Accountancy for Class XII (2015-16)

Accountancy for Class XII (2015-16)

Max. Marks: 80 Max. Time 3 hours

Blue Print

PREBOARD EXAMINATION (2015-2016)

Time: 3hours ACCOUNTANCY (Class -12th) M.M:80

General instructions:

1) This question paper contains two parts A and B or.,C

2) All the questions are to be attempted.

3) All parts of a question should be attempted at one place.

4) Show the workings neatly.

PART A: ACCOUNTING FOR PARTNERSHIP FIRMS AND COMPANY ACCOUNTS

Q1. If partnership deed provides for payment of interest on partner’s loan, but does not specify the rate, what will be therate of interest on partner’s loan? (1)

Q.2.Under what circumstances the fixed capital of may change? (1)

Q3. At the time of retirement of a partner, Workmen's Compensation reserve is appearing in the Balance Sheet at Rs. 4000. Give Journal entry if Workmen's Compensation at the time of retirement is estimated at Rs. 5000.(1)

Q4.State any two deductions that may have to be made from amount payable to the legal representative of a deceased partner.(1)

Q5.When debentures are issued as collateral security and the company fails to repay the loan with interest,what will be the consequence? (1)

Q6.) P, Q and R are partners sharing profits and losses in the ratio of 5:3:2. From 1stJanuary, 2012, they decide to share profits and losses in equal proportion. The partnership deed provides that in the event of any change in profit sharing ratio, the goodwill should be valued at three years’ purchase of the average of five years ‘profits. The profits and losses of the preceding five years are:

Profits: 2007 - Rs. 60,000 2008 Rs. 1, 50,000 2009 - Rs. 1, 70,000 2010 - Rs. 1, 90,000.

Loss: 2011 -Rs. 70,000. Give the necessary journal entry to record the above change. (3)

Q7. Explain the provisions of section 78 of Companies act 1956 with respect to Securities Premium. (3)

Q8. Apna Ltd. purchased machinery worth Rs. 550000 and took over creditor’s worth Rs. 50000 at a purchase consideration of Rs.480000. Rs. 40000 were paid in cash by Apna Ltd. and the balance was paid by issue of shares of Rs. 100 each Issued at 10% premium. Pass necessary journal entries in the books of Apna Ltd. (3)

Q9. X , Y & Z were partners in a firm sharing profits in the ratio of 3:2:1. After division of profits for the year ended 31.3.2011, their capitals were Rs.295000, Rs.330000 and Rs.335000.During the year they withdrewRs.40000 each for personal use. The profits of the year was Rs.180000.The partnership deed provided for interest on capital @10% p.a. ,interest on drawings to be charged @5%p.a. and salary to X Rs.6000 p.a. While preparing the final accounts, the above provisions were omitted to be recorded. Give the necessary adjustment entry. (4)

Q10.Y and Z are partners in a firm sharing profit and losses in the ratio of 5:3 with capitals of Rs.40000 and rs.30000 respectively. They withdrew from the firm the following amounts, for the personal use:

Calculate interest on drawings @ 6% p.a. for the year ended on March 31st, 2012.(4)

Q11.Munish Ltd. issued 80,000 shares of Rs.10 each at a premium of Rs.2 per share payable as Rs.3 on application Rs. 5 on allotment (including premium) and the balance on final call. Applications were received for 1, 02,000 shares. The Director resolved to allot as follows:

(A)Applicants of 40,000 shares30,000 shares

(B)Applicants of 60,000 shares50,000 shares

(C)Applicants of 2,000 sharesNil

Ramesh who had applied for 800 shares in category (A),and Suresh who was allotted 400 shares in category (B) failed to pay the allotment money. Calculate the amount received on allotment. (4)

Q12.Deepak Ltd. issued 5,000, 7% debentures of Rs.50 each. Pass the journal entries in the books of the company for the issue of debentures when debentures were:

(a) Issued at par, redeemable at 8% premium.

(b) Issued at 4% premium, redeemable at 5% premium.

(c) Issued at 5% premium, redeemable at par.(6)

Q13. (a)Ajay, Vijay & Sanjay are partners in a firm sharing profits and losses in the ratio of 3:1:2. Vijay retires. After making all adjustments, the capital balances of Ajay, Vijay &Sanjay were Rs. 21,600, Rs. 17,800, & Rs. 5,600 respectively. Vijay was to be paid through cash, brought in by continuing partners in such a way as to make their capitals proportionate to their profit sharing ratio. Calculate theamount of cash brought in by continuing partners and givethe necessary entry for this. (4)

(b) M, N and O are partners in firm sharing profit and losses in the ratio of 3:2:5. N retires and on his retirement goodwill was estimated at Rs. 80000. Pass necessary journal entry. (2)

Q14. Anil & Sunil were partners. The partnership deed provided for profits to be divided as Anil 1/2, Sunil 1/3 and 1/6 to be transferred to reserves; the accounts are closed on March 31 each year. In the event of death of a partner, the executors will be entitled to the following -
I) capital to the credit on the date of death
II) interest on capital @ 12% p.a
III) proportion of profit to the date of death based on the average profits of the preceding 3 years
IV) share of goodwill based on 3 years purchase of average profits of the preceding 3 years. The following information is provided to you :
Anil’s capital Rs. 80,000 ; Sunil’s capital Rs. 50,000 ; Reserves Rs. 30,000 ; cash Rs. 10,000 ; Investments Rs. 140,000; JLP(Policy amount Rs.80,000)-Rs.10,000
Sunil died on 30th September, 2010. The profits for the 3 preceding years wereRs. 48,000,Rs. 42,000 andRs. 45,000. Pass necessary journal entries and calculate the balance due to Sunil’s executor. (6)

Q15.New India Ltd issued 20,000 shares of Rs.10 each at a discount of Re. 1 payable as Rs.3 on application, Rs.3 on allotment (after discount) and Rs.3 on call. The issue was oversubscribed to the extent of 15,000 shares and the allotment was done as follows:

a) Applicants of 5,000 shares were given full allotment.

b) Other applicants of shares were allotted shares on a pro-rata basis.

The excess application money received was to be adjusted against allotment only. All money due were received with the exception of the call money on 600 shares held by X who was given full allotment. His shares were forfeited. The forfeited shares were reissued at Rs.6 per share as fully paid up. Pass necessary journal entries in the books of the company.

OR

Metallic Ltd invited applications for issuing 18,000 shares of Rs.20 each at a premium of 10%. Rs.14 per share was payable on application (including premium) and the balance on allotment. Applications for 20,000 shares were received. Shares were allotted proportionately to all applicants. An applicant who was allotted 1,800 shares failed to pay the allotment money. His shares were, therefore, forfeited. The forfeited shares were reissued at Rs.21 per share as fully paid up. Pass necessary journal entries in the books of the company. (8)

Q16.A and B share profits in the proportions of ¾ and ¼ .Their Balance Sheet on Dec.31, 2010 was as follows:

Balance Sheet (as on 31 Dec. 2010)

On Jan. 1, 2011, C was admitted into partnership on the following terms:

(a)That C pays Rs.10, 000 as his capital.

(b)That C pays Rs.5, 000 for goodwill. Half of this sum is to be withdrawn by A and B.

(c)That Stock and Fixtures be reduced by 10% and a 5% provision for doubtful debt be created on Sundry Debtors and Bills Receivable.

(d)That the value of land and building be appreciated by 20%.

(e)There being a claim against the firm for damages, a liability to the extent of Rs.1, 000 should be created.

(f)An item of Rs. 650 included in sundry creditors is not likely to be claimed and hence should be written back.

Prepare Revaluation Account, Partner’s Capital Account and the new Balance Sheet.

OR

Sonu and Ashu sharing profits as 3:1 and they agree upon dissolution. The Balance Sheets on March 31st,2010 is as under :

Balance Sheet as on 31 March 2010

Sonu took over plant and machinery at an agreed value of Rs.60, 000.Stock and furniture were sold for Rs.42, 000 and Rs. 12,000 respectively. Debtors were taken over by Ashu at Rs.69, 000. Creditors were paid subject to discount of Rs.900. Sonu agrees to pay the loans. Realisation expenses were Rs.1, 600.Prepare Realisation Account, Bank account and Capital accounts of all the partners. (8)

PART B: FINANCIAL STATEMENT ANALYSIS

Q17.Xwants to invest his savings in M & N Co. Mention any two ratios that are required to this purpose(1)

Q18. State whether cash withdrawal from bank will result in inflow, outflow or no flow of cash. (1)

Q19.What is meant by Cash Equivalents?(1)

Q20.Give the headings under which the following items will be shown in a company’s Balance Sheet as per Schedule VI Part I of Companies Act, 1956:

(a)Securities Premium(b) Proposed Dividend(c) Share Forfeiture Account

(d)Preliminary Expenses(e) Sundry Debtors(f) Goodwill (3)

Q21.From the following data prepare a statement of profits in the comparative form:-

(4)

Q22. On the basis of the following information calculate any two of the following Ratios:

A) Operating Ratiob) Liquid Ratioc) Proprietary Ratio

Information: (Rs.) (Rs.)

(4)

Q23.From the following Balance Sheet of Bharat Gas Ltd. Prepare Cash Flow Statement:

Additional Information:

Machine costing Rs.80, 000 on which accumulated depreciation was Rs.50, 000 was sold for Rs.20, 000. (6)

PART C

Q17 What is DBMS? ( 1)

Q18 What is table? ( 1)

Q19 Write short note on coding? (1)

Q20 What are the levels of security inAIS? (3)

Q21 What types of Accounting software available ?Classify each type. (4)

Q22 What is DML? Write their command? (4)

Q23 Write programme to calculate depreciation of asset by Diminishing balance method? (6)

Marking Scheme: Accountancy (XII)