RAMANA VIDHYALAYA, SHOLINGANALLUR

Class Assessment II (September 2020)

ACCOUNTANCY
Class : XII Duration : 1 hour
Date : September 12, 2020 Marks : 25
Instructions:

• The question paper has 9 questions, which include of 5 questions of 2 Marks each, 3
questions of 3 Marks each and 1 question 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 9.45 am.
Answer the following:
1. Amit and Bharat were partners in a firm sharing profits and losses in the ratio of 3:1.
Chaman was admitted as a new partner for 1/6th share in the profits. Chaman acquired 2/5th
of this share from Amit. How much will Chaman acquire from Bharat? (2 marks)

2. NK Ltd., a Truck manufacturing company is registered with an authorized capital of

₹ 1,00,00,000 divided into equity shares of ₹ 100 each. The subscribed and paid up capital
of the company is ₹ 50,00,000. To meet the capital expenditure needs of an expansion plan,
the company offered 20,000 more shares to the public for subscription. These shares were
fully subscribed and paid.
Present the share capital in the Balance Sheet of the company along with the Notes to
accounts as per the provisions of Schedule III of the Companies Act, 2013. (2 marks)
3. Give two circumstances in which Sacrificing ratio is applied. (2 marks)

4. Sundaram Ltd. purchased Furniture for ₹ 3,00,000 from Ravindran Ltd. ₹ 1,00,000 were
paid by drawing a Promissory Note in favour of Ravindran Ltd. The balance was paid by
issue of Equity shares of ₹ 10 each at a premium of 25%.
Pass necessary Journal entries in the books of Sundaram Ltd. (2 marks)

5. A company invited applications for 30,000 Equity shares of ₹ 10 each at a premium of ₹ 2

each. The total application money received @ ₹ 2 per share was ₹ 72,000. Name the kind
of subscription. List any 2 alternatives for allotting these shares. (2 marks)
6. Abhay and Beena are partners in a firm. They admit Chetan as a partner with 1/4th share in
the profits of the firm. Chetan brings ₹ 2,00,000 as his share of Capital. The value of total
assets of the firm is ₹ 5,40,000 and outside liabilities are valued at ₹ 1,00,000 on that date.
Give the necessary entries to record at the time of Chetan’s admission. Also show your
working notes. (3 marks)

7. WX Ltd. was registered with an authorized capital of 2,00,000 equity shares of ₹ 10 each.
The company offered 1,50,000 shares to the public for subscription. 1,45,000 shares were
subscribed. All calls were made and were duly received except for the final call of ₹ 3 on
5,000 shares.

Present the Share Capital of the Company as per the provisions of Schedule III, Part I of
the Companies Act, 2013. (3marks)

8. Aditi and Himanshu were partners in a firm sharing profits in the ratio of 2:1. On 1 st April
2019, they admitted Sakshi as a new partner for 1/4th share in profits of the firm.
On the date of Sakshi’s admission, following items were shown in the Balance Sheet of
Aditi and Himanshu:
(i) General Reserve - ₹ 60,000
(ii) Profit & Loss (Dr.) - ₹ 50,000
(iii) Workmen Compensation Fund - Nil
They agreed the following terms:
a) Sakshi will bring ₹ 2,00,000 as her capital and share of Goodwill in cash
b) Goodwill of the firm to be valued at 2 years purchase of the average profit of last
three years which were ₹ 2,00,000; ₹ 1,50,000; and ₹ 1,30,000.
Pass the necessary journal entries for the above on admission of Sakshi. (3 marks)

9. EF Ltd. invited applications for issuing 80,000 shares equity shares of ₹ 50 each issued at
a premium of 20%. The amount was payable as follows:

On Application - ₹ 20 per share (including premium of ₹ 5)

On Allotment - ₹ 15 per share (including premium of ₹ 5)
On First Call - ₹ 15 per share
On Second and Final Call - Balance amount

Applications for 1,20,000 shares were received. Applications for 20,000 shares were
rejected and pro-rata allotment was made to the remaining applicants.

Seems, holding 4,000 shares failed to pay the allotment money. Afterwards the first call
was made. Seema paid allotment money along with the first call. Sahaj who had applied
for 2,500 shares failed to pay the first call money. Final call was not made.

Pass necessary journal entries for the above transactions in the books of EF Ltd. by opening
calls in arrears account. (6 marks)

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