CBSE Guess Papers Question Papers Class XII Accountancy — 2006 (Set I

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Accountancy — 2006 (Set I — Compartment Outside Delhi)

PART - A

(ACCOUNTANCY)

Q. 1. Give the meaning of partnership deed. (2)

Q. 2. What is meant by ‘private placement’ of shares? (2)

Q. 3. Jay Ltd. issued 10,000, 8% debentures of Rs. 100 each at a premium of 10% redeemable at a premium of 2% after 5 years.
Pass necessary journal entries for the issue of 8% debentures. (2)

Q. 4. Ghosh Ltd. made the second and final call on its 50,000 equity shares @ Rs.2 per share on 1.1.2006. The whole amount was received on 15.1.2006 except on 100 shares allotted to Venkat. Pass necessary journal entry for the call money due and received by opening ‘calls-in-arrears account’. (2)

Q. 6. Suman and Poonam were partners in a firm sharing profits in 3: 2 ratios. From 1.3.2006 they decided to change it to 3: 1. For this purpose the goodwill of the firm was valued at Rs. 1, 20,000.
Pass the necessary journal entry for the treatment of goodwill. (3)

Q. 7.

A, B and C were partners sharing profits in the ratio of 5 : 3 : 2. B retires on 1.1.2006 with A and C agreeing to share the profits in future in the ratio of 6: 4. Find the gain ratio. (2)
On 1.3.2006 A and C admitted D into the partnership, their profit sharing ratio being 5 : 4 : 3 respectively. Assuming before admission the profit sharing ratio of A and C was equal, find the sacrifice ratio. (2)

Q. 8. Sagar and Santa were partners in a firm sharing profits in 3: 2 ratios. On, 28.2.2006 their firm was dissolved. On that date the balances in their capital accounts were Sagar Rs. 20,000 (Cr.), Santa Rs. 5,000 (Dr.). There was a debit balance of Rs. 15,000 in the profit and loss account. The general reserve account had a balance of Rs. 30,000. Dissolution resulted into a gain of Rs. 75,000.
You are required to prepare the capital accounts of the partners at the time of dissolution assuming that the necessary cash was paid to or brought in by the partners for final settlement as the case may be. (4)

Q. 9. X Ltd. forfeited 150 shares of Rs. 20 each issued at a premium of Rs. 5 per share for the non-payment of the second and final call of Rs. 7 per share. 100of these shares were reissued @ Rs 21 per share fully paid. Journalise the above transactions regarding the forfeiture and reissue. (4)

Q. 10. J.B. Ltd. issued Rs. 10, 00,000, 6% debentures at a premium of 4% redeem able at a premium of 5% after four years. The debentures were issued on 1.1.2001. Pass the journal entries at the time of issue and redemption of debentures. (4)

Q. 11. Thandak Refrigerators Ltd. had an outstanding balance of 5,000, 6% debentures of Rs. 100 each redeemable at a premium of 10%. According to the terms of redemption, the company redeemed 10% of these debentures by converting them into 8% preference shares of Rs. 100 each issued at a premium of 10%. Calculate the number of shares to be issued on conversion and record journal entries for the redemption in the books of the company. (4)

Q. 12. Ali and Arif were partners in a firm sharing profits in 4: 1 ratio. They had insured their lives jointly for Rs. 5, 00,000. Ali died three months after the date of the last Balance Sheet. According to the partnership deed legal representatives of the deceased partner were entitled to the following payments:

His capital, Rs. 1,50,000, as per the last Balance Sheet.
Interest on capital @ 12% per annum up to the date of death.
His share of profits to the date of death calculated on the basis of the average profits of last three years. The net profits of the last three .years were Rs. 1, 00,000, Rs. 1, 50,000 and Rs. 2, 00,000.
Prepare Ali’s capital account to be rendered to his representatives and the Executor’s Account. (6)

Q. 13. Ram, Rahim and Mathew were partners in a firm sharing profits equally. On 31.3.2004 their firm was dissolved. On that date their Balance Sheet was as follows:

Liabilities	Amount Rs.	Assets	Amount Rs.
Sundry Creditors Capital Accounts : Ram 30,000 Rahim 1,25,000	1,80,000 10,000 _3,75,000 5,55,000	Cash Sundry Assets Mathew’s Capital	20,000 5,20,000 15,000 ______ 5,55,000

It was agreed between the partners that Ram will take over the assets at a value of Rs. 4, 80,000 and liabilities at Rs. 1,70,000. The expenses of dissolution were Rs. 3,000 and the same were paid by Rahim.
Prepare Realisation Account, Partners’ Capital Accounts and Cash Account. 6

On 1.4.2004 A, B and C started business sharing profits in 4 : 3 : 3 ratio, with capitals of Rs. 1,00,000, Rs. 80,000 and Rs. 60,000 respectively. During the year ended 31.3.2005 the firm earned a profit of Rs. 50,000. During the year each partner with drew Rs. 10,000. On 31.3.2005 the firm was dissolved. Creditors on that date were Rs. 20,000 and there was a cash balance of Rs. 3.0,000. The assets realised Rs. 3, 00,000. Expenses on realisation were Rs. 2,000.
Prepare Realisation Account, Partners’ Capital Accounts and Cash Account.

Q. 14. Z Ltd. invited applications for issuing 2, 00,000 equity shares of Rs. 25 each at a premium of Rs. 10 per share. The amount was payable as follows: On Application and Allotment Rs. 10 per share
Balance including premium on first and final call
Applications for 2,50,000 shares were received. Applications for 25,000 shares were rejected and shares were allotted on pro-rata basis to the remaining applicants. All calls were made and were duly received except the first and final call on 2,000 shares allotted to Vijay. His shares were forfeited. The forfeited shares were re-issued @ Rs. 30 per share fully paid up. Pass necessary journal entries in the books of the company. (6)

Q. 15. A and B were partners in a firm sharing profits in 2 : I ratio. C was admitted as a new partner for 1/4th share in the profits on 1.3.2006. The Balance Sheet of the firm on 28.2.2006 was as follows:

Liabilities	Amount Rs.	Assets	Amount Rs.
Creditors General Reserve A’s Capital B’s Capital	18,000 12,000 50,000 40,000 _______ 1,20,000	Cash Debtors Stock Furniture Machinery Building	14,000 12,000 17,000 9,000 22,000 46,000 1,20,000

C was admitted on the following terms:

C will bring Rs. 45,000 for his capital and Rs. 18,000 for his share of good will/premium.
Building was valued at Rs. 55,000 and machinery at Rs. 18,000.
A provision of Rs. 500 was created for bad debts on debtors.
The capital accounts of A and B were to be adjusted in profit sharing ratio. Necessary cash was to be brought in or paid off to them as the case may be.
Prepare, Revaluation Account, Partners’ Capital Accounts and the Balance Sheet of A, B and C. (8)

P. Q and R were partners in a firm sharing profits in 4: 3: 3 ratios. Their Balance Sheet on 28.2.2006 was as follows:

Liabilities	Amount Rs.	Assets	Amount Rs.
Creditors P’s Capital Q’s Capital R’s Capital	75,000 85,000 50,000 66,000 _________ 2,76,000	Bank Debtors Stock Building P & L Account	20,000 46,000 60,000 1, 00,000 _50,000 2, 76,000

Q retired on the above date on the following terms:

Building was to be depreciated by Rs. 10,000.
A provision of Rs. 2,000 for bad and doubtful debts was to be created on sundry debtors.
Rent outstanding was Rs. 8,000.
Goodwill of the firm was valued at Rs. 1,40,000.
Q was to be paid Rs. 15,000 in cash through bank and the balance was to be transferred to his loan account.
Prepare Revaluation Account, Partners’ Capital Accounts and the Balance Sheet of P and R after Q’s retirement.

PART - B

(ANALYSIS OF FINANCIAL STA TEMENTS)

Q. 16. What is meant by a ‘Cash Flow Statement’? (2)

Q. 17. Categorise each of the following items into operating/investing/financing activities while preparing Cash Flow Statement: (2)

Redemption of 2,00,000, 12% preference shares of Rs. 10 each at a premium of Rs. 4 per share.
Sale of machinery for Rs. 40,000.
Declared and paid dividend Rs. 1,00,000.
Interest collected from investments Rs. 28,000.

Q. 18. The Profit and Loss accounts of Hira Lal & Co. for the years ended March 31, 2005 and 2006 are as follows:

*Particulars*	*2005 Rs.*	*2006 Rs.*
Net Sales Cost of Goods Sold Gross Profit Operating Expenses Net Profit	2, 42,500 1, 30,000 1, 12,500 30,000 82,500	2, 12,500 1, 22,500 90,000 22,500 67,500

Prepare a ‘Comparative Profit and Loss Statement’. (3)

Q. 19. What is meant by ‘Analysis of Financial Statements’? Explain briefly. (3)

Q. 20. On the basis of the following information calculate any two of the following ratios: (4)

Operating ratio
Liquid ratio
Proprietary ratio
Information:
Cash sales Rs. 4,00,000; Credit sales Rs. 2,75,000; Sales returns Rs. 27,000; Cost of goods sold Rs. 3,90,000; Selling and distribution expenses Rs. 7,000; Administration expenses Rs. 3,000; Current liabilities Rs. 1,95,000; Current assets Rs. 3,94,000; Closing stock Rs. 23,000; Equity share capital Rs. 4,37,000; 6% Preference share capital Rs. 1,74,000; Fixed assets Rs. 4,30,000.

Q. 21. From the following statement calculate the cash generated from operating activities: (6)

Statement of Profit for the year ending March 31st, 2006

Liabilities

Rs.

Assets

Rs.

To Salaries
To Rent
To Depreciation
To Loss on Sale of Building
To Good Will Written Off
To Proposed Dividend
To Provision for tax
To Net Profit

35,000
7,000
25,000
6,000
10,000
10,000
5,000
25,000
1,23,000

By Gross Profit
By Profit on Sale of machinery
By Dividend received

85,000
22,000
16,000

_______
1,23,000

From the following summarised Balance Sheets of a company, calculate cash flow from operating activities:

*Liabilities*	*2004 Rs.*	*2005 Rs.*	*Assets*	*2004 Rs*	*2005 Rs.*
Creditors Bills Payable Other Current Liabilities Share Capital Profit & Loss A/c	30,000 30,000 50,000 1,00,000 _80,000 2,90,000	45,000 35,000 55,000 1,30,000 1,00,000 3,65,000	Cash Investments Stock Debtors Fixed Assets	30,000 50,000 40,000 40,000 1,30,000 2,90,000	50,000 40,000 65,000 50,000 1,60,000 3,65,000

Accountancy 2006 Question Papers Class XII
Delhi		Outside Delhi		Compartment Delhi		Compartment Outside Delhi
	Set I		Set I		Set I		Set I
	Set II		Set II

CBSE 2006 Question Papers Class XII