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Home » Finance Sample Papers » Finance - General Sample Papers » Accounts Class - XII (CBSE) - 1997

Accounts Class - XII (CBSE) - 1997

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Accounts Class - XII (CBSE) - 1997
You are on Set no 1 Qno. 1 to 9

Q1) Give any three points of distinction between revaluation account and realisation account. (Marks 3)

Q2) Can forfeited shares be issued at a discount? If so, to what extent? (Marks 3)

Q3) Ashoka Ltd. purchased machinery costing Rs. 1,35,000. It was agreed that the purchase consideration be paid by issuing 12% debentures of Rs. 100 each. Assume debentures have been issued (i) at par and (ii) at a discount of 10%. Give necessary journal entries. (Marks 3)

Q4) X, Y and Z are partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. Their fixed capitals were Rs. 3,00,000, Rs. 2,00,000 and Rs. 1,00,000 respectively. For the year 1996 interest on capital was credited to them @ 10% p.a. instead of 8% p.a.. Showing your working notes clearly, pass the necessary adjusting journal entry. (Marks 4)

Q5) A, B and C were partners in a firm sharing profits in proportion of their capitals which were Rs. 4,00,000, Rs. 3,00,000 and Rs. 2,00,000 respectively. They had a joint life policy of Rs. 2,70,000 on which the annual premium paid was considered as an expense. On 1.1.1996, B died. On that date there was a debit balance of Rs. 90,000 in their Profit and Loss Account. Pass necessary journal entries on B's death. (Marks 4)

Q6) X, Y and Z were partners in a firm sharing profits in the ratio of 3 : 2 : 1. Z retired and the new profit sharing ratio between X and Y was 1 : 2. On Z's retirement the goodwill of the firm was valued at Rs. 30,000. Pass necessary journal entry for the treatment of goodwill on Z's retirement without opening goodwill account.
They admitted C into partnership on this date. New profit sharing ratio is agreed as 3 : 2 : 1. C brings proportionate capital after the following adjustments :
(i) C brings Rs. 10,000 in cash as his share of goodwill.
(ii) Provision for doubtful debts is to be reduced by Rs. 2,400.
(iii) There is an old typewriter valued at Rs. 2,600. It does not appear in the books of the firm. It is now to be recorded.
(iv) Patents are valueless.
Prepare Revaluation A/c, Capital and the opening Balance Sheet of A, B and C.

OR

A, B and C were partners in a firm and shared profits in the ratio of 3 : 2 : 1. On 31.12.1996 their Balance Sheet was as follows:

 

Liabilities

Rs.

 

Assets

Rs.
Creditors
Bills Payable
Provident Fund
Investment -
Fluctuation Fund
Commission
Received in Advance
Capitals:
 A 80,000
 B 50,000
 C 30,000
65,000
20,000
12,000

 

6,000

8,000

1,60,000
2,71,000

  Cash
Debtors
Stock
Investments
Plant
P and L A/c.
22,500
52,300
36,000
15,000
91,200
54,000

 

             
2,71,000

On this date the firm was dissolved. A was appointed to realise the assets. A was to receive 5% commission on the sale of assets (except cash) and was to bear all expenses of realisation.

A realised the assets as follows :

Debtors Rs. 30,000, Stock Rs. 26,000, Investments 75% of book value, Plant Rs. 42,750. Expenses of realisation amounted to Rs. 4,100.

Commission received in advance was returned to the customers after deducting Rs. 3,000.
Firm had to pay Rs. 7,200 for outstanding salary not provided for earlier. Compensation paid to employees amounted to Rs. 9,800. This liability was not provided for in the above Balance Sheet. Rs. 25,000 had to be paid for Providend Fund.

Prepare Realisation Account, Capital Accounts and Cash Account.

Q7) The following balances have been extracted from the books of Rama Ltd. on 31.12.1996 :
Share Capitals Rs. 10,00,000, Share Premium Rs. 1,00,000 12% Debentures Rs. 5,00,000 Creditors Rs. 2,00,000, proposed dividend Rs. 50,000, Profit and Loss Account (Dr.) Rs. 50,000, Live Stock Rs. 9,00,000, Government Bonds Rs. 4,00,000, Work in progress Rs. 4,00,000 and Discount on issue of 12% Debentures Rs. 1,00,000.
Prepare the Balance Sheet of the Company as per Schedule VI Par I of the Companies Act 1956.
(Marks 5)

Q8) A and B were partners with profit sharing ratio of 2 : 1. The Balance Sheet of the firm on 31.3.1996 was as follows :

Liabilities
Amount
Rs.
 
  Assets  
Amount
Rs.
Creditors
Bills Payable
Reserve Fund
Capitals :
A 40,000
B 30,000
20,000
15,000
12,000

70,000

1,17,000

  Sundry Debtors
Less Provision
Stock
Building
Patents
Machinery
40,000
3,600
36,400
20,000
25,000
2,000
33,600

 

1,17,000

They admitted C into partnership on this date. The new profit sharing ration is agreed as 3 : 2 : 1.
C brings in proportionate capital after the following adjustments:
i) C brings Rs. 10,000 in cash as his share of goodwill.
ii) Provision for doubtful debts is to be reduced by Rs. 2,400.
iii) There is an old typewriter valued at Rs. 2,600. It does not appear in the books of the firm.
It is now to be recorded.
iv) Patents are now valueless. Prepare Revaluation Account, Capital Accounts and the opening
Balance Sheet of A, B and C. (Marks 12)

OR

A, B and C were partners in a firm and shared profits in the ratio of 3 : 2 : 1. On 31st December, 1996 their Balance Sheet was as follows:

Liabilities
Amount
Rs.
 
Assets
Amount
Rs.
Creditors
Bills Payable
Provident Fund
Investment Fluctuation Fund
Commission Received in Advance

 

Capitals :
.A 80,000
.B 50,000
.C 30,000

65,000
20,000
12,000
6,000
8,000

 

1,60,000
2,71,000

  Cash
Debtors
Stock
Investments
Plant
Profit and Loss A/c
22,500
52,300
36,000
15,000
91,200
54,000

 

2,71,000

On this date the firm was dissolved. A was appointed to realise the assets. A was to received commission on sale of assets (except cash) and was to bear all expenses of realisation.
A realised the assets as follows:
Debtors Rs. 30,000, Stock Rs. 26,000, Investments 75% of books value, Plants Rs. 42,750. For realisation amounted to Rs. 4,100. Commission received in advance was returned to the customer deducting Rs. 3,000. Firm had to pay Rs. 7,200 for outstanding salary no provided Compensation
paid to employees amounted to Rs. 9,800. This liability was not provided for the Balance Sheet Rs. 25,000 had to be paid for Provident Fund.
Prepare Realisation Account, Capital Accounts and Cash Account.

Q9) XY Ltd. invited applications for issuing 50,000 equity shares of Rs. 10 each.
The amount was payable as follows :
On Application Rs. 3 per share
On Allotment Rs. 4 per share
On First and Final Call Rs. 3 per share
Applications were received for 75,000 shares and pro-rata allotment was made as follows :
Applicants for 40,000 shares were allotted 30,000 shares on pro-rata basis.
Applicants for 35,000 shares were allotted 20,000 shares on pro-rata basis.
Ramu to whom 1,200 shares were allotted out of the group applying for 40,000 shares failed to pay the allotment money. His shares were forfeited immediately after allotment.
Shamu who had applied for 700 shares out of the group applying for 35,000 shares failed to pay the first and final call. His shares were also forfeited. Out of the forfeited shares 1,000 shares were re-issued @ Rs. 8 per share fully paid up. The re-issued shares included all the forfeited shares of Shamu.
Pass necessary journal entries to record the above transactions. (Marks 12)

OR

The Balance Sheet of Seema Ltd. disclosed, the following information on 1.1.1995:
15% Debentures Rs. 15,00,000
Debenture Redemption Fund Rs. 11,60,000
15% Debenture Redemption Fund Investment Rs. 11,60,000

The annual contribution to the Debenture Redemption Fund was Rs. 1,30,000 for the year 1995 and 1996. The debentures were redeemable on 31st December, 1996. On 31st December, 1996 the investments were sold for Rs. 13,80,000 and the debentures were redeemed.

Prepare Debenture Account, Debenture Redemption Fund Account and Debenture Redemption Fund Investment Account for the year 1995 and 1996.

Q10) Give any three points of distinction between "Funds Flow Statement" and "Cash Flow Statement".

Q11) The following is the position of the current assets and current liabilities of Z Ltd.:

  1995  
Rs.
1996
Rs.
Provision for Bad Debts.  
Short term loan
Creditors
Bill Receivable
1,000
10,000
15,000
20,000
-
19,000
10,000
40,000

The company incurred a loss of Rs. 45,000 during the year. Calculate cash from operations.

Q12) How does ratio analysis become less effective due to price level changes? (Marks 4)

Q13) A Company has a loan of Rs. 20,00,000 as part of its Capital employed. The interest payable on the loan is 15% and the ROI of the company is 25%. The rate of income tax is 40%. What is the gain to the share-holder due to loan raised by the company? (Marks 5)

Q14) Following are the Balance Sheets of Radha Ltd. as on 31.12.1995 and 31.12.1996.

Liabilities

1995
(Rs.)

1996
(Rs.)

Assets

1995
(Rs.)

1996
(Rs.)

Share Capital
Reserves
Loan
Current Liabilities

10,00,000
10,00,000
2,00,000
3,00,000
25,00,000

15,00,000
10,00,000
8,00,000
5,00,000
38,00,000

Fixed Assets
CurrentAssets

 

20,00,000
5,00,000

________
25,00,000

30,00,000
 8,00,000

________
38,00,000

You are required to prepare a comparative Balance Sheet on the basis of the information given in the above Balance Sheets. (Marks 5)

Q15) "Analysis of Financial Statement is affected by window dressing and the personal ability of the analyst." Comment. (Marks 6)

Q16) The following are the summarised profit and loss A/c of Hindustan Products for the year ended 31.12.1996 and the Balance Sheet of the Company as on that date:

PROFIT AND LOSS ACCOUNT

 

Rs.

   

Rs.

Opening Stock
Purchases
Direct Expenses
Gross Profit
99,000
5,45,000
15,000
3,40,000
9,99,000
 
  Sales
Closing Stock
8,00,000
1,99,000

_______
9,99,000

Selling and Distribution Expenses
Loss on sale of assets
Net Profit
2,40,000
40,000
60,000
3,40,000
  Gross Profit 3,40,000

________
  3,40,000

BALANCE SHEET

 
 

 

Liabilities Amount (Rs.)   Assets

Amount (Rs.)

Equity Share Capital
Profit and Loss Account
Creditors
Outstanding Expenses

2,90,000
60,000
1,15,000
 15,000
4,80,000

 

Land
Stock
Debtors
Cash

2,30,000
1,99,000
21,000
30,000
4,80,000

 

Calculate the following ratios :
(i) Quick Ratio (ii) Stock Turnover Ratio and (iii) Return on Shareholders Investments

formation prepare Cash Budget for the month of April, May and June, 1997.

Month Sales (Rs.) Purchase (Rs.) Wages (Rs.)
February
March
April
May
June
30,000
40,000
36,000
45,000
50,000
15,000
22,000
30,000
37,000
30,000
4,000
5,000
6,000
7,000
8,000

Additional information :
(i) Expected cash balance as on 31.3.1997 Rs. 17,000.
(ii) Period of credit allowed to customers is one month and that allowed by suppliers is two months.
(iii) Lag in payment of wages is one month

Q18) Prepare a Funds Flow Statement from the following Balance Sheets of Modern Garments Ltd.

Liabilities 31.12.96
Rs.
1.1.96
Rs.
Assets 31.12.96
Rs.
1.1.96
Rs.
Share Capital
12% Debentures
General Reserve
P and L A/c
Provision for taxation
Creditors
Outstanding Expenses
Bank Overdraft
2,80,000
-
1,25,000
67,000
30,000
83,000
10,000
40,000
6,35,000
2,50,000
30,000
1,00,000
40,000
22,000
1,76,000
-
70,000
6,88,000
Goodwill
Land and Building
Plant and Machinery
Investments
Stock
Debtors
Preliminary Expense
Cash
42,000
50,000
3,15,000
30,000
80,000
1,00,000
-
18,000
6,35,000
60,000
2,00,000
1,50,000
62,000
1,20,000
66,000
20,000
10,000
6,88,000

Additional Information : Depreciation charged on plant and machinery during the year was Rs. 40,000 (Marks 12)



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