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Install NowCBSE Question Paper 2008 class 12 Accountancy conducted by Central Board of Secondary Education, New Delhi in the month of March 2008. CBSE previous year question papers with solution are available in myCBSEguide mobile app and cbse guide website. The Best CBSE App for students and teachers is myCBSEguide which provides complete study material and practice papers to cbse schools in India and abroad.
CBSE Question Paper 2008 class 12 Accountancy
Class 12 Accountancy list of chapters
Accountancy Part I
- Accounting for Not-for-Profit Organisation
- Accounting for Partnership: Basic Concepts
- Reconstitution of a Partnership Firm – Admission of a Partner
- Reconstitution of Partnership Firm – Retirement/Death of a Partner
- Dissolution of Partnership Firm
Accountancy Part II
- Accounting for Share Capital
- Issue and Redemption of Debentures
- Financial Statements of a Company
- Analysis of Financial Statements
- Accounting Ratios
- Cash Flow Statement
CBSE Question Paper 2008 class 12 Accountancy
General Instructions:
(i) This question paper contains three parts A, B and C.
(ii) Part A is compulsory for all candidates.
(iii) Candidates can attempt only one part of the remaining parts B and C.
(iv) All parts of the questions should be attempted at one place.
Part ‘A’
(Not for profit Organisation, Partnership Firms and Company Accounts)
1. Distinguish between Income and Expenditure Account and Receipt and Payment on the basis of nature of items recorded therein. (1)
2. Ram and Mohan and partners in a firm without any partnership deed. Their capitals Ram Rs. 8,00,000 and Mohan Rs. 6,00,000. Ram is an active partner and looks after the business. Ram wants that profit should be in proportion of capitals. State with reasons whether his claim is valid or not. (1)
3. Define goodwill. (1)
4. State any two reasons for the preparation of “Revaluation Accounts” on the admission of a partner. (1)
5. Give the meaning of ‘minimum subscription’. (1)
6. Calculate the amount of sports material to be debited to the Income and Expenditure Accounts of Capital sports club for the year ended 31.3.2007 on the basis of the following information: (1)
1.4.2006 Rs. | 31.3.2007 Rs. | ||
Stock of the sports material | 7,500 | 6,400 | |
Creditors for sports material | 2,000 | 2,600 |
7. Samta Ltd. Forfeited 800 equity shares of Rs. 100 each for the non-payment of first call of Rs. 30 per share. The final call of Rs. 20 per share was not yet made. Out of the forfeited 400 were re-issued at the rate of Rs. 105 per share fully paid up.
Pass necessary journal entries in the books of Samta Ltd. For the above transactions. (3)
8. Deepak Ltd. Purchased furniture Rs. 2,20,000 from M/s Furniture Mart 50% of the amount was paid to Furniture Mart by accepting a bill of exchange and for the balance the company issued 9% debentures of Rs. 100 each at a premium of 10% in favour of furniture Mart.
Pass necessary journal entries in the book of Deepak Ltd. For the above transaction. (3)
9. Kumar and Raja were partners in a firm sharing profits in the ratio of 7:3. Their fixed capitals were: Kumar Rs. 9,00,000 and Raja. Rs. 4,00,000. The partnership deed provided for the following but the profit for the year was distributed without providing for:
(i) Interest on capital @ 9% per annum.
(ii) Kumar’s salary Rs. 50,000 per year and Raja’s salary Rs. 3,000 per month.
The profit for the year ended 31.3.2007 was Rs. 2,78,000.
Pass the adjustment entry. (4)
10. P, Q and R were partners in a firm sharing profits in 2:2:1 ratio. The firm closes its books on 31 March every year. P died three months after the last accounts were prepared. On that date the goodwill of the firm was valued at Rs. 90,000. On the death of a partner his share of profit of the last four years. The profit of last four years were:
Year ended 31.3.2007 Rs. 2,00,000
Year ended 31.3.2006 Rs. 1,80,000
Year ended 31.3.2005 Rs. 2,10,000
Year ended 31.3.2004 Rs. 1,70,000(loss)
Pass necessary journal entries for the treatment of goodwill and P’s share of profit on his death. Show clearly the calculate of P’s share of profit. (4)
11. Sagar Ltd. Was registered with an authored capital of Rs, 1,00,000 divided into 1,00,000 equities share of Rs. 100 each. The company offered for public subscription 60,000 equity share. Applications of 56,000 shares were received and allotment was made to all the applicant. All the calls were made and were duly receive except the second and final call of Rs. 20 per share on 700 shares. Prepare the Balance Sheet of the company showing the different types of share capital. (4)
12. Following is the Receipt and Payment Account of Indian Sport Club for the year ended 31.12.2006:
Receipts | Amount Rs. | Payments | Amount Rs. |
Balance b/d Subscriptions Entrance Fee Tournament Fund ale of old newspapers Legacy | 10,000 52,000 5,000 26,000 1,000 37,000 1,31,000 | Salary Billiards Table Office Expenses Tournament Expenses Sports Equipment Balance c/d | 15,000 20,000 6,000 31,000 40,000 19,000 1,31,000 |
Other Information:
On 31.12.2006 subscription outstanding was Rs. 2,000 and on 31.12.2005 subscription outstanding was Rs. 3,000. Salary outstanding on 31.12.2006 was Rs. 1,500.
On 1.1.2206 the club had building Rs. 75,000 furniture Rs. 18,000 12% investment Rs. 30,000 and sports equipment Rs. 30,000. Depreciation charged on these items including purchase was 10%.
Prepare income and Expenditure Account of the club for the year ended 31.12.2006 and ascertain the capital Fund on 31.12.2005. (6)
13. K and Y were partners in a firm sharing profits in 3 : 2 ratio. They admitted Z as a new partner for 1/3rd share in the profits of the firm. Z acquired his share from K and Y in 2 : 3 ratio, Z brought Rs. 80,000 for his capital and Rs. 30,000 for his 1/3rd share as premium. Calculate the new profit sharing ration of K, Y and Z and pass necessary journal entries for the above transactions in the books of the firm. (6)
14. Pass necessary journal entries in the books of Varun Ltd. For the following transactions: (6)
(i) Issued 58,000, 9% debentures of Rs, 1000 each at a premium of 10%/
(ii) Converted 350, 9% debentures of Rs. 100 each into equity shares of Rs. 10 each issued at a premium of 25%.
(iii) Redeemed 450, 9% debentures of Rs. 100 each by draw of lots.
15. R, S and T were partners in a frim sharing profits in 2 : 2 : 1 ratio. On 1.4.2004 their Balance Sheet was as follows:
Liabilities | Amount Rs. | Assets | Amount Rs. |
Bank loan Sundry Creditors Capitals R 80,000 S 50,000 T 40,000 Profit and Loss A/c | 12,800 25,000
1,70,000 9,000 2,16,800 | Cash Bills Receivable Debtors Stock Furniture Plant and Machinery Building | 51,300 10,800 35,600 44,600 7,000 19,500 48,000 2,16,800 |
S retired from the firm on 1.4.2004 and his share was ascertained in the revaluation of assets as follow:
Stock Rs. 40,000; Furniture Rs, 6000; Plant and Machinery Rs. 18,000; Building Rs. 40,000; Rs, 1,700 were to be provided for doubtful debts. The goodwill of the firm was valued at Rs. 12,000.
S was to be paid Rs. 18,080 in cash on retirement and the balance in the three equal yearly instalments.
Prepare Revaluation Accounts, Partner’s Capital Accounts, S’s Loan Account and Balance Sheet on 1.4.2004. (8)
OR
D are E were partners in a firm sharing profits in 3 : 1 ratio. On 1.4.2007 they admitted F as a new partner for 1/4th share in the firm which the acquired from D. Their Balance Sheet on that date was as follow:
Liabilities | Amount Rs. | Assets | Amount Rs. |
Creditors Capitals D 1,00,000 E 70,000 General Reserve | 54,000
1,70,000 32,000
2,56,000 | Land and Building Machinery Stock Debtors 40,000 Less provision for debts 3,000 Investments Cash | 50,000 60,000 15,000
37,000 50,000 44,000 2,56,000 |
F will bring Rs. 40,000 as his capital and the other terms agreed upon were:
(i) Goodwill of the firm was valued at Rs. 24,000
(ii) Land and Building were valued at Rs. 70,000.
(iii) Provision for bad debts was found to be in excess by Rs. 800.
(iv) The capital of the partners be adjusted in sundry creditors was not likely to arise.
(v) The capital of the partners be adjusted on the basis of F’s contribution of capital to the firm.
(vi) Excess or shortfall, if any, to be transferred to current accounts.
Prepare Revaluation Accounts, Partner’s Capital Accounts and the Balance Sheet of the new firm.
16. Janated Ltd. Invited applications for issuing 70,000 equity shares of Rs. 10 each at a premium of Rs. 2 per share. The amount was payable as follows: (8)
On application Rs. 4 per share (including premium)
On allotment Rs. 3 per share
On first and final call-Balance.
Applications for 1,00,000 shares and were received. Applications for 10,000 shares were rejected. Share were allotted to the remaining applicants on pro-rata basis. Excess money received with applications were adjusted towards sums due on allotments. All calls were made and were duly received except first and final call on 700 shares allotted to Kanwar. His shares were forfeited. The forfeited shares were re-issued for Rs. 77,000 fully paid up.
Pass necessary journal entries in the books of the company for the above transactions. (8)
OR
Shubham Ltd. Invited applications for the allotment of 80,000 equity shares of Rs. 10 each at a discount of 105. The amount was payable as follows:
On application Rs. 2 per share
On allotment Rs. 3 per share
On first and final call-Balance.
Application for 1,10,000 shares were received. Applications for 10,000 shares were rejected. Shares were allotted on pro-rata basis to the remaining applications. Excess application money received on applicant was adjusted towards sums due on allotment. All calls were made and were duly received. Manoj who had applied for 2000 shares failed to pay the allotment and first and final call. His shares were forfeited. The forfeited shares share were re-issued for Rs. 24,000 fully paid up.
Pass necessary journal entries in the books of the company for the above transactions.
Part ‘B’
(Analysis of Financial Statement)
17. The Stock turnover ratio of a company is 3 times. State, giving reasons, whether the ratio improves, declines or does not change because of increase in the value of closing stock by Rs. 5,000. (1)
18. State whether the payment of cash to creditors will result in inflow, outflow or no flow of cash. (1)
19. Divided paid by a manufacturing company is classified under which kind of activity while preparing cash flow statement? (1)
20. Show the major heading on the liabilities side of the Balance sheet of a company as per schedule VI part I of the Companies Act, 1956.
21. From the following information prepare a Comparative Income Statement of Victor Ltd: (4)
2006 Rs. | 2007 Rs. | |
Sales | 15,00,000 | 18,00,000 |
Cost of good sold | 11,00,000 | 14,00,000 |
Indirect Expenses | 20% of Gross Profit | 25% of Gross Profit |
Income Tax | 50% | 50% |
22. From the following information calculate any two of the following ratios:
(i) Net Profit Ratio
(ii) Debt-Equity Ratio
(iii) Quick Ratio
Information:
Paid up Capital | 20,00,000 |
Capital Reserve | 2,00,000 |
9% Debentures | 8,00,000 |
Net sales | 14,00,000 |
Gross Profit | 8,00,000 |
Indirect Expenses | 2,00,000 |
Indirect Expenses | 4,00,000 |
Current Liabilities | 3,00,000 |
Opening stock | 50,000 |
Closing stock – 20% more than opening stock.
23. From the following Balance Sheet of Som Ltd. As on 31.3.2006 and 31.3.2007 prepare a Cash Flow Statement: (6)
Liabilities | 2006 Amount Rs. | 2007 Amount Rs. | Assets | 2006 Amount Rs, | 2007 Amount Rs. |
Equity Share Capital Profit and Loss 10% Dentures 8% Preference share capital General Reserve | 2,00,000 1,25,000 1,00,000 50,000
45,000 | 5,00,000 25,000 75,000 75,000
1,15,000 | Fixed Assets Stock Debtors Bank | 3,00,000 1,00,000 75,000 45,000 | 4,50,000 1,50,000 1,25,000 65,000 |
5,20,000 | 7,90,000 | 5,20,000 | 7,90,000 |
During the year a machine costing Rs. 70,000 was sold for Rs. 15,000. Divided paid Rs. 24,000.
Part C
(Computerised Accountancy)
24. What are the subsystems (types) in the computed Accounting System? (2)
25. Explain the concept of Data Definition Language (DDL). (2)
26. Differentiate between Database and File. (2)
27. What are the Limitation of the computerized accounting system? (3)
28. What are the disadvantages of DBMS? (4)
29. Write the formula for a spreadsheet of compute the depreciation and written down value of assets. The following are the rates of depreciation: (4+3 =7)
Plant and Machinery: 20%, Computers: 35%, Furniture: 25%, Motor vehicles: 20% Round off Calculations to the nearest rupee.
Assets | Opening value | Depreciation | Written down value |
Plant and Machinery | 6,25,000 | ||
Computers | 7,24,000 | ||
Furniture and Fitting | 99,000 | ||
Motor Vehicles | 3,89,000 |
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