CBSE Sample Papers for Class 12 Accountancy Solved 2016 Set 11
(Accounting for Partnership Firms and Companies)
1.As per the Companies Act, a company cannot proceed to allot shares
unless______ is received.
2.How is goodwill paid privately by an incoming partner treated in books of accounts?
3.Is a retiring partner liable for Firm’s Acts after his retirement?
4.The firm maintains the partners’ capital accounts under the fixed capital accounts method. The accountant of the firm has credited their salary and interest on capital to their capital accounts. Is the treatment correct? Give reasons.
5.Can Securities premium be used as working capital ? Give reason.
6.XYZ Ltd forfeited 50 shares of Rs 100 each issued at 10% premium on which allotment money of Rs 30 per share (including premium) and first call of Rs 30 per share were not received and the second and final call of Rs 20 per share was not yet called, 20 of these shares were re-issued as Rs 80 paid-up for Rs 70 per share. With what amount the share capital account will be credited on re-issue.
7.Explain debenture redemption reserve?
8.A, B and C are partners sharing profits in the ratio 3:2:1. Their fixed capitals were Rs 20,000, Rs 15,000 and Rs 10,000 respectively for the year ended 31st December, 2015. Interest on capital was credited to them @10% per annum instead of 9% per annum. Record necessary adjustment entry.
9.Comprehensive Ltd purchased assets from Aakash & Co for Rs 3,50,000. A sum of Rs 75,000 was paid by means of a bank draft and for the balance due. Comprehensive Ltd issued eguity of Rs 10 each at a premium of 10%. Journalise the above transactions in the books of the company.
10.The Holographic Ltd decided to expand its business and for this purpose it opened a new unit in the remote areas of Assam. To finance the project, it issued 60,000 shares of Rs 10 each, payable as Rs 2 on application, Rs 3 on allotment, H on first call and the balance Rs 2 on second and final call. The shares were fully subscribed and all the amount due was received. Pass necessary journal entries and also identify the value being conveyed in this case?
11.Following is the balance sheet of R, S and T as at 31st March, 2015
T died on 30th June, 2015. Under the terms of partnership deed, the executors of deceased partner were entitled to
(i)Amount standing to the credit of the partners’ capital account.
(ii) Interest on capital @ 5% per annum.
(iii)Share of goodwill on the basis of twice the average of the past three years’ profits.
(iv)Share of profits from the closing of the last financial year to the date of death on the basis of the last year’s profits.
T’s share of goodwill will be adjusted to the accounts of R and S who will maintain a profit sharing ratio of 2 : 1 in the new firm. They decide not to raise any goodwill account.
Profits for the year ended 31st March, 2013, 2014 and 2015 were Rs 80,000, Rs 90,000 and Rs 1,00,000 respectively. Profits were shared in the ratio of capitals. Draw-up T’s account to be rendered to his executor.
12.White, Black and Red are partners in a firm sharing profits in the ratio of 3 : 2 : 1. On 1st April, 2015, White retires from the firm, Black and Red agree that the capital of the new firm shall be fixed at Rs 2,10,000 in their profit sharing ratio. The capital accounts of Black and Red after all adjustments on the date of retirement showed balances of Rs 1,45,000 and Rs 63,000 respectively. White requested the firm to pay off his dues as he needs money for his father’s operation. State the amount of actual cash to be brought in or to be paid to the partners.Identify the value highlighted in the given case.
13.(i) A, B and C are partners sharing profits and losses equally. They agree to admit D for equal share. For this purpose, value of goodwill is to be calculated on the basis of four years’ purchase of average profit of last 5 years.
(a)Calculate the value of D’s share of goodwill after adjusting the above.
(b)Which value is adhered by multiplying average profit by number of years purchase while calculating goodwill?
(ii)Pink and Black are partners in a firm sharing profits and losses in the ratio of 3:1. The profit and loss account of the firm for the year ended 31st March, 2015 shows a net profit of Rs 1,50,000. Prepare the profit and loss appropriation account by taking into consideration the following information
(a)Partner’s capital on 1st April, 2014; Pink? 30,000; Black Rs 60,000.
(b)Current account balances on 1st April, 2013;
Pink Rs 30,000 (Cr); Black Rs 15,000 (Cr).
(c)Partner’s drawings during the year amounted to Pink?20,000; Black? 15,000.
(d)Interest on capital was allowed @ 5% per annum.
(e)Interest on drawings was to be charged @ 6% per annum at an average of six months.
(f)Salary annually drawn Pink Rs 12,000; Black Rs 9,000.
14.(i) Infinity Ltd, issued 5,000, 9% debentures of Rs 100 each at par and also raised a loan of Rs 80,000 from bank, collaterally secured by Rs 1,00,000 9% debentures. How will you show debentures in the balance sheet of the company assuming that the company has recorded the issue of debentures as collateral security in the books?
Farhan Ltd issued Rs 7,00,000; 10% debentures of Rs 100 each at a premium of 5% redeemable at 110%. Journalise.
15.A, B and C are partners sharing profits in the ratio of 3:2:1. B retired from the firm due to his illness. Complete the following revaluation account, partners’ capital account, bank account and balance sheet of the firm.
16.Raja Ltd invited applications for 1,00,000 equity shares of Rs 10 each. The shares were issued at a premium of Rs 5 per share. The amount was payable as follows On application and allotment Rs 8 per share (including premium ?
The balance including premium on the first and final call.Applications for 1,50,000 shares were received. Applications for 10,000 shares were rejected and pro-rata allotment was made to the remaining applicants on the following basis
(i)Applicants for 80,000 shares were allotted 60,000 shares.
(ii)Applicants for 60,000 shares were allotted 40,000 shares.
R who belonged to the first category and was allotted 300 shares, failed to pay the first call money.
Q, who belonged to the second category and was allotted 200 shares, also failed to pay the first call money. Their shares were forfeited. The forfeited shares were re-issued @ Rs 12 per share fully paid-up.
Wadhwa Ltd issued for public subscription 40,000 equity shares of Rs 10 each at a premium of Rs 2 per share, payable as On application Rs 2 per share; on allotment ? 5 per share (including premium); on first call Rs 2 per share and on final call Rs 3 per share.
Applications were received for 75,000 equity shares. The shares were allotted on pro-rata basis to the applicants of 60,000 shares only, the remaining applications being rejected. Money overpaid on application was utilised towards the sum due on allotment. A to whom 3,000 shares were allotted failed to pay the allotment money and the two calls. B who applied for 3,000 shares paid the calls money along with allotment money.Pass the journal entries to record the above transactions.
17.Following is the balance sheet of Zen and Ren as at 31st March, 2014
The firm was dissolved on 31st March, 2014 and the following transactions were affected:
(i)Debtors falling due on 1st February, 2015 were realised at a discount of 6% per annum.
(ii)Creditors falling due on 30th April, 2014 were paid at a discount of 6% per annum.
(iii)Zen promised to pay Mrs Zen’s loan and took the stock @ 10% discount.
(iv)Ren took half the investments @ 10% discount.
(v)Fixed assets realised Rs 71,000 and investments realised Rs 4,500.
(vi)There was an old furniture which has been written-off completely from the books. Ren agreed to take the same for Rs 300.
(vii)Realisation expenses were Rs 1,000 paid by Zen.
You are reguired to prepare the realisation account, bank account and capital accounts of the partners.
Radha and Sita were partners in a firm sharing profits in the ratio of 3 : 2. Their balance sheet as at 31st March, 2015 was as under :
On 1st April, 2015, they admitted Veena as a new partner on the following conditions
(i)Veena will get l/8th share in the profits of the firm.
(ii)Veena’s loan will be converted into her capital.
(iii)The goodwill of the firm was valued at Rs 80,000 and Veena brought in her share of goodwill in cash.
(iv)A provision for doubtful debts was to be made equal to 5% of the debtors.
(v)Stock was to be depreciated by 5%.
(vi)Land was to be appreciated by 10%.
Prepare the revaluation account, partners’ capital account and the balance sheet of the new firm as at 1st April, 2015.
(Financial Statements Analysis)
18.Cash flow statement is based upon which basis of accounting?
19.Rihan paid Rs 4,00,000 to purchase shares of Tata Motors and received a dividend of 40,000 after purchase. Calculate net cash flow and state the type of activity.
20.Under which major headings and sub-headings will you record following items on the balance sheet of a company?
(iii)Stores and spares
(vii)Advance recoverable in cash
(viii) Unpaid dividend
21.From the following balance sheet, calculate any two ratios
(i)Debt equity ratio
(iii)Total assets to debt ratio
22.From the following balance sheet of Sun Ltd as at 31st March, 2014 and 2015, prepare common size balance sheet.
23.Calculate the cash flow from operating activities from the following information by the indirect method.
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