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ULTIMATE Sample Paper 2

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23 views

ULTIMATE Sample Paper 2

Uploaded by

shayarpalbhar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Book Recommended ------ Ultimate Book of Accountancy Class 12th

Sample paper – 2
Designed by Dr. Vinod Kumar
Author of Ultimate Book of Accountancy

BEST ACCOUNTANCY BOOK


FOR
TERM – 2
AVAILABLE ON AMAZON

Strictly As per CBSE Pattern

Part -1 (Accounting for Not-for-Profit organisations,


Partnership firms and Companies)
Book Recommended ------ Ultimate Book of Accountancy Class 12th
Book Recommended ------ Ultimate Book of Accountancy Class 12th
Book Recommended ------ Ultimate Book of Accountancy Class 12th

OR

X, Y and Z were partners sharing profits in the proportion to their fixed capitals.
Their Balance Sheet as at March 31, 2021 was as follows:

Liabilities Amount Assets Amount


Capitals: X 5,00,000 Land & Building 6,00,000
Y 3,00,000 Plant & Machinery 2,00,000
Z 2,00,000 10,00,000 Stock 9,000
Current A/cs: Debtors 15,000
Y 60,000 Less: Provision for
Z 40,000 1,00,000 Doubtful Debts 1,500 13,500
General Reserve 75,000 Bank Balance 21,000
Creditors 23,000 X’s Loan 35,500
Outstanding Salaries (to Staff) 7,000 X’s Current A/c 1,00,000
Y’s Loan 15,000 Profit & Loss A/c (for the year 2,41,000
Source: ending 31.3.2021)
Ultimate Book of Accountancy
12,20,000 12,20,000
On the above date Z retired from the firm on following terms:

(i) Land and Building undervalued by 20% and Plant & Machinery overvalued by 25%.
Provision for doubtful debts will be maintained at 5% of the Debtors.

(ii) Goodwill of the firm to be valued at two year’s purchase of the average profits of last
3 years. the profits for the year ended 31st March 2019 and 31st March 2020 were Rs.
4,00,000 and Rs. 3,00,000 respectively. Source: Ultimate Book of Accountancy.

(iii) X agree to repay his loan. The loan repaid by X was to be utilized to pay Z. The
Balance (if any) will be transferred to his loan account.

Prepare Revaluation Account, Partners Current Accounts and Capital Accounts.


Book Recommended ------ Ultimate Book of Accountancy Class 12th

9. Following information is provided by Vinod Welfare Club as on 31st March 2021: [5]

Receipts Amount Payments Amount


To Balance b/d: By Furniture 70,000
Cash 10,000 By Salaries 80,000
Bank 19,000 By Sports Equipment 1,00,000
To Subscription: By Paid for Medicines 4,50,000
For 2019-20 30,000 By Telephone Expense 1,000
For 2020-21 4,00,000 By Insurance Premium 19,000
For 2021-21 70,000 5,00,000 By Stationery 10,000
To General Donation 70,000 By Balance c/d:
To Entrance Fees 54,000 Cash 24,000
To Life Membership Fees 20,000
To Legacy (specific) 62,000
To Sale of Sports Equipment 16,000 Source:
(Book Value Rs.15,000) Ultimate Book of
To Bank Overdraft 3,000 Accountancy
7,54,000 7,54,000
Additional Information:
(i) Balance of Sports Equipment on 1st April 2020 was Rs.60,000.
(ii) There are 1000 members each paying Rs.500 annual subscription. Subscription in arrears in the
beginning of current year Rs.40,000. Subscription received in advance in the beginning of the current
year Rs.80,000. Source: Ultimate Book of Accountancy
(iii) Information about Medicines:
Particulars 2020 2021
Stock of Medicines 1,25,000 90% more than opening stock
Creditors for Medicines 50,000 50% of the opening creditors
Prepare income and expenditure account and Balance Sheet.

Part-B
(Analysis of Financial Statements)

10. From the following information, find out Cash Flow from Financing Activities: [2]
Particulars 2021 2020
Long Term Borrowings:
12% Debentures 3,00,000 2,00,000
Source: Ultimate Book of Accountancy
Other Current Liabilities:
12% Debentures (Maturity of long-term debts) ---- 50,000

Additional Information:
Debentures were redeemed on 30th June 2020 and fresh debentures were issued on 1st
December 2020.
Book Recommended ------ Ultimate Book of Accountancy Class 12th

11. Following details provided by Vinod Ltd., for the year ended 31st March 2021: Source:
Ultimate Book of Accountancy
Particulars 31.3.2021 31.3.2020

Revenue from operations 24,00,000 18,00,000

Other incomes 15% of Revenue from 25% of Revenue from


operations operations

Expenses 60% of Revenue from 50% of Revenue from


Source: Ultimate Book of Operations Operations
Accountancy

Tax Rate 40% 40%

Prepare Comparative Statement of Profit & Loss. [3]

OR

From the following Balance Sheet of Vinod Ltd. as at 31st March, 2021, prepare a
Comparative Balance Sheet:
Particulars Note 31st March 31st March
No. 2021 2020
I. EQUITY AND LIABILITIES
1. Shareholders’ Funds
(a) Share Capital 20,00,000 15,00,000
(b) Reserve and Surplus 3,00,000 4,00,000
2. Non-Current Liabilities
Long-term Borrowings 9,00,000 6,00,000
3. Current Liabilities
Trade Payable 3,00,000 2,00,000
Total 35,00,000 27,00,000
II. ASSETS
1. Non-current Assets
Property, Plant and Equipment (Fixed Assets):
(i) Tangible Assets 20,00,000 15,00,000
(ii) Intangible Assets 9,00,000 6,00,000
2. Current Assets
(a) Inventories 3,00,000 4,00,000
(b) Cash and Cash Equivalents 3,00,000 2,00,000
Total 35,00,000 27,00,000

12. From the following Extract of the Balance Sheet of Vinod Ltd., taking into consideration the additional
information, you are required to calculate the amounts of the following items to be shown in the
company’s Cash Flow Statement for the year 2019-20:

(i) Fixed Assets Purchased


(ii) Fixed Assets Sold
(iii) Gain/Loss on sale of Fixed Assets
(iv) Depreciation charged on Fixed Assets
Book Recommended ------ Ultimate Book of Accountancy Class 12th

Particulars 31.3.2020 31.3.2019


Fixed Asset (Gross) 6,00,000 4,90,000
Additional Information:
(i) The provision for depreciation on fixed assets stood at Rs.1,40,000 on 31st March, 2019 and
Rs.1,80,000 on 31st March 2020.
(ii) During the year 2019-20, a fixed asset costing Rs.60,000 (book value Rs.30,000) was sold for
Rs.20,000 [5]

BEST ACCOUNTANCY BOOK ---- ULTIMATE BOOK OF ACCOUNTANCY

Dear students you can clear your doubts directly with the author
[email protected]

For complete video explanation please subscribe and like this you tube channel
Satish Accounts Classes
https://www.youtube.com/channel/UC7toINCyS7JvJ7ZUGdKEpxg

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