Book-Keeping and Accountancy Model Question Paper Madhya Pradesh : www.mpbse.nic.in Plus Two / 12th Std / +2

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Document Described : Book-Keeping and Accountancy Question Paper, Madhya Pradesh Question Paper

Book-Keeping and Accountancy
Time- 3 Hours Maximum Mark – 100

Instructions :
i. All question are compulsory.
ii. Please the instructions carefully before writing the answer.
iii. In section A Q. No. 1 to 5 are objective type which contain fill up the Blank, True/False, match the column, one sentence answer and choose the correct answers. Each question is allotted 5 marks. 1x1 = 5x5 =25 Marks.
iv. Internal options are given in Q. No. 6 to 20 in section B.

http://mpbse.nic.in/Model%20Que-Ans%20paper.htm
http://mpbse.nic.in/12th/ACCOUNTANCY/Accountancy-1.pdf

v. Q. No. 6 to 10 carry 4 marks each and answer should be given in about 75 words.
vi. Q. No. 11 to 15 carry 5 marks each and answer should be given in about 120 words.
vii. Q. No. 16 to 20 carry 6 marks each and answer should be given in about 150 words.

Fill in the blanks :
(i) If Insurance Company has accepted the entire claim for payment their
account will debited................
(ii) The loss which incidentally occurs is called as.............
(iii) Partnership is born..................
(iv) Good will is an.................asset.
(v) Revaluation account is a.................account.

Write true or false :
(i) Sales of goods sent on Consignment is credited to consignment A/c.
(ii) Sacrificing Ratio = Old Ratio – New Ratio.
(iii) In partnership business there is no limit for maximum partners.
(iv) Joint Life Policy has no surrender value.
(v) Balance sheet is prepared at the time of firm's dissolution.

Write the Answer of the following questions in a sentence.
1. What are those debentures called which can be converted in to share?
2. What are those debentures called which are transferred by mere delivery?
3. In case of fixed capital method, in which account interest on drawings is shown?
4. What records are made for return of surplus capital to the old partners?
5. Write one reason for retirement of a partner?

Choose the correct answer in the following :
(a) The person on whose behalf the agent acts is called -
(i) Chief agent (ii) Principal
(iii) Intermediary (iv) Retail trader.
(b) Super profit is called -
(i) Abnormal profit (ii) Contingent profit
(iii) Normal profit (iv) Excess of actual profit over normal profit.
(c) Debenture holders are called -
(i) Owners (ii) Creditor
(iii) Debtor (iv) None of the above.
(d) On which type of assets the debentures are charged upon.
(i) Current Asset (ii) Fixed Asset
(iii) Current and Fixed Asset (iv) Intangible Asset.
(e) A & B are partners in a firm who share profit & loss in the ratio of 7:3 A
and B sacrifice 1/7 and 1/3 share in favour of C. What will be the new profit sharing ratio?
(i) 4:1:1 (ii) 3:1:2
(iii) 2:1:1 (iv) 3:1:1

Make the correct pair for column 'A' choosing from column 'B'.
A - B
(a) Advance received from consignee is - Open only once in its life
(b) Voting power of a debenture holder - In the personal
account of consignee.
(c) Realisation account is in the life of the firm- Does not receive.
(d) As – 10 is related to - Payment in cash
(e) Loan Account of partner - Good will.
- Fixed A/c
- Depreciation

Write four differences between Fixed and Fluctuating Capital Account.
A,B and C are partners in a firm sharing profits and losses in the ratio of 5:3:2 A, however personally guaranteed that C share of profits after charging interest on capital @ 10% P.a. would not be less than 22500 in any year. The capital of the partners were A Rs. 120000, B Rs. 75000 and C Rs. 60000. The profits for the year amounted to Rs. 119250 before charging interest. Show P&L Appropriation Account.
How is premium amount used in company? (Any four).
A company issued 10000 equity shares of Rs. 100 each at a premium of Rs. 10. All the amount due were received with premium at the time of application. Pass necessary entries.
Mention any four characteristics of debenture?
Kanti Ltd. issued 4000, 13% debentures for Rs. 100 each. Make Journal Entries in the books of the company, if Debentures are issued at 10% discount and received the amount.
What do you mean by Liquidity Ratio? What are the Ratio Calculated in it?
Write any four objectives of cash flow statement.
Give any four major Sources of Cash Flow.
X consigned 100 tape recorders to Y costing Rs. 1000 per tape recorder at invoice price of Rs. 1300. The consignor paid Rs. 4000 as expenses on consignment. The consignee is entitled to a commission of 10% on invoice price and 25% on sales above the invoice price. The consignee paid Rs. 1000 for octroi. The consignee sold 90 tape recorders for Rs. 137000 and sent a bank drafts for the amount due to consignor. Prepare consignment A/c in the books of consignor.
Or
What do you mean by abnormal loss in consignment account? Explain with examples.
Average profit of a firm is Rs. 60000 and the rate of capitalisation is 12%. Sundry assets and liabilities of a firm are Rs. 650000 and Rs. 200000 respectively calculate goodwill by super profit capitalization method.
What is goodwill, Explain the factors affecting Goodwill? (any three) State the various methods of Payments to Retiring Partner?
X Ltd. Purchased 500 Equity Share of Rs. 10 each of payable as Rs. 2 on
Application Rs. 3 on Allotment and 5 on Calls. He failed of pay allotment and calls money and therefore the company for feited his shares make necessary entries in the books of company.
Differentiate between shares and stock. (Any five points)
Explain the items which are shown on the asset side of balance sheet under the main heads of public limited company. The following information were extracted from the trial balance of a company. Equity share capital (10000 equity share of Rs. 10 each) - 100000 10% Debentures - 50000
Creditors - 15000
Proposed dividend - 10000
You are required to draw up the liabilities side of balance sheet of the company according to requirement of the companies Act.
Explain the various methods of dissolution of a firm. (any six)
Or
Harsit & Richa are partners of a firm and they share their profits & losses in the ratio of 4:3. They decided to dissolve the partnership firm on that date Harshit's capital was Rs. 65000 and Richa's capital was Rs. 35000. Creditors were Rs. 15000 and cash was Rs. 1270. For the remaining assets other than cash Rs. 109000 was realized. Dissolution expenses were Rs. 1250. Prepare Balance Sheet on the date of dissolution and also prepare realization account. A Ltd. company issued 10000 shares of Rs. 10 each to the public payable Rs. 2 per share on application, Rs. 4 per share on allotment and Rs. 4 per share on call. Application were received for 12500 shares and allotment was made pro-rata. The excess application money was utilized towards allotment. Pass necessary journal entries in the books of company.
Or
Differentiated between Preference shares & Equity shares. (any six points)
A company purchased assets of the book value of Rs. 99000 from another
company. It was agreed that the purchase consideration be paid by issuing 11% debentures of Rs. 100 each. Assume debentures have been issued (1) At par, (2) At discount of 10%, (3) At a premium of 10%. Pass necessary journal entries. What do you mean by redemption of debentures? Discuss the sources of funds for redemption of debentures.