ACCOUNTANCY – HOLIDAY HOMEWORK- CLASS12

COMPREHENSIVE PROJECT- comprising of

a) Case Study
b) Journal
c) Ledger
d) Trial balance
e) Financial Statements
f) Ratio analysis
g) Cash Flow Statement
 The format for project work will be –
1) Case study details- Facts of the case.
2) Required information.
3)Solution and presentation of information in the above format
mentioned.
4)Analysis and interpretation of information in the above format
mentioned.
 Project file should be neatly handwritten and presentable with page
number marked.
 Each step of the solution needs to be highlighted. Conclusions drawn are
placed in boxes.
ASSIGNMENTS GIVEN IN HANDOUTS-ANALYSIS OF FINANCIAL STATEMENTS PART-B
 MOCK TEST PAPER- ACCOUNTANCY

Time: 1hr 30 min Max marks: 40

General Instructions:

a. Attempt all the parts of a question at one place.

b. Draw proper formats with scale and pencil;
c. Give complete narration and proper working notes where ever required.

1. 1. When Interest received will be treated as Cash Flow from Financing activities? 1

2. Give an example of an extraordinary item to be shown under investing activity. 1

3. Calculate Working Capital Turnover Ratio from the following information: 3

Particulars Amount

Revenue from 12,00,000

operations

Current assets 5,00,000

Total assets 8,00,000

Non Current 4,00,000

Liabilities

Shareholder’s 2,00,000
funds

4. From the following information calculate operating profit ratio 3

Particulars Amount

Revenue from operations 2,00,000

Gross profit 75,000

Office expenses 15,000

Selling expenses 26,000

Interest on debentures 5,000

Accidental losses 12,000

Income from rent 2,500

Commission received 2,500

5. From the following information of Ciber Ltd. for the year ending 31st March 2015, and 4
2014, prepare a Comparative Statement of Profit and Loss and give two comments
upon the changes:
Particulars 31.3.2015 31.3.2014

Revenue from 10,00,000 8,00,000

operations

Employees Benefit 50% of 40% of

Expenses Revenue Revenue
from from
operations operations

Other expenses 10% of 10% of

Revenue Revenue
from from
operations operations

Tax 40% 30%

6. Under what heads and sub- heads the following items with appear in the Financial 4
Statements of a company as per revised schedule Schedule III of Companies Act ,
2013.
Building under construction.

Provision for employees earned leave payable on retirement.

Sale of scrap

Arrears of Fixed Cumulative Dividend

Business promotion expenses.

Earmarked balance with bank to pay unpaid dividend.

Interest on calls in Advance

Investment in own debentures

7. Amar, Sanjay and Mohan were three partners running a partnership firm dealing in car
seat cover. Amar and Mohan both are specially abled and could not devote their full
time in the business. Sanjay is very kind he always help them and support them in the
business. As per the provision of the partnership deeds:
Sanjay was to get salary @ Rs. 500 p.m.
All the partners were entitled to get interest @5%p.a. on their capitals Rs. 30,000, Rs.
20,000 and Rs. 10,000 respectively.
Mohan was entitled to a commission of 5% on the profits after charging the interest on
capital but before charging the salary payable to Sanjay.
The net profits of Rs. 30,000 were distributed in the ratio of their capital without
providing for any of the above provisions. The profits were to be shared in the ratio of
 2:2:1. Pass the necessary adjustment entry. 6
Also identify the two values being conveyed in the question.
8. Anwar, Biswas & Divya are partners in a firm. Their Capital Accounts stood at Rs.
8,00,000; Rs. 6,00,000 & Rs. 4,00,000 respectively on 1st April, 2013. They shared
profits & losses in the ratio of 3:2:1 respectively. Partners’ are entitled to interest on
capital @ 6% p.a. and salary to Biswas & Divya @ Rs. 4,000 per month & Rs. 6,000 per
quarter respectively as per the provisions of Partnership Deed.
Profit for the year ended 31st March, 2014 amounted to Rs. 3,12,000. Prepare Profit &
Loss Appropriation Account for the year ended 31st March, 2014. 6
9. 10. From the following Balance Sheet of Good luck Ltd. as on 31.3.15 and 31.3.14 prepare 6
a Cash Flow Statement.
Particulars Note 2015 2014
s no.

I Equity and liabilities

(1) Shareholders Fund

(a) Share capital
(b) Reserves and Surplus: 8,00,000 5,00,000
(2) Non-Current Liabilities:
10%Long- term Borrowings 1 4,00,000 2,00,000

(3) Current Liabilities

(a) Short Term borrowings
(b) Trade Payable 4,80,000 6,80,000
(c) Short term provisions

2 20,000 10,000

2,00,000 1,20,000

3 1,00,000 90,000

TOTAL 20,00,000 16,00,000

II Assets

(1) Non- Current Assets

(a) Fixed assets
(i)Tangible Assets

(ii)Intangible Assets 4 9,00,000 6,80,000

(b) Non current investment 60,000 40,000

(2) Current Assets
Inventories 4,00,000 2,50,000

Trade Receivables

Cash & Cash Equivalents. 2,40,000 2,70,000

 3,30,000 3,00,000

70,000 60,000

TOTAL 20,00,000 16,00,000

Notes to Accounts:

Note No. 31.3.15 31.3.14

1 Reserve & Surplus

General reserve 3,70,000 1,30,000

Balance in Statement of Profit & Loss 30,000 70,000

2. Short Term borrowings

Bank overdraft 20,000 10,000

3 Short term provisions

Proposed dividend 50,000 30,000

Provision for tax 50,000 60,000

4 Tangible Assets

Machinery 12,00,000 8,80,000

Less: Accumulated depreciation (3,00,000) (2,00,000)

9,00,000 6,80,000

Additional information:

(1) During the year , a piece of machinery costing Rs. 3,00,000 on which accumulated
depreciation was Rs.90,000, was sold for Rs. 2,50,000.
(2) Tax paid during the year amounted to Rs.50,000
(3) Loan was repaid on 31st March 2015.
 11. From the following Balance Sheets of Aakarshi Ltd. as at 31st March, 2014 & 31st
March, 2013, prepare Cash Flow Statement:
Particulars Note 31st March, 2014 31st March, 2013
No. (Rs.) (Rs.)

I. EQUITY & LIABILITIES

1. Shareholders’ Funds

a. Share Capital 1,50,000 1,25,000

b. Reserves & Surplus
1 75,000 60,000

2. Non-Current Liabilities
Long-term Borrowings: Bank Loan 20,000 -----

3. Current Liabilities
2 80,000 70,000
a. Trade Payables
b. Short-term Provisions 3 25,000 15,000
Total
3,50,000 2,70,000
II. ASSETS
30,000 20,000
1. Non-Current Assets
a. Fixed Assets 10,000 15,000
b. Long-term Investments
2. Current Assets 1,00,000 50,000
a. Cash
b. Trade Receivables 90,000 98,000
(Debtors)
c. Inventories (Stock) 1,20,000 87,000
Total
3,50,000 2,70,000

Notes to Accounts

31st March, 31st March,

2014 (Rs.) 2013 (Rs.)

1. Reserves & Surplus

Surplus i.e. Balance in Statement of Profit and
Loss 60,000 50,000

General Reserve 15,000 10,000

 75,000 60,000

2. Trade Payables 45,000 50,000

Creditors
35,000 20,000
Bills Payable
80,000 70,000

25,000 15,000

3. Short-term Provisions
Provision for Tax

Additional Information:

1. During the year Rs. 5,000 depreciation was charged on Fixed Assets.
2. Tax provided during the year Rs. 20,000.
Company has paid Rs. 12,000 interim dividend during the year.