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 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 26,000 |
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 |
1993 |
|
| 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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