CBSE Question Paper 2013 class 12 Accountancy

General Instruction:

(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 Partnership Firms and Companies)

1. When the partner capitals are fixed, where the drawing made by a partner will be recorded?

2. State the ratio in which the partners share profits or losses on revaluation of assets and liabilities, when there is change in profit sharing ratio amongst existing partners?

3.  Name the account which is opened to credit the share of profit of the deceases partner, till the time of the death to his Capital account.

4. Give the journal entry to distribute ‘Workman Compensation Reserve’ of Rs. 60,000 at the time of retirement of Sajjan, when there is no claim against it. The firm has three partners Rajat, Sajjan and Kavita.

5. What is meant by ‘Securities Premium’?

6. What rate of interest the company pays on calls – in advance if, it has not prepared its own Articles of Association?

7. What is meant by issue of debentures as a collateral security.

8. Mona, Nisha and Priyanka are partners in a firm. They contributed Rs. 50,000 each as capital three years ago. At that time Priyanka agreed to look after the business as Mona and Nisha were busy. The profits for the past three year Rs. 15,000, Rs. 25,000 and Rs. 50,000 respectively. While going through the books of accounts Mona noticed that the profit had been distributed in the ratio of 1 : 1 : 2. When she enquired form Priyanka about this, Priyanka answered that since she looked after the business she should get more profit. Mona disagreed and it was decided to distribute profit equally retrospectively for the three years.

(a) You are required to make necessary correction in the books of accounts of Mona, Nisha and Priyanka by passing an adjustment entry.

(b) Identify the value which was not practiced by Priyanka while distributing profits.

9. Pass the necessary journal entries for issue of 1,000 7% Debentures of Rs. 100 each in the following cases:

(a) Issued at 5% premium redeemable at a premium of 10%.

(b) Issues at a discount of 5% redeemable at par.

10. Taneja Constructions ltd. has an outstanding balance of Rs. 5,00,000, 7% debentures of Rs. 100 each redeemable at a premium of 10%. Accounting to the terms of redemption, the company redeemed 30% of the above debentures by converting them into shares of Rs. 750 each at a premium of 20%. Record the entries for redemption of debentures in the books of Taneja Constructions Ltd.

11. Abhay and Beena are partners in firm. They admit Chetan as partner with 1/4^th share in the profits of the firm. Chetan bring Rs. 2,00,000 as his share of capital. The value of the total assets of the firm is Rs. 5,40,000 and outside liabilities are valued at Rs. 1,00,000 on that date. Give the necessary entry to record goodwill at the time of Chetan’s admission. Also show your working notes.

12. Naresh, David and Aslam are partners sharing profits in the ration of 5 : 3 : 7. On April 1^st 2012, Naresh gave a notice to retire from the firm. David and Aslam decided to share future profits in the ratio of 2 : 3. The adjusted capital accounts of David and Aslam show a balance of Rs. 33,000 and Rs. 70,500 respectively. The total amount to be paid to Naresh is Rs. 90,500. The amount is to be paid by David and Aslam in such a way that their capitals become proportionate to their new profits sharing ratio. Pass necessary journal entries for the above transactions in the books of the firm. Show your working clearly.

13. Madhav Ltd. issued fully paid equity share of Rs. 80 each at a discount of Rs. 75 per share for the purchase of a running business from Gupta Bros. for a sum of Rs. 15,00,000.

The assets and liabilities considered of the following:

Plant Rs. 5,00,000; Truck Rs. 7,00,000; Stock Rs. 3,00,000; Machinery Rs. 6,00,000 and sundry Creditors Rs. 5,00,000.

You are required to pass necessary journal entries for the above transactions in the books of Madhav ltd.

14. The authorized capital of Suhani Ltd. is Rs. 45,00,000 divided into 30,000 shares of Rs. 150 each. Out of these company issued 15,000 shares of Rs. 150 each at a premium of Rs. 10 per share. The amount was payable as follow:

Rs. 50 per share on application, Rs. 40 per share on allotment (including premium), Rs. 30 per share on first call and balance on final call. Public applied for 14,000 shares. All the money was duly received.

Prepare an extract of Balance sheet of Suhani Ltd. as per Revised Schedule VI part – I of the Companies Act 1956 disclosing the above information. Also prepare ‘notes to accounts’ for the same.

15. Ali, Bimal and Deepak are partners in a firm. On 1^st April 2011, their capital accounts stood at Rs. 4,00,000, Rs. 3,00,000 and Rs. 2,00,000 respectively. They shared profit and losses in the proportion of 5 : 3 : 2. Partners are entitled to interest on capital @ 10% per annum and salary to Bimal and Deepak @ Rs. 2,000 per month and Rs. 3,000 per quarter respectively as per the provisions of the partnership deed.

Bimal’s share of profit (excluding interest on capital but including salary) is guaranteed at a minimum of Rs. 50,000 p.a. any deficiency arising on that account shall be met by Deepak. The profit of the firm for the year ended 31^st March 2012, amounted to Rs. 2,00,000. Prepare Profit & Loss Appropriation Accounts for the year ended on 31^st March 2012.

16. The Balance Sheet of Sudha, Rahim, and Kartik who were sharing profit in the ratio of 3 : 3 : 4 as on 31^st March 2012 was as follows:

Sudha died on June 30^th, 2012. The partnership deed provided for the following on the death of partner.

(a) Goodwill of the firm be valued at two years purchase of average profits for the last three years.

(b) Sudha’s Share of profit or loss till the date her death was to be calculated on the basis of sales. Sales for the year ended 31^st March 2012 amounted to Rs. 4,00,000 and that from 1^st April to 30^th June 2012 to Rs. 1,50,000. The profit for the year ended 31^st March 2012 was Rs. 1,00,000.

(c) Interest on capital was to be provided were @ 6% p.a.

(d) The average profits of the last year three years were Rs. 42,000.

(e) According to Sudha’s will, the executors should donate her share to ‘Matri Chhaya- an orphanage for girls.’

Prepare Sudha’s Capital Account to be rendered to her executor, Also, identify the value being highlighted in the question.

17. Money plus company issued for public subscription, 75,000 shares of the value of Rs. 10,000 each at a discount of 10% payable as follows:

Rs. 2 per share on application, Rs. 3 per share on allotment and Rs. 4 per share on call.

The company received applications for 1,50,000 shares. The allotment was done as uner:

(a) Applications of 15,000 share were allotted 5,000 shares.

(b) Applications of 70,000 shares were allotted 40,000 shares.

(c) Remaining applications were allotted 30,000 shares.

Money in excess to allotment was returned. Hari, a shareholder who had applies for 3,500 share out of group B failed to pay allotment and call money. Rohan, a shareholder who was allotted 3,000 shares paid the call money along with the allotment. Rohan also belonged to group B.

Pass necessary journal entries to record the above transactions in the books of the company, show your working notes clearly.

OR

Recorded the journal entries for forfeiture and reissue of shares in the following cases:

(a) X Ltd. forfeited 20 shares of Rs. 10 each, Rs. 7 called up on which the shareholder had paid application and allotment money of Rs. 5 per share. Out of these, 15 shares were re-issued to Naresh as Rs. 7 per share paid up for Rs. 8 per share.

(b) Y ltd. forfeited 90 shares of Rs. 10 each, Rs. 8 called up issued at a premium of Rs. 2 per share to ‘R’ for non-payment of allotment money of Rs. 5 per share (including premium). Out of these 80 shares were re-issued to Sanjay as Rs. 8 called up for Rs. 10 per share.

(c) Z ltd. forfeited 300 shares of Rs. 10 each issued at a discount of Rs. 1 per share for non-payment of first and final call of Rs. 3 per share. Out of these 200 shares were reissued at Rs. 3 per share fully paid up.

18. Shahaj and Nimish are partners in firm. They share profits and losses in the ratio 2 : 1, since both of them are specially abled, sometimes they find it difficult to run the business on their own. Gauri, a common friend decides to help them. Therefore, they admitted her into partnership for a 1/3^rd share. She brought her share of goodwill in cash proportionate capital. At the time of Gauri’s admission, the Balance Sheet of Sahaj and Nimish was as under: border=”1″ cellspacing=”0″ cellpadding=”3″>

LiabilitiesAmount Rs.AssetsAmount Rs.Capital Accounts:

Sahaj 1,20,000

Nimish 80,000

General Reserve

Creditors

Employees provided Fund

2,00,000

30,000

40,000

3,00,000

Machinery

Furniture

Stock

Sundry Debtors

Cash

1,20,000

80,000

50,000

30,000

20,000

3,00,000

It was decided to:

(a) Reduce the value of stock by Rs. 5,000.

(b) Depreciate furniture by 10% and appreciate machinery by 5%.

(c) Rs. 3,000 of the debtors proved bad. A provision of 5% was to be created on sundry Debtors for doubtful debts.

(d) Goodwill of the firm was valued at Rs. 45,000.

Prepare Revolution Account Partner’s Capital Account and Balance Sheet of the reconstituted firm. Identify the value being conveyed in the question.

OR

Prachi, Ritika and Ishita were partners in a firm sharing profit and losses in the ratio of 5 : 3 : 2. Inspite of repeated reminders by the authorities, they kept dumping hazardous material into a nearby river. The court ordered for the dissolution of their partnership firm on 31^st March 2012. Prachi was deputed to realise the assets pay the liabilities. She was paid Rs. 1,000 as

Following was agree upon:

Prachi took over investments for Rs. 12,500. Stock and furniture realized Rs. 41,500. There was old furniture which has been written off completely from the books. Ritika agreed to take away the same at the price of Rs. 3,000. Compensation paid to the employee amounted to Rs. 8000. The liability was not provided in the above Balance Sheet, Realization expenses amounted to Rs. 1,000. Prepare Realisation Account. Partner’s Capital Accounts and cash A/c to close the books of the firm.

Also identify value being conveyed in the question.

Part B

(Financial Statement Analysis)

19. Under which type of activity will you classify ‘Divided’ received by a finance company’ while preparing Cash Flow Statement?

20. What is meant by ‘Cash from operating activities?

21. State any one objective of Financial Statement Analysis.

22. Under what heads and sub-heads the following items will appear in the Balance sheet of a company as per revised Schedule VI, part – I of Companies Act 1956.

(i) Premium on redemption of Debentures

(ii) Loose tools

(iii) Balance with banks

23. (a) Compute ‘Working Capital turnover Ratio’ from the following information:

Cash Sales Rs. 1,30,000; Credit Sales Rs.3,80,000; Sales Returns Rs. 10,000; Liquid Assets Rs. 1,40,000; Current Liabilities Rs.1,05,000 and inventory Rs. 90,000.

(b) Total Assets Rs. 3,50,000; Total Debts Rs. 2,50,000 and Current Liabilities Rs. 80,000.

24. From the following Statement of Profit and Loss of Suntrack Ltd. for the years ended 31^st March 2011 and 2012. Prepare a ‘Comparative Statement of Profit & Loss.

25. Following is the Balance Sheet of Wisben Ltd. as on 31^st March 2012:

Adjustments:

During the year a piece of machinery of the book value of Rs. 80,000 was sold for Rs. 65,000. Depreciation provided on tangible assets during the year amounted to Rs. 2,00,000.

Prepare a Cash Flow Statement.

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