Sample Papers
|
 |
|
 |
|
|
|
SAMPLE PAPER
SET-II
ACCOUNTANCY
Time Allowed : 3 Hrs.
Maximum Marks 100
General Instructions :
(i) This paper is divided into two parts A and B.
(ii) Each part carries 50 marks.
(iii) Each question carries marks indicated against it.
|
|
[ Section - A]
|
| 1. |
Give
any four items appearing on the debit side of a
current a/c of a partner. 2 |
| 2. |
A and B
share profits and losses in the ratio of 3 : 2.
They admit C as a new partner. A surrenders 1/5
of his share and B surrenders 1/5 from his
share. Calculate new profit sharing ratio &
sacrificing ratio. 3 |
| 3. |
Differentiate between any one of the
following : - |
| (a) |
Revaluation account and Realisation
account. |
| (b) |
Dissolution of the firm and dissolution of
the partnership. |
| 4. |
State
the purposes for which share premium can be
utilised. |
| 5. |
P,Q and
R are partners in a firm sharing profit &
losses in the ratio of 5 : 3 : 2. Their fixed
capitals were Rs. 3,00,000, Rs. 2,00,000 and Rs.
1,00,000 respectively. For the year 1998
interest was credited to them @ 10 % p.a.
instead of 8 % p.a. Showing your working
clearly, pass the necessary formal entry. 3
|
| 6. |
A, B
and D were partners in a firm sharing profits in
proportion of their capitals which were Rs.
4,00,000, Rs. 3,00,000 and Rs. 2,00,000
respectively. They had a JLP of Rs. 2,70,000 on
which the annual premium was considered as an
asset upto surrender value. On 1-8-98 B died. On
that date the books showed a surrender value of
Rs. 90,000 and also there was a debit balance of
Rs. 90,000 in their P & L A/c. Pass
necessary journal entries on B's death.
|
| 7. |
X,Y and
Z were partners in a firm sharing profits in the
ratio of 3 : 2 : 1. Z retired and the new profit
sharing ratio between X and Y was 1:2. On Z's
retirement the goodwill of the firm was valued
at Rs. 30,000. Pass necessary adjusting journal
entry for the treatment of goodwill on Z's
retirement. 3 |
| 8. |
The
following information has been extracted from
the books of G Ltd valign="top"., :
- |
|
Share
capital Rs. 10,00,000, share premium Rs.
1,00,000 12 % debentures Rs. 50,000, creditors
Rs. 2,00,000 proposed dividend Rs. 50,000, P
& L A/c (Dr.) Rs. 50,000, live stock Rs.
9,00,000, Government Bonds Rs. 4,00,000,
work-in-progress Rs. 4,00,000 and discount on
issue of 12 % debentures Rs. 1,00,000.
Prepare the Balance -
Sheet of Company as per schedule VI Part I of
Companies ACt 1956. 5 |
| 9. |
A and S
were partners in a firm sharing profits in the
ratio of 2:1. On 31-3-98 their Balance - Sheet
was as follows : - |
|
Balance
- Sheet |
|
Liabilities |
Amount
|
Assets |
Amount
|
Creditors |
- |
- |
- |
Bills
payable |
20,000 |
Sundry |
- |
Reserve
Fund |
15,000 |
Debtors
|
- |
Capitals |
12,000 |
40,000
|
- |
|
A -
40,000 |
- |
Less
provision for |
- |
|
B -
30,000 |
70,000 |
Bad
Debt 3,600 |
- |
| - |
- |
- |
36,400 |
| - |
- |
Stock
|
20,000 |
| - |
- |
Buildings |
25,000 |
| - |
- |
Patents |
2,000 |
| - |
- |
Machinery |
33,600 |
| - |
1,17,000 |
- |
1,17,000 |
|
|
Z is
admitted into partnership on this date. The new
profit sharing ratio is agreed as 3 : 2 : 1. Z
brings in proportionate capital after the
following adjustments : - |
| (a)
|
C
brings Rs. 10,000 in cash as his share of
goodwill. |
| (b)
|
Provision for doubtful debts is reduced by
Rs. 2,400. |
| (c)
|
There
is an old typewriter valued at Rs. 2,600. It
does not appear in the books of the firm. It is
not to be recorded. |
| (d)
|
Patents
are now valueless. Prepare Revalution account,
Capital accounts and opening Balance Sheet of
A,B & C. 10 |
|
OR
|
|
P and Q
were partners sharing profits 3/5 and 2/5
respectively. At the date of dissolution their
capitals were P-Rs. 7650 and Q Rs. 4,300. The
creditors amounted to Rs. 27,500 the balance of
cash was Rs. 760, while other assets realised
Rs. 25,430. Dissolution expenses amounted to Rs.
540. All partners were solvent. Close the books
of the firm showing Realisation A/c, Capital A/c
and Cash A/c. |
| 10. |
Pass
Journal entries in the following cases : - 10
|
| (1) |
X Ltd
valign="top". forfeited 100 shares of
Rs. 10 each, Rs. 6 called up, issued at a
discount of 10 % to Mahesh on which he had paid
Rs. 2 per share. Out of these 80 shares were
reissued at Rs. 6 per share to Suresh, Rs. 8
paid up. |
| (2)
|
X. Ltd
valign="top". purchased assets of Rs.
3,80,000 from Ram Traders. It issued shares of
Rs. 100 each fully paid at a discount of 5 % in
satisfaction of purchase consideration.
|
| (3) |
M. Ltd
valign="top". forfeited 2,000 equity
shares of Rs. 10 each issued at a premium of Rs.
5 per share, held by Ram for non-payment of the
final call of Rs. 3 per share. Of these 100
shares were reissued to Vishnu at a discount of
Rs. 4 per share. |
|
OR |
|
The
Balance - Sheet of Apollo Ltd
valign="top". L disclosed the
following information on 1-1-97 : -
|
|
12 %
Debentures : Rs. 14,00,000 |
|
Debenture Redemption Fund : Rs.
10,50,000 |
|
Debenture Redemption Fund :
|
|
Investment : Rs. 10,50,000
|
|
The
annual contribution to Deb. Redemption Fund was
Rs. 1,25,000 for the year 1997 and 1998. The
debentures were redeemedable on 31-12-98. On
31-12-98 the investments were sold for Rs.
12,00,000 and debentures were redeemed. Prepare
Debenture A/c, Debenture Redemption Fund A/c and
Deb. Red. Fund Investment A/c. |
| 11.
(a) |
What do
you understand by debentures issued as
collateral security ? 3 |
| (b) |
A
company issued 12 % debentures of Rs. 10,00,000
at 10 % discount, redeemable at par. Assume
further that debentures are to be redeemed by
drawings method in the following manner : -
|
|
Year
End |
Amount |
| - |
(Face
Value) |
3 |
1,00,000 |
4 |
2,00,000 |
5 |
3,00,000 |
6 |
4,00,000 |
|
|
Calculate the amount of discount to be
written off every year. |
|
[PART - B]
|
| 12. |
What is
meant by 'Analysis of Financial Statements'?
Give the significance and purpose of analysis of
Fionancial Statements.
|
| 13. |
State
the significance and method of calculation of
any two of the following ratios : -
|
| (1) |
Current
ratio. |
| (2) |
Operating ratio. |
| (3) |
Return
on investments. 6 |
| 14. |
From
the following details, calculate : -
|
| (1) |
Opening
stock. |
| (2) |
Closing
stock |
|
Stock
turnover ratio - 6 times, Gross Profit - 20 % on
Sales, Sales - Rs. 1,80,000, Closing stock is
Rs. 15,000 in excess of opening stock. 3
|
| 15. |
Following is the Balance - Sheet of X Ltd
valign="top"., as on 31st March, 1999
: - |
|
Equity
Share Capital |
40,000 |
Fixed
Assets |
8,00,000 |
Equity
Shares of Rs. 10 each |
4,00,000 |
Current
Assets |
3,80,000 |
12 %
Preference Share capital |
2,00,000 |
Under
writing Commission |
20,000 |
Reserves |
1,50,000 |
- |
- |
P &
L A/c |
1,20,000 |
- |
- |
15 %
Debentures |
1,00,000 |
- |
- |
Current
Liabilities |
2,30,000 |
- |
- |
| - |
12,00,000 |
- |
12,00,000 |
|
|
Profit
for the current year before payment of interest
and tax amounted to Rs. 3,55,000. Rate of tax is
50 %. You are required to calculate : -
|
| (a) |
Return
on Investment |
| (b) |
Return
of Equity |
| 16 |
The
following are the summarised Balance - Sheets of
Ashish International Ltd valign="top".
as on 1st Jan'94 and 31st Dec'94 :
- |
|
| Liabilities |
1st
Jan.'94 Rs. |
31st
Dec. '94 Rs. |
Assets |
1st
Jan.'94 Rs. |
31st
Dec. '94 Rs. |
| Share
Capital |
2,00,000 |
2,00,000 |
Plant |
70,000 |
1,00,000 |
| 10 %
Debentures |
---- |
20,000 |
Buildings |
80,000 |
70,000 |
| Profit |
- |
- |
Stock |
60,000 |
50,000 |
| - |
- |
- |
Debtors |
30,000 |
45,000 |
| - |
- |
- |
Bills |
- |
- |
| Loss
A/c |
--- |
8,000 |
Recievable |
10,000
|
15,000 |
| Dep.
Reserve |
- |
- |
Profit
and |
- |
- |
| (Plant) |
10,000 |
12,000 |
Loss
A/c |
5,000 |
- |
| Current
Liabilities |
- |
- |
- |
- |
- |
| Creditors |
45,000 |
30,000 |
- |
- |
- |
| Prov.
for tax |
--- |
10,000 |
- |
- |
- |
| - |
2,55,000 |
2,80,000 |
- |
2,55,000 |
2,80,000 |
| - |
- |
- |
- |
- |
- |
|
|
Additional Information : -
|
| (a) |
Plant
costing Rs. 15,000 was sold for Rs. 6,000.
Accumulated Depreciation on the same was Rs.
5,000. |
| (b) |
Depreciation of Rs. 5,000 was provided on
Building during the year. |
|
You are
required to prepare : - |
| (1) |
A
statement of changes in working capital.
|
| (2) |
A
statement of sources and application of funds.
|
|
Additional Information : -
|
| (a) |
Plant
costing Rs. 15,000 was sold for Rs. 6,000.
Accumulated Depreciation on the same was Rs.
5,000. |
| (b) |
Depreciation of Rs. 5,000 was provided on
Building during the year. |
|
You are
required to prepare : - |
| (1) |
A
statement of changes in working capital.
|
| (2) |
A
statement of sources and application of
funds. |
| 17. |
X Ltd
valign="top". made a profit of Rs.
5,00,000 during the year after considering the
following items :- |
|
| - |
Rs. |
(1)
Preliminary expenses written off
|
5,000
|
(2)
Depreciation on fixed assets
|
50,000 |
(3)
Loss on sale of machinery |
20,000 |
(4)
Provision for doubtful debts
|
10,000 |
(5)
Gain on sale of land |
7,500 |
|
|
The
following is the position of current assets and
current liabilities : - |
|
| - |
31st
Dec. 1993 |
31st
Dec. 1992 |
| - |
Rs. |
Rs. |
Debtors |
78,000 |
52,000 |
Bills
receivable |
12,000 |
15,000 |
Prepaid
expenses |
3,000 |
2,000 |
Creditors |
51,000 |
40,000 |
Bills
payable |
12,000 |
19,000 |
Outstanding expenses |
20,000 |
34,000 |
|
| 18. |
State,
giving reasons which of the following
transaction would result in : -
|
| (1) |
Inflow
(2) Outflow |
| (3) |
Neither
inflow nor outflow of funds : -
|
| (a)
|
Issue
of shares against purchase of a fixed
asset. |
| (b) |
Purchase of machinery on credit of two
months. |
| (c) |
Purchase of goods on credit.
|
| (d) |
Creating provision for
depreciation. |
| 19. |
What is
Cash Budget ? Give its advantages.
|
|
OR
|
|
Prepare
a Cash Budget for the months of May and June
using following information : -
|
|
Months
|
Sales
|
Purchases |
Wages |
March
|
50,000 |
40,000 |
9,000 |
April |
62,000 |
35,000 |
8,000 |
May |
64,000 |
40,000 |
10,000 |
June |
58,000 |
45,000 |
8,000 |
|
| (1) |
Cash
balance as on 1st May 1995 was Rs.
8,000. |
| (2) |
75 % of
the sales are realised in the same month and
rest in the following month. |
| (3) |
Period
of credit from suppliers is two months. Cash
purchases are 20 % of the total purchases. |
| (4) |
Lag in
payment of wages is one month. |
| 20. |
From
the following information, prepare a comparative
income statement : - |
|
| - |
1994 |
1995 |
| - |
(Rs.) |
(Rs.) |
Sales |
4,00,000 |
5,00,000 |
| Cost of
goods sold |
2,00,000 |
3,00,000 |
| Administrative, Selling and distribution
exp. |
40,000 |
1,00,000 |
| Other
Incomes
|
20,000 |
30,000 |
| Income
Tax |
60,000
| 50,000
|
|
| |
