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Accounts Class - XII
2000 (CBSE)
You are on Set no 3 Qno. 1 to
18
Q2) What are the alternatives
available to a company for the allotment of debentures when there is
over-subscription of debentures? (Marks 3)
Q3) P and Q are
partners in a firm sharing profits in the ratio 5 : 3. They admitted
R and S as a new partner. P surrendered 1/2 of his share in favour
of R and Q surrendered 1/4th of his share in favour of S. Calculate
the new profit sharing ratio of P, Q, R and S. (Marks 3)
Q5) O and P were partners in a
firm sharing profits and losses equally. Their firm was dissolved on
15th March 1999, which resulted in a loss of Rs. 50,000. On that
date the capital account of O showed a credit balance of Rs. 40,000
and the capital account of P showed a credit balance of Rs. 50,000 .
There was a cash balance of Rs. 40,000 on the date of
dissolution.
You are required to pass the necessary journal
entries for : (i) the transfer of loss to the capital accounts of
the partners and (ii) making final payment to the partners.
(Marks 4)
Q6) Ashoka Ltd. purchased
machinery worth Rs. 99,000 from Sona Ltd. The payment was made by
issue of 12% debentures of Rs. 100 each. Pass necessary Journal
Entries for the purchase of machinery and issue of debentures when
:
(i) Debentures are issued at par.
(ii) Debentures are issued
at 10% discount.
(iii) Debentures are issued at 10%
premium. (Marks 4)
Q13) Prepare a comparative income
statement of Varun Ltd. with the help of the following information :
(Marks 5)
|
1997 |
1998 |
| |
Rs. |
Rs. |
| Sales |
2,00,000 |
4,00,000 |
| Cost of
goods sold |
50% of sales |
60% of Sales |
| Indirect
expenses |
15% of Gross Profit |
| Rate of
Income Tax |
40% of Net Profit before
Tax |
Q14) Briefly explain the meaning
and significance of any two of the following ratios :
(i)
Debt to total funds ratio;
(ii) Debtor's turnover ratio
and
(iii) Net profit ratio. (Marks 5)
Q15) 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 equity ratio
Information:
Equity Share Capital Rs. 50,000; 12% Preference Share Capital Rs.
40,000; 12 % Debentures Rs. 30,000; General Reserve Rs. 40,000;
Sales Rs. 3,00,000; Opening stock Rs. 20,000; Purchases Rs.
1,40,000; Wages Rs. 30,000; Closing Stock Rs. 40,000; Selling and
distribution expenses Rs. 18,000; Other current assets Rs. 1,00,000
and Current liabilities Rs.60,000. (Marks 6)
Q17) Prepare a Cash Budget of Om Prakash Ltd. for the
months of January to March 1999 from the following information
:
| |
Credit Purchases (Rs.) |
Credit Sales (Rs.) |
Wages (Rs.) |
| 1998 |
| November |
50,000 |
75,000 |
10,000 |
| December |
1,10,000 |
80,000 |
20,000 |
| 1999 |
| January |
60,000 |
1,30,000 |
20,000 |
| February |
1,50,000 |
2,00,000 |
40,000 |
| March |
2,00,000 |
2,50,000 |
20,000 |
Additional Information :
(i) Expected cash balance as on 1/1/1999 Rs. 50,000 (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.
(Marks 6)
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