Class 12th
Accountancy
Maximum Marks : 90
Part A
Total Marks:70
Q 1: Answer the following questions:
- Write down two differences between equity shares and preference shares.
- What is the name of the account which keeps a record of all cash transactions in a not for profit organization?
- PQR Ltd issued Rs 48 crore debentures, divided into 4 80 000 debentures of Rs 100 each on 1/1/2000. These debentures were due for redemption on 31st March 2001 at a premium of 10%. How much amount should be transferred to Debenture Redemption Reserve before commencement of redemption?
- Can issued and subscribed capital differ in amount?
- Give the meaning of "Minimum Subscription"
- How can entrance fees be recorded in the books of accounts of a not for profit organization?
- What are Bearer Debentures?
- Define the term Debentures
8 Marks
Q:2 State the guidelines issued by SEBI with regards to Debenture Redemption Reserve.
3 Marks
Q;3 Write down the difference between Receipt and Payment account and Income and Expenditure account
3 Marks
Q 4: Blue Print Ltd purchased building worth Rs 1 50 000, machinery worth Rs 1 00 000 and furniture worth Rs 10 000 from XYZ Ltd. It also took over XYZ Ltd's liability amounting to Rs 20 000 and decided to pay a purchase consideration of Rs 3 15 000 by issuing 12% Debentures of Rs 100 each at a premium of 5%. Record the necessary journal entries.
3 Marks
Q:5 Calculate the amount that will appear against Medicines Consumed in the Income and Expenditure Account of Seattle Grace Hospital for the year ended March 31st 2007. Following information is made available:
- Amount appearing against Medicines on the payment side of Receipt and Payment Account - Rs 10 000
- Opening stock of medicines - Rs 25 000
- Amount outstanding to suppliers of medicine at the beginning of current year - Rs 3 000
- Advance paid to suppliers of medicine at the beginning of current year - Rs 5 000
- Advance paid to suppliers of medicine at the end of the current year - Rs 8 000
- Amount outstanding to suppliers of medicine a the end of the current year - Rs 1 000
- Closing stock of medicines - Rs 3 500
3 Marks
Q 6: X Ltd had an authorized capital for Rs 30 00 000 divided into equity shares of Rs 10 each. The company issued applications for 60 000 shares. application was received for 40 000 shares. All calls were made and duly received except final call of Rs 2 each on 1000 shares. 500 of these shares were forfeited. Show how share capital will appear in the balance sheet of X Ltd as per Schedule 6 of Companies Act 1956
4 Marks
Q:7 Sita Enterprises issued 4 00 000 11% Debentures of Rs 100 each on 1/4/2001, redeemable in four equal installments starting from 1/4/2003. The Board of directors decided to transfer the required amount into Debenture Redemption Reserve in two equal installments on 1/4/2001 and 1/4/2002 respectively. Pass necessary journal entries.
4 Marks
Q:8: On 1st April 1999 A Ltd issued Rs 1 00 000 5% Debentures as follows:
- For cash at 105%, nominal value Rs 50 000, redeemable after 10 years at a premium of 5%.
- To creditors for capital expenditure of Rs 25 000, nominal value Rs 20 000
- To bankers as collateral security against a loan of Rs 15 000, nominal value Rs 30 000
Record journal entries for the year 1999-2000 and show the balance sheet as on March 31st 2000
6 Marks
Q:9: Disha Ltd issued 2 000 12% Debentures of Rs 100 each on 1st January 1998. These debentures were redeemable on 31st December 2002 at a premium of 10% by conversion into equity shares of Rs 10 each issued,
- at par
- at a premium of Rs 12 per share
- at a discount of Rs 2 per share
Pass necessary journal entries at the time of issue and redemption of debentures in each of the above three cases.
6 Marks
Q:10 There are 450 members in a club each paying an annual subscription of Rs 500. Subscription of Rs 5000 were outstanding on 31/3/2003. Subscription received during 2003-04 were Rs 2 23 000 including Rs 4 500 for 2002-03 and Rs 7 500 for 2004-05. Calculate the amount of subscription in arrears as on 31/3/2004. Prepare opening and closing Balance Sheets and Subscription Account.
6 Marks
Q:11 Sudarshan Ltd invited applications for 1 00 000 equity shares of Rs 10 each. The shares were issued at a premiums of Rs 5 per share. and amount was called up as follows
- On Application and Allotment Rs 8 per share, including Rs 3 per share as premium
- Balance on first and final call
Application was received for 1 50 000 shares. 10 000 shares were rejected and pro rata allotment was made to the remaining applicants as follows:
- Applicants of 80 000 shares were allotted 60 000 shares, and
- Applicants of 60 000 shares were allotted 40 000 shares
X who belonged to the first category and was allotted 300 shares failed to pay the final call money. Y who belonged to category 2 and was allotted 200 shares also failed to pay the call money. Both X and Y's shares were forfeited and 400 of these shares, including all of X's shares, were reissued at Rs 12 per share, fully paid up.
Pass necessary journal entries. prepare Cash Book and present the Balance Sheet of Sudarshan Ltd.
8 Marks
Q:12 The Receipts and Payment Account of Swadeshi Club Ahmedabad on 31/12/2006 is given below
Receipts
Cash in hand as on 1/1/2006 1050
Subscription
2005 40
2006 4950
2007 60 5050
Donation 2000
Sale of tickets 950
Sale of old newspaper 90
Total 9140
Payments
Salary 1200
General Expenses 150
Drama Expenses 450
Newspaper 300
Municipality Tax 40
Books Purchased 1000
Donation 350
Investment 4000
Electric Charge 150
Furniture purchased 1000
Cash in hand on 31/12/2006 500
Total 9140
After taking he given adjustment into consideration prepare Income and Expenditure Account and Opening and Closing Balance Sheet as on 31/12/2006
- The club has 1000 members who have to pay Rs 5 each as annual subscription. Out of them subscription of 10 members amounting to Rs 50 is not received for the year 2005
- Rs 1000 was agreed to be paid as donation by the customers but they are not paid
- 1/2 of the donation should be transferred to the building fund which is going to be constructed
- Municipality Tax of Rs 40 is paid for the year ending 31/12/2007
- Salary of Rs 40 is outstanding
- The book value of Building is Rs 10000 on which depreciation is to be charged at 5% p a
- Interest on investment at 8% for five months is to be collt
8 Marks
Q:13: Jupiter Ltd issued 50 000 shares of Rs 10 each payable as follows
- Rs 2.5 on Application payable on 1/6/2005
- Rs 2.5 on Allotment payable on 1/8/2005
- Rs 3 on First Call payable on 1/12/2005
- Rs 2 on Second and Final Call payable on 1/3/2006
Application was received for 1 00 000 shares and allotment was made as follows
- Applicants of 42 000 shares were given full allotment
- Applicants of 30 000 shares were given 8 000 shares
- Applicants of 28 000 shares were rejected.
Excess money received during application was to be adjusted against allotment and subsequent calls. 12% pa interest was given on calls in advance. All sums due were received except final call money from a shareholder X who belonged to category 1 and had applied for 6 000 shares.
Pass necessary journal entries and prepare the Balance Sheet as on 31/3/2006
Part B
Total Marks: 20
Q:1 From the following information calculate net cash from operations by using the direct method
Income Statement
For the year ending 31/3/1003
Sales 16 70 000
Less Cost of Goods Sold 13 30 000
Gross Profit 3 40 000
less Administrative Expenses 90 000
Selling Expenses 63 000
Depreciation 32 000
Preliminary Expenses written off 10 000
Direct Taxes 15 000 2 10 000
Net Profit After Income Tax 1 30 000
Current Assets and Current Liabilities 31/3/2002 31/32003
Sundry Debtors 60 000 56 000
Sundry Bills Receivable 5 000 7 000
Creditors 40 000 48 000
Bills Payable 10 000 11 000
Outstanding Expenses 2 000 1 600
Prepaid Expenses 900 1 200
Inventory 70 000 58 000
6 Marks
Q:2 From the following information calculate net cash from operation
Profit for the year after Provision for Tax of Rs 1 53 000 6 28 000
Insurance proceeds from the famine settlement 1 00 000
Proposed Dividend for the current year 72 000
Depreciation 1 40 000
Loss on sale of Machinery 30 000
Profit on Sale of Investment 20 000
Dividend received on Investment 6 000
Decrease in Current Assets other than Cash and Cash Equivalents 10 000
Increase in Current Assets other than Cash and Cash Equivalents 6 00 000
increase in Current Liability 1 51 000
Decrease in Current Liability 64 000
Income Tax Paid 1 18 000
Refund of Income Tax 3 000
6 Marks
Q:3: From the following Balance Sheet of Raja Mills Ltd, prepare a Statement of Cash Flow:
Liabilities 31/3/2002 31/3/2003
Capital 4 00 000 5 00 000
General Reserve 1 00 000 1 20 000
Profit and Loss A/c 61 000 61 200
12% Bank Loan 1 40 000 -
Creditors 2 80 000 2 60 000
Bills Payable 20 000 10 400
Provision For Taxation 60 000 70 000
Total 10 61 000 10 21 600
Assets 31/3/2002 31/3/200
Machine 3 00 000 3 38 000
Debtors 2 00 000 1 48 000
Business Premises 4 00 000 3 80 000
Cash 1 000 27 200
Stock 1 60 000 1 28 400
Total 10 61 000 10 21 600
Additional Information
- Dividend paid during the year - Rs 46 000
- Depreciation written off on Machine - Rs 28 000
- Provision for taxation was made for Rs 66 000
- income tax paid during the year includes Rs 4 600 as dividend tax
- Bank loan was repaid in the beginning of the year 2002-03
8 Marks
Edited by FollowYourHeart - 14 years ago
Mannat Har Khushi Paane Ki
Hindi TV Shows
Mangal Lakshmi
