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

PART - A 

(Non Profit Organisations, Partnership And Company Accounts)

Q.1. What do you mean by ‘Fund Based Accounting’?

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Q.2. State any two items that appears in the Debit side of Partner’s Current Account when the capital is Fixed.

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Q.3. Mohan and Rohan are partners in a firm sharing profit and loss in the ratio of 5:3. Sonu is admitted for 1/4 share in the profit which he acquires in the ratio of 3 : 2 from them. Ascertain the new ratio of the partners.

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Q.4. What is the purpose of preparing Realisation A/c?

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Q.5. What is meant by ‘Minimum Subscription’?

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Q.6. Calculate the amount of Salaries to be debited in Income & Expenditure A/c for year ending 31/03/09 on the basis of followings:

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Paid for Salaries in 2008-09 Rs.105,000
31/03/08 31/03/09
Prepaid Salaries (Rs.) 1,200 1,500
Outstanding Salaries (Rs.) 1,900 700

Q.7.

A2Z Ltd. took a loan of Rs.200,000 from bank and deposited 2,500, 9%Debentures of Rs.100 each, as collateral
security. Journalise and show the relevant postings in the company’s Balance Sheet.


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Q.8. A2Z Company Ltd. issued 30,000 shares of Rs.10 each. Payments on these shares is to be made in the following
manner :

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On Application Rs.3 (01st Jan.’2009)
On Allotment Rs.3 (01st April’2009)
On 1st & Final Call Rs.4 (01st June’2009)

Sonu, to whom 200 shares were allotted, failed to pay the 1st & Final Call money on the due date. However, he had paid unpaid call money on 31st August’2009 with the interest @6% p.a. Calculate the amount of ‘Interest on Calls in Arrear’ on Sonu's shares.

Q.9. Sun, Moon and Star were partners in a firm sharing profits in 2 : 2 : 1 ratio. The firm closes its books on 31st March every year. Sun died three months after the last accounts were prepared. On that date, the Goodwill of the firm
was valued at Rs.90,000. On the death of a partner, his share of profit in the year of death, was to be calculated on the basis of the average profits of the last four years. The profits of last four years were:

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Year ended 31/03/2008 Rs.2,00,000
Year ended 31/03/2007 Rs.1,80,000
Year ended 31/03/2006 Rs.2,10,000
Year ended 31/03/2005 Rs.1,70,000 (Loss)

Pass necessary journal entries for the treatment of Goodwill and Sun’s share of profit on his death. Show the workings clearly.

Q.10. P and Q are partners in a firm sharing profits in the ratio of 7:3. Their fixed capitals were as P Rs.9,00,000 and Q Rs.4,00,000. The partnership deed provided for the followings:
a) Interest on capital @ 9% per annum.
b) P’s salary Rs.50,000 per year and Q’s salary Rs.3,000 per month.

The profit for the year ended 31/03/09 was Rs.2,78,000, which was distributed between them without providing
for the above items. Pass the adjustment entry.

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Q.11. A2Z Ltd. forfeited 300 shares of Rs.10 each (Rs.7 called up), issued at a discount of 10% on which Rs.2 per share has been paid for application. Out of these, 250 shares were reissued as Rs.8 called up for Rs.6 per share. Journalise for forfeiture and reissue of shares.

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Q.12. (a) A company issued 10,000, 12%Debentures of Rs.100 each at premium of 5% redeemable at a premium of 10%. Pass necessary journal entries for the issue of debentures and redemption of debentures.

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(b) 1,000, 14%Debentures of Rs.100 each issued at a discount of 5% and redeemable at par after 4 years were converted into 10% Preference Shares of Rs.100 each issued at discount of 5% before maturity. Journalise.

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Q.13. Pass necessary journal entries for the following transactions at the time of dissolution of the firm. The firm has three partners X,Y and Z who were sharing equally. 6
(a) Loan of Rs.10,000 advanced by a partner, Y , to the firm, was refunded.
(b) X, a partner, takes over an unrecorded asset (Typewriter) at Rs.300.
(c) Undistributed balance (Debit) of profit and loss Account Rs.30,000.
(d) The assets of the firm realised Rs.1,25,000.
(e) Y who undertakes to carry out the dissolution proceedings is paid Rs.2,000 for the same.
(f) Creditors paid Rs.28,000 in full settlement of their account of Rs.30,000.

Q.14. From the following information, and Receipt and Payment Account of Jain Society, prepare Income and Expenditure Account for the year ending 31st march 2008 and Balance Sheet as on that date.

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Additional information:

(a) Subscription of Rs.2,400 is outstanding and Advance for next year Rs.1,200 as on 31st March 2008.
(b) Donation received during the year is for construction of Temple
(c) Furniture and Investment as on 1st April 2007 was Rs.10,000 and Rs.35,000 respectively.

Q.15. A2Z Ltd. invited applications for 100,000 Equity Shares of Rs.10 each. The shares were issued at a premium of Rs.5 per share. The amount was payable as follows:-

Application & Allotment – Rs.8 per share (including premium Rs.3)
Balance including premium on the First & Final Call.

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Applications for 145,000 shares were received. Applications for 5,000 shares were rejected and pro- rata allotment was made to the remaining applicants on the following basis :-
(a) Applicants for 80,000 shares were allotted 60,000 shares; and
(b) Applicants for 60,000 shares were allotted 40,000 shares.

Mohan, who belonged to the first category and was allotted 300 shares, failed to pay the first call money. Rohan, who belonged to the second category and was allotted 200 shares, also failed to pay first call the money, their shares were forfeited. The forfeited shares were reissued @ Rs.9 per share, fully paid-up. 

Prepare Cash book and pass necessary Journal entries.

Or

KPL limited has been registered with an authorized capital of Rs.2,00,000 divided into 2,000 shares of Rs.100 each of which 1,000 shares were offered for public subscription at a premium of Rs.5 share, payable as under:

On Application 10
On Allotment 25 (including premium)
On First, call 40
On Second & Final call Balance

Applications were received for 1,800 shares, of which applications for 300 shares were rejected outright, the rest of applications were allotted 1,000 shares on pro-rata basis. Excess Application money were transferred to allotment.
All the money were duly received except from Sohan, holder of 100 shares, who failed to pay allotment and first call money. His shares were later forfeited and reissued to Sunil at Rs.60 per share, Rs.70 paid up. Final call has not been made. Pass necessary journal entries in the books of KPL limited.

Q.16. A and B are partners sharing Profit and loss in ratio of 5:3. On March 31st 2009 their Balance Sheet was as follows:

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They decided to admit C into the partnership on the following terms
(a) Machinery is to be depreciated by 10%
(b) Stock is revalued at Rs.60,000.
(c) Investments are taken over by B at Rs.18,000.
(d) Outstanding rent is Rs.1,000.
(e) C is to bring Rs.6,000 as Goodwill and sufficient capital for 2/5th share in total capital of the firm.

Prepare Revaluation A/c, Partners Capital A/c and Balance Sheet of the new firm.

Or

Following is the Balance Sheet of X , Y, and Z as on 31st March 2009 who were sharing profit and loss in the ratio of their Capitals:


Y retires on the above date on the following terms:

(i) Provision for doubtful debts to be raised to Rs.8,000.
(ii) Outstanding claim for damages of Rs.2,200 is to be provided.
(iii) Creditors be reduced by Rs.12,000
(iv) Goodwill of the firm is valued at Rs.40,000.

After the retirement of Y the entire capital of the firm was fixed at Rs.2,50,000 and partners decided to maintain
it in their new profit sharing ratio of 3:2.

Prepare Revaluation A/c, Partners’ Capital A/c and Balance Sheet of X and Y.

PART : B  
(Analysis Of Financial Statements)

Q.17. What do you mean by ‘Liquidity Ratios’.

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Q.18. How do we treat ‘payment of dividend’ while preparing Cash Flow Statement?

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Q.19. What do you mean by ‘Cash Equivalents’?

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Q.20. Discuss the advantages of Analysis of financial Statements.

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Q.21. Prepare a Common Size Income Statement from the following information:

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Q.22.

(a) Current Ratio of a company is 2.5:1, Working capital is Rs.60,000.Calculate the amount of current assets and current liabilities.

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(b) COGS Rs.3,00,000, Inventory Turnover Ratio is 6 times. Stock at the beginning is 1.5 times more than the Stock at the end. Calculate the opening stock and closing stock.

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Q.23. From the following Balance Sheet of S Ltd., prepare the Cash Flow Statement

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Additional Information:

(a) Depreciation provided during the year on plant amounted to Rs.10,000.
      A plant costing Rs.8,000 (accumulated depreciation thereon Rs.1,200) was sold for Rs.7,000.
(b) Depreciation on Land & Building amounted to Rs.15,000.

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