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CBSE 12th Accountancy - Full Syllabus Six Marks Questions

Published on: 04/11/2019

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Std: 12th Standard CBSE - Accountancy

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Questions:

Generic 6

10 x 6 = 60

Dipesh Ltd redeemed its 8,000, 11 % Debentures of Rs. 100 each in the following manner;
i) 4,000 debentures were purchased @ Rs. 95.
ii) 3,000 debentures were purchased @ Rs. 93
iii) 1,000 debentures were purchased @ Rs. 97.50.
The expenses on purchase of own debentures amounted to Rs. 200.
The debentures were purchased for immediate cancellation. Pass journal entries.

Animesh Ltd issued 1,000, 12 % Debenture of 100 each in the following manner:
i) For cash at par Rs. 50,000 nominal
ii) For creditors of Rs. 45,000 against purchase of machinery Rs. 35,000 nominal
iii) To SBI bank against a loan of Rs. 10,000 as collateral security Rs. 15,000 nominal

On January 1st, 2006 S ltd issued 1,000 10% debentures of Rs.500 each at par redeemable after 7 years. However the company gave an option to debenture holder to get debentures However the company gave an option to debenture holder to get debentures converted into equity shares of Rs. 100 each at a premium of Rs. 25 per share any time after the expiry of one
Arvind the holder of 200 debentures informed on Jan, 2006 that he wanted to excise the option of conversion of debentures into equity shares.
Pass necessary Journal entries to record the issue of debentures on Jan, 2004 and conversion of debentures on Jan, 2006.

Journalise the following transactions in the books of Raja Ltd.,
1. 200 12% debentures of Rs.100 each issued it a discount of 10% were converted into 10% preference shares of Rs.100 each issued at a premium of 25%. The debentures were converted at the option of the debentures-holders before the date of redemption.
2. Issued 1000 12% debentures of Rs.100 each at a discount of 10% redeemable at a premium of 5%.

Prepare Comparative and Common Size income statement form the following information for the year's enden march 31, 2008 and 2009.

Particulars	2008(Rs.)	2009(Rs.)
1. Net Sales	8,00,000	10,00,000
2. Cost of Goods Sold	60% of sales	60% of sales
3. Indirect Expenses	10% of Gross Profit	10% of Gross profit
4. Income Tax rate	5%	60%

Raghav Limited purchased a running business from Krishna traders for a sum of Rs. 15,00,000 Payable Rs. 3,00,000 by cheque and for the balance issued 9% debentures of Rs. 100 each at par.
The asset and liabilities consisted of the following:

Plant and Machinery	4,00,000
Building	6,00,000
Stock	5,00,000
Debtors	3,00,000
Creditors	2,00,000

Yogesh, Ajay and Atul are partners sharing profits in the ratio 4 : 3 : 2. Yogesh withdraw Rs.3,000 in the begining of every month. Ajay withdraws Rs.2,000 in the middle of every month whereas Atul withdraws Rs. 1,500 at the end of every month. Interest on capitals and drawings is to calculated @ 12% p.a. Ajay is also to be allowed a salary of Rs.1,000 per month. After deducting salary but before charging anu type of interest, the profit for the year ending 31st December, 1997 was Rs.1,14,780. Prepare Profit & Looss Appropriation Account, Partners Capital Accounts and Current ccounts fro the additional information given below:

A and C are partners with fixed capitals of the Rs.2,00,000, Rs. 1,50,000 and Rs.1,00,000 respectively. THe balance of current accounts on 1st January, 2004 were A Rs.10,000 (Cr.) and B Rs.4,000 (Cr.) and C Rs.3,000 (Dr.). A gave a loan to the firm of Rs.25,000 on 1st July, 2004. THe Partnership deed provided for the following:-
(i) Interest on Capital at 6%.
(ii) Interest on drawings at 9%. Each partner drew Rs.12,000 on 1st July, 2004.
(iii) Rs.25,000 is to be transferred in a Reserve Account.
(iv) Profit sharing ratio is 5 : 3 : 2 upto Rs.80,000 and above Rs.80,000 equally. Net Profit of the firm before above adjustment was Rs.1,98,360.
From the above information prepare Profit and Loss Appropriation Account, Capital and Current Accounts of the partners.

P and Q are partners with capitals of Rs.6,00,000 and Rs.4,00,000 respectively. The profit and Loss Account of the firm showed a net Profit of Rs.4,26,800 for the year. Prepare Profit and Loss account after taking the following into consideration:-
(i) Interest on P's Loan of Rs.2,00,000 to the firm
(ii) Interest on 'capital to be allowed @ 6% p.a.
(iii) Interest on Drawings @ 8% p.a. Drawing were; P Rs.80,000 and Q Rs.1000000
(iv) 10% of the divisible profits is to be kept in a Reserve Accounts.

10.

X and Y, two partners, drew for private use Rs 2,40,000 and Rs 1,60,000. Interest is chargeable @6% per annum on the drawings. What is the total interest?

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Answers Key:

Generic 6

10 x 6 = 60

Journal Entries

Particulars		Dr.(Rs.)	Cr.(Rs.)
P/L appropriation a/c	Dr.	4,00,000
To Debenture Redemption Reserve a/c			4,00,000
(Being Debenture redemption reserve created @ 50% of debentures.)
Own Debentures a/c	Dr.	7,56,700
To Bank a/c			7,56,700
(Being Own debentures purchased )
11% Debentures a/c	Dr.	8,00,000
To Own Debentures a/c			7,56,700
To Gain on cancellation of own			43,300
Debentures a/c
(Being Own debentures cancelled)
Gain on cancellation of own Debentures a/c	Dr.	43,300
To capital reserve a/c			43,300
(Being Gain transferred to capital reserve)
DRR a/c	Dr.	4,00,000
To General reserve a/c			4,00,000
Being DRR transferred to general Reserve)

Pass Journal entries

Particulars		Dr.(Rs.)	Cr.(Rs.)
Debenture Application a/c	Dr.	50,000
To 12% Debentures a/c			50,000
(Being Application money received on 500 debentures @ Rs. 100 )
Machinery a/c	Dr.	45,000
To Vendor a/c			45,000
( Being Machinery purchased )
Vendor a/c	Dr.	45,000
To 12% Debentures a/c			35,000
To Securities Premium a/c			10,000
(Being Debentured issued to vendor at premium.)
Bank a/c	Dr.	10,000
To Bank Loan a/c			10,000
( Being Loan borrowed )
Debenture Suspense a/c	Dr.	15,000
To 12% Debentures a/c			15,000
( Being Debentures issued as collateral security)

Journal of S Limited

Particulars		Dr.(Rs.)	Cr(Rs.)
Bank a/c	Dr.	5,00,000
To 10% Debenture a/c			5,00,000
( Being Debenture money received)		5,00,000
10% Debenture a/c	Dr.
To Debenture holder a/c			5,00,000
( Being Amount due to debenture holders on redemption.)
10% Debenture a/c	Dr.	1,00,000
To Equity share capital a/c			80,000
To Equity share capital a/c			20,000
( Being payment made to debenture holders)

Particulars		Dr.(Rs.)	Cr.(Rs.)
12% Debenture a/c	Dr.	20,000
To discount on issue holders a/c			2,000
To debenture holders a/c			18,000
(Being the amount due debenture holders on conversion of 200, 12% debenture)
Debenture holders a/c	Dr.	18,000
To 10% preference share Capital			14,400
To securities premium			3,600
(Being issue of 144, 12% preference shares of Rs.100each)
Bank a/c	Dr.	90,000
Loss on Issue of Deb a/c	Dr.	15,000
To 12% Debenture a/c			100,000
To Premium on redemption of deb a/c			5,000
(Being issue of 1000, 12% debenture of Rs.100 each at a discount of 10% and redeemable at premiums of 5%)

Comparative Income Statement:
Particular	2008 amount	2009 amount	Change in amount	Change in Percentage
Net Sales	8,00,000	10,00,000	2,00,000	25%
Less: C.O.G.S	4,8,000	6,00,000	1,20,000	25%
Gross Profit	3,20,000	4,00,000	80,000	25%
Less: Indirect Experenses	32,000	40,000	8,000	25%
Operating Profit/PBT	2,88,000	3,60,000	72,000	25%
Less: tax	1,44,000	2,16,000	72,000	50%
Priofit after tax	1,44,000	1,44,000	__________	__________

Common Size Income Statement
Particular	2008 amount	2009 amount	Percentage of Net Sales in P.Y	Percentage Net Sales in C.Y
Net Sales	8,00,000	10,00,000	100%	100%
Less: C.O.G.S	4,8,000	6,00,000	60%	60%
Gross Profit	3,20,000	4,00,000	40%	25%
Less: Indirect Experenses	32,000	40,000	4%	25%
Operating Profit/PBT	2,88,000	3,60,000	36%	25%
Less: tax	1,44,000	2,16,000	18%	50%
Priofit after tax	1,44,000	1,44,000	18%	14.4%

Record necessary journal entries in the book of Raghav Limited

Particulars		L.F	Dr.(Rs.)	Cr.(Rs)
Plant and Machinery	Dr.		4,00,000
Building a/c	Dr.		6,00,000
Stock a/c	Dr.		5,00,000
Debtors	Dr.		3,00,000
To Creditor's a/c				2,00,000
To Krishna Traders				15,00,000
To Capital Reserve(Bal.Fig)				1,00,000
(Being assets and liabilities taken over from the vendor company).
Krishna Traders a/c	Dr	15,00,000
To Bank				3,00,000
To 9% Debentures a/c				12,00,000
(Being issues of 12,000 debentures of Rs. 100 each at par and rest paid by a cheque)

When there is no agrement between the partners, whether written or verbal, expressed or implied accounts of partners are determined by the following rules given in the Indian Partnership Act, 1932 sections 12 to 17.
(i) No interest is to be given on the partners capital.
(ii) No interest is to changed on the personal drawings of the partners.
(iii) No Salary Remuneration or Commission is to be given to any partner for his active participation.
(iv) If any partner has given loan to the firm interest at the rate of 6% p.a. can be given.
(v) Profits and losses will be shared among all the partners equally irrespective of their capitals.

Profit and Loss Appropriation Account for the year ended 31st December, 2004
Particulars		Amount	Particulars		Amount
To interest on Capital at 6%			By profit and Loss A/c (being profit)
	198360		A	12000
Less: interest on A's Loan @ 6% p.a.
on Rs.25,000 for six months	750	197610
B	9000		By interest on drawings @9% p.a.
			for months on Rs.12,000
C	6000	27000	A	540
To reserve A/c		25000	B	540
To profit			C	540	1620
A's current A/c	62410
B's current A/c	46410
C's current A/c	38410	147230
		199230			199230

Capital Account
Particulars	A	B	C	Particular	A	B	C
To balance b/d	2,00,000	1,50,000	1,00,000	By balance c/d	2,00,000	1,50,000	1,00,000

Current accounts
Particulars	A	B	C	Particulars	A	B	C
To balance b/d	-	-	3000	By balance b/d	10000	4000	-
To drawings	12000	12000	12000	By interest on capi	1200	9000	6000
To interest on	540	540	540	By P&L A/c	62410	46410	38410
drawings
				To balance c/d	71870	46870	28870
	84,410	59,410	44,410		84,410	59,410	44,410

Profit and Loss Account for the year ended
Particulars	Amount	Particulars	Amount
To Interest on P's Loan A/c.	12,000	By profit before interest	426800
To Profit transferred to
P&L Appropriation A/c	414800
	426800		426800

Profit and Loss Appropriation Account for the year ended
Particulars		Amount	Particulars		Amount
To interest on Capital			By profit and Loss A/c. (profit)		414800
P	36000		By interest on drawings
Q	24000	60000	P	3200
To Q's commission		60000	Q	2000	5200
To reserve A/c		30000
P's Capital	135000
Q's capital	135000	270000
		420000			420000