A’ to whom 1,500 shares were allotted, failed to pay allotment and call money and “B’ to time Of allotment. The shares on which allotment and call money was not received were Forfeited. The forfeited shares were re-issued at Rs. 8 per share fully paid up.Pass necessary journal entries in the books of janata Ltd. For the above Transactions.

  1. A, B and C were partners sharing profits in the ratio of 3 : 1 : 1 . Their Balance sheet As on March 31st 2009, the date on which they dissolve their firm, was as follows:

It was agreed that

(a) A to take over Bills Receivables at Rs. 800, debtors amounting to Rs. 20,000 at Rs.17,200 and the creditors of Rs. 6,000 were to be paid by him at this figure.

(b) B is to take over all stock for Rs. 7,000 and some sundry assets at Rs. 7,200 (being 10% less than the book value).

(c) C to take over remaining sundry assets at 90% of the book value and assume the responsibility of discharge of loan together with accrued interest of Rs. 300.

(d) The expenses of realization were Rs. 270.

The remaining debtors were sold to a debt collecting agency at 50% of the book value. Prepare realization A/C, Partners Capital A/cs and Cash A/c. (8 Marks)

OR

The Balance sheet of Ram and shyam, who were sharing profits in the ratio of 3: 1, On 31st March 2009 was as follows

       They decided to admit Mohan on April 1st 2009 for 1/5th share on the following terms:

  •  Mohan shall bring Rs. 6,000 as his share of premium.
  • That unaccounted accrued income of Rs. 100 is provided for.
  •  The market value of investments was Rs. 4,500.
  •  A debtor whose dues of Rs. 500 were written off as bad debts paid Rs. 400 in full Settlement.
  •  Mohan to bring in capital to the extent of 1/5th of the total capital of the new firm.

              Prepare revaluation A/c, Partners Capital A/cs and the Balance Sheet of the new  Firm.

PART B (Finacial Statements Analysis)

  1. State any one limitation of financial Statement Analysis. (1 Marks)
  1. Under which type of activity will you classify ‘Proceeds from sale of Buildings’ while preparing Cash Flow statement? (1 Marks)
  1. Redemption of debentures would result in inflow, outflow or no flow of cash ? Give your answer with reason. (1 Marks)
  1. From the following information provided, prepare a comparative income statement for the period 2008 and 2009 : (3 Marks)

  1. (a)   A business has a current ratio of 3: 1 and a quick ratio of 1: 2: 1. If the working Capital is Rs .1, 80, 000, calculate the total current liabilities and value of stock. (2 Marks)

(b)  From the given information calculate the stock turnover ratio : Sales : Rs. 2, 00, 000, GP: 25% on cost; stock at the beginning is 1/3 of the stock at the End which was 30% of   Sales.(2 Marks)

  1. Assuming that the Debt – Equity ratio is 2 , state giving reasons whether this ratio Would increase, decrease of remain unchanged in the following cases: (Any Four?) . (4 Marks)
  1. Purchase of fixed asset on a credit of 2 months.
  2. Purchase of fixed asset of a long term deferred payment basis.
  3. Issue of bonus shares.
  4. Issue of bonus shares.
  5. Sale of fixed asset at a loss of Rs. 3,000.
  1. From the following Balance sheets provided prepare a Cash flow statement as per  AS-3 (revised): (6 Marks)

 

PART C (Computerised Accounting)

  1. What is meant by Computerised Accounting system? 1 Marks)
  2. List any two specific areas of accounting that the spreadsheet lends support to. (1 Marks)
  3. What are Master files and Index files?(2 Marks)
  4. Briefly explain the types of data processing. (3 Marks)
  5. Classify the types of database at the back end.(3 Marks)
  6. Explain the structure of ‘Computerized Accounting System’. (4 Marks)
  7. Calculate the formula on Excel for the following: (3×2=6 Marks)

     

Accountancy 2010 Question Papers Class XII

CBSE 2010 Question Papers Class XII