Model Question Paper Accountancy With Analysis Of Financial Statements : HSE / Plus Two / 12th Std / +2 www.dhsekerala.gov.in

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Document Described : Accountancy With Analysis Of Financial Statements Question Paper, Kerala Question Paper

ACCOUNTANCY WITH ANALYSIS OF FINANCIAL STATEMENTS
HSE II Maximum : 80 scores
Maximum:2hrs 45 Mnts(cooloff 15mnts)

http://dhsekerala.gov.in/ques_download.aspx
http://dhsekerala.gov.in/downloads/q...6_2_51_acc.pdf

PART A : ACCOUNTING
1 .The managing partner of a firm is eligible for a commission of 10% of the profits after charging his commission . His commission shall be calculated as …………………………
a)10/100* Profit b) 10/90 * Profit c) 10/110* Profit ( 1 )
2. Increase in value of assets on reconstitution of firm results into
a) Gain to existing partners
b) Loss to existing partners
c) Neither loss nor gain ( 1 )
3. In case Debentures of Rs.5,00,000 are issued at par but redeemable at a premium of 10% , the premium payable will be debited to:
a)Debenture premium account
b)Premium on redemption of debentures account
c)Loss on issue of debentures account ( 1 )
4. A company passed the following journal entry in connection with issue of shares . Goodwill a/c ………………………..Dr. 1,00,000 Share capital 1,00,000 Explain the circumstances of passing the entry. ( 1 )
5. A and B are partners sharing profits in the ratio of 3:2. They admit C into partnership . can you calculate the Sacrificing ratio, if the new profit sharing is among A, B and C is 5:3:2 ( 2 )
6. A firm in which Plant and Machinery having book value Rs.18700 was sold for Rs.19500 .Write journal entries at the time of a) admission of a partner and b) at the time of Dissolution ( 2 )
7.It contains the important terms and conditions of partnership . Name it and mention some of its contents ( 3 )
8. A business has earned average profits of Rs. 72000 during the last few years and the normal rate of return in this 2
class of business is 12% . Find out the value of goodwill by capitalisation method , given that the assets of the firm amount to Rs. 4,75,000 and liabilities to Rs. 50,000 . ( 3 )
9. F Ltd forfeited 500 shares of Rs.10 each , which were issued at a discount of 10% for non payment of final call of Rs. 2 per share. These shares were subsequently re-issued for Rs.5 per share as fully paid up . Give journal entries for the forfeiture and reissue of shares.
11. Aju and Biju were partners in a business with a profit sharing ratio of 5:3 . They decided to dissolve the partnership on October 31,2010 . On that date their capital s stood at Rs.50,000 and Rs. 30000 respectively. Amount owed by Biju to the firm was Rs.8600 and loan taken from Aju was Rs. 9000, creditors were Rs. 25000 and Cash balance was Rs.6500. On dissolution , assets other than loan to Biju and cash reaLISED Rs.1,00,000. Realisation expenses amounted to Rs. 1100. Prepare necessary ledger accounts to close the books of the firm. ( 5 )
12.Emarald Ltd. being in need of further capital made an issue of 4000, 15% mortgage debentures of 100 each secured on the fixed assets of the company. Of these ,3000 debentures were issued to the public at a premium of 2% , while the remaining 1000 debentures were issued to the company’s Bankers by way of collateral security against a loan of Rs.75000. Show how these transactions will be recorded in the company’s books and how they will appear in the balance sheet of the company. ( 4 )
13 Minerva Ltd invited applications for 50,000 shares of Rs 100 each issued at a discount of 8% payable as follows : On application Rs.20; on allotment Rs. 37 ; on first call Rs. 20 and on final call Rs.15. Applications were received for 40,000 shares and all of them were accepted . All money were received except the first and final call on 500 shares , which were forfeited . Out of the shares so forfeited 200 shares reissued at Rs. 90 per share as fully paid up. Journalise the above in the books of the company. ( 8 ) OR
14. Laxmi mills Ltd was registered with a nominal capital of Rs.5,00,000 divided into shares of 10 each. The company invited application for 20,000 equity shares of 10 each issued at a premium of Rs. 5 per share, payable as to 4 per share on application , 7 per share on allotment ( 5 being premium),2 per share on first call , 2 per share on second and final call. Application were received for 30,000 shares . Of these application for 6000 shares were totally rejected and pro-rata allotment was made to the remaining applicants . All the money due was collected with the exception of call money on 1000 shares . Subsequently these shares were forfeited and of these 500 shares were re-issued as fully paid at Rs.12 per share. Journalise the above in the books of the company. ( 8 )

PART B : ANALYSIS OF FINANCIAL STATEMENTS
1. Which one of the following is the ideal current ratio. a) 2:1 b) 1:1 c) 3:1 ( 1 )
2. Gross Profit = Net sales-- ……………………..
a) opening stock b) purchases c) cost of goods sold ( 1 )
3. Which on of the following is related to cash flow statement ?
a) AS 3 b) AS 4 C) As 1 ( 1 )
4. Find the odd one out and give reason .
a) Balance sheet b ) bank statement c ) Profit and loss a/c ( 1 )
5. If current liabilities are Rs. 50000 ; Quick ratio 1.5:1 ; inventory 25000. Calculate current asset ( 2 )
6.Give the main headings under which the following items will be shown in company’ s Balance Sheet as per Schedule VI part I of the companies Act 1956 a) Goodwill b) Capital Reserve c) Discount on issue of debentures d) Loose tools e) Unclaimed dividend f ) Profit and Loss a/c debit balance ( 3 )
7. Can you suggest the advantages available to an investor who uses a comparative income statement and balance sheet instead of the traditional Profit and loss a/c and Balance sheet . ( 3 ) 8. As compared to 2009 , debtors increased by 25% in 2010 and 50% in 2011. Similarly , as compared to 2009 ,creditors decreased by 15 % in 2010 and increased by 20 % in 2011 . This is an important form of analysis of financial data. What this analysis is called ? Expalin . ( 4 )
9. Prepare a comparative income statement of X Ltd with the help of the following information : 2010 2011
Sales 2,00,000 4,00,000
Cost of Goods sold 50% of sales 60% of sales
Indirect expenses 15% of Gross Profit
Rate of Income Tax 40% of Net Profit before tax ( 5 )
10. A Ltd sells goods on cash as well as credit basis . The following information extracted fromtheir books of accounts for 2010 . Calculate debtors turnover ratio and average collection period.
Total sales for the year 2010 2,00,000
Cash sales for the year 40,000
Debtors as on 1-1-2010 20,000
Debtors as on 31-12-2010 30,000
Bills receivable as on 1.1.2010 15,000 B
ills receivable as on 31.12.2010 25,000 P
rovision for doubtful debts 5,000