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MODEL TEST PAPER

CLASS - XII ACCOUNTANCY


Time allowed : 3 hours Maximum Marks : 80

General Instructions : (i) This question paper contains 25 questions (ii) All questions are compulsory Question No. 1 to 7 (1 marks each)
1. 2. 3. 4. 5. 6. 7. List any two items appearing on the debit side of a partners capital account when capitals are fluctuating. Who should compensate whom in case of a change in profit-sharing ratio of existing partners. Write the name of compensation which is paid by new partners to the sacrificing partners for sacrificing their share of profits. Is the retirement of a partner means reconstitution of a firm ? Explain. What do you mean by subscribed share capital ? What rate of interest to be payable on calls in advance ? What do you mean by Registered Debenture ? Calculate the Interest on drawings of Mr. Goel @10% p.a. for the year ended 31 st March, 2009 in each of the following cases. Case I. If he withdrew Rs.8000 in the beginning of each quarter. Case II. If he withdrew Rs.8000 at the end of each quarter. Case III. If he withdrew Rs.8,000 during the middle of each quarter. A limited Company took a loan of Rs.20,000 from a Bank and deposited 300, 6% debentures of Rs.100 each as a collateral security. The Company, after one month again took a loan of Rs.60,000 from a bank and deposited 700, 6% debentures of Rs.100 each as a collateral security. Prepare Balance Sheet as per 2nd Method. Anirudha Ltd. has 4,000, 8% Debentures of Rs.100 each due for redemption on March 31, 2010. The company has a debenture redemption reserve of Rs.1,50,000 on that date. Assuming that no interest is due, record the necessary journal entries at the time of redemption of debentures.

Question No. 8 to 10 (3 marks each)


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Question No. 11 to 14 (4 marks each) 11. 12. What do you mean by Goodwill ? In which situations do we value goodwill ? Discuss any one method of Goodwill valuation. A, B and C are partners in a firm sharing profits in the ratio of 5 : 3 : 2. On 31 st March, 2009, their Balance sheet was as follows : Liability Amount Assets Amount Creditors 7,000 Buildings 20,000 Reserves 10,000 Machinery 30,000 As capital 30,000 Stock 10,000 Bs capital 25,000 Patents 6,000 Cs capital 15,000 70,000 Cash 11,000 Goodwill 10,000 87,000 87,000 C died on 1st October, 2009. The executor of C will get the following : (a) Goodwill will be valued at 2 years purchase of the average profits of previous five years, which are for 2005 = Rs.15,000, for 2006 = Rs.13,000 for 2007 = Rs.12,000, for 2008 = Rs.15,000 and for 2009 = Rs.20,000. (b) Profits for 2009-10 be taken as having accrued at the same rate as the previous year. (c) Interest as capital to be provided @10% p.a. prepare Cs capital account only.

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14.

A company issued 1,000 shares of Rs.10 each at premium of Rs.5 per share, payable as to Rs.8 (including the premium) on application, Rs.4 on allotment and the balance on Call which was duly made. A shareholder to whom 100 shares were allotted, failed to pay the allotment and call money and his shares were forfeited. The forfeited shares were subsequently re-issued as fully paid for Rs.900. Pass necessary entries to record the forfeiture and their re-issue in the books of the company. A company issued a prospectus inviting applications for 20,000 shares of Rs.100 each, payable as follows : Rs.30 on Application; Rs.50 on allotment; and Rs.20 on Call. Applications for all these shares were received. Give necessary journal entries.

Question No. 15 to 16 (6 marks each) 15. A, B and C were partners in a firm having capitals of Rs.60,000; Rs.60,000 and Rs.80,000 respectively. Their Current Account balances were A : Rs.10,000; B : Rs.5,000 and C : Rs.2,000 (Dr.) According to the partnership deed the partners were entitled to an interest on capital @5% p.a. C being the working partner was also entitled to a salary of Rs.6,000 p.a. The profits were to be divided as follows : (a) The first Rs.20,000 in proportion to their capitals; (b) Next Rs.30,000 in the ratio of 5 : 3 : 2; and (c) Remaining profits to be shared equally, The firm made a profit of Rs.1,56,000 before charging any of the above items. Prepare the Profit & Loss Appropriation Account and pass necessary journal entry for apportionment of profit. Dipali and Rajshri are partners in a firm sharing profits and losses in the ratio of 3 : 2. They decided to dissolve their firm on 31st December, 2009, when their Balance Sheet was as under : Rs. Rs. Capitals : Freehold Property 16,000 Dipali 17,500 Investments 4,000 Rajshri 10,000 27,500 Sundry Debtors 2,000 Sundry Creditors 2,000 Stock 3,000 Profit & Loss A/c 1,500 Bank 2,000 Cash 4,000 31,000 31,000 The partners decide to dissolve the firm on the above date. Dipali took over the investments at an agreed value of Rs.3,800. Other assets were realized as follows : Freehold Property Rs.18,000; Sundry Debtors Rs.1,800 and Stock Rs.2,800. Creditors of the firm agreed to accept 5% less. Expenses of realization amounted to Rs.400. There was a typewriter in the firm, which was bought out of the firms money, was not shown in the above Balance Sheet. The typewriter is now sold for Rs.1,000. Close the firms books of accounts by preparing Realisation Account, Partners Capital Accounts and Bank Account.

16.

Question No. 17 & 18 (8 marks each) 17. On 31st March, 2009 the Balance Sheet of Ram and Shyam, who were sharing profits in the ratio of 3 : 1 was as follows : Liabilities Amount Assets Amount (Rs.) (Rs.) Creditors 2,800 Cash at Bank 2,000 Employees Provident Fund 1,200 Debtors 6,500 General Reserve 2,000 Less : Reserve for bad debts 500 6,000 Capitals : Stock 3,000 Ram 6,000 Investments 5,000 Shyam 4,000 10,000

16,000 16,000 They decided to admit, Mohan on April 1st 2009 for 1/5th share on the following terms : (i) Mohan shall bring Rs.6,000 as his share of premium. (ii) That unaccounted accrued income of Rs.100 be provided for. (iii) The market value of investments was Rs. 4,500. (iv) A debtor whose dues of Rs.500 was written off as bad debts paid Rs.400 in full settlement. (v) Mohan to bring in capital to the extent of 1/5th of the total capital of the new firm. Prepare Revaluation A/c, Partners Capital A/c and the Balance Sheet of the new firm. OR Manoj, Naveen and Deepak were partners sharing profit in 3 : 2 : 1. On 1st January, 2010 Naveen retired. On that date their Balance Sheet was stood as follows : Liabilities Amount Assets Amount (Rs.) (Rs.) General Reserve 6,000 Plant and Machinery 30,000 Expense Owing 2,000 Patents 11,000 Bills Payable 5,000 Debtors 3,000 Creditors 10,000 Stock 9,500 Capital Accounts : Cash 500 Manoj 12,000 Naveen 10,000 Deepak 9,000 31,000 54,000 54,000 The terms are : (i) Goodwill was to be valued at Rs.12,000 but no Goodwill Account was to be raised; (ii) New ratio between Manoj and Deepak will be 3 : 2; (iii) Expenses owing are to be brought down to Rs.1,500, Plat is to be valued at 10% less and Patents at Rs.12,000; and (iv) The total capital of new firm will be fixed at Rs.25,000 to be contributed by partners in profit sharing ratio. Prepare ledger accounts to record to the above and prepare Balance Sheet after Naveens retirement. 18. Y Ltd. Invited applications for issuing 10,000 equity shares of Rs.100 each at discount of 6%. The amount was payable as follows : On application Rs.20 per share. On allotment Rs.44 per share and the balance on first and final call. Applications for 13000 shares were received. Applications for 500 shares were rejected and pro-rata allotment was made to the remaining applicants. Over payments received with applications were adjusted towards sums due on allotment. All calls were made and were duly recived except Kanwar who had applied for 250 shares failed to pay allotment and call money. His shares were forteited. The forfeited shares were re-issued at Rs.22,000 fully paid-up. Pass necessary Journal Entries in the books of the company. OR A Co. issued to the public for subscription 40,000 shares of Rs.10 each at a discount of 10% payable as Rs.2 each on application, Allotment and First call and Rs.3 on the Final call. Applications were received for 60,000 shares and allotment was made pro-rata to 80% of applicants. R to whom 1,600 shares were allotted paid only the application money, and S who had applied for 2,400 shares paid the entire call money due along with the allotment. Pass necessary journal entries to record the above transactions. PART B Question No. 19 & 21 (1 mark each) 19. Write any two tools of financial statement Analysis. 20. Rent received on Building comes under which activity. 21. Payment of interest comes under which activity in Financial corporation. Question No. 22 (3 marks) 22. Current Ratio = 2 : 1 Working capital : 80,000

Calculate current Asset & Current Liabilities. Question No. 23& 24 (4 marks each) 23. For the following information, calculate the following ratios : (i) Debt-Equity Ratio; (ii) Proprietary Ratio; (iii) Total Assets to Debt Ratio Balance Sheet of Hazi Ali Ltd. as at 31st March, 2008 Liabilities Rs. Assets Rs Equity Share Capital 15,00,000 Fixed Assets 16,50,000 General Reserve 6,00,000 Investments (Long-term) 1,60,000 12% Debentures 5,00,000 Stock-in-Trade 9,10,000 Bank Overdraft 2,00,000 Debtors 12,40,000 Sundry Creditors 12,00,000 Cash at Bank 40,000 40,00,000 40,00,000 24. Following are the summarized Balance Sheets of R.P. Ltd. Prepare Sheet. Liabilities 1994 1995 Assets Rs. Rs. Share Capital 7,50,000 9,00,000 Fixed Assets Reserve and Surplus 1,50,000 2,25,000 Current Assets Loans 4,20,000 3,00,000 Current Liabilities 5,85,000 5,55,000 19,05,000 19,80,000 Comparative Balance 1994 1995 Rs. Rs. 12,45,000 11,55,000 6,60,000 8,25,000

19,05,000 19,80,000

Question No. 25 (8 marks) 25. Following are the summarized Balance Sheets of AMCO as on 31st December 2000 and 2001. Prepare Cash Flow Statement. Liabilities 2000 2001 Assets 2000 2001 Rs. Rs. Rs. Rs. Share Capital 2,00,000 2,50,000 Land and Buildings 2,00,00 1,90,000 General Reserve 50,000 60,000 Machinery and Plant 1,50,000 1,69,000 Profit and Loss A/c 30,500 30,600 Stock 1,00,000 74,000 Bank Loans (Long70,000 - Sundry Debtors 80,000 64,000 terms) Cash 500 600 Sundry Creditors 1,50,000 1,35,200 Bank 8,000 Provision for Taxation 30,000 35,000 Goodwill 5,000 5,30,500 5,10,800 5,30,500 5,10,800 Depreciation provided during the year was Rs.40,000 on Land and Building and Rs.30,000 on Machinery and Plant.