CBSE Board Class 12 Accountancy Previous Year Question Papers 2007
CBSE Board Previous Year Question Papers 2007 for Class 12 Accountancy
Time allowed : 3 hours Maximum Marks : 80
General Instructions :
(i) This question paper contains three parts A, B and C.
(ii) Part A is compulsory for all candidates.
(iii) Candidates can attempt only one part of the remaining parts B and C.
(iv) All parts of the questions should be attempted at one place.
1. List any four essential features of partnership. 2
2. Give the meaning of ‘Reserve Capital’. 2
3. What is meant by ‘Preferential Allotment of Shares’ ? 2
4. Define a ‘Debenture’. 2
5. A, B and C were partners in a firm sharing profits in 2 : 3 : 5 ratio. A was guaranteed a minimum profit of Rs. 1,00,000. Any deficiency on this account was to be borne by C. The net profit of the firm for the year ended 31.3.2006 was Rs. 4,50,000. Prepare Profit and Loss Appropriation Account of A, B and C for the year ended 31.3.2006. 3
6. A Ltd. issued 10,000 7% debentures of Rs. 100 each. Pass the necessary journal entries for issue of debentures in the following cases : 3
(a) When debentures are issued at par and are redeemable at 5% premium.
(b) When debentures are issued at 5% premium and are redeemable at par.
(c) When debentures are issued at 5% premium and are redeemable at 5% premium.
7. X, Y and Z are partners in a firm sharing profits in the ratio of 4 : 3 : 3. They admitted P as a new partner. X, Y and Z each surrendered l/3rd of his share in favour of P. Calculate the new profit sharing ratio of X, Y, Z and P. 4
8. P, Q and R were partners in a firm sharing profits in 7 : 8 : 5 ratio. Their firm was dissolved on 28.2.2007. After transfer of assets (other than cash) and outsider’s liabilities to ‘Realisation Account’, the following transactions took place :
(i) Debtors with Rs. 9,000 paid Rs. 8,900 in full settlement of their claim.
(ii) Creditors Rs. 6,000 were paid Rs. 5,500 in full settlement of their claim.
(iii) Expenses of realisation Rs. 900 were paid by P.
(iv) Loss on realisation was Rs. 15,000.
Pass necessary journal entries for the above transactions in the books of P, Q and R. 4
9. Dhyey Ltd. redeemed Rs. 30,00,000, 8% debentures issued at a premium of 5% as follows. Rs. 12,00,000, 8% debentures were converted into equity shares of Rs. 100 each issued at a premium of Rs. 25 per share and the balance by converting them into 8% preference shares of Rs. 100 each issued at a discount of Rs. 10 per share. Pass necessary journal entries in the books of the company. Show your workings clearly. 4
10. On 1.3.2007 Jay Ltd. had a balance of Rs. 25,20,000 in its Profit and Loss Account. Instead of declaring a dividend the company decided to utilise the profits for the redemption of its outstanding Rs. 24,00,000 7% debentures at a premium of 5%. Pass necessary journal entries for the redemption of debentures. 4
11. Raja Ltd. purchased building from Ashoka Ltd. for Rs. 36,00,000. The vendors were paid by issue of equity shares of Rs. 10 each. Pass necessary entries in the books of Raja Ltd. when
(i) shares were issued at par,
(ii) shares were issued at 20% premium and
(iii) shares were issued at 10% discount. 4
12. G and H were partners in a firm sharing profits and losses in the ratio of 3 : 1. On 28.2.2007 their firm was dissolved. The Balance Sheet of the firm on that date of dissolution was as follows :
Balance Sheet of G and H as on 28.2.2007 Liabilities Amount Assets Amount
Bank Loan 70,000 Cash 10,000
Creditors 1,30,000 Building 5,00,000
Capitals : Stock 40,000
G 3,00,000 Profit & Loss A/c 50,000
H 1,00,000 4,00,000
Building realised Rs. 3,00,000; Stock Rs. 15,000. Rs. 1,05,000 were paid to the creditors in full settlement of their account. The firm had a joint life policy of Rs. 10,00,000 which was surrendered for Rs. 70,000 on the date of dissolution. The annual premium paid on the joint life policy was debited to the Profit and Loss Account. Prepare Realisation Account, Cash Account and Partners’ Capital Accounts. 6
A and B were partners in a firm sharing profits and losses equally. On 28.2.2007 they decided to dissolve the partnership. On the date of dissolution A’s capital was Rs. 60,000 and B’s capital was Rs. 45,000. There was a cash balance of Rs. 4,000. Creditors on that date were Rs. 20,000 and there was a balance of Rs. 39,000 in the general reserve account.
Sundry assets realised Rs. 1,02,000. Expenses on dissolution were Rs. 5,000. Prepare Realisation Account, Cash Account and Partners’ Capital Accounts. 6
13. Laxmi Ltd. invited applications for issuing 10,00,000 equity shares of Rs. 100 each at a premium of Rs. 25 per share. The amount was payable as follows :
On Application Rs. 50 (including premium)
On Allotment Rs. 50
On First and Final call — Balance
Applications for 17,50,000 shares were received. Applications for 2,50,000 shares were rejected and pro-rata allotment was made to the remaining applicants. Overpayments received on application were adjusted towards sums due on allotment. Victor, to whom 1,000 shares were allotted, failed to pay allotment and first and final call. His shares
were forfeited. The forfeited shares were reissued for Rs. 11,000 fully paid up. Pass necessary journal entries in the books of Laxmi Ltd. 6
Pass necessary journal entries in the books of a company for the following transactions 6
(i) 400 equity shares of Rs. 100 each issued at a discount of 10% were forfeited for the non-payment of final call of Rs. 20 per share. The forfeited shares were re-issued for Rs.\ 40,000 fully paid up.
(ii) 13,000 equity shares of Rs. 50 each issued at a premium of Rs. 8 per share, were forfeited for the non-payment of allotment money (including premium) of Rs. 23 per share. Application money of Rs. 15 per share had been received on these shares and the first and final call of Rs. 20 per share was not made. The forfeited shares were re-issued
at Rs. 55 per share fully paid up.
14. Following is the Balance Sheet of P, K and B as on 31.3.2006. They shared profits in the ratio of their capitals.
Liabilities Amount Assets Amount
Creditors 4,600 Building 23,000
Reserve 5,400 Machinery 13,000
Capitals : Stock 4,700
P 24,000 Debtors 6,500
K 12,000 Cash 6,400
B 8,000 44,000
P died on 30.6.2006. Under the terms of partnership the executors of a deceased partner were entitled to :
(i) Amount standing to the credit of the Partner’s Capital Account.
(ii) Interest on capital at 12% per annum.
(iii) Share of goodwill of the firm which was valued at Rs. 36,000 on P’s death.
(iv) Share of profit from the closing of last financial year to the date of death on the basis of last year’s profit. Profit for the year ended 31.3.2006 was Rs. 7,000.
Prepare P’s Capital Account to be rendered to his executors. 6
15. A and B are partners in a firm sharing profits in 2 : 1 ratio. They admitted C for 1/4th share in profits. C was to bring Rs. 30,000 as capital and capitals of A and B were to be adjusted in the profit sharing ratio on the basis of C’s capital. The Balance Sheet of A and B as on March 31, 2006 (before C’s admission) was as under :
Liabilities Amount Assets Amount
Creditors 20,000 Cash 2,000
Bills Payable 19,000 Debtors 50,000
General Reserve 6,000 Stock 10,000
Capitals : Machinery 25,000
A 50,000 Building 40,000
B 32,000 82,000
Other terms of agreement were as under :
(i) C will bring Rs. 12,000 for his share of goodwill.
(ii) Building was valued at Rs. 45,000 and Machinery at Rs. 23,000.
(iii) A provision of bad debts was created @ 6% on debtors.
(iv) Capital Accounts of A and B were adjusted by opening Current Accounts.
Prepare Revaluation Account, Partners’ Capital Accounts and the Balance Sheet of A, B
and C. 8
P, Q and R were partners in a firm sharing profits in the ratio of 3 : 2 : 1. On 31.3.2006 Q retired from the firm. On the date of Q’s retirement the Balance Sheet of the firm was as follows :
Balance Sheet of P, Q and R as on 31.3.2006
Liabilities Amount Assets Amount
Creditors 27,000 Bank 27,600
Bills Payable 12,000 Debtors 6,000
Outstanding Rent 2,200 Less Provision for doubtful debts 400 5,600
Provision for legal claims 6,000 Stock 9,000
Capitals : Furniture 4,100
P 46,000 Premises 96,900
R 20,000 96,000
On Q’s retirement it was agreed that :
(i) Premises will be appreciated by 2% and furniture will be appreciated by Rs. 1,700. Stock will be depreciated by 10%.
(ii) 5% provision for doubtful debts was to be made on debtors and Rs. 7,200 for legal damages.
(iii) Goodwill of the firm was valued at Rs. 24,000.
(iv) Rs. 20,000 from Q’s Capital Account will be transferred to his loan account and the balance will be paid to him by cheque.
Prepare Revaluation Account, Partners’ Capital Accounts and Balance Sheet of P and R after Q’s retirement. 8
(Analysis of Financial Statements)
16. State any two objectives of preparing a ‘Cash Flow Statement’. 2
17. X Ltd. is a Mutual Fund Company. The. company invested Rs. 50 lakhs in the shares of Y Ltd. State with reason whether the dividend received on the shares of Y Ltd. will be cash flow from operating activities or from investing activities.2
18. The Balance Sheets of Blue Bell Ltd. as on March 31, 2005 and 2006 are given below
Blue Bell Ltd.
Balance Sheets as on March 31, 2005 and 2006
Particulars 2005 2006
Share Capital 4,26,000 3,44,000
Long-term loans 6,96,000 4,38,000
Current Liabilities 2,98,000 78,000
Fixed Assets 5,68,000 4,30,000
Investments 6,000 4,000
Current Assets 8,46,000 4,26,000
Prepare Comparative Balance Sheets showing percentage changes from 2005 to 2006. 3
19. Briefly explain the interest of investors and management in the analysis of financial
20. Calculate any two of the following ratios on the basis of information given below : 3
(i) Liquid Ratio
(ii) Proprietary Ratio
(iii) Operating Ratio
Sales Rs. 3,40,000; Cost of Goods sold Rs. 1,20,000; Selling expenses Rs. 80,000;
Administrative expenses Rs. 40,000; Current Assets Rs. 1,50,000; Current Liabilities
Rs. 1,05,000; Closing Stock Rs. 10,000; Fixed Assets Rs. 2,80,000; Equity Share Capital
Rs. 2,75,000 and General Reserve Rs. 2,00,000.
21. XY Ltd. had a profit of Rs. 15,00,000 for the year ended 31.3.2006 after considering the
Depreciation on building Rs. 45,000
Depreciation on machinery Rs. 22,000
Goodwill written off Rs. 17,000
Loss on sale of machinery Rs. 5,000.
Following was the position of Current Assets and Current Liabilities of the company in the beginning and at the end of the year :
Particulars 1.4.2005 31.3.2006
Debtors 30,000 45,000
Stock 1,00,000 78,000
Cash 33,000 47,000
Creditors 57,000 63,000
Outstanding Expenses 10,000 7,000
Bills Payable 9,000 14,000
Calculate Cash Flow from Operating Activities. 6
With the help of the Balance Sheets and Profit and Loss Account of AB Ltd. calculateCash Flows from Operating Activities.6
Balance Sheets of AB Ltd. as on 31.3.2005 and 31.3.2006
Liabilities 2005 2006 Assets 2005 2006
Rs. Rs. Rs. Rs.
Share Capital 2,20,000 2,93,000 Plant 3,20,000 3,30,000
Reserves 60,000 96,000 Accumulated Depreciation (30,000) (38,000)
Loan 1,00,000 80,000 Patents — 58,000
Proposed Dividend 20,000 25,000 Stock 1,00,000 1,20,000
Creditors 80,000 65,000 Debtors 70,000 67,000
Cash 20,000 22,000
4,80,000 5,59,000 4,80,000 5,59,000
Income Statement of AB Ltd. for the year ended 31.3.2006
Particulars Amount Particulars Amount
Depreciation 8,000 Sales 3,90,000
Other Expenses 1,60,000
Net Profit 61,000
Proposed Dividend 25,000
Profit Retained 36,000 Net Profit 61,000
16. What is a Foreign Key ? 2
17. What is meant by hierarchy of accounts ? 2
18. With the help of a suitable example explain the concept of DCL. 3
19. What is normalisation ? 3
20. What is Hierarchical Coding ? 3
21. (a) Design a Bank voucher with the following information of M/s Vinay Ltd. : 3
Date V. No. Code Account Amount
31/01/07 2 601001 Equity Share Capital 2,00,000
31/01/07 2 611001 Premium on Issue 50,000
31/01/07 2 110001 Bank 20,50,000
(b) M/s Vinay Ltd. employs 30 persons whose Salary comprises Basic Pay, Dearness Allowance, House Rent Allowance and City Compensatory Allowance. The following are the rules governing the payment :
Write the queries in SQL using the following data in MS-Access to compute the allowances :
House Rent Allowance : Rs. 1,500 up to a Basic Pay of Rs. 10,000; Rs. 3,500 up to Basic Pay of Rs. 20,000; Rs. 6,000 for Basic Pay above Rs. 20,000.
City Compensatory Allowance : @ 10% of Basic Pay subject to a minimum of Rs. 1,000. 3+1=4
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