Class-XII Accountancy-II qime :3 Hrs. Max. Marks : 80 Instructions for the Students : 1. The question paper will cover whole of the syllabus. 9, There are 3 sections in the question paper i, on A, Section B and Secti ig compulsory for all the students and students may choose ony one sestion from Section B and section C. Section ‘A, Section B and Section C will be set from the Part-I and Part-II and Part-II of the syllabus respectively. 3. 19 Questions will be set in the question paper. ‘4, Allunits of the syllabus should be given adequate representation in the question paper. 5, There is no word, line or page limit for numerical questions. 6. The use of non-programmable simple calculator is allowed. Section-A 7. Question No. 1 consists of 18 sub parts 1(i) to 1(xvii) carrying 1 mark each. Objective type questions may include questions with true or false / multiple choice type questions. 8. Question No. 2 to 9 (Out of which 3 will be the theoretical and 5 will be numerical) will carry 2 marks each. Answer of theoretical question should be given in 1-5 lines. Question No. 10 consists of 4 sub parts (i, ii, iii, iv) out of which 2 will be numerical and 2 will be theoretical (Attempt any 3 questions out of Four) Each question will carry 4 marks. Answer of theoretical question should be given in 10-15 lines. Section B and C 9, In Question No. 11 consists of 12 sub parts 11(j) to 11(xii) carrying 1 mark each. Objective type questions may include questions with true or false / multiple choice type questions. 10. Question No. 12 to 18 (Out of which 3 will be the theoretical and 4 will be numerical) will carry 2 marks each. Answer of theoretical question should be given in 2-5 lines. Question No. 19 consists of 3 sub parts (i, ii, iii) out of which 2 will be numerical and 1 theoretical (Attempt any two questions out of three). Each question will be 4 marks. Answer of theoretical questions should be given in 10-15 lines. Section-A 1. (i) Credit Balance in Income & Expenditure reveals : (a) Excess of Income over Expenditure (b) Excess of Expenditure over Incomes (©) Excess of Cash Payments over receipts (d) Excess of cash receipts over payments. (ii) Source of Income for a not for profit organisation is : (a) Subscription from Members (b) Donation (c) Entrance Fees (d) All of the aboveoe is a summary of all capital receipts and payments, cco 8 ) Receipts and Payment a charged for : (ii not mentioned, interest on drawings is 1 s of withdrawals are (iv) When dates of with po 12 months 7 ths (d) 5'/, months (c) 6 months ; ) Following are essential clements of a partnership firm except : (vy) Follo 8s (a) Equal share of Profits and Losses (b) Atleast two persons (c) There is an agreement between all partners (d) Partnership agreement is for some business. (vi) Normal Profit - Actual Profit = Super Profit. (True/False) (vii) The sacrifice of old partners is equal to : (a) New share-old share (b) Old share-new share (c) Their old share (d) Their new share (viii) Old profit sharing ratio minus new profit sharing ratio is equal to (a) gaining ratio (b) sacrificing ratio (c) both (a) and (b) (d) none of these (x) _Unrecorded assets are recorded in existing partner’s capital accounts. (True/False) (%) In case of workmen compensation reserve, if the amount claimed is more than the amount lying in WCR, then the shortfall will be recorded in : (a) Partner’s Capital A/c (b) Revaluation A/c (c) Balance Sheet (d) None of these (xi) Sacrificing Ratio is used to distribute ... in case of admission of a partner. (a) Reserves (b) Goodwill (©) Revaluation Profit (d) Balance in Profit and Loss Account (=i) When new partner does not bring his share of goodwill in cash, goodwill account is debited. (True/False) (xiii) If the adjustments in the value of assets at the time of retirement of a Partner shows a profit, it should be credited to the capital accounts of (2) the remaining partners in their old profit sharing profit (b) all the old partners in their profit sharing ratio (©) the remaining partners in their new profit sharing ratio (d) None of above (xiv) On the retirement of a partner any reserve built out of profits etc, should be transfeised to the capital accounts of (@) neither the reti ing partner nor the remaining partner (b) all partners in the old Profit sharing ratio= w) (vi) (xvii) (xviii) (o) remaining partners in the new profit sharing ratio (a) None of above Gaining Ratio = New Profit Sharing Ratio — Old Profit Sharing Ratio, (True/False) The balance left in the capital account on dissolution of a firm is transferred to (a) bank account (b) realisation account (©) profit and loss (d) None of the above On the dissolution of a firm, if'a partner has a debit balance, in his capital account then (a) he is required to bring in enough cash to clear off his debit balance (b) he shall not share in the profit or loss on dissolution (c) he need not bring cash (@) None of the above On the dissolution of a firm, Goodwill will be sold like any other asset. (True/False) (1x 18 = 18) How life membership fees is treated in the books of a non-trading institution ? 2 X and Y are partners sharing profits and losses in the ratio of 5 : 3. They agree to take Z into partnership for 1/Sth share. For this purpose, goodwill is to be valued at 200% of the average profit of last four years which were as follows : zg ‘Year ending on 31" March 2020 50,000 (Profit) Year ending on 31" March 2021 1,20,000 (Profit) Year ending on 31% March 2022 1,80,000 (Profit) Year ending on 31° March 2023 70,000 (Loss) On 1* April, 2022 a Motor bike costing € 50,000 was purchased and debited to traveling expenses account, on which depreciation is to be charged @ 20% p.a. calculate the value of goodwill. 2 What do you mean by Change in Profit Sharing Ratio ? 2 A, B and C are three partners sharing Profits and Losses in 3 : 2 : 1. They agree to share future profits and losses in 4 : 3 : 2. Calculate each partners’ gain or sacrifice. 2 A, Band C are partners sharing profits in the ratio of 5 : 3 :2. They admit D into partnership giving him ‘4 share in the profits, which he acquires from A, B and C in the ratio of 2 : 1 : 1. Calculate the new profit sharing ratio. 2 What are the items for which a retiring partner is liable 2 2 Give the journal entry to distribute ‘Investment Fluctuation Reserve’ of 4,000 at the time of Retirement of Z, when Investments (Market value & 19,000) appear at % 20,000. The firm has three partners X, Y and Z, 2 Rajiv, Rahul and Harihar were partners in a firm sharing profits in the ratio of 2:1 : 1. On 1- 42022 they decided to dissolve the firm, On that date Rajiv's capital was & 1,25,000. Rahul’s capital was & 45,000 and Harihar’s capital was % 15,000 (Dr.) The creditorsng oan ny ry Unmmun 2 semen ed to € 25,000 and cash in hand was % 4,000. The assets realised & 1,44,0 cas 0. T amounted (0 © 5,000 a sre % 2,000. Prepare Realizati Seca ee the expenses of dissolution wel spare Re on Acct cleatly. : three questions out of four. + Ae recs Payments Account of ‘OK Men Associaton Cab” forthe 10. (i) Given below Is ear ended on 31-3-2022 ; RECEIPTS AND PAYMENTS ACCOUNT a Receipts z Payments z To Balance bid 1,025 | By Salaries 5,500 tion By General Expenses 800 eres a 400 | By Entertainment Expenses 3,500 2021-2022 20,500 | By Newspapers 1,500 2022-2023 600 | By Municipal Taxes 500 To Donations 9,500 | By Charity 3,500 To Proceeds from Entertainment 5,400 | By 12% Investments 20,000 To Sale of Newspapers 450 | By Electricity Charges 1,400 By Balance c/d 1.175 37.875 37,875 Prepare Income and Expenditure Account for the year ended 31” March, 2022 after taking the following information into account : (@) There are 500 members each paying an annual subscription of € 50, and % 500 is still in arrear for 2020-2021. (b) %1,000 for salaries is outstanding. (c) Building stands in the books at & 50,000 and it is required to write off depreciation at 5% pa. (4) Interest on Investments is accrued for 5 months, 4 (ii) Write contents of Partnership Deed, amy (ii) A and B are partners in a firm sharing profits and losses in ratio 3 : 1, They admit C for 1 a 4 share on 31" March 2022 when their Balance Sheet was as follows : [ abilities r z Assets z Employee's P Workmen's Covient ne 17,000 | Stock 75,000 Investment Flusoen ee ve 8,000 | Sundry Debtors 50,000 Capitals: 4,100 | Less : Provision for B 54,000. Doubtful Debts 2,000 48,000 35,000. Investments 7,000 Cash 0,100 THe Goodwill 40,000 The following aaj 216,100) 7,16,100 ©) Chr” Mustments were greed upon(iv) 1G) (ii) (iii) (iv) Ww (vi) (vii) (viii) (ix) (x) co) (xii) (b) Bad debts amounted to % 3,000, (c) Market value of investments in % 4,500, (d) Liability on account of workmen’s compensation reserve amounted to 7 2,000. Prepare Revaluation A/c and Partner's Capital Ales, 4 Give any four difference between dissolution of partnership and dissolution of partnership firm. 4 Section-B Reserve capital is also known by : (a) Subscribed Capital (b) Called up Capital (c) Capital Reserve (d) None of the above Interest on calls in arrears is charged according to Table at : (a) 7% (b) 5% (c) 10% (d) 8% Calls paid in advance is a part of Share Capital of the Company. (True/False) The principal amount of debentures will be repaid by the company cither at the end of a specified period or by instalments during the life time of the company. Such types of debentures are called : (a) Bearer Deber:tures (b) Convertible Debentures (c) Iredeemable Debentures (d) Redeemable Debentures The debentures whose principal amount is not repayable by the company during its life time, but the payment is made only at the time of liquidation of the company, such debentures are called : (a) Non-Convertible Debentures (b) Irredeemable Debentures (©) Redeemable Debentures (d) Bearer Debentures Premium on redemption of debentures can be written off out of capital profits. (True/False) Debentures are shown in the balance sheet of a company under the item (a) current liabilities (b) long term borrowing (c) unsecured loans (a) none of above For whom the analysis of financial statements is not significant (a) Company’s Employee (b) Ambassador of India (c) Government (d) Investor Debtors tumover ratio cannot be expressed in day. (True/False) While calculating profit from operation...will be added to net profit (a) loss on issue on debentures (b) depreciation (c) goodwill written-off (d) all the above While calculating cash from operations....will be added to net profit (a) increase in debtors (b) increase in stock (c) decrease in stock (d) decrease in creditors Purchase of goodwill is an investing activity, (True/False) (1x 12=12)326, 12, What is et ‘umulative Preference Shares ? : 7 X Ltd, forfeited 800 shares of & 10 cach, € 7.50 called-up, for non-payment of Final Call of i % 2.50 per share. Out of th 600 shares were r uucd for & 6 per share as & 7.50 paid up. Pass necssary journal entries. 7 14. Star Automobiles Ltd. took over assets of 8 4,70,000 and liabilities of % 80,000 of Ashoka "Automobiles Ltd. for the purchase consideration of & 4,40,000. Purchase consideration was payable by issuing debentures of € 100 each at 10% premium. Pass journal entries in the books of Star Automobiles Ltd. 2 15. Name the account which is opened only when redemption is out of profits. 2 16. From the following information, prepare a comparative Statement of Profit and Loss: Particulars 2021 - 22 2022 - 23 Revenue from Operations 1,20,000 7,50,000 Cost of Materials Consumed 70,000 75,000 Employees Benefit Expenses 18,000 22,500 Other Expenses 2,000 2,500 Income Tax 20,000 25,000 2 17. (a) The Current Assets of a company are & 9,00000. Its Current’ Ratio is 3.00 and Liquid Ratio is 1.20. Calculate the Current Liabilities. Liquid Assets and Inventory. 2 18. What are the steps involved in preparation of cash flow statement. 2 Attempt any two questions out of three. 19.G@) Sangita Limited invited application for issuing 60,000 shares of & 10 each at par. The amount was payable as follows : On Application %2 per share On Allotment % 3 per share On First and Final call 5 share Application were received for 92,000 shares. Allotment was made on the following basis: (To applicants for 40,000 shares ~ Full. (ii) To applicants for 50,000 shares ~ 40% (ii) To applicants for 2,000 shares ~ Nil. % 108,000 was realized on account of allotment (excluding the amount carried from applicant money) and ¥ 2,50,000 on account of call. The directors decided to forfeit shares of those‘applicants to whom full allotment was made and on which allotment money was overdone. Pass Joumal Entries in the books of Sangita Limited to record the above transactions. 4 (ii) Distinguish between ‘Share’ and ‘Debenture’, ; 4sample Papers (ii) Following is the Balance Sheet of Raghav Ltd. as at 31“ March, 2023 : R.S. LTD. BALANCE SHEET AS AT 31-3-2023 Particulars 31.3.2023 31.3.2022 : z zs [Equity and Liabilities : Jor's Funds ) Seren 9,00,000} —7,00,000 | * Reserves and Surplus 2,50,000 1,00,000 Non-Current Liabilities ean borrowings (12% Debentures) 4,50,000 3,50,000 | (@) Current Liabilities | ja) Bank Overdraft 1,00,000 75,000 {b) Trade Payables 2,00,000 |__1;25,000 19,00,000 13,50,000 I Assets : 1) Non-Current Assets a Machinery 16,75,000 | _ 10,55,000 {i) Accumulated Depreciation (2.10,000) | _(1.40,000) 14,65,000 9,15,000 | Gil Intangible (Goodwill) 1,00,000 1,50,000 \ (0) Non-current investments 1,00,000 | —_1,00,000 (2) Current Assets (a) Current Investments 40,000 70,000 (d) Inventories 1,22,000 72,000 j {c) Cash and Cash Equivalents 73,000, 43,000, TOTAL 19,00,000 13,50,000 Additional Information : (1) Contingent Liability : 31.3.2023 31.3,2022 z z 2,00,000 1,25,000 Proposed Dividend (2) © 1,00,000, 12% Debentures were issued on 31-3-2023, (3) During the year # piece of machinery costing & 80,000, on which accumulated depreciation was % 40,000, was sold at a loss of 10,000, Prepare 2 Cash Flow Statement, eee 4