Mock Test 1 for CBSE Examination - Class 12 Accountancy Commerce Notes | EduRev

Accountancy Class 12

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Mock Test -1

 

Time Allowed: 3 Hrs.                                                                                                 Max. Marks: 80

General Instructions:-

(i)         This question paper contains two parts A and B.

(ii)        All parts of the question should be attempted at one place.

 

PART ‘A’

1. What is profit and loss adjustment account? 

 (1)

2. State any two occasions on which a firm may be reconstituted.

(1)

3. Show accounting treatment when premium for goodwill brought in kind?

(1)

4. Write one distinction between dissolution of partnership and dissolution of firm? 

(1)

5. Give the meaning of ‘reserve capital’.

(1)

6. Identify the purpose of utilizing the securities premium that would maximize the return to share holders.

(1)

7. What is meant by ‘Debentures issued as collateral security’?

(1)

8. The books of a business showed that the capital employed on December 31, 2006, Rs. 5,00,000 and the profits for the last five years were: 1997– Rs. 40,000: 1998-Rs. 50,000; 1999-Rs. 55,000; 2000-Rs.70,000 and 2001-Rs. 85,000. You are required to find out the value of goodwill based on 3 years purchase of the super profits of the business, given that the normal rate of return is 10%.

(3)

9. On 1st April 2010, Mohan Ltd. has issued Rs.40,00,000, 12% debentures of Rs.100 each at a premium of 5% and redeemable at a premium of 10% on 31st march 2014. Pass entries at the time of redemption

a. Redeemed half of the debentures by purchasing them in the open market for immediate cancellation at Rs95.

b. Redeemed the remaining by draw of lots.  

(3)

10.  Apple ltd took over assets of Samsung ltd of Rs.7,00,000 and Creditors of Rs.80,000 for a sum payable of Rs.6,00,000, payable 10% by a cheque and the balance by issue of 10% debentures of Rs.500 each at a discount of 10% and redeemable at a premium of 5% . Pass the necessary journal entries.

(3)

11. Shabir and David were partners in a firm supplying school uniform.  They share profits in the ratio of 4:3. Their capitals as on 1st April, 2011 were Accounts Mock Test,Class 12 Accounts,CBSE class 12,CBSE Board Exam Preparation  1,00,000 and Accounts Mock Test,Class 12 Accounts,CBSE class 12,CBSE Board Exam Preparation 50,000 respectively. On this date Shabir suggested David to start supplying low cost school uniforms also to the students who belong to low income group and have been admitted to the private schools of the city as per the provisions of Right to Education Act 2009.  David agreed and requested to admit his friend Charu, a visually handicapped unemployed person into the firm; however Charu will not contribute any capital.  Shabir agrees to it.  They were in need of more capital.  Shabir, therefore persuaded a rich friend of his, Rafiq, who hailed from Assam to be a partner.

 

  1. Rafiq contributed Accounts Mock Test,Class 12 Accounts,CBSE class 12,CBSE Board Exam Preparation 7,00,000 in cash, Delivery Van of Accounts Mock Test,Class 12 Accounts,CBSE class 12,CBSE Board Exam Preparation 2,75,000 and Furniture of Accounts Mock Test,Class 12 Accounts,CBSE class 12,CBSE Board Exam Preparation 25,000 as capital.
  2. The new profit sharing ratio is 3:2:1:1.

a. Identify any four values which according to you motivated them to form the partnership firm.

b. Calculate Sacrificing ratio and pass necessary journal entry.

(2+2)

12. A, B andCwere partners sharing profits in the ratio of 3:5:2.  Their Balance Sheet as on 1st April, 2011 was as follows:

Liabilities

Accounts Mock Test,Class 12 Accounts,CBSE class 12,CBSE Board Exam Preparation

Assets

Accounts Mock Test,Class 12 Accounts,CBSE class 12,CBSE Board Exam Preparation

Creditors

Employees Provident Fund

Capital A/c’s:

A

B

C

 

20,000

26,000

 

1,00,000

70,000

50,000

Cash

Debtors

Stock

Furniture

Building

 

16,000

16,000

80,000

34,000

1,20,000

 

2,66,000

2,66,000

B retires on the above date and it was agreed that:

  1. B’s share of Goodwill was Accounts Mock Test,Class 12 Accounts,CBSE class 12,CBSE Board Exam Preparation 8,000.
  2. 5% provision for doubtful debts was to be made on debtors.
  3. Sundry creditors were valued Accounts Mock Test,Class 12 Accounts,CBSE class 12,CBSE Board Exam Preparation 4,000 more than the book value. Pass necessary journal entries for the above transactions on B’s retirement.

(4)

13. X ltd issued 20000 shares of Rs.50 each at Rs.75 the issue was oversubscribed by 25000. Money was payable as follows Rs.20 on application, Rs.40 on allotment (including premium) balance on first call. Applicants of 10,000 shares were rejected and remaining applicants were allotted on pro rata basis. Gabbar shareholder of 500 shares failed to pay the allotment money and Veeru the holder of 1000 shares at paid full amount due on his shares along with the allotment. Calculate and show the journal entry of the amount received on allotment and show your workings clearly?

(4)

 

14. A Ltd. was registered with an authorised capital of Rs. 10,00,000 divided into equity shares of Rs. 10 each. The company invited applications for the issue of 50,000 shares. Applications for 48,000 shares were received. All calls were made and were duly received except the final call of Rs. 2 per share on 1,000 shares. All these shares were forfeited and later on re-issued at Rs. 9,000 as fully paid.

(i) Show how ―Share Capital‖ will appear in the Balance Sheet of A Ltd. as per III

(ii) Also prepare ―Notes to Accounts for the same.

(4)

15. A, B and C are partners in a firm sharing profits in the ratio of 5 : 3 : 2 respectively. Their Balance Sheet as on 31st December, 2012 was as follows :

 

Liabilities

Amount

Assets

Amount

Capitals:

 

Patents

1,10,000

A

3,00,000

P & L

2,00,000

B

2,50,000

Machinery

3,00,000

C

1,50,000

Stock

1,00,000

Creditors

1,10,000

Debtors

80,000

Reserves

60,000

Cash

80,000

 

8,70,000

 

8,70,000

 

A died on 1st October, 2013, due to illness. It was agreed between the firm and A‖s executors that the amount due to A will be used for construction of a Charitable Hospital in a village. As per the agreement :

(i) Goodwill was valued at 2 years purchase of average profits of last 4 years, which were : 2009 –  Rs. 1,00,000;2010 – Rs. 1,60,000; 2011 – Rs. 1,80,000

ii) Patents were revalued at Rs. 90,000; Machinery at Rs. 2,80,000

(iii) A‖s share of profit till the date of his death will be calculated on the basis of the profit of the year 2012.

(iv) Interest on capital will be provided at 10% p.a.

(v) Amount due to A‖s executors will be transferred to Charity account.

Prepare a capital account to be presented to his executor.

(6)

16. Monu and Sonu are partners with their respective capital of Rs.4,00,000 and Rs.2,00,000. The profit for year ending on 31st March,2012 was Rs.3,45,000 before allowing interest on partner’s loan. Show the distribution of  profit after taking the following into consideration:

a) Interest on Monu’s loan of Rs.1,50,000 (given on 01.10.11).

b) Interest on capital is to be allowed @ 5% p.a.

c) Interest on drawings @ 6% p.a. Drawings were Monu Rs.60,000 and Sonu Rs.40,000.

d) Sonu is to be allowed a commission of 2% on sales. Sales for the year were Rs.30,00,000.

e) 10% of the divisible profit to be kept as Reserve.

Also show Partners’ Capital Account and profit and loss appropriation a/c.

(6)

17. Mahaluxmi Limited invited applications for issuing 1,00,000 Equity Shares of Rs.10 each at a premium of 20% The amount was payable as follows: On Application Rs.3 per share; On Allotment Rs.5 per share[including Re. 1 as premium]; Balance on first & final call. Applications for 1,40,000 shares were received. Allotment was made to all applicants on pro-rata basis. Excess money received on application was adjusted towards sums due on allotment. Ramesh, who had applied for 1,400 shares, did not pay the allotment money and on his failure to pay the allotment money his shares were forfeited. After wards, the first and final call was made. Kapoor, who had been allotted 1,000 shares, did not pay the first and final call. His shares were also forfeited. Out of the forfeited shares 1,800 shares were reissued at Rs.8 per share fully paid up. The reissue shares included all the shares of Ramesh. Pass necessary journal entries.

OR

a.         Rosy ltd forfeited 300 shares of 100 each Rs.75 called up issued at a premium of 5% to mr.black on which he has paid Rs.50 per share on the applaication. Out of these 150 shares were reissued at Rs.6000

b.         Samta ltd forfieted 200 shares of Fuji who applied for 300 shares of Rs.10 for the non-payment of allotment money of Rs.5, Rs. 2 as final call was not called and the balance he had paid at the time of application. Out these 50 shares were reissued at Rs.8 and reaming at Rs.9 as fully paid up.

c.         Forfeited 470 shares of Rs.10 each issued at premium of Rs.5 for non payment of allotment money of Rs.8.(including a premium of Rs.3) and a final call of Rs.5.Out of these half were reissued at Rs.13 fully paid up.

(8)

18.  Alfa and Beta were partners in a firm. On 1st April, 2013 they admitted Gama, a good friend of Beta into the partnership. Alfa and Beta decided to adjust their capitals as per Gama capital by bringing or withdrawing in cash. The Balance Sheet of Alfa and Beta as at 31st March, 2013 was as follows :

 

Liabilities

Amount

Assets

Amount

Provision for Doubtful Debts

Workmen Compensation Fund

Outstanding Expenses

Creditors

Capitals :

Alfa 5,00,000

Beta 6,00,000

40,000

56,000

30,000

3,00,000

 

11,00,000

Cash

Sundry Debtors

Stock

Machinery

Profit and Loss A/c

Land & building

1,00,000

4,00,000

1,80,000

3,86,000

60,000

4,00,000

 

 

15,26,000

 

15,26,000

 

Gama was admitted in the firm on the following terms :

(i) Gama will bring in Rs. 4,00,000 as his share of capital

(ii) The new profit sharing ratio between Alfa, Beta and Gama will be 2 : 2 : 1.

(iii) Claim on account of workmen compensation was Rs. 30,000.

(iv) To write off bad debts amounted to  Rs.50,000.

(v) Stock was found undervalued by 20%.

(vi) land& building is overvalued by 25%

(vii) Outstanding expenses be brought down to Rs. 12,000.

(viii) Goodwill of the firm was valued at  Rs. 1,80,000              

OR

Following is the Balance Sheet of Y and X, who share profits and losses in the ratio of  2:3, as at 31st March, 2013:

 

Accounts Mock Test,Class 12 Accounts,CBSE class 12,CBSE Board Exam Preparation

 The firm was dissolved on the above date and the following arrangements were decided

upon:  (i) X agreed to pay off his brother’s loan

(ii) Debtors of `4,000 proved bad debts

(iii) Other assets realized – Investments 80%; and goodwill at 60% less.

(iv) 80% of the creditors were realized for 20% and remaining were taken by X at 60%

(v) Buildings were auctioned for `20,000 and the auctioneer’s commission was 5%

(vi) Y took over part of stock at `4,500 (being 10% less than the book value). Balance stock realized at 40%.

(vii) Realization expenses amounted to `2,000.

(8)

PART-B

19. State with reason whether the issue of 9% debentures to a vendor for the purchase of machinery of Rs. 50,000 will result in inflow, outflow or no flow of cash while preparing Cash Flow Statement 

(1)

20.State any one objective of analysis of financial statements.

 (1)

21.Give two examples of extra ordinary items.

 (1)

22.State under which major headings the following items will be presented in the Balance Sheet of a company as per revised Schedule III

(i) Long Term borrowings

(ii) Trade Payables

(iii) Provision for tax

(iv) Securities Premium Reserve

(v) Patents

(vi) Accrued Incomes

(3)

23. From the following particulars of Jee Ltd. for the years ended on 31st March, 2012 and 2013, prepare a Comparative Statement of Profit and Loss :

 Particulars  31.03.2013  

31.03.2012

 Revenue from operations  20,00,000  25,00,000
 Employees‖ Benefit Expenses  5,00,000  6,00,000
 Other Expenses  1,00,000  1,50,000
 Tax Rate  50%  50%

 

 

 

 

 

 

(4)

24. From the following information obtained form the books of Vinod Limited as on 31.3.2012.

Calculate (a) Quick Ratio and (b) Stock Turnover Ratio:

Inventory Rs.1,00,000             Trade Receivables Rs.1,20,000

Advance Tax Rs.4,000            Cash Rs.60,000;

Trade Payables Rs.1,05,000    Bank Overdraft Rs.8,000

Cost of goods sold Rs.4,20,000

Additional Information:

Closing Inventory was Rs.20,000 more than the opening Inventory.

(4)

25. Prepare Cash Flow Statement from the following Balance sheets and Additional information

 

PARTICULARS

31/03/2013

31/03/2012

EQUITY AND LIABILITIES

   1. SHAREHOLDERS FUND

(a) Share Capital

         (b) Reserves and Surplus

  2. Non  Current Liabilities

          10% Debentures

  3. Current Liabilities

          Trade payables

 

 

6,30,000

3,08,000

 

1,00,000

 

1,80,000

 

 

5,60,000

1,82,000

 

1,50,000

 

32,000

TOTAL

12,18,000

9,24,000

ASSETS

1. NON CURRENT ASSETS

Fixed Assets :

           Plant

2. Current Assets

      Inventories

      Trade Receivables

      Cash And Cash Equivalents

 

 

 

 

3,92,000

 

98,000

6,30,000

98,000

 

 

 

2,80,000

 

1,40,000

4,20,000

84,000

Total

12,18,000

9,24,000

ADDITIONAL INFORMATION:

(i) An old machinery having book value of Rs 72,000(accumulated depreciation was Rs.30,000) was sold for 56,000.

(ii) Depreciation provided on machinery during the year was Rs 28,000.

(6)

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