2nd PUC Accountancy Model Question Paper 4 with Answers

   

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Karnataka 2nd PUC Accountancy Model Question Paper 4 with Answers

Time: 3 Hrs 15 Min
Max. Marks: 100

Instructions: –

  1. All sub questions of Section – A should be answered continuously at one place.
  2. Provide working notes wherever necessary.
  3. 15 minutes extra time has been allotted for the candidates to read the questions.
  4. Figures in the right hand margin indicates full marks.

Section – A

I. Answer any Eight questions, each question carries One mark : ( 8 x 1 = 08)

Question 1.
Mention one characteristic of Non-profit organisation.
Answer:
Non profit organisation established for service to specific group or public at large. Example : Educational institution, hospital etc.

Question 2.
State the two methods of capital accounts maintained by partnership.
Answer:

  1. Fixed capital a/c
  2. Fluctuating capital method.

Question 3.
What is Sacrifice ratio?
Answer:
Sacrifice ratio is the ratio sacrificed by the old partners to the new partner.

Question 4.
How is the gain ratio calculated on retirement of a partner?
Answer:
Gain ratio = New ratio – old ratio

Question 5.
What is share?
Answer:
According to Indian Companies Act, 1956 as “Ashare is the share in the share capital of the company”.

Question 6.
Name two types of Financial Statements.
Answer:

  1. Income Statement
  2. Position Statement

KSEEB Solutions

Question 7.
State any two objectives of Financial Statement Analysis?
Answer:

  1. To know or judge the financial position of the concern.
  2. To find the profitability of the firm.

Question 8.
What are the various types of ratios?
Answer:

  1. Liquidity ratio
  2. Solvency ratio
  3. Turnover ratio
  4. Profitability ratio.

Question 9.
Mention any two types of debentures.
Answer:
The different types of debentures are :

  1. Secured debenture
  2. Redeemable debentures.

Question 10.
What is cash flow statement?
Answer:
It is a type of financial statement. It provides information about the historical change in cash and cash equivalents of an enterprises.

Section – B

II. Answer any Five questions, each question carries Two marks : ( 5 x 2 = 10 )

Question 11.
What are non-profit organizations?
Answer:
Non profit organisations are those organisations which are formed to render social service and not for making profits, such as promotion of education, sports and games, science and technology etc.,

Question 12.
What is fixed capital system?
Answer:
Under the fixed capital method, the capitals of the partners are fixed, unless there is an additional capital or withdrawal of capital.

KSEEB Solutions

Question 13.
Give the meaning of goodwill.
Answer:
Goodwill is the value of good name or reputation of a business which attracts more customers and helps the firm to earn more profits.

Question 14.
What is realization account?
Answer:
Realisation Account is an account prepared at the time of dissolution of a firm to find the P/L on the realisation of Assets and payment of Liabilities.

Question 15.
State any two types of debentures.
Answer:

  1. Registered debentures
  2. Unregistered debentures.

Question 16.
Write any two assets which are shown in fixed assets.
Answer:
Building, machinery.

Question 17.
What is Trend Analysis?
Answer:
It is a financial statement analysis method that determines the direction upwards or downwards and involves computation of percentage relationship that each statement items bear to the same item in the base year.

Question 18.
What are the objectives of preparing cash flow statement?
Answer:
The important objectives for preparing Cash Flow Statement are as follows:

  1. The most important objective is to fulfill by preparing Cash Flow Statement is to ascertain the gross inflows and outflows of cash and cash equivalents from various activities.
  2. Secondly, Cash Flow Statement helps in analysing various reasons responsible for change in the cash balances during an accounting year.

Section – C

III. Answer any Four questions, each question carries Six marks : ( 4 x 6 = 24 )

Question 19.
Ashok and Darshan commenced their business with capital investments of ₹ 80,000 and ₹ 60,000 respectively. On 01-04-2013, they agreed to share profits and losses in the ratio of 3 : 2 for the year ending 31st March 2014. They earned a profit of ₹ 24,000 before allowing:
a) Interest on capital at 6% p.a.
b) Annual Salary to Darshan ₹ 5,000.
c) Interest on drawings, Ashok ₹ 1,500 and Darshan ₹ 1,000.
d) Partners drawings, Ashok ₹ 15,000 and Darshan ₹ 10,000
You are required to prepare Profit and Loss Appropriation Account of the firm.
Answer:
2nd PUC Accountancy Model Question Paper 4 with Answers - 1

Question 20.
A and B were partners in a firm sharing profits in 3 : 2 ratio. They admitted C for 3/7 share which he took 2/7 from A and 1/7 from B. Calculate new profit sharing ratio?
Answer:
Old Ratio = 3: 2 or \(\frac{3}{5}: \frac{2}{5}\)
C Admitted for \(\frac{3}{7}\)th share in the new firm
A’s sacrifice = \(\frac{2}{7}\) => B’s sacrifice = \(\frac{1}{7}\)
New Ratio = Old Ratio – Sacrificing Ratio
\(A=\frac{3}{5}-\frac{2}{7}=\frac{21-10}{35}=\frac{11}{35}\)
\(B=\frac{2}{5}-\frac{1}{7}=\frac{14-5}{35}=\frac{9}{35}\)
A: B : C
New ratio = \(\frac{11}{35}: \frac{9}{35}: \frac{15}{35}\)

KSEEB Solutions

Question 21.
A, B and C are the partners sharing profits and losses in the ratio of 2 : 2 : 1. Their capitals on 01-04-2012 were ₹ 25,000. ₹ 15,000 and ₹ 12,500 respectively.
‘A’ died on 10-01-2012 and the partnership deed provided the following:
a) Salary to ‘A’ at ₹ 200 p.,
b) Interest on capital at 5% p.a.
c) His share of goodwill, the goodwill of the firm is valued at ₹ 12,500.
d) His share in accrued profit upto the date of death amounted to ₹ 3,500.
Prepare A’s capital account.
Answer:
A: B : C = 2 : 2 : 1 ; \(\frac{2}{5}\), \(\frac{2}{5}\) and \(\frac{1}{5}\). A died on 1 – 10 – 12 (6 month’s interest). A’s Share = \(\frac{2}{5}\)
2nd PUC Accountancy Model Question Paper 4 with Answers - 2

Question 22.
Y Ltd. issued 2,000,6% debentures of ₹ 100 each payable as follows: ₹ 25 on application; ₹ 50 on allotment and ₹ 25 on first and final call.
Answer:
2nd PUC Accountancy Model Question Paper 4 with Answers - 3

Question 23.
From the following information prepare the balance sheet of Gitanjali Ltd. Invntories ₹ 14,00,000; Equity Share Capital ₹ 20,00,000; Plant and Machinery ₹ 10,00, 000; Preference Share Capital ₹ 12,00,000; Debenture Redemption Reserve ₹ 6,00,000; Outstanding Eipenses ₹ 3,00,000; Proposed-Dividend ₹ 5,00,000; Land and Building ₹ 20,00,000; Current Investment ₹ 8,00,000; Cash. Equivalent ₹ 10,00,000; Short term loan from Zaveri Ltd. (A Subsidiary Company of Twilight Ltd.) ₹ 4,00,000; Public Deposits ₹ 12,00,000.
Answer:
2nd PUC Accountancy Model Question Paper 4 with Answers - 4
2nd PUC Accountancy Model Question Paper 4 with Answers - 5

Question 24.
Calculate current ratio and Quick ratio from the following information:
Stock – ₹ 25,000
Debtors Z – ₹ 20,000
Bills receivable – ₹ 5,000
Advance tax – ₹ 2,000
Cash – ₹ 15,000
Creditors – ₹ 30,000
Bills payable – ₹ 20,000
Bank overdraft – ₹ 2,000
Answer:
2nd PUC Accountancy Model Question Paper 4 with Answers - 6

KSEEB Solutions

Question 25.
The following is the Profit and Loss Account of Yamua Limited:
Statement of Profit and Loss of Yamuna Ltd., for the Year ended March 31, 2015
2nd PUC Accountancy Model Question Paper 4 with Answers - 7
Additional information:
(i) Trade receivables decrease by ₹ 30,000 during the year.
(ii) Prepared expenses increase by ₹ 5,000 during the year.
(iii) Trade payables increase by ₹ 15,000 during the year.
(iv) Outstanding Expenses payable increased by ₹ 3,000 during the year.
(v) Other expenses included depreciation of ₹ 25,000.
Compute net cash from operations for the year ended March 31, 2014 by the indirect method.
Answer:
2nd PUC Accountancy Model Question Paper 4 with Answers - 8

Section – D

VI. Answer any Four questions, each question carries Twelve marks : ( 4 x 12 = 48 )

Question 26.
Following is the Balance Sheet and Receipts and Payments Account of Vickey sports club.
2nd PUC Accountancy Model Question Paper 4 with Answers - 9
Adjustments: a) 0/s subscription ₹ 1,800.
b) 0/s rent 900 and legal charges due ₹ 150.
c) Donations are to be capitalised
d) Depreciate sports materials by ₹ 4,000 and furniture by ₹ 600.
Prepare: a) Income and expenditure account.
b) Balance Sheet.
Answer:
2nd PUC Accountancy Model Question Paper 4 with Answers - 10
2nd PUC Accountancy Model Question Paper 4 with Answers - 11

Question 27.
Daya, Ka’vya and Maya were partners, sharing profits and losses in the ratio of 5:2:1 respectively. Their balance sheet as on 3 1-3-2013 was as under.
2nd PUC Accountancy Model Question Paper 4 with Answers - 12
Maya retired. The following adjustments arc to be made.
a) Stock is revalued at ₹ 28,000.
b) Reserve for doubtful debts to be brought upto 10%on debtors
c) Machinery and motor car depreciated by 5% and 10% respectively.
d) Outstanding rent to be provided for ₹ 1,100.
e) Goodwill of the firm was raised for ₹ 35,000 and it has to be retained in the books. Prepare:
i) Revaluation A/c
ii) Partners’ capital account
iii) New balance sheet of the firm.
Answer:
2nd PUC Accountancy Model Question Paper 4 with Answers - 13
2nd PUC Accountancy Model Question Paper 4 with Answers - 14

Question 28.
Deepika and Archana are partners in a firm sharing profits and losses equally. Their balance sheet as on 31-3-2014 was as follows:
Balance Sheet as on 31-3-2014
2nd PUC Accountancy Model Question Paper 4 with Answers - 15
On the given date, they decided to dissolve the partnership firm on the following terms:
a) The assets realized as follows:
Debtors – ₹ 11,000
Bills receivable – ₹ 7,500
Stock – ₹ 30,000
Building – ₹ 20,000
Vehicle – ₹ 10,000
b) Archana took over bills payable at – ₹ 4,000, and other liabilities paid in full
c) Dissolution expenses paid – ₹ 1,000.
Prepare:
i) Realisa lion A/c
ii) Partners capital A/c
iii) Bank A/c
Answer:
2nd PUC Accountancy Model Question Paper 4 with Answers - 16

KSEEB Solutions

Question 29.
Mandya Sugar Co. Ltd. issued 20,000 equity shares of? 10 each at a premium of ? 2 per share. The amount was payable as follows:
(a) ₹ 2 on application
(b) ₹ 5 on Allotment (including premium)
(c) ₹ 2 on first call and
(d) ₹ 3 on final call.
All the shares were subscribed and the money duly received except on final call for 1000 equity shares. The Directors forfeited these shares and re-issued them as fully paid at’ 8 per share. Pass the necessary Journal Entries for issue, forfeiture and re-issue.
Answer:
Issue of shares
2nd PUC Accountancy Model Question Paper 4 with Answers - 17
2nd PUC Accountancy Model Question Paper 4 with Answers - 18
2nd PUC Accountancy Model Question Paper 4 with Answers - 19

Question 30.
B. Ltd. issued 1,000, 12% debentures of ₹ 100 each on April 01, 2014 at a discount of 5% redeemable at a premium of 10%. Give journal entries relating to the issue of debentures and debentures interest for the Period ending March 31, 2015 assuming that interest is paid half- yearly on September 30 and March 31 and tax deducted at source is 10%.
Answer:
2nd PUC Accountancy Model Question Paper 4 with Answers - 20
2nd PUC Accountancy Model Question Paper 4 with Answers - 21

Question 31.
From the following information, prepare comparative position statement (Balance sheet)
2nd PUC Accountancy Model Question Paper 4 with Answers - 22
Answer:
2nd PUC Accountancy Model Question Paper 4 with Answers - 23
2nd PUC Accountancy Model Question Paper 4 with Answers - 24

Question 32.
From the following information, calculate the following ratios:
i) Liquid Ratio
ii) Inventory turnover ratios
iii) Return on investment
2nd PUC Accountancy Model Question Paper 4 with Answers - 25
Answer:
2nd PUC Accountancy Model Question Paper 4 with Answers - 26
Quick Assets = Cash + Debtors
= 40,000 + 1,00,000= 1 ,40,000
Current Liabilities = Creditors + Outstanding Expenses
= 1,90,000 + 70,000 = 2,60,000
Quick Ratio = \(\frac{1,40,000}{2,60,000}\) = 7:13 = 0.54:1

(ii)
2nd PUC Accountancy Model Question Paper 4 with Answers - 28
2nd PUC Accountancy Model Question Paper 4 with Answers - 29
Capital Employed = Equity Share Capital + Profit and Loss
= 2,00,000 + 1,40,000 = 3.40,000 .
Return on Investment = \(\frac{1,40,000}{3,40,000} \times 100=41.17 \%\)

SECTION – E
(Practical Oriented Questions)

V. Answer any Two questions, each question carries Five marks : ( 2 x 5 = 10 )

Question 33.
How do you treat the following in the absence of partnership deed:
(a) Interest on capital
(b) Interest on drawings
(c) Interest on loan
(d) Distribution of profit or losses
(e) Salary to partner.
Answer:
(a) No
(b) No
(c) 6% P.a
(d) Equally
(e) No.

Question 34.
Write the pro-forma of Vertical Balance Sheet of the Joint Stock Company with appropriate heads.
Answer:
2nd PUC Accountancy Model Question Paper 4 with Answers - 30

KSEEB Solutions

Question 35.
Classify the following into capital and revenue items.
(a) Legacies
(b) Subscriptions
(c) Life membership fees
(d) Special donations
(e) Sale of old newspaper.
Answer:
(a) Capital
(b) Revenue
(c) Capital
(d) Capital
(e) Revenue

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