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

Q.1.

What is meant by dissolution of firm?


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Q.2. How will you treat the sale of fixed assets at loss while preparing income and expenditure account.

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Q.3. Pass journal entry at the time of issue when debentures are issued at premium but redeem at premium.

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Q.4. Give the average period in months the charging interest on drawing for the same amount withdrawn at the end of each quarter. And accounts are closed after 9 months (i.e.30th September)

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Q.5. X:Y:Z are partners profit sharing ratio in the ratio 2 : 2 : 1, now they want to change their ratio which is equal. Goodwill of the firm’s is Rs. 6,000. Pass journal entry.

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Q.6. Calculate what amount will be posted to income and expenditure account for the year ending 31st march 2007

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Expenses paid during the year 2006-07 32,300
Prepaid expenses on 1st April 2006 800
Outstanding expenses on 1st April , 2006 3,000
Prepaid expenses on 31st March , 2007 1,000
Outstanding expenses on 31st March , 2007 1,200

Q.7.

A2Z Ltd. issued Rs. 50,00,000, 8% debentures of Rs. 500 each at par redeemable at a premium of 10% after 5 years. According to the terms of issue Rs. 250 was payable on application and balance on allotment of debentures. Record necessary journal entries at the time of issue of 8% debentures.


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Q.8. Pass the necessary journal entries at the time of dissolution of the firm:- 3
a. Realization expense amounting to Rs. 5,000 was paid by Mohit. One of the partners.
b. Realisation expense Rs. 4,000 born by Tanmay , personally.
c. Rohit, a partner was appointed to realize the assets , at a cost of Rs. 4,000. The actual amount of realization amounted to Rs. 3,000.

Q.9. X and Y are partners with the capital contribution of Rs. 80,000 and Rs. 60,000 respectively. Their partnership deed discloses the following .
i) Profit sharing ratio 3:2.
ii) Interest on capital is agreed at 5% p.a.
iii) Y Is allowed a salary of Rs. 6,000 p.a. which has not been drawn.

Profits during the year 2010 prior to calculation of interest on capital but after changing Y’s salary amounted to Rs. 24,000. A provision of 5 of this amount is to be made of commission to the manager. Prepare profit and loss Appropriation Account.

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Q.10. (a) Goodwill is to be calculated at two years purchase of the average of the last 3 years profit. The profit for the first year was Rs. 12,000, second year twice the profit of first year and third year one and half of the profit of the second year. Calculate the value of goodwill.

(b) A firm earns 16,200 as its annual profits, the rate of the normal profit being 10%. The assets of the firm amounted to Rs. 1,50,000. The value of the goodwill is Rs. 45,000. Find the value of outsider’s liabilities.

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Q.11. A2Z ltd. Issued 10,000 shares of Rs. 10,000 of Rs.100 each payable Rs. 20 per share on application, Rs. 30 per share on allotment and balance in two equal calls. The application and allotment money were duly received . On first call , all members pay their dues except one member holding 200 shares , while another member holding 500 shares paid for the balance due in full. Final call was not made.
Give journal entries and prepare cash book.

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Q.12. (a) on 1.1.2010, A2Z ltd. Issued Rs. 5,00,000, 8% debentures of 100 each, redeemable after 10 years . Debenture holders were given the option to get their debenture redeemed at any time after years at Rs. 105 per debenture. At the end of four years 20%, debenture holders exercised their option and got their debentures redeemed.

Pass necessary journal entries at the time of redemption of debentures.

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(b) On 29 Feb. 2012 , Mahesh ltd. Converted its Rs.1,00,000 , 9% debentures issued at a premium of 10% into 8% preference shares of 500 each issued at a premium of 20%.

Pass necessary journal entries on the redemption of debenture.

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Q.13. Prepare income and expenditure account and balance sheet for the year ended December 31st, 2006 from the following Receipt and payment account and balance sheet of cultural club.

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             Receipt and payment account for the year ending December 31, 2006
                           
                               Balance sheet for the year ending December 31, 2005

Q.14.

Mohan, Rohan and Sonu were sharing profit in the ratio of 2 : 1 : 1. Their balance sheet as at 31.12.2009 stood as follows:-


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Sonu died on 16 June 2010 . The following adjustments were agreed upon :-
(a) Building is appreciated by Rs. 2,000.
(b) Investment is valued at 10% less than the book value.
(c) All debtors ( expect 20% which are considered as doubtful ) were good.
(d) Stock is increased by 10 %.
(e) Goodwill is valued at 2 years purchase of the average profits of the past five years.
(f) Sonu 's share of profit to the date of death be calculated on the basis of the profit of the preceding four years. Profits for the years 2005,2006, 2007 and 2008 were Rs. 26,000 , Rs. 22,000 , Rs.20,000 and Rs. 24,000 respectively.

Prepare Revaluation Account , Partners capital , 'Sonu's executors’ account and balance sheet immediately after Sonu's death assuming that Rs. 18,425 be paid immediately to his executors and balance to be left to the Sonu's executors’ account.

Q.15. A2Z ltd. Invited application for 20,000 shares of Rs. 10 each at a premium of Rs. 2 per share. The share were payable as follows :
On Application Rs. 2
On allotment Rs. 5 ( including premium)
On first call Rs. 2
On second call Rs. Balance

Application were received for 30,000 shares and allotment on prorate basis was made to the application of 24,000 shares. Applications for remaining shares were refunded.
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Sourav a holder of 800 shares failed to pay the allotment and call money. Rajesh a holder of 1200 shares failed to pay the two calls and these shares were forfeited after the final call and reissued at Rs.8 per share fully paid.

Pass the necessary journal entries by showing the working clearly.

Or

A2Z Ltd. Invited application for issuing 60,000 shares of Rs. 10 each at 10% Discount. The amount was payable as follows:-
Application 2 per share.
Allotment 3 per share
On first and final call balance

Applications were received for 92,000 shares. Allotment was made on the following basis :-
To applicants for 40,000 shares – full
To applicants for 50,000 shares – 40%
To applicants for 2,000 shares – nil

X applied for 1,000 shares failed to pay allotment money and call money. And his shares were forfeited after final call. Out of this 50% shares were reissued @ 8, fully paid up. Pass journal entries in the books of A2Z Ltd.

Q.16. A and B were in partnership sharing profit and losses in the ratio of 1:4 . on 31st march 2010, their balance sheet stood as follow :

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On 1st April 2010, C was admitted to the partnership on the following terms :-
(a) C was entitled to 2/7 share in profits.
(b) C will introduce Rs. 40,000 as his capital and pay Rs. 20,000 to the partners as premium privately.
(c) The book value of furniture would be decreased by 10,000.
(d) 20% of the reserve is to remain as provision for doubtful debts.

You are required to prepare Revaluation account, Partners’ capital accounts & balance sheet of new firm.

Or

A, B and C were partners in a firm whose balance sheet as on 31st march 2012 was as follows:-


B retired on that date and in this connection it was decided to make the following adjustments:-
(a) To reduce stock and furniture by 5% and 10% respectively.
(b) To provide for doubtful debts at 5% on debtors.
(c) Rent outstanding (not provided for as yet) was Rs. 260. Goodwill was valued at Rs. 4,200. A and C decided not to show goodwill in the books.
(d) New ratio of A and C is 5:3.
(e) To bring in sufficient cash to pay off B immediately and to leave a balance of Rs. 1,000 in the bank. B was paid off.

Give journal entries to record the above and draft the balance sheet of the new firm.

PART - B

Q.17. Name two parties who may be interested in analysis of financial statement.

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Q.18. How will you treat “redemption of debenture “while preparing cash flow statement as per AS-3 (revised).

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Q.19. Classify the following activities as (a ) operating activities , (b) investing activities and (c) financing activities. 1
(i) Dividend paid by financial enterprises.
(ii) Dividend received by other than financial enterprises.

Q.20. From the following information compute dividend per share:- 3
(i) Profit before tax Rs. 12,00,000
(ii) Tax Rate 50%
(iii) Equity share (50,000 shares of Rs. 100 each )
(iv) 20% of the profit is retained by the company and remaining is distributed as dividend.

Q.21. Prepare a common size income statement from the following income statement and give suitable comment.

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Q.22.

From the following particulars , calculate (A) cash flow from operating activities , (b) investing activities and (c) financing activities.


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Additional information:
A part of the machinery costing Rs. 12,000 having book value of Rs. 9,000 was sold for Rs. 12,000 during 2009-2010.

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