GURU HARKRISHAN PUBLIC SCHOOL, LONI ROAD,
PRE MOCK EXAMINATION [2014 – 15]
CLASS XII
SUBJECT-ACCOUNTANCY
Time Allowed : 3 Hours
M.M. : 80
Part – A
(Partnership Firms and Companies)
State any two deductions that may have to be made from the amount payable to the legal
representatives of deceased partner?
1
How are profits estimated from the date of the last accounting year to the date of death of
a partner ?
1
3.
In case of dissolution of a firm, which item on the liabilities side are to be paid last ?
1
4.
Name the liability which is transferred to Realisation Account but does not require cash
payment ?
1
A and B are partners in a firm sharing profits in the ratio of 3:2. Mrs. A has given a loan
of Rs. 20,000 to the firm and firm also obtained a loan of Rs. 10,000 from B. The firm
was dissolved and its assets were realized for Rs. 25,000. State the order of payment of
Mrs. A’s loan and B’s loan with reason, if there were no creditors of the firm.
1
6.
Give meaning of called up capital.
1
7.
D Ltd invited applications of issuing 10,00,000 equity shares of Rs. 10 each. The public
applied for 8,55,000 shares. Can company proceed for allotment of shares ? Give reason
in support of your answer.
3
5.
8.
Meena Ltd. Issued 60,000 shares of Rs. 10 each at a premium of Rs. 2 per share payable
as Rs. 3 on application, Rs. 5 on allotment(including premium) and balance on first and
final call. Applications were received for 102000 shares. The directors resolved to allot as
follows :
(a)
Applicants of 60,000 shares
30,000 shares
(b)
Applicants of 40,000 shares
30,000 shares
( c)
Applicants of 2,000 shares
Nil
Nikhil who had applied for 1,000 shares in category (a), and Vishu who was allotted 600
shares from category (b) failed to pay the allotment money. Calculate the amount
received on allotment.
9.
3
Raghav Ltd purchased a running business from Krishna Traders for a sum of Rs. 15,00,000
payable Rs. 3,,00,000 by cheque and for the balance issued equity shares of Rs. 100 each at a
premium of 20 %.
The assets and liabilities consisted of the following :
Plant and Machinery 4,00,000
Building
6,00,000
Inventories
5,00,000
Trade Receivables
3,00,000
Trade Payables
2,00,000
Record necessary Journal entries in the books of Raghav Limited.
3
1
2.
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1.
GURU HARKRISHAN PUBLIC SCHOOL, LONI ROAD,
10.
11.
PS Ltd forfeited 500 equity shares of Rs. 100 each for the nonpayment of first call of Rs.
30 per share. The final call of Rs. 10 per share was not yet made. The forfeited shares
were re issued for Rs. 65,000 fully paid-up. Pass necessary Journal entries in the books of
the company.
3
Priya , Riya and Siya are partners sharing profits in the ratio of 4:3:1 respectively. It is
provided in the Partnership Deed that on death of any partner, her share of goodwill was
to be valued half of the profits credited to her account during the four previous completed
years.
Riya died on 1st January , 2014. The firm’s profits for the last four years were : 2010 Rs.
1,20,000: 2011 Rs. 80,000: 2012 Rs. 40,000: 2013 Rs. 80,000. Determine the amount that
should be credited to Riya in respect of her share of Goodwill. On the date of Riya’s
death, one of the old Debtors whose account was closed last year by transferring his debt
amounting to Rs. 8,000 to Bad Debts Account, has now promised to pay the amount
fully.
Pass the necessary Journal entries for the above mentioned transactions at the time of
Riya’s death.
4
12.
(a) A Ltd. Forfeited 100 equity shares of Rs. 10 each issued at a premium of 20% for the
nonpayment of final call of Rs. 5 including premium. State the maximum amount of discount
at which these shares can be re-issued.
(b) Sambhavi Ltd. Decided to raise share capital through private placement of shares. Which
value has been affected by this decision ?
(2+2) 4
13.
Distinguish between a Preference share and an Equity share.
4
14.
ACE Computer Ltd was registered with the Authorised Share Capital of Rs. 50,00,000
divided into 4,00,000 Equity Shares of Rs. 10 each and 10,000 Preference Shares of Rs.
100 each. The Company offered 3,00,000 Equity Shares for subscription to public and
also 10,000: 10% Preference Shares. Applications were received for 2,50,000 Equity
Shares and 10,000: 10% Preference shares. The directors had called the entire
nominal(face) value of Equity Shares and Rs. 80 on 10% Preference Shares. The money
called on both, Equity and Preference Shares was received. Show the Share Capital in the
Balance Sheet of the company.
4
The Balance sheet of Sadhu, Raja and Karan who were sharing profits in the ratio of 4:2:4 as
on 31st March, 2010 was as follows :
Balance Sheet
As at 31st March, 2012
Liabilities
Amount Assets
Amount
General Reserve
10,000
Cash
26,000
Bill Payable
20,000
Stock
64,000
Loan
22,000
Investments
85,000
Capital A/cs
Land and Building
97,000
Sadhhu
Sadhu’s Loan
20,000
80,000
Raja
2,40,000
60,000
Karan
2,92,000
2,92,000
1,00,000
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15.
GURU HARKRISHAN PUBLIC SCHOOL, LONI ROAD,
1.
Sadhu dies on July 31st , 2012 The partnership deed provided for the following on the death
of a Partner:
Goodwill of the firm be valued at two years’ purchase of average profits for the last three
years.
2.
Sadhu’s share of profit or loss till the date of his death was to be calculated on the basis of
sales. Sales for the year ended 31st March, 2012 amounted to Rs. 4,50,000 and that from 1st
April to 31st July 2012 to Rs. 2,70,000. The profit for the year ended 31st March, 2012 was
calculated 1,25,000
3.
Interest on capital was to be provided @ 5 % p.a.
4.
The average profits for last three years were Rs. 55,000
Prepare Sadhu’s Capital Account to be rendered to his executor.
Q16.
6
Parul, Payal and Priyanka are partners. They decided to dissolve their firm. Pass necessary
journal entries for the following after various Assets and the third party liabilities have
been transferred to Realisation Account:
1. An old typewriter which was not recorded in the books was sold for Rs. 2,000 whereas
its expected value was Rs. 5,000.
2. Stock of Rs. 70,000 was taken by Parul at a discount of 30%.
3. Total creditors of the firm were Rs. 20,000. A creditor for Rs. 2,000 was untraceable
and other creditors accepted payment allowing 10 % discount.
4. Payal paid realization expenses of Rs. 18,000 out of his private funds, who was to get
remuneration of Rs. 13,000 for completing the dissolution process and was responsible to
bear all realization expenses.
5. Priyanka had taken a loan of Rs. 50,000 from the firm, which was fully paid by her to
the firm.
6. Rs, 12,000 were recovered from a Debtor which was written off as Bad Debts last year.
SRk Ltd. Invited applications for issuing 10,00,000 equity shares of Rs. 10 each at a premium
of Rs. 2 per share. The amount was payable as follows :
On Application Rs. 5 (including premium)
On Allotment Rs. 4
On First and Final Call Rs. 3
8
3
Applications for 15,00,000 shares were received. Applications for 3,00,000 shares were
rejected and pro-rata allotment was made to remaining applicants. Excess application
money was utilized towards sums due on allotment. Giri who had applied for 24,000
shares failed to pay the allotment and call money. His shares were forfeited. Out of
forfeited shares 10,000 shares were reissued for Rs. 8 per share fully paid up. Pass
necessary Journal Entries in the books of SRK Ltd.
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Q17.
6
GURU HARKRISHAN PUBLIC SCHOOL, LONI ROAD,
Q18.
Following is the Balance Sheet of A and B as on 31st March, 2014 :
Liabilities
Amount
Assets
Amount
Sundry Creditors
Bills Payable
Mrs. A’s Loan
Mrs. B’s Loan
General Reserve
Investment Fluctuation Fund
A’s Capital
B’s Capital
30,000
8,000
5,000
10,000
10,000
1,000
10,000
10,000
Cash in Hand
Stock in Trade
Investments
Debtors
20,000
Less Provision
2,000
Plant
Building
Goodwill
Profit and Loss A/c
8500
5,000
10,000
84,000
18,000
20,000
15,000
4,000
3,500
84,000
The firm was dissolved on 31st March, 2014 on the following terms :
6.
You are required to prepare the (a) Realisation A/c (b) Partner’s Capital A/cs and (c) Cash
A/c to close books of the firm.
8
Part –B
(Financial Statements Analysis)
What are contingent liabilities ?
1
Dividend paid by a trading or manufacturing company is classified under which kind of
activity while preparing Cash Flow Statement.
1
21.
What will be the operating profit ratio, if operating ratio is 87.14 % ?
1
22.
Under which sub headings will the following items be placed in the Balance sheet of a
company as per revised Schedule-VI, Part-I of the Companies Act,1956 :
19.
20.
1. Capital Reserves
4. Vehicles
2. Bonds
5. Goodwill
3. Loans repayable on demand
6. Loose Tools.
3
4
5.
A promised to pay Mrs A’s loan and took away stock in trade at Rs. 4,000.
B took away half of the investments at 10 % discount.
Debtors realized Rs. 19,000.
Creditors and bills payable were due on an average basis of one month after 31 st March,
but they were paid immediately on 31st March at 6% discount p.a.
Plant realized Rs. 25,000, building Rs 40,000, goodwill Rs, 6,000 and remaining
investments at Rs. 4,500.
There was an old typewriter in the firm which had been written off completely from the
books, it was estimated to realize Rs. 300, It was taken away by B at this estimated price.
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1.
2.
3.
4.
GURU HARKRISHAN PUBLIC SCHOOL, LONI ROAD,
From the following Statement of Profit and Loss of Fenox Ltd. For the year ended 31st
March, 2013, prepare a Comparative Statement of Profit and Loss :
Particulars
Revenue from operations.
Other Incomes
Expenses
Note No.
2012-13 (Rs.)
8,00,000
1,00,000
5,00,000
20111-12 (Rs.)
6,00,000
50,000
4,00,000
Rate of income tax was 40 %.
4
24.
(a) The quick ratio of a company is 1.5 : 1. State with reason which of the following
transactions would
(a) increase; (b) decrease or (c) not change the ratio :
1. Paid rent Rs. 3,000 in advance.
2. Trade receivables included a debtor Ashok who paid his entire amount due Rs. 9,700.
(b) From the following information compute ‘Proprietary Ratio’ :
Long term Borrowings
2,00,000
Long Term Provisions
1,00,000
Current Liabilities
50,000
Non current Assets
3,60,000
Current Assets
90,000
4
25.
The profit of Fun Ltd. After appropriations was Rs. 2,50,000. This profit was arrived at after
taking into consideration the following items :
S.No.
1
2
3
4
5
6
Particulars
Rs.
Depreciation of Fixed Tangible Assets(Machinery)
Loss on Sale of Fixed Tangible Assets(Furniture)
Goodwill written off
Provision for Taxation
Transfer to General Reserve
Gain on Sale of Fixed Tangible Assets(Machinery)
20,000
2,000
9,000
35,000
17,500
8,000
Additional information :
Trade Receivables (all good)
Trade Payables
Inventory
Income Received in Advance
Outstanding Expenses
Prepaid Expenses
31.03.2014
Rs.
50,000
45.000
12,000
8,000
6,000
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You are required to calculate Cash from Operating Activities.
31.03.2013
Rs.
62,000
55,000
8,000
--3,000
5,000
6
5
Particulars
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23.
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GURU HARKRISHAN PUBLIC SCHOOL, LONI ROAD,