# CBSE Accounts Sample Paper - 3 (2018-19) Notes | Study Sample Papers for Class 12 Commerce - Class 12

## Class 12: CBSE Accounts Sample Paper - 3 (2018-19) Notes | Study Sample Papers for Class 12 Commerce - Class 12

The document CBSE Accounts Sample Paper - 3 (2018-19) Notes | Study Sample Papers for Class 12 Commerce - Class 12 is a part of the Class 12 Course Sample Papers for Class 12 Commerce.
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SAMPLE QUESTION PAPER 03
ACCOUNTANCY (055) CLASS-XII
2016-17

Time allowed – 3 hours, Maximum Marks: 80

General Instructions:
• This question paper contains two parts A and B.
• Part A is compulsory for all.
• Part B has two options – Financial Statements Analysis and Computerized Accounting.
• Attempt only one option of Part B.
• All parts of a question should be attempted at one place

PART A: ACCOUNTING FOR PARTNERSHIP FIRMS AND COMPANIES

Q1. A, B and C are partners sharing profits and losses in the ratio of 5:3:2. C retired and his capital balance after adjustments regarding reserves, accumulated profits/ losses and gain/loss on revaluation was Rs.2,50,000. C was paid Rs.3,00,000 in full settlement. Afterwards D was admitted for 1/4th share. Calculate the amount of goodwill premium brought by D. (1)
Ans.
Goodwill share of C= Rs.3,00,000 - Rs.2,50,000= Rs.50,000
Firm’s Goodwill = 50,000 x 10/2= Rs.2,50,000
D’s share in Goodwill= Rs.2,50,000 x 1/4= Rs.62,500

Q2. A and B were partners in a firm. They admitted C as a new partner for 20% share in the profits. After all adjustments regarding general reserve, goodwill, gain or loss on revaluation, the balances in capital accounts of A and B were Rs.3,85,000 and Rs.4,15,000 respectively. C brought proportionate capital so as to give him 20% share in the profits. Calculate the amount of capital to be brought by C. (1)
Ans.
Combined capital of A and B = Rs.3,85,000+Rs.4,15,000= Rs.8,00,000
C’s share=1/5th of total capital
Remaining share= 1-1/5 =4/5
4/5= Rs.8,00,000
C’s capital=Rs.8,00,000x5/4x1/5= Rs.2,00,000

Q3. A and B are partners. The net divisible profit as per Profit and Loss Appropriation A/c is Rs.2,50,000. The total interest on partner’s drawing is Rs.4,000. A’s salary is Rs.4,000 per quarter and B’s salary is Rs.40,000 per annum. Calculate the net profit/loss earned during this year. (1)
Ans.
Net Profit during the year=Divisible profits + Salary to partners – Interest on Drawings =
2,50,000+16,000+40,000-4000= Rs.3,02,000

Q4. ABC Ltd. purchased for cancellation its own 5,000, 9% Debentures of `100 each for Rs.95 per debenture. Brokerage charges Rs.15,000 were incurred. Calculate the amount to be transferred to capital reserve. (1)
Ans.
Amount paid for 5,000 Debentures=4,75,000+15,000= Rs.4,90,000 The nominal value of debentures to be redeemed/cancelled= Rs.5,00,000
Amount of profit on redemption to be transferred to capital reserve= Rs.5,00,000 _ Rs.4,90,000 = Rs.10,000

Q5. When can shares held by a shareholder be forfeitedRs. (1)
Ans.
Shares held by a shareholder can be forfeited for the non-payment of call money due

Q6. A partnership firm has 50 members. All the partners have agreed to admit Ram and Mohan as new partners. Can Ram and Mohan be admittedRs. Give reason in support of your answer.(1)
Ans.
No, Ram and Mohan can’t be admitted as partners.
Reason_ As per the Companies Miscellaneous Rules, 2014 the Maximum number of partners
in a partnership firm can be 50

Q7. Explain with an imaginary example how issue of debenture as collateral security is shown in the balance sheet of a company when it is recorded in the books of accounts.
A Ltd. obtained Loan of Rs.1,00,000 from Indian Bank and issued 1200, 10% Debentures of Rs.`100 each as Collateral security. The company recorded the issue of debentures as collateral security by opening ‘Debenture Suspense Account.’ Present the issue of debentures in the Balance Sheet of the company. (3)
Ans.
Treatment:
An extract of Balance sheet of A Ltd.

 Particulars Note No. Rs. EOUITY AND LIABILITIES 1 1,00,000 Non-current liabilitiesLong Term Borrowings

Notes  to  Accounts:

 NoteNo Particulars Rs. 1 Long Term BorrowingsLoan from Indian Bank1200, 10% Debentures of 100 each issued as Collateral Security (1,20,000) Less: Debenture Suspense Account (1,20,000) 1,00,000 1,00,000/-

Q8. Rekha, Sunita and Teena are partners in a firm sharing profits in the ratio of 3:2:1. Samiksha joins the firm. Rekha surrenders 1/4th of her share; Sunita surrenders 1/3rd
of her share and Teena surrenders 1/5th of her share in favour of Samiksha. Find the new Profit sharing ratio (3)
Ans.
Rekha surrenders for Samiksha = 1/4 x 3/6 = 3/24 Sunita surrenders for Samiksha = 1/3 x 2/6 = 2/18
Teena surrenders for Samiksha = 1/5 x 1/6 = 1/30
New share of Rekha = 3/6 – 3/24=9/24
New share of Sunita = 2/6-2/18=4/18
New share of Teena = 1/6-1/30=4/30
Share of Samiksha = 3/24+2/18+1/30=97/360
New Ratio :- 9/24:4/18:4/30:97/360
135 : 80 : 48 : 97

Q9. King Ltd took over assets ofRs. 25,00,000 and liabilities of Rs.6,00,000 of Queen Ltd. King Ltd paid the purchase consideration by issuing 10,000 equity shares of Rs.100each at a premium of 10% and Rs.11,00,000 by a Bank Draft. Calculate Purchase consideration and pass necessary Journal entries in the books of King Ltd (3)
Ans.

 Calculation of Purchase Consideration: Rs. Nominal Value of Shares issued = 10000 * 100= 10,00,000 Securities premium Reserve = 1,00,000 Bank draft = 11,00,000 Purchase consideration = 22,00,000

KING  LTD.JOURNAL

 S.No. Particulars L.F DebitRs. CreditRs. i. Sundry Assets A/c _ DrGoodwill A/c (b/f) _ DrTo Sundry Liabilities A/cTo Queen Ltd.(Being the purchase of assets and liabilities of Queen Ltd.) 000000 6,00,00022,00,000 ii. Queen Ltd. _DrTo Equity Share Capital A/cTo Securities Premium Reserve A/cTo Bank A/c(Being 10,000 Equity shares of Rs.100 each issued at a premium of 10% and Rs. 11,00,000/- paid by Bank draft) 22,00,000 10,00,0001,00,00011,00,000

Q10. ABC Ltd was a cloth manufacturing company located in Delhi. Being a socially aware organization they wanted to set up a manufacturing plant in a backward area of Kashmir to provide employment to the local people. On July 17, 2014, a flood had hit the entire state of Jammu & Kashmir causing massive destruction and loss. The company wanted to help the people, so they decided to raise funds through issue of 50,000 Equity shares of 50 each to set up the plant in the rural area of Kashmir. Pass necessary Journal entries for the issue of shares and identify any two values that the company wanted to communicate to the society. (3)
Ans:
ABC LTD.
JOURNAL

 S.No. Particulars L.F Debit Rs. CreditRs. (i) Bank A/c _ Dr.To Equity Share Application & Allotment A/c(Being the amount of application money received on 50,000 shares @ Rs.50 per share.) 25,00,000 25,00,000 (ii) Equity Share Application & Allotment A/c _ Dr.To Equity Share Capital A/c(Being the amount transferred to Share Capital A/c) 25,00,000 25,00,00C

Values which the Company wants to communicate to the Society:
(i) Discharge of Social Responsibility.
(ii) Generation of employment opportunities.
(iii) Helping the needy people
(iv) Sympathy for poor

Q11. A, B, C and D were partners sharing profits in the ratio of 1:2:3:4. D retired and his share was acquired by A and B equally. Goodwill was valued at 3 years’ purchase of average profit of last 4 years, which was Rs.40,000. General Reserve showed a balance of Rs.1,30,000 and D’s Capital in the Balance Sheet was Rs.3,00,000 at the time of D’s retirement. You are required to record necessary Journal entries in the books of the firm and prepare D’s capital account on his retirement. (4)
Ans. JOURNAL

 Date PARTICULARS L.F DEBITRs. CREDITRs. (i) A’s Capital A/c _ Dr.B’s Capital A/c _ Dr.To D’s Capital A/c(Treatment of goodwill on retirement of D) 24,00024,000 48,000 (ii) General Reserve _ Dr.To A’s Capital A/cTo B’s Capital A/c 1,30,000 13.00026.000

 To C’s Capital A/c 39,000 To D’s Capital A/c(General Reserve distributed) 52,000

D’s Capital  Account

 PARTICULARS Rs. PARTICULARS Rs. To D’s Loan A/c 4,00,000 By Balance b/dBy A’c Capital A/c 3,00,00024,000 By B’s Capital A/c 24,000 By General Reserve 52,000 4,00,000 4,00,000

Q12. Kavita, Meenakshi and Gauri are partners doing a paper business in Ludhiana. After the accounts of partnership have been drawn up and closed, it was discovered that for the years ending 31st March 2013 and 2014, interest on capital has been allowed to partners @ 6% p.a. although there is no provision for interest on capital in the partnership deed. Their fixed capitals were Rs.2,00,000; Rs.1,60,000 and Rs.1,20,000 respectively. During the last two years they had shared the profits as under(4)

 Year Ratio 31 March 2013 3:2:1 31 March 2014 5:3:2

You are required to give necessary adjusting entry on April 1, 2014

 Kavita Meenakshi Gauri Total Interest on Capital (2012-13) Dr. 12,000 9,600 7,200 28,800 Interest on Capital (2013-14) Dr. 12,000 9,600 7,200 28,800 Total Dr. 24,000 19,200 14,400 57,600 Profit to be credited (2012-13) Cr. 14,400 9,600 4,800 28,800 Profit to be credited (2013-14) Cr. 14,400 8,640 5,760 28,800 Total Cr. 28,800 18,240 10,560 57,600

 Adjustment 4,800 960 3,840 Cr. Dr. Dr.

JOURNAL

 DATE PARTICULARS L.F DEBITRs. CREDITRs. 2014APR 1 Meenakshi’s Current A/c           Dr.Gauri’s Current A/c            Dr.To Kavita’s Current A/c(Adjustment for interest on capital for the year2012-13 and 2013-14) 9603,840 4,800

Q13. On 31st March 2015 the Balance Sheet of Punit, Rahul and Seema was as follows(6) Balance Sheet of Punit, Rahul and Seema as at March 31, 2015

 Liabilities Rs. Assets Rs. Capitals: Buildings 40,000 Punit 60,000 1,40,000 Machinery 60,000 Rahul 50,000 20,000 Patents 12,000 Seema 30,000 14,000 Stock 20,000 Reserves Cash 42,000 Creditors 1,74,000 1,74,000 1,74,000

They were sharing profit and loss in the ratio 5:3:2.
Seema died on October 1, 2015. It was agreed between her executors and the remaining
partners that:
(i) Goodwill be valued at 2 years’ purchase of the average profits of the previous five
years, which were: 2010-11: Rs.30,000; 2011-12: Rs.26,000; 2012-13: Rs.24,000; 2013-14:
Rs.30,000 and 2014-15: Rs.40,000
(ii) Patents be valued at Rs.16,000; Machinery at Rs.56,000; Buildings at Rs.60,000
(iii) Profit for the year 2015-16 be taken as having been accrued at the same rate as that in
the previous year.
(iv) Interest on capital be provided at 10% p.a.
(v) A sum of Rs.15,500 was paid to her executors immediately.
Prepare Revaluation Account, Seema’s Capital Account and Seema’s executors Account

 Particulars LF Rs. Particulars LF Rs. To MachineryTo Profit Distributed:Punit 10,000Rahul 6,000Seema4,000 4.00020.000 By PatentsBy Buildings 4.00020.000 24,000 24,000 24,000

Seema’s Capital  Account

 Date Particulars LF Rs. Date Particulars LF Rs. 2015Apr1 By Balance b\dBy Reserves 30.0004.000 Oct1 By Punit’s Capital 7,500 2015 To Seema’s Executor’s A/c 55,500 Oct1 4,500 By Rahul’s Capital Oct 1 Oct1 By Revaluation /c 4,000 Oct1 Oct1 By P & L suspense 4,000 By Int. on Capital 1,500 Oct1 55,500 55,500 55,500 55,500

Seema’s  Executor’s Account

 Date Particulars LF Date Particulars LF Rs. 2015Oct 1Oct 1 To Bank A/cTo Seema’sExecutor’s Loan A/c 15,50040,000 2015Oct 1 By Seema’s CapitalA/c 55,500 55,500 55,500 55,500

Working  Note:
Average  Profit=  (30,000+26,000+24,000+30,000+40,000)/5=  Rs.30,000
Goodwill=  30,000X2=  Rs.60,000
Seema’s  share  of  Profit  for  6  months=40,000X6/12X2/12=  Rs.4,000
Interest  on  Seema’s  Capital  =  30,000  X  10/100  X6/12  =  Rs.1,500

Q14. Ruchi Ltd issued 42,000, 7% Debentures of Rs.100 each on 1st April, 2011, redeemable at a premium of 8% on 31st March 2015. The company decided to create required Debenture Redemption Reserve on 31st March 2014. The company invested the funds as required by law in a fixed deposit with State Bank of India on 1st April, 2014 earning interest @ 10% per annum. Tax was deducted at source by the bank on interest @ 10% per annum. Pass necessary Journal Entries regarding issue and redemption of debentures(6)
Ans.
RUCHI LTD.
JOURNAL
ISSUE OF DEBENTURES

 Date Particulars LF. DebitRs. CreditRs. 2011April 1 Bank A/c                 Dr.To Debenture Application & Allotment A/c(Being the Application and allotment moneyreceived on issue of Debentures 42,00,000 42,00,000 April 1 Debenture Application & Allotment A/c _Dr.Loss on Issue of Debenture A/c           Dr.To 7% debenture A/cTo Premium on Redemption of Debenture A/c(Being allotment of Debentures redeemable at 8% premium) 42,00,0003,36,000 42,00,0003,36,000

REDEMPTION  OF  DEBENTURES:

 Date Particulars LF. Debit Credit 2014Mar 31 Surplus i.e. balance in Statement of Profit & Loss Dr.To Debenture redemption Reserve A/c (Being the profits transferred to DebentureRedemption Reserve) 10,50,000 10,50,000 2014April 1 Debenture Redemption Investment A/c_____ Dr.To Bank A/c(Being the Investment made as fixed deposit as per 6,30,000 6,30,000

 Companies Act, 2013 earning Interest @ 10%) 2015Mar 31 Bank A/c                       Dr.TDS collected A/c                    Dr,.To Debenture Redemption Investment A/cTo Interest Earned A/c(Being the fixed deposit encashed on Redemption andinterest received @ 10% p.a.) 6,86,7006,300 6.30.00063.000 Mar 31 7% Debenture A/c                     Dr.Premium on Redemption of Debenture A/c __ Dr.To Debentureholder’s A/c(Being amount due to Debenture holders) 42,00,0003,36,000 45,36,000 Mar 31 Debenture holder’s A/c                 Dr.To Bank A/c(Being the amount due paid on redemption) 45,36,000 45,36,000 Mar 31 Debenture Redemption Reserve A/c _____ Dr.To General Reserve A/c(Being Debenture Redemption Reserve transferred toGeneral Reserve) 10,50,000 10,50,000

Q15. Hema and Garima were partners in a firm sharing profits in the ration of 3:2. On March 31, 2015, their Balance Sheet was as follows: Balance Sheet of Hema and Garima as at March 31, 2015

 Liabilities Rs. Asset Rs. Creditors Bank 40,000 Garima’s Husband’s Loan 36,000 Debtors 76,000 Hema’s Loan 60,000 Stock 2,00,000 Capitals: 40,000 Furniture 20,000 Hema 2,00,000 3,00,000 Leasehold 1,00,000 Garima 1,00,000 Premises 4,36,000 4,36,000

On the above date the firm was dissolved. The various assets were realized and liabilities were settled as under:
(i) Garima agreed to pay her husband’s loan.
(ii) Leasehold Premises realized Rs.1,50,000 and Debtors Rs.2,000 less.
(iii) Half the creditors agreed to accept furniture of the firm as full settlement of their claim and remaining half agreed to accept 5% less.
(iv) 50% Stock was taken over by Hema on cash payment of Rs.90,00 and remaining stock was sold for Rs.94,000.
(v) Realisation expenses of Rs.10,000 were paid by Garima on behalf of firm.
(vi) Pass necessary journal entries for the dissolution of the firm.(6)

Ans.
Journal

 Date Particulars Dr.(Rs. ) Cr.( Rs.) 1 Realisation A/c Dr.To Debtors A/cTo Stock A/cTo Furniture A/cTo Leasehold Premises A/c(Being Assets transferred to Realisation A/c) 3,96,000 76.0002,00,00020.0001,00,000 2. Creditors A/c Dr.Garima’s Husband’s Loan A/c Dr.To Realisation A/c(Being third party liabilities transferred to Realisation A/c) 36.00060.000 96,000 3 Bank A/c Dr.To Realisation A/c(Being Assets realized) 4,08,000 4,08,000 4 Realisation A/c Dr.To Bank A/c(Being creditors paid) 17,100 17,100 5 Realisation A/c Dr.To Garima’s Capital A/c(Being realization expenses and Garima’s husband loanpaid off by Garima) 70,000 70,000

 6 Realisation A/c Dr.To Hema’s Capital A/cTo Garima’s Capital A/c(Being profit on realization distributed among partners) 20,900 12,5408,360 7 Hema’s Loan A/c Dr.To Bank A/c(Being Hema’s loan paid) 40,000 40,000 8 Hema’s Capital A/c Dr.Garima’s Captial A/c Dr.To Bank A/c(Being amount paid to partners at final settlement ofaccounts) 2,12,5401,78,360 3,90,900

Q16. P and Q were partners in a firm sharing profits in 3:2 ratio. R was admitted as a new partner for 1/4th share in the profits on April 1, 2015. The Balance Sheet of the firm on March 31,2015 was as follows:(8)
Ans:
Balance Sheet of P and Q
as at March 31, 2015

 Liabilities Rs. Assets Rs. Cash 20,000 Creditors Debtors 18,000 General Reserve 20,000 Stock 20,000 Capitals:P 96,000 16,0001,64,000 Furniture 12,000 Machinery 40,000 U 68,000 Buildings 90,000 2,00,000 2,00,000

The term of agreement on R’s admission were as follows:
a) R brought in cash Rs.60,000 for his capital and Rs.30,000 for his share of goodwill.
b) Building was valued at Rs.1,00,000 and Machinery at Rs.36,000.
c) The capital accounts of P and Q were to be adjusted in the new profit-sharing ratio.
Necessary cash was to be brought in or paid off to them as the case may be.
Prepare Revaluation Account, Partner’s Capital Account and the Balance Sheet of P, Q and R.
OR
Khushboo, Leela and Meena were partners in a firm sharing profits in the ratio of 5:3:2.
Their Balance Sheet on March 31,2015 was as follows:

Balance Sheet of Khushboo, Leela and Meena
As at March 31, 2015

 Liabilities Rs. Assets Rs. Creditors Bank 44,000 Capitals: 70,000 Debtors 24,000 Khushboo 90,000 Stock 60,000 2,06,000 Leela 56,000 Buildings 1,40,000 Meena 60,000 Profit & Loss A/c 8,000 2,76,000 2,76,000

On April 1,2015 Leela retired on the following terms:
i. Building was to be depreciated by Rs.10,000.
ii . A Provision of 5% was to be made on Debtors for doubtful debts.
iii..Salary outstanding was Rs.4,800
iv. Goodwill of the firm was valued at Rs.1,40,000.
v. Leela was to be paid Rs.20,800 through cheque and the balance was to be paid in two equal quarterly installments (starting from June 30,2015) along with interest @ 10% p.a.
Prepare Revaluation Account, Leela’s Capital Account and her Loan Account till it is finally
paid.(8)
Ans. Revaluation  Account

 Particulars LF. Rs. Particulars LF. Rs. To MachineryTo Profit Distributed:P 3,600Q 2,400 4.0006.000 By Buildings 10,000 10,000 10,000 10,000

Partners’ Capital Account

 Particulars PRs. QRs. RRs. Particulars P Rs. Q Rs. R Rs.
 To Cash A/cTo Balancec/d 19,2001,08,000 16,80072,000 60,000 By Balance b/dBy GeneralReserveBy Cash A/cBy Premium forGoodwillBy RevaluationA/c 96.0009.60018.0003.600 68,0006.40012,0002.400 60,000 1,27,200 88,800 60,000 1,27,200 88,800 60,000

Balance Sheet of P,Q and R as at April 1, 2015

 Liabilities Rs. Assets Rs. Building 1,00,000 Creditors Machinery 36,000 Capital:P 1,08,000 20,0002,40,000 Cash(20,000+60,000+30,000-19,200-16,800) 74,000 18,000 Q 72,000 Debtors 20,000 R 60,000 Stock 12,000 Furniture 2,60,000 2,60,000

Revaluation  Account

 Particulars LF. Rs. Particulars LF. Rs. To Buildings 10,000 By Loss Distributed: To Prov. for Doubtful Khushboo 8,000 16,000 1,200 Debts Leela 4,800 4,800 To Salary Outstanding Meena 3,200 16,000 16,000 16,000

Leela’s  Capital  Account

 Particulars LF. Rs. Particulars LF. Rs. To Profit & Loss A/cTo Revaluation A/c 2,4004,800 By Balance b/d 56,000 To Bank A/c 20,800 By Khushboo’s Capital 30,000 70,000 By Meena’s Capital 12,000
 To Leela’s Loan A/c 98,000 98,000

Leela’s Loan Account

 Date Particulars LF. Rs. Date Particulars LF. Rs. 2015June30Sep 30 To Bank A/cTo Bank A/c 36,75035,875 2015Apr 1June 30Sep 30 By Leela’s CapitalBy InterestBy Interest 70,0001,750875 72,625 72,625

Q17. Surya Ltd with a Registered capital of 10,00,000 Equity Shares of Rs.10 each, issued 1,00,000 Equity Shares payable Rs.3 on Application, Rs.2 on Allotment, Rs.3 on First Call and Rs.2 on Second and Final call. The amount due on Allotment was duly received except from Mr. X holding 6,000 shares. His shares were immediately forfeited. On the first call being made, Mr. Y holding 5,000 Equity shares paid the entire balance on his holding. Second call was not made. Pass the necessary Journal Entries to record the transactions and show how the Share Capital will be presented in the Balance Sheet of the Company. Also prepare notes to accounts.
OR
a) Nidhi Ltd. Issued 2,000 Shares of Rs.100 each. All the money was received except on 200 shares on which only Rs.90 per share were received. These shares were forfeited and out of the forfeited shares 100 shares were reissued at Rs.80 each as fully paid up. Pass necessary Journal entries for the above transactions and prepare the Forfeited Share Account.
b) Complete the following Journal Entries(8)

 Date Particulars L.F Debit Credit i. ........ DrToTo(Being the forfeiture of 1000 shares of Rs.10 each, Rs.8called up, on which allotment money of Rs.2 andFirst Call of Rs.3 has not been received.) —

 ii. ........ DrToTo(Being reissue of 1000 forfeited shares fully paid upat Rs.11 per share) — iii. ........ DrTo(Being gain on the reissue of shares transferred tocapital reserve Account) —

Ans.
Surya Limited Journal

 Date Particulars LF Debit Credit i BankA/c Dr.To Equity Share Application A/c(Being the application money received on 1,00,000 shares @ 3 per share received) 3,00,000 3,00,000 ii Equity Share Application A/cTo Equity Share Capital A/c(Being the application money transferred to ShareCapital A/c) 3,00,000 3,00,000 iii Equity Share Allotment A/c Dr.To Equity Share Capital A/c(Being Allotment made due on 1,00,000 EquityShares @ 2 per share) 2,00,000 2,00,000 iv. Bank A/c Dr.Calls in Arrears A/cTo Equity Share Allotment A/c(Being the Allotment money received except for6,000 shares) 1,88,00012,000 2,00,000 Equity Share Capital A/c Dr.

 v. To Share Forfeited A/cTo Calls in Arrears A/c(Being 6,000 shares forfeited for non-payment of allotment money) 30,000 18,00012,000 vi Equity Share First Call A/c Dr.To Equity Share Capital A/c(Being First Call made due on 94,000 Equity Shares @ 3 per share) 2,82,000 2,82,000 vii Bank A./c Dr.To Equity Share First Call A./cTo Calls in Advance A/c(Being the First Call money received on 94,000Equity Shares @ 3 per share and 2 per share on5,000 shares received in Advance) 2,92,000 2,82,00010,000

 Particulars Note No Rs. I EQUITY AND LIABILITIES1. Shareholder’s FundsShare Capital 1 7,70,000

Notes to Accounts:

 Note No Rs. Share CapitalAuthorised Share Capital10,00,000 Equity Shares of Rs.10 each. 1,00,000,000 1 Issued Share Capital1,00,000 Equity Shares of Rs.10 each 10,00,000 Subscribed Share capitalSubscribed but not fully paid-up 7,70,000 94,000 equity shares of Rs.10 each, Rs.8 Called up 7,52,000Add: Share Forfeited Account 18,000

OR

 Date Particulars LF. Debit Credit i Share Capital A/c Dr.To Forfeited Share A/cTo Calls in Arrears A/c(Being 200 shares forfeited for non payment of call money of 10 per share) 20,000 18,0002,000 ii Bank A/c Dr.Forfeited Share A/c Dr.To Share Capital A/c(Being 100 shares re-issued for 80 per share as fully paid up) 8,0002,000 10,000 iii. Forfeited Share A/c Dr.To Capital Reserve(Being Allotment made due on 1,00,000Equity Shares 2 per share) 7,000 7,000

Forfeited  Share  Account

 Particulars Rs. Particulars Rs. To Share Capital A/c (100X20) 2,000 To Capital Reserve (100X70) 7,000 By Share Capital A/c (200X90) 18,000 To Balance c/d 9,000 18,000 18,000

b)JOURNAL:

 Debit Credit Date Particulars LF. Rs. Rs. Share Capital A/c DrTo Forfeited Share A/cTo Share Allotment A/cTo share First Call A/c 3,000 I 8,000 2,0003,000 (Being the forfeiture of 1000 shares, Rs.8 called up, on which allotment money of Rs.2 and First Call of Rs.3 has not been
 received.) II Bank A/c DrTo Share Capital A/cTo securities Premium Reserve A/c(Being reissue of 1000 forfeited shares fully paid up at Rs.11 pershare) 11,000 10,0001,000 III Share Forfeited A/c DrTo Capital Reserve A/c(Being gain on the reissue of shares transferred to capital reserveAccount) 3,000 3,000

PART  –  B
Option-I
ANAYSIS  OF  FINANCIAL  STATEMENTS

Q18.The patents of X ltd. increased from Rs.3,00,000 in 2013-14 to Rs.3,50,000 in 2014- 15.What will be its(1) treatment while preparing Cash Flow Statement for the year ended 31st March 2015.
Ans.
It will be taken as purchase of Patents of Rs.50,000 and will be shown under Cash from
Investing Activities as an outflow of cash.

Q19. Kartik Mutuals, a mutual fund company, provides you the following information(1)
Ans:

 31st March 2013 31st March 2014 Proposed Dividend Rs.20,000 Rs.15,000

Equity Share Capital raised during the year Rs.3,00,000
10% bank loan repaid was Rs.1,00,000
Dividend received during the year was Rs.20,000
Find out the cash flow from financing activities.
Ans.

 Proceeds from Equity share capital: 3,00,000
 Repayment of Bank Loan: (1,00,000) 2,00,000 Dividend Paid:(20,000) 1,80,000

Note: Dividend received during the year Rs.20,000 will be shown in the Investing Activities

Q20. Mudra Ltd. Is in the process of preparing its Balance Sheet as per Schedule III, Part I of the Companies Act, 2013 and provides its true and fair view of the financial
position.

a) Under which head and sub-head will the company show ‘Stores and Spares’ in its Balance SheetRs.
b) What is the accounting treatment of ‘Stores and Spares’ when the Company will calculate its Inventory Turnover RatioRs.
c) The management of Mudra Ltd. wants to analyse its Financial Statements. State any two objectives of such analysis.
d) Identify the value being followed by Mudra Ltd.(4)
Ans.

b) While calculating Inventory Turnover Ratio it is not included in Inventories
c) Objectives – Assessing the ability of the enterprise to meet its short term and long term
commitments, Assessing the earning capacity of the enterprise
d) Values: Transparency, Honesty, Abiding by law

Q21. a) X Ltd. has a current ratio 3.5:1 and quick ratio of 2:1. If excess of current assets over quick assets represented by Inventory is Rs.24,000, calculate current assets and
current liabilities.
b) From the following information, calculate Inventory Turnover Ratio. Revenue from Operations: Rs.4,00,000, Average Inventory : Rs.55,000, The rate of Gross
Loss on Revenue from Operations was 10%(4 )

Ans.
a) Current Ratio = 3.5:1
Quick Ratio = 2:1
Let Current Liabilities = x
Current Assets = 3.5x And
Quick Assets = 2x
Inventory = Current Assets – Quick Assets
24,000 = 3.5x – 2x
24,000 = 1.5x
x = Rs.16,000
Current Assets = 3.5x = 3.5 x Rs.16,000 = Rs.56,000
Verification : Current Ratio = Current Assets : Current Liabilities
= Rs.56,000 : Rs.16,000 =3.5:1
Quick Ratio = Quick Assets : Current Liabilities
= Rs.32,000 : Rs.16,000
=2:1

b) Revenue from Operations = Rs.4,00,000
Gross Loss = 10% of Rs.4,00,000 = Rs.40,000
Cost of Revenue from Operations = Revenue from Operations + Gross Loss
= Rs.4,00,000 + Rs.40,000
= 4,40,000
Inventory Turnover Ratio = Cost of Goods Sold/ Average Inventory
=Rs. 4,40,000 / Rs.55,000
= 8 times.

Q22. From the following Statement of profit and loss of the Sakhi Ltd for the years ended 31st March 2016, prepare Comparative Statement of Profit & Loss(4)

STATEMENT OF PROFIT & LOSS
for the years ended 31st March, 2016

 Particulars 2014-15Rs. 2015-16Rs. Revenue from operationsExpenses:Employee benefit expenses were 5% of Revenue from operationsOther expenses 25,00,0005,90,000 40,00,0006,80,000 Rate of Tax 35%

Ans.
STATEMENT  OF  PROFIT  &  LOSS
For  the  years  ended  31st  March  2015  &  2016

 Absolute %ageChange Particulars 2014-15 2015-16 Change (in') Revenue from 25,00,000 40,00,000 15,00,000 60 operations 1,25,000 2,00,000 75,000 60 Expenses: 5,90,000 6,80,000 90,000 15.25 (a) Employee benefit 7,15,000 8,80,000 1,65,000 23.08 Expenses 17,85,000 31,20,000 13,35,000 74.79 6,24,750 10,92,000 4,67,250 74.79 (b) Other expensesTotal expensesProfit before taxLess: Taxes @35%Profit after tax 11,60,250 20,28,000 8,67,750 74.79

Q23. Following is the Balance Sheets of Akash Ltd. as at 31-3-2014(6)
Akash Ltd.
Balance Sheet

 PARTICULARS NOTE NO. 2013-14Rs. 2012-13Rs. EQUITY & LIABILITIES (1) Shareholders’ Funds (a) Share Capital 15,00,000 14,00,000 (b) Reserves & Surplus 2,50,000 1,10,000 (2) Non-Current Liabilities 1 2,00,000 1,25,000 (a) Long Term Borrowings 2 12,000 10,000 (3) Current Liabilities 3 15,000 83,000 (a) Short term borrowings 18,000 11,000 (b) Trade Payable
 (c) Short term provisions TOTAL 19,95,000 17,39,000 (1) Non-Current Assets(a) Fixed AssetsTangible assets(ii) Intangible assetsCurrent AssetsCurrent InvestmentsInventoriesTrade ReceivablesCash & Cash Equivalents 45 18,60,00050.0008.00037.00026.00014,000 16,10,00030.0005.00059.00023.00012.000 TOTAL 19,95,000 17,39,000

Notes to Accounts:-

 Note No PARTICULARS 2013-14Rs. 2012-13Rs. 1 Reserves and Surplus:-Surplus (balance in Statement of Profit and Loss) 2,50,000 1,10,000 2 Short Term BorrowingsBank overdraft 12,000 10,000 3 Short term provisionsProvision for Tax 18,000 11,000 4 Tangible AssetsMachineryAccumulated Depreciation 20,00,000(1,40,000) 17,00,000(90,000) 5 Intangible AssetsPatents 50,000 30,000

(i) Tax paid during the year amounted to Rs.16,000.
(ii) Machine with a net book value of Rs.10,000 (Accumulated Depreciation Rs.40,000) was sold for Rs.2,000 Prepare Cash Flow Statement.

Cash Flow Statement
For the year ended 31st March, 2014

 Particulars Rs. I - CASH FLOW FROM OPERATING ACTIVITIES Surplus: Balance in the Statement of Profit & Loss (closing) 2,50,000 Less: Surplus: Balance in the Statement of Profit & Loss (beginning) 1,10,000 1,40,000 1,40,000 Add: Provision for Tax 23,000 Net Profit before Tax and Extraordinary Items 1,63,000 Add: Non-Cash and Non-operating Expenses: Depreciation 90,000 Loss on Sale of Machine 8,000 98,000 2,61,000 2,61,000 Add: Decrease in Current Assets & Increase in Current Liabilities - Inventories 22,000 22,000 2,83,000 Less: Increase in Current Assets & Decrease in Current Liabilities Trade Receivables 3,000 Trade Payables 68,000 71,000 Cash generated from Operating Activities 2,12,000 Less: Income Tax paid (16,000) Cash Flow From Operating Activities 1,96,000 II - CASH FLOW FROM INVESTING ACTVITIES Sale Of Machinery 2,000 Purchase of Machinery (3,50,000) Purchase of Patents (20,000) Cash Used in Investing Activities (3,68,000) III - CASH FLOW FROM FINANCING ACTIVITIES Proceeds form Issue of Share Capital 1,00,000 Proceeds from Long term Borrowings 75,000
 Increase in Bank Overdraft 2,000 Cash Flow From Financing Activities 1,77,000 IV - NET INCREASE IN CASH & CASH EQUIVALENTS(i+n+m) 5,000 V - CASH & CASH EQUIVALENTS IN THE BEGINNINGOF THE YEAR Current Investments 5,000 Cash & Cash Equivalents 12,000 17,000 VI - CASH & CASH EQUIVALENTS AT THE END OFTHE YEAR 22,000 Current Investments 8,000 Cash & Cash Equivalents 14,000

WORKING NOTES:
Machinery Account

 PARTICULARS Rs. PARTICULARS Rs. By Bank A/c (Sale) 2,000 To Balance b/d 17,00,000 By Loss on Sale of Machinery A/c 8,000 To Bank A/c (purchase) 3,50,000 By Depreciation A/c 40,000 By Balance c/d 20,00,000 20,50,000 20,50,000

Accumulated  Depreciation  Account

 PARTICULARS Rs. PARTICULARS Rs. To Machinery A/c(sold Asset)To Balance c/d 40.0001.40.000 By Balance b/dBy Statement of Profit & Loss 90,00090,000 1,80,000 1,80,000 1,80,000

Provision  for  Tax  Account

 PARTICULARS Rs. PARTICULARS Rs. To Bank A/c (Tax paid) 16,000 By Balance b/d 11,000 To Balance c\/d 18,000 By Statement of profit & Loss 23,000 34,000 34,000

PART – B
Option-II
Computerised Accounting

Q18. While navigating in the workbook, which of the following commands is used to move to the beginning of the Current row:
a. [ctrl] + [home]
b. [page up]
c. [Home]
d. [ctrl] + [Back space]
Ans.
(c)

Q19. Join line in the context of Access table means(1)
a. Graphical representation of tables between tables
b. Lines bonding the data within table
c. Line connecting two fields of a table
d. Line connecting two records of a table
Ans.
(b)

Q20. Enumerate the basic requirements of computerized accounting system for a business organization.(4)
Ans.
The computerized accounting is one the database-oriented applications wherein the transaction data is stored in well-organized database. The user operates on such database using the required interface and also takes the required reports by suitable transformations of stored data into information. Therefore, the fundamentals of computerized accounting include all the basic requirements of any database-oriented application in computers.
Accounting framework........ [2]
It is the application environment of the computerized accounting. A healthy accounting framework in terms of accounting principles, coding and grouping structure is a precondition
for any computerized accounting system.
Operating procedure......... [2]
A well-conceived and designed operating procedure blended with suitable operating environment of the enterprise is necessary to work with the computerized accounting
system.

Q21. The generation of ledger accounts is not a necessary condition for making trial balance in a computerized accounting system. Explain.(4)
Ans:
In computerized accounting system, every day business transactions are recorded with the help of computer software. Logical scheme is applied for codification of account and transaction. Every account and transaction is assigned a unique code. The grouping of accounts is done from the first stage. [Briefly explaining what is account groups and hierarchy of ledger.] The hierarchy of ledger accounts is maintained and the data is transferred into Ledger accounts automatically by the computer. In order to produce ledger accounts the stored transaction data is processed to appear as classified so that same is presented in the form of report. The preparation of financial statements is independent of producing the trial balance.

Q22. Internal manipulation of accounting records is much easier in computerized accounting than in manual accounting. HowRs.(4)
Ans.
Internal manipulation of accounting records is much easier in computerized accounting
due to the following:
i. Defective logical sequence at the programming stage
ii. Prone to hacking

Q23. Computerisation of accounting data on one hand stores voluminous data in a systematic and organized manner whereas on the other hand suffers from threats of vulnerability and manipulations. Discuss the security measures you would like to employ for securing the data from such threats.(6)
Sol:
Every accounting software ensures data security, safety and confidentiality. Therefore every, software should provide for the following:
→Password Security: Password is a mechanism, which enables a user to access a system including data. The system facilitates defining the user rights according to organization policy. Consequently, a person in an organization may be given access to a particular set of a data while he may be denied access to another set of data.
→ Data Audit: This feature enables one to know as to who and what changes have been made in the original data thereby helping and fixing the responsibility of the person who has manipulated the data and also ensures data integrity. Basically, this feature is similar to Audit Trial.
→ Data Vault: Software provides additional security through data encryption

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