CBSE Set Qa5 - Accounts Sample Test Papers For Class 12th

Accounts Class - XII (CBSE)
You are on Set no 1 answer 15 to 17

Q 15) Calculate 'Cash from Operations' from the following profit and loss account.

Profit and loss account for the year ending on 31st March, 1995


Particulars	Rs.	Particulars	Rs.
Salaries Rent Provision for Bad Debts Depreciation Loss on Sale of Land Goodwill written off Proposed dividend Provision for Taxation Net Profit	18,000 10,000 2,000 4,000 3,000 5,000 7,000 4,000 25,000 78,000	Gross Profit Profit on Sale of Plant Income Tax Refund	65,000 7,000 6,000 ______ 78,000

Ans. 15 Cash from operations

Net Profits
Add: Prov. for Bad Debts
        Depreciation
        Loss on sale of Land
        Goodwill written off
        Proposed Dividend
        Prov. for taxation

Less: Profit on Sale of Plant
         Income Tax refund
         Cash from Operation

  2000
  4000
  3000
  5000
  7000
  4000

  7000
  6000

25000

25000
50000

13000
37000

Q16) What is Cash Budget? Give its advantages.
OR
Prepare a Cash Budget for the month of May and June using following information:

Months	Sales	Purchases	Wages
April May June	62,000 64,000 58,000	38,000 33,000 39,000	8,000 10,000 8,500

(i) Cash Balance as on 1st May, 1995 was Rs. 8,000.
(ii) 75% of the sales are realised in the same month and rest in the following month.
(iii) Period of credit from supplier is one month.
(iv) Lag in payment of wages is one month. (Marks 6)
Ans. 16

CASH BUDGET
Cash Budget for the Months of May and June, 1995

Particulars	May	June
Opening cash balance Add: Estimated Cash receipts: Cash Sales (75/100 x 64000) Collection from Debtors Total cash available for use (A) Less: Estimated cash payments Payment to creditors Wages Total Cash Payments (B) Closing Cash Balance (A) - (B)	8000 48000 15500 71500 38000 8000 46000 25500	25500 43500 16000 85000 33000 10000 43000 42000

Q 17) From the following information, prepare a Comparative Income Statement : (Marks 5)

Sales
Cost of Goods Sold
Administrative, Selling and Distribution Expenses
Other Incomes
Income Tax

1994
Rs.
4,00,000
2,00,000
40,000
20,000
60,000

1995
Rs.
5,00,000
3,00,000
1,00,000
30,000
70,000

Ans. 17)

COMPARATIVE INCOME STATEMENT

Particulars	1994	1995	Absolute Inc./Dec.	% change
Sales Less: Cost of Goods Sold Gross Profit Less: Operating Expenses - Administrative and Distribution Exp. Net Operating Income Add: Other Income Net Income before Tax Less: Income Tax Net Income after Tax	400000 200000 200000 40000 160000 20000 180000 60000 120000	500000 300000 200000 100000 100000 30000 130000 70000 60000	100000 100000 -- 60000 (60000) 10000 (50000) 10000 (60000)	25 50 -- 150 (37.5) 50 (27.7) 16.67 (50)

* Figures in the bracket indicate negative figures.

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