CBSE Set Q1 Accounts Sample Test Papers For Class 12th for students online
Accounts Class - XII (CBSE)
You are on Set no 2 Qno. 1 to 18
Q 1 Mention any two factors which give rise to goodwill
of a firm. (Marks 2)
Q 2 R and S are partners sharing profits in the ratio of
5 : 3. T joins the firm, R gives 1/4 of his share and S gives 1/5 of his share
to the new partner. Find the new ratio. (Marks 3)
Q 3 Write any three points of difference between equity
share and a debenture. (Marks 3)
Q 5 X Limited issued 12% debentures of Rs. 20,00,000 at 8% discount redeemable at par. Assume that the debentures are redeemed by drawing method in the following manner:
| Year end | Face Value (Rs) |
| 2 | 2,00,000 |
| 3 | 4,00,000 |
| 4 | 6,00,000 |
| 5 | 8,00,000 |
Prepare discount on issue of debentures account. (Marks
5)
Q 8 K Limited has been registered with an authorised
capital of Rs. 4,00,000 divided into 4000 shares of Rs. 100 each of which, 2000
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 3600 shares, of which applications for 600 shares
were rejected; the rest of the applications were allotted 2000 shares on
pro-rata basis. Excess application money was transferred to allotment.
All the monies were duly received except from Sundar, holder of 200 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.
(Marks 10)
Q 11 Compute cash from operations from the following details: (Marks 3)
|
1990
Rs. |
1989
Rs |
|
| PandL
A/C Debtors Outstanding Rent Good-will Prepaid Insurance Creditors |
55,000 25,000 12,000 40,000 4,000 13,000 |
60,000 31,000 21,000 38,000 2,000 19,000 |
Q 12 Explain briefly the meaning and significance of (i)
Operating ratio and (ii) Fixed assets turnover ratio. (Marks 4)
Q 17 From the following information, prepare a cash budget for January, February and March, 1998 :
|
1998
|
Cash Sales
(Rs.) |
Collection from Debtors
(Rs.) |
Purchases
|
Wages
|
| January February March |
80,000 88,000 1,12,000 |
40,000 52,000 66,000 |
50,000 49,600 47,400 |
10,000 10,400 13,600 |
Estimated cash balance on 1 January 1998 Rs. 20,000. In January a new machinery is to be purchased at Rs. 40,000 on credit, to be paid in two equal installments in February and March. (Marks 6
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