RAMANA VIDHYALAYA, SHOLINGANALLUR

Class Assessment IV (October 2020-November 2020)

ACCOUNTANCY (Subjective)
Class : XII Duration : 1hr30mts
Date : 31-10-2020 Marks : 40
Instructions:
• The question paper has 17 questions, which include of 10 questions of 1 Mark each,
2 questions of 3 Marks each, 3 questions of 4 Marks and 2 questions of 6 Marks
• The answers to be written in tear off sheets.
• The following details to be written in the answer scripts before answering the
questions - Name, Class, Date, Roll number and Subject .
• Pages have to be numbered correctly.
• Questions need not be written in the answer sheet.
• Question numbers have to be written as given in the question paper.
• Answers to be written neatly with proper spacing between the words. Important
words and phrases should be underlined.
• Draw proper columns and tables for Journals and Ledgers
• After every answer leave one or two lines.
• The answer papers should be scanned in Adobe scanner and saved as PDF and then
uploaded to Google classroom by 10.45 am.
Answer the following:
(Questions 1 to 10 carry 1 mark each)
1. Identify the item which is not part of Shareholders’ Funds
a) Share Application money pending allotment
b) Share Capital
c) Reserves and Surplus
d) Money received against Share Warrants

2. Which of the following is not shown as Non-current liabilities?

a) Trade payables
b) Long-term borrowings
c) Deferred Tax liabilities
d) Long-term provisions

3. If the Operating Cycle cannot be identified, it is assumed to be a period of

a) 10 months
b) 11 months
c) 9 months
d) 12 months

4. Comparison of actual values of one firm with those of another firm belonging to the same
industry is:
a) Inter-firm comparison
b) Intra-firm comparison
c) Pattern comparison
d) Standard comparison
5. Which technique of financial analysis shows a comparative study of items or components of
financial statements of two or more years?
a) Common-size statement
b) Ratio Analysis
c) Comparative Statement
d) Trend analysis

6. If a shareholder does not pay his dues on allotment, for the amount due, there will be:
a) Credit Balance in Shares allotment account
b) Debit balance in the Shares Forfeiture account
c) Credit balance in the Shares Forfeiture account
d) Debit Balance in Shares allotment account

7. On a share of ₹ 20 issued at a premium of ₹ 4 on which ₹ 16 (including premium) is called up and

₹ 10 (including premium) paid is forfeited, the Share Capital Account will be debited by:
a) ₹ 20
b) ₹ 12
c) ₹ 10
d) ₹ 16

8. ______________ is not paid on Debentures issued as collateral security.

9. Electronics Ltd. issue 10,000, 6% Debentures of ₹ 100 each at a premium of ₹ 10. It will credit
6% Debentures Account by:
a) ₹ 11,00,000
b) ₹ 10,00,000
c) ₹ 9,00,000
d) ₹ 8,00,000

10. Interest on debentures is calculated on the ________________ value of the debentures.

11. Under which sub-heading and main Heading the following items will be placed in the Balance
Sheet of a Company as per Schedule-III of the Companies Act, 2013:
a) Accrued income
b) Loose Tools
c) Provision for Employee benefits
d) Unpaid Dividend
e) Short-term loans
f) Long-term loans (3 marks)
 12. Fill in the blanks for the following entry:
Date Particulars LF Dr Cr
₹ ₹
………………………………………….. Dr ………..
To ……………………………………………… ……………
(Being application and allotment money received on 2,000;
12% Debentures of ₹ 100 each at a premium of 5% and
redeemable at a premium of 10%)
………………………………………….. Dr ………..
………………………………………….. Dr …………
To …………………………………………………. …………..
To …………………………………………………. ……………
To …………………………………………………. ……………..
(Being……………………………………………………
…………………………………………………………..)

(3 marks)

13. From the following information extracted from the Statement of Profit and Loss for the year
ended 31st March, 2019 and 2020, prepare a Comparative Statement of Profit & Loss:

Particulars 2018-19 2019-20

Revenue from Operations ₹ 6,00,000 ₹ 5,00,000
Other income (% of revenue from Operations) 20% 20%
Employee benefit expenses (% of Total revenue) 40% 40%
Tax rate 50% 50%

(4 marks)

14. Axe Ltd issued 7,000, 10% Debentures of ₹ 1,000 each at a discount of 10%, redeemable at a
premium of 5% after 4 years. According to the terms of issue, ₹ 300 payable on application and
balance on allotment of debentures.
Record necessary entries with respect to issue of 10% Debentures. (4 marks)

15. Prepare a Common size Balance Sheet of KJ Ltd from the following information:
Particulars Note 31.3.2017 31.3.2016
No (₹) (₹)
I Equity and Liabilities
1. Shareholder’s Funds 8,00,000 4,00,000
2. Non-current Liabilities 5,00,000 2,00,000
3. Current Liabilities 3,00,000 2,00,000
16,00,000 8,00,000
Total
II Assets 10,00,000 5,00,000
1. Non-Current Assets 6,00,000 3,00,000
2. Current Assets 16,00,000 8,00,000
Total
(4 marks)
16. Journalise the following transactions in the books of Mehta Ltd.
On 1st April 2019, Mehar Ltd. issued ₹1,00,000, 12% Debentures of ₹ 100 each at a premium of
5%, redeemable at a premium of 2% which were fully subscribed and paid
On 1st October, 2019, 12% Debentures were issued at discount of 10% to a vendor of machinery
for payment of ₹ 9,00,000
On 1st January 2020, 10,000; 11% Debentures of ₹ 100 each were issued as Collateral in favour
of State Bank of India. Company opted to pass necessary journal entries for issue of Debentures.
(6 marks)
17. Sagem Ltd invited applications for issuing 80,000 equity shares of ₹ 100 each at a premium of
₹ 10. The amount was payable as follows:
On Application - ₹ 30
On Allotment - ₹ 30 (including premium of ₹ 10)
On 1st call - ₹ 30
On Final call – Balance

Applications of 1,20,000 shares were received. Allotment was made on pro rata basis to all
applicants. Excess money received on application was adjusted on sums due on allotment.
Dhawani, who was allotted 1,600 shares, failed to pay allotment money and Sargam who applied
for 6,000 shares did not pay 1st call money. These shares were forfeited immediately after 1st call.
2,000 of these shares (including all shares of Dhawani) were issued to Tarang for ₹ 95 per share as
₹ 80 paid up. Pass necessary journal entries in the books of Sagem Ltd by opening Calls in arrears,
calls in advance account, if Final call has not been made yet.
(6 marks)