(Download) J&K State Board of School Education : 12th Class Model Paper 2013 - ACCOUNTANCY

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Jammu & Kashmir State Board of School Education

(Model Paper) Download 12th Class Model Paper (  ACCOUNTANCY )

Long Answer Type Questions  :
Q. 1. The profits of ABC for the last 5 years were as under :

Year Year Profit (in Rs.)
2002-03
2003-04
2004-05
2005-06
2006-07
38,000.00
18,000.00
25,000.00
19,000.00
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 Rs. 30,000/- per year. In the same business the 10% return is generally expected. The total assets of the firm are Rs. 2, 50,000/-. The value of outsiders liability is Rs. 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 Rs.)
Assets Amount
(in Rs.)
Bills Payable
Capital A
Capital B
5,000/-
15,000/-
10,000/-
Cash
Stock
Computer
4,000/-
7,000/-
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 Rs.1,000/-.
b) The value of computer is appreciated by Rs. 3,000/-.
c) Goodwill is to be valued at Rs. 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.
OR
Pass journal entries in the following cases:
a) Assets were realized as follows:
Debtors -Rs. 30,500/-, Plant and Machinery –Rs. 32,500/-
a) Expensed on dissolution were Rs 2,080/-.
b) X agreed to take investments at Rs 10,400/-.
c) Creditors agreed to accept Rs 48,100/- in full settlement of their claim of Rs 49,000/-.
d) Bank loan of Rs12,000/- is paid off.  5marks

Q. 3. Gold Co. Ltd. invited applications for Rs. 40,000/- equity shares of 50/- each. The amount was payable as follows:
On application and allotment Rs. 20/- per share. Balance on first and final call. Applications for Rs. 70,000/- shares were received. Applications for Rs. 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 Rs.100/- repayable at Rs.100/-.
b) 1000, 12% debentures issued at Rs. 90/- repayable at Rs.105. 5 mark

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 Rs. 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 Rs. 18,000/-.
b) If subscription received in advance for the year 2010-11 is Rs. 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.    3 marks

Particulars 2008 (in Rs. ) 2009 (in Rs. )
Sales
Cost of goods sold
Operating Exp.
2,00,000/-
1,00,000/- 1
10,000/-
2,,50,000/-
1,25,000/-
10,000/-

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

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?  1 mark

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