Accountancy(XII)Model Set----I
1. What do you mean by a registered company? Write any two features. 3
2. Mention any two differences between equity shares & debentures. 2
3. What do you mean by material control? 3
4. What are the limitations of financial statement analysis? 2
5. Give the specimen of bin card. 3
6. Mention the classification of overhead on the basis of element. 2
7. Write in brief the advantages of piece rate system of wage payment. 2
8. Write the meaning of fixed and veriable overheads with suitable examples. 3
9. A co issued 40,000 equity shares of Rs.100 each for public subscription at 120 % of par payable as follows:
On Application: 30 On Allotment: 50(including premium) On Calls: Balance amount
Applications were received for 50,000 shares and the allotment was made to all on pro-rata. All the money was called and received except the allotment and calls money of Mr KC on 1,000 shares. Subsequently the shares were forfeited by the company.
Required: Journal Entries for allotment, calls & forfeiture 6
10. A company forfeited 500 equity shares of Rs.10 each issued at a discount of 10% for the non-payment of allotment and calls of Rs.6 per share. Out of forfeited shares, 200 shares were reissued at Rs.8 as fully paid up.
Required: Journal entries for Forfeiture, re-issue & transfer. 3
11. M co. Ltd took over the following assets and liabilities of N Co. Ltd at an agreed price of Rs.5,00,000
Plant Rs. 5,00,000 18%Debenture Rs. 2,00,000
Debtors Rs. 1,00,000 Stock Rs. 50,000
Creditors Rs. 50,000 Other assets Rs.40,000
The payment was made by issuing equity shares of Rs.100 each. Besides, the company issued 3,000 shares at a premium of 10% for cash.
Required: Journal Entries for business purchase 3
12. A & Z co. Ltd issued 50,000, 13% Debentures of Rs.100 each at a premium of 10% and repayable at a premium of 20% after 3 years.
Required: Journal entries at the time of Issue & Redemption of debenture 4
13. Following is the Trial Balance a Co. Ltd as on 31st Dec, 2010.
| Particular | Dr. Amount | Particular | Cr. Amount |
| Stock | 20,000 | Equity Share Capital | 1,00,000 |
| Purchase | 1,00,000 | Creditors | 30,000 |
| Freight | 8,000 | 12% Debenture | 90,000 |
| Calls in arrears | 3,000 | Return Outward | 6,000 |
| Wages | 20,000 | Sales | 6,50,000 |
| Fuel & power | 8,000 | Provision for Doubtful Debts | 3,000 |
| Salary & allowance | 30,000 | Transfer fee | 2,000 |
| Plant and Machinery | 2,50,000 | Profit and Loss account | 48,000 |
| Land & Building | 2,00,000 | General reserve | 27,000 |
| Rent | 10,000 | Commission & Discount | 22,000 |
| Discount on issue of share | 40,000 |
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| Prepaid Insurance | 10,000 | ||
| Trade charges | 40,000 | ||
| Accrued income | 42,000 | ||
| Cash & bank | 85,000 | ||
| Interest on debenture | 6,000 | ||
| Income tax paid | 26,000 | ||
| Furniture | 80,000 | ||
| Total | 9,78,000 | Total | 9,78,000 |
Additional Information:-
1. Insurance expired Rs.7,000 and wages due Rs.5,000 at the close of the year.
2. Depreciate plant & furniture by 15% each p.a.
3. Transfer to sinking fund Rs.12,000 out of profit.
4. Provision for tax Rs.2,000 during the current year.
5. BOD proposed equity dividend @2% on paid up capital.
Required: - i) Trading Account ii) Profit and Loss Account
iii) Profit and Loss Appropriation Account iv) Balance Sheet as 2+4+2+4
14. Following is the trail balance of ABC co. Ltd. as on 31st Chaitra, 2064.
| Particulars | DR Rs. | CR Rs. |
| Share capital Wages 10% debenture Debtors Creditors Land and building Prepaid insurance Wages outstanding Interest received Sales Salary Purchase |
1,00,000
65,000
2,00,000 10,000
45,000 1,80,000 | 2,00,000
2,00,000
27,000
5,000 3,000 1,65,000 |
| Total | 6,00,000 | 6,00,000 |
Additional information:
i) Land and building revalued at Rs.2,15,000 at the end.
ii) Insurance is expired Rs.8,000
iii) Salary prepaid Rs. 2,000
Required: Work-sheet showing adjusting entries 8
15. Following information of a company is given below:
| Capital and Liabilities | Amount | Assets | Amount |
| Equity Capital Reserve 10 % debenture Share premium Sundry creditors Advance income
| 3,50,000 40,000 60,000 10,000 25,000 15,000 | Plant & Equipment Furniture Stock Sundry Debtors Investment Cash at bank P/L account
| 2,00,000 70,000 80,000 50,000 60,000 30,000 10,000. |
| Total | 5,00,000 | Total | 5,00,000 |
Additional Information
A. Stock turnover ratio 7 times.
B. Net profit margin 20 % on sales.
Required:- i) Current Ratio ii) Quick ratio iii) Sales for the year iv) Return on share
Holder’s Equity. 1+1+1+2
16. Following Information of Basmati co. Ltd for the year 2067 is given to you.
i) Net Loss for the year Rs. 50,000
ii) Operating expenses (excluding depreciation Rs. 15,000) Rs. 1,40,000
iii) Goodwill written off Rs. 10,000.
iv) Debenture of Rs. 50,000 was redeemed at a profit of 10 %.
v) Issue of Share capital Rs.1,50,000.
vi) Plant purchased for Rs. 3,50,000.
vii) Dividend paid Rs. 25,000.
viii) A part of Plant valued Rs. 50,000 was sold at a profit of Rs. 5,000.
Required: i) Funds From Operation. ii) Funds Flow Statement. 5
17. Following are the balance sheets of a company for two years.
| Capital/ Liabilities | 2065 | 2066 | Assets | 2065 | 2066 |
| Share Capital | 160,000 | 4,00,000 | Land and Building | 3,00,000 | 4,50,000 |
| Share Premium | 20,000 | 50,000 | Plant and Machinery | 2,00,000 | 3,50,000 |
| 10 % Debenture | 2,00,000 | 1,00,000 | Sundry Debtors | 50,000 | 80,000 |
| Sundry Creditors | 50,000 | --- | Bills receivable |
| 50,000 |
| Bills Payable | 10,000 | 2,50,000 | Cash at Bank | 30,000 | 20,000 |
| Retained Earning | 1,60,000 | 2,00,000 | Inventory | 20,000 | 50,000 |
| Total | 6,00,000 | 10,00,000 | Total | 6,00,000 | 10,00,000 |
Additional Information:
a) Sales for the current year Rs. 800,000
b) Cost of goods sold Rs. 2,90,000(including wages Rs.40,000)
c) Operating Expenses ( Including depreciation Rs. 20,000) is Rs. 1,50,000.
d) A part of the plant costing Rs. 25,000 was sold at a loss of Rs. 10,000.
e) Debentures were redeemed with a premium of 10%.
f) Net profit for the year Rs.3,40,000.
Required:- Cash Flow Statement using Direct Method. 10
18. A company has purchased and issued the material in following orders.
March ----1, Opening stock 2,000 units @ Rs.6
4, Issued 1,200 units
12, Purchased 800 units of Rs.4,000
16, Return of surplus from a work-order 20 units @ Rs.7
19, Issued 900 units
22, Purchased 200 units @ Rs.4
28, Shortage in stock 5 units
30, Issued 250 units
Required: Store Ledger using FIFO method. 5
19. XYZ Co. supplied you with the following information:
Inventory need 3,00,000 units
Cost per unit Rs.1
Carrying cost 10%
Cost of placing order is Rs.100.
Rent and Insurance Charge Re 1 per unit.
Required: i) EOQ ii) Total ordering cost 2+1=3
20. ) A worker works 52 weeks a year. He produces 20 units of output per hour. The standard hourly rate is Rs.30. The standard working hour is 48 per week.
Required: Total annual earnings of the worker by using piece rate system 2
21. A calculator manufacturing company showed the following details of its production department for the previous year.
Direct materials Rs.2,00,000
Factory overheads Rs.40,000
Direct labour Rs.30,000
Office and administrative overheads Rs.10,000
The company is going to submit a tender for 4,000 units for the next batch. The costing department estimated the cost as under:
Materials Rs.10 each.
Labour Rs.8 each
Overheads are to be allocated as follows:
Works overheads will bear same relations.
Office overheads on the basis of factory cost
Company would like to earn a profit of 15% on tender price.
Required: a) Cost sheet b) Tender sheet 2+8=10
22. Following information is made available:
Financial A/C Cost A/C
Sales Rs. 2,00,000
Purchases 1,00,000
Goodwill written off 8,500
Indirect wages 10,000 Rs.15,000
Factory overheads 20,000 25,000
Selling overheads 18,000 Recorded Rs2,000 more
Interest received 5,500
Net profit 55,000
Required: Cost Reconciliation Statement 5
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