CBSE Board Class 12 Accountancy Previous Year Question Papers 2005

Accountancy XII
Previous Paper 
Time 3 hrs         M.M-80
Part A
Q1. Why should a new partner contribute towards Goo dwill on his admission?       (1)

Q2. List any two contents of a partner ship deed? 
         (1)
Q3. Can a company issue a share having face value o f Rs 10 at Rs 8                         (1).    
       
Q4.         Give two examples of ‘Capital receipts’ .           (1)

Q5. Give two circumstances in which sacrificing rat io may be applied                     (1)

Q6. Show how you would deal with the following item s in the final accounts of a club: (3)
      Debit   credit
Prize fund
Prize fund Investments  1,20,000   1,20,000
Income from Prize fund Investments      12000
Prizes awarded   9000

Q7. A,B and C are partners  sharing profits and los ses in the ratio of 1 : 2: 3. They have
omitted interest on capital @ 8% p.a. for two years ended 31
st
March, 2008. Their fixed
capitals were Rs. 400000, Rs 600000 and Rs 800000 r espectively. Pass the necessary
adjusting entry.         (3) 
Q8. Raghav limited purchased a running business fro m Krishna traders for a sum of Rs.
15,00,000 payble Rs 3,00,000 by cheque and for the  balance issued 9% debentures of
Rs. 100 each at par.        (3)
The assets and Liabilities consisted of the follow ing:
        Rs
Plant and Machinery    400000
Buildings     600000
Stock      500000
Sundry Debtors     300000
Sundry Creditors    200000 
Record necessary journal entries in the books of R aghav Limited.

Q9. A and B are partners in a firm sharing profits  in the ratio of 7:5. On April 1,2004 they
admit C as a new partner for (1/6)th share. The new ratio will be 13:7:4. C contributed
the following assets towards his capital and for hi s share of Goodwill.
Stock Rs. 60000; debtors RS 80000; Land 20000; Pla nt and Machinery Rs 120000. On
the date of admission of C, the Goodwill of the fir m was valued at Rs 750000. Record
necessary journal entries in the books of the firm  on C’s admission and prepare C’s
capital account. 

Q10. CMC Ltd. Invited applications for issuing 1000 00 equity shares of Rs. 10 each at
a premium of Rs 3 per share. The whole amount was p ayable on application. The issue
was over subscribed by 30000 shares and allotment w as made on pro-rata basis. Pass
journal entries.        (4)

Q11.  X and Y are partners in a firm sharing profit s in 3:2 ratios. They admitted Z as a new
partner and the new profit- sharing ratio will be 2 :1:1.
Z brought Rs 10000 for the share of Goodwill. Goodw ill appeared in the books of X
and Y at Rs. 5000. Pass the necessary Journal entri es in the books of the new firm for
the above transactions.                   (4)

Q12. X Ltd. Made on issue of 2000. 15% debentures o f Rs. 100 each of these, debentures of
the face value of Rs. 50000 are to be redeemed annu ally commencing from 1996, either
by drawings at  par or by purchase in the open mark et at the company’s option.
During 1996, the company purchased for cancellation of Rs 40000 debentures at Rs 95
and Rs 10000 debentures of Rs. 98. The expenses of  purchases amounted to Rs. 500
Make necessary journal entries to be passed 1996. 

Q13. From the following receipts and payments Accou nt of Sonic club and from the given
additional information prepare the expenditure on a ccount of salaries for the year ending 31
st
December,2006 and show the salaries item in the inc ome and expenditure Account and the
balance sheet as on 31
st
December, 2006.
  AN EXTRACT OF RECEIPTS AND PAYMENTS ACCOUNT 
For the year ending 31
st
December, 2006
Receipts Rs Payments Rs
  By salaries:
2005
2006
2007
20000
280000
18000
Additional Information       Rs.
(i) Salaries outstanding on 31
st
Dec,2005   25000
(ii) Salaries outstanding on 31
st
Dec,2006   45000
(iii) Salaries paid in advance on 31
st
Dec,2005   10000                             (6)

Q14. A,B and C were partners in a firm sharing prof its in the ratio of 5:3:2. On 31
st
March,
2003 their Balance sheet was as under:
   
Liabilities Rs Assets Rs
Creditors
Reserves
A’s capital    30000
B’s capital     25000
C’s capital 150000
11000
6000
70000
Buildings
Machinery
Stock
Patents
Debtors
20000
30000
10000
11000
8000 
87000 Cash 8000
87000
   A died on 1
st
October, 2003. It was agreed between his executors and the remaining
             Partners that:   
             
a) Goodwill to be valued at 2and a half years purchase of the average profit of the
previous four years, which were :
2000:Rs.13, 000; 2001:Rs.12000; 2002:Rs.20, 000 and 2003:Rs.15, 000.
b) Patents be valued at Rs.8000 ; Machinery at Rs.2800 0; and buildings at Rs.25000.
c) Profit for the year 2003 to 2004 be taken as having accrued at the same rate as that of
previous year.
d) Interest on capital be provided at ten percent p.a.
e) Half of the amount to A to be paid immediately to t he executor and the balance
transferred to his loan A/c.
Prepare A’s capital A/c as on 1
st
October, 2003.                                                  
                                
     
Q.15)Y Ltd.issued 10000 shares of Rs. 10 each at pa r.Amounts were due as follows :
Rs. 2.50 on application, Rs. 2.50 on allotment; 
Rs. 3 on first call and Rs. 2 on final call. 
A, holding 200 shares did not pay the amount due on allotment and first call;and his
shares were forfeited .
                               Final call was made  after the forfeiture.B,holding 500shares failed
to pay the amount due on final call and his shares  were also forfeited. Show the in the
Journal of the company. Also prepare the balance sh eet. 
                                                  
                             (8 marks)
Or
Pass necessary journal enteries in the books of Rom an Ltd. For the following
transactions:
(1) 400 equity shares of Rs.100 each issued at a discou nt of 10% were forfeited
for the non-payment of final call of Rs. 20 per sha re .The forfeited shares wre
reissuied for Rs.38000 fully paid up.
(2) 300 equity shares of Rs.100 each were forfeited for the non- payment of the
allotment money of Rs. 40 per share.The first and f inal call of Rs. 20 per share
was not paid . The forfeited shares were reissued f or Rs. 29000 fully paid up.
                                                  
                                                    (8 marks)
Q16) X&Y share profits in the ratio of 3:1.Their ba lance sheet as on 31
st
December,1996,was as under :   National Network of Education                     
                           www.indiaeducation.net 
         
Copyright 2010 National Network of Education
Pragati Infosoft Pvt. Ltd.
     Liabilities Rs. Assets Rs.
Outstanding Expenses
Sundry Creditors
Capital Accounts:
        X
        Y
5000
36000
68000
31000
140000
Cash
Sundry Debtors       24000
Less provision             800
Stock
Fixed Assets
Goodwill
D & L A/c
7800
23200
5000
80000
8000
16000
140000
Z is admitted into partenership on the following te rms:-
(i) Fixed assets are to be depreciated by 20 % .
(ii)Provision for doubtful debts should remain at 5 % on debtors.
(iii)The new profit sharing ratio will be 5:3:2.
(iv)Z will pay Rs. 20,000 as capital and the capita ls of old partner will be adjusted
on the basis of new partners capital and his share  in the business, actual cash to be
brought in oo withdrawn by old partners, as the cas e may be .
(v)Goodwill of the form is valued at Rs. 20000. Pre pare capital Accounts and the
balance sheet of the new firm.    (8 marks)
OR
P,Q and R sharing profits and losses equally with e ffect from 1
st
April,2008.
Following is an extract of their Balancs sheet as a t 31
st
March,2007:
Liabilities Rs Assets Rs
Investment fluctuation 30000 Investments(At last) 500000
Reserve
Show the accounting treatment under the following a lternative cases:-
Case(i) If there is no other information
Case(ii) If the market value of Investment is: Rs 5 00000
Case(iii) If the market value of investment is Rs.  488000.
          (8 marks)
PART B
Q17 Give two examples of non-cash transactions.   
                                 
Q18.    State the two advantage of financial statem ent analysis.  (1)
  
Q19 Define cash equivalents.      (1)

20. The following figures use extracted from the trial  balance of x Ltd:  
Share capital: 10,000 Equity share of Rs.10 each fu lly paid.
            
                         Securities premium       
         Rs.10,000
                         12% Debentures           
          Rs.50,000
                         Fixed Deposits           
            Rs.25,000
                        Creditors                 
                Rs. 5,000
You are required to draw up the liability side of t he Balance  sheet according              
requirement of the companies Act. (3)
 
21. Prepare a comman  size Balance sheet  of x Ltd.& Y  Ltd as on 31st March
2007; The Balance sheet of Kewal Ltd. As on 31 st ,2006 and 31 st
Decmber ,2006 were as follows:        
(4)
Liabilities X Ltd(Rs) Y Ltd(Rs) Assets X Ltd (Rs) Y Ltd.(Rs)
Share
capital 
Reserves
Current
liabilities
S
9,00,000
4,00,000
2,00,000
12,00,000
3,50,000
2,50,000
Fixed Asset
Current
Asset 
10,00,000
5,00,000
16,00,000
  2,00,000
15,00,000 18,00,000  15,00,000 18,00,000

22. calculate  Debtors                 turnover ratio :     (4)
                                                    (in Rs) 
Opening   Debtors               30,000
Received from Debtors        2,10,000
Closing Debtors                   45,000
Sales return                          15,000

23. The following balance appeared in the balance sheet of P.K.Ltd.                
31.03.06(Rs)  31.03.07(Rs)
Plant and Machinery 48,00,000 65,40,000
Accumulated
Depreciates
14,05,000 22,10,000
Proposed Divided 80,000 90,000
Additional Information :
(i)Plant and Machinery costing Rs 12,80,000 accumul ated depreciation  there
on Rs 5,30,000 was sold at a loss of Rs 2,60,000.
(ii)  Dividend  provided during the year Rs 95,000.
       You are required to compute :
(a) The  amount of plant and Machinery  purchased, sold and depreciation
charged for the year.
(b) Dividend paid during the year.
(c) How each of the item related to plant & machinery a nd dividend will be
recorded in the cash flow statement.