CBSE Set Q Accounts Sample Test Papers For Class 12th for students online
Accounts Class - XII
(CBSE)
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 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.
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