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CBSE Class 12 Accountancy Solved Question Paper 2012

Short Answer Type

11.

State the significance of Analysis of Financial Statements to the Lenders.

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12.

State the purpose of preparing a Cash Flow Statement.

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13.

While preparing Cash Flow Statements what type of activity is, Payments of Cash to acquire Debentures by an investment company?

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14.

O.M. Ltd has a Current Ratio of 3.5:1 and Quick Ratio of 2:1. If the excess of Current Assets over Quick Assets as represented by Stock is Rs 1,50,000, calculate Current Assets and Current Liabilities.

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15.

Following is the Income statements of Raj Ltd. For the year ended 31-3-2011:

Particulars	Amount Rs
Income:
Sales	2,00,000
Other Incomes	15,000
Total Income	2,15,000

Expenses:
Cost of goods sold	1,10,000
Operating expenses	5,000
Total Expenses	1,15,000
Tax	40,000

Prepare a common size Income Statements of Raj Ltd. for the year ended 31-3-2011.

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Long Answer Type

16.

From the following Receipt and Payments Account of “Green Delhi Club” for the year ended 31-3-2011, prepare ˜Income and Expenditure Account”.

Receipts and Payments Account of 'Green Delhi Club' for the year ended 31-3-2011
Dr.				Cr.
Receipts	Amount Rs	Payments	Amount Rs
To Balance b/d	13,200	By Salary (paid for 11 months)	2,200
To Subscriptions	25,500	By Rent	800
To Entrance Fee	2,000	By Electricity	3,500
To Donations (includes Rs 1,000 for Buildings)	3,000	By Takes	2,600
To Hall Rent	2,500	By Printing and Stationery	800
To Sale of Investments (Book value Rs 4,000)	3,500	By Books	10,000
		By 9% Fixed Deposits (on 31-1-2011)	13,000
		By Balance c/d	16,800
	49,700		49,700

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17.

B and C were partners sharing profits in the ratio of 3 : 2. Their Balance Sheet as on 31-3-2011 was as follows:

Balance Sheet of B and C as on 31-3-2011
Liabilities		Amount Rs	Assets	Amount Rs
Capital:			Land and Building	80,000
B	60,000		Machinery	20,000
C	40,000	1,00,000	Furniture	10,000
			Debtors	25,000
Provision for bad debts		1,000	Cash	16,000
Creditors		60,000	Profit and Loss Account	10,000

		1,61,000		1,61,000

D was admitted to the partnership for 1/5^th share in the profits on the following terms:
(i) The new profit sharing ratio was decided as 2:2:1.
(ii) D will bring Rs 30,000 as his capital and Rs 15,000 for his share of goodwill.
(iii) Half of goodwill amount was withdrawn by the partner who sacrificed his share of profit in favour of D.
(iv) A provision of 5% for bad and doubtful debts was to be maintained.
(v) An item of Rs 500 included in Sundry Creditors was not likely to be paid.
(vi) An provision of Rs 800 was to be made for claims for damages against the firm.
After making the above adjustments the Capital Accounts of B and C were to be adjusted on the basis of D Capital. Actual cash was to be brought in or to be paid off as the case may be.
Prepare Revaluation Account, Partner’s Capital Accounts and Balance Sheet of the new firm.

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18.

'G', 'E' and 'F' were partners in a firm sharing profits in the ratio of 7:2:1. The Balance Sheet of the firm as on 31^st March, 2011 was as follows:

Balance Sheet of 'G', 'E' and 'F' as on 31^st March, 2011
Liabilities		Amount Rs	Assets	Amount Rs
Capitals:			Goodwill	40,000
G	70,000		Land & Buildings	60,000
E	20,000		Machinery	40,000
F	10,000	1,00,000	Stock	7,000
General Reserve		20,000	Debtors	12,000
Loan from E		30,000	Cash	5,000
Creditors		14,000
		1,64,000		1,64,000

E died on 24^th August 2011. Partnership deed provides for the settlement of claims on the death of a partner of a partner in addition to his capital as under:
(i) The share of profit of deceased partner to be computed up to the date of death on the basis of average profits of the past three years which was Rs 80,000.
(ii) His share in profit/loss on revaluation of assets and re-assessment of liabilities which were as follows:
Land and Buildings were revalued at Rs 94,000, Machinery at Rs 38,000 and Stock at Rs 5,000. A provision of 2.5% was to be created on debtors for bad and doubtful debts.
(iii) The net amount payable to 'E's executors was transferred to his Loan Account, to be paid later on.
Prepare Revaluation Account, Partner's Capital Accounts, E's Executor A/c and Balance Sheet of 'G' and 'F' who decided to continue the business keeping their capital balances in their new profit sharing ratio. Any surplus or deficit to be transferred to current accounts of the partners.

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19.

Pass necessary Journal Entries for the following transactions in the books of Sudarshan Ltd:
(i) Redeemed 750, 12% Debentures of Rs 75 each by converting into Equity Shares of Rs 100 each. The Equity Shares were issued at a discount of 10%.
(ii) Converted 550, 12% Debentures of Rs 1,000 each into New 13% Debentures of Rs 100 each. The New Debentures were issued at a premium of 10%.

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20.
Shyam Ltd. invited applications for issuing 80,000 Equity Shares of Rs 10 each at a premium of Rs 40 per share. The amount was payable as follows:
On Application Rs 35 per share (including Rs 30 Premium)
On Allotment Rs 8 per share (including Rs 4 Premium)
On First and Final Call - Balance
Applications for 77,000 shares were received. Shares were allotted to all the applicants. Sundaram to whom 7,000 shares were allotted failed to pay the allotment money. His shares were forfeited immediately after allotment. Afterwards, the first and final call was made. Satyam the holder of 500 shares failed to pay the first and final call. His shares were also forfeited. Out of the forfeited shares 1,000 shares were re-issued at Rs 50 per share fully paid up. The re-issued shares included all the shares of Satyam.

Pass necessary Journal Entries for the above transactions in the books of Shyam Ltd.

Book of Shaym Ltd.

Journal

Date

Particulars

L.F.

Debit

Amount

Credit

Amount

Bank A/c

To Share Application

(Share Application received for 77,000 shares at Rs 35 per share)

Share Application A/c

To Equity Share Capital A/c

To Securities Premium A/c

(Share Application of 77,000 shares transferred to equity share capital and securities premium)

Share Allotment A/c

To Equity Share Capital A/c

To Securities Premium A/c

(Share Allotment due on 77,000 shares)

Bank A/c

Calls-in-Arrears A/c

To Share Allotment A/c

(Share allotment received from all allotted shares except 7,000 shares)

Equity Share Capital A/c

Securities Premium A/c

To Share Forfeiture A/c

To Calls-in-Arrears A/c

(7,000 shares Rs 9 called-up forfeited for the non-payment of allotment)

Share First and Final Call A/c

To Equity Share Capital A/c

To Securities Premium A/c

(Share first and final call due on 70,000 shares)

Bank A/c

Calls in Arrears A/c

To Share First and Final Call A/c

(Share First and Final Call received on all shares except 500 shares)

Equity Share Capital A/c

Securities Premium A/c

To Share Forfeiture A/c

To Calls in Arrears A/c

(500 Shares forfeited for the no non-payment of First and Final Call)

Bank A/c

To Equity Share Capital A/c

To Securities Premium A/c

(1,000 shares of Rs 10 each re-issued at premium of Rs 40 per share)

Share Forfeiture A/c

To Capital Reserve A/c

(Share forfeiture of 1,000 shares transferred to Capital Reserve)

Dr.

26,95,000

6,16,000

5,60,000

56,000

63,000

28,000

4,90,000

486,500

3,500

5,000

3,000

50,000

7,000

26,95,000

3,85,000

23,10,000

3,08,000

6,16,000

35,000

56,000

70,000

4,20,000

4,90,000

4,500

3,500

10,000

40,000

7,000

Working Note:

Satyam shares:
Share forfeiture = Rs 9 per share
Share forfeiture on reissue = 0
Transfer to capital reserve: 500*9=4500 Rs.

Sundaram:
Share forfeiture = Rs 5 per share
Share forfeiture on reissue = 0
Transfer to Capital Reserve: 500*5= 2500
Total amount transferred to capital reserve = 4500+2500= Rs 7000

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