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Half – Yearly Examination
Session 2019 – 2020
Class: XII
Subject:
Subject Code: Accountancy
Time: 3 hours Max. Marks: 80
1. A and B are partners. The net divisible profit as per Profit and Loss Appropriation A/c is 2, 50,000.
The total interest on partner’s drawing is `4,000. A’s salary is `4,000 per quarter and B’s salary is 40,000
per annum. Calculate the net profit/loss earned during this year.
2. When can shares held by a shareholder be forfeited?
3. Choose the correct answer from the options given below: [1] A firm had an average profit of `30,000
and rate of return on capital investment is 12.5% p.a. The firm had assets worth of `5,00,000 and
liabilities of `2,00,000. What would be the amount of goodwill valued on the basis of two years’
purchase of super profit?
( a) 15,000 (b) 30,000 (c) 40,000 ( d) Nil
4. A partnership firm has 50 members. All the partners have agreed to admit Ram and Mohan as new
partners. Can Ram and Mohan be admitted? Give reason in support of your answer.
5. A Ltd forfeited a share of 100 issued at a premium of 20% for non-payment of first call of 30 per
share and final call of 10 per share. State the minimum price at which this share can be reissued
6. A, B and C were partners in a firm sharing profits in the ratio of 3 : 2 : 1. B was guaranteed a profit of
Rs. 2,00,000. During the year the firm earned a profit of Rs. 84,000. Calculate the net amount of
Profit / Loss transferred to the capital accounts of A and C.1
7. . Why are irredeemable debentures also known as perpetual debentures?
8. The Goodwill of X ltd. increased from 2, 00,000 in 2013-14 to 3, 50,000 in 2014-15. What will be its
treatment while preparing Cash Flow Statement for the year ended 31st March 2015?
Kartik Mutuals, a mutual fund company, provides you the following information:
31st March 2018 31st March 2014
Proposed Dividend 20,000 15,000
Additional Information: Equity Share Capital raised during the year 3, 00,000
10% bank loan repaid was 1, 00,000
Dividend received during the year was 20,000
Find out the cash flow from financing activities.
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9. Explain what is collateral security?
10. .While preparing the Cash Flow Statement, the accountant of Vinod Ltd., a financing company
showed ‘Dividend received on Investments’ as ‘Investing Activity’. Was he correct in doing so? Give
reason.
11. Distinguish between ‘Fixed Capital Account’ and ‘Fluctuating Capital Account’ on the basis of credit
balance.
12. Choose the correct answer from the options given below:
What will be the amount of goodwill valued at two years’ purchase of three 2 average profit. The profit for
the first year was `25,000, for second year twice the profit of first year and for third year one and a half times
the profit of second year.
(a) 1, 00,000 (b) 2, 00,000 (c) 3, 00,000 (d) Cannot be determined
13 Choose the correct answer from the options given below:
Which portion of the capital can be called-up only on winding up of the company?
(a) Authorized Capital (b) Issued Capital
(c) Subscribed Capital (d) Reserve Capital
14 .Choose the correct answer from the options given below:
A plant costing 4, 50,000 is purchased and payment was made by issue of shares of 100 each at a premium
of 20%. The Securities Premium Reserve A/c will be
a) Debited by 75,000 b) Credited by `75,000
c) Debited by `90,000 d) Credited by `90,000
15. Choose the correct answer from the options given below:
Debenture holders are
(a) Owners of the Company (b) Debaters of the Company
(c) Promoters of the Company (d) Lenders of the Company
20. Choose the correct answer from the options given below:
With a set of given items in the Balance Sheet of a firm, Quick ratio and Current ratio are
(a) Different (b) Equal (c) Proportionate (d) None of these
16. Choose the correct answer from the options given below: A company issued 1,000, 10% debentures of
`100 each at a premium of 5%. What will be the total amount of interest for one year?
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(a) 10,500 ( b) 10,000 (c) 5,250 (d) 5,000
17. .Choose the correct answer from the options given below: A sent 10,000 units of calculators to B at cost plus
30%. 2/3rd of the radios received were sold by B for 6,50,000 at 25% above Invoice price. What is the total cost of
goods sent to B?
( a) 4,00,000 (b) 4,50,000 (c) 6,00,000 (d) 8,50,000
18. Choose the correct answer from the options given below:
A Common-size Statement is also known as
(a) Full-size Statement (b) Absolute Statement (c) 100% Statement (d) Competitive Statement
19. Will 'Net decrease in working capital' other than cash and cash equivalents, increase, decrease or not change Cash
Flow from Operating Activities? Give reason in support of your answer.
From the following Balance Sheet of Sun Ltd., as on 31st
March 2012, prepare a Common SizeBalance Sheet:
Note
Particulars 31.03.2012
No.
I. Equity and Liabilities
1. Shareholders’ funds
(a) Share capital 30,00,000
(b) Reserves and Surplus 4,00,000
2. Non-Current Liabilities
long term borrowings 10,00,000
3. Current Liabilities 6,00,000
Trade
payables
Total 50,00,000
II. ASSETS
(1) Non-Current Assets
(a) Fixed Assets
(i) Tangible Assets 30,00,000
(ii) Intangible assets 6,00,000
(2) CURRENT ASSETS
(a) Inventories 10,00,000
(b) Cash and cash equivalents 4,00,000
Total 50,00,000
Show your working clearly.
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