ACCOUNTANCY Class :XII B Time: 2 Hr
Marks : 50
Each Question carry one mark :-
1
How an unrecorded assets is treated which is sold at the time of dissolution?
2
Why partner’s loan is not transferred to Realization a/c
3
When realization expenses are paid by a partner, which account should be credited?
4
which account is debited when assets are sold for cash?
5
Name the part of Authorised capital offered to public for subscription subscription
6
What is the Name given to person who holds share of company?
Each Question Carry three three Marks
7
X, Y and Z are partners in a firm. They decided to dissolve the firm. Give journal entries entries if a computer computer which was completely completely written written off from books:
8
1
Realized Rs. 5,200
2
taken over by B at Rs. 4500
A ,B and C were partners in a firm sharing profits and losses in the ratio of 2:2:1. They decided to dissolve their firm on 31
st
dec 2012. On that date
profit and loss account showed a debit balance of Rs 2,00,000 and general reserve showed a balance of Rs 3,00,000 pass necessary journal entries.
9.
Zec company ltd. Invited application for 5000 shares of the value of Rs 20 each . The amount of payable as Rs 5 on application as Rs 7 on Allotment and balance as and when required . The whole of above issue was applied for and cash duly received . Give the journal entries for the above transactions.
10.
On 1.1.2013 Z ltd. Received in advance the first call of Rs 3 per share on 10000 equity shares. The first call was due on 01.04.2013. The subscribed capital was 50,000 share of Rs 20 each. Journalese the above transition.
11
P ltd invited application for 8000 equity shares of Rs 10 each at a premium of Rs 4 per share . The whole amount was payable on application . Issued was fully subscribed . Pass necessary journal entries. Also shows the balance sheet.
(1x4=4)
Each question carry 6 marks
12.
Anjaly ltd issued 10000 shares @ Rs10 at a premium of Rs2.5 per share payable as follows Rs4 on application Rs 3.5 on Allotment (including premium)
Rs 2 on first call and the balance as and when required. Applications were received for 12000 shares .Full allotment was made to 10000shares, 2000shares were rejected and money was refunded to them .All money due was duly received with exceptions of 150 shares on first call Journlise.
13. What journal entries would be passed for the following transaction on the dissolution of a firm , after various assets( other than cash) and third parties liabilities have been transferred to realisation account ? 1. A took over the stock worth Rs 80,000 2. Firm paid Rs 40000 as compensation to employees 3. Sundry creditors amount to Rs 36000 which was settled at a discount of 15% 4. There was on unrecorded Bike of Rs 40,000 which was taken over by B at Rs 30,000 5. Profit on retaliation of Rs 42,000 was to be distributed between A and B in the ratio of 4:3 Each questions carry eight marks st
14. Black, White and Brown are partners sharing as 2:1:1 . On 31 March 2012 the firm was decided to be dissolve their balance sheet stood as follows Balance sheet st
As at 31 March 2012 Liabilities
Amount
Assets
Amount
Bill Payable
8000
Bank
4000
Bank loan
2400
Debtors 25000
Capitals
Less provision 1000
24000
Black:24800
Inventory
10000
Furniture
2000
Land
20000
White :12400
49600
Brown:12400 60,000
60,000
It was agreed that i.
Inventory is taken over by Black at Rs 9000
ii.
White took debtors of Rs 23000 and took the responsibility of discharging the Bank Loan
iii.
Other assets released as follows Land Rs 18000 Furniture Rs 3500
iv.
Bills payable were settle for Rs 7600
v.
Realization expenses were Rs 400 show realization account, partners capital accounts and bank account
15.
R Ltd invited applications for 2000 equity shares of Rs 100 each, payable as follows Rs 25 on application Rs40 in Allotment Rs 35 on First and final call Applications were received for 2500 shares It was decided to allot the shares as under A. who applied for 500 shares was allotted 300 shares B. Who applied 1200 shares, was allocated 1000 shares C. Who applied for 800 shares was allotted 700 shares. All money was received except1 from B who did not pay anything after application.
Accountancy
Class : XI
Time : 2 Marks
Time : 2 Hr 1. 2. 3. 4.
What is meant by journal Define ledger Give one objective of accountancy (3x1=3) What do you meant by contra entry? How will you deal contra entry while preparing Double column cash bank Give examples (3) 5. State the accounts to be debited or credited in the following transactions a) Purchased furniture from Mohit on credit b) Cash deposited into bank c) Paid rent by cheque d) Paid interest on Loan (4) 6. State any three limitations of trail balance (3) 7. Following is the list of account, find out which are assets, liabilities, Capital, revenue and expenses 1 Machinery 2. Mohan (proprietor) 3. Interest received
4. Bank over draft
5. Unsold stock
6. Furniture
7. Sales
8. Purchases
(4)
8. Enter the following transactions in two column cash book and find out the cash and bank balance 2006 Jan 1. Started business with cash Rs. 20,000 Jan 2. Openel a current account Rs.8,000 Jan3. Bought goods by cheque Rs. 150 Jan4.Recieved cheque from Ram Rs. 200 Jan5. Sold goods for Cash rs.40 Jan 7 Paid into bank: (i)Cash Rs 30
(ii) cheque Rs 200 Jan 8.Paid shyam by cheque Rs.345 Jan8. Paid carriage by cheque Rs. 180 Jan10. Drew cash from bank for office use Rs.200 Jan.30. Paid wages by cheque Rs.60
(5)
9. Verma Bros carry on business as wholesale cloth dealers. From the following transactions write up a purchase book: 2006 April 1 Bought from M/s Birla Mills on credit 100 pieces long cloth @ Rs80 50 pieces shirting @Rs.100 April 8 purchased for cash from M/s Ambika Mills 50pieces muslin @ Rs 120 April 15 purchased on credit from M/s Aravind Mills 20 pieces coating @Rs.1000 10 pieces shirting @Rs. 90 April 20 purchased 5typewriters on credit from M/s Bharath Type writers Ltd @Rs 1400/- each.
(4)
10.The following Trail balance has ben prepared by a nearly appointed accountant. You are required to prepare the Trail Balance in a correct form SL No
Name of Accounts
1
Cash in hand
2
Fixed assets
40000
3
Capital
144200
4
Purchase
60000
5
Sails
35000
6
Discount allowed
250
7
Return onward
2500
8
Return outward
1000
9
Wages
800
10
Debtors
20,000
11
Creditors
16000
12
Drawings
15000
13
Discount received
100
14
Bills Received
15
Bill payable
16
Rent
17
Interest paid
Total
LF
Debit
Credit
55000
5000 28,00 200 350
1,77,000
2,21,200 (7)
11. Enter the following transactions in Sales Book and post them into Ledger 2005
January 4
Sold goods to Gupta & Co on credit Rs 50,000 at 5% discount
January 14 Sold goods for cash to Mohan for Rs 8000 January 22 Sold goods to Ajay of the list price of Rs 65,000 at trade discount of 10% ( 7) 12. Journilise the following transaction 2005 Mar 1
Manish commenced business with cash
1,00,000
Mar 3
Purchased goods for cash
60,000
Mar 5
Furniture purchased for cash
12000
Mar 7
Sold goods to Rakesh for
15000
Mar 9
Rakesh returned goods for
4500
Mar 13
Purchased goods : from Ali
22000
From Keshav Mar 15
Returned goods to Keshav
38000 7,000
Mar. 17 Paid cash to Keshav in full settlement of their account after deducting 5% cash discount Mar.19 Sold goods for cash
22,000
Mar. 20 Manish withdrew from business for his personal use
15,000
Mar. 22 Paid to Ali
20,000
Discount received Mar. 24 Sold goods for cash to Leena Mar. 26 Paid for rent Mar. 31 Received for commission
1,000 90,000 600 1,500 (10)
