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Accounting for Business II 2010 Question Paper For CBSE Class XII Exams

Accounting for Business II

1. When one financial figure is expressed in terms of another financial figure, name the relationship established between them. (1 Marks)

2. Give the meaning of partly secured loan. (1 Marks)

3. When is an Investment treated as a Fixed Asset? (1 Marks)

4. Explain in brief the meaning of cost Accounting. (1 Marks)

5. Is it essential for a Private Company to obtain a certificate of commencement of business? (1 Marks)

6. Explain the meaning of accounting framework. (1 Marks)

7. Under which heading will you show the following in the Balance Sheet of a company as per Schedule VI Part I of the Companies Act 1956?(2 Marks)

8. From the following Balance Sheet, calculate Debt – Equity ratio : (2 Marks)

   

9. How is an Investment Account maintained in the books of a company ? (3 Marks)

10. On 1st December, 2009, Mr. X purchased 400, 6% Debentures of Rs. 100 each at Rs. 110 ex-interest of Z Ltd. From Mr. Y for cash. Interest is payable on 31 March and 30 September every year.

How will you record the transactions in the books of Mr. X & Mr. Y if each party had to pay bank commission of 20 paisa percent? (3 Marks)

11. Units produced are 0, 10, 20, 30, 40, & 50. Fixed cost is Rs. 18,000 and variable cost is Rs. 15,000 at the production of 20 units. Prepare a table showing variable cost, Total cost and Average total cost. (3 Marks)

12. What is meant by a Private Company? Explain any two features of a private company. (3 Marks)

13. If stock turnover is 8 times, Gross profit at 25% on Sales is Rs. 60,000 and Opening Stock is Rs. 5,000 less than the Closing Stock, find Opening and Closing Stock. (4 Marks)

14. “Insurance is a kind of investment.” How? Explain. (4 Marks)

15. What is Memorandum of Association? Explain its clauses in brief. (4 Marks)

16. Explain any four features of Computerized Accounting System. (4 Marks)

17. Explain the meaning of NRI Banking and Corporate Banking. (5 Marks)

18. Explain the steps to develop a payroll system. (5 Marks)

19. From the following Comparative Balance Sheets prepare Cash Flow Statement as per Accounting Standard III : (6 Marks)

    

        Adjustments:

1. Tax paid during the year Rs. 2,500.
2. Building costing Rs.9,000 was sold at a profit of Rs. 1,000.
3. 40% of Investments were sold at 80%

                                      OR

               Following is the Balance sheet of Mr. X, a sole trader on 31 March, 2009. You are  required to prepare Cash Flow Statement :

During the year, Mr. X introduces Rs. 10,000 as additional capital. the net  profit for the year after charging Rs. 5,000 as depreciation on fixed assets, was Rs. 25,000.

20. Nazia & Bros. is a manufacturing concern of coolers. It provides you the following   details. You are required to prepare a statement showing the cost of production :

 Work in progress on 1 January, 2009: (6 Marks)
               At prime cost                                     Rs . 51,000
                Manufacturing expenses               Rs. 25,000                     

   Work in progress on 31 December, 2009:
                At prime cost                                     Rs.45, 000
                Manufacturing expenses                Rs. 20,000

   Stock of Raw material, 1 January, 2009 –Rs.2, 05,000
                 Purchases of Raw materials        Rs.4, 97,000
                 Direct labour                                     Rs.1, 71,000
                 Manufacturing expenses               Rs.84,000

Stock of Raw Material on 31 December, 2009 – Rs. 2, 04,000
                 Office expenses                               Rs. 36,000

OR

Explain with example the meaning of Marginal costing. Standard costing and Terminal costing.