CBSE Set Q2 Accounts Sample Test Papers For Class 12th for students online
Accounts Class - XII
(CBSE)
You are on Set no 3 Qno. 1 to 18
Q2) What are the alternatives available to
a company for the allotment of debentures when there is over-subscription of
debentures? (Marks 3)
Q3) P and Q are partners in a
firm sharing profits in the ratio 5 : 3. They admitted R and S as a new partner.
P surrendered 1/2 of his share in favour of R and Q surrendered 1/4th of his
share in favour of S. Calculate the new profit sharing ratio of P, Q, R and S. (Marks
3)
Q5) O and P were partners in a firm
sharing profits and losses equally. Their firm was dissolved on 15th March 1999,
which resulted in a loss of Rs. 50,000. On that date the capital account of O
showed a credit balance of Rs. 40,000 and the capital account of P showed a
credit balance of Rs. 50,000 . There was a cash balance of Rs. 40,000 on the
date of dissolution.
You are required to pass the necessary journal entries for : (i) the transfer of
loss to the capital accounts of the partners and (ii) making final payment to
the partners. (Marks 4)
Q6) Ashoka Ltd. purchased machinery worth
Rs. 99,000 from Sona Ltd. The payment was made by issue of 12% debentures of Rs.
100 each. Pass necessary Journal Entries for the purchase of machinery and issue
of debentures when :
(i) Debentures are issued at par.
(ii) Debentures are issued at 10% discount.
(iii) Debentures are issued at 10% premium. (Marks 4)
Q13) Prepare a comparative income statement of Varun Ltd. with the help of the following information : (Marks 5)
| 1997 | 1998 | |
| Rs. | Rs. | |
| Sales | 2,00,000 | 4,00,000 |
| Cost of goods sold | 50% of sales | 60% of Sales |
| Indirect expenses | 15% of Gross Profit | |
| Rate of Income Tax | 40% of Net Profit before Tax | |
Q14) Briefly explain the meaning and
significance of any two of the following ratios :
(i) Debt to total funds ratio;
(ii) Debtor's turnover ratio and
(iii) Net profit ratio. (Marks 5)
Q15) 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 equity ratio
Information: Equity Share Capital Rs. 50,000; 12% Preference Share
Capital Rs. 40,000; 12 % Debentures Rs. 30,000; General Reserve Rs. 40,000;
Sales Rs. 3,00,000; Opening stock Rs. 20,000; Purchases Rs. 1,40,000; Wages Rs.
30,000; Closing Stock Rs. 40,000; Selling and distribution expenses Rs. 18,000;
Other current assets Rs. 1,00,000 and Current liabilities Rs.60,000. (Marks
6)
Q17) Prepare a Cash Budget of Om Prakash Ltd. for the months of January to March 1999 from the following information :
| Credit Purchases (Rs.) | Credit Sales (Rs.) | Wages (Rs.) | |
| 1998 | |||
| November | 50,000 | 75,000 | 10,000 |
| December | 1,10,000 | 80,000 | 20,000 |
| 1999 | |||
| January | 60,000 | 1,30,000 | 20,000 |
| February | 1,50,000 | 2,00,000 | 40,000 |
| March | 2,00,000 | 2,50,000 | 20,000 |
Additional Information :
(i) Expected cash balance as on 1/1/1999 Rs. 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. (Marks 6)
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