CBSE Set Qa6 Accounts Sample Test Papers For Class 12th for students online

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Accounts Class - XII (CBSE)
You are on Set no 1 Answer 16 to 18

Q 16) The following are the summarised profit and loss account 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:

Ans16) i) Quick Ratio = Liquid Assets
                                 Current Liabilities
Liquid Assets = Debtors + Cash
21000  + 30000 = 51000
Current Liabilities = Creditors + Outstanding Exp.
= 115000 + 15000 = 130000
Thus, Quick Ratio = 51000
                             130000
= 51 : 130
= 0.39
ii) Stock Turnover Ratio = Cost of Goods Sold/Average Stock
Cost of Goods sold = Sales - Gross Profit
=  800000 - 340000
= 4,60,000
Average stock = Opening stock + closing stock
                                              2
= 99000 + 199000
             2
= 298000 = 149000
       2
Thus, the ratio = 460000
                         149000
= 3.08 times
iii)
Return on shareholders' Investment = Net Profit after Interest and Tax x 100
                                                                   Shareholders' funds
Shareholders' funds = Equity Share Capital + Profit and loss A/c
                             = 290000 + 60000
                             = 350000
Thus, 60000 x 100
         350000
= 17 1/7%

Q 17) From the following information 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.
Ans17)

Cash Budget for the period April - June, 1997

Particulars	April	May	June
Estimated opening balance Add: Estimated Cash receipts -Collection from Debtors Total Cash available (A) Less: Estimated cash payments -Payment to creditors -Payment to wages Less: Total cash payments (B) Estimated closing balance	17000 40000 57000 15000 5000 20000 37000	37000 36000 73000 22000 6000 28000 45000	45000 45000 90000 30000 7000 37000 53000

Q 18) 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)
Ans18) Working notes :

Schedule of charges in Working Capital

Particulars	1.1.96	31.12.96	Change in Working Capital
			Inc.	Dec.
Stock Debtors Cash Total Current Assets (A) Prov. for taxation Creditors Outstanding Exp. Bank Overdraft Total Current Liabilities (B) Working Capital (A)-(B) Net Increase in working Capital	90000 80000 20000 190000 20000 170000 - 70000 260000 (-70000)	60000 100000 28000 188000 30000 80000 10000 30000 150000 38000 108000	20000 8000 90000 40000 158000	30000 10000 10000 108000 158000

Prov. for taxation is treated as current liability
Dr.............................Plant and Machinery..........................................Cr.

To balance b/d To Cash A/c (Purchases)	200000 125000	By P/L A/C (Depreciation) By balance c/d	25000 300000
	325000		325000

..Dr.....................Adjusted P/L A/C..................................................Cr.

To Plant A/c (Depreciation) To General Reserve To Preliminary Expenses To Goodwill A/c To balance C/d	25000 25000 10000 18000 60000	By balance b/d By funds from operations	40000 98000
	138000		138000

Neha Ltd.
Funds flow statement
Dr............... ........for the year ended 31st Dec.'96........................ Cr.

Sources	Amount	Applications	Amount
Funds from operation Sale of Land Sale of Investment Issue of Share Capital	98000 150000 30000 5000 283000	Redemption of Debentures Purchase of Plant Increase in Working Capital	50000 125000 108000 283000

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