KENDRIYA VIDYALAYA CME PUNE 31
SEPTEMBER MONTHLY TEST
CLASS XII COMMERCE
ACCOUNTANCY
MAX MARKS: 40
Q.1 Not for profit organizations has some distinguishing features from that of Profit organizations. State any one of them. – 1 M
Q.2 A, B and C are partners in a firm having no partnership agreement. A, B and C contributed Rs 2,00,000, Rs 3,00,000 and Rs 1,00,000 respectively. A and B desire that the profits should be divided in the ratio of capital contribution. C does not agree to this. How will you settle this dispute? – 1 M
Q.3 Give the formula to calculate Gaining share of a partner in a partnership firm. – 1 M
Q.4 Pawan and Jayshree are partners. Bindu is admitted for ¼ th share. What is the ratio in which Pawan and Jayshree will sacrifice their share in favour of Bindu? – 1 M
Q.5 Show the information in the balance sheet of the Cosmos Club as on 31st March 2009 – 4 M
| Particulars | Debit Amount | Credit Amount |
| Tournament fund | | 1,50,000 |
| Tournament fund investment | 1,50,000 | |
| Income from tournament fund investment | | 18,000 |
| Tournament expenses | 12,000 | |
Interest accrued on tournament fund investment Rs 6,000.
Q.6 A and B share profits and losses in the ratio of 5:2 They decided to dissolve the firm. Assets and Liabilities were transferred to realization account. Pass necessary journal entry for the following: - 4 M
a. Bank loan of Rs 12,000 is paid off
b. Deferred Advertisement expenditure account appeared in the book Rs 28,000
c. Stock of Rs 1,600 was taken over by B for Rs 1,200
d. A typewriter which was previously written off from the books was sold for Rs 2000
Q.7 A, B and C are partners in a firm. They have omitted interest on capital @ 10%p.a for three years ended 31st March 2007. Their fixed capital on which interest was to be calculated throughout were:
A- Rs 1,00,000 B- Rs 80,000 and C – Rs 70,000
Give the necessary adjusting journal entries with working notes. – 4 M
Q.8 X, Y and Z were sharing profits and losses in the ratio of 5:3:2. They decided to share future profits and losses in the ratio of 2:3:5 with effect from 1.4.2007. They decided to record the effect of the following without affecting their book values:
Profit and loss account: Rs 24,000
Advertisement suspense account: Rs 12,000
Pass the necessary journal entry. – 4 M
Q.9 From the following receipt and payment account of Sonia Club and from the given additional information: prepare income and expenditure account for the year ending 31st December 2006 and the Balance sheet as on that date: - 6 M
Receipt and Payment account for the year ending 31st December 2006
| Receipts | Amount | Payments | Amount |
| To bal b/d | 1,80,000 | By salaries | 3,30,000 |
| To Subscriptions | 6,60,000 | By sports equipments | 4,00,000 |
| To interest on investments @ 8% p.a for full year | 40,000 | By balance c/d | 1,60,000 |
| | 8,90,000 | | 8,90,000 |
Additional information
1. The club had received Rs 20,000 for subscription in 2005 for 2006.
2. Salaries had been paid for 11 months.
3. Stock of equipment on 31st December 2005 was Rs 3,00,000 and on 31st December 2006 Rs 6,50,000.
Q.10 Ram, Mohan and Sohan were partners sharing profits and losses in the ratio of 5:3:2.On 31st March 2006 their balance sheet was as under:
Balance sheet as on 31st March 2006
| Liabilities | Amount | Assets | Amount |
| Capitals: Ram | 1,50,000 | Leasehold | 1,25,000 |
| Mohan | 1,25,000 | Patents | 30,000 |
| Sohan | 75,000 | Machinery | 1,50,000 |
| Workmen’s Compensation Reserve | 30,000 | Stock | 1,90,000 |
| Creditors | 1,55,000 | Cash at bank | 40,000 |
| | 5,35,000 | | 5,35,000 |
Sohan died on 1st August 2006 It was agreed that:
1. Goodwill of the firm is to be valued at Rs 1,75,000
2. Machinery be valued at Rs 1,40,000: patents Rs 40,000; leasehold Rs 1,50,000 on this date.
3. For the purpose of calculating Sohan’s share in the profits of 2006-2007 the profits should be taken to have accrued on the same scale as in 2005-2006, which were Rs 75,000
Prepare Sohan’s capital account and Revaluation account. – 6 M
Q.11 L and M share profits and losses in the ratio of 5:3 They admitted N into the firm for one fourth share in the profits to be contributed equally by L and M. On the date of admission the balance sheet of L and M is as follows:
Balance Sheet as at 31st March 2009
| Liabilities | Amount | Assets | Amount |
| L’s Capital | 30,000 | Machinery | 26,000 |
| M’s Capital | 20,000 | Furniture | 18,000 |
| Reserve fund | 4,000 | Stock | 10,000 |
| Bank Loan | 12,000 | Debtors | 8,000 |
| Creditors | 2,000 | Bank | 6,000 |
| | 68,`000 | | 68,000 |
Terms of N’s admission were as follows:
1. N will bring Rs 25,000 as his capital.
2. Goodwill of the firm is to be valued at 4 years purchase of the average super profits of the last three year average profits of the last three years are Rs 20,000; while the normal profits that can be earned on the capital employed are Rs 12,000
3. Furniture is to be revalued at Rs 24,000 and the value of stock to be reduced by 20%
Prepare Revaluation a/c, Capital a/c and Balance sheet after admission. – 8 M
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MODEL ANSWER
Ans.1 Provide service to the members or to the public at large in free of cost or at a very nominal prices.
Ans.2 In the absence of partnership deed, provision of partnership act 1956 will be applied i.e it will be shared equally.
Ans.3 Gain ratio = New profit sharing ratio – Old profit sharing ratio.
Ans.4 Pawan and Jayashree will sacrifice equally.
Ans.5 Balance sheet of Cosmos Club as on 31st March 2009
| Liabilities | Amt | Assets | Amt |
| Tournament fund 1,50,000 | | Tournament fund Investment | 1,50,000 |
| + Income from TFI 18,000 | | Interest accrued on TFI | 6,000 |
| +Int accrued on TFI 6,000 | | | |
| - Tournament expenses 12,000 | 1,62,000 | | |
| | | | |
Ans. 6 Journal entry
1. Realisation a/c Dr 12,000 2. A Capital a/c Dr 20,000
To Cash a/c 12,000 B Capital a/c Dr 8,000
To Deferred Advt Exp 28,000
2. B Capital a/c Dr 1200 4. Cash a/c Dr 2,000
To Realisation a/c 1,200 To Realisation a/c 2,000
Ans. 7
| | A | B | C | Total |
| Total Interest for three years | 30,000 | 24,000 | 21,000 | 75,000 |
| Loss to be debited | 25,000 | 25,000 | 25,000 | 75,000 |
| Difference to be adjusted | 5,000 | -1,000 | -4,000 | |
B’s Capital a/c Dr 1,000
C’s Capital a/c Dr 4,000
To A’s Capital a/c 5,000
Ans.8 Calculate gain / sacrifice ratio
X sacrifices 3 /10 , Y neither sacrifices nor gains and Z gains 3/10
Balance of P & L a/c Rs 24,000
Balance of Advt susp a/c Rs 12,000
Total profit to be adjusted Rs 12,000
Amt payable by Z to X = 12,000 x 3/10 = 3,600
Z’s Capital a/c Dr 3,600
To X’s Capital a/c 3,600
Ans 9. Income and Expenditure a/c of Sonia Club for the year ended 31st Dec 2006
| Expenditure | Amt | Income | Amt |
| To Salaries 3,30,000 | | By Subscription 6,60,000 | |
| + outstanding Salaries 30,000 | 3,60,000 | +pre-received last year 20,000 | 6,80,000 |
| To Depreciation of sports equipment | 50,000 | By Interest on investment | 40,000 |
| To Surplus | 3,10,000 | | |
| | 7,20,000 | | 7,20,000 |
Balance sheet as on 31st December 2006
| Liabilities | Amt | Assets | Amt |
| Outstanding Salaries | 30,000 | Cash In hand | 1,60,000 |
| Capital Fund 9,70,000 | | Investment | 5,00,000 |
| + Surplus 3,10,000 | 12,80,000 | Sports Equipment | 6,50,000 |
| | 13,10,000 | | 13,10,000 |
Balance sheet as on 31st December 2005
| Liabilities | Amt | Assets | Amt |
| Subscription received in advance | 20,000 | Cash in hand | 1,90,000 |
| Capital Fund *bal fig | 9,70,000 | Investment | 5,00,000 |
| | | Sports Equipment | 3,00,000 |
| | 9,90,000 | | 9,90,000 |
Ans 10. Revaluation a/c
| To Machinery | 10,000 | By Patents | 10,000 |
| To profit transferred to | | By Leasehold | 25,000 |
| Ram Capital a/c | 12,500 | | |
| Mohan Capital a/c | 7,500 | | |
| Sohan Capital a/c | 5,000 | | |
| | 35,000 | | 35,000 |
Sohan Capital a/c
| To Sohan’s Executor’s Loan a/c | 1,26,000 | By bal b/d | 75,000 |
| | | By Ram Capital a/c | 21,875 |
| | | By Mohan Capital a/c | 13,125 |
| | | By Revaluation profit a/c | 5,000 |
| | | By Profit and loss suspence a/c | 5,000 |
| | | By Worksmen compensation reserve a/c | 6,000 |
| | | | |
| | 1,26,000 | | 1,26,000 |
Ans 11 Revaluation a/c
| To Stock a/c | 2,000 | By Furniture a/c | 6,000 |
| To Profit transfer to | | | |
| L Capital a/c | 2,500 | | |
| M Capital a/c | 1,500 | | |
| | 6,000 | | 6,000 |
Capital a/c
| | L | M | N | | L | M | N |
| To L’s Capital | | | 4,000 | By bal b/d | 30,000 | 20,000 | --- |
| To M’s Capital | | | 4,000 | By Reserve fund | 2,500 | 1,500 | |
| To Bal b/d | 39,000 | 27,000 | 17,000 | By Reval profit | 2,500 | 1,500 | |
| | | | | By N’s Capital | 4,000 | 4,000 | |
| | | | | By Bank | | | 25,000 |
| | 39,000 | 27,000 | 25,000 | | 39,000 | 27,000 | 25,000 |
Balance Sheet as on ….
| Liabilities | Amount | Assets | Amount |
| L’s Capital | 39,000 | Machinery | 26,000 |
| M’s Capital | 27,000 | Furniture | 24,000 |
| N’s Capital | 17,000 | Stock | 8,000 |
| Bank Loan | 12,000 | Debtors | 8,000 |
| Creditors | 2,000 | Bank | 31,000 |
| | 97,000 | | 97,000 |
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ReplyDeletesir are there no working notes for 11
ReplyDeleteYes we have to show the working notes
ReplyDelete