Accountancy Class - XII Time: Three Hours Maximum Marks: 100 Note: The question paper is divided into two sections A and B. Attempt all questions of Section A and any one question of Section B: Section A Note: All questions are compulsory 1. Give an example each of capital expenditure and revenue expenditure. What is Bank Reconciliation Statement? Define anyone of the following: i Vouchers ii Supporting Vouchers iii Accounting Vouchers 2 6. A student of Accountancy feels that a Simple Cash Book always shows a credit balance. Give the names of any four assets in liquidity order. Explain briefly its significance. The Capital of is a business concern is Rs. The value of assets is Rs. Complete the accounting equation with four suitable liabilities assuming imaginary figures. Suppose the bank account in your ledger shows a credit balance. What will be the effect of following transactions in your pass book balance. Bank charged some amount on account of it. A, B and C are equal partners. B retires on March 1, 1997 and his share is taken over by A and C in the ratio of 3:5. Total Goodwill of the firm is Rs. How much will B get from A and C for goodwill and how much will he get for profit for 1997? Pass necessary journal entries. Can forfeited shares be reissued at discount? If so, to what extent? Where would you transfer the balance left in the shares forfeited account of the reissue of such shares? The allotment money was received in full. A shareholder holding 100 shares failed to pay the first call and his shares were forfeited. These shares were reissued at Rs. Final call has not been made. The following Trial balance is extracted from the books as on 31st March 98. Name of Account Dr. Furniture and Fittings 640 -- Motor Vehicle 6,250 -- Building 7,500 -- Capital -- 12,500 Bad debts 125 -- Commission Received -- 575 Sundry Debtors and Creditors 3,800 2,500 Stock on 1. Prepare Trading and Profit and Loss Account for the year ended 31st March 98 and Balance Sheet as on that date. He has to contribute Rs. The Balance Sheet of A and B before admission was as follows: Liabilities Rs. Sundry Creditors 21,000 Goodwill 10,000 Bills Payable 6,000 Land and Buildings 25,000 Capitals Plant and Machinery 30,000 A 50,000 Stock 15,000 B 35,000 85,000 Sundry Debtors 20,000 General Reserve 16,000 Less Reserve 1,500 18,500 Investments 20,000 Cash 9,500 1,28,000 1,28,000 Other terms agreed upon were: i Goodwill of the firm was valued at Rs. Their Balance Sheet on 31st March 97 was as follows: Liabilities Rs. Sundry Crediors 1600 Cash in hand 600 General Reserve 6,000 Cash at bank 1,000 Capitals Sundry Debtors 9,000 A 10,000 Stock 7,000 B 10,000 Machinery 6,000 C 10,000 Factory Building 14,000 37,600 37,600 On that date C retires from business. It is agreed to adjust the value of assets as follows: i To provided a reserve of 5% on Sundry Debters for doubtful debts. Calculate current Ratio from the Balance Sheet given below: Balance Sheet Liabilities Rs. Papers, Results, Syllabus, Logo and other educational contents are owned by Indian Education Board and BoardGuess does not hold any copyright on it. The format of materials, being displayed on this website, comes under the copyright act.
