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General instructions:
The question paper contains two parts A and B
Part A and B is compulsory for all
All parts of a question should be attempted in one place
Part –A
(Accounting for Partnership Firms and Companies)
13.A, B and C are partners. Their capital was Rs 30,000, Rs 20,000 and Rs 10,000 respectively.
According to partnership deed, they were entitled to interest on capital @ 5% per annum. In
addition, B was also entitled to draw a salary of Rs 500 per month. C was entitled to a
commission of 5% on the profits after charging interest on capital but before charging the
salary payable to B. the net profits for the year were Rs 30,000 distributed in the ratio of their
capitals without providing for any of the above adjustment. The profits were to be shared in
the ratio of 2:2:1. Pass the adjustment entry and show the working clearly.
6
14.Pass the entries in the book of the company on redemption.
a. Redeemed 2,000,12% debenture of Rs 100 each at a premium of 5% by converting
into equity share of Rs 60 each at Rs 10 premium.
b. Purchased Rs 40000, 12% debenture of Rs 10 each at Rs 9 from open market for
immediate cancellation. The expense on purchase is Rs 2000 6
15.Pass the necessary journal entries for the following transaction on the dissolution of the firm
of Ram and Rahim who are sharing the profit in the ratio 3:1 after the transfer of all assets
and liabilities to the realization account and identify the value.
a. Amrit, a creditor to whom Rs 4,000 were due, took over the patents having a book value
of Rs 6,000 at 80%. Balance paid by him in cash
b. Firm pays the actual realization expenses of Rs 2,000on behalf of Rahim, a partner who
has to bear the expense.
c. An unrecorded asset of Rs 10,000 is taken over by Ram at a discount of 20%
d. Prepaid insurance Rs 1000 and goodwill Rs 5000 were also appearing in the balance sheet
but no additional information was given with regard to this figure.
The partners spend Rs 20,000 from their capital refunded towards the school fee of the
children of workers retrenched due to dissolution (4+2)
16. Disha limited issued 5, 00,000 shares of Rs 10 each at Rs 12 per share: payable Rs 5 on
application (including premium), Rs 4 on allotment and the balance on first and final call.
Application was received for 7, 00,000 shares were received. Of the cash received, Rs
4, 00,000 was returned and Rs 6, 00,000 were applied to the amount due on allotment. All the
money was duly received except the allotment and call on 500 shares. These shares are
forfeited. Out of the forfeited shares 400 shares are re issued @ RS 8 per share fully paid up.
Record journal entries in the book of Disha limited.
Or
Basant limited invited application for 50,000 shares of Rs 10 each, payable Rs 3.50 on
application, Rs 5 on allotment (including Rs 2.50 premium) and Rs 4 on first and final call.
The company received application for 65,000 shares. It was decided:
a. To refuse allotment to the applicants for 5,000 shares
b. To allot in full to the applicants for 20,000 shares
c. To allot balance of the available shares pro-rata among the other applicants and
d. To utilize the excess application money in part payment of allotment money
All the money due was received except from one applicant to whom shares had been allotted
on pro-rata basis. He failed to pay allotment and call money and his 300 shares were
forfeited. These shares were reissued at Rs 9 per share fully paid up.
Give journal entries to record the above transaction in the book of company.
17.A and B are partners are sharing profit and losses in the ratio 3:2. They decided to admit C
for 1/5th share in profit on 1st April 2016. From the information given below. Complete
revaluation account, capital account and balance sheet
Revaluation Account
Particulars Amount Particulars Amount
To Machinery 5,000 By Building 2,000
To ………… 3,000 ……………….. ……..
8,000 8,000
Capital account
Particulars A B C Particulars A B C
To …… …… ….. By Balance b/d 40,000 30,000
By General Reserve 3,000 2,000
By Cash ……..
To Balance c/d …… …… ….. By premium for ……. …….
goodwill
49,000 36,000 20,000 49,000 36,000 20,000
Cash account
Particulars Amount Particulars Amount
To balance b/d 5,000 By Balance c/d 35,000
To premium for goodwill 10,000
To C’s Capital 20,000
35,000 35,000
OR
A, B and C are partners sharing profit in the Ratio 3:2:1. B decided to retire on 1 st April, 2016. . From
the information given below. Complete revaluation account, capital account and Balance Sheet. On
the date of retirement goodwill of the firm is valued at Rs 24000
Revaluation Account
Particulars Amount Particulars Amount
To Patent 8,000 By Building 4,000
To ………… 2,000 ……………….. ……..
10,000 10,000
Capital account
Particulars A B C Particulars A B C
To B’s Capital …... …… By Balance b/d 40,000 30,000 20,000
To ……….. ……. ……. ……. By General Reserve 3,000 2,000 1,000
To B’s loan ……. By A’s Capital ……..
To Balance c/d …….. …….. By C’s Capital ……..
43,000 40,000 21,000 43,000 40,000 21,000
Balance Sheet of the new firm after B’s Retirement
1,00,000 1,00,000
Part – B
(Analysis of Financial Statements).
18.A company is engaged in the business of two wheelers, invested Rs 50, 00,000 in the shares
of a manufacturing company. State with reason whether the dividend received on this
investment will be cash flow from operating activity or investing activity. 1
19.Give an example of operating activity for a non finance enterprise. 1
20.Give two areas of interest for government and employee while analyzing the financial
statement
21.The following information is provided to you:
Share capital Rs 60,000, general reserve Rs 30,000, 12% loan Rs 37,500, revenue from
operation Rs 75,000, tax paid during the year Rs 15000 and profit after interest and tax Rs
30,000
From the above information, calculate the following ratios;
a. Debt equity ratio
b. Interest coverage ratio
c. Return on investment
22.From the following information, prepare comparative statement of profit and loss.
Particulars 2014 2015
Revenue from operation 6,00,000 8,00,000
Other income 2,00,000 4,00,000
Cost of material 50% 60%
consumed(% of operating
revenue)
Other expenses (% of 10% 20%
material cost)
Tax 30% 30%
23.From the following balance sheets of XYZ Ltd. as at 31st march 2015 and 2016. Prepare the
cash flow statement
Particulars Note 31st march 31st march
no. 2015 2016
Equity and liabilities
1. Shareholder’s funds
a. Share capital 46,000 85,000
b. Reserve and surplus 1 24,000 17,000
2. Non- current liabilities
Long term borrowing(10% debenture) 20,000 18,000
Total 90,000 1,20,000
Assets
1. Non- current assets
Fixed assets 50,000 70,000
2. Current assets
a. Inventories 21,000 25,000
b. Trade receivable 14,000 19,000
c. Cash and cash equivalent 5,000 6,000
Total 90,000 1,20,000
Notes in accounts
31st march 2015 31st march 2016
Reserve and surplus
Balance in statement of profit and loss 17,000 9,000
General reserve 7,000 8,000
Additional information:
a. Dividend paid during the year Rs 8,000
b. Depreciation charged during the year on fixed asset Rs 10000
c. A piece of machinery costing Rs 6000(book value Rs 4000) is sold for
Rs 3000
KENDRIYA VIDYALAYA SANGATHAN
FIRST PREBOARD EXAMINATION 2016
BHUBANESWAR REGION
ACCOUNTANCY
CLASS XII
Time: 3 hours Max. Marks 80
BLUE PRINT
SL UNIT VSA SA LA TOTAL
1M 3M 4M 6M 8M
1 ACCOUNTING FOR PARTNERSHIP 1x4 3x1 4x2 6x2 8x1 35
2 ACCOUNTING FOR COMPANIES 1X2 3X3 6X1 8X1 25
3 ANALYISIS OF FINANCIAL 4X3 12
STATEMENT
4 CASH FLOW STATEMENT 1X2 6X1 8
TOTAL 1X8 3X4 4X5 6X4 8X2 80
KENDRIYA VIDYALAYA SANGATHAN
FIRST PREBOARD EXAMINATION 2016
BHUBANESWAR REGION
ACCOUNTANCY
CLASS XII
Time: 3 hours Max. Marks 80
Marking Scheme
Q Answer Mark
no.
1 Self generated goodwill arises from number of characteristics or attributes which an 1m
ongoing business possess
2 For compensating the old partner’s sacrifice 1m
3 It is a right granted to employees of the company to purchase share lower than market 1m
price
4 Banking companies, All India financial institution regulated by RBI
5 It is the period which the business estimated that it will earn at least average maintainable
profit during the year
6 Capital of the partners
7 Calculation of gaining or sacrificing ratio of the existing partners
Calculation of gaining or sacrificing amount of the existing partners as per the ratio
calculated above
Passing an adjustment entry
8 Machinery A/c Dr 10,00,000 1m for each
Motor car A/c Dr 5,00,000 entry
To sunshine ltd. 15,00,000
Balance Sheet
10 Bank 5,00,000 ½m
To Debenture Application 5,00,000
17 Revaluation Account 8m
Particulars Amount Particulars Amount
To Machinery 5,000 By Building 2,000
To provision 3,000 By loss 6,000
8,000 8,000
Capital account
Particulars A B C Particulars A B C
To revaluation 3,600 2,400 By Balance b/d 40,000 30,000
By General Reserve 3,000 2,000
By Cash 20,000
To Balance c/d 45,400 33,600 20,000 By premium for goodwill 6,000 4,000
Or
Revaluation Account
Particulars Amount Particulars Amount
To Patent 8,000 By Building 4,000
To machinery 2,000 By loss 6,000
10,000 10,000
Capital account
Particulars A B C Particulars A B C
To B’s Capital 6000. 2000 By Balance b/d 40,000 30,000 20,000
To revaluation. 3000 2000 1000. By General 3,000 2,000 1,000
To B’s loan 38,000 Reserve
To Balance c/d 34,000. 18,000 By A’s Capital 6,000
By C’s Capital 2,000
43,000 40,000 21,000
43,000 40,000 21,000
1,00,000
1,00,000
18 investing activity 1m
19 Sale of goods 1m
20 Government
Determining progress of various industries
Determine the need for financial help
Employee
Amount of salary which depends on profits
Amount of bonus to be granted
21 Debt equity ratio 0.31
Interest coverage ratio 11 times
Return on investment 55%
22 % change in total income 50% 1m for each
% change in total expense 74.5% calculation
% change in total profit before tax 32.8%
% change in total profit after tax 32.8%
23 Operating profit RS 14,000 1m for each
Cash from operating activity Rs 5,000 activity
Cash used in investing activity Rs (31,000)
Cash from financing activity Rs 27,000
Assumed that interest on debenture is paid on opening balance of debenture