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Accounts Class -
XII 1998 (CBSE)
You are on Set no 2 Qno. 1
to 18
Q 1
Mention any two factors which give rise to
goodwill of a firm. (Marks 2)
Q 2
R and S are partners sharing profits in the
ratio of 5 : 3. T joins the firm, R gives 1/4 of his share and S
gives 1/5 of his share to the new partner. Find the new ratio.
(Marks 3)
Q 3
Write any three points of difference
between equity share and a debenture. (Marks 3)
Q 5
X Limited issued 12% debentures of Rs.
20,00,000 at 8% discount redeemable at par. Assume that the
debentures are redeemed by drawing method in the following manner:
| Year end |
Face Value (Rs) |
| 2 |
2,00,000 |
| 3 |
4,00,000 |
| 4 |
6,00,000 |
| 5 |
8,00,000 |
Prepare discount on issue of debentures account.
(Marks 5)
Q 8
K Limited has been registered with an
authorised capital of Rs. 4,00,000 divided into 4000 shares of Rs.
100 each of which, 2000 shares were offered for public subscription
at a premium of Rs. 5 per share, payable as
under:
Rs
on application 10
on
allotment 25 (including premium)
on first
call 40
on final
call 30
Applications were
received for 3600 shares, of which applications for 600 shares were
rejected; the rest of the applications were allotted 2000 shares on
pro-rata basis. Excess application money was transferred to
allotment.
All the monies were duly received except from Sundar,
holder of 200 shares, who failed to pay allotted and first call
money. His shares were later forfeited, and reissued to Shyam at Rs.
60 per share Rs. 70 paid up. Final call has not been made.
Pass
necessary Cash Book and Journal entries in the books of K
Limited. (Marks 10)
Q 11
Compute cash from operations from the
following details: (Marks 3)
| |
1990
Rs. |
1989
Rs |
PandL A/C
Debtors
Outstanding
Rent
Good-will
Prepaid
Insurance
Creditors |
55,000
25,000
12,000
40,000
4,000
13,000 |
60,000
31,000
21,000
38,000
2,000
19,000 |
Q 12
Explain briefly the meaning and
significance of (i) Operating ratio and (ii) Fixed assets turnover
ratio. (Marks 4)
Q 17
From the following information, prepare a
cash budget for January, February and March, 1998 :
|
1998 |
Cash
Sales
(Rs.) |
Collection
from Debtors
(Rs.) |
Purchases |
Wages |
January
February
March |
80,000
88,000
1,12,000 |
40,000
52,000
66,000 |
50,000
49,600
47,400 |
10,000
10,400
13,600 |
Estimated cash balance on 1 January 1998
Rs. 20,000. In January a new machinery is to be purchased at Rs.
40,000 on credit, to be paid in two equal installments in February
and March. (Marks 6)
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