CBSE Set Q Accounts Sample Test Papers For Class 12th for students online

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Accounts Class - XII  (CBSE)
You are on Set no 1 Qno. 1 to 18

Go to questions         Set 1 [1

Q 1 What is meant by goodwill? Name any two methods of valuation of goodwill.  (Marks 2)

Q 2 R and S are partners sharing profits in the ratio of 5 : 3. T joins the firm as a new partner. R gives 1/4 of his share and S gives 2/5 of his share to the new partner. Find out the new ratio.  (Marks 3)

Q 3 State any three purposes for which share premium amount can be utilised.  (Marks 3)

Q 4 P, Q and R are partners in a firm. Their capital accounts stood at Rs. 30,000, Rs. 15,000 and Rs. 15,000 respectively on 1 January, 1996. As per the provisions of the deed :
(i) R was to be allowed a remuneration of Rs. 3,000 p.a., (ii) Interest at 5 % p.a. was to be provided on capital, (iii) Profits were to be divided in the ratio of 2 : 2 : 1. Ignoring the above terms, net profit of Rs. 18,000 for the year ended 1996 was divided among the three partners equally.
Pass an adjustment entry to rectify the error. Show the working clearly.  (Marks 4)

Q 5 X Limited issued 12% debentures of Rs. 10,00,000 at 8% discount redeemable at par. Assume that the debentures are redeemed by drawing method in the following manner:

Year end Face Value (Rs)
1 1,00,000
2 2,00,000
3 3,00,000
4 4,00,000

Prepare discount on issue of debentures account.  (Marks 5)

Q 6 Rearrange the following in the form of a company balance sheet as per Schedule VI Part I of the Company Act 1956.    (Marks 5)

  Rs.
Bills payable 30,000
Unclaimed dividend 12,000
Accounts Receivables 11,000
Shares in NTPC Ltd. 20,000
Deposits with ICICI Bank 50,000
Share Premium 75,000
Prepaid Rent 1,000
Underwriting commission 1,500
Stores and spares 6,000
Patents 2,000

 

Q 7 (a) M and N are partners in a firm. M has given a loan of Rs. 8,000 to the firm on 1 April, 1994. The partnership deed is silent upon the question of provision of interest on partner's loan. Compute the amount of interest payable on the loan advanced by M to the firm assuming the books are closed on 31 December each year.
(b) P, R and S are in partnership sharing profits in the ratio of 4 : 3 : 1 respectively. It is provided in the partnership deed that, on the death of any partner, his share of goodwill is to be valued at half of the profits credited to his account during the previous four completed years. R dies on January, 1997. The firm's profit for the last four years 1993 : Rs. 1,20,000, 1994 : Rs. 80,000, 1995 : Rs. 40,000, 1996 : Rs. 80,000, Determine the amount that should be credited to R in respect of his share of goodwill.  (Marks 3 + 3)

Q 8 K Limited has been registered with an authorised capital of Rs. 2,00,000 divided into 2000 shares of Rs. 100 each of which, 1000 shares were offered for public subscription at a premium of Rs. 5 per share, payable as under :
                       Rs
on application   10
on allotment     25 (including premium)
on first call       40
on final call       30
Applications were received for 1800 shares, of which applications for 300 shares were rejected outright; the rest of the applications were allotted 1000 shares on pro-rata basis. Excess application money was transferred to allotment.
All the monies were duly received except from Sundar, holder of 100 shares, who failed to pay allotted and first call money. His shares were later forfeited, and reissued to Shyam at Rs. 60 per share Rs. 70 paid up. Final call has not been made.
Pass necessary cash book and journal entries in the books of K Limited.

OR

M Ltd. issued on January 1, 1992 1000 12% debentures of Rs. 100 each repayable at the end of 3 years at a premium of 5%. It was decided to create a sinking fund for the redemption of debentures. The investment are expected to earn interest at 5% p.a.
Reference to the sinking fund table shows that Re. 0.37209 invested at 5% p.a. amounts to Re. 1 at the end of three years, the investments were sold at Rs. 70,000 and the debentures were redeemed. Prepare debentures account, sinking fund account and sinking fund investment account for the three years.  (Marks 10)

Q 9 J, S and R were in partnership sharing profits and losses in the ratio of 3 : 2 : 1. Their Balance Sheet as on 31 December, 1994 was as follows :

Balance Sheet
Liabilities
Rs.
Assets
Rs
Capital Accounts      
J 12,000 Buildings 10,000
S 8,600 Plant 22,000
R 10,400 Stock 6,000
Reserve Fund 3,000 Joint Life Policy 6,200
Employees' Provident Fund 3,000 Debtors 5,000
Depreciation Reserve 5,000 Accrued Interest 1,000
Creditors 11,000 Cash 2,800
  53,000   53,000

It was agreed to dissolve the firm, and the terms of the dissolution were :
(i) J took over building at book value and agreed to pay off creditors.
(ii) Accrued interest was not collected whereas there was a contingent liability of Rs. 600 which was meet.
(iii) Other assets realised : plant: Rs. 25,000; stock : Rs. 5,000; debtors: Rs. 4,600
(iv) Realisation expenses: Rs. 600
Prepare realisation account, capital accounts and cash account.

OR

A, B and C were carrying on partnership business sharing profits in the ratio of 3 : 2 : 1 respectively. On 31 December, 1996, the Balance Sheet of the firm stood as follows:

Balance Sheet

Liabilities
Rs.
Assets
Rs
Creditors 13,590 Cash 4,700
Capital   Debtors 8,000
A 15,000 Stock 11,690
B 10,000 Building 23,000
C 10,000 Pand L A/C 1,200
  48,590   48,590

B retired on the above mentioned date on the following terms :
(i) Building to be appreciated by Rs. 7,000.
(ii) Provision for doubtful debts to be made 5% on debtors.
(iii) Goodwill of the firm is valued at Rs. 18,000 and adjustment in this respect to be made in the continuing partner's capital accounts without raising goodwill account.
(iv) Rs. 3,000 to be paid to B immediately and the balance in his capital account to be transferred to his loan account.
Prepare revaluation account, capital accounts, cash account, and the balance sheet after B's retirement. (Marks 12)

Q 10 Indicate which of the following transactions would result in (a) Source, (b) Use, and (c) Neither Source nor use of the fund :
(i) Collection from debtors Rs. 5,000, (ii) Sale of old machinery Rs. 2,000, (iii) Redemption of debentures Rs. 10,000.  (Marks 3)

Q 11 Compute cash from operations from the following details :  (Marks 3)

1990
 Rs.
1989
 Rs
P and L A/C
Debtors
Outstanding Rent
Goodwill
Prepaid Insurance
Creditors
1,10,000
50,000
24,000
80,000
8,000
26,00
0
1,20,000
62,000
42,000
76,000
4,000
38,000

 

Q 12 Explain briefly the meaning and significance of (i) Return on Investment, and (ii) Fixed Assets Turnover Ratio.  (Marks 4)

Q 13 Prepare a Comparative Income Statement from the following information:   (Marks 5)

1992
 Rs.

1993
 Rs

Gross Sales
Sales Returns
Cost of goods sold
Operating expenses
Income Tax
1,20,200
5,200
80,000
12,000
50%
1,35,800
3,800
84,000
9,000
5%

 

Q 14 The debt-equity ratio of X Ltd. is 1 : 2. Which of the following would increase, decrease or not change the debt-equity ratio :
(a) Issue of Equity Shares, (b) Cash received from debtors, (c) Sale of goods on cash basis, (d) Redemption of Debentures, (e) Purchases of goods on credit.  (Marks 5)

Q 15 What is meant by analysis of financial statements? How is it important from the viewpoint of creditors and management?  (Marks 6)

Q 16 From the following information calculate Stock Turnover Ratio, Operating Ratio and Capital Turnover Ratio :  (Marks 6)

Rs.
Opening Stock 28,000
Closing Stock 22,000
Purchases 46,000
Sales 90,000
Sales Returns 10,000
Carriage inwards 4,000
Office expenses 4,000
Selling & Distribution Expenses 2,000
Capital Employed 2,00,000

 

Q 17 From the following, prepare a Cash Budget for January, February and March, 1998:

1998
Cash 
Sales
(Rs.)
Collection from
Debtors
(Rs.)
Purchases
(Rs.)
Wages
(Rs.)
January
February
March
40,000
44,000
56,000
20,000
26,000
33,000
25,000
24,800
23,700
5,000
5,200
6,800

Estimated cash balance on 1 January 1998 Rs. 10,000. In January a new machinery is to be purchased at Rs. 20,000 on credit, to be paid in two equal installments in February and March.  (Marks 6)

Q 18 From the following Balance Sheet, prepare (i) Schedule of changes in Working Capital and (ii) Funds Flow Statement :

Balance Sheet

Liabilities 1994
Rs.
1995
Rs.
Assets 1994
Rs.
1995
Rs.
Share Capital
10% debentures
Pand L A/C
Creditors
Provision for tax
Depreciation
Reserve (Plant)
2,00,000


45,000


10,000
2,55,000
2,00,000
20,000
8,000
30,000
10,000

12,000
2,80,000
Plant
Building
Stock
Debtors
Bills Receivable
P and L A/C
70,000
80,000
60,000
30,000
10,000
5,000

2,55,000
1,00,000
75,000
50,000
40,000
15,000


2,80,000

Additional information :
(a) Plant costing Rs. 15,000 was sold for Rs. 6,000. Accumulated Depreciation on the same was Rs. 5,000.
(b) No Depreciation was provided on Buildings during the year.  (Marks 12)

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