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CBSE Class 12 Accountancy Solved Question Paper 2011

Short Answer Type

What is the basis for preparing an Income and Expenditure Account in the case of Not-for-Profit Organizations.

2158 Views

Distinguish between Fixed and Fluctuating Capital Accounts.

1456 Views

State the two main rights that a newly admitted partner acquires in the firm.

2012 Views

How does the market situation affect the value of goodwill of a firm?

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From the following information of a club, show the amounts of match expenses and match fund in the Financial Statements of the Club for the years ended on 31st March, 2009 and 31st March, 2010.

Details Amount Rs.

Match expenses (paid during the year 2009 - 2010) 30,000

Match Fund (as on 31-3-2009) 17,000

Donation for Match Fund (Received during the year 2009-2010 9,000

Proceeds from the sale of match tickets (Received during the year 2009-2010) 3,000

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6.
A and B are partners in a firm sharing profits and losses in the ratio of 3:2. The following was the Balance Sheet of the firm as on 31-3-2010.

Liabilities

Amount Rs

Assets

Amount Rs

Capital A

B

60,000

20,000

Sundry Assets

80,000

80,000

80,000

The profits Rs. 30,000 for the year ended 31-3-2010 were divided between the partners without allowing interest on capital @ 12% p.a. and salary to A @ Rs. 1,000 per month. During the year A withdrew Rs. 10,000 and B Rs. 20,000. Pass the necessary adjustment journal entry and show your working clearly.

Date

Particulars

Debit (Rs)

Credit (Rs)

B’s capital a/c Dr

To a’s capital a/c

(being interest on capital and salary unpaid adjusted.)

5280

Working Notes

Calculation of opening Capital

PARTICULARS	A	B
Capital closing balance Less profit Add drawings Capital opening balance	60,000 18,000	20,000 12,000
	42,000 10,000	8,000 20,000
	52,000	28,000

Calculation of Net amount to be adjusted:

Particulars	Partner A’s a/c		Partner B’s a/c		Firm a/c
Particulars	Dr	Cr	Dr	Cr	Dr	Cr
Interest on capital		6,240		3,360	9,600
Salary to A		12,000			12,000
	12,960		8,640			21,600
Total	12,960	18,240	8,640	3,360	21,600	21,600
Net amount to be adjusted		5280(Cr)	5280(Dr)

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A business has earned average profits of Rs. 1,00,000 during the last few years and the normal rate of return in similar business is 10%. Find out the value of Goodwill by (i) Capitalisation of super profit method and (ii) Super profit method if the goodwill is valued at 3 years purchase of super profit. The assets of the business were Rs. 10,00,000 and its external liabilities Rs. 1,80,000.

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From the following item of Receipts & Payments A/c. of Young Ladies Club, prepare an Income and Expenditure Account for the year ended 31-3-2010.

Rs.

Salaries paid 50,000

Lighting and Heating 5000

Printing and Stationery (including Rs. 500 for the previous year) 3500

Subscriptions received (including Rs. 2,000 received in advance
and Rs 5,000 for the previous year) 40,000

Net proceeds of Refreshment Room 45,000

Miscellaneous expenses 16,000

Interest paid on Loan for half year 1,200

Rent and Rates (including Rs. 1,000 prepaid) 7,5000

Locker rent received 4,500

Additional Information:

Subscriptions in arrears on 31-3-2010 were Rs. 8,000 and Half year's interest on loan was also outstanding.

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Pass the necessary Journal entry when 10,000 debentures of Rs. 100 each are issued as collateral security against a Bank loan of Rs. 8,00,000.

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10.

Y Ltd. purchased furniture costing Rs. 1,35,000 from A. B. Ltd. The payment was made by issue of Equity Shares of Rs. 10 each at a discount of Rs. 1 per share. Pass necessary Journal entries in the books of Y Ltd.

629 Views