CBSE Board Class 12 Accountancy Sample Papers 2007

SAMPLE PAPER 2007
ACCOUNTANCY
CLASS 12

Q. 1. List any four items which can be credited to the Capital Account of a partner when the Capital Account is fluctuating. 2

Q. 2. State the conditions according to Sec. 79 of Company Act 1956 for the issue of
shares at discount. 2

Q. 3. What is meant by ‘Preferential Allotment of Shares’ ? 2

Q. 4. Give the meaning of a Debenture. 2

Q. 5. Ram and Shyam were partners in a firm sharing profits in the ratio of 3 : 5. Their
Fixed Capitals were: Ram Rs. 5,00,000 and Shyam Rs. 9,00,000. After the accounts
of the year had been closed, it was found that interest on capital at 10% per annum as
provided in the partnership agreement has not been credited to the Capital Accounts
of the partners. Pass a necessary entry to rectify the error. 3

Q. 6. AB Ltd. issued 5,00,000, 7% debentures of Rs. 50 each. Pass necessary journal entries in the books of the company for the issue of debentures when debentures were :

Issued at par, redeemable at 8% premium,
Issued at 4% premium redeemable at 5% premium,
Issued at 5% premium redeemable at par. 3

Q. 7. Hari, Ravi and Kavi were partners in a firm sharing profits in the ratio of 3 : 2 : 1. They admitted Guru as a new partner for l/7th share in the profits. The new profit sharing ratio will be 2 : 2 : 2 : 1 respectively. Guru brought Rs. 3,00,000 for his capital and Rs. 45,000 for his l/7th share of goodwill. Showing your working clearly, pass necessary journal entries in the books of the firm for the above mentioned transactions. 4

Q. 8. Chander and Naresh were partners in a firm sharing profits in 3 :2 ratio. On 28.2.2007 their firm was dissolved. After the transfer of various assets (other than cash) and third party liabilities to Realisation Account, the following transactions took place :

An unrecorded asset costing Rs. 9,000 was taken over by Chander for Rs. 7,800.
Creditors Rs. 47,500 were paid Rs. 45,000 in full settlement of their claim,
Expenses of realisation Rs. 1,200 were paid by Naresh.
Loss on dissolution was Rs. 3,400.
Pass necessary journal entries for the above transactions in the books of the firm. 4

Q. 9. Poonam Ltd. had a balance of Rs. 55,00,000 in its Profit and Loss account. Instead of declaring a dividend it decided to redeem its Rs. 50,00,000, 8% debentures at a premium of 10%. Pass necessary journal entries in the books of the company for the redemption of debentures. 4

Q. 10. On 1st August 2006 K.M. Ltd. buys, 10,000, 9% debentures of Rs. 100 at Rs. 95 each cum interest, the dates of interest being March 31 and September 30. Record necessary journal entries when debentures are purchased for cancellation. Show your working also. 4

Q. 11. J.P. Ltd. purchased building costing Rs. 70,00,000 from M/s Construction Ltd. The company paid Rs. 20,50,000 by cheque and for the balance issued equity shares of Rs. 100 each in favour of M/s Constructions Ltd. Pass necessary journal entries in the books of J.P. Ltd. for the purchase of building and making payment if shares were issued (a) at 10% discount and (b) at a premium of 25%. 4

Q.12.Sameer and Sudhir were partners in a firm sharing profits in the ratio of 5 : 3. On 28.2.2007 the firm was dissolved. On the date of dissolution Sameer’s capital was Rs. 2,40,000 and Sudhir’s capital was Rs. 1,80,000. Creditors on that date were Rs. 80,000 and there was a balance of Rs. 1,36,000 in general reserve A/C. Cash balance was Rs. 20,000.

Sundry assets realised Rs. 7,50,000 and expenses on dissolution were Rs. 2,000 which were paid by Sudhir.
Prepare Realisation Account, Cash Account and Partners Capital Accounts. 6

Q. 13. Shakti Ltd. invited applications for issuing 2,00,000 equity shares of Rs. 100 each at a premium of Rs. 10 per share. The amount was payable as follows :

On application Rs. 40 per share (including premium) on allotment Rs. 30 per share and the balance on first and final call. Applications for 3,00,000 shares were received. Applications for 40,000 shares were rejected and pro-rata allotment was made to the remaining applicants. Over payments on applications were adjusted towards sums due on allotment. Manoj who was allotted 2,000 shares failed to pay the allotment and first and final call money. His shares were forfeited. The forfeited shares were re-issued at Rs. 90 per share fully paid up. Pass necessary journal entries in the books of Shakti Ltd. showing the working clearly. 6

Or

Pass necessary journal entries in the books of Raman Ltd. for the following transactions :

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. 38,000 fully paid up.
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 final call of Rs. 20 per share was not made. The forfeited shares were re-issued for Rs. 29,000 fully paid up.

Q. 14. State any two objectives of preparing a cash flow statement. 2

Q. 15. Fine Garments Ltd. is engaged in the export of readymade garments. The company purchased a machinery of Rs. 10,00,000 for the use in packaging of such garments. State giving reason whether the cash flow due to the purchase of machinery will be cash flow from operating activities, investing activities or financial activities ? 2

Q. 16. Explain the meaning of analysis of financial statements. 3

Q. 17. What is a Tuple ? 2

Q. 18. List the need for grouping of accounts. 2

Q. 19. With the help of a suitable example explain the concept of DDL. 3

Q. 20. What is Data Redundancy ? 3

Q. 21. What are the effects of absence of coding ? 3

Q. 22. Jain and Gupta were partners in a firm sharing profits in 3 : 2 ratio. Their fixed capitals were Jain Rs. 1,00,000 and Gupta Rs. 1,50,000. After the accounts of the year had been closed it was discovered that interest on capital at 10% per annum as provided in the partnership agreement has not been credited to the capital accounts of the partners before distribution of profits. Pass the necessary journal entry to rectify the error. 3

Q. 23. Pass necessary journal entries for the issue of 7% debentures in the following cases : 3

100 debentures of Rs. 100 each issued at Rs. 105 each repayable at Rs. 100 each.
100 debentures of Rs. 100 each issued at Rs. 100 each repayable at Rs. 105 each.
100 debentures of Rs. 100 each issued at Rs. 105 each repayable at Rs. 108 each.

Q. 24. Arti and Bharti are partners in a firm sharing profits in 3 : 2 ratio. They admitted Sarthi as a new partner and the new profit sharing ratio will be 2:1:1. Sarthi brought Rs. 10,000 for her share of goodwill. Goodwill already appeared in the books of Arti and Bharti at Rs. 5,000.

Pass necessary journal entries in the books of the new firm for the above transactions. 4

Q. 25. What journal entries would be passed for the following transactions on the dissolution of a partnership firm, after transferring various assets (other than cash) and third party liabilities to the Realisation Account ? 4

Bank loan Rs. 50,000 was paid.
An unrecorded asset realised Rs. 17,000.
Stock worth Rs 20,000 was taken over by a partner Rohan for Rs. 14,000.
Loss on realisation was Rs. 14,000, which was distributed between the partners
Rohan and Mohan in the ratio of 3 : 2.

Q. 26. Y Ltd. redeemed Rs. 50,00,000 8% debentures at a premium of 10% out of profits on 31.3.2006. Pass necessary journal entries for the redemption of debentures. 4

Q. 27. Z Ltd. issued Rs. 20,00,000 8% debentures on 1.4.2001 at a premium of 5%. On 31.3.2006, out of these Rs. 2,00,000 8% debentures were redeemed by converting them into equity shares of Rs. 100 each issued at par and Rs. 5,00,000 8% debentures were converted into 10% preference shares of Rs. 100 each issued at a premium of 25%.

Pass necessary journal entries in the books of Z Ltd. for the redemption of debentures. 4

Q. 28. Vimal Ltd. purchased machinery of Rs. 9,90,000 from Kamal Ltd. The payment to Kamal Ltd. was made by issuing equity shares of Rs. 100 each. Pass necessary journal entries in the books of Vimal Ltd. for purchase of machinery and the issue of shares when

shares were issued at par.
shares were issued at 10% discount.
shares were issued at 25% premium. 4