CBSE  Sample Papers for Class 12 Accountancy Solved  2016 Set 15
Part A
(Accounting for Partnership Firms and Companies)
1.A, B and, C were partners in a firm sharing profits in the ratio of 5 : 4 : 3. Their capitals were Rs 40,000, Rs 50,000 and Rs 1,00,000 respectively. State the ratio in which the goodwill of the firm amounting to Rs1,20,000 will be adjusted on the retirement of R.
2.How would you treat workmen’s compensation fund shown on the liabilities side of balance sheet, at the time of dissolution of partnership firm and why?
3.A, B and C are partners. They do not have a partnership deed. A and B have a larger amount of capital as compared to C and therefore, they want that the profits should be distributed in capital ratio to which all partners agree. Is the claim of A and B valid?
4.Name the head under which the Securities Premium Reserve Account will appear in the balance sheet.
5.When does a company forfeit its shares?
6.Under what circumstances premium for goodwill paid by the incoming partner would never be recorded in the books of accounts.
7. What is meant by issue of shares for consideration other than cash.
8. D, E and F are partners. They have omitted interest on capital @ 10% per annum for three years ended 31st March, 2015. Their fixed capitals on which interest was to be calculated throughout were Rs 10,000, Rs 8,000 and Rs 7,000 respectively. Their profit sharing ratio were 2013, 1:2:2; 2014,5:3:2 and 2015,4:5:1. The firm earned profit of Rs 2,500 in each year. Give the necessary adjusting journal entry.
9. HP Pencils Ltd issued 2,00,000 equity shares of Rs 10 each payable as to Rs 2.50 on application, Rs 2.50 on allotment and the balance in two subsequent calls of Rs 2.50 each. All the money was duly received.Record the transactions of the company.
10.Ritesh Ltd forfeited 3,000 shares of Rs 10 each issued at a premium of Rs 2 each, held by Ram who had applied for 3,750 shares, for non-payment of allotment money of Rs 2.50 per share (including premium), first call of Rs 3 per share and second and final call money of Rs 2.50 per share. Out of 3,000 shares, 1,000 shares were re-issued at Rs 6 per share as fully paid. Journalise.
11.A firm earns Rs 60,000 as its annual profits, the normal rate of profit being 10%. The assets of the firm amount to Rs 7,20,000 (excluding goodwill) and liabilities to Rs 2,40,000. Find out the value of goodwill by capitalisation method.
12.A, B, C, D and E were partners in a firm sharing profits and losses in the ratio of 5 : 4 : 3 : 2 : 1 respectively. Unfortunately, D and E met with a tragic car accident in which both of them died. In the memory of D and E, A, B and C decided to donate blankets, wollen clothes and medicines to an Old Age Home.The goodwill of the firm was valued at Rs 1,50,000 and A, B and C decided to share the future profits and losses in the ratio of 4 : 6 : 5 respectively. Give the journal entries to record the above.Identify the value being conveyed in this question.
13.(i)Aroha, Kartik and Parth are partners in a firm. According to the partnership deed, the partners are entitled to drew Rs 7,000 per month. On the 1st day of every month, Aroha, Kartik and Parth drew Rs 7,000, Rs 6,000 and Rs 5,000 respectively. Interest on capital and interest on drawings are fixed @ 8% and 10% respectively. Profit for the year ended 31st March, 2015 was Rs 7,55,000 out of which Rs 2,00,000 are to be transferred to general reserve. Kartik and Parth are entitled to receive a salary of Rs 30,000 and Rs 45,000 per annum respectively and Aroha is entitled to receive commission @ 10% on net distributable profits after charging such commission. On 1st April, 2014, the balances of their capital accounts were Rs 5,00,000, Rs 4,00,000 and Rs 3,50,000 respectively.
You are required to show the profit and loss appropriation account for the year ended 31st March, 2015
(ii)PQ and Rwere partners in a firm sharing profits in the ratio of 3 : 2 : l.R retired and the new profit sharing ratio between P and Q was 1:2. On R’s retirement the goodwill of the firm was valued of Rs 1,50,000. Pass the necessary journal entries for the treatment of goodwill on R’s retirement without opening the goodwill account.
14.(i) Make journal entries for the following transaction.Jayant Ltd purchased plant and machinery for Rs 2,00,000 payable as to Rs 65,000 in cash and the balance by an issue of 6% debentures of Rs 100 each at a discount of 10%.
(ii)Manav Ltd issued 2,000; 9% debentures of Rs  100 each at a discount of 4% payable as Rs 30 on application and the balance on allotment.Give the necessary journal entries.
15.G, C and E are partners sharing profits and losses in the ratio of 2:2:1. E retires on 31st March, 2015. Complete the following revaluation account, partners’ capital account and balance sheet of the firm.
16.On 1st April, 2015, Ranjana Ltd made an issue of 3,00,000 equity shares of Rs 10 each at a premium of Rs 4 per share, payable as follows
Rs 4 on application (including Rs 1 premium)
Rs 3 on allotment (including Rs 1 premium)
Rs 4 on first call (including Rs 1 premium)
Rs 3 on second and final call (including Rs 1 premium)
Applications were received for 4,00,000 shares, of which applications for 50,000 shares were rejected and their money was refunded. Rest of the applicants were issued shares on pro-rata basis and their excess money was adjusted towards allotment.
Jatin, to whom 6,000 shares were allotted, failed to pay the allotment money and his shares were forfeited after allotment. Ruchi, who applied for 10,500 shares failed to pay the two calls and on her such failure, her shares were forfeited.
Vikas, who was allotted 3,000 shares did not pay final call. 12,000 forfeited shares were re-issued as fully paid on receipt of Rs 9 per share, the whole of Ruchi’s shares being included.
Prepare the cash book and pass the necessary journal entries.
or
Rohtash Ltd invited applications for issuing 75,000 equity shares of Rs 10 each at a premium of Rs 5 per share. The amount was payable as follows
On application and allotment-Rs 9 per share (including premium)
On first and final call—Balance amount
Applications for 3,00,000 shares were received. Applications for 2,00,000 shares were rejected and money refunded. Shares were allotted on pro-rata basis to the remaining applicants. The first and final call was made. The amount was duly received except on 1,500 shares applied by Ravi. His shares were forfeited. The forfeited shares were re-issued at a discount of Rs 4 per share.
Pass necessary journal entries for the above transactions in the books of Rohtash Ltd.
17.Anita and Sanjay are partners dealing in manufacturing plastic polythenes, with profit sharing ratio of 2 : 1. Their balance sheet as at 31st March, 2015 was as under, when the government banned the plastic polythene and therefore they shifted to manufacturing paper bags.
They admitted Sonu into partnership on 1st April, 2015. The new profit sharing ratio is agreed as 2 : 1 : 1. Other terms of Sonu’s admission were
(i)He will bring in Rs 1,20,000, through cheque, as his share of capital and Rs 30,000 as his share of goodwill.
(ii)Machinery is to be appreciated by 10%.
(iii)Stock overvalued by  2,000.
(iv)A provision for doubtful debts is to be created at 5% on debtors.
(v)Creditors are unrecorded to the extent of Rs 7,000.
Prepare the revaluation account, partners’ capital account, bank account and the balance sheet of the new firm after the admission. Also, identify the values highlighted in the above problem
or
Girish, Meena and Swati are partners in a firm sharing profits in the ratio of 2:1:1. Their balance sheet as at 31st March, 2015 was as under.
The firm was dissolved on that date by the order of court, as even after repeated reminders the firm was dumping hazardous material into the nearby river. The assets realised goodwill Rs 20,000; land and building Rs 1,00,000; plant and machinery Rs 50,000; motor car Rs 28,000 and debtors 50% of the book value. Realisation expenses were Rs 2,000.
Prepare the realisation account, capital accounts of partners and cash account to close the books of the firm. Identify the values violated by the company in the above case.
                                      Part B
                        (Financial Statements Analysis)
18.Dividend paid by a manufacturing company is classified under which activity while preparing cash flow statement?
19. HCL Ltd paid Rs 30,000 as instalment for machinery purchased on credit which included interest of Rs 5,000. How will this payment be presented while preparing cash flow statement?
20.(i) Mention the items under the head ‘non-current liabilities’ as per Provision of Schedule III Part I of Companies Act 2013.
(ii) Give any one advantage of common size balance sheet.
21.From the following balance sheet and other information, calculate any two of the following ratios
(i)Debt eguity ratio
(ii)Working capital turnover ratio
(iii) Debtors’ turnover ratio
22.From the following information, prepare comparative balance sheet of Malishka Ltd
23.From the following information, calculate cash flow from operating activities
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