CLASS 12 (CBSE)
Half Yearly Examination (2020-21)
CLASS: XII MAX MARKS: 80
SUB: ACCOUNTANCY TIME: 3Hrs -------------------------------------------------------------------------------------------------------------
General Instructions:
∙ Answer all questions
∙ All parts of a question should be attempted at one place.
∙ Questions 1 to 20 (1mark); Questions 21to 22 (3marks); Questions 23to 27 (4marks) ∙ Questions 28to 30 (6marks) Questions 31to 32(8marks)
______________________________________________________________________________ (Accounting for Not-for-Profit Organization, Partnership Organisation, Financial Statement Analysis)
1) Which of the following is never shown on the payment side of Receipts and Payment but is shown as an expense in income and expenditure account.
A) Depreciation B) Loss on sale of Fixed Assets
C) Outstanding Expenses D) All of the above
2) The relation of partner with the firm is that of:
(A) An Owner (B) An Agent (C) An Owner and an Agent (D) Manager
3) Interest on capital will be paid to the partners if provided for in the partnership deed but only out of:
(A) Profits (B) Reserves (C) Accumulated Profits (D) Goodwill
4) A and B were partners in a firm sharing profit or loss in the ratio of 3 : 5. With effect from 1st April, 2019, they agreed to share profits or losses equally. Due to change in profit sharing ratio, A’s gain or sacrifice will be :
(A) Gain 3/8 (B) Gain 1/8 (C) Sacrifice 3/8 (D) Sacrifice 1/8
5) The average profit of a business over the last five years amounted to ₹60,000. The normal commercial yield on capital invested in such a business is deemed to be 10% p.a. The net capital invested in the business is ₹5,00,000. Amount of goodwill, if it is based on 3 years purchase of last 5 years super profits will be :
(A) ₹1,00.000 (B) ₹1,80,000 (C) ₹30.000 (D) ₹1,50,000
6) A and B are partners in a business sharing profits and losses in the ratio of 7 : 3 respectively. They admit C as a new partner. A sacrificed 1/7th share of his profit and B sacrificed 1/3rd of his share in favour of C. The new profit sharing ratio of A, B and C will be :
(A) 3 : 1 : 1 (B) 2 : 1 : 1 (C) 2 : 2 : 1 (D) None of the above
7) A, B and C were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. The capital balance are ₹50,000 for A, ?₹70,000 for B, ₹35,000 for C. B decided to retire from the firm and balance in. reserve on the date was ₹25,000. If goodwill of the firm was valued at ₹30,000 and profit on revaluation was ₹7,500 then, what amount will be payable to B
(A) ₹70,820 (B) ₹76,000 (C) ₹75,000 (D) ₹95,000
8) On firm’s dissolution, which one of the following account should be prepared at the last? (A) Realisation Account (B) Partner’s Capital Accounts
(C) Cash Account (D) Partner’s Loan Account
9) At the time of dissolution of partnership firm, fictitious assets are transferred to : (A) Capital Accounts of Partners (B) Realisation Account
(C) Cash Account (D) Partners’ Loan Account
10) Liability of a shareholder is limited to ………………… of the shares allotted to him : (A) Paid up Value (B) Called up value (C) Face value (D) Reserve Price
11) A company cannot issue :
(A) Redeemable Equity Shares (B) Redeemable Preference Shares (C) Redeemable Debentures (D) Fully Convertible Debentures
12) The portion of the capital which can be called-up only on the winding up of the Company is called ___________________
13) _____________ is transferred to Capital Reserve.
(A) Profit from sale of fixed assets (B) Premium on issue of shares
(C) Profit on forfeiture of shares (D) All of the Above
14) In case of private placement of shares and company does not invite the general public for subscription of shares in that case, company instead of issuing prospectus : (A) Prepares the statement in lieu of prospectus (B) Prepares the Report (C) Prepares the Budget (D) Prepares the Asset side of Balance Sheet
15) E Ltd. had allotted 10,000 shares to the applicants of 14,000 shares on pro-rata basis. The amount payable on application was ₹2. F applied for 420 shares. The number of shares allotted and the amount carried forward for adjustment against allotment money due from F will be : (A) 60 shares; ₹120 (B) 340 shares; ₹160
(C) 320 shares, ₹200 (D) 300 shares; ₹240
16) XY Limited issued 2,50,000 equity shares of ₹10 each at a premium of ₹10 each payable as ₹2.5 on application, ₹4 on allotment and balance on the first and final call. Applications were received for 5,00,000 equity shares but the company allotted to them only 2,50,000 shares. Excess money was applied towards amount due on allotment. Last call on 500 shares was not received and shares were forfeited after due notice. This is a case of:
(A) Over subscription (B) Pro-rata allotment
(C) Forfeiture of Shares (D) All of the above
17) Calls in Arrears appear in a Company’s Balance Sheet under ………………..
18) Main limitation of financial analysis is :
(A) To know earning capacity (B) To know financial strength (C) Do not reflect changes in price level (D) Comparative study with other firms
19) If net revenue from operations of a firm are ₹15, 00,000; Gross Profit is ₹9, 00,000 and operating expenses are ₹75,000, what will be percentage of operating income on net revenue from operations?
(A) 45% (B) 55% (C) 35% (D) 65%
20) How will you deal increase in the balance of ‘Securities Premium Reserve’ while preparing a Cash Flow Statement?
21) Janta Kalyan Club has 1,250 members each paying an annual subscription of Rs150. During the year ended 31st March,2020 club did not receive subscription from 45 members and received subscriptions in advance from 46 members for the year ending 31st march 2021. On 31st March 2019 the outstanding subscriptions were 15,000 and subscriptions received in advance Rs 3,000. Calculate the amount of subscription that will be debited to the Receipts and Payment Account for the year ended 31st March, 2020.
OR
Show the following items in the Balance Sheet of Q’s Club at 31st March 2020:
Additional Information : Expenditure on construction of building Rs3,60,000. Construction work is in progress has not yet been completed
22) Krish, Sunny and Kashish are partners sharing profits in the ratio of 3:2:1. Their fixed capitals are 1, 20,000; 90,000 and 60,000 respectively. For the year 2019-20, interest was credited to them @6% p.a. instead of 5% p.a. Show your working clearly
23) Pass the journal entries for the following on the dissolution of the firm of the X, Y, and Z i) Realizations Expenses paid 2,000. Mr X one of the partner has to bear the expenses
ii) ‘Y’ one of the partners, took over a machine for Rs 20,000
iii) Z one of the partners agreed to take over the creditor of Rs30,000 for 20,000 iv) Profit and Loss Account balance of Rs 30,000 appeared on the asset side of the Balance Sheet
24) L, M and N are partners in a firm sharing profits and losses in the ratio of 2:3:5. On April 1, 2019 their fixed capitals were 2,00,000; 3, 00,000 and 4,00,000 respectively. Their partnership deed provided for the following:
i) Interest on capital @ 9%pa
ii) Interest on drawings@ 12%pa
iii) Interest on partner’s loan @ 12%pa
On July 2019, L brought 1, 00,000 as additional capital and N withdrew 1,00,000 from his capital. During the year L, M and N withdrew 12,000; 18,000 and 24,000 respectively for personal use. On January1,2020 the firm obtained a loan of 1,50,000 from M. The net profit of the firm for the year ended March31,2020 after charging interest on M’s Loan was 85,000
Prepare Profit &Loss Appropriation Account and Partner’s Fixed Capital Accounts.
25) Pranav, Karan and Rahim were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. On 31st March, 2017 their Balance Sheet was as follows:
Balance Sheet of Pranav, Karan and Rahim as on 31.3.2017
Karan died on 12.6.2017. According to the partnership deed, the legal representatives of the deceased partner were entitled to the following:
(i) Balance in his Capital Account.
(ii) Interest on Capital @ 12% p.a.
(iii) Share of goodwill. Goodwill of the firm on Karan’s death was valued at 60,000. (iv) Share in the profits of the firm till the date of his death, calculated on the basis of last year’s profit. The profit of the firm for the year ended 31.3.2017 was 5,00,000.
Prepare Karan’s Capital Account to be presented to his representatives.
26) X Ltd. forfeited 10 shares of Rs10 each, Rs 7 Called up on which the shareholder had paid application and allotment money of Rs 5 per share. Out of these, 8 shares were re-issued to Y for Rs 8 per share at Rs 8 per paid up per share. Record the journal entries for forfeiture and reissue of shares by opening calls in arrears and calls in advance accounts.
27) Draw the Balance Sheet as per the prescribed format in the revised schedule III of the companies Act 2013
OR
Explain the meaning and objectives of Ratio Analysis
28) Following is the Balance Sheet and Receipts and Payments Account of Narmanjyot Society Balance Sheet as at 31st March, 2019
Receipts and Payments Account for the year ending 31st March,2020
Additional Information
i) Computers to be depreciated @ 60%pa and furniture @10%pa
ii) Subscription included Rs20, 000 received in advance
iii) Electric charges outstanding Rs10,000
Prepare Income and Expenditure Account for the year ending 31st March, 2020 and the Balance Sheet on that date.
29) X and Y are partners sharing profits and losses in the ratio of 4:3. Their Balance Sheet as at 31st March, 2019
They decided that with effect from 1st April,2019, they will share profits and losses in the ration of 2:1. For this purpose they decided that:
a) Fixed Assets to be depreciated by 10%pa
b) A provision of 6% to be made on debtors for doubtful debts.
c) Stock to be valued at 1,90,000
d) An amount of 3,700 included in creditors is not likely to be claimed
Partners decided to record the revised values in the books. However, they do not want to disturb the reserves.
You are required to prepare journal entries, capital accounts of the partners and the revised balance sheet.
30) a) From the following Calculate cash flow from financing activities
b) How the various activities are classified (as per AS-3 revised) while preparing Cash Flow Statement?
31) G and Y are partners sharing profits and losses in the ratio of 3:1. Their Balance Sheet as at 31st March, 2018
A is admitted as a partner for 3/8th share in the profits with a capital of Rs 2,10,000 and Rs 50,000 for her share of goodwill. It was decided that
i) New Profit s Ratio will be 3:2:3
ii) Machinery will depreciate by 10% and Furniture by Rs5,000
iii) Stock was revalued at 2,10,000
iv) Provision for doubtful debts is to be created at 10% of debtors
Prepare Revaluation Account, Partners Capital Account and the Balance Sheet of the new firm. OR
M, N and D are partners sharing profits and losses in the ratio of 4:3:2. Their Balance Sheet as at 1st April, 2018
D retired on the above date as per the following terms
a) Goodwill of the firm was valued at 21,000
b) Stock to be appreciated by 10%
c) Provision for doubtful debts should be 5% on debtors
d) Machinery is to be valued at 5% more than its book value
e) Motor Car is revalued at 15,500; Retiring partner took over motor car at this value f) D to be paid Rs 2000 in Cash and balance to be transferred to his loan account.
32) G Limited issued a prospectus inviting applications for 3,000 shares of Rs 100 each at a premium of Rs20 payable as follows
On application Rs20 per share; on Allotment Rs50 per share (including premium) On First call Rs 20 per share; on second call Rs 30 per share
Applications were received for 4,000 shares and allotment made on pro-rata basis to the applicants of 3,600 shares the remaining applications were rejected, money received on application was adjusted on account of sums due on allotment. R to whom 360 shares were allotted, failed to pay allotment money and calls money and her shares were forfeited. K , the applicant of 240 shares failed to pay the two calls, her shares were also forfeited. All these shares were sold to N as fully paid for Rs 80 per share.
Show the journal entries in the books of the company.
OR
Himalaya Company Ltd issued for public subscription of 1, 20,000 Equity Shares of Rs 10 each at a premium of Rs 2per share payable as under
On application Rs 3 per share; on Allotment Rs 5 per share (including premium) On First call Rs 2 per share; on second call Rs 2 per share
Applications were received for 1, 60,000 shares. Allotment was made on pro-rata basis. Excess money on applications was adjusted against the amount due on allotment.
R, an applicant of 6,400 shares failed to pay calls money. These shares were forfeited and reissued to T at Rs 7 per share.
Show the journal entries in the books of the company.
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