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 liabilities

Long Term Borrowings

Notes  to  Accounts:

Note

No

Particulars

Rs.

1

Long Term Borrowings

Loan from Indian Bank

1200, 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

Debit

Rs.

Credit

Rs.

i.

Sundry Assets A/c _ Dr

Goodwill A/c (b/f) _ Dr

To Sundry Liabilities A/c

To Queen Ltd.

(Being the purchase of assets and liabilities of Queen Ltd.)

 

  1. 000
  1. 000

6,00,000

22,00,000

ii.

Queen Ltd. _Dr

To Equity Share Capital A/c

To Securities Premium Reserve A/c

To 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

10,00,000

1,00,000

11,00,000

  

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.

Credit

Rs.

(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

DEBIT

Rs.

CREDIT

Rs.

(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)

 

24,000

24,000

48,000

(ii)

General Reserve _ Dr.

To A’s Capital A/c

To B’s Capital A/c

 

1,30,000

13.000

26.000

  

 

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/d

By A’c Capital A/c

3,00,000

24,000

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
 Ans. Table  Showing  Adjustment

 

 

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

DEBIT

Rs.

CREDIT

Rs.

2014

APR 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 year

2012-13 and 2013-14)

 

960

3,840

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 Machinery

To Profit Distributed:

Punit 10,000

Rahul 6,000

Seema4,000

 

4.000

20.000

By Patents

By Buildings

 

4.000

20.000

24,000

 

24,000

 

 

24,000

Seema’s Capital  Account

Date

Particulars

LF

Rs.

Date

Particulars

LF

Rs.

 

 

 

 

 

2015

Apr1

By Balance b\d

By Reserves

 

30.000

4.000

 

 

 

 

 

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.

2015

Oct 1

Oct 1

To Bank A/c

To Seema’s

Executor’s Loan A/c

15,500

40,000

2015

Oct 1

By Seema’s Capital

A/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.

Debit

Rs.

Credit

Rs.

2011

April 1

Bank A/c                 Dr.

To Debenture Application & Allotment A/c

(Being the Application and allotment money

received 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/c

To Premium on Redemption of Debenture A/c

(Being allotment of Debentures redeemable at 8% premium)

 

42,00,000

3,36,000

42,00,000

3,36,000

REDEMPTION  OF  DEBENTURES:

Date

Particulars

LF.

Debit

Credit

2014

Mar 31

Surplus i.e. balance in Statement of Profit & Loss Dr.

To Debenture redemption Reserve A/c (Being the profits transferred to Debenture

Redemption Reserve)

 

10,50,000

10,50,000

2014

April 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%)

 

 

 

2015

Mar 31

Bank A/c                       Dr.

TDS collected A/c                    Dr,.

To Debenture Redemption Investment A/c

To Interest Earned A/c

(Being the fixed deposit encashed on Redemption and

interest received @ 10% p.a.)

 

6,86,700

6,300

6.30.000

63.000

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)

 

42,00,000

3,36,000

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 to

General 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/c

To Stock A/c

To Furniture A/c

To Leasehold Premises A/c

(Being Assets transferred to Realisation A/c)

3,96,000

76.000

2,00,000

20.000

1,00,000

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)

36.000

60.000

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 loan

paid off by Garima)

70,000

70,000

 

 

 

 

 

6

Realisation A/c Dr.

To Hema’s Capital A/c

To Garima’s Capital A/c

(Being profit on realization distributed among partners)

20,900

12,540

8,360

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 of

accounts)

2,12,540

1,78,360

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

16,000

1,64,000

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 Machinery

To Profit Distributed:

P 3,600

Q 2,400

 

4.000

6.000

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/c

To Balance

c/d

19,200

1,08,000

16,800

72,000

60,000

By Balance b/d

By General

Reserve

By Cash A/c

By Premium for

Goodwill

By Revaluation

A/c

96.000

9.600

18.000

3.600

68,000

6.400

12,000

2.400

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

20,000

2,40,000

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/c

To Revaluation A/c

 

2,400

4,800

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.

2015

June30

Sep 30

To Bank A/c

To Bank A/c

 

36,750

35,875

2015

Apr 1

June 30

Sep 30

By Leela’s Capital

By Interest

By Interest

 

70,000

1,750

875

 

 

 

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.

........ Dr

To

To

(Being the forfeiture of 1000 shares of Rs.10 each, Rs.8

called up, on which allotment money of Rs.2 and

First Call of Rs.3 has not been received.)

 

 

 

ii.

........ Dr

To

To

(Being reissue of 1000 forfeited shares fully paid up

at Rs.11 per share)

 

 

iii.

........ Dr

To

(Being gain on the reissue of shares transferred to

capital 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/c

To Equity Share Capital A/c

(Being the application money transferred to Share

Capital 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 Equity

Shares @ 2 per share)

 

2,00,000

2,00,000

iv.

Bank A/c Dr.

Calls in Arrears A/c

To Equity Share Allotment A/c

(Being the Allotment money received except for

6,000 shares)

 

1,88,000

12,000

2,00,000

 

Equity Share Capital A/c Dr.

 

 

 

 

v.

To Share Forfeited A/c

To Calls in Arrears A/c

(Being 6,000 shares forfeited for non-payment of allotment money)

 

30,000

18,000

12,000

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./c

To Calls in Advance A/c

(Being the First Call money received on 94,000

Equity Shares @ 3 per share and 2 per share on

5,000 shares received in Advance)

 

2,92,000

2,82,000

10,000

 

 

Particulars

Note No

Rs.

I EQUITY AND LIABILITIES

1. Shareholder’s Funds

Share Capital

1

7,70,000

 

 

Notes to Accounts:

Note No

 

Rs.

 

Share Capital

Authorised Share Capital

10,00,000 Equity Shares of Rs.10 each.

1,00,000,000

1

Issued Share Capital

1,00,000 Equity Shares of Rs.10 each

10,00,000

 

Subscribed Share capital

Subscribed but not fully paid-up

7,70,000

 

94,000 equity shares of Rs.10 each, Rs.8 Called up 7,52,000

Add: Share Forfeited Account 18,000

 

OR

Date

Particulars

LF.

Debit

Credit

i

Share Capital A/c Dr.

To Forfeited Share A/c

To Calls in Arrears A/c

(Being 200 shares forfeited for non payment of call money of 10 per share)

 

20,000

18,000

2,000

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)

 

8,000

2,000

10,000

iii.

Forfeited Share A/c Dr.

To Capital Reserve

(Being Allotment made due on 1,00,000

Equity 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 Dr

To Forfeited Share A/c

To Share Allotment A/c

To share First Call A/c

 

 

3,000

 

 

I

 

8,000

2,000

3,000

 

(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 Dr

To Share Capital A/c

To securities Premium Reserve A/c

(Being reissue of 1000 forfeited shares fully paid up at Rs.11 per

share)

 

11,000

10,000

1,000

III

Share Forfeited A/c Dr

To Capital Reserve A/c

(Being gain on the reissue of shares transferred to capital reserve

Account)

 

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

Additional Information:
 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. 

 a) Head: Current Assets Sub head ; Inventories
 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

2014-15

Rs.

2015-16

Rs.

Revenue from operations

Expenses:

  1. Employee benefit expenses were 5% of Revenue from operations
  2. Other expenses

25,00,000

5,90,000

40,00,000

6,80,000

Rate of Tax 35%

 

 

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

 

 

 

Absolute

%age

Change

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 expenses

Total expenses

Profit before tax

Less: 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.

2013-14

Rs.

2012-13

Rs.

 

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 Assets

  1. Tangible assets

(ii) Intangible assets

  1. Current Assets
  1. Current Investments
  2. Inventories
  3. Trade Receivables
  4. Cash & Cash Equivalents

4

5

18,60,000

50.000

8.000

37.000

26.000

14,000

16,10,000

30.000

5.000

59.000

23.000

12.000

TOTAL

 

19,95,000

17,39,000

       

Notes to Accounts:-

Note No

PARTICULARS

2013-14

Rs.

2012-13

Rs.

1

Reserves and Surplus:-

Surplus (balance in Statement of Profit and Loss)

2,50,000

1,10,000

2

Short Term Borrowings

Bank overdraft

12,000

10,000

3

Short term provisions

Provision for Tax

18,000

11,000

4

Tangible Assets

Machinery

Accumulated Depreciation

20,00,000

(1,40,000)

17,00,000

(90,000)

5

Intangible Assets

Patents

50,000

30,000

Additional Information: 
 (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 BEGINNING

OF THE YEAR

 

 

Current Investments

5,000

 

Cash & Cash Equivalents

12,000

17,000

VI - CASH & CASH EQUIVALENTS AT THE END OF

THE 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

40.000

1.40.000

By Balance b/d

By Statement of Profit & Loss

90,000

90,000

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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