CBSE Guess > Papers > Question Papers > Class XII > 2007 > Accountancy > Delhi Set - I Accountancy — 2007 (Set I — Delhi) Q. 1. List any four items which can be credited to the Capital Account of a partner when the Capital Account is fluctuating. 2 Q. 2. State the conditions according to Sec. 79 of Company Act 1956 for the issue of Q. 3. What is meant by ‘Preferential Allotment of Shares’ ? 2 Q. 4. Give the meaning of a Debenture. 2 Q. 5. Ram and Shyam were partners in a firm sharing profits in the ratio of 3 : 5. Their Q. 6. AB Ltd. issued 5,00,000, 7% debentures of Rs. 50 each. Pass necessary journal entries in the books of the company for the issue of debentures when debentures were :
Q. 7. Hari, Ravi and Kavi were partners in a firm sharing profits in the ratio of 3 : 2 : 1. They admitted Guru as a new partner for l/7th share in the profits. The new profit sharing ratio will be 2 : 2 : 2 : 1 respectively. Guru brought Rs. 3,00,000 for his capital and Rs. 45,000 for his l/7th share of goodwill. Showing your working clearly, pass necessary journal entries in the books of the firm for the above mentioned transactions. 4 Q. 8. Chander and Naresh were partners in a firm sharing profits in 3 :2 ratio. On 28.2.2007 their firm was dissolved. After the transfer of various assets (other than cash) and third party liabilities to Realisation Account, the following transactions took place :
Pass necessary journal entries for the above transactions in the books of the firm. 4 Q. 9. Poonam Ltd. had a balance of Rs. 55,00,000 in its Profit and Loss account. Instead of declaring a dividend it decided to redeem its Rs. 50,00,000, 8% debentures at a premium of 10%. Pass necessary journal entries in the books of the company for the redemption of debentures. 4 Q. 10. On 1st August 2006 K.M. Ltd. buys, 10,000, 9% debentures of Rs. 100 at Rs. 95 each cum interest, the dates of interest being March 31 and September 30. Record necessary journal entries when debentures are purchased for cancellation. Show your working also. 4 Q. 11. J.P. Ltd. purchased building costing Rs. 70,00,000 from M/s Construction Ltd. The company paid Rs. 20,50,000 by cheque and for the balance issued equity shares of Rs. 100 each in favour of M/s Constructions Ltd. Pass necessary journal entries in the books of J.P. Ltd. for the purchase of building and making payment if shares were issued (a) at 10% discount and (b) at a premium of 25%. 4 Q. 12. Samta and Mamta were partners in a firm sharing profits in the ratio of 3 :1. On 1.3.2006 Balance Sheet of Samta and Mamta as on 1.3. 2006
Building realised Rs. 6,50,000 and stocks Rs. 12,000. Rs. 1,29,000 were paid to the creditors in full settlement of their claim. The firm had a joint life policy of Rs. 5,00,000 which was surrendered for Rs. 1,27,000. The annual premium paid on the joint life policy was debited to the Profit and Loss account. Prepare Realisation Account, Cash Account and Partners Capital Accounts. 6 Or Sameer and Sudhir were partners in a firm sharing profits in the ratio of 5 : 3. On 28.2.2007 the firm was dissolved. On the date of dissolution Sameer’s capital was Rs. 2,40,000 and Sudhir’s capital was Rs. 1,80,000. Creditors on that date were Rs. 80,000 and there was a balance of Rs. 1,36,000 in general reserve A/C. Cash balance was Rs. 20,000. Sundry assets realised Rs. 7,50,000 and expenses on dissolution were Rs. 2,000
which were paid by Sudhir. Q. 13. Shakti Ltd. invited applications for issuing 2,00,000 equity shares of Rs. 100 each at a premium of Rs. 10 per share. The amount was payable as follows : On application Rs. 40 per share (including premium) on allotment Rs. 30 per share and the balance on first and final call. Applications for 3,00,000 shares were received. Applications for 40,000 shares were rejected and pro-rata allotment was made to the remaining applicants. Over payments on applications were adjusted towards sums due on allotment. Manoj who was allotted 2,000 shares failed to pay the allotment and first and final call money. His shares were forfeited. The forfeited shares were re-issued at Rs. 90 per share fully paid up. Pass necessary journal entries in the books of Shakti Ltd. showing the working clearly. 6 Or Pass necessary journal entries in the books of Raman Ltd. for the following transactions :
Q. 14. G, H and I were partners of a firm sharing profit in the ratio of 4:3 :3. On 31.3.2006 their Balance Sheet was as follows : Balance Sheet of G, H and I
H died on 30.6.2006. Under the partnership agreement the executors of a deceased partner were entitled to :
Q. 15. A and B were partners in a firm sharing profits in the ratio of 3 : 2. They admitted C as a new partner for l/6th share in the profits. C was to bring Rs. 40,000 as his capital and the capitals of A and B were to be adjusted on the basis of C’s capital having regard to profit sharing ratio. The Balance Sheet of A and B as on 31.3.2006 was as follows : Balance Sheet of A and B as on 31.3.2006.
The other terms of agreement on C’s admission were as follows :
Balance Sheet of X, Y and Z as on 31.3.2006
On Z’s retirement it was agreed that:s
Part - ’B’ Q. 16. State any two objectives of preparing a cash flow statement. 2 Q. 17. Fine Garments Ltd. is engaged in the export of readymade garments. The company purchased a machinery of Rs. 10,00,000 for the use in packaging of such garments. State giving reason whether the cash flow due to the purchase of machinery will be cash flow from operating activities, investing activities or financial activities ? 2 Q. 18. Hashu Ltd.
Compute percentage changes from 2005 to 2006. 3 Q. 19. Explain the meaning of analysis of financial statements. 3 Q. 20. The Profit and Loss account of Surya Ltd. for the year ended 31.3.2006 and the Balance Sheet of the Company as on 31.3.2006 is given below : Profit and Loss Account for the year ended 31.3. 2006
Balance Sheet as on 31.3.2006
On the basis of the informations given in these two statements, calculate any two of the following ratios :
Q. 21. Raj Ltd. had a profit of Rs. 17,50,000 for the year ended 31.3.2006 after considering the following :
Following was the position of current assets and current liabilities of the company as on 31.3. 2005 and 31.3.2006.
Calculate cash flow from operating activities. 6 Or With the help of the following Profit and Loss Account for the year ended 31.3.2006 and Balance Sheets as on 31.3.2005 and 31.3.2006 of Janta Ltd., calculate cash flow from operating activities : 6 Profit and Loss Account of Janta Ltd. for the year ended 31.3.2006
Balance Sheets of Janta Ltd. as on 31.3.2005 and 31.3.2006
Part ‘C Q. 22. What is a Tuple ? 2 Q. 23. List the need for grouping of accounts. 2 Q. 24. With the help of a suitable example explain the concept of DDL. 3 Q. 25. What is Data Redundancy ? 3 Q. 26. What are the effects of absence of coding ? 3 Q. 27. (a) Design a bank voucher with the following information of M/s Aruna Ltd.:
(b) M/s Aruna Ltd. employs 100 persons whose salary comprises Basic Pay, Dearness Allowance, House Rent Allowance and City Compensatory Allowance. The following are the rules governing the payment. Write the queries in SQL using the following data in MS Access to compute the allowances.
CBSE 2007 Question Papers Class XII
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