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J&K BOSE || ACCOUNTANCY Guess Paper For Class 12th annual Regular Exam 2017 Kashmir Division

J&K BOSE || ACCOUNTANCY Guess Paper For Class 12th annual Regular Exam 2017 Kashmir Division

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THE JAMMU AND KASHMIR STATE BOARD OF SCHOOL EDUCATION,

ACADEMIC DIVISION, REHARI COLONY, JAMMU.

(MODEL PAPER) ACCOUNTANCY (12TH)
Time Allowed: 3 hours Max. Marks : 80

 

LONG ANSWER TYPE QUESTIONS

Q. 1. The profits of ABC for the last 5 years were as under :
Year Profit (in )
2002-03 38,000.00
2003-04 18,000.00
2004-05 25,000.00
2005-06 19,000.00
2006-07 27,000.00

Calculate the value of goodwill on the basis of 2-year purchases of weighted average profit
based on weight 1, 2, 3, 4 and 5 respectively to the profit for the year 2002-03, 2003-04, 2004-05,
2005-06 and 2006-07.

OR

A firm earns a profit of 30,000/- per year. In the same business the 10% return is
generally expected. The total assets of the firm are 2, 50,000/-. The value of outsiders liability is
40,000/-. Find the value of goodwill. 5 marks
Q. 2. A and B are partners sharing profits and losses in the ratio of 1:3. Their Balance Sheet as on
31st March, 2010 was as under:
Liabilities Amount
(in )

Assets Amount
(in )
Bills Payable 5,000/- Cash 4,000/-
Capital A 15,000/- Stock 7,000/-
Capital B 10,000/- Computer 5,000/-
30,000/- Plant & Machinery 4,000/-
Furniture 10,000/-
30,000/-
On 31st March, 2010 C is admitted into partnership for 1/6th share in future profit, on the
following terms :
a) The value of plant and machinery is to be increased by 1,000/-.
b) The value of the computer is appreciated by 3,000/-.
c) Goodwill is to be valued at 48,000/- and C brings necessary amount for his share of
goodwill in cash.
C is to bring in the capital to the extend of 1/6th of the total capital of new firm after
making all adjustments. Draft journal entries and partner’s capital account.

Pass journal entries in the following cases:
a) Assets were realized as follows:
Debtors – 30,500/-, Plant and Machinery – 32,500/-
a) Expensed on dissolution were 2,080/-.
b) X agreed to take investments at 10,400/-.
c) Creditors agreed to accept 48,100/- in full settlement of their claim of 49,000/-.
d) Bank loan of 12,000/- is paid off. 5marks
Q. 3. Gold Co. Ltd. invited applications for 40,000/- equity shares of 50/- each. The amount was
payable as follows:
On application and allotment 20/- per share. Balance on first and final call. Applications
for 70,000/- shares were received. Applications for 20,000/- shares were rejected and pro-rata
allotment was made to the remaining applications. First and final calls were duly received. Give
journal entries.

OR

Differentiate between Equity Shares and Preference Shares. 5 marks
Q. 4. Explain any five types of Debentures.
OR

Journalize the following transactions for issue and redemption of debentures,
a) 1000, 12% debentures issued at 100/- repayable at 100/-.
b) 1000, 12% debentures issued at 90/- repayable at 105. 5 marks
Q.5. From the following Balance Sheet of XYZ Ltd., prepare Cash flow statement:
Liabilities 2009
(in )

2010
(in )

Assets 2009
(in )

2010
(in )
Equity Share Capital 1,50,000/- 2,00,000/- Goodwill 36,000/- 20,000/-
12% Pref-share capital 75,000/- 50,000/- Building 80,000/- 60,000/-
General Reserve 20,000/- 35,000/- Plant 40,000/- 1,00,000/-
Profit & Loss Account 15,000/- 24,000/- Debtors 1,19,000/- 1,54,500/-
Creditors 37,500/- 49,500/- Stock 10,000/- 15,000/-
2,97,500/- 3,58,500/- Cash 12,500/- 9,000/-
2,97,500/- 3,58,500/-

Depreciation charged on Plant was 10,000/- and on Building 60,000/-.

OR

Compute Cash from operating Activities from the following details:
Particulars 2010 (in ) 2009 (in )
Profit & Loss Account 1,10,000/- 1,20,000/-
Debtors 50,000/- 62,000/-
Outstanding Rent 24,000/- 42,000/-
Goodwill 80,000/- 76,000/-
Prepaid Insurance 8,000/- 4,000/-
Creditors 26,000/- 38,000/-

5 marks

SHORT ANSWER TYPE QUESTIONS

Q. 6. Differentiate between Income and Expenditure Account and Receipt and Payments Account.
3 marks
Q. 7. During the year 2009-10, subscription received was 90,000/-. Calculate the amount of
subscription to be shown in the Income and Expenditure Account in the following case
a) If subscription outstanding for 31st March 2010 is 18,000/-.
b) If subscription received in advance for the year 2010-11 is 4,500/-. 3 marks
Q. 8. Give the meaning and features of partnership deed. 3 marks
Q. 9. Differentiate between sacrificing ratio and gaining ratio. 3 marks
Q. 10. Explain Realization Account. 3 marks
Q. 11. What do you understand by overscription. 3 marks
Q. 12. Write a note on “Forfeiture of Shares”. 3 marks
Q. 13. Give necessary journal entry to be passed redemption of debentures. 3 marks
Q. 14. From the following Information, prepare comparative Income statement.
Particulars 2008 (in ) 2009 (in )
Sales 2,00,000/- 2,,50,000/-
Cost of goods sold 1,00,000/- 1,25,000/-
Operating Exp. 10,000/- 10,000/-

3 marks

VERY SHORT ANSWER TYPE QUESTIONS

Q. 15. What do you understand by Not-for-Profit organizations? 2 marks
Q. 16. Give the meaning of partnership. 2 marks
Q. 17. Give the meaning of super profit. 2 marks
Q. 18. What is meant by underscription. 2 marks
Q. 19. Explain the term Share capital. 2 marks
Q. 20. Give two objectives of ratios. 2 marks
Q. 21. What do you understand by solvency ratio. 2 marks
Q. 22. Give any two limitations of ratio analysis. 2 marks
Q. 23. Give meaning of Cash flow statement. 2 marks

P.T.O

OBJECTIVE TYPE QUESTIONS

Q. 24. Receipt and payment account is summary of:
a) Cash receipt and payment b) Income and expenses
c) Debit and credit balances of ledger accounts d) None of these 1 mark
Q. 25. Following account is prepared on Accrual basis:
a) Income and expenditure account b) Receipt and payment account
c) Both of these d) None of these 1 mark
Q. 26. Old profit sharing ratio minus new profit sharing ratio is equal to:
a) Gaining ratio b) Sacrificing ratio c) None of these 1 mark
Q. 27. When incoming partner brings his share of goodwill in cash, it will be taken away by old partners
in :
a) Old profit sharing ratio b) New profit sharing ratio
c) Sacrificing ratio d) Capital ratio 1 mark
Q. 28. Share forfeiture account is finally closed by transfer of its balance to………………….account.
1 mark
Q. 29. Maximum rate of discount on issue of share can be…………………………%. 1 mark
Q. 30. An ideal current ratio is ……………………………………,. 1 mark
Q. 31. An ideal debit equity ratio is………………………………………. 1 mark
Q. 32. Excess of current assets over current liabilities is called Working capital. (True or False).
1 mark
Q. 33. Cash flow statement is a technique of analyzing which financial position?

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