CBSE Sample Question Paper Accountancy (Part - 2) - 2017 - 18 Notes | Study Sample Papers for Class 12 Commerce - Class 12

Class 12: CBSE Sample Question Paper Accountancy (Part - 2) - 2017 - 18 Notes | Study Sample Papers for Class 12 Commerce - Class 12

The document CBSE Sample Question Paper Accountancy (Part - 2) - 2017 - 18 Notes | Study Sample Papers for Class 12 Commerce - Class 12 is a part of the Class 12 Course Sample Papers for Class 12 Commerce.
All you need of Class 12 at this link: Class 12

14. Himanshu and Vikrant are partners in a firm and share profits equally. Their Balance Sheet as on March 31, 2017 is as follows: 

Balance Sheet

as at March 31, 2017

Liabilities

Rs.

Assets

Rs.

Capitals:

 

Fixed Assets

3,60,000

Himanshu               2,00,000

 

Current Assets

40,000

Vikrant                  1,40,000

 

 

 

 

3,40,000

 

 

Creditors

60,000

 

 

 

4,00,000

 

4,00,000


During the year 2016-17, Himanshu’s Drawings were Rs. 30,000 and Vikrant’s Drawings were Rs. 40,000. During the year 2016-17 the firm earned profits ofRs. 1,00,000. While distributing profits for the year 2016-17, interest on capital @ 5 % per annum and interest on drawings @ 12 % per annum were ignored.

Showing your workings clearly, pass necessary rectifying entry.          6

Solution: 

Statement of Opening Capital

 

Particulars

Himanshu

Vikrant

Closing Capital

2,00,000

1,40,000

Add: Drawings

30,000

40,000

 

2,30,000

1,80,000

Less: Profit already Distributed

50,000

50,000

Opening Capital

1,80,000

1,30,000

 

Statement Showing Adjustment

                                                                                             Himanshu        Vikrant               Total

 

5 % Interest on Capital (Cr.)

9,000

6,500

15,500

12 % Interest on Drawings (Dr.)

1,800

2,400

4,200

Profit to be recovered (Dr.)

5,650

5,650

11,300

Total (Dr.)

7,450

8,050

15,500

Adjustment

1,550(Cr.)1,550 (Dr.)

 


Journal

 

Date Particulars L F Dr. Amount (Rs.) Cr. Amount (Rs.)
2017 
Apr 1
Vikrant’s Capital Account                 Dr.    1,550  
    To Himanshu’s Capital Account     1,550
  (Adjustment of interest on Capital and interest on drawings for previous year)      


15. On April 1, 2013, XY Limited issued Rs. 9,00,000  10% debentures at a discount of 9%. The debentures were to be redeemed in three equal annual instalments starting from March 31, 2015. Prepare ‘Discount on Issue of Debenture Account’ for the first three years starting from April 1, 2013. Also show your workings clearly. 6

Solution:   

Discount on Issue of 10 % Debentures Account

Date Particulars JF Amount (Rs) Date Particulars JF Amount (Rs)
2013
Apr 1
To 10 % Debentures A/C   81,000 2014
Mar 31
By Statement of Profit & Loss    27,000
          By Balance c/d   54,000
      81,000       81,000
2014
Apr 1
To Balance b/d   54,000 2015
Mar 31
By Statement of Profit & Loss    27,000
          By Balance c/d   27,000
      54,000       54,000
2015
Apr 1
To Balance b/d   27,000 2016
Mar 31
By Statement of Profit & Loss    18,000
          By Balance c/d   9,000
      27,000       27,000

1.5+1.5+1.5=4.5

Working Notes

1.5

Year ended

Debentures

Outstanding

Ratio

Discount               amount

written off

31 March 2013

9,00,000

3

3/9x 81000 = 27,000

31 March 2014

9,00,000

3

3/9x 81000 = 27,000

31 March 2015

6,00,000

2

2/9x 81000 = 18,000

31 March 2016

3,00,000

1

1/9x 81000 = 9,000

 

16. ZX Limited invited applications for issuing 5,00,000 Equity shares of Rs. 10 each payable at a premium of Rs. 10 each payable with Final call. Amount per share was payable as follows:

  Rs. 
On Application   2
On Allotment 3
On First Call 2
On Second & Final Call Balance


Applications for 8,00,000 shares were received. Applications for 50,000 shares were rejected and the application money was refunded. Allotment was made to the remaining applicants as follows:

Category Number of Shares Applied Number of Shares Allotted 
I 2,00,000 1,50,000
II 5,50,000 3,50,000

 


Excess application money received with applications was adjusted towards sums due on allotment. Balance, if any was adjusted towards future calls. Govind, a shareholder belonging to category I, to whom 1,500 shares were allotted, paid his entire share money with allotment. Manohar belonging to category II, who had applied for 11,000 shares failed to pay ‘Second & Final Call money’. Manohar’s shares were forfeited after the final call. The forfeited shares were reissued at Rs. 10 per share as fully paid up. 


Assuming that the company maintains “Calls in Advance Account” and “Calls in Arrears Account”, pass necessary Journal entries for the above transactions in the books of ZX Limited. 8

OR

(a) AX Limited forfeited 6,000 shares of Rs. 10 each for non-payment of First call of Rs. 2 per share. The Final call of Rs. 3 per share was yet to be made. The Final call was made after Forfeited of these shares. Of the forfeited shares, 4,000 shares were reissued at Rs. 9 per share as fully paid up.Assuming that the company maintains ‘Calls in Advance Account’ and ‘Calls in Arrears Account’, prepare “Share Forfeited Account” in the books of AX Limited.

(b) BG Limited issued 2,00,000 equity shares of Rs. 20 each at a premium of Rs. 5 per share. The shares were allotted in the proportion of 5 : 4 of shares applied and allotted to all the applicants. Deepak, who had applied for 900 shares, failed to pay Allotment money of Rs. 7 per share (including premium) and on his failure to pay ‘First & Final Call’ of Rs. 2 per share, his shares were forfeited. 400 of the forfeited shares were reissued at Rs. 15 per share as fully paid up.Showing your working clearly, pass necessary Journal entries for the Forfeited and reissue of Deepak’s shares in the books of BG Limited. The company maintains ‘Calls in Arrears’ Account’.

(c) ML Limited forfeited 1,200 shares of Rs. 10 each allotted to Ravi for Non-payment of ‘Second & Final Call’ of Rs. 5 per share (including premium of Rs. 2 per share). The forfeited shares were reissued for Rs. 10,800 as fully paid up. Pass necessary Journal entries for reissue of shares in the books of ML Limited. 

Solution:

Journal 

Date Particulars L F Dr. Amount Cr. Amount 
  Bank Account                                     Dr.   16,00,000  
    To Equity Share Application Account     16,00,000
  (Application money received )      
  Equity Share Application Account       Dr.   16,00,000  
    To Equity Share Capital Account     10,00,000
    To Equity Share Allotment Account     5,00,000
    To  Bank Account     1,00,000
  (Application money transferred to Equity Share Capital account, Equity Share Allotment account and remaining amount refunded)      
  Equity Share Allotment Account         Dr.     15,00,000  
    To Equity Share Capital Account     15,00,000
  (Allotment money due on 5,00,000 equity shares @ Rs. 3 each)      
  Bank Account                                     Dr.   10,22,500  
    To Equity Share Allotment Account      10,00,000
    To Calls in Advance Account     22,500
  (Allotment money received along with Calls in Advance on 1,500 Shares)      
  Equity Share First Call Account        Dr.   10,00,000  
    To Equity Share Capital Account     10,00,000
  (First Call money due on 5,00,000 equity shares @ Rs. 2 each)      
  Bank Account                                   Dr.   9,97,000  
  Calls in Advance Account                 Dr.    3,000  
    To Equity Share First Call  Account      10,00,000
  (First call money received)      
  Equity Share Final Call Account        Dr.   65,00,000  
    To Equity Share Capital Account     15,00,000
    To Securities Premium Reserve Account     50,00,000
  (Final Call money due on 5,00,000 equity shares @ Rs. 13 each including premium of Rs. 10 each)      
  Bank Account                                 Dr.   63,89,500  
  Calls in Advance Account                Dr   19,500  
  Call in Arrears Account                    Dr.   91,000  
    To Equity Share Final Call  Account      65,00,000
    (Final call money received)      
  Equity Share Capital Account               Dr.   70,000  
  Securities Premium Reserve Account     Dr.   70,000  
    To  Share Forfeited Account     49,000
    To Calls in Arrears Account     91,000
  (Manohar’s Shares forfeited)      
  Bank Account                                                Dr.    70,000  
    To Equity Share Capital Account     70,000
  (Forfeited Shares of Manohar re-issued)      
  Share Forfeited Account                          Dr.    49,000  
    To Capital Reserve Account     49,000
  (Share forfeited account transferred to capital reserve account)      


OR

(a)                                                                Share Forfeited Account

Date Particulars JF Amount (Rs.) Date Particulars JF Amount (Rs.)
  To Share Capital Account   4,000   By Share Capital A/C   30,000
  To  Capital Reserve A/C   16,000        
  To Balance c/d   10,000        
      30,000       30,000

½ X 4 =2

(b)                                                             Journal

 

Date

Particulars

L F

Dr. Amount

(Rs.)

Cr. Amount

(Rs.)

 

Share Capital Account

Dr.

 

14,400

 

 

Securities Premium Reserve

Dr.

 

2,160

 

 

To Share Forfeited Account

 

 

 

12,960

 

To Calls in Arrears Account

 

 

 

3,600

 

( 720 Shares forfeited )

 

 

 

 

 

Bank Account

Dr.

 

6,000

 

 

Share Forfeited Account

Dr.

 

2,000

 

 

To Share Capital Account

 

 

 

8,000

 

(400 Shares re-issued @ Rs. 15 each)

 

 

 

 

 

Share Forfeited Account

Dr.

 

5,200

 

 

To Capital Reserve Account

 

 

 

5,200

 

(Gain on re-issue of forfeited shares transferred to capital reserve account)

 

 

 

 

 

Working Notes:

(i) Since the Shares are allotted in the proportion of 5 : 4, therefore for 900 applied shares, shares allotted are 4/5 X 900 = 720 Shares.

(ii) Application Money Received on 900 Shares = 900 X 16 = 14,400
Amount adjusted on Application = 720 X 16  =11,520
Amount to be adjusted on Allotment  =  2,880

(iii) Allotment Money due on 720 Shares = 720 X 7 = 5,040
Less: Already received  = 2,880
Allotment Money not received  = 2,160

(iv) Calls in Arrears:

Allotment Money  = 2,160
First & Final Call Money
= 1,440
3,600
(1 mark for each correct Journal Entry and 1 mark for Working Notes) 

(c)                                Journal

Date Particulars L F Dr. Amount (Rs.) Cr. Amount (Rs.)
  Bank Account                                    Dr.   10,800  
  Share Forfeited Account                    Dr.   1,200  
    To  Share Capital Account      12,000
  (1,200 Shares re-issued for Rs. 10,800 as fully paid up)      
  Share Forfeited Account                             Dr.    7,200  
    To Capital Reserve Account     7,200
  (Gain on re-issue of forfeited shares transferred to capital reserve account)      

1 X 2 = 2

17. A, B & C were partners in a firm sharing profits & losses in proportion to their fixed capitals. Their Balance Sheet as at March 31, 2017 was as follows:

Balance Sheet

as at March 31, 2017

 

Liabilities

Rs.

Assets

Rs.

Capitals:

 

 

Bank

21,000

A

5,00,000

 

Stock

9,000

B

3,00,000

 

Debtors                                                     15,000

 

C

2,00,000

10,00,000

Less: Provision for Doubtful Debts 1,500

13,500

General Reserve

 

75,000

A's Loan

35,500

Creditors

 

23,000

Plant & Machinery

2,00,000

Outstanding Salary

 

7,000

Land & Building

6,00,000

B's Loan

 

15,000

Profit & Loss Account (For the year ending 31st March 2017)

2,41,000

 

 

11,20,000

11,20,000

 

On the date of above Balance Sheet, C retired from the firm on the following terms:

(i) Goodwill of the firm will be valued at two years purchase of the Average Profits of last three years. The Profits for the year ended March 31, 2015 & March 31, 2016 were Rs. 4,00,000&Rs. 3,00,000 respectively.

(ii) Provision for Bad Debts will be maintained at 5% of the Debtors.

(iii) Land & Building will be appreciated by Rs. 90,000 and Plant & Machinery Will be reduced to Rs. 1,80,000.

(iv) A agreed to repay his Loan.

(v) The loan repaid by A was to be utilized to pay C. The balance of the amount payable to C was transferred to his Loan Account bearing interest @ 12% per annum.

Prepare Revaluation Account, Partners’ Capital Accounts, Partners’ Current Accounts and the Balance Sheet of the reconstituted firm.   8

OR

P & K were partners in a firm. On March 31, 2017 their Balance Sheet was as follows:

Balance Sheet

as at March 31, 2017

 

Liabilities

Rs.

Assets

Rs.

Capitals:

 

Bank

18,000

p                                        3,00,000

 

Stock

19,000

K                                                  2,00,000

5,00,000

Debtors

22,000

 

General Reserve

1,00,000

Less: Provision for Doubtful Debts

1,500

20,500

Creditors

50,000

Unexpired Insurance

 

5,000

Outstanding Expenses

8,000

Shares in X Limited

 

65,000

C's Loan

1,20,000

Plant & Machinery

 

1,45,500

Profit & Loss Account (Profit for 2016-17)

55,000

Land & Building

 

5,60,000

 

8,33,000

 

 

8,33,000

 

On April 1, 2017, they decided to admit C as a new partner for 1/4th share in profits on the following terms:

(i) C’s Loan will be converted into his capital.

(ii) C will bring his share of goodwill premium by cheque. Goodwill of the firm will be calculated on the basis of Average Profits of previous three years. Profits for the year ended March 31, 2015 and March 31, 2016 were Rs. 55,000 and Rs. 1,00,000 respectively.

(iii) 10% depreciation will be charged on Plant & Machinery and Land & Building will be appreciated by 5%.

(iv) Capitals of P & K will be adjusted on the basis C’s capital. Adjustments be done through bank and in case required overdraft facility be availed.
Pass necessary Journal entries on C’s admission.  8

Solution:Revaluation Account

 

Particulars

Amount

(Rs.)

Particulars

Amount

(Rs.)

To Plant & Machinery

 

20,000

By Provision for Doubtful Debts

750

To Profit transferred to Partners' Current Accounts

 

 

By Land & Building

90,000

 

 

 

 

 

A

35,375

 

 

 

B

21,225

 

 

 

C

14,150

 

 

 

 

 

70,750

 

 

 

 

90,750

 

90,750

 

Partners’ Current Accounts

 

Date

Particulars

A

B

C

Date

Particulars

A

B

C

2017

To C's Current Account

38,250

22,950

 

2017

By Revaluation Account

35,375

21,225

14,150

Mar 31

To Profit & Loss A/C

1,20,500

72,300

48,200

Mar 31

By A's Current Account

 

 

38,250

 

To C's Capital Account

 

 

42,150

 

By B's Current Account

 

 

22,950

 

 

 

 

 

 

By General Reserve

37,500

22,500

15,000

 

 

 

 

 

 

By Balance c/d

85,875

51,525

 

 

 

1,58,750

95,250

90,350

 

 

1,58,750

95,250

90,350


Partners' Capital Accounts

Date Particulars A B C Date Particulars A B C
2017
Mar 31
To Bank Account     35,500 2017 
Mar 31
By Balance b/d 5,00,000 3,00,000 2,00,000
  To C’s Loan Account     2,06,650   By C’s Current Account     42,150
  To Balance c/d 5,00,000 3,00,000            
    5,00,000 3,00,000 2,42,150     5,00,000 3,00,000 2,42,150


Balance Sheet

as at  March 31, 2017

 

Liabilities

Amount

(Rs.)

Assets

Amount

(Rs.)

Capitals:

 

 

 

Bank

 

21,000

A

 

5,00,000

 

Stock

 

9,000

B

 

3,00,000

 

Debtors

15,000

 

 

 

 

8,00,000

Less: Provision for D. Debts

750

14,250

C's Loan

 

 

2,06,650

Plant & Machinery

 

1,80,000

Creditors

 

 

23,000

Land & Building

 

6,90,000

Outstanding Salary

 

7,000

A's Current Account

 

85,875

B's Loan

 

 

15,000

B's Current Account

 

51,525

 

 

 

10,51,650

 

 

10,51,650


OR

Journal

Date Particulars L F Dr. Amount (Rs.) Cr. Amount (Rs.)
  C’s Loan Account                                  Dr.   1,20,000  
    To C’s Capital Account     1,20,000
  (C’s Loan account transferred to his capital account)      
  Bank Account                                             Dr.   17,500  
    To Premium for Goodwill Account      17,500
  (New partner C brings in his share of goodwill)      
  Premium for Goodwill Account                  Dr.   17,500  
    To P’s Capital Account      8,750
    To K’s Capital Account     8,750
  (Premium for Goodwill transferred to old partners’ capital accounts in their sacrificing ratio)      
  Revaluation Account                                      Dr.   14,550  
    To Plant & Machinery Account     14,550
  (Revaluation of Plant & Machinery on admission of new partner)      
  Land & Building Account                                Dr.    28,000  
    To Revaluation Account      28,000
  (Revaluation of Land & Building on admission of new partner )      
  Revaluation Account                                     Dr.    13,450  
    To P’s Capital Account      6,725
    To K’s Capital Account     6,725
  (Profit on revaluation transferred to partners’ capital accounts)      
  General Reserve Account                              Dr.    1,00,000  
    To P’s Capital Account      50,000
    To K’s Capital Account     50,000
  (General Reserve transferred to partners’ capital account)      
  Profit & Loss Account                                     Dr.    55,000  
    To P’s Capital Account      27,500
    To K’s Capital Account     27,500
  (Profit & Loss account transferred to partners’ capital account)      
  P’s Capital Account                                        Dr.   2,12,975  
  K’s Capital Account                                           Dr.   1,12,975  
  To Bank Account     3,25,950
  (Cash paid to P and K for adjustment of capital)      

8

The document CBSE Sample Question Paper Accountancy (Part - 2) - 2017 - 18 Notes | Study Sample Papers for Class 12 Commerce - Class 12 is a part of the Class 12 Course Sample Papers for Class 12 Commerce.
All you need of Class 12 at this link: Class 12

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