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Accountancy
PRACTICE QUESTION PAPER
ACCOUNTANCY
CLASS-XII
Time : 3 Hours  Maximum Marks : 80

Q.1.

A new partner can be admitted in to partnership with the consent of

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(a) Any one partner
(b) Majority of partner
(c) All the partner
(d) partner as well as employees

Q.2. Private placement of shares means 1
(a) To offer any new share to its existing share holder
(b) Raising the capital privately and without inviting the public
(c) Share holder cannot sell the share for minimum period of 1 year
(d) Both a and c

Q.3. X,Y & Z are partner. They admitted W as a partner.W’s Share of goodwill is ₹24,000 out of which he brought ₹12,000 only as he fell short of cash because he had deposited his sister’s school admission fees. X,Y & Z did not objected to it. Identify the value being highlighted in this case.

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Q.4. Total creditors amounted to ₹5,00,000.Investment valued ₹2,00,000 were not shown in the books. One of the creditors took these Investments in full satisfaction of his debts of ₹2,20,000. Remaining creditors were paid at 5% discount. Pass necessary entry.

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Q.5. Discount allowed on the reissue of the forfeited shares should not exceed; 1
(a) 10% of the paid up capital
(b) 10% of the capital reissued
(b) Amount received on forfeited Shares
(d) None of these

Q.6. A2Z Ltd decided to redeem ₹50,000,10% debentures. It purchase ₹40,000 debentures in the open market at ₹97.5 each. The expenses being ₹200 and redeemed the balance by draw of lots . Journalise.

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Q.7. X,Y and Z are partner sharing profits and losses in the ratio of 3 : 2 : 1. Y retires selling his share to X and Z for ₹16000. ₹10,000 being paid by X and ₹6,000 by Z.The profit for the year after y’s retirement is ₹24,000 pass entries to (a) record the sale of Y’S share to X and Z and (b) distribute the profit between X & Z

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Q.8. Give journal entries in each of the following cases if the face value of Debentures is ₹100
(i) A debenture issued at ₹110 repayable at ₹100
(ii) A debenture issued at ₹110 repayable at ₹105

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Q.9. Mohan and Rohan have omitted interest on capital for two years ended 31st March, 2013. Their fixed capital in two years were Sonu ₹80,000, Mohan ₹70,000 and Rohan ₹30,000. Rate of interest on capital is 10 % pa.Their profit sharing ratio were in 1st year- 4 : 3 : 3 , IInd Year - 3 : 2 : 1. Give necessary adjusting entry.

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Q.10. The authorized capital of X Ltd is ₹20,00,000 divided in to 2,00,000 equity shares of ₹10 each.Out of these the company issued 1,00,000 equity shares of ₹10 each at discount of 10%.The public applied for 90,000 shares and all the money was duly received. How will you show the ‘share Capital A/c’ in the balance sheet of the company? Also prepare “notes to Accounts” for the same. 

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Q.11. Ramu and Mohan were partner in a ratio of 4:1.On 1.3.2005 they admitted Rohan as a new partner for 1/3 share in the profits .They fixed profit sharing ratio as 4:2:3 . The profit and Loss on the date of admission showed a balance of ₹32,000(Dr).The firm also had a reserve of ₹1,00,000. Rohan is to bring ₹60,000 as for his share of goodwill. Pass necessary journal entries to record the above transactions.

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Q.12. Mohan, Rohan and Sonu are partner sharing in the ratio of 3 : 2 : 1. Rohan retired from the firm due to illness. On that date the balance sheet of the firm was as follows.

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Additional information:

(i) Premises have appreciated by 20%,Stock depreciated by 10% and provision for doubtful debts was to be made 5% on debtors .Further provision for legal damages be increased by ₹1200. Furniture was valued at ₹45,000
(ii) Goodwill of the firm be valued at ₹42,000
(iii) Rohan wants to donate 10% of his balance to Prime minister’s Relief Fund.`5,000 was transferred to loan A/c and balance was paid through bank
(iv) New profit sharing ratio was 5 : 1

Give necessary ledger Accounts and identify any two values highlighted

Q.13. A2Z Ltd invited applications for 80,000 shares of `10 each payable as follows
On application - ₹2.50
On allotment - ₹2.50
On first Call - ₹2-
On second call - ₹3

All the shares were applied and allotted. Mohan, holding 600 shares paid whole amount on application .
Pass necessary entries.

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Q.14. (a) A and B are partner sharing profits and losses the ratio of 3 : 2. They admit X and Y as new partner. A surrendered 1/3 of his share in favour of X and B surrendered ¼ of his share I favour of Y. Calculate the new profit sharing ratio.

(b) A,B and C are partner in affirm. Their capital were ₹2,50,000, ₹2,00,000 and ₹1,50,000 respectively. Their business earned average profit of ` 96,000 and normal rate of return was 12%. Ascertain the goodwill by capitalization method.

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Q.15. A and B are partner sharing in the ratio of 2:3.Their balance sheet as on 31st December,2014 was as follows.

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On this date they admitted C for 1/5 share in profits which he acquires wholly from B. The other terms were
(i) Goodwill of the firm was to valued at two years purchase of average of the last 3 yrs profits. The profits for the year for last 3 Yrs were ₹58,000; ₹66,000; and ₹56,000
(ii) provision for doubt full debts was found excess by ₹2,000. 
(iii) Building was found undervalued by ₹20,000 and furniture was valued at ₹35,000.
(iv) ₹5,000 for damages claimed by customer. it was agreed to pay ₹2000 in full settlement.
(v) C brings ₹60,000 for his capital and necessary amount of for his goodwill. 
(vi) Capitals of A and B were to be adjusted in the new profit sharing ratio by opening necessary current Account. 

Prepare Revaluation A/c, capital A/c and Balance sheet

Or

A & B were partner in a firm sharing profits in the ratio of 3:1.Following was the balance sheet on the date of dissolution:


(i) Half of the stock was sold at 10% less than book value and remaining half was taken over by A at 20% more than book value. 
(ii) During the course of dissolution a liability of ₹12,000 included in creditors was settled fro ₹10,000. 
(iii) Assets realized as follows: Plant and machinery- ₹1,00,000; Truck- ₹1,20,000; Goodwill was sold for ₹25,000;. Bad debts amounted to ₹5,000. Half of the investments were sold at book value. 
(iv) A promised to pay off Mrs A Loan and took half of the investment at 10% discount.
(v) Trade creditors and bill payable were paid at 12% discount. prepare Realisation A/c, partners capital A/c and Cash A/c.

Q.16. Mohan invited application for 1,00,000 equity shares of ₹10 each. The shares were issued at a premium of ₹5 per share. The amount was payable as on application and allotment ₹8 per share (including premium ₹3) Balance including premium on first and final call Applications for 1,50,000 were received .Applications for 10,000 shares were rejected and prorate allotment was made on following basis:
(i) Applications for 80,000 were allotted- 60,000 shares
(ii) Applications for 60,000 were allotted- 40,000 shares

X who belong to first category and was allotted 300 shares failed to pay the call money. Y who belonged to second category and was allotted 200 shares failed to pay first call. Their shares were forfeited ad were reissued @ ₹12 per share fully paid up

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Or

A company offered 10,000 to the public giving special privilege to the retired army personal on allotment of shares .The amount payable ₹3 on application, ₹2 on allotment, ₹3 on first call and ₹2 on final call. Applications were received for 15,000 shares. The directors made allotment as under;

(i) No allotment to applicant for 3,000 shares
(ii) Rest allotted on prorate basis All the calls were made and paid except
     (i) A, the holder of 100 shares paid the two calls with allotment
    (ii) C ,holder of 100 shares failed to allotment but he paid entire amount on first call which includes the amount of final call also
Pass necessary journal entries and value highlighted

PART - B

Q.17. Issue of debentures to the vendors for purchase consideration of some assets will results in  
(i) Inflow of cash
(ii) financing activity
(iii) No flow of cash
(iv) both (ii) and (iii)

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Q.18. Interest paid in case of hire purchase will be treated as 1
(i) investing activity
(ii) operating activity
(iii) financing activity
(iv) None of these

Q.19. (a) List any two significance of analysis of financial statements to ‘Top Management’

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Q.20. How will you disclose the following items while preparing the Balance Sheet of a company? 3
(i) Provision for Employee Provident fund to be steeled after 12 months
(ii) Intellectual Property Rights
(iii) Provision for Doubtful Debts.

Q.21. From the following information ,prepare comparative statement of profit &loss 4

Q.22.

From the following information. Prepare a cash flow statement

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Balance sheet as on……………..

Note :
1 : Reserves and surplus

Additional Information:

Depreciation charged during the year was ₹8,000. An Interim Dividend paid during the year ₹9000. Interest paid ₹ 5000 during the year.

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