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Accountancy, XII, Practice paper

Mr. John R, PGT (Comm)

a) Attempt all the questions. 

1. Give any two revenue receipts of a not- for profit organization.                          

2. Name any two circumstances under which reconstitution of a partnership firm take place.                                                                                                                  

3. Give the formula for calculating gaining share of a partner in a partnership firm.

4. Name the two methods of treating the goodwill at the time of admission of a partner.                                                                                                                        

5. The amount due to the deceased partner is transferred to which account.             

6. What is dissolution of firm?                                                                                 

7. When a company follows “Table A” What rate of interest on calls in arrear to be charged?                                                                                                                      

8. What do you mean by issue of shares at premium?                                                

9. Write any two differences between dissolution of partnership and dissolution of firm?                                                                                                                            

10. A,B and C were partners in the ratio of 3/8:1/2:1/8. A retires. He surrenders 2/3rd of his share in favour  of B and remaining in favour of C. Calculate new profit sharing ratio.                                                                                                              

11. Differentiate between equity share and preference share?                                  

12. State the provisions affecting accounts in the absence of partnership deed?       

13. What is goodwill? State the need for valuation of goodwill?                              

14. What is meant by Income and expenditure account? How does it differ from receipts and payments account?  (any 3 points)                                                        

15. a) What do you mean by profit and loss appropriation account?                       

      b) How will you calculate interest on drawings, when a partner withdraws a specified amount?

      i) at the end of every month.

     ii) at the beginning of every month.

     iii) at the middle of every month.

     iv) at the end of every quarter.                                                                            
 
 

                                              – 2 – 

16. A, B and C are partners in a firm sharing profits in the ratio 2: 2: 1. B died on 1st July 2009, his legal representatives are entitled to:

    a) His capital balance as on 31st March 2009 was Rs 40,000.

   b) Share of goodwill valued on the basis of thrice the average profit of the past 4 years’ profits.

   c) Share in profits up to the date of death on the basis of average profits for the past 4 years.

  d) Interest on capital @ 12% p.a.

    Profits for the years ending on March 31 0f 2006,2007,2008,2009 respectively were Rs 15,000, Rs17,000, Rs 19,000, Rs 13,000.

Record necessary journal entries.                                                                           

17. What journal entries will be recorded for the following transactions on the dissolution of a firm?                                                                                              

a) Payment of unrecorded liabilities of Rs 3,200.

b) Stock worth RS 7,500 is taken by a partner Rohit.

c) Profit on Realisation amounting to Rs 18,000 is to be distributed between the partners in the ratio of 5:7.

18. Sun and Moon are partners in a firm sharing profits in the ratio of 2:1. Star is

   Admitted into the firm with 1/4th share in profits. He will bring in Rs 60,000 as

Capital and capitals of Sun and Moon are to be adjusted in the profit sharing ratio.

Their Balance sheet as on 31st March2009 was as follows:

Liabilities Amount Assets Amount
Creditors

Bills payable

General reserve

Capitals:

   Sun: 1,00,000

Moon: 64,000

16,000

   8,000

  12,000 
 

1,64,000

  

2,00,000

========

Cash

Bank

Sundry debtors

Stock

Furniture

Machinery

Building

       4,000

     20,000

     16,000

     20,000

     10,000

     50,000

     80,000

  2,00,000

========

           Other terms of agreement are as under:

  1. Star will bring in Rs 24,000 as his share of goodwill.
  2. Building was valued at Rs 90,000 and Machinery at Rs 46,000.
  3. A provision for bad debts is to be created @ 6% on debtors.
  4. The Capital accounts of Sun and Moon are to be adjusted by opening current accounts.

  Prepare Revaluation A/C , Capital A/C and Balance sheet of the new firm.

  

                                                                                                                              

                        

19. The following is the receipts and payment a/c of a Club for the year ended

    31st Dec 2008.

      Receipts Amount           Payments Amount
Balance b/d

Subscriptions

Life membership fee

Donation

Profit from entertainment

Sale of old books

   (Book value Rs 1,000)

Interest

   2.270

  32,500

   3,250

   2,500

   7,250

  

      750

      350

  
 

48,870

=======

Rent

Electric charges

Lecturer’s fee

Office expenses

Printing @ stationery

Legal fee

Books

Furniture purchased

Expenses on drama

Balance c/d

    6,600

    3,200

       730

    1,480

    1.050

    1,870

     6,500

    8,600

    1,300

   17,540

  48,870

========

             

          You are required to prepare an Income and Expenditure account after the

  Following adjustments:

  1. Subscriptions to be received are Rs 750, but subscription includes Rs 500 for the year 2009.
  2. In the beginning of the year club owned Building Rs 20,000.and Furniture     Rs 3,000 and Books Rs 2,000.
  3. Provide depreciation on Furniture @ 5% (including purchase), Books @ 10%

     And Building @5%.

20. What is a debenture?

21. What is redemption of debentures?

22. What are convertible debentures?

23. What is meant by analysis of financial statements?

24. How will you calculate cash flow from operating activities?

25. Give two examples of investing activities?

26. What are the types of ratios?

27. State the limitations of ratio analysis?

28.What is cash flow statement?                                                                                       29. X,Y and Z were in Partnership sharing profits and losses in the ratio of 3:2:1.

     On 1st April 2009 ,Y retired from the firm. On that date ,their Balance sheet was as follows.

  

  Liabilities Amount        Assets Amount
Creditors

Bills payable

Expenses owing

General reserve

Capitals:

        X : 15,000

       Y : 15,000

       Z : 15,000

           

  3,000

  4,500

  4,500

13,500

  
 
 

45,000

70,500

Cash

Bank

Debtors

Stock

Building

Machinery

Loose tools

     1,500

     7,500

   15,000

   12,000

   22,500

     8,000

     4,000

  

  70,500

     The terms were:

  1. Goodwill of the firm was valued at Rs 13,000.
  2. Expenses owing to be brought down to Rs 3,750.
  3. Machinery and loose tools are to be valued at 10% less than their book value.
  4. Buildings are to be revalued at Rs 24,300.

        Prepare Revaluation a/c, Capital a/c and Balance sheet of the new firm.  

  

30.AB Ltd. Invited applications for 1,00,000 Shares of Rs 10 each at a discount of 10% . The amount was payable as follows:

     On application               Rs . 3

     On allotment                 Rs. 4

    On First and Final call   Rs. 2

Applications for1,30,000 shares were received. Applications for 10,000 shares were rejected and pro-rata allotment was made to the remaining applicants. All calls were made and were duly received except the first and final call on 1,000 shares. These Shares were forfeited and reissued at Rs 12 per share fully paid up.

Pass journal entries in the books of AB Ltd.                                                       

31.From the following balance sheet of Baja Ltd , prepare its Cash Flow Statement for the year ended 31st December 2009.

  
 
 
 

 
Liabilities
 
    2008

   (Rs)

 
  2009

     (Rs)

 
    Assets
 
2008

  (Rs)

 
2009

  (Rs)

 
Share capital

12%, Pref. share

             Capital

General reserve

P&L a/c

Creditors

 
2,00,000  

4,00,000

1,60,000

2,30,000

2,50,000

————

12,40,000

————–

 
6,20,000  

4,00,000

3,60,000

5,40,000

3,20,000

———–

22,40,000

————-

 
Plant & Machinery

Investments

Debtors

Bills receivable

Stock

Cash in hand

 
8,00,000

3,10,000

   40,000

   30,000

   35,000

    25,000

———–

12,40,000

————

 
14,00,000

  6,00,000

  1,20,000

     40,000

      20,000

      60,000

————–

22,40,000

—————

  

  

 

Additional Information:

  Depreciation on Plant & Machinery   Rs 2, 80,000                                                                          

  

32.From the following information calculate

(a) Quick ratio   (b) Stock turnover ratio   (c) Debt equity ratio

                   

 
Share capital

Reserves & Surplus

Current assets

8% Debentures

Current liabilities

Stock

Sales

Gross Profit

                        Rs

           16,00,000

           12,00,000

           11,20,000

             8,00,000

             4,80,000

             3,20,000

           32,00,000

            9,60,000

  
 
 
 
 
 
 
 
 
 

33.From the following information calculate

(a) Working capital turnover ratio   (b) Gross profit ratio   (c) Debt equity ratio

                   

 
Pref.Share capital

Share capital

Reserves & Surplus

Current assets

8% Debentures

Current liabilities

Stock

Sales

Cost of goods sold

                        Rs

             8,00,000

           16,00,000

           12,00,000

           11,20,000

             8,00,000

             4,80,000

             3,20,000

           32,00,000

            22,40,000

                                                                                                                                                 

34.      From the following balance sheet of Ashok Ltd, prepare its Cash Flow Statement for the year ended 31st December 2009.

 
Liabilities
 
    2008

   (Rs)

 
  2009

     (Rs)

 
    Assets
 
2008

  (Rs)

 
2009

  (Rs)

 
Share capital

Bills payable

Debentures

General reserve

P&L a/c

Creditors

 
2,00,000

   80,000

3,60,000

1,60,000

2,30,000

1,70,000

————

12,00,000

————–

 
5,20,000

    70,000

5,00,000

3,00,000

5,00,000

2,50,000

———–

21,40,000

————-

 
Building

Investments

Debtors

Bills receivable

Stock

Cash at bank

 
7,60,000

3,10,000

   40,000

   30,000

   35,000

    25,000

———–

12,00,000

————

 
13,00,000

  5,00,000

  1,70,000

     90,000

      20,000

      60,000

————–

21,40,000

—————

  

  

 

Additional Information:

  Depreciation on Building   Rs 3, 10,000                                                                          

  

35.   From the following balance sheet of Alfa Ltd, prepare its Cash Flow Statement for the year ended 31st December 2009.

  
 

 
Liabilities
 
    2008

   (Rs)

 
  2009

     (Rs)

 
     Assets
 
2008

  (Rs)

 
2009

  (Rs)

Share capital

Pref.Shares

Bills payable

Debentures

General reserve

P&L a/c

Creditors

2,00,000

1,40,000

   80,000

3,10,000

1,60,000

1,75,000

1,40,000

————

12,05,000

————–

4,50,000

1,20,000

    70,000

4,50,000

2,60,000

4,00,000

2,50,000

———–

20,00,000

————-

Furniture

Building

Investments

Debtors

Bills receivable

Stock

Cash at bank

3,10,000

4,30,000

3,05,000

   40,000

   60,000

   35,000

    25,000

———–

12,05,000

————

  5,20,000

  7,20,000

  4,50,000

  1,40,000

     90,000

      20,000

      60,000

————–

20,00,000

—————

  

  

 

Additional Information:

  Depreciation on Building   Rs 2, 80,000                                                                          

  

36.From the following information calculate

(a) Current ratio   (b) Gross profit ratio   (c) Debt equity ratio

                   

 
Pref.Share capital

Share capital

Reserves & Surplus

Other Current assets

8% Debentures

Current liabilities

Stock

Sales

Cost of goods sold

                        Rs

             4,00,000

           8,00,000

           6,00,000

           5,20,000

             4,00,000

             4,80,000

             3,20,000

           16,00,000

            11,40,000

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