Accounts Pre Board Ii

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Aadharshila vidya Mandir
Behind Govt. Engg College, Ramtala Road, Koni, Bi
Class 12 - Accountancy
ACCOUNTANCY
Maximum
Marks: 40 Time
Allowed: 2 hours
General Instructions:
This question paper comprises two Parts – A and B.
There are 12 questions in the question paper. All
questions are compulsory.
Part-A is compulsory for all candidates.
Part- B has two options i.e. ( i ) Analysis of Financial
Statements and (ii) Computerized Accounting.
Students must attempt only one of the given
options.
Question nos. 1 to 3 and 10 are short answer type–I
questions carrying 2 marks each.
Question nos. 4 to 6 and 11 are short answer type–
II questions carrying 3 marks each.
Question nos. 7 to 9 and 12 are long answer-type
questions carrying 5 marks each.
There is no overall choice. However, an internal
choice has been provided in 3 questions of three
marks and 1 question of five marks.
Part A
1) Ram & Sham are partners sharing profits & losses in ratio of 3:2. Ram being non-working partner
contributes Rs. 20,00,000 as his capital & Shyam being a working parties, gets a salary of Rs. 8000
per month. As per partnership deed interest is paid @ 8% p.a. & salary is allowed. Profits before
providing that for year ending 31st March 2015 were Rs. 80,000. Show the distribution of profits.
2) Complete the missing figure in the following accounts:
In the Books of Fox and Wolf
Realisation Account
Dr. Cr.
Particulars Rs. Particulars Rs.
To Sundry Assets(Transfer) By Sundry Liabilities(Transfer):
Stock A/c 18,000 Creditors A/c 88,500
https://mycbseguide.com/test-generator/print-testpaper/493314/ 1/9
Dr. Cr.
Debtors A/c 42,000 Bills Payable A/c 23,000
Furniture A/c 12,000 Ms. Wolf's Loan A/c 40,0001,51,500
Machinery A/c 1,06,5001,78,500By Bank A/c(Assets Realised):
To Bank
Stock 10,500
A/c(Liabilities Paid):
Bills Payable 23,000 Debtors --
Creditors - Machinery 88,500 --
By Fox's Capital A/c(Furniture Taken
Ms. Wolf's Loan 38,500 7,500
Over)
Claim for Damages 2,000 -- By Bank A/c(Recovery of Bad Debts) 1,800
To Bank A/c(Expenses) 2,100 By Loss on Realisation:
Fox's Capital A/c --
Wolf's Capital A/c --
3,30,830 3,30,830
Partner's Capital Account
Dr. Cr.
Particulars Fox(Rs) Wolf(Rs) Particulars Fox(Rs) Wolf(Rs)
To Profit and Loss A/c 11,250 11,250 By Balance b/d -- --
To Realisation A/c(Furniture Taken Over) -- By Bank A/c 10,390 8,890
To Realisation A/c(Loss) 21,640 21,640
40,390 32,890 40,390 32,890
Bank Account
Dr. Cr.
Particulars Rs Particulars Rs
To Balance b/d 4,500 By Realisation A/c(Liabilities Paid) 1,50,230
To Realisation A/c(Assets Realised) 1,26,750 By Realisation A/c(Expenses) --
Recovery of Bad Debts 1,800
To Fox's Capital A/c(Cash Brought in) --
To Wolf's Capital A/c(Cash Brought in) --
1,52,330 1,52,330
3) P, R and S are in partnership sharing profits 4/8, 3/8 and 1/8 respectively. It is provided in the
Partnership Deed that on the death of any partner his share of goodwill is to be valued at one half
of the net profit credited to his account during the last four completed years.
R died on 1st January, 2018. The firm's profits for the last four years ended 31 st December, were
as:
2014 ₹ 1,20,000; 2015- ₹ 80,000; 2016 ₹ 40,000; 2017- ₹ 80,000
i. Determine the amount that should be credited to R in respect of his share of Goodwill.
ii. Pass Journal entry without raising Goodwill Account for its adjustment.
4) Find out the cost of medicines consumed during 2015-16 from the following information
Particulars Amt (Rs)
Payment for purchase of medicines 3,70,000
Creditors for medicines purchased
On 1st April, 2015 25,000
On 31st March, 2016 17,000
Stock of medicines
On 1st April, 2015 62,000
On 31st March, 2016 54,000
Advance suppliers of medicines
On 1st April, 2015 11,500
On 31st March, 2016 18,200
OR
Following is the receipts and payments account of good health sports club for the year ended 31
December, 2013
Amt Amt
Receipts Payments
(Rs.) (Rs.)
To Balance b/d 10,000 By Building 54,000
To Donations for Building 50,000 By Match Expenses 450
To Life Membership Fee 4,000 By Furniture 2,550
By Investments (Purchased on 1 st April, 2013 @
To Receipts from Matches 8,000 16,000
20% Per annum)
To Subscriptions (including Rs.
5,200 By Salaries (2012-2,000 + 2013-5,000) 7,000
100 for 2012)
To Lockers Rent 400 By Insurance 350
To Interest on Investments 240 By Sundry Expenses 970
To Sale of Furniture (Book value
1,000
Rs. 800)
To Entrance Fees 3,000 By Balance c/d 520
81,840 81,840
Additional Information
i. Subscriptions outstanding on 31st December, 2012 were Rs. 200 and on 31st December, 2013 were
Rs. 300.
ii. Outstanding salaries for the year ended 31st December, 2013 were Rs. 800 and outstanding bills
for sundry expenses were Rs. 600.
iii. Donations for building includes Rs. 10,000 for general donations.
Prepare 'income and expenditure account' of the club for the year ending 31st December, 2013.
5) A, B, C and D are partners sharing profits in the ratio of 3 : 3 : 2 : 2 respectively. D retires and A, B
and C decide to share the future profits in the ratio of 3 : 2 : 1. Goodwill of the firm is valued at Rs
6,00,000. Goodwill already appears in the books at Rs 4,50,000. The profit for the 1st year after D’s
retirement amount to Rs 12,00,000.
Give the necessary journal entries to record goodwill and to distribute the profits. Show your
calculations clearly.
6) Bright Ltd. took over the assets of ₹6,60,000 and liabilities of ₹80,000 of Star Ltd. for an agreed
purchase consideration of ₹6,00,000 payable 10% in cash and the balance by the issue of 12%
Debentures of ₹100 each. Give necessary Journal entries in the books of Bright Ltd., assuming that;
Case (a): The debentures are issued at par.
Case (b): The debentures are issued at 20% premium.
Case (c): The debentures are issued at 10% discount.

OR
Tushar Ltd. purchased assets of ₹14,40,000 and liabilities of ₹2,55,000 from Chander Ltd. on
1.4.2018. ₹2,40,000 were paid immediately. Pass journal entries in the books of Tushar Ltd. if the
balance was paid as follows:
Case (i) by issue of ₹9,00,000, 11% debentures in Tushar Ltd.
Case (ii) by issue of ₹10,50,000, 12% debentures in Tushar Ltd.

7) A and B were partners sharing profits and losses in 2 : 1. Their Balance Sheet as at 31st March, 2018
was as follows:
Liabilities ₹ Assets ₹
Sundry Creditors 2,10,000 Cash at Bank 60,000
A's Loan @ 12% p.a. 50,000 Sundry Debtors 1,80,000
General Reserve 90,000 Less: Provision Doubtful Debts 10,000 1,70,000
A's Capital 4,00,000 Stock 2,00,000
B's Capital 2,50,000 6,50,000 Investments 1,50,000
Plant & Machinery 4,00,000
B's Loan 20,000
10,00,000 10,00,000
Partners decide to dissolve the firm on the above date. Assets and liabilities realised as follows:
i. Plant & Machinery was taken over by A at 60% of the book value.
ii. Investments were taken over by B at 120%.
iii. Sundry Creditors were paid off by giving them stock at 75% of the book value and the balance in
cash.
iv. Debtors realised 20% less of the amount due from them.
v. A’s loan was paid off with interest for six months.
vi. Realisation expenses amounted to ₹ 1,000.
You are required to prepare:
i. Realisation Account
ii. A ’s Loan Account and B’s Loan Account
iii. Partner’s Capital Accounts, and
iv. Bank Account.
Hint: Payment to Sundry Creditors ₹ 60,000.
OR
(Death of a partner)
M, N and O were partners in a firm sharing profits and losses equally.Their Balance Sheet on 31-
12-2014 was as follows:
Amount Amount
Liabilities Assets
(Rs.) (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, 2015. According to the Partnership Dead, executor's on the deceased
partner are entitle to :
i. Balance of partner’s capital A/c.
ii. Interest on capital @ 5% p.a.
iii. Share of goodwill calculated on the basis of twice the average of past there years profits.
iv. Share of profits from the closure of the last accounting year till the date of the death on the basis
of twice the average of three completed year’s profit before death. Profits for 2012, 2013 and 2014
were Rs. 80,000, Rs. 90,000 and Rs. 1,00,000 respectively. Show the working for deceased partner’s
share of goodwill and profits till the date of his death. Pass the necessary journal entries and
prepare N’s Capital A/c to be rendered to his executors.
8) On 1 st April 2015, Mathew Ltd. issued 10,000, 9% Debentures of ₹100 each at a discount of 5%,
redeemable at a premium of 5%. These debentures were redeemable as follows:
On 31 st March 2016 - 2,000 Debentures;
On 31 st March 2017 - 5,000 Debentures;
On 31st March 2018 - 3,000 Debentures.
Prepare the Loss on Issue of Debentures Account, Debentures Account and Premium on
Redemption of Debentures Account for three years.
9) The following is the receipts and paym ints account of the Rajasthan Society for the year ending
31st March, 2014:
Receipts ₹ Payments ₹
To Balance b/d 3,000 By Honorarium to Clerk 10,000
To Subscriptions: By Cost of Car 80,000
Arrear 600 By Car Expenses 4,200
Current 70,000 By Building advance 25,000
Advance 500 71,100 By Charities 2,000
To Donations 17,500 By Meeting Expenses 5,400
To Entrance Fees 15,000 By Electricity 4,800
To Endowment Fund Receipts 14,000 By Medicines etc. 800
To Life Membership Fees 6,000 By Investments 20,000
To Rent of the Hall 8,700 By Expenses on Charity show 6,200
To Grant from local authority 4,000 By Insurance Premium 1,200
To Proceeds of charity show 16,800 By Balance c/d 400
To Sundries 1,200
To Interest on Investments 2,700
1,60,000 1,60,000
Additional Information:-
i. There are 600 members each paying a monthly subscription of ₹ 10; ₹ 800 being in arrear for
2012-13 at the beginning of the year.
ii. A donation of ₹ 2,500 was wrongly included in subscriptions of the current year.
iii. Entire Donation and 2/3 of Entrance fee are to be capitalised.
iv. Insurance Premium was paid in advance for three months.
v. Interest on Investments ₹ 300 though accrued was not actually received.
vi. A bill of medicine purchased during the year amounting to ₹ 200 was outstanding.
vii. Gujarati cultural association owed ₹ 2,000 for the use of society hall.
You are required to prepare an Income and Expenditure Account for the year ended 31st March,
2014 and a Balance Sheet as at that date.
Part-B
10) Classify the following activities into (i) Operating Activities, (ii) Investing Activities, and (iii)
Financing Activities in case of (a) a Financial Enterprise, and (b) a Non-Financial Enterprise:
i. Purchase of securities of a Company.
ii. Brokerage paid for the purchase of securities.
iii. Sale of securities of a Company.
iv. Loans and advances made.

v. Receipts from the repayments of loans and advances.
vi. Interest received on securities.
vii. Dividend received on securities.
viii. Interest paid on borrowings.
ix. Dividend paid to shareholders.
11) Prepare a Common Size Statement of Profit & Loss from the following:
31.3.2018
31.3.2017
Note No.
₹ ₹
Revenue from Operations 48,00,000 30,00,000
Purchase of Stock in Trade 32,64,000 21,00,000
Changes in Inventories (1,92,000) (90,000)
Other Expenses 3,36,000 1,50,000
Other Income 72,000 60,000
Income Tax (40%)
OR
Prepare Common-size Statement of Profit and Loss from the following for the year ended 31st
March 2013.
Particulars (Rs.)
Revenue from Operations 21,00,000
Cost of Materials Consumed 9,90,000
Other Expenses 3,90,000
Interest on investment 80,000
Tax Payable 50%
12) From the following Balance Sheet as at 31 st March, 2019 and Statement of Profit and Loss for the
year ended 31 st March, 2019 of RSB Ltd. and additional information, prepare Cash Flow
Statement:
Particulars Note No. 31st March, 2019 31st March, 2018
₹ ₹
I. EQUITY AND LIABILITIES
1. Shareholders' Funds
(a) Share Capital 7,50,000 5,00,000
(b) Reserves and Surplus 1 9,50,000 3,00,000
2. Non-Current Liabilities
Long-term Borrowings: 10% Debentures 7,00,000 4,00,000
3. Current Liabilities
(a) Trade Payables 1,10,000 90,000
(b) Other Current Liabilities 2 39,000 25,000

(c) Short-term Provisions (Provision for Tax) 2,60,000 2,25,000
Total 28,09,000 15,40,000
II. ASSETS
1. Non-Current Assets
(a) Fixed Assets:-Tangible 3 6,85,000 7,45,000
(b) Non-current Investments 7,50,000 2,50,000
2. Current Assets
(a) Current Investments 6,74,000 95,000
(b) Inventories 1,00,000 2,00,000
(c) Trade Receivables 4,00,000 1,50,000
(d) Cash and Cash Equivalents 2,00,000 1,00,000
Total 28,09,000 15,40,000
STATEMENT OF PROFIT AND LOSS
for the year ended 31 st March, 2019

Particulars Note No. 31st March, 2019 ₹ 31st March, 2018 ₹
I. Revenue from Operations 4 40,00,000 35,00,000
II. Other Income 5 35,000 30,000
III. Total Revenue (I + II) 40,35,000 35,30,000
IV. Expenses:
Purchases of Stock-in-Trade 27,00,000 24,70,000
Change in Inventories of Stock-in-Trade 6 1,00,000 50,000
Finance Cost 27,500 20,000
Depreciation 40,000 45,000
Other Expenses 22,500 20,000
Total Expenses 28,90,000 26,05,000
V. Profit before Tax (III - IV) 11,45,000 9,25,000
IV. Less: Tax 3,45,000 2,25,000
V. Profit after Tax (V - VI) 8,00,000 7,00,000
Note to Accounts
Particulars 31st March, 2019 31st March, 2018
₹ ₹
1. Reserves and Surplus
Debentures Redemption Reserve 1,00,000 1,00,000
Surplus, i.e. Balance in Statement of Profit and Loss 8,50,000 2,00,000
9,50,000 3,00,000
2. Other Current Liabilities
Interest on Debentures 35,000 20,000

Outstanding Expenses 4,000 5,000
39,000 25,000
3. Fixed Assets- Tangible
Cost 8,90,000 9,90,000
Less: Accumulated Depreciation 2,05,000 2,45,000
6,85,000 7,45,000
4. Revenue from Operations
Sale 42,00,000 35,75,000
Less: Accumulated Depreciation 2,05,000 2,45,000
6,85,000 7,45,000
5. Other Income
Interest on Deposits 15,000 12,500
Dividend on Investments 10,000 17,500
Gain (Profit) on sale of fixed Assets 10,000 -
35,000 30,000
6. Change in Inventories of Stock-in-Trade
Opening Stock 2,00,000 2,50,000
Less: Closing Stock 1,00,000 2,00,000
1,00,000 50,000
Additional Information:
i. Additional debentures were issued on 1st October, 2018 of ₹ 5,00,000. On the same date, part of
outstanding debentures were redeemed and interest was paid, whereas interest on outstanding
debentures was paid on 10th April, 2019.
ii. Board of Directors proposed dividend in both the years @ 10%.
iii. Interim Dividend of ₹ 1,00,000 was paid during the year.
iv. A fixed asset with original cost of ₹ 1,00,000 on which depreciation till date was provided of ₹
80,000 was sold at a profit of ₹ 10,000.

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4/19/22, 11:04 AM Test Generator - Create Question Papers Online

Aadharshila vidya Mandir

Behind Govt. Engg College, Ramtala Road, Koni, Bi

2014 ₹ 1,20,000; 2015- ₹ 80,000; 2016 ₹ 40,000; 2017- ₹ 80,000

Case (a): The debentures are issued at par.

Case (b): The debentures are issued at 20% premium.

Case (c): The debentures are issued at 10% discount.

Case (i) by issue of ₹9,00,000, 11% debentures in Tushar Ltd.

Case (ii) by issue of ₹10,50,000, 12% debentures in Tushar Ltd.

On 31 st March 2016 - 2,000 Debentures;

On 31 st March 2017 - 5,000 Debentures;

On 31st March 2018 - 3,000 Debentures.

iv. Loans and advances made.

(b) Other Current Liabilities 2 39,000 25,000

for the year ended 31 st March, 2019

Interest on Debentures 35,000 20,000

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