Terminal
Examination- 1 2019-20
Accountancy
Class: XII. Marks:
80
Time:
3hrs
General
Instruction:
a) Questions
from 1-20 carries one mark
b) Questions
from 21-22 carries Three mark
c) Questions
from 23-27 carries Four mark
d) Questions
from 28-30 carries six mark
e) Questions
from 31-32 carries Eight mark
1. The
item which is not taken while calculating Net profit Before Tax
a)
Current Year
Proposed Dividend
b)
Tax Refunded
c)
Previous Year
Proposed Dividend
d)
Interim Dividend
2. It is not deducted from Net profit before Tax
a)
Interest on Bank
OD
b)
Interest Income
c)
Rental Income
d)
Commission
Received
3. An Ideal current ratio is………….
a) 1:2
b) 4:2
c) 3:2
d) None of
the above
4. Effect of the transaction ‘Sale of goods to Ashik’ in
cash flow
a) Inflow
b) Outflow
c) No
Effect
d) None of
the above
5. The current Asset of AB ltd. Is 50000, Advanced tax
-12000,Prepaid expense is 6000, the value of liquid Asset will be
a) 32000
b) 40000
c) 44000
d) 38000
6. Long term Solvency of a firm is denoted by …………….
a) Debt
Equity Ratio
b) Interest
coverage Ratio
c) Liquid Ratio
d) R.O.I.
7. This Capital can be called up only at the winding up
of the company
a) Issued
Capital
b) Reserve
Capital
c) Authorised
Capital
d) Called up
Capital
8. Capital Reserve is created out of ………
a) Capital
Profit
b) Reserve
Capital
c) Authorised
Capital
d) Sale of
Goods
9. Under which major sub-heading the item Unpaid dividend
will be placed in the Balance
Sheet
a) Long-term
provisions
b) Other
Current Liabilities
c) Current
Asset
d) Share
Capital
10.
Short term investment by a manufacturing
company is classified under
a) Operating
Activity
b) Financing
Activity
c) Investing
Activity
d) None of
the Above
11.
Forfeiture of shares means…………..
12.
Interest paid on deposits by a bank is an
example of ………
13.
This statement indicates historical changes in
cash and cash equivalents
14.
Legacy is shown on the debit side of…………………
15.
Share application money is rejected when there
is…………….
Match The Following
|
Qn. No.
|
Colum A
|
Colum B
|
|
16
|
Life Membership Fee
|
Pro-Rata Allotment
|
|
17
|
Over Subscription
|
Non - Operating Expense
|
|
18
|
Loss By Fire
|
Short Term Provision
|
|
19
|
Calls in Advance
|
Revenue Expenditure
|
|
20
|
Honorarium
|
Capital Receipt
|
21.
Following is the information given in respect of certain items of a Sports
Club.
Show these items in the
Income and Expenditure Account and the Balance Sheet of the Club:
Rs.
Sports
Fund as on 1.4.2015 35,000
Sports
Fund Investments 35,000
Interest
on Sports Fund 4,000
Donations
for Sports Fund 15,000
Sports
Prizes awarded 10,000
Expenses
on Sports Events 4,000
General
Fund 80,000
General
Fund Investments 80,000
Interest
on General Fund Investments 8,000
22. State the category of
the following items for a financial as well as nonfinancial company.
Dividend received, Dividend
paid, Interest paid, Interest received
23.
XYZ ltd. purchased a machine from HLM Limited for Rs.760, 000. As per purchase
agreement, Rs. 40,000 were paid in cash and balance by issue of shares of
Rs.100 each. What will be the entry passed if the share are issued:
(a)
at par
(b)
at 10% discount
(c)
at 20% premium.
24. List out the
objectives of Financial Analysis
25.
How would you disclose / show the following items in the Balance sheet of a
company.
General Reserve, Capital
Reserve, Equity Capital, Preference Capital
Work in Progress , Calls
in Arrear, Short Term Investments
Trade Payables.
26. Compute Gross Profit
Ratio, Working Capital Turnover Ratio, Debt Equity Ratio and Proprietary Ratio
from the following information:
Paid-up Share Capital `.5,00,000
Current Assets `.
4,00,000
Revenue from Operations `. 10,00,000
13% Debentures `.
2,00,000
Current Liabilities `. 2,80,000
Cost of Revenue from Operations `. 6,00,000
27.
From the Balance Sheets and
information given below prepare Comparative Statement of Balance Sheet
|
Particulars
|
Note
No.
|
31st
March
2018
(Rs.)
|
31st
March 2017 (Rs.)
|
|
I. Equity and Liabilities
1.
Shareholders’ Funds
(a) Share Capital
(b) Reserve & Surplus (profit)
2.
Non-current Liabilities
Long-term Borrowings :
Bank Loan
3.
Current Liabilities
(a) Trade Payables (Creditors)
Total
II Assets
1.
Non-current Assets (a) Fixed Assets:
(i) Tangible Assets (Machinery)
2.
CurrentAssets
(a) Inventories
(b) Trade
Receivables (Debtors)
(b) Cash and Cash Equivalents
Total
|
|
3,50,000
1,00,000
1,50,000
15,000
5,50,000
35,000
16,000
14,000
|
3,00,000
55,000
1,00,000
12,500
4,00,000
30,000
20,000
17,500
|
28.
Prepare a Comparative
Income Statement and Common Size Statement of Profit and Loss from the
following information
|
Particulars
|
31st March 2014
|
31st March 2015
|
|
Revenue from operations
(% of cost of
Material Concerned)
Cost of Material Consumed
Other expenses (% of
Revenue from Operations)
Other Income
Tax Rate
|
125%
2,40,000
10%
15,000
30%
|
140%
2,50,000
12%
20,000
30%
|
29.
From the following information prepare the balance sheet of Prasu P.Ltd. as per
the (revised) Schedule VI for the year ended 2018 march 31
Inventories Rs. 7,00,000
Equity Share Capital Rs. 16,00,000
Plant and Machinery Rs. 8,00,000
Preference Share Capital
Rs. 6,00,000
General Reserves Rs.
6,00,000
Bills payable Rs.
1,50,000
Provision for taxation
Rs. 2,50,000
Land and Building Rs.
16,00,000
Non-current Investments
Rs. 10,00,000
Cash at Bank Rs. 5,00,000
Creditors Rs. 2,00,000
12% Debentures Rs.
12,00,000.
30.
Explain
with adjusting entries with the following cases in issue of shares
· Issue
of Shares at Premium
· Pro
Rata Allotment
· Calls
in Arrears
· Call
in Advance
· Forfeiture
of Shares
· Re-issue
of Forfeited Shares
31. Following
are the Balance Sheets of Krishna Ltd. as on 31st March 2013 and
2014:
|
Particulars
|
Note No.
|
2013-14 (`)
|
2012-13(`)
|
|
EQUITY AND LIABILITIES
(1) Shareholders Funds
(a) Share capital
(b) Reserves and Surplus
(2) Non Current Liabilities
Long term borrowings
(3) Current Liabilities
Trade Payables
Short term Provisions
|
1
2
|
14,00,000
5,00,000
5,00,000
1,00,000 80,000
|
10,00,000
4,00,000
1,40,000
60,000
60,000
|
|
Total
|
|
25,80,000
|
16,60,000
|
|
ASSETS
(1) Non Current Assets (a)
Fixed assets
(i) Tangible assets
(ii) Intangible Assets
|
3
4
|
16,00,000
1,40,000
|
9,00,000
2,00,000
|
|
(2) Current Assets
(a) Inventories
(b) Trade Receivables
(b) Cash and Cash Equivalents
|
|
2,50,000
5,00,000 90,000
|
2,00,000
3,00,000 60,000
|
|
Total
|
|
25,80,000
|
16,60,000
|
Notes to Accounts:
|
S.No.
|
Particulars
|
As on 31.3.2014
|
As on 31.3.2013
|
|
1.
2.
3.
4.
|
Reserves and Surplus
Surplus (i.e. balance
in
Statement of Profit and
Loss)
Short Term provisions
Provision for tax
Tangible assets
Machinery
Less Accumulated depreciation
Intangible Assets
Goodwill
|
5,00,000
80,000
17,60,000
(1,60,000)
1,40,000
|
4,00,000
60,000
10,00,000
(1,00,000)
2,00,000
|
Prepare a Cash Flow Statement after
taking into account the following adjustment:
(i) Tax paid during the year amounted to `
70,000.
32.
Nandhu Ltd. issues 10000 shares of face value of ₹100 each at a premium of ₹20
per share. The amount payable is as follows:
Application: ₹30
Allotment: ₹60 including
premium
First and Final Call:
balance due
The company receives a
full subscription. Chandhu, a shareholder having 500 shares fails to pay the
allotment and call money until the due date of payment. Consequently, the
company forfeits his shares. Later, it re-issues these shares to Anandhu for
₹110 per share fully paid up. Pass the necessary journal entries in the books
of Nandhu Ltd.
Marking Scheme
|
QnNo.
|
Value
Points
|
Marks
|
||||||||||||||||||||||||||||||||||||||||
|
1
|
Current
Year Proposed Dividend
|
1
|
||||||||||||||||||||||||||||||||||||||||
|
2
|
Interest
on Bank OD
|
1
|
||||||||||||||||||||||||||||||||||||||||
|
3
|
4:2
|
1
|
||||||||||||||||||||||||||||||||||||||||
|
4
|
No
Effect
|
1
|
||||||||||||||||||||||||||||||||||||||||
|
5
|
32000
|
1
|
||||||||||||||||||||||||||||||||||||||||
|
6
|
Debt
Equity Ratio
|
1
|
||||||||||||||||||||||||||||||||||||||||
|
7
|
Reserve Capital
|
1
|
||||||||||||||||||||||||||||||||||||||||
|
8
|
Quick
Ratio
|
1
|
||||||||||||||||||||||||||||||||||||||||
|
9
|
Other
Current Liabilities
|
1
|
||||||||||||||||||||||||||||||||||||||||
|
10
|
None
of the Above
|
1
|
||||||||||||||||||||||||||||||||||||||||
|
11
|
Cancelation
of shares
|
1
|
||||||||||||||||||||||||||||||||||||||||
|
12
|
Cash
Flow from operating Activity
|
1
|
||||||||||||||||||||||||||||||||||||||||
|
13
|
Cash
Flow Statement
|
1
|
||||||||||||||||||||||||||||||||||||||||
|
14
|
Receipt and Payment Account
|
1
|
||||||||||||||||||||||||||||||||||||||||
|
15
|
Over
subscription of Shares
|
1
|
||||||||||||||||||||||||||||||||||||||||
|
16
|
Capital
Receipt
|
1
|
||||||||||||||||||||||||||||||||||||||||
|
17
|
Pro-Rata
Allotment
|
1
|
||||||||||||||||||||||||||||||||||||||||
|
18
|
Non
- Operating Expense
|
1
|
||||||||||||||||||||||||||||||||||||||||
|
19
|
Short
Term Provision
|
1
|
||||||||||||||||||||||||||||||||||||||||
|
20
|
Revenue
Expenditure
|
1
|
||||||||||||||||||||||||||||||||||||||||
|
21
|
Balance of Sports Fund Rs. 40,000
|
3
|
||||||||||||||||||||||||||||||||||||||||
|
22
|
|
3
|
||||||||||||||||||||||||||||||||||||||||
|
23
|
Journal Entry
|
4
|
||||||||||||||||||||||||||||||||||||||||
|
24
|
·To assess the
current profitability and operational efficiency of the firm.
·To ascertain
the relative importance of different components of the financial position of
the firm..
·To identify the
reasons for change in the profitability/financial position of the firm.
·To judge the
ability of the firm to repay its debt and assessing the short-term as well as
the long-term liquidity position of the firm.
|
4
|
||||||||||||||||||||||||||||||||||||||||
|
25
|
|
4
|
||||||||||||||||||||||||||||||||||||||||
|
26
|
Gross
Profit Ratio 40%
Working
Capital Ratio 8.33 times
Debt–Equity Ratio 0.4:1
xsxzProprietary
Ratio 0.51:1
|
4
|
||||||||||||||||||||||||||||||||||||||||
|
27
|
|
4
|
||||||||||||||||||||||||||||||||||||||||
|
28
|
|
6
|
||||||||||||||||||||||||||||||||||||||||
|
29
|
|
6
|
||||||||||||||||||||||||||||||||||||||||
|
30
|
Issue
of Shares at Premium
Share
Allotment A/c Dr.
To
Share Capital A/c
To
Securities Premium A/c
Pro
Rata Allotment
Share
Application A/c Dr.
To
Bank A/c
(Excess
Application Rejected)
Share
Application A/c Dr.
To
Share Allotment A/c
(Excess
application money adjusted with allotment)
Calls
in Arrears and Call in Advance
Calls
in Arrears A/c Dr.
To
Share First Call Account A/c
To
Share Second and Final Call Account A/c
(Calls
in arrears brought into account)
Bank
A/c Dr.
To
Calls-in-Advance A/c
(Amount
received on call-in-advance)
Forfeiture
of Shares
Share
Capital A/c Dr.
To
Share Forfeiture A/c
To
Share Allotment A/c
To
Share Calls A/c
Re-issue
of Forfeited Shares
Bank
A/c Dr.
To
Share Capital A/c
Share
Forfeiture A/c Dr.
To
Capital Reserve
|
6
|
||||||||||||||||||||||||||||||||||||||||
|
31
|
Cash
flow from Operating Activities 30000
Cash
flow from Investing Activities (760000)
Cash
flow from Financing Activities 760,000.
|
8
|
||||||||||||||||||||||||||||||||||||||||
|
32
|
|
8
|
||||||||||||||||||||||||||||||||||||||||
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