CBSE Sample Papers for Class 12 Accountancy Solved 2016 Set 14
(Accounting for Partnership Firms and Companies)
1. At the time of retirement of a partner, if good will appears in the balance sheet it must be written-off, in which ratio?
2.What is the act of purchasing its own shares by a company called?
3.R Q and R are partners in a partnership firm, they do not have a partnership deed. P and Q want that partners should be allowed to draw salary but R object to it. Is the claim of R valid?
4.Give any one alternative available to a company for the allotment of shares in case of over subscription.
5.What is the accounting treatment of employees provident fund appearing in the balance sheet of a partnership firm at the time of dissolution?
6.XYZ Ltd took over assets of Rs 10,80,000 and liabilities of Rs 80,000 of Roma Ltd at an agreed value of Rs 9,60,000 payable as to Rs 2,40,000 in cash and the balance by an issue of shares of ? 100 each at a premium of 20%. Calculate the number of shares to be issued.
7.Can fully paid-up shares be forfeited? If so, under what circumstances?
8.Ram, Shy am and Ghanshyam have been sharing profits in the ratio of 2 : 2 : 1 respectively. Ghanshyam wants that he should be given equal share in profits with Ram and Shyam and he further wants that the change in the profit sharing ratio should come into effect retrospectively for the last three years. Ram and Shyam have no objection to this. The profit for the last three years were Rs 52,000, Rs 44,200 and Rs 51,610.
Show the adjustment of profit for the last three years by means of a journal entry.
9.Laksh Ltd had issued capital of 2,00,000 equity shares of Rs 20 each, on which Rs 17.50 per share has been called-up. Calls-m-arrears in respect of 200 shares held by R amounted to Rs 1,000 on 30th September, 2015.By a resolution of the Board of Directors dated 10th October, 2015, these 200 shares were forfeited and re-issued as Rs 12.50 per share paid in consideration of Rs 2,000 due from the company and immediate payment of Rs 5 per share in cash to make them Rs 17.50 per share paid-up.Record journal entries in the books of Laksh Ltd to record the above.
10.ABC Ltd was formed on 1st December, 2013, with a capital of Rs 5,00,000 divided into shares of Rs 10 each. It offered 80% of the shares to the public.
The issue price was payable as follows:30% of the face value per share was payable with application.20% of the face value per share was payable with allotment.The balance as and when required. The company did not call for the balance during the year.All the shares offered by the company were subscribed for. The company did not receive the allotment money on 3,000 shares.You are required to
(i)Show the share capital in the balance sheet of the company prepared as per Schedule III of the Companies Act, 2013 at the end of the financial year.
(ii)Prepare notes to accounts.
11.Following is the balance sheet of A, B and C who are sharing profits in the ratio of 2 : 1 : 2 as at 31st March, 2015
A died on 12th June, 2015. According to partnership deed, the executors are entitled to
(i)Her capital as per balance sheet.
(ii)Interest on capital @ 8% per annum upto the date of death.
(iii) Her share of profit upto the date of death on the basis of average profits for the past 3 years.
(iv)Her share of goodwill valued on the basis of two times the average profits of the past 3 years.
Profits for the past three years were Rs 90,000, Rs 2,10,000 and Rs 2,40,000 respectively. B and C acguired As share in the ratio of 1:5.Prepare As account to be rendered to her executors.
12.Q and R are partners sharing profits as 20%, 30% and 50% respectively. P decided to retire with the consent of other partners and sold her share to Q. Goodwill was valued at two and a half years’ purchase of the average profits of three years. Profits of these three years were Rs 50,000, Rs 70,000 and Rs 60,000. Reserve fund stood in the balance sheet at Rs 30,000 at the time of her retirement. You are required to record necessary journal entries to record above adjustments on P’s retirement. Also, prepare her capital account to find out the amount due to her, when her capital balance in the balance sheet was Rs 1,00,000 before any of the above adjustments.
13. (i) On 1st April, 2015 an existing firm had assets of Rs 75,000 including cash of Rs 5,000. Its creditors amounted to Rs 5,000 on that date. The firm had a reserve fund of Rs 10,000 while partners’ capital account showed a balance of? 60,000. If the normal rate of return is 20% and the goodwill of the firm is valued at Rs 24,000 at four years’ purchase of super profit find the average profits per year of the existing firm.
(ii) L and M are partners sharing profits and losses in the ratio of 3:2. They admit N into the firm for l/4th share in profits which he takes 1/6 from L and 1/12 from M. N brings Rs 18,000 as goodwill out of his share of Rs 30,000. No goodwill account appears in the books of the firm. Pass the necessary journal entries to record this arrangement
14.Show by means of journal entries, how you would record the following transactions. Also, show how they would appear in their respective balance sheets.
(i)X Ltd issued, 12% debentures of? 100 each at a discount of 5% to be repaid at par at the end of 5 years.
(ii)Z Ltd issued, 12% debentures of the total face value of? 40,00,000 at a premium of 5% to be redeemed at par.
15.X, Y and Z are partners sharing profits in the proportion of 3:2:1. Y retired on 31st March, 2015. Partners decided to donate tri-cycles in the CWSN (Children With Special Needs) assessment camp organised by directorate of education Delhi.Complete the revaluation account, partners’ capital account and the balance sheet of the firm. Also, identify the value highlighted in the problem.
16.Taksh Ltd invited applications for 80,000 shares of Rs 20 each at a premium of Rs 5 per share. The amount was payable as followsOn application ? 10; on allotment Rs 10 (including premium Rs 5); on first call Rs 4 and on final call Rs 1
Application were received for 1,50,000 shares. Full allotment was made to an applicant who has applied for 10,000 shares. Applications for 10,000 shares were rejected. Pro-rata allotment was made to the remaining applicants as under
(i) Applicants for 50,000 shares were allotted 30,000 shares.
(ii) Applicants for 80,000 shares were allotted 40,000 shares.
X, a holder of 150 shares and who belongs to
(i) category, failed to pay allotment money and on his subsequent failure to pay first call, his shares were forfeited. Y, who was allotted 200 shares and who belongs to
(ii) category, did not pay anything after application money. His shares were also forfeited after the final call. Journalise in the books of Taksh Ltd.
ZYX company issued Rs 10,00,000 new capital, divided into Rs 100 shares, at a premium of Rs 20 per share, payable as under.Rs 10 per share on application; Rs 40 per share and Rs10 premium on allotment and Rs 50 per share and ? 10 premium on final payment.
Over payments on applications were to be applied towards sum due on allotment and over payments on applications exceeding sum due on allotment were to be returned. Where no allotment was made, money was to be returned in full. The issue was over subscribed to the extent of 13,000 shares. Applicants for 12,000 shares were allotted only 1,000 shares and applicants for 2,000 shares were sent letters of regret and applications deposit were returned to them. All the money due on allotment and final call was duly received.
Make the necessary journal entries in the company’s books to record the above transactions.
17.Nandini, Krish and Hina were partners in a firm sharing profits in the ratio of 2:2: On 28th February, 2015 their firm was dissolved. The balance sheet of the firm on the date of dissolution was as follows
Sundry assets were taken over by Hina for Rs 65,000 and Nandini took over the creditors for Rs 75,000, expenses of dissolution paid by Krish were Rs 5,000.
Prepare realisation account, partners’ capital account and cash account. Identify any two values shown by the partners in taking over some assets and paying for the dissolution expenses.
Balance sheet as at 31st March, 2015 of X, Y and Z who belonged to different religions and who were sharing profits and losses in the raito of 2 : 3 : 5, is as under:
They admit L, a differently abled person into partnership on the following terms
(i)Furniture, investments and machinery to be reduced by 15%.
(ii)The value of stock to be taken at Rs 1,92,000.
(iii) L will bring in Rs 1,04,000 as her share of goodwill.
(iv)L to bring Rs 1,28,000 towards capital for l/6th share and old partners to adjust their capitals accordingly.
(v)Outstanding rent amounted to Rs 7,200.
(vi)Prepaid salaries Rs 3,200.
(vii) Adjustments of capitals to be made by cash.
Prepare revaluation account, capital account, cash account and the balance sheet of the new firm.
Identify any two values shown by the partners in admitting L.
(Financial Statements Analysis)
18.Machinery purchased is which type of activity while preparing cash flow statement.
19.The accountant of HP Ltd while preparing cash flow statement added loss on sale of fixed assets to net profit for calculating cash flow from operating activities. Was he correct in doing so? Give reason for your answer.
20.(i) Mention the items under the head ‘Shareholders Funds’ as per the Provisions of Schedule III Part I of Companies Act 2013.
(ii) Name any two parties interested in analysis of financial statements.
22.Prepare comparative income statement of Rakesh Ltd from the following statement of profit and loss and additional information.
23.From the following summarised balance sheets of PQR Ltd as at 31st March, 2014 and 2015, you are required to prepare the cash flow statement
(i)During the year ended 31st March, 2015, fixed assets with a net book value of Rs 50,000 (accumulated depreciaion Rs 1,50,000) were sold for Rs 40,000.
(ii)During the year ended 31st March, 2015, investments costing Rs 4,00,000 were sold.
(iii)Debentures were redeemed at a premium of 10%.
(iv)Tax of Rs 3,75,000 was paid.
(v)Debenture interest paid during the year ended 31st March, 2015 was Rs 1,50,000.
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