MOCK TEST PAPER-2

CBSE-XII
ACCOUNTANCY
Max. Marks : 80 Time Allowed : 3 hrs.
General Instruction: As per Model Test Paper-I.
PartA
(Accounting for Not-for-Profit Organisations, Partnership Firm and Companies)
1. What do you mean by a not for Profit Organisation ? (1)
2. How will you calculate interest on the drawings of equal amounts on the last day of
every month of the calendar year ? (1)
3. What is meant by Partnership ? (1)
4. A, B, C were partners in a firm in the ratio of 5 : 4 : 3. They admit D with 1/4 share. What
will be the sacrifice made by each partner ? (1)
5. State any two purpose for which the balance in share premium account can be utilised. (1)
6. Find the amount of 'Subscription Received' during 2001 : (3)
Subscriptions Income for 2001 (Creadited to Income and Expenditure A/c) Rs. 95,000
Subscriptions Receivable on : 31.12.2000 Rs. 20,000
31.12.2001 Rs. 15,000
7. A building has been purchased for Rs. 1,10,000 from X. X has been issued 12% debentures
of Rs. 100 each in purchase consideration at a premium of 10% Journalise. (3)
8. Alok forfeited 300 shares of Rs. 10 each, fully called up help by Ram for non-payment of
allotment money Rs. 3 per share and Final Call money of Rs. 4 per share. Out of these
shares 250 were reissued to Shyam for a total payment of 2,000. Give journal entries for
forfeiture and reissue. (3)
9. P, Q, R were partners in firm in the ratio of 1 : 2 : 2. After division of profits for the year
31.3.2001 their capitals were PRs. 1,50,000; QRs. 1,80,000; RRs. 2,10,000. During
the year they withdraw Rs. 20,000 each. The profit of the year was Rs. 60,000. The
partnership deed provided that interest on capital @ 10% p.a. While preparing the Final
accounts. Interest on Capital was not allowed.
Calculate the capital of P, Q, R as 1.4.2000 and pass the required entry for interest on
capital.
10. A, B, C were partners in a firm in the ratio of 4 : 3 : 3. Their capitals were Rs. 1,00,000;
Rs. 2,00,000 and Rs. 3,00,000. For the year 2006, interest on capital was credited to
them @ 10% instead of 9% p.a. Pass the necessary adjusting entry : (4)
11. Give four points of distinction between a share and a debenture. (4)
12. X Ltd. issued 6,000, 12% Deb. of Rs. 100 each at a discount of 6% on 1.1.2001. The
debenture were payable in instalments of Rs. 2,00,000 starting from 31.12.2003.
Show the discount on issue of debentures for the year 2001 to 2003. Calculate debenture
discount to we written off. (6)
13. From the following prepare an Income Expenditure Account and Balance Sheet for the
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2 | CBSE-XII Accountancy
year ending 31.12.2001 :
Receipts and Payments Account
Particulars Particulars Amounts
Amount (Rs.) (Rs.)
(Rs.)
To Cash in Hand 7,130 By Machines 30,590
To Subscriptions 47,996 By Doctor's Honorarium 900
To Donations 14,500 By Salaries 27,500
To Interest on Investment @ 12% 12,000 By Petty Expenses 461
To Proceeds from Show 10,450 By Equipment 15,000
By Exp. on Charity Show 750
By Cash in Hand 8,775
92,076 92,076
1.1. 2001 (Rs.) 31.12.2001 (Rs.)
Susbscription Outstanding 240 280
Prereceived Susbscriptions 64 100
Stock of Medicine 8,810 9,740
Equipments 21,200 31,600
Buildings (cost less dep.) 40,000 38,000
Creditors for medicines 10,000 8,000
14. Akhil, Nikhil and Sunil were partners sharing profits and losses equally. Following was
their Balance Sheet as on 31st Dec.2002.
BALANCE SHEET
Liabilities Amount Assets Amount
(Rs.) (Rs.)
Creditors 4,000 Buildings 20,000
General Reserve 4,500 Plant and Machinery 8,000
Capitals : Akhil 19,500 Stock 3,500
Nikhil 12,000 Debtors 8,000
Sunil 8,000 Cash at Bank 8,500
39,500
48,000 48,000
Sunil died on 1st May. 2003, the executor of the deceased partners was entitled to :
(i) Balance of partner's capital account and his share of reserves.
(ii) Share of goodwill calculated on the basis of three times the average profits of the last
4 years. Goodwill is not to be raised in the books.
(iii) Share of profit from the closure of the last accounting year till the date of death on
the basis of the profit of the preceding completed year before death.
(iv) Interest on deceased's capital @ 6% p.a. Rs.5,000 would be paid to deceased's executor
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Mock Test Paper-2 | 3
immediately and the balance was to be kept in his loan account.
Profit and Losses of the preceding years :
1999Rs. 8,000 profit 2,000Rs. 10,000 loss
2001Rs. 12,000 profit 2002Rs. 18,000 profit
Pass journal entries and prepare Sunila Account and Sunils Executor's Account.
15. A, B, Ltd. Invited applications for 1,00,000 equity shares of Rs. 10 each payable as Rs. 2
on application, Rs. 3on allotment and the balance on first and final call. Applications
were received for 3,00,000 shares and they were allotted on pro-rata basis. The excess
application money was to be adjoined against allotment. M who had applied 3,000 shares
failed to pay the call money and his shares were forfeited and received at Rs. 8 per share
fully paid up. Pass the journal entries. (8)
Or
Z Ltd. invited applications for insuring 40,000 eq. shares of Rs. 10 each at premium of
Rs. 2 per share the amount was payable on application = Rs. 6 (including premium) and
the balance on allotment.
Applications for 50,000 shares were received. Pro-rata was made on all applications. A
share holders to whom 8,000 shares were allotted failed to pay allotment money. So, his
shares were forfeited. Later on those shares were re-issued for Rs. 70,000 as fully paid
up. Pass journal entries.
16. M and K were partners in a firm. Their Balance Sheet as on 31.12.2002 was as follows :
(8)
BALANCE SHEET
Liabilities Amount Assets Amount
(Rs.) (Rs.)
Outstanding Expenses 10,000 Cash in Hand 4,000
Creditors 30,000 Cash at Bank 56,000
Banks Overdraft 20,000 Debtors 30,000
Bills Payable 30,000 Furniture 12,000
Reserve 18,000 Machinery 24,000
Capitals : M 45,000 Buildings 57,000
K 30,000
1,83,000 1,83,000
They decided to admit Ram on following terms :
(i) Machinery, Buildings, Furniture be depreciated by 5%.
(ii) A provision of 5% be created for doubtful debts.
(iii) Goodwill to be valued at Rs.1,20,000.
(iv) Ram brings Rs. 75,000 as capital and he will receive1/4 share in future profits.
Prepare Revaluation Account, Capital Accounts and Balance Sheet of new firm.
Or
A, B, C were partners in the ratio 3 : 2 : 1. Their Balance Sheet as on 31.3.04 as under :
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4 | CBSE-XII Accountancy
BALANCE SHEET
Liabilities Amount Assets Amount
(Rs.) (Rs.)
Capitals : 30,000 Cash-in-Hand 28,000
Bills Payable 16,000 Debtors 25,000
Reserve 12,000 Provision 3,000
Capitals : 22,000
A 40,000 Stock 18,000
B 40,000 Furniture 30,000
C 30,000 Machinery 70,000
1,68,000 1,68,000
B retires on 1.4.2004 on the following terms :
(i) Provision for doubtful debts will be raised by Rs. 1,000.
(ii) Stock will be depreciated by 10% and furniture by 5%.
(iii) There is an outstanding claim for damages of Rs. 1,100 and it is to be provided for.
(iv) Creditors will be written back by Rs. 6,000.
(v) Goodwil of the firm is valued at Rs. 24,000. Goodwill is not to be shown in the books.
(vi) B is paid in full with the cash brought in by A and C in such a manner that their
capitals are in proportion to their ratio 3 : 2 and cash in hand remains at Rs. 10,000.
Prepare the relevant accounts in the books of the firm.
PartB
(Analysis of Financial Statements)
17. Give any four objectives of analysis of financial statements ? (1)
18. State any five items which are shown under the heading Reserves and Surplus in the
Balance Sheet of a company as per Schedule-VI, Part-I of Company's Act 1956. (1)
19. How are the various activities classified according to AS-3 (Revised) while preparing
cash flow statement. (1)
20. Inventory Turnover Ratio is three times. Sales are Rs. 1,80,000, Op. Stock is Rs. 2,000
more than Closing Stock. Calculate the Opening and Closing Stock when goods are sold
at 20% profit on cost. (4)
21. Following are the summarised Balance Sheet of PP Ltd. Prepare comparative Balance
Sheet : (4)
Balance Sheet
Liabilities 2003 2004 Assets 2003 2004
(Rs.) (Rs.) (Rs.) (Rs.)
Share Capital 7,50,000 9,00,000 Fixed Assets 12,45,000 11,55,000
Reserve 1,50,000 2,25,000 Current Assets 6,60,000 8,25,000
Loans 4,20,000 3,00,000
Current Liabilities 5,85,000 5,55,000
19,05,000 19,80,000 19,05,000 19,80,000
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Mock Test Paper-2 | 5
22. The following information is given about a Company : (4)
Rs.
Sales 1,50,000
G.P. 30,000
Cost of Goods sold 1,20,000
Opening Stock 29,000
Closing 29,000
Debtors 16,000
Net Profit 14,000
Net Fixed Assets 1,10,000
Calculate :
(i) Gross Profit Ratio : (ii) Net Profit Ratio;
(iii) Fixed Assets Turnover Ratio
23. From the following prepare a Cash Flow Statement : (6)
(Rs.)
Op. Cash Balance 10,000
Cl. Cash Balance 12,000
Decrease in Debtors 5,000
Increase in Creditors 7,000
Sale of Fixed Assets 20,000
Redemption of Debentures 50,000
Net Profit for the year 20,000
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