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[QUOTE=mariammal;184972][B]Document Described : [/B]Accountancy Question Paper, CBSE Question Paper[B]

SAMPLE QUESTION PAPER
ACCOUNTANCY
Class - XII
Set - I
Time Allowed - 3 Hrs. Max. Marks - 80[/B]

[B]General Instructions  [/B]:-
1. This question paper contains three parts A, B and C.
2. Part A is compulsory for all .
3. Attempt only one part of the remaining parts B and C.
4. All parts of questions should be attempted at one place.

[URL="http://www.cbse.nic.in/curric%7E1/sample2012.htm"]http://www.cbse.nic.in/curric~1/sample2012.htm[/URL]
[URL="http://www.cbse.nic.in/curric%7E1/sqp2012/SQP%20E+B+A+M%202011%20Class%20XII.pdf"]http://www.cbse.nic.in/curric~1/sqp2012/SQP%20E+B+A+M%202011%20Class%20XII.pdf[/URL]

[B]Part A  [/B]:
Accounting for Not-for-Profit Organisations, Partnership Firms and Companies
1. Not-for-profit organisations have some distinguishing features from that of profit organisations. State any one of them. (1)
2. Alka, Barkha and Charu are partners in a firm having no partnership agreement. Alka, Barkha and Charu contributed Rs. 2,00,000, Rs. 3,00,000 and Rs.1,00,000 respectively. Alka and Barkha desire that the profits should be divided in the ratio of capital contribution. Charu does not agree to this. Is Charu correct? Give reasoning. (1)
3. Give the formula for calculating ‘gaining share’ of a partner in a partnership firm. (1)
4. Pawan and Jayshree are partners. Bindu is admitted for 1/4th share. What is the ratio in which Pawan and Jayshree will sacrifice their share in favour of Bindu? (1)
5. What is meant by ‘Convertible debentures’? (1)
6. Show the following information in the Balance Sheet of the Cosmos Club as on 31st March, 2007 :
Particulars Debit Credit
Rs. Rs.
Tournament Fund – 1,50,000
Tournament Fund Investment 1,50,000 –
Income from Tournament Fund Investment – 18,000
Tournament Expenses 12,000 –
Additional Information:-
Interest Accrued on Tournament Fund Investment Rs. 6,000. (3)
7. Shubh Limited has the following balances appearing in its Balance Sheet :
Rs.
Securities Premium 22,00,000
9% Debentures 120,00,000
Underwriting Commission 10,00,000
The company decided to redeem its 9% Debentures at a premium of 10%. You are required to suggest the ways in which the company can utilise the securities premium amount. (3)
8. 20,000 Shares of Rs. 10 each were issued for public subscription at a premium of 10%. Full amount was payable on application. Applications were received for 30,000 shares and the Board decided to allot the shares on a pro-rata basis. Pass journal entries. (3)
9. A, B and C are partners in a firm. They have omitted interest on capital @ 10% p.a. for three years ended 31st March, 2007. Their fixed capitals on which interest was to be calculated throughout were :
A Rs. 1,00,000
B Rs. 80,000
C Rs. 70,000 (4)
Give the necessary adjusting journal entry with working notes.
10. X, Y and Z were sharing profits and losses in the ratio of 5 :3:2. They decided to share future profits and losses in the ratio of 2:3:5 with effect from 1.4.2007. They decided to record the effect of the following, without affecting their book values :-
(i) Profit and Loss Account Rs. 24,000
(ii) Advertisement Suspense Account Rs. 12,000
Pass the necessary adjusting entry. (4)
11. Vinod Ltd. decided to redeem Rs. 50,000, 10% debentures. It purchased Rs. 40,000 debentures in the open market at Rs. 97.50 each. The expenses being Rs. 200 and redeemed the balance of Rs. 10,000 debentures by draw of lots. Journalise. (4)
12. (a) Raghav Limited purchased a running business from Krishna Traders for a sum of Rs. 15,00,000, payable Rs. 3,00,000 by cheque and for the balance issued 9% Debentures of Rs. 100 each at par.
The assets and liabilities consisted of the following :
Rs.
Plant and Machinery 4,00,000
Buildings 6,00,000
Stock 5,00,000
Sundry Debtors 3,00,000
Sundry Creditors 2,00,000
Record necessary journal entries in the books of Raghav Limited.
(b) On 1st January, 2004, Rhythm Limited issued 1,000 10% debentures of Rs. 500 each at par. Debentures are redeemable after 7 years. However, the company gave an option to debenture holders to get their debentures converted into equity shares of Rs. 100 each at a premium of Rs. 25 per share anytime after the expiry of one year. Shivansh, holder of 200 debentures, informed on Jan. 1, 2006 that he wanted to exercise the option of conversion of debentures into equity shares. The company accepted his request and converted debentures into equity shares.
Pass necessary journal entires to record the issue of debentures on Jan. 1,2004 and conversion of debentures on Jan. 1, 2006. (3+3 = 6)
13. From the following Receipts and Payments Account of Sonic Club and from the given additional information; prepare Income and Expenditure Account for the year ending 31st December, 2006 and the Balance Sheet as on that date :
Receipts and Payments Account
for the year ending 31st December, 2006
Dr. Cr.
Receipts Rs. Payments Rs.
To Balance b/d 1,90,000 By Salaries 3,30,000
To Subscriptions 6,60,000 By Sports Equipment 4,00,000
To Interest on Investments By Balance c/d 1,60,000
@ 8% p.a. for full year 40,000
8,90,000 8,90,000
Additional Information :
(a) The club had received Rs. 20,000 for subscription in 2005 for 2006.
(b) Salaries had been paid only for 11 months
(c) Stock of Sports Equipment on 31st December, 2005 was Rs. 3,00,000 and on 31st December, 2006 Rs. 6,50,000. (6)
14. Ram, Mohan and Sohan were partners sharing profits and losses in the ratio of 5:3:2. On
31st March, 2006 their Balance Sheet was as under :
Liabilities Rs. Assets Rs.
Capitals : Rs. Leasehold 1,25,000
Ram 1,50,000 Patents 30,000
Mohan 1,25,000 Machinery 1,50,000
Sohan 75,000 3,50,000 Stock 1,90,000
Cash at Bank 40,000
Workmen’s Compensation 30,000
Reserve
Creditors 1,55,000
5,35,000 5,35,000
Sohan died on 1st August, 2006. It was agreed that:
(i) Goodwill of the firm is to be valued at Rs. 1,75,000.
(ii) Machinery be valued at Rs. 1,40,000; Patents at Rs. 40,000; Leasehold at Rs. 1,50,000 on this date.
(iii) For the purpose of calculating Sohan’s share in the profits of 2006-07, the profits should be taken to have accrued on the same scale as in 2005-06, which were Rs. 75,000.
Prepare Sohan’s Capital Account and Revaluation Account. (6)
15. Srijan Limited issued Rs. 10,00,000 new capital divided into Rs. 100 shares at a premium of Rs. 20 per share, payable as under:
On Application Rs. 10 per share
On Allotment Rs. 40 per share (including
premium of Rs. 10 per share)
On First and Final Call Balance
Over-payments on application were to be applied towards sums due on allotment and first and final call. Where no allotment was made, money was to be refunded in full. The issue was oversubscribed to the extent of 13,000 shares. Applicants for 12,000 shares were allotted only 2,000 shares and applicants for 3,000 shares were sent letters of regret
and application money was returned to them. All the money due was duly received.
Give Journal Entries to record the above transactions (including cash transactions) in the books of the company. (8)
OR
Sangita Limited invited application for issuing 60,000 shares of Rs. 10 each at par. The amount was payable as follows:
On Application Rs. 2 per share
On Allotment Rs. 3 per share
On First and Final Call Rs. 5 per share
Applications were received for 92,000 shares. Allotment was made on the following basis :
(i) To applicants for 40,000 shares - Full
(ii) To applicants for 50,000 shares - 40%
(iii) To applicants for 2,000 Shares - Nil
Rs. 1,08,000 was realised on account of allotment (excluding the amount carried from application money) and Rs. 2,50,000 on account of call.
The directors decided to forfeit shares of those applicants to whom full allotment was made and on which allotment money was overdue.
Pass journal entries in the books of Sangita Limited to record the above transactions. (8)
16. L and M share profits of a business in the ratio of 5:3. They admit N into the firm for a fourth share in the profits to be contributed equally by L&M. On the date of admission, the Balance Sheet of L&M is as follows  :
Balance Sheet as at
Liabilities Rs. Assets Rs.
L’s Capital 30,000 Machinery 26,000
M’s Capital 20,000 Furniture 18,000
Reserve Fund 4,000 Stock 10,000
Bank Loan 12,000 Debtors 8,000
Creditors 2,000 Cash 6,000
68,000 68,000
Terms of N‘s admission were as follows :
(i) N will bring Rs. 25,000 as his capital.
(ii) Goodwill of the firm is to be valued at 4 years’ purchase of the average super profits of the last three years. Average profits of the last three years are Rs. 20,000; while the normal profits that can be earned on the capital employed are Rs. 12,000.
(iii) Furniture is to be revalued at Rs. 24,000 and the value of stock to be reduced by 20%.Prepare Revaluation Account, Partners’ Capital Accounts and the Balance Sheet of the firm after admission of N. (8)
OR
Following is the Balance Sheet of X and Y, who share profits and losses in the ratio of 4:1, as at 31st March, 2009 :
Liabilities Amount Rs. Assets Amount Rs.
Sundry Creditors 8,000 Bank 20,000
Bank overdraft 6,000 Debtors 17,000
X’s Brother’ Loan 8,000 Less Provision 2,000 15,000
Y’s Loan 3,000 Stock 15,000
Investment Fluctuation Fund 5,000 Investments 25,000
Capital X 50,000 Buildings 25,000
Y 40,000 Goodwill 10,000
Profit and Loss A/c 10,000
1,20,000 1,20,000
The firm was dissolved on the above date and the following arrangements
were decided upon:
(i) X agreed to pay off his brother’s Loan
(ii) Debtors of Rs. 5,000 proved bad
(iii) Other assets realised - Investments 20% less; and goodwill at 60%
(iv) One of the creditors for Rs. 5,000 was paid only Rs. 3,000.
(v) Buildings were auctioned for Rs. 30,000 and the auctioneer’s commission amounted to Rs. 1,000.
(vi) Y took over part of stock at Rs. 4,000 (being 20% less that the book value). Balance stock realised 50%.
(vii) Realisation expenses amounted to Rs. 2,000. Prepar[B]e  [/B]:
i) Realisation A/c
ii) Partners’ Capital accounts
iii) Bank A/c (8)

[B]Part-B  [/B]:
Financial Statement Analysis
17. X Ltd. has a Debt Equity Ratio at 3 : 1. According to the management it should be maintained at 1 :1. What are the two choices to do so? (1)
18. State whether cash deposited in bank will result in inflow, outflow or no flow of cash.(1)
19. Interest received by a finance company is classified under which kind of activity while preparing a cash flow statement ? (1)
20. Show the major headings into which the liabilities side of a Company’s Balance Sheet is organised and presented as per Schedule VI Part I of the Companies Act, 1956. (3)
21. Prepare a Comparative Income Statement with the help of the following information:(4)
Particulars 2006 2007
Sales Rs. 20,00,000 Rs. 30,00,000
Gross Profit 40% 30%
Indirect Expenses 50% of G.P. 40% of G.P.
Income Tax 50% 50%
22. Following is the Balance Sheet of X Ltd. as on 31st March, 2008  :
Liabilities Rs. Assets Rs.
Bills Payable 10,00,000 Cash 1,00,000
Creditors 15,00,000 Bills Receivable 4,00,000
10% Long Term Loan 10,00,000 Debtors 20,00,000
Profit & Loss A/c 5,00,000 Stock 9,00,000
Reserves 5,00,000 Investment 1,00,000
Share Capital 10,00,000 Fixed Assets (Net) 20,00,000
55,00,000 55,00,000
The existing liquid ratio stands at 1 :1. A liability of Rs. 4,00,000 under dispute has to be paid immediately as per High Court Order
Show the effect of this order on Liquid Ratio and Current Ratio as on 31st March 08. (4)
23. From the following balance sheets of ABC Ltd., Find out cash from operating activities only.  :
Liabilities 31.3.2006 31.3.2007 Assets 31.3.2006 31.3.2007
Rs. Rs. Rs. Rs.
Equity Share Capital 30,000 35,000 Goodwill 10,000 8,000
General Reserve 10,000 15,000 Machinery 41,000 54,000
Profit & Loss Account – 7,000 10% Investments 3,000 8,000
10% Debentures 21,000 25,000 Stock 6,000 24,500
Sundry Creditors 8,500 12,500 Cash and Bank 12,000 13,000
Provision for Depreciation Discount on
on Machinery 9,000 13,000 Debentures 500 –
Profit & Loss
Account 6,000 –
78,500 1,07,500 78,500 1,07,500
Additional Information:
*Debentures were issued on 31.3.2007.
*Investments were made on 31.3.2007. (6)

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