Accountancy
Class XII
PART A
Q:1 XYZ
Ltd issued shares of Rs 10 each as under:
On
Application Rs 5
Allotment Rs 5 (including Rs 3 premium)
First Call Rs 3.
An
applicant who had applied for 1,500 shares was allotted only 1,000 shares and
his shares were forfeited after allotment for non payment of allotment money.
What is the amount by which share forfeited account
will be credited in the entry of forfeiture?
(1)
Q:2 What
is the nature of Share Capital account?
(1)
Q:3 A, B
and C were partners sharing profits and
losses in the ratio of 5:3:2. Now they want to change their ratio to 2:3:5.
Revaluation
profit at the time of change in profit sharing ratio amounted to Rs 18,000.
Give the
treatment of revaluation profit when assets and liabilities are to be recorded
at old values in the books of accounts.
(1)
Q:4 What
journal entry will you pass at the time of Dissolution of Firm when a partner
takes away stock for Rs 10,000 for cash.
(1)
Q:5 A
Ltd purchased assets worth Rs 5,60,000. Instead of paying cash, it issued
debentures of Rs 100 each for Rs 70 Rs 80 paid up. What is the number of
debentures issued and the amount of discount given? (1)
Q:6 The
amount of TDS on 10% debentures is Rs 10,000. The rate at which TDS is deducted
is 10%. What is the amount of debentures on which interest is calculated? (1)
Q:7 A
and B were partners sharing profits and losses in the ratio of 3:2. C is
admitted as a new partner. They decided that the new profit sharing ratio be so
made such that the ratio between A and B should be 5:3 and that between B and C
should be 4:1.
Calculate
the new profit sharing ratio and the sacrificing ratio. (3)
Q:8 A, B
and C were partners sharing profits and losses in the ratio of 5:3:2. The
capitals of the partners as on 1-4-2015 were Rs 60,000 each.
It was
found after closing of accounts for the year ended 31-3-2016 that interest on
capital @ 10 % per annum was to be treated as a charge against profit but it
was by mistake treated as an appropriation of profit.
Net
profit during the year was Rs 12,000.
Pass an
adjustment entry to rectify the above error. Show working notes clearly. (3)
Q:9
2,000 Equity shares of Rs 10 each were issued to X Limited from whom assets of
Rs 25,000 were acquired.
Pass
Journal entries. (3)
Q:10 BTW
is earning a profit of Rs 1,00,000 per annum. The rate of return that is
expected to be earned by other tikki vendors is 10% of their capital employed.
i)
Calculate the amount of capital that the other tikki
vendors have to employ in order to earn the profit as that of BTW.
ii)
If the capital employed by BTW is Rs 7,00,000. Calculate
the Goodwill of BTW. (3)
Q:11
Following is the extract of the Balance Sheet of a firm which has two partners
A and B sharing profits equally.
|
Liabilities
|
Rs
|
Assets
|
Rs
|
|
Capitals
|
|
Drawings
|
|
|
A 10,00,000
|
|
A 20,000
|
|
|
B 8,00,000
|
18,00,000
|
B 40,000
|
60,000
|
|
P&L
Appropriation A/c
|
1,00,000
|
|
|
|
|
|
|
|
On
1-07-2015, A introduced Rs 50,000 as additional capital and B withdrew Rs
1,00,000 from his capital. Profit during the year was Rs 1,50,000. Drawings
made by B during the year was Rs 50,000.
Calculate
interest on capital @ 10% per annum.
(4)
Q:12 The
Directors of super star Ld invited applications for 2,00,000 Equity shares of
Rs 10 each to be issued at 20% premium. The money payable on shares is: on
application Rs 5, on allotment Rs 4 (including premium of Rs 2), first call Rs
2 and final call Rs 1.
Applications
were received for 2,40,000 shares and allotment was made as under :
i)
to applicants for 1,00,000 shares- in full
ii)
to applicants for 80,000 shares – 60,000 shares.
iii)
To applicants for 60,000 shares- 40,000 shares.
Applicants of 1,000 shares falling in category (i) and
applicants of 1,200 shares falling in category (ii) failed to pay allotment
money. These shares were forfeited on failure to pay first call. Holders of
1,200 shares falling in category (iii) failed to pay first and final call and
these shares were forfeited after the final call.
1,300 shares (1,000 of category (i) and 300 of category
(ii) ) were reissued at Rs 8 per share as fully paid.
Calculate the balances of:
i)
Cash
ii)
Security Premium Reserve
iii)
Share Capital
iv)
Capital Reserve
after forfeiture and reissue of the shares. (6)
Q:13 On
31-03-2016, W Ltd had the following balances in the books :
9% Debentures =
Rs 6,00,000
Debenture Redemption reserve = Rs 50,000
On that date, the company decided to redeem Rs 6,00,000
debentures, 40% out of profits and rest out of capital.
Pass necessary journal entries in the books of the
company. (4)
Q:14 Babul
and Vinay were partners. The Partnership Deed provided for:
(i) Profit
to be divided as Babul ½, Vinay 1/3, and 1/6 to be transferred to reserves.
(ii) The
accounts are closed on 31st March each year.
(iii) In
the event of death of a partner the executors will be entitled to the following:
(a) Capital to the credit on the date of
death.
(b) Interest on Capital @ 12% p.a.
(c ) Proportion of profit to the date of death
based on the average profits
credited for
the last three years.
(d) Share of goodwill based on three years
purchase of the average profits
of the
preceding three years.
(e) The profits for three preceding years
were Rs. 48,000, Rs. 42000 and
Rs. 45,000.
(f) Capital account of Babul and Vinay were
Rs. 90,000 and Rs.60,000.
(g) Salary to Vinay Rs. 1,000 per month.
Prepare Vinay Account to be presented to
his executors, as he died on 30th April.
According to Vinay’s will his executor
should donate 50% of his share to “ An old age home.” Identify the value being highlighted in this
case. 6
(6)
Q:15
Pass the necessary journal entries at the time of Dissolution of firm assuming
that the transfer entries from the Balance Sheet to the Realisation A/c have
already been passed.
i)
X, a partner had provided a loan to the firm of Rs 10,000
which is now settled at Rs 8,000.
ii)
Investment given in the Balance Sheet was Rs 1,00,000.
At the time of dissolution, the value of investment is
estimated at Rs 92,000.
iii)
Creditors (Rs 10,000) took over office equipment of Rs
8,000 in full settlement.
iv)
Debtors were worth Rs 10,000. At the time of dissolution
bad debts amounted to Rs 4,000. Discount allowed to remaining debtors 10%.
v)
Y a partner agrees to pay the bank loan Rs 80,000. The
bank agrees to waive off 25% of the loan amount.
vi)
Loan from Z (partner) was Rs 50,000and balance in his
capital account (debit) was Rs 60,000.
(6)
Q:16 A
and B are partners in a firm. Their Balance Sheet as at 31st March,
2016 was :
|
Liabilities
|
Rs
|
Assets
|
Rs
|
|
Provision
for doubtful debts
|
4,000
|
Cash
|
10,000
|
|
Workmen
Compensation Reserve
|
5,600
|
Sundry
Debtors
|
80,000
|
|
Outstanding
Expenses
|
3,000
|
Stock
|
20,000
|
|
Creditors
|
30,000
|
Machinery
|
38,600
|
|
Capital
A/c
A
|
50,000
|
Profit
& Loss A/c
|
4,000
|
|
B
|
60,000
|
|
|
|
|
|
|
|
|
|
1,52,600
|
|
1,52,600
|
On 1st
April, 2016, they admitted C as a new partner on the following conditions:
i)
C brings in Rs 40,000 as his share of capital but he is unable
to bring any amount for his share of goodwill.
ii)
The new ratio between A, B and C will be 3:2:1.
iii)
Claim on account of workmen compensation is Rs 7,000.
iv)
To write off bad debt amounting to Rs 6,000.
v)
Creditors are to be paid Rs 2,000 more.
vi)
A contingent liability of Rs 4,000 not included in the
Balance Sheet is now determined at Rs 2,000.
vii)
Rs 1,800 out of outstanding expenses of Rs 3,000 was
actually not outstanding but were paid by A.
viii)
Goodwill is valued at 1-1/2 years purchase of the average
profit of last three years, less Rs 12,000. The profits of last three years
amounted to Rs 10,000; Rs 20,000 and Rs 30,000 respectively.
Pass necessary journal entries, prepare Capital Accounts
and the Balance Sheet. (8)
OR
A, B and
C are partners in a firm sharing profits and losses in the ratio of 3:2:1.
Their Balance Sheet as at 31st March, 2016 was :
|
Liabilities
|
Rs
|
Assets
|
Rs
|
|
|
|
Bank
|
10,000
|
|
|
|
Sundry
Debtors
|
30,000
|
|
Bill
Payable
|
10,000
|
Stock
|
20,000
|
|
Creditors
|
30,000
|
Machinery
|
40,000
|
|
Capital
A/c
A 60,000
|
|
Land
& Building
|
50,000
|
|
B 60,000
|
|
Furniture
|
30,000
|
|
C 40,000
|
1,60,000
|
Bill
Receivable
|
20,000
|
|
|
2,00,000
|
|
2,00,000
|
D is
admitted as a new partner on 1st April, 2016 for 1/4th
share and is to pay Rs 50,000 as capital which he pays by means of Debtors Rs
16,000; Stock Rs 14,000; and remaining amount through his goodwill. Following
are the adjustments required on D’s admission.
i) Rs
1,200 paid for installation of machinery stands debited to Profit & Loss
A/c as installation expense.
ii)
Expenses debited in P & L A/c includes a sum of Rs 2,000 paid for B’s
personal expenses.
iii) A
bill of exchange for Rs 4,000 which was previously endorsed to the creditor,
was dishonoured with noting charges of Rs 200 on 31-03-2016 but no entry has
been passed for that.
v) A
provision for doubtful debts @5% is to be created against debtors.
vi)
Expenses of Revaluation paid amounted to Rs 2,100.
Prepare
necessary Ledger Accounts and Balance Sheet after D’s admission. (8)
Q:17 Y
Ltd was registered with a capital of Rs 5,00,000 divided into 20,000 shares of
Rs 25 each, payable as Rs 2.5 per share on application, Rs 7.5 per share on
allotment and the balance in two equal calls of Rs 7.5 per share each. The
company offered to the public for subscription 10,000 shares but applications
were received for 10,500 chares. A applied for 400 shares, paid Rs 1,000 on
application but was allotted only 200 shares. B applied for 800 shares, paid
the full amount Rs 20,000 of his share money on application but was allotted
only 500 shares and the surplus money was returned to him. C applied for 1,000
shares, paid his application and allotment money in order, paid Rs 2,000 on
first call but did not pay for the second call at all.
As C was the only defaulter, all
the shares of C were forfeited and subsequently half of the forfeited shares
were reissued at Rs 18, Rs 20 paid up.
Journalise
the above transactions. (8)
OR
: XYZ
Ltd was registered with a capital of Rs 10,00,000 divided into 40,000 shares of
Rs 25 each, payable as Rs 2.5 per share on application, Rs 7.5 per share on
allotment and the balance in two equal calls of Rs 7.5 per share each. The
company offered to the public for subscription 20,000 shares but applications
were received for 21,000 shares. A applied for 800 shares, paid Rs 2,000 on
application but was allotted only 400 shares. B applied for 1,600 shares, paid
the full amount Rs 40,000 of his share money on application but was allotted
only 1,000 shares and the surplus money was returned to him. C applied for 2,000
shares, paid his application and allotment money in order, paid Rs 4,000 on
first call but did not pay for the second call at all.
C was the only defaulter, half of
the shares of C were forfeited and subsequently the forfeited shares were
reissued at Rs 18, Rs 20 paid up.
Journalise
the above transactions and prepare the Balance Sheet. (8)
Part B
Q:18
From the following information calculate the total amount of dividend paid by
the company during the year ended 31-03-2016.
Particulars
31-03-2015 31-03-2016
Equity
Share Capital
1,00,000 1,50,000
10 %
Preference Share Capital 2,00,000 1,00,000
Equity
dividend was paid @ 8% for the year ended 31-03-2016.
Equity
shares were issued on 31-03-2016 whereas preference shares were redeemed on
31-03-2015. (1)
Q:19
Which type of activity is Interest paid on debentures under cash flow
statement? (1)
Q:20
Find out the missing values from the following extract of the comparative
Balance Sheet.
Particulars 2015 2016 Change Percentage
Machinery ______
_______ (5,000) (10%)
(1)
Q:21
State under which head and subhead will the following be shown in the Balance
Sheet as on 31-03-2016 as per Schedule 3 of the companies Act, 2013:
i)
Interest accrued but not due on debentures.
ii)
Goodwill.
iii)
1,000 forfeited shares of Rs 10 each are reissued for Rs
6, Rs 8 paid up.
iv)
Premium payable on redemption of Preference shares.
(4)
Q: 22 a)
Firm A:
Cost of
Revenue from operations = 6,00,000, it is 80% of Revenue from operations.
2015
2016
Debtors
1,00,000 80,000
Provision
for doubtful
Debts
10,000 8,000
Firm B
Debtors
as on 31-03-2016 = 1,20 000
Debtors
as on 31-03-2015 = 80,000
Cash
received from debtors = 80,000
Sales
return = 14,000
i)
Calculate Debtor’s turnover ratio of firm A and B.
ii)
Which out of the two firms is better in terms of Debtor’s
turnover ratio and why?
(4)
b)
Calculate Debt Equity Ratio from the following information:
Debentures
= 22,00,000
Share
Capital= 10,00,000
Reserves = 1,00,000
Bonus
shares worth Rs 50,000were issued to the existing shareholders.
(2)
|
Q23
|
From the following information prepare
cash flow statement
BALANCE
SHEETS as at 31.03.15 and 31.03.16
|
|||
|
|
Particulars
|
Note
|
31.03.15
|
31.03.16
|
|
|
EQUITY AND
LIABILITIES
|
|
Rs.
|
Rs.
|
|
|
(1) Share
holder’s fund
|
|
|
|
|
|
(a)
Share
Capital
|
1
|
1,00,000
|
80,000
|
|
|
(b)
Reserves
and Surplus
|
2
|
16,800
|
12,000
|
|
|
(2) Non
–Current Liabilities(15%
Debentures)
|
|
34,000
|
22,000
|
|
|
(3) Current
liabilities
|
|
|
|
|
|
Trade Payables
|
|
33,600
|
49,000
|
|
|
Short Term Provisions (Dividends)
|
|
11,600
|
10,000
|
|
|
Total
|
|
1,96,000
|
1,73,000
|
|
|
ASSETS
|
|
|
|
|
|
(1) Non
Current Assets
|
|
|
|
|
|
Tangible fixed assets
|
|
49,000
|
55,000
|
|
|
Patents
|
|
1,000
|
5,000
|
|
|
Non-current investment
|
|
20,000
|
10,000
|
|
|
(2) Current
Assets
|
|
|
|
|
|
Current
investment
|
|
5,000
|
2,000
|
|
|
Inventories
|
|
69,000
|
50,600
|
|
|
Trade
receivables
|
|
50,000
|
50,000
|
|
|
Cash
&Cash Equivalents
|
|
2,000
|
400
|
|
|
Total
|
|
1,96,000
|
1,73,000
|
|
|
Notes to
Accounts:
|
|
31.03.14
|
31.03.15
|
|
|
1. Share
Capital
|
|
|
|
|
|
Equity Share Capital
|
|
80,000
|
55,000
|
|
|
12%
Preference Shares
|
|
20,000
|
25,000
|
|
|
2. Reserves
and Surplus
|
|
|
|
|
|
General Reserve
|
|
3,000
|
4,000
|
|
|
Profit and Loss A/c
|
|
11,800
|
8,000
|
|
|
Securities Premium Reserve
|
|
2,000
|
Nil
|
|
|
Additional
information : During the year a machine costing Rs.20,000
(depreciation
provided thereon Rs.6,000)
was sold for Rs.10,000.
Depreciation
charged during the year was Rs.10,000.
An interim dividend paid
Rs.9,000. Tax paid Rs.9,400. (6)
|
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