CBSE Question Paper 2010 class 12 Accountancy

(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 part B and C.
(iv) All parts of the questions should be attempted at one place.

Part A

(Accounting for not for Profit Organisations, Partnership Firms & Companies)

1. State the basis of accounting, on which a Receipts and Payments account is prepared in case of a not for profit organisation. (1)

2. What is meant by “Unlimited liability of a Partner”? (1)

3. State the need for treatment of Goodwill on admission of a Partner. (1)

4. What are Preliminary expenses? (1)

5. How does the factor “location” affect the goodwill of a firm? (1)

6. From the following information, calculate the amount of subscriptions outstanding for the year 2008-09. (3)

A club has 250 members each paying an annual subscription of Rs. 1,000. The Receipts & Payments account for the year showed a sum of Rs. 2,65,000 received as subscriptions. The following additional information is provided.

Subscription outstanding on 31^st March 2008                   40,000
Subscription Received in advance on 31^st March 2009    30,000
Subscription Received in advance on 31^st March 2008    12,000

7. S.S.S. Ltd., has a paid-up share capital of Rs. 60,00,000 and a balance of Rs. 15,00,000 in the Securities Premium Account. The company management do not want to carryover this balance. State the ‘purposes for which this balance can be utilized. (3)

8. 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 (a) refuse allotment to the applicants for 10,000 shares (b) allot 20,000 shares to Mohan who had applied for similar number and (c) allot the remaining shares on pro-rata basis. Mohan failed to pay the allotment money and Sohan who belonged the category ‘c’ and was allotted 3,0,00 shares paid both the calls with allotment. Calculate the amount received on allotment. (3)

9. A, B & C were partners. Their capitals were Rs. 30,000; Rs. 20,000 and Rs. 10,000 respectively, According to the partnership deed they were entitled to an interest on capital at 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 profits after charging the interest on capital, but before charging 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 of 2:2: 1. Pass the necessary adjustment entry showing the workings clearly. (4)

10. A, Band C were partners sharing profits in the ratio of 6:4:5. Their capitals were A Rs. 1,00,000, B – Rs. 80,000 and C – Rs. 60,000. On 1st April 2009, B retired from the firm and the new profit sharing ratio between A and C was decided as 11 :4. On B’s retirement the goodwill of the firm was’ valued at Rs. 1,80,000. Showing your calculations clearly’ pass necessary journal entry for the treatment of-goodwill on B’s retirement. (4)

11. X Ltd., had Rs. 8,00,000, 9% debentures due to be redeemed out of profits on 1st Oct, 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)

12. From the following information of a not for profit organisation, show the ‘sports material’ items in the ‘Income and Expenditure Account” for the year ending 31^st March, 2009 and the Balance Sheets as on 31st March, 2008′ and 31st March, 2009:

Payment to supplies for the sports material during the year was Rs. 1,20,000, there were no cash purchase made. (6)

13. (a) X, Y & Z are partners in a firm sharing profits in the ratio of 3:2:1. On April 1st 2009, X retires from the firm, Y 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 Y and Z after all adjustments on the date of retirement showed balances of Rs. 1,45,000 and Rs. 63,000, respectively. State the amount of actual cash to be brought in or to be paid to the partners. (3)

(b) A, B & C are partners in a firm whose books are closed on March 31^st each year. A 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 to 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 A’s share of the profits upto the date of death and pass necessary journal entry. (3)

14. Suresh 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. Suresh 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 entries to record the above including redemption of debentures. (6)

15. 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 a 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 shares were issued. All moneys due were received except the allotment and call money from Ram who had applied for 1,200 shares (out of the group of 40,000 shares). All his shares were forfeited. The forfeited shares were re-issued for Rs. 7 per share fully paid up. Pass necessary Journal Entries for the above transactions. (8)

OR

Janta 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 allotted to all the applicants. All calls were made and were duly received. ‘A’ to whom 1500 shares were allotted failed to pay allotment and call money and ‘B’ to whom 1200 shares were allotted paid the full amount due at the 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 Janta Ltd., for the above transactions.

16. A, Band 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: (8)

It was agreed that:

(a) A to take over Bills Receivables at Rs. 800, debtors amounting to Rs. 20,000 at 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 Realisation A/c, Partners Capital A/cs and Cash A/c.

OR

On 31st March 2009 the Balance Sheet of Ram and Shyam, who were sharing profits .in the ratio of 3:1 was as follows:

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

(i) Mohan shall bring Rs. 6,000 as his share of premium.
(ii) That unaccounted accrued income of Rs. 100 be provided for.
(iii) The market value of investments was Rs. 4,500.
(iv) A debtor whose dues of Rs. 500 was written off as bad debts paid Rs. 400 in full settlement.
(v) 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

(Financial Statements Analysis)

17. State anyone objective of Financial Statement Analysis. (1)

18. Under which type of activity will you classify ‘Issuing 9% Debentures’ while preparing Cash Flow Statement? (1)

19. Declaration of Final dividend would result in inflow, outflow or no flow of cash. Give your answer with reason. (1)

20. From the following information provided prepare a comparative income statement for the period 2008 & 2009. (3)

21. (a) A business has a current ratio of 3: 1 and quick ratio of 1.2:1. If the working capital is Rs. 1,80,000/-, calculate the total Current Assets and value of Stock. (2)

(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)

22. Assuming that the Debt-Equity ratio is 2. State giving reasons whether this ratio would increase, decrease or remain unchanged in the following cases: (ANY FOUR) (4)

(a) Purchase of fixed asset on a credit of 2 months.
(b) Purchase of fixed asset on a long-term deferred payment basis.
(c) Issue of New shares for cash.
(d) Issue of Bonus shares.
(e) Sale of fixed asset at a loss of Rs. 3,000.

23. From the following Balance Sheets, prepare a Cash Flow Statement as per AS-3 (revised) (6)

A dividend of Rs. 3,000 was paid during the year 2008-09.

Part – C

(Computerised Accounting)

17. What is meant by Computerised Accounting System? (1)

18. List any two specific areas of accounting the spreadsheet lends support to. (1)

19. What are master files and index files? (2)

20. Briefly explain the types of data processing. (3)

21. Classify the types of database at the back end. (3)

22. Explain the structure of “Computerised Accounting System”. (4)

23. Calculate the formula on excel for the following: (6)

Dearness Allowance

44% of basic pay up to Rs. 10,000, Minimum Rs. 2,000

35% on above Rs. 10,000, minimum Rs. 4,400.

House Rent Allowance

Upto basic pay of Rs. 8,000 Rs. 2,000

8001-15000 basic pay Rs. 6,000

Above Rs. 15,000 basic pay Rs. 9,000

City Compensatory Allowance:

10% of pay subject to a minimum of Rs. 1,000

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