Select Board & Class

Login

Board Paper of Class 12-Commerce 2011 Accountancy Delhi(SET 2) - Solutions

General Instructions:
(i) This question paper contains three parts A, B and C.
(ii) Part A is compulsory for all candidates.
(iii) Candidates can attempt only one part of the remaining parts B and C.
(iv) All parts of the questions should be attempted at one place.
(v) Questions Nos. 1-5 and 17-19 carries 1 mark each. 
(vi) Questions Nos. 6-8 and 20 carries 3 marks each. 
(vii) Questions Nos. 9-11 and 21-22 carries 4 marks each. 
(viii) Questions Nos. 12-14 and 23 carries 6 marks each. 
(ix) Questions Nos. 15-16 carries 8 marks each.
  • Question 1

    What is the basis for preparing an Income and Expenditure Account in the case of Not-for-Profit Organisation.

    VIEW SOLUTION
  • Question 2

    Distinguish between Fixed and Fluctuating Capitals Accounts.

     

    VIEW SOLUTION
  • Question 3

    State the two main rights that a newly admitted partner acquires in the firm.

     

    VIEW SOLUTION
  • Question 4

    How does the market situation affect the value of goodwill of a firm?

     

    VIEW SOLUTION
  • Question 5

    Pass the necessary Journal entry when 10,000 debentures of Rs 100 each are issued as collateral security against a Bank loan of Rs 8,00,000

     

    VIEW SOLUTION
  • Question 6

    From the following information of a club show the amounts of match expenses and match fund in the appropriate Financial Statement of the Club of the year ended on 31st March, 2009 and 31st March, 2010.

    Details

    Amount

    Rs

    Match Expenses (Paid during the year 2009-2010)

    1,02,000

    Match Fund (as on 31-3-2009)

    24,000

    Donation for Match Fund (Received during the year 2009-2010)

    40,000

    Proceeds from the sale of Match tickets (Received during the year)

    15,000

     

    VIEW SOLUTION
  • Question 7

    Z Ltd. Purchased Furniture costing Rs 2,20,000 from C. D. Ltd. The payment was made by issue of 9% Preference Share of Rs 100 each at a premium of Rs 10 per share.

    Pass necessary Journal entries in the books of Z Ltd.

     

    VIEW SOLUTION
  • Question 8

    X Ltd. redeemable 100, 6% Debentures of Rs 100 each by converting them into Equity Shares of Rs 100 each. The 6% Debentures were redeemable at 10% premium for which the Equity Shares were issued at 25% premium. Pass the necessary Journal entries for the redemption of above mentioned debentures in the books of X Ltd.

     

    VIEW SOLUTION
  • Question 9

    A and B are partners in a firm sharing profits and losses in the ratio of 3 : 2. The following was the Balance Sheet of the firm as on 31 3-2010.

    Liabilities

    Amount

    Rs

    Assets

    Amount

    Rs

    Capitals:

     

    Sundry Assets

    80,000

    A

    60,000

     

     

    B

    20,000

     

     

     

    80,000

     

    80,000

     

     

     

     

    The profits Rs 30,000 for the year ended 31-3-2010 were divided between the partners without allowing interest on capital @ 12% p.a. and salary to A @ Rs 1,000 per month. During the year A withdrew Rs 10,000 and B Rs 20,000.

    Pass the necessary adjustment journal entry and show your working clearly.

    VIEW SOLUTION
  • Question 10

    A business has earned average profits of Rs 1,00,000 during the last few years and the normal rate of return in similar business is 10%.

    Find out the value of Goodwill by

    (i) Capitalisation of super profit method and

    (ii) Super profit method if the goodwill is valued at 3 years purchase of super profit.

    The assets of the business were Rs 10,00,000 and its external liabilities Rs 1,80,000.

     

    VIEW SOLUTION
  • Question 11

    Pass the necessary Journal entries of the issues and redemption of Debentures in the following cases:

    (i) 10,000, 10% Debentures of Rs 120 each issued at 5% premium, repayable at par.

    (ii) 20,000, 9% Debentures of Rs 200 each issued at 20% premium, repayable at 30% premium.

     

    VIEW SOLUTION
  • Question 12

    From the following items of Receipts and Payment A/c. of Young India Clubs, prepare the Income and Expenditure Account for the year ended 31-3-2010.

    Particulars

    Amount

    Rs

    Salaries Paid

    90,000

    Lighting expenses

    7,500

    Printing and Stationery (Including Rs 1,000 for the previous year)

    9,000

    Subscription received (Including Rs 3,500 received in advance and Rs 6,000 for the previous year)

    85,000

    Net Proceeds of Canteen

    58,000

    Miscellaneous expenses

    22,000

    Interest paid on loan for three months

    1,200

    Rent and Rates (including Rs 1,500 pre-paid)

    9,300

    Locker Rent Received

    7,600

    Additional Information:

    Subscriptions in arrears on 31-3-2010 were Rs 12,000 and nine months interest on loan was also outstanding.

    VIEW SOLUTION
  • Question 13

    Pass the necessary Journal entries for the following transaction on the dissolution of the firm of T and P after the various (other than cash) and outside liabilities have been transferred to Realisation Account.

    (i) Bank Loan Rs 34,000 was paid.

    (ii) Furniture worth Rs 70,000 was taken over by partner T at Rs 43,000

    (iii) Partners P agreed to pay a creditors Rs 7,500

    (iv) A computer previously written off-fully, realized Rs 3,900.

    (v) Expenses of realisation 3,200 were paid by partner T.

    (vi) Profit on realisation Rs 4,800 was distributed between T and P in 5 : 3 ratio.

     

    VIEW SOLUTION
  • Question 14

    On 1st April, 2008 a company made an issue of Rs 2,00,000, 6% Debentures of Rs 100 each, repayable at a premium of 10%. The terms of issue provided for the redemption of 400 debentures every year starting from the end of 31-3-2010 either by purchase from the open market or by draw of lots at the company’s option.

    On 31-3-2010, the company purchased for cancellation 300 debentures at 95% and 100 debentures at 90%.

    Pass the necessary Journal entries for the issue and redemption of debentures assuming that the company had already created the

    Debentures Redemption Reserve A/c by the require amount.

     

    VIEW SOLUTION
  • Question 15

    X Ltd. issued 40,000 Equity shares of Rs 10 each at a premium of Rs 2.50 per share.

    The amount was payable as follows:

    On Application- Rs 2 per share

    On Allotment- Rs 4.50 per share (Including premium) and on call- 6 per share

    Owing to heavy subscription the allotment was made on pro-rata basis as follows:

    (a) Applicants for 20,000 shares were allotted 10,000 shares.

    (b) Applicants for 56,000 shares were allotted 14,000 shares.

    (c) Applicants for 48,000 shares were allotted 16,000 shares.

    It was decided that excess amount received on applications would be utilized on allotment and the surplus would be refunded.

    Ram to whom 1,000 shares were allotted, who belongs to category (a), failed to pay allotment money. His share were forfeited after the call.

    Pass the necessary Journal entries in the books of X Ltd. for the above transaction.

     

    OR

     

    Given Journal entries to record the following transaction of forfeiture and re-issue of shares and open share forfeited account in the books of the respective companies.

    (i) C Ltd. forfeited 1,000 shares of Rs 100 each issued at a discount of 8%. On these shares the first call of Rs 30 per share was not received and the final call of Rs 20 per share was yet to be called. These shares were subsequently re-issued at Rs 70 per share Rs 80 paid up.

    (ii) L Ltd. forfeited 470 equity share of Rs 10 each issued at a premium of Rs 5 per share for non-payment of allotment money of Rs 8 per share (including share premium Rs 5 per share) and the first and final call of Rs 5 per share. Out of these 60 Equity share were subsequently re-issued at Rs 14 per share.

     

    VIEW SOLUTION
  • Question 16

    M, N and O were partners in a firm sharing profit and losses equally. Their Balance Sheet on 31-12-2009 was as follows:

    Liabilities

    Amount

    Rs

    Assets

    Amount

    Rs

    Capitals:

     

    Plant and Machinery

    60,000

    M

    70,000

     

    Stock

    30,000

    N

    70,000

     

    Sundry Debtors

    95,000

    O

    70,000

    2,10,000

    Cash at Bank

    40,000

    General Reserve

    30,000

    Cash in Hand

    35,000

    Creditors

    20,000

     

     

     

    2,60,000

     

    2,60,000

     

     

     

     

    N died on 14th March, 2010. According to the Partnership Deed, executor of the deceased partner are entitled to:

    (i) Balance of partners’ capital account.

    (ii) Interest on capital @ 5% p.a.

    (iii) Share of goodwill calculated on the basis of twice the average of past three year’s profits and

    (iv) Share of profits from the closure of the last accounting year till the date of death on the basis of twice the average of three completed year’s profit before death.

    Profits for 2007, 2008 and 2009 were Rs 80,000, Rs 90,000, Rs 1,00,000 respectively. Show the working for deceased partners’ share of goodwill and profits till the date of his death. Pass the necessary journal entries and prepare N’s Capital Account to be rendered to his executors.

     

    OR

     

    On 31-3-2010 the Balance Sheet of W and R who shared profits in 3 : 2 ratio was as follows:

    Liabilities

    Amount

    Rs

    Assets

    Amount

    Rs

    Creditors

    20,000

    Cash

    5,000

    Profit and Loss Account

    15,000

    Sundry Debtors

    20,000

     

    Capital Accounts:

     

    Less: Provision

    (700)

    19,300

    W

    40,000

     

    Stock

    25,000

    R

    30,000

    70,000

    Plant and Machinery

    35,000

     

     

    Plants

    20,700

     

    1,05,000

     

    1,05,000

     

     

     

     

    On this date B was admitted as a partner on the following conditions:

    (a) ‘B’ will get 4/15th share profits.

    (b) ‘B’ had to bring Rs 30,000 as his capital to which amount other Partners capital shall have to be adjusted.

    (c) He would pay cash for his share of goodwill which would be based on 2½ years purchase of average profits of past 4 years.

    (d) The assets would be revalued as under:

    Sundry debtors at the book value less 5% provision for bad debts. Stock at Rs 20,000, Plant and Machinery at Rs 40,000.

    (e) The profits of the firm for the years 2007, 2008 and 2009 were Rs 20,000; Rs 14,000 and Rs 17,000 respectively.

    Prepare Revaluation Account, Partners’ Capital Accounts and the Balance Sheet of the new firm.

     

    VIEW SOLUTION
  • Question 17

    What is meant by a ‘Common Size Statement’?

    VIEW SOLUTION
  • Question 19

    State with reason whether deposit of cash into Bank will result into inflow, outflow or no flow of cash.

    VIEW SOLUTION
  • Question 20

    List the items which are shown under the heading ‘Current Assets’ ‘Loans and Advances’ in the Balance Sheet of a company as per the provisions of schedule Part-I of Companies’ Act, 1956.

    VIEW SOLUTION
  • Question 21

    Prepare a Comparative Income Statements from the following information.

    Particulars

    2009

    Rs

    2010

    Rs

    Sales

    10,00,000

    12,50,000

    Cost of goods sold

    5,00,000

    6,50,000

    Carriage inwards

    30,000

    50,000

    Operating expenses

    50,000

    60,000

    Income tax

    50%

    50%

    VIEW SOLUTION
  • Question 22

    On the basis of the following information, calculate:

    (i) Debt-Equity Ratio and

    (ii) Working Capital Turnover Ratio

    Information

    Particulars

    Amount Rs

    Net Sales

    60,00,000

    Cost of goods sold

    45,00,000

    Other current assets

    11,00,000

    Current liabilities

    4,00,000

    Paid up share capital

    6,00,000

    6% Debentures

    3,00,000

    9% Loan

    1,00,000

    Debentures Redemption Reserve

    2,00,000

    Closing Stock

    1,00,000

     

    VIEW SOLUTION
  • Question 23

    From the following Balance Sheet of Vijay Ltd. as on 31-3-2009 and 31-3-2010 prepare a Cash Flow Statement.

    Liabilities

    31-3-2009

    Rs

    31-3-2010

    Rs

    Assets

    31-3-2009

    Rs

    31-3-2010

    Rs

    Share Capital

    45,000

    65,000

    Fixed Assets

    46,700

    83,000

    General Reserve

    15,000

    27,500

    Stock

    11,000

    13,000

    Profit and Loss Account

    10,000

    15,000

    Debtors

    18,000

    19,500

    Trade Creditors

    8,700

    11,000

    Cash

    2,000

    2,500

     

     

     

    Preliminary Expenses

    1,000

    500

     

    78,700

    1,18,500

     

    78,700

    1,18,500

     

     

     

     

     

     

    Additional Information:

    (i) Depreciation on Fixed assets for the year 2009-2010 was Rs 14,700

    (ii) An interim dividend Rs 7,000 has been paid to the shareholders during the year.

    VIEW SOLUTION
More Board Paper Solutions for Class 12 Commerce Accountancy
What are you looking for?

Syllabus