CBSE Set Qa1 Accounts Sample Test Papers For Class 12th for students online
Accounts
Class - XII (CBSE)
You are on Set no 1 Answer 1 to 6
Q 1
What is meant by goodwill? Name any two methods of valuation of goodwill.
(Marks 2)
Ans 1 Goodwill : Goodwill is the advantage of good name,
relations of a business. It is the attractive force that brings in customers. It
distinguishes an established business from a new one as it helps the business to
earn more profits.
Methods of valuation of goodwill :
(i) Average Profits Method
(ii) Super Profit Method.
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)
Ans 2 R's share = 5/8
S's share = 3/8
R's sacrifice = 1/4 x 5/8 = 5/32
S's sacrifice = 2/5 x 3/8 = 6/40
Thus, R's new share = 5/8 - 5/32 = 15/32
S's new share = 3/8 - 6/40 =
9/40
T's share = R's sacrifice + S's sacrifice
=
5/32 + 6/40
=
49/160
Thus, new ratio R : S : T
15/32 : 9/40 : 49/160
= 75 : 36 : 49
Q 3
State any three purposes for which share premium amount can be utilised.
(Marks 3)
Ans 3 As per section 78 of the Company's Act, 1956 a company can use
share premium for any of the following purposes (only three are mentioned):
(a) issue of fully paid bonus shares to members.
(b) writing off preliminary expenses of the company.
(c) writing off the expenses of commission paid or discount allowed on any issue
of shares or debentures of the company.
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)
Ans 4 Working Notes :
|
P/L Appropriation A/C |
|||
| To R's capital
A/C (Remuneration) To P's capital A/C (Interest on Capital) To Q's capital A/C (Interest on Capital) To R's capital A/C (Interest on Capital) To Pft tfd to P's capital A/C Q's capital A/C R's capital A/C |
3000 1500 750 750 4800 4800 2400 18,000 |
By
Profits |
18000 18000 |
|
Partners' capital A/C (corrected) |
|||||||
| To balance c/d | 36300 | 20550 | 21150 | By balance b/d By P/L Appropriation (Remuneration) By P/L Appropriation (Int on cap) By P/L Appropriation (Profit) |
30000 1500 4800 |
15000 750 4800 |
15000 3000 750 2400 |
| 36300 | 20550 | 21150 | 36300 | 20550 | 21150 | ||
|
Partners' capital A/C (Initially made) |
|||||||
| To balance c/d | 36000 | 21000 | 21000 | By balance b/d By P/L Appropriation (Profit) |
30000 6000 |
15000 6000 |
15000 6000 |
| 36000 | 21000 | 21000 | 36000 | 21000 | 21000 | ||
Thus, the statement showing corrections.
|
P
|
Q
|
R
|
|
|
Amt. closing capital |
36300 36000 300 (Cr.) |
20550 21000 450 (Dr.) |
21150 21000 150 (Cr.) |
Thus, the entry is,
Journal
| Date | Particulars | LF | Amt (Dr.) | Amt. (Cr.) |
| Q's Capital A/C
Dr. To P's Capital A/C To R's Capital A/C (Being rectification for adj. of profits in terms of deed) |
450 | 300 150 |
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)
Ans 5 Discount on issue of debentures = 8/100 x 1000000
=
80000
This is to be written off as :
| Year | Amt. outstanding | Ratio | Amount to be written off |
| 1 | 1000000 | 10 | 10/40 x 80000 = 20000 |
| 2 | 1000000 | 10 | 10/40 x 80000 = 20000 |
| 3 | 900000 | 9 | 9/40 x 80000 = 18000 |
| 4 | 700000 | 7 | 7/40 x 80000 = 14000 |
| 5 | 400000 | 4 | 4/40 x 80000 = 8000 |
| 40 |
Discount on Issue of Debentures
A/C
| beg Ist yr IInd yr IIIrd yr IVth yr Vth yr |
To 12% Debenture To balance b/d To balance b/d To balance b/d To balance b/d |
80000 80000 60000 60000 40000 40000 22000 22000 8000 8000 |
end Ist yr IInd yr IIIrd yr IVth yr Vth yr |
By P/L A/C By balance c/d By P/L A/C By balance c/d By P/L A/C By balance c/d By P/L A/C By balance c/d By P/L A/C |
20000 60000 80000 20000 40000 60000 18000 22000 40000 14000 8000 22000 8000 8000 |
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 |
Ans 6
Balance Sheet as at
| I) Share
Capital Authorised, Issued and Subscribed II) Reserve and Surplus Share Premium III) Secured Loans IV) Unsecured Loans V) Current Liabilities and Provisions i) Current Liabilities Bills Payable Unclaimed Dividend ii) Provision |
75000 30000 12000 |
I) Fixed Assets Patents II) Investments Shares in NTPC Ltd. III) Current Assets Loans and Advances (A) Current Assets Accounts Receivable Stock and Spares (B) Loans and Advances Deposits with ICICI Prepaid Rent IV) Miscellaneous Exp. Underwriting commission |
2000 20000 11000 6000 50000 1000 1500 |
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