First Pre Board –(2014-15)(SET A)
Accountancy
Class:XII
Time allowed–Three hours
Max Marks 80
General Instructions:
1)
2)
3)
4)
5)
This question paper contains two parts A and B.
Part A is compulsory for all.
Part B has two options-Financial statement Analysis and Computerised Accounting.
Attempt only one option of Part B.
All parts of a question should be attempted at one place.
PART A: ACCOUNTING FOR PARTNERSHIP FIRMS AND COMPANIES
1. Any change in the relationship of existing partners which resultsin an end of the existing agreement
and en force smaking of a new agreement is called
(a) Revaluation of partnership.
(b) Reconstitution of partnership.
(c) Realization of partnership.
(d) None of the above.
(1)
2. Karan,Nakul and Asha were partners in a firm sharing profits and losses in the ratio 3:2:1. At the time of
admission of apartner, the good will of the firm was valued at Rs.2,00,000. The accountant of the firm
passed the entry in the books of accounts and there after showed good will at Rs.2,00,000 as an asset in
the Balance Sheet.Was he correct in doing so? Why?
(1)
3. Anu,Bina and Charan are partners.The firm had given a loan of Rs.20,000 to Bina.They decided to
dissolve the firm.In the event of dissolution, the loan will besettled by:
(a) Transferring it to debit side of Realization account.
(b) Transferring it to credit side ofRealization account.
(c) Transferring it to debit side of Bina’s capital account.
(d) Bina paying Anu and Charanprivately.
(1)
4. Differentiate between ‘Capital Reserve’ and ‘Reserve Capital’.
(1)
5. Metacaf Ltd. Issued 50,000 shares of Rs.100 each payable Rs.20 on application (on1stMay2012); Rs.30
on allotment (on1stJanuary2013); Rs.20 on first call (on1stJuly2013) and the balance on final call
(on1stFebruary2014). Shankar,a shareholder holding 5,000 shares did not pay the first call on the due
date.The second call was made and Shankar paid the first call amount along with the second call.All sums
due were received.
Total amount received on 1st February was:
(a)Rs.15,00,000
(b)Rs.16,00,000
(c)Rs.10,00,000
(d)Rs.11,00,000
(1)
6. Abha and Beena were partners sharing profits and losses in the ratio of3:2.On April1st2013,they decided
to admit Chanda for1/5thshare in the profits.They had are serve of Rs.25,000 which they wanted
1
To show in their new balance sheet.Chanda agreed and the necessary adjustments were made in the
books.On October1st2013,Abha met with an accident and died.Beena and Chanda decided to admitAbha’s
daughter Fiza in their partnership, who agreed to bring Rs.2,00,000 as capital. Calculate Abha’s share in
the reserve on the date of her death.
(1)
7. State any three purposes for which securities premium can be utilized.
(3)
8. Ankur and were into the business of providing software solutions in India. They were sharing profits
and losses in the ratio 3:2. They admitted Rohit for a 1/5 share in the firm. Rohit, an alumni of IIT,
Chennai would help them to expand their business to various South African countries where he had been
working earlier. Rohit is guaranteed a minimum profit of Rs.2,00,000 for the year. Any deficiency in
Rohit’s share is to be borne by Ankur and Bobby in the ratio 4:1. Losses for the year were Rs.10,00,000.
Pass the necessary journal entries
(3)
9. Newbie Ltd. was registered with an authorized capital of `5,00,000 divided into 50,000 equity shares of
`10 each. Since the economy was in robust shape, the company decided to offer to the public for
subscription 30,000 equity shares of `10 each at a premium of `20 per share. Applications for 28,000
shares were received and allotment was made to all the applicants. All calls were made and duly received
except the final call of ` 2 per share on 200 shares. Show the ‘Share Capital’ in the Balance Sheet of
Newbie Ltd.as per Schedule VI of the Companies Act 1956. Also prepare Notes to Accounts for the same.
(3)
10. Drumbeats Ltd. had a prosperous shoe business. They were manufacturing shoes in India and
exporting to Italy. Being a socially aware organization, they wanted to pay back to the society. They
decided to not only supply free shoes to 50 orphanages in various parts of the country but also give
employment to children from those orphanages who were above 18 years of age. In order to meet the
fund requirements, they decided to raise 50,000 equity shares of ` 50 each and 40,000 9% debentures of
` 40 each. Pass the necessary journal entries for issue of shares and debentures. Also identify one value
which the company wants to communicate to the society.
(3)
11. Following is the Balance Sheet of Punita,Rashi and Seema who are sharing profits in the ratio 2:1:2 as
on 31stMarch 2013.
(4)
Liabilities
Amount(Rs Assets
Amount(Rs
.) 38,000 Building
.) 2,40,000
Creditors
Bills Payabl e
2,000 Stock
65,000
Capitals:
Debtors
30,000
Punita
1,44,000
Cash at bank
5,000
Rashi
92,000
ProfitandLossAccount
60,000
Seema
1,24,000
3,60,000
4,00,000
4,00,000
Punita died on30thSeptember 2013. She had with drawn 44,000 from her capital on July1,2013.According
to the partnership agreement,she was entitled to interest on capital @ 8%p.a.Her share of
profit till the date of death was to be calculated on the basis of the average profits of the last three
years.Good will was to be calculate don the basis of three times the average profits of the last four
years.The profits for the years ended 2009-10, 2010-11 and 2011-12 were Rs.30,000,Rs.70,000 and
Rs.80,000 respectively.
Prepare Punita’s account to be rendered to her executors.
2
12. Kanika and Gautam are partnersdoing a dry cleaning business in Lucknow,sharing profits in the
ratio2:1with capitals Rs.5,00,000 and Rs.4,00,000 respectively. Kanika with drew the following amounts
during the year to pay the hostel expenses of her son.
Rs.
1stApril
10,000
9,000
1stJune
14,000
1stNov.
1stDec.
5,000
Gautamwithdrew Rs.15,000 on thefirstday of April,July,OctoberandJanuary
topayrentfortheaccommodationof hisfamily.HealsopaidRs.20,000 permonth asrent forthe office of
partnershipwhichwas ina nearby shopping complex.
Calculateintereston Drawings @6% p.a.
(4)
13.(a)AfirmearnedprofitsofRs.80,000,Rs.1,00,000,Rs.1,20,000andRs.1,80,000during2010-11,201112,2012-13and2013-14respectively. The firm has capital investment of `5,00,000. A fair rate of return on
investment is 15% p.a. Calculate goodwill of the firm based on three years’ purchase of average super
profits of last four years.
(b)Kabir and Farid are partners sharing profits andlosses in the ratio of 7:3.Kabir
surrenders2/10thfromhisshareandFaridsurrenders1/10thfromhisshareinfavorofJyoti,anewpartner.Calculate
newprofitsharing ratioandsacrificingratio.
(6)
14. (a)Sunrise Company Ltd. has an equity share capital of `10,00,000. The company earns a return on
investment of 15% on its capital. The company needed funds for diversification. The finance manager had
the following options: (i) Borrow `5,00,000 @15% p.a. from a bank payable in four equal quarterly
installments starting from the end of the fifth year (ii) Issue `5,00,000, 9% Debentures of Rs. 100 each
redeemable at a premium of 10% after five years. To increase the return to the shareholders, the
company opted for option (ii). Pass the necessary journal entries for issue of debentures.
(b)Walter Ltd.issued Rs.6,00,000 8%Debentures of ` 100 each redeemable after 3 years either by draw of
lots or by purchase in the open market. At the end of three years, finding the market price of debentures
at `95 per debenture, it purchased all its debentures for immediate cancellation. Pass necessary journal
entries for cancellation of debentures assuming the company has sufficient balance in Debenture
Redemption Reserve.
(6)
15. Ashish and Neha were partners ina firm sharing profits and losses in the ratio4:3. They decided to
dissolve the firm on 1st May 2014. From the information given below, complete Realisation A/c, Partner’s
Capital Accounts and Bank A/c:
CapitalAccountsandBankA/c:
Dr.
Liabilities
Tosundryassets:
-Machinery
-Stock
-Debtors
ToBank:
-Creditors
Realisation A/c
Amount(Rs.)
Assets
By Sundryliabilities:
5,60,000 -Creditors
90,000 -Ashish’s wife’s loan
55,000
Ashish’s
By Bank: wife’s loan
-Machinery
-Debtors
3
(6)
Cr.
Amount(Rs.)
40,000
25,000
4,80,000
10,000
To Ashish’s Capital A/c:
-Ashish’s wife’s loan
To Neha’s Capital A/c;
-Realisation expenses
expenses
-Realisation
To
profit
transferred
To profit transferred to:
to:
Ashish’s
Ashish’s capital
capital A/c
A/c 4,000
4,000
Neha’s capital A/c 3,000
By Ashish’s Capital A/c:
34,000 -Stock
1,28,000
-typewriter
70,000
1,98,000
7,000 By Neha’s Capital A/c
-Debtors
40,000
Neha’s capital A/c 3,000
7,000
7,93,000
Dr.
Particulars
ToRealisation
A/cToBankA/c
Dr.
Particulars
ToBalanceb/d
ToRealisation A/c
Partner’sCapitalAccounts
Ashish(Rs.)
Neha(Rs.) Particulars
By
4,50,000
4,00,000
By
By
7,93,000
Ashish(Rs.)
Bank A/c
Amount(Rs.
Particulars
)
By Realisation A/c
4,90,000 BLJAshish͛sLoaŶA/Đ
BLJ Ashish͛sCapital A/Đ
BLJNeha͛sCapitalA/Đ
16. AandBarepartners inafirmsharingprofitsandlosses intheratio3:1.They
admitCfora¼shareon31stMarch2014 whentheirBalanceSheetwas as follows:
Liabilities
Amount(Rs.) Assets
EmployeesProvidentFund
17,000 Stock
Workmen’s Compensation Fund
6,000 Debtors
50,000
InvestmentFluctuation Reserve
4,100 Less provision for
Capitals: A
54,000 doubtfuldebts2,000
B
35,000 Investments
Cash
Goodwill
1,16,100
Thefollowingadjustmentswereagreed upon:
(a) C bringsinRs.16,000 asgoodwillandproportionatecapital.
(b) Bad debtsamountedtoRs.3,000.
(c) Marketvalue ofinvestmentisRs.4,500.
Liabitities on account of workmen’s compensation reserve amounted to `2,000.
Prepare Revaluation A/c and Partner’s Capital A/cs.
OR
10
Cr.
Neha(Rs.)
Cr.
Amount(Rs.
)
4,000
4,00,000
Amount(Rs.)
15,000
48,000
7,000
6,100
40,000
1,16,100
X, Yand Zarepartnersinafirmsharing profits in proportion of1/2,1/6and1/3 respectively. TheBalanceSheet
ason April1,2014was asfollows:
Liabilities
Amount(Rs.)
Assets
Amount(Rs.)
EmployeesProvidentFundS
12,000 FreeholdPremises
40,000
18,000 MachineryFurnitu
30,000
undryCreditors
12,000 re
12,000
General
22,000
ReserveCapitals
Stock
30,000 Debtors
X
20,000
Y
30,000
19,000
Z
28,000 Less provision
7,000
fordoubtfuldebts1,00
1,30,000 0Cash
1,30,000
Z retires fromthebusinessand thepartnersagreethat:
(a) Machinery is tobedepreciated by10%.
(b) Provision forbaddebtsistobeincreasedtoRs.1,500.
(c) Furniturewas takenover byZ forRs.14,000.
(d) GoodwillisvaluedatRs.Ϯϭ,ϬϬϬoŶ)͛sƌetiƌeŵeŶt.
(e) The continuing partners’ have decided to adjust their capitals in their new profit sharing ratio after
retirement of Z. Surplus or deficit if any, in their capital accounts will be adjusted through their
current accounts.
Prepare Revaluation A/c and Partners’ Capital A/c’s..
(8)
17. AmritLtd.issued50,000sharesof Rs.10eachat a premiumof Rs.2 persharepayableas Rs.3
onapplication,Rs.4 onallotment(includingpremium),Rs.2 onfirstcallandthe
remainingonsecondcall.Applicationswerereceived for 75,000sharesand apro-rata allotmentwas made
toallthe applicants.
AllmoneysduewerereceivedexceptallotmentandfirstcallfromSonuwhoappliedfor1,200shares.Allhissharesw
ereforfeited.TheforfeitedshareswerereissuedforRs.9,600.Finalcallwasnotmade.Passnecessaryjournalentri
es.
OR
VelcoLtd.issued30,000sharesofRs.10eachatadiscountofRs.1persharepayableas
Rs.3onapplication,
Rs.2onallotment, Rs.2onfirstCalland Rs.2 onsecondcall.
Applicationswerereceived for 40,000sharesand apro-rata allotmentwas madetoall the applicants.
AllmoneyduewerereceivedexceptallotmentandfirstcallfromMohitwhohadappliedfor2,000shares.Hisshares
wereforfeitedafterfirstcall.Subsequently,thesecondcallwasdulymadeanddulyreceived.Thereafter,theforfeit
edshareswerereissuedforRs.9fullypaid.Passthenecessaryjournalentries
(8)
PARTB: ANALYSIS OF FINANCIAL STATEMENTS
18. Cash depositwith the bank withamaturitydateaftertwomonths
belongstowhichofthefollowingwhilepreparing cash flowstatement:
(a) Investingactivities
(b) Financing activities
(c) CashandCash equivalents
(d) Operating activities.
(1)
19. FinserveLtdiscarryingonaMutualFundbusiness.ItinvestedRs.30,00,000insharesandRs.15,00,000indebe
nturesofvariouscompaniesduringtheyear.ItreceivedRs.3,00,000asdividendandinterest.Findout
cash
flowsfrominvesting activities.
(1)
11
20. ;aͿNaŵethesuďheadsuŶdeƌthehead͚ CuƌƌeŶtLiaďilities͛iŶtheEƋuityandLiabilitiespartoftheBalanceShee
t asperScheduleVI oftheCompanies Act1956.
(b) State anytwo objectives of Financial StatementsAnalysis.
(4)
21. (a)
Fromthefollowingdetails,calculateOpeninginventory:ClosinginventoryRs.60,000;TotalRevenuefromoperati
onsRs.5,00,000(includingcash revenuefromoperationsRs.1,00,000);Totalpurchases
Rs.3,00,000 (includingcreditpurchasesRs.60,000).Goodsaresold at aprofit of 25% oncost.
(b) CurrentAssetsofacompanyareRs.17,00,000.Itscurrentratiois 2.5andliquid
ratiois0.95.CalculateCurrentLiabilities and Inventory.
(4)
22. NimaniLtd.isintothebusinessofbackofficeoperations.Honestyandhardworkarethetwopillarsonwhichthe
businesshasbeenbuilt.Ithasagoodturnoverandprofits.Encouragedbyhugeprofits,itdecidedtogivetheworkers
bonusequaltotwomonthssalary.FollowingistheComparativeStatementofProfitand LossofNimani Ltd. for
theyearsended 31stMarch2013and2014.
(a) CalculateNetProfit ratioforthe yearsending 31stMarch2013and2014.
(b) Identifyanytwo valueswhichNimani Ltd.wantstocommunicateto the society.
Particulars
Revenuefromoperations
LessEmployeebenefitexpenses
Profitbeforetax
Taxrate40%
Profitaftertax
Note
No.
2012-13
(Rs.)
20,00,000
8,00,000
12,00,000
4,80,000
7,20,000
2013-14
(Rs.)
30,00,000
10,00,000
20,00,000
8,00,000
12,00,000
Absolute
Change
10,00,000
2,00,000
8,00,000
3,20,000
4,80,000
Percentage
change
50
25
66.67
66.67
66.67
(4)
st
23. Followingarethe BalanceSheets ofKrishna Ltd. ason31 March2013and2014:
Particulars
EQUITYAND LIABILITIES
(1)ShareholdersFunds
(a)Sharecapital
(b) Reservesand Surplus
(2)NonCurrentLiabilities
Longtermborrowings
(3)CurrentLiabilities
TradePayables
ShorttermProvisions
Total
Note No.
12
2012-13(Rs.)
14,00,000
5,00,000
10,00,000
4,00,000
5,00,000
1,40,000
2
1,00,000
80,000
25,80,000
60,000
60,000
16,60,000
3
4
16,00,000
1,40,000
9,00,000
2,00,000
1
ASSETS
(1) NonCurrentAssets
(a) Fixed assets
(i) Tangibleassets
(ii) IntangibleAssets
2013-14(Rs.)
(2)CurrentAssets
(a)Inventories
(b) TradeReceivables
(b) Cash and CashEquivalents
Total
2,50,000
5,00,000
90,000
25,80,000
2,00,000
3,00,000
60,000
16,60,000
Notes toAccounts:
S.No.
1.
Particulars
Ason 31.3.2014
(Rs.)
ReservesandSurplusSurplus
(i.e.balance
inStatementofProfit andLoss)
Ason 31.3.2013
(Rs.)
5,00,000
4,00,000
80,000
60,000
17,60,000
(1,60,000)
10,00,000
(1,00,000)
1,40,000
2,00,000
Preparea CashFlow Statementaftertaking intoaccount the following adjustment:
(i)Taxpaid duringthe yearamounted toRs.70,000.
(6)
2.
3.
4.
ShortTermprovisionsP
rovision fortax
Tangibleassets
Machinery
LessAccumulated depreciation
Intangible
AssetsGoodwill
13
Marking Scheme
Accountancy
Class:XII
Sl.No.
1.
2.
3.
4.
5.
6.
7.
8.
OutlineAnswers
Marks
1Mark
(b)Reconstitution of partnership.
No,the accountant’s decision is not correct because according to AS-26, 1Mark
goodwill should be recorded in the books only when consideration in money
or money’s worth has been paid for it
1Mark
(c)Transferring it it to debit side of Bina’s capital account.
͚Capital Reserve͛ is there serve that is created out of capital
profits/gainswhereas,that part of the share capita lwhich has not yet been
called and has been kept as reserve to be called up in the event of the winding
up of the company is called ‘Reserve Capital’
‘eseƌǀeCapital ͛
Rs.16,00,000
Rs.12,000
The amount received as securities premium can beused for following
purposes (anythree):
(a) In purchasing it sown shares.
(b) Issuing fully paid bonus shares to the members.
(c) Writing off preliminary expenses of the company.
(d) Writing off the expenses of,or the commission paid,or discount allowed on
any issue of securities or debenturesofthecompany.
(e) Providingf or the premium payable on there demption of any redeemable
preferences sharesor any debentures of the company.
Journal
1 Mark
1 Mark
1Mark
1 x3
=
3 Marks
1½
1½
=
1 ½ +1½
=3
marks
9.
Balancesheetof NewbieLtd. asat:
1 mark
14
Particulars
BankA/c
Dr.
ToShare Application and AllotmentA/c
(Beingtheamountofapplicationmoneyreceivedon50,000shares@Rs50 per
share)
ShareApplication and AllotmentA/c
Dr.
ToShare Capital A/c
(Being the amount transferred to share capital)
BankA/c
Dr.
To9% Debentures Applicationand AllotmentA/c
(Beingtheamountreceivedon9%Debentureapplicationandallotmenton40,0
00 Debentures@Rs. 40 per debentures)
9%Debenture Application and AllotmentA/C
Dr.
To9% Debentures A/C
(Being The amount transferred toDebentures A/c.)
Particulars
To P&LA/c
ToPuŶita͛s
edžeĐutoƌ͛sA/Đ
F
Amount(Rs
Particulars
.) 24,000 By balanceb/d
1,22,880 By interestoncapital
ByP&LSuspenseA/c
BLJ‘ashi ͛sĐapitalA/Đ
BLJSeeŵa͛sCapitalA/c
1,46,880
16
Debit(Rs.
)
25,00,000
Credit(Rs.
)
25,00,000
25,00,000
25,00,000
16,00,000
16,00,000
16,00,000
16,00,000
Amount(Rs
.) 1,00,000
4,880
6,000
12,000
24,000
1,46,880
forthe
answer
=
3+1
=4
marks
12.
Calculationof Interest ondrawings:
2 marks
3,00,000
2 marks
=
2+2
=
4 marks
13.
(a)
½mark
½ mark
1 mark
1 mark
= ½+½
+1+1
=
3 marks
(b)
1 mark
JLJoti ͛sshare=2/10+1/10=3/10
1 mark
1 mark
= 1+1+1
=
3 marks
=3+3
=
Sacrificingratio=2:1
17
6 marks
14.
(a)
(b)
Date
Particulars
LF
Debit
(Rs.)
BankA/c
Dr.
To9%Debenture
ApplicationandAllotmentA/c
(BeingDebentureapplicationmoneyreceived)
9%DebentureApplicationand
AllotmentA/cDr.LossonissueofDebenturesA/c Dr.
To9% DebentureA/c
ToPremiumonredemption
of
DebenturesA/c(Beingissueofdebenturesatpar,
redeemableataapremium)
5,00,000
OwndebenturesA/c
Dr.
ToBank A/c
(Being60,000debenturespurchasedforca
ncellation@Rs75)
8%Debenturesa/c
Dr.
ToOwnDebenturesA/c
ToGainonCancellation
ofDebenturesA/c(Beingdebenturescancelled)
GainonCancellationof Debentures A/c
Dr.
ToCapitalReserve
(BeingthegaintransferredtoCapitalReserve)
DebentureRedemptionReserveA/c
Dr.
ToGeneralReserve
(BeingtheAmountofDebentureRedemptionRe
serveTransferredtoGeneralReserve)
5,70,000
18
Credit
(Rs.)
5,00,000
5,00,000
50,000
5,00,000,
50,000
1mark
2 marks
= 1+2
=
3 marks
570,000
1 mark
5,70,000
30,000
1 mark
6,00,000
30,000
30,000
½ mark
3,00,000
3,00,000
½ mark
=
1+1+½
+½
=3
marks
15.
Dr.
RealisationA/c
Liabilities
Tosundryassets:
-Machinery
-Stock
-Debtors
Amount(Rs.)
5,60,000
90,000
55,000
ToBank:
-Creditors
40,000
ToAshish͛sCapitalA/Đ:
-Ashish͛sǁife͛sloaŶ
34,000
ToNeha͛sCapitalA/Đ;
-Realisationexpenses
7,000
Toprofittransferredto:
Ashish͛sĐapitalA/Đϰ,ϬϬϬ
Neha͛sĐapitalA/Đ3,000
Cr.
Assets
BySundryliabilities:
-Creditors
-Ashish͛sǁife͛sloaŶ
Amount(Rs.)
40,000
25,000
ByBank:
-Machinery
-Debtors
4,80,000
10,000
BLJ Ashish͛sCapitalA/Đ:
-Stock
1,28,000
-typewriter
70,000
1,98,000
BLJNeha͛sCapitalA/Đ
-Debtors
40,000
7,000
7,93,000
Dr.
ToRealisationA/c
ToBalanceb/d
7,93,000
Partner’sCapitalAccounts
Cr.Particulars Ashish(Rs.)
Particulars Ashish(Rs.)
Neha(Rs.)
1,98,000
40,000 ByBalanceb/d
4,00,000
4,50,000 ByRealisationA/c
ByRealisationA/c
5,98,000
4,90,000
Dr.
ToBalanceb/dToR
ealisationA/c
½
markfor
eachbla
nk
x12
=
6marks
Neha(Rs.)
5,60,000
34,000
4,000
5,98,000
4,80,000
7,000
3,000
4,90,000
BankA/c
4,04,000 ByRealisationA/c
4,90,000 BLJAshish͛sLoaŶA/ĐBLJA
shish͛sCapitalA/ĐBLJNe
ha͛sCapitalA/Đ
8,94,000
Cr.
40,000
4,000
4,00,000
4,50,000
8,94,000
16.
Dr.
REVALUATIONA/c
Particulars
Tobad debts
Cr.
Amount(Rs.
Particulars
)
1,000 Bylosstransferred
to:A͛ s Capital A/c
B͛ s Capital A/c
Amount(Rs.
)
750
250
1,000
Dr.
Particulars
ToGoodwill A/c
ToRevaluation
A/c
ToBalance c/d
1,000
Partner’s CapitalAccounts
A(Rs.)
30,000
750
39,450
B(Rs.)
10,000
250
30,150
C(Rs.)
Particulars
ByBalance b/d
ByCash A/c
-
23,200
2 marks
ByInvestment
fluctuationfund
BLJWoƌkŵeŶ͛s
Compensation
fund
Cr.
A(Rs.)
54,000
-
B(Rs.) C(Rs.)
35,000
23,200
1,200
400
-
3,000
1,000
-
2 x3
=
6 marks
=2
+6
19
Particulars
ToMachinery
ToProvision for doubtful debts
Particulars
To Furniture
To)͛sCapitalA/Đ
ToRevaluation A/c
To)͛sLoaŶA/Đ
ToY͛sCuƌƌeŶtA/Đ
ToBalance c/d
Amount(Rs.
Particulars
)
3,000 ByFurniture
500
ByLoss transferred to :
X͛ sCapitalA/ĐY͛
sCapitalA/Đ
)͛sCapitalA/Đ
3,500
X(Rs.)
5,250
Y(Rs.)
1,750
Z(Rs.)
14,000
-
750
45,000
51,000
250
15,000
15,000
32,000
500
24,500
39,000
Particulars
ByBalance b/d
ByGeneral
Reserve
BLJX͛ sCapitalA/Đ
BLJY͛sCapitalA/Đ
BLJX͛ sCuƌƌeŶtA/Đ
20
Amount(Rs.
)
2,000
750
250
500
3,500
X(Rs.)
30,000
Y(Rs.)
30,000
Z(Rs.)
28,000
6,000
2,000
4,000
15,000
-
5,250
1,750
-
51,000
32,000
39,000
17.
INTHEBOOKOFAMRITLTD.JO
URNAL
Date Particulars
Bank A/c
ToShareApplication A/c
(Beingapplication
moneyreceivedon75,000,shares@Rs.
3pershare)
ShareApplication
A/c
ToShareCapitalA/c
ToShareAllotment A/c
(Beingapplication moneyadjusted)
ShareAllotmentA/c
ToShareCapitalA/c
ToSecuritiesPremiumA/c
(Beingallotmentmoneydueon50,000sh
ares)
Bank A/c
ToShareAllotment
A/c(Beingallotmentmoneyreceive
d)
OR
Bank A/c
Calls in ArrearsA/c
ToShareAllotment
A/c(Beingallotmentmoneyreceive
ShareFirstCallA/c
d) ToShareCapitalA/c
(Beingfirstcall due on50,000shares)
Bank A/c
ToShareFirstCallA/c(Beingfi
rstcallmoneyreceived)
OR
Bank A/c
Calls in arrearsA/c
ToShareFirstCallA/c(Beingfi
rstcallmoneyreceived)
Dr.
Dr.
Dr.
F Dr.(Rs.)
2,25,000
Cr.(Rs.)
2,25,000
½ mark
1,50,000
75,000
1 mark
2,25,000
2,00,000
1,00,000
1,00,000
Dr.
1 mark
1,23,000
1,23,000
1 mark
Dr.
Dr.
Dr.
1,23,000
2,000
1,25,000
1,00,000
1,00,000
Dr.
½ mark
98,400
98,400
Dr.
Dr.
1 mark
98,400
1,600
1,00,000
1 mark
21
ShareCapitalA/c
Dr.
SecuritiesPremiumA/c
Dr.
ToShareForfeitureA/cTo
ShareAllotment
A/cToShareFirstCallA/c
(Being800sharesforfeitedfor
nonpaymentof
allotmentmoneyandfirstcall)
OR
ShareCapitalA/c
Dr.
SecuritiesPremiumA/c
Dr.
ToShareForfeitureA/cT
oCalls in ArrearsA/c
(Being800sharesforfeitedfornonpaymentof
allotmentmoneyandfirstcall)
Bank
A/c
Dr.
ToShareCapitalA/c
ToSecuritiesPremiumA/c(
Being800sharesreissued )
Dr.
ShareForfeiture A/c
ToCapitalReserveA/c(Bein
g
Share
amount
Forfeituretransferre
dto capitalreserve)
5,600
1,600
3,600
2,000
1,600
5,600
1,600
3,600
3,600
9,600
5,600
4,000
1 mark
1 mark
=
½ +1+
1+1+½
+ 1+1+
1 +1
=
8 marks
OR
3,600
3,600
½ mark
½ mark
OR
½ mark
InTheBooksofVelcoLtd.
JOURNAL
Date
Particulars
Bank A/c
Dr.
ToShareApplication
A/c(Beingapplication
on
moneyreceived40,000Shares@Rs.
3pershare)
ShareApplication
A/c
Dr.
ToShareCapitalA/cToSh
areAllotment A/c
(Beingapplication moneyadjusted)
ShareAllotmentA/c
Dr.
DiscountonIssueof
Dr.
SharesA/cToShareCapitalA
/c
(Beingallotmentmoneydue)
22
F Dr.(Rs.)
1,20,000
Cr.(Rs.)
1,20,000
1 mark
1,20,000
90,000
30,000
½ mark
60,000
30,000
90,000
1 mark
Bank A/c
Dr.
ToShareAllotment
(Beingallotmentmoneyreceived)
OR
Bank A/c
Dr.
Calls in ArrearsA/c
Dr.
ToShareAllotment
A/c(Beingallotmentmoneyreceive
d)
ShareFirstCallA/c
Dr.
ToShareCapitalA/c(
Beingfirstcall due)
Bank A/c
Dr.
ToShareFirstCallA/c(B
eingfirstcall received )
OR
Bank A/c
Dr.
Calls in ArrearsA/c
Dr.
ToShareFirstCallA/c(B
eing firstcall received)
ShareCapitalA/c
Dr.
ToShareForfeitureA/cT
oShareAllotment
A/cToShareFirstCallA/c
To
DiscountonIssueofSharesA/c(Being1,500sh
aresforfeited for nonpaymentof
allotmentmoneyandfirstcall)
ShareSecond
andFinalCallA/c
Dr.
ToShareCapitalA/c
(Beingsecond andfinalcall due
on28,500shares)
Bank A/c
Dr.
ToShareSecond and
FinalCallA/c(Being second andfinalcall
received)
Bank
A/c
Dr.
Discount onIssueof SharesA/c
Dr.
ToShareCapitalA/c
(Being1,500sharesreissued @Rs.9
persharefullypaid)
ShareForfeiture A/c
Dr.
ToCapitalReserve
(Being the balance in ShareForfeiture
A/ctransferredto capitalreserve)
23
28,500
28,500
28,500
1,500
1 mark
30,000
60,000
60,000
1 mark
57,000
57,000
½ mark
57,000
3,000
60,000
1 mark
12,000
6,000
1,500
3,000
1,500
57,000
57,000
57,000
57,000
13,500
1,500
15,000
6,000
6,000
½ mark
=
½ +½+
½ +1+
½ +1+
1+1+½
+ 1+½
=
8 marks
PARTB
ANALYSISOF FINANCIALSTATEMENTS
18.
19.
(c)Cash and Cashequivalents
Cash flowsfrominvestingactivities-Nil
20.
(a) CURRENTLIABILITIES
(a) Shorttermborrowings
(b) Tradepayables
(c) Othercurrent liabilities
(d) Shorttermprovisions
21.
1 mark
1mark
½ x4
= 2marks
(b) Objectivesof Financial StatementsAnalysis(anytwo)
(i) Helps in assessing the earning capacityor profitability
(ii) Helps in assessing managerialefficiency
(iii) Helps inassessing thelongthemandshorttermsolvencyof
theenterprise.
(iv) Helps in inter-firmcomparison.
(v) Helps in forecasting and preparing budgets.
(vi) Helps theusers in understanding complicatedmatterin a
simplifiedmanner.
(a)
Totalrevenuefromoperations=Rs.5,00,000
GrossProfit
1 x2
=
2marks
=2+
2
=
4marks
=
=
=Rs.1,00,000
CostofRevenuefromoperations=NetRevenue fromopeartions-GrossProfit
=Rs.5,00,000-Rs.1,00,000
=Rs.4,00,000
CostofRevenuefrom operations= Opening Inventory +
NetPurchases–
Closing inventory
Rs.4,00,000
=Openinginventory+Rs.3,00,000–
Rs.60,000Opening inventory =Rs.1,60,000
(b)
CurrentRatio
=
2.5
=
CurrentLiabilities
=Rs.6,80,000
QuickRatio
=
0.95
=
24
2marks
22.(a)
QuickAssets
=Rs.6,46,000
Inventory
= CurrentAssets-QuickAssets
=Rs.17,00,000–Rs.6,46,000
=Rs.10,54,000
23.
1mark
=2+1+
1
=
4marks
Ans.CurrentLiabilities=
Rs.6,80,000Inventory
Calculationof NetProfitRatio:
=Rs.10,54,00
0
NetProfitRatio=
2012-13
NetProfitRatio
=
2013-14
= 36%
NetProfitRatio
(b)
1mark
1mark
1mark
1 x2
= 2marks
=
=
= 40%
Values thatHimaniLtd. wants to communicateto thesociety:
 Social responsibility.
 Welfareofemployees.
In the booksofKrishnaLtd.
Cash FlowStatement
Forthe yearended 31stMarch’14
Rs.
Particulars
CASH
FLOWSFROMOPERATINGACTIVI
1,90,000
TIES
Netprofitbeforetax
60,000
(WorkingNote1)Add non
60,000
operating/non
cashitems:Depreciationonmachinery
3,10,000
GoodwillWrittenoff
Operating
profitbeforeworkingcapitalchan
ges
Add increaseinTrade Payables
1+1+2
= 4marks
Rs.
40,000
2marks
(50,000)
(2,00,000)
Less Increasein
InventoriesIncrease
CashinTradeReceivables
flowfromoperatingactivities
CASH
Cash generated
FLOWSFROMINVESTINGACTIVI
fromoperationsLess Income
TIES
Taxpaid
Purchaseofmachinery
Cash
used ininvestingactivities
1,00,000
(70,000)
30,000
½mark
(7,60,000)
(7,60,000)
25
CASH FLOWSFROMFINANCING
ACTIVITIES
Issue ofshares
Longtermborrowings
Cash flowfromfinancingactivities
Netincrease incash and cash
equivalents
Add opening balanceof cashandcash
equivalents
Closing balanceofcash andcash
equivalents
WorkingNote 1:
Calculationof NetProfitBeforeTax
Surplus i.e.Balance in
StatementofProfitandLossAdd provision fortax
Dr.
Particulars
Tocash(taxpaid)
ProvisionforTax A/c
Amount(Rs.)
70,000
Tobalancec/d
80,000
1,50,000
1mark
4,00,000
3,60,000
Particulars
By balanceb/d
By provision
madeduring the
year
7,60,000
30,000
60,000
90,000
1,00,000
90,000
1,90,000
26
½mark
Cr.
Amount(Rs.)
60,000
1mark
90,000
1,50,000
18.(c)
19.(b)
1mark