Paper : CBSE Class 12th Accountancy Exam Paper, 2004 (Outside Delhi: Set - 2)

PART A - ACCOUNTING

Q. 1. Distinguish between ‘Fixed Capital’ and ‘Fluctuating Capital’. 2

Q. 2. What is meant by ‘Issue of Shares at a Discount’? 2

Q. 4. State the meaning of ‘Secured Debentures’. 2

Q. 5. The partners of a firm distributed the profit a for the year ended 31st March, 2003 Rs. 1,50,000 in the ratio of 2 : 2 : 1 Without providing for the following adjustments:
(i) A and B were entitled to a salary of Rs. 1,500 per quarter.
(ii) C was entitled ton comm of Rs. 18,000.
(iii) A and C had guaranteed a minimum profit of Rs. 50,000 p.a. to B.
(iv) Profits were to be shared in the ratio of 3 : 3 : 2.
Pass necessary journal entry for the above adjustments in the books of the firm.

Q. 6. Pass necessary journal entries in the books of the company in the following cases for redemption of 3,000 12% Debentures of Rs. 10 each issued at par:
(a) Debentures redeemed at par by conversion into 10% preference shares of Rs.5 each.
(b) Debentures redeemed at a premium of 5% by conversion into equity shares issued at par.
(c) Debentures redeemed at a premium of 10% by conversion into equity shares issued at a premium of 20%.

Q. 7. (a) A and B are partners in a firm sharing profits in the ratio of 2: 1. C joins the firm. A surrenders 1/4th of his share and B 1/5th of his share in favour of C. Find the new profit sharing ratio.

(b) M, N and O who are partners in a firm share profits in the ratio of 3 : 2: 1. Goodwill has been valued at Ra. 60,000. On N’s retirement M and O agree to share profits equally.
Pass necessary journal entry for treatment of N’s share of goodwill. 2+2=4

Q. 8. A, B and C were partners in a firm sharing profits in the ratio of 4 : 3 : 3. On 1.4.03 they decided to dissolve the firm. On that date A’s capital was Rs. 1,25,000, B’s capital was Rs. 45,000 and C’s Capital was Rs. 15,000 (Dr.). The creditors amounted to Rs. 23,150 and cash in hand was Rs. 3,920. The assets realised Rs. 1,44,910 and the expenses of dissolution were Rs. 1,860. Prepare Realization Account and show your working clearly. 4

Q. 10. Maneesh Ltd. Issued 5,000 12% debentures of Rs. 100 each at a discount of 6% to be redeemed as follows:
1st Year: Nil; 2nd Year: Rs. 2,50,000; 3rd Year: Nil; 4th Year: Rs. 2,50,000.
Show the Discount on issue of Debentures Account for the period of 4 years.

PART B - ANALYSIS OF FINANCIAL STATEMENTS

Q. 19. Rs. 4,00,000 is Cost of goods sold, Inventory turnover 5 times; Stock at thbenning is 1.5 times more than the Stock at the end. Calculate the values of Opening and Closing Stock. 3

Q. 19. Rs. 2,40,000 is the Cost of goods sold, Inventory turnovers times; Stock at the beginning is 1.5 times more than the Stock at the end. Calculate the values of Opening and Closing Stock. 3

Q. 20. (a) The ratio of Current Asset (Rs. 3,00,000) to Current Liabilities (Rs. 2,00,000) is 1.5 : 1. The accountant of the firm is interested in maintaining a Current Ratio of 2 : 1, by paying off a part of the Current Liabilities. Compute the amount of Current Liabilities that should be paid, so that the Current Ratio at the level of 2 : 1, may be maintained.
(b) Compute the Gross Profit Ratio from the following Information:
Sales Rs. 6,00,000; Gross Profit 25% on cost. 2+2

Q. 21. From the following Information of a company as at 31st March, 2003 , prepare a Funds Flow Statement showing full working of your calculations: 6

The Depreciation provided during the year was Rs. 1,25,000.

Or

X Ltd. made a profit of Rs. 1,20,000 after charging depreciation of 20,000 on assets and a transfer to General Reserve of Rs. 30,000. The goodwill written off was Rs. 7,000 and the gain on sale of machinery was Rs. 3,000. The other information available to you is (changes in the value of Current Assets and Current Liabilities) at the end of the year:
Debtors showed an increase of Rs. 6,000; Creditors an increase of Rs. 10,000; Prepaid Expenses an increase of Rs. 200; Bills Receivable a decrease of Rs. 3,000; Bills Payable a decrease of Rs. 4,000 and Outstanding Expenses a decrease of Rs. 2,000.
Ascertain the cash flow from the operating activities.