(Download) J&K State Board of School Education : 12th Class Model Paper 2013 - ACCOUNTANCY
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Jammu & Kashmir State Board of School Education
(Model Paper) Download 12th Class Model Paper ( ACCOUNTANCY )
Long
Answer Type Questions :
Q. 1.
The profits of ABC for the last 5 years were as under :
| Year | Year Profit (in Rs.) |
| 2002-03 2003-04 2004-05 2005-06 2006-07 |
38,000.00 18,000.00 25,000.00 19,000.00 27,000.00 |
Calculate the value of goodwill on the basis of 2-year purchases of weighted
average profit based on weight 1, 2, 3, 4 and 5 respectively to the profit for
the year 2002-03, 2003-04, 2004-05, 2005-06 and 2006-07.
OR
A firm earns a profit of Rs. 30,000/- per year. In the same business the 10%
return is generally expected. The total assets of the firm are Rs. 2, 50,000/-.
The value of outsiders liability is Rs. 40,000/-. Find the value of goodwill.
5 marks
Q. 2. A and B are partners sharing profits and losses in the ratio of 1:3. Their Balance Sheet as on 31st March, 2010 was as under:
| Liabilities | Amount (in Rs.) |
Assets | Amount (in Rs.) |
| Bills Payable Capital A Capital B |
5,000/- 15,000/- 10,000/- |
Cash Stock Computer |
4,000/- 7,000/- 5,000/- |
| 30,000/- | Plant & Machinery | 4,000/- | |
| Furniture | 10,000/- | ||
| 30,000/- |
On 31st March, 2010 C is admitted into partnership for 1/6th share in
future profit, on the following terms :
a) The value of plant and machinery is to be increased by Rs.1,000/-.
b) The value of computer is appreciated by Rs. 3,000/-.
c) Goodwill is to be valued at Rs. 48,000/- and C brings necessary amount for
his share of goodwill in cash.
C is to bring in the capital to the extend of 1/6th of the total capital of new
firm after making all adjustments. Draft journal entries and partner’s capital
account.
OR
Pass journal entries in the following cases:
a) Assets were realized as follows:
Debtors -Rs. 30,500/-, Plant and Machinery –Rs. 32,500/-
a) Expensed on dissolution were Rs 2,080/-.
b) X agreed to take investments at Rs 10,400/-.
c) Creditors agreed to accept Rs 48,100/- in full settlement of their claim of
Rs 49,000/-.
d) Bank loan of Rs12,000/- is paid off. 5marks
Q. 3. Gold Co. Ltd. invited applications for Rs. 40,000/- equity shares
of 50/- each. The amount was payable as follows:
On application and allotment Rs. 20/- per share. Balance on first and final
call. Applications for Rs. 70,000/- shares were received. Applications for Rs.
20,000/- shares were rejected and pro-rata allotment was made to the
remaining applications. First and final calls were duly received. Give journal
entries.
OR
Differentiate between Equity Shares and Preference Shares. 5 marks
Q. 4. Explain any five types of Debentures.
OR
Journalize the following transactions for issue and redemption of debentures,
a) 1000, 12% debentures issued at Rs.100/- repayable at Rs.100/-.
b) 1000, 12% debentures issued at Rs. 90/- repayable at Rs.105. 5 mark
SHORT ANSWER TYPE QUESTIONS
Q. 6. Differentiate between Income and Expenditure Account and Receipt and Payments Account. 3 marks
Q. 7. During the year 2009-10, subscription received was Rs. 90,000/-.
Calculate the amount of subscription to be shown in the Income and Expenditure
Account in the following case
a) If subscription outstanding for 31st March 2010 is Rs. 18,000/-.
b) If subscription received in advance for the year 2010-11 is Rs. 4,500/-. 3
marks
Q. 8. Give the meaning and features of partnership deed. 3 marks
Q. 9. Differentiate between sacrificing ratio and gaining ratio. 3 marks
Q. 10. Explain Realization Account. 3 marks
Q. 11. What do you understand by overscription. 3 marks
Q. 12. Write a note on “Forfeiture of Shares”. 3 marks
Q. 13. Give necessary journal entry to be passed redemption of debentures. 3 marks
Q. 14. From the following Information, prepare comparative Income statement. 3 marks
| Particulars | 2008 (in Rs. ) | 2009 (in Rs. ) |
| Sales Cost of goods sold Operating Exp. |
2,00,000/- 1,00,000/- 1 10,000/- |
2,,50,000/- 1,25,000/- 10,000/- |
Very Short Answer Type Questions.
Q. 15. What do you understand by Not-for-Profit organizations? 2 marks
Q. 16. Give the meaning of partnership. 2 marks
Q. 17. Give the meaning of super profit. 2 marks
Q. 18. What is meant by underscription. 2 marks
Q. 19. Explain the term Share capital. 2 marks
Q. 20. Give two objectives of ratios. 2 marks
Q. 21. What do you understand by solvency ratio. 2 marks
Q. 22. Give any two limitations of ratio analysis. 2 marks
Q. 23. Give meaning of Cash flow statement. 2 marks
OBJECTIVE TYPE QUESTIONS
Q. 24. Receipt and payment account is summary of:
a) Cash receipt and payment
b) Income and expenses
c) Debit and credit balances of ledger accounts
d) None of these 1 mark
Q. 25. Following account is prepared on Accrual basis:
a) Income and expenditure account
b) Receipt and payment account
c) Both of these
d) None of these 1 mark
Q. 26. Old profit sharing ratio minus new profit sharing ratio is
equal to:
a) Gaining ratio
b) Sacrificing ratio
c) None of these 1 mark
Q. 27. When incoming partner brings his share of goodwill in cash, it
will be taken away by old partners in :
a) Old profit sharing ratio
b) New profit sharing ratio
c) Sacrificing ratio
d) Capital ratio 1 mark
Q. 28. Share forfeiture account is finally closed by transfer of its balance to………………….account. 1 mark
Q. 29. Maximum rate of discount on issue of share can be…………………………%. 1 mark
Q. 30. An ideal current ratio is ……………………………………,. 1 mark
Q. 31. An ideal debit equity ratio is………………………………………. 1 mark
Q. 32. Excess of current assets over current liabilities is called Working capital. (True or False). 1 mark
Q. 33. Cash flow statement is a technique of analyzing which financial position? 1 mark
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