CBSE Sample Paper 2013
M.M. 80 Time 3 Hrs.
- All the questions are compulsory.
- Marks are indicated against each question.
PARTNERSHIP AND COMPANY ACCOUNTS
- 1. How is “sale of old newspaper and waste material “treated in case of not-for-profit organizations? 1
- 2. When the capital accounts of partner are fixed, share of profit earned by a partner is created to which account? 1
- 3. The capital balances of A and B are Rs. 50,000 and Rs. 40,000 respectively after making all the adjustment. If C,the incoming partner ,is to bring in 1/3rd of the total capital of the firm, then what will be his share of capital? 1
- 4. At the time of death of a partner, A, goodwill of the firm was valued at Rs. 60,000. How much partners B and C will pay A’s executor on account of goodwill? 1
- 5. What is meant by issue of debentures as purchase consideration? 1
- 6. Calculate the subscription from the following items for the year ending on
31st March 2009:
(i) Subscription in arrear on
(ii) Subscription received in advance at
(iii) Total subscription received during 2008-09(including 35,400
Rs.400 for 2007-08, Rs.1,200 for 2009-10 and Rs.300
(iv) Subscription outstanding for 2008-09 400 3
7. Rohit Ltd. Purchased assets from Rohan & Co.,for Rs.3,50,000. A sum of Rs.
75,000 was paid by the means of a bank draft and for the balance due Rohit Ltd. issued equity shares of Rs. 10 each at a premium of 10% .Journalise the above transactions in the books of the company. 3
8. What is meant by ‘Minimum subscription’ in case if issue of shares? What are the
Implications if it is not received? 3
9. A and B are partners in a business. Their capitals at the end of the year were Rs. 24,000 and Rs.18,000 respectively . During the year 2006-07, A’s drawings and B’s drawings were Rs. 4,000 and 6,000 respectively . Profits (before charging interest on capital ) during the year were Rs. 16,000 . Calculate interest on capital @ 5 per cent per annum for the year ending
10. Hari and
(i) When they want to transfer the General Reserve in their capital accounts.
(ii) When they do not want to transfer General Reserve in their capital accounts and prefer to pass an adjustment entry for the same. 4
- 11. A company forfeited 80 shares of Rs. 10 each issued to Raman at a premium of 20 %. Raman had applied for 100 shares and had not paid anything after paying Rs.6 per share including premium on application. 60 shares were reissued at Rs.11 per share fully paid up. Pass journal entries relating to forfeiture and reissue of shares. 4
- 12. (a) Jay Ltd. issued 5,000, 8% debentures of Rs. 100 each at a premium of 5% payable as follows:
Rs. 10 on Application; Rs. 20 along with premium on allotment and balance on first and final call.
Pass necessary journal entries.
(b) Ganga Ltd. issued 18,00,000, 9% debentures of Rs. 500 each.The board of
Directors decided to purchase 80,000 debentures at a price of Rs. 485 each for investment purpose. After few month, they decided to sell these debentures @ Rs. 510 each in the market.
Record the necessary entries to show the above transactions. 6
13. The following is the Receipt and Payment Account of the Punjabi Bagh Club for
the year ended on
To Balance b/d
To Entrance Fees
To Locker’s Rent
To Special Subscription for L.G’s Party
By Billiard’s Table
By Miscellaneous Expense
By Balance c/d
The following adjustment are to be made :
(i) Locker’s rent includes Rs. 300 for 2005 and Rs. 550 is still owing for year 2006.
(ii) Subscription unpaid for 2006 Rs. 2,400 and Rs.260 for stationery were outstanding .
(iii) Entrance fee is to be capitalized.
(iv) The club’s other assets on 1.1.2006 were Rs.39,000.
From the above information ,prepare an Income and Expenditure A/c for the year ending on
14. A, B and C are partners sharing profits and losses in the ratio 2 :1 : 1 . A died after 3 months from the date of closure of books of the previous year.
Under the terms of the Partnership Deed, the executors of a deceased partner were entitled to :
- i. Amount standing to the credit of partners’ capital account,
- ii. Interest on capital which amounted to Rs. 3,500.
- iii. His share of profit from the closing of the last financial year to the date of his death which amounted to Rs. 5,300.
- iv. A’s capital balance on the day of death was Rs. 40,000.
Prepare A’s Capital Account. 6
- 15. Ratan Ltd. issued 5,00,000 equity shares of Rs.10 each, at a premium of Rs. 2
Per share, payable as under :
On application Rs. 5(including premium)
On allotment Rs. 4
On first and Final call Rs. 3
Application were received for 7,00,000 shares. Out of the amount received , Rs. 4,00,000 was refunded and Rs. 6,00,000 was applied towards the amount due on the allotment.
All the shareholders paid the call money in full but Sonu could not pay money on his 5,000 shares. These shares were forfeited and subsequently reissued at Rs. 8 per share.
Make entries in the Cash book and Journal of the company.
AB Ltd. invited application for 40,000 equity shares of Rs. 10 each issued at a discount of 10% . The amount was payable as follows :
On application Rs. 4
On allotment Balance after discount
Applications were received for 48,000 shares.Pro-rata allotment was made to all applications. Excess money received on application was adjusted towards sums due on allotment. Mohan to whom 400 shares were allotted failed to pay the allotment money. His shares were accordingly forfeited. The forfeited shares were re-issued @ Rs. 8 per share fully paid up. Pass necessary journal entries in the books of AB Ltd. 8
CBSE Accountancy Sample Paper 2013
16. Rahul ,Piyush and Rajat are sharing profit and losses in the proportion of
5 : 3 :2 respectively. They had taken out a joint life policy of Rs. 20,000. On
Balance Sheet of the firm stood as follows:
Cash at Bank
On this date, Piyush decided to retire and for this purpose :
(i) Goodwill was valued at Rs.15,000.
(ii) Fixed assets were valued at Rs.30,000.
(iii) Stock was considered worth Rs. 10,000.
Piyush was to be paid through cash brought in by Rahul and Rajat , in such a way as to make their capitals proportionate to their new profit sharing ratio which was to be Rahul 3/5 and Rajat 2/5. The Joint Life policy was not to appear in the Balance Sheet. Record these matters in the Journal of the firm prepare the resultant Balance Sheet.
A,B and C were partner in a firm sharing profits in the ratio of 2:2:1 .Their Balance Sheet as at
(i) The goodwill of the firm should be valued at Rs.60,000.
(ii) Land should be revalued at Rs. 1,00,000. Buildings should be depreciated by 6%.
(iii) Creditors amounting to Rs. 3,000 were not to be paid.
You are required to:
(a) Record the necessary journal entries to give effect to the above arrangements.
(b) Prepare the capital accounts of the partners.
(c) Prepare the Balance Sheet of the reconstituted firm. 8
ANALYSIS OF FINANCIAL STATEMENTS
CBSE Accountancy Sample Paper 2013
17. What is the impact of a ‘purchase of a fixed asset’ on a credit of 2 months on a current ratio of 2:1? 1
18. Which of the following changes will decrease the “Case Flow from Operating Activities”:
(i) Increase in the values of stock.
(ii) Decrease in the amount of bills payable. 1
- 19. Enumerate one use of cash flow statement. 1
- 20. State any three items which are shown under the heading ‘Reserve and Surplus’ in the Balance Sheet of a Company as per Schedule VI, Part I of companies Act 1956. 3
- 21. From the given information, compute the percentage changes from 2009 and 2010.
Cost of Goods Sold
Office and Administrative Expenses
Selling and Distribution Expenses
- 22. Following is the Balance Sheet of X Ltd. as on
31st December, 2007:
Equity Sahre Capital
15,000 Equity shares of Rs. 10 each
11% preference share capital
Profit for the year (after interest and tax)
Net sales during the year 2007 are Rs. 3,00,000.Tax paid during the year Rs. 35,000. Calculate the Return on investment ratio, working capital turnover and earnings per share (any two). 4
23. The Profit and Loss Account of an enterprise for the year ended
stood as follows :
To Opening stock of Materials
To Purchases of Materials
Add: Outstanding Wages
Add: Outstanding Salaries
Less: Prepaid Salaries
To Office Expense
To Selling & Distribution
To Preliminary Expense written off
To Goodwill written off
To Net Profit
By Dividend Received
By Commission Accrued
By Profit on sale of
Calculate the amount of Cash Generated from Operating Activities. 6