Yuva Education - Accounts Class - Sample Exam Paper XII CBSE Board

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Accounts Class - XII (CBSE)
You are on Set no 2 Qno. 1 to 18

Q9) X, Y and Z were partners in a firm sharing profits in the proportions of 1/2, 1/3 and 1/6 respectively. The Balance Sheet of the firm on 31st March 1998 was as follows :


Liabilities	Amount	Assets	Amount (Rs.)
Sundry Creditors	15,000	Cash at Bank	5,000
Provident Fund	6,000	Debtors Rs. 40,000 Less Provision Rs. 2,000	38,000
Reserve Fund	12,000	Stock	30,000
Capitals: X Y Z	65,000 30,500 20,000	Investments Patents Plant and Machinery	15,000 10,000 50,000
	1,48,000		1,48,000

Z retired on the above date on the following terms :
(i) Goodwill of the firm was valued at Rs. 30,000, but it was not to remain in the books of the new firm.
(ii) Value of the patents was to be reduced by 20% and that of Plant and Machinery by 10%.
(iii) Provision for doubtful debts was to be raised to 6%.
(iv) Z took over the Investments at a value of Rs. 17,600.
(v) Liability on account of Provident Fund was only Rs. 2,400.
Show the necessary journal entries for the treatment of goodwill, prepare revaluation account, Capital accounts of the partners and the Balance Sheet of X and Y after Z's retirement.

OR
The following is the Balance Sheet of Ram and Mohan and Sohan as on 31st December 1994.


Liabilities	Amount (Rs.)	Assets	Amount (Rs.)
Sundry Creditors Reserve Fund Capital Ram Mohan Sohan	10,000 7,500 20,000 10,000 10,000	Tools Furniture Stock Debtors Cash at Bank Cash in Hand	3,000 18,000 16,000 12,000 8,000 500
57,500		57,500

Ram, Mohan and Sohan shared profits and losses in the ratio of 2 : 2 : 1. Sohan died on 31st March 1995. Under the partnership agreement the executor of Sohan was entitled to :
(a) Amount standing to the credit of his Capital Account.
(b) Interest on Capital which amounted to Rs. 15.0
(c) His share of goodwill Rs. 5000.
(d) His share of profit from the closing of the last financial year to the date of death which amounted to Rs. 750.
Sohan's executor was paid Rs. 1,775 on 1st April 1995 and the balance in four equal yearly instalments from 31/3/1996 with interest @ 6% p.a.
Pass the necessary Journal entries and draw up Sohan's Account to be rendered to his executor and Sohan's Executor's Account till it is finally paid. (Marks 14)

Q15) What is meant by analysis of financial statements? Briefly explain vertical analysis?

Q16) With the help of the given information calculate any three of the following ratio :
(i) Operating ratio, (ii) Quick ratio, (iii) Working capital turnover ratio and (iv) Debt to total funds ratio
Information: Equity Share Capital Rs. 1,00,000; 12% Preference Share Capital Rs. 8,00,000; 12 % Debentures Rs. 60,000; General Reserve Rs. 40,000; Sales Rs. 3,00,000; Opening stock Rs. 10,000; Purchases Rs. 1,20,000; Wages Rs. 30,000; Closing Stock Rs. 30,000; Selling and distribution expenses Rs. 10,000; Other current assets Rs. 2,00,000 and Current liabilities Rs.1,20,000 (Marks 6)

Q17) Prepare a Cash Budget of Som Ltd. for the months of January to March 1999 from the following information :

	Credit Purchases (Rs.)	Credit Sales (Rs.)	Wages (Rs.)
1998
November	1,00,000	1,50,000	30,000
December	2,50,000	2,00,000	40,000
1999
January	2,00,000	3,50,000	50,000
February	3,00,000	2,00,000	60,000
March	4,00,000	2,50,000	50,000

Additional Information : (i) Expected cash balance as on 1/1/1999 Rs. 70,000.
(ii) Suppliers allowed credit of two months and a credit of two months is allowed to the customers.
(iii) Lag in payment of wages: one month.

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