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Accounts Class - XII
2000 (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
|
|
|
|
| |
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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