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

ACCOUNTANCY (Set I—Outside Delhi)

PART A - ACCOUNTING

Q. 1. List any two circumstances under which the fixed capital of partners may change. 2

Q. 2. Distinguish between 'Over Subscription' and 'Under Subscription'. 2

Q. 3. What is meant by forfeiture of shares? 2

Q. 4. State the meaning of 'Non Convertible Debentures' 2

Q. 5. The partners of a firm distributed the profits for the year ended 31st March, 2003 , Rs. 1,40,000 in the ratio of 2 : 2 : 1 without providing for the following adjustments:
(a) A and B were entitled to a salary of Rs. 1,500 per quarter.
(b) C was entitled to a commission of Rs. 8,000.
(c) A and C had guaranteed a minimum profit of Rs. 50,000 p.a. to B.
(d) Profits were to be shared in the ratio of 3 : 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 2,000 12% Debentures of Rs. 10 each issued at par: 3
(a) Debentures redeemed at par by conversion into 10% preference shares of Rs.50 each.
(b) Debentures redeemed at a premium of 5% by conversion into equity shares issued t par.

Q. 7. (a) A and B are partners ins firm sharing profits in the ratio of 5 : 3. C joins the firm. A surrenders 1/4th of his share a B 1/5 th of his share in favour of C. Find the new profit sharing ratio.
(b) M, N and 0 who are partners in a firm share profits in the ratio of 3 : 2 : 1. Goodwill has been valued at Rs. 60,000. On N's retirement M and O agree to share profits equally.
Pass necessary journal catty toe treatment of N's share of goodwill. 2+2=4

Q. 8. A, B and C were partners in a firm sharing profits in the ratio of 4:3:3. On 1.403 they decided to dissolve the firm. On that date A's capital was Rs 1,25,000, B's capital was Rs. 45,000 and C's capital was Rs. 15,000 (Dr.). The creditors amounted to Rs. 23,150 and cash in hand was Rs. 4,520.The assets realised Rs. 1,44,910 and the expenses of dissolution were Rs. 1,860. Prepare Realization Account and show your working clearly. 4

Q. 9. Ram & Co. purchased machinery from Mona & Co. for Ps. 4,00,000. A sum of Rs. 1,75,000 was paid by the means of a bank draft and for the balance due Ram & Co. issued equity shares of P.s. 10 each at a discount of 10%.
Journalise the above transactions in the books of the company. 4

Q. 10. Maneesh Ltd. issued 10,000 12% debentures of Rs. 100 each at a discount of 6% to be redeemed a follows:
1st Year: Nil; 2nd Year : Rs. 5,00,000; 3rd Year : NIl; 4th Year: Rs. 5,00,000.
Show the Discount on issue of Debentures Account for the period of 4 years. 4

Q. 11. The following balances stood as on 31.3.03 in the books of a company:

8% Debentures Rs. 20,00,000
Debentures Redemption Fund Rs. 20,00,360
Debentures Redemption Fund Investments represented by:
Rs. 6,00,000             9% Loan Rs. 5,40,000
Rs. 15,00,000          8% Government Paper Rs. 14,60,360

On the above date, the Investments were sold as follows:
8% Government Paper at 90% of nominal value, and 9% loan at par, The Debentures were also redeemed accordingly.
Show the necessary ledger accounts. 4

PART B - ANALYSIS OF FINANCIAL STATEMENTS

Q. 17. Give any two examples each of Current Asset and Current Liabilities. 2

Q. 19. Rs. 2,40,000 is the Cost of goods sold, Inventory turnovers times; Stock at the beginning is 1.5 times more than the Stock at the end. Calculate the values of Opening and Closing Stock. 3

Q. 20. (a) The ratio of Current Asset (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. 6,00,000; Gross Profit 25% on cost. 2+2

Q. 21. From the following Information of a company as at 31st March, 2003 , prepare a Funds Flow Statement showing full working of your calculations: 6

Liabilities
2003 Rs.
2002 Rs.
Assets
2003 Rs
2002 Rs.
Equity Share Cap.
10% pref. share Capital
12% Debentures
Profit & Loss A/C
General Reserve
Current Liabilities
4,00,000
2,00,000
1,00,000
2,00,000
1,50,000
70,000
_________
11,20,000

4,50,000
3,00,000
2,00,000

1,20,000
1,10,000
________
11,80,000

Fixed Assets
Investment
Current Assets
Profit & Loss A/C
Good will
Preliminary Exp.

7,10,000
1,25,000
2,70,000

10,000
5,000
________
11,20,800
6,20,000
80,000
3,40,,000
1,00,000
15,000
25,000
_________
11,80.000

The Depreciation provided during the year was Rs. 1,25,000.

Or

X Ltd. made a profit of Rs. 1,20,000 after charging depreciation of 20,000 on assets and a transfer to General Reserve of Rs. 30,000. The goodwill written off was Rs. 7,000 and the gain on sale of machinery was Rs. 3,000. The other information available to you is (changes in the value of Current Assets and Current Liabilities) at the end of the year:
Debtors showed an increase of Rs. 6,000; Creditors an increase of Rs. 10,000; Prepaid Expenses an increase of Rs. 200; Bills Receivable a decrease of Rs. 3,000; Bills Payable a decrease of Rs. 4,000 and Outstanding Expenses a decrease of Rs. 2,000.
Ascertain the cash flow from the 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