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
Q9) X, Y and Z were partners in a firm sharing profits in the proportions of 1/2, 1/3 and 1/6 respectively. The Balance Sheet of the firm on 31st March 1998 was as follows :
|
Liabilities
|
Amount
|
Assets
|
Amount (Rs.)
|
| Sundry Creditors |
15,000
|
Cash at Bank |
5,000
|
| Provident Fund |
6,000
|
Debtors
Rs. 40,000 Less Provision Rs. 2,000 |
38,000 |
| Reserve Fund |
12,000
|
Stock |
30,000
|
|
Capitals: |
|
|
|
|
1,48,000
|
1,48,000
|
||
Z retired on the above date on the following
terms :
(i) Goodwill of the firm was valued at Rs. 30,000, but it was not to remain in
the books of the new firm.
(ii) Value of the patents was to be reduced by 20% and that of Plant and
Machinery by 10%.
(iii) Provision for doubtful debts was to be raised to 6%.
(iv) Z took over the Investments at a value of Rs. 17,600.
(v) Liability on account of Provident Fund was only Rs. 2,400.
Show the necessary journal entries for the treatment of goodwill, prepare
revaluation account, Capital accounts of the partners and the Balance Sheet of X
and Y after Z's retirement.
OR
The following is the Balance Sheet of Ram and Mohan and Sohan as on 31st
December 1994.
|
Liabilities
|
Amount (Rs.)
|
Assets
|
Amount (Rs.)
|
|
Sundry Creditors
Reserve Fund Capital Ram Mohan Sohan |
10,000
7,500
20,000
10,000 10,000 |
Tools
Furniture Stock Debtors Cash at Bank Cash in Hand |
3,000
18,000 16,000 12,000 8,000 500 |
|
57,500 |
57,500 |
||
(a) Amount standing to the credit of his Capital Account.
(b) Interest on Capital which amounted to Rs. 15.0
(c) His share of goodwill Rs. 5000.
(d) His share of profit from the closing of the last financial year to the date of death which amounted to Rs. 750.
Sohan's executor was paid Rs. 1,775 on 1st April 1995 and the balance in four equal yearly instalments from 31/3/1996 with interest @ 6% p.a.
Pass the necessary Journal entries and draw up Sohan's Account to be rendered to his executor and Sohan's Executor's Account till it is finally paid. (Marks 14)
Q15) What
is meant by analysis of financial statements? Briefly explain vertical analysis?
Q16) With
the help of the given information calculate any three of the following ratio :
(i) Operating ratio, (ii) Quick ratio, (iii) Working capital turnover ratio and
(iv) Debt to total funds ratio
Information: Equity Share Capital Rs. 1,00,000; 12% Preference Share
Capital Rs. 8,00,000; 12 % Debentures Rs. 60,000; General Reserve Rs. 40,000;
Sales Rs. 3,00,000; Opening stock Rs. 10,000; Purchases Rs. 1,20,000; Wages Rs.
30,000; Closing Stock Rs. 30,000; Selling and distribution expenses Rs. 10,000;
Other current assets Rs. 2,00,000 and Current liabilities Rs.1,20,000 (Marks
6)
Q17) Prepare a Cash Budget of Som Ltd. for the months of January to March 1999 from the following information :
| Credit Purchases (Rs.) | Credit Sales (Rs.) | Wages (Rs.) | |
| 1998 | |||
| November | 1,00,000 | 1,50,000 | 30,000 |
| December | 2,50,000 | 2,00,000 | 40,000 |
| 1999 | |||
| January | 2,00,000 | 3,50,000 | 50,000 |
| February | 3,00,000 | 2,00,000 | 60,000 |
| March | 4,00,000 | 2,50,000 | 50,000 |
(ii) Suppliers allowed credit of two months and a credit of two months is allowed to the customers.
(iii) Lag in payment of wages: one month.
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