Set-A Sub.

Code: 1041

Pre- Board Exam model set - 2080 (2024)

Accounting - II
Grade: XII Full Marks: 75
Time: 3 hrs. Pass Marks: 30
Candidates are required to give their answers in their own words as far as practicable.
The figures in the margin indicate full marks.
Group – A
Very Short Answer Questions. [11× 𝟏 = 𝟏𝟏]
Attempt all the Questions.
1. Write any two features of company.
2. What do you mean by pro-rata allotment?
3. What are the components of financial statement?
4. What is centralized purchasing system?
5. Write the meaning of allocation of overhead.
6. List out any two duties & responsibilities of store-keeper.
7. What is time rate wages system?
8. State any two features of Tally softwarew.
9. Prepare adjustment entry of prepaid insurance Rs. 5,000.
10. From the following information calculate cash flow from operating
activities under indirect method.
Net income for the year Rs. 150,000
Decreases in current Assets Rs. 15,000
Appreciation on land and building Rs.10,000 (Ans: CFOA = 155,000)
11. If maximum consumption is 2000 units and maximum lead time is 20 days
then find out re-order level (ROL). (Ans ROL= 40,000)
Group – B [8× 𝟓 = 𝟒𝟎]
(Attempt All the Questions.)
12. ABC Co. Ltd. invited application for 30,000 equity shares of Rs. 10 each at
10 % discount. The amount was payable as under: (1.5+2+1.5=5)
On application Rs. 3 On allotment Rs. 4 On first call & final call Balance
Applications were received for 50,000 shares and allotment was made as
To the applicants for 15,000 shares – full
To the applicants for 30,000 shares – 15,000 shares
To the applicants for 5,000 shares – Nil
Money over paid on application was utilized on allotment and calls money.
All shares money received on time except one share holder who held 200
shares did not paid allotment and call money.
Required: Journal Entries for:
a) Share application b) share allotment c) share first and final call.
(Ans: Bank 150,000, 74,800, 59,600 calls in arrears 600)
 OR,
B Co. Ltd. issued 5,000 shares of Rs. 100 each issued at 10 % Premium,
payable Rs. 40 on application, Rs. 50 on allotment and first & final call
Rs. 20. A shareholder Mr. Karki who held 500 shares were fails to pay first
and final call. His shares were forfeited, out of these 300 shares were re-
issued at Rs. 80 as fully paid. (Ans: forfeiture 40,000 Transfer 18,000)
Required: Journal entry for (1.5+1.5+1+1=5)
a. Share final & final call b. Share forfeiture c. Share re-issued & Transfer
13. a) XYZ Co. ltd took over the following assets & Liabilities of ABC Co. Ltd.:
Plant and Machinery Rs. 3,50,000
Furniture Rs. 100,000
Prepaid expenses Rs. 20,000
Sundry creditors Rs. 60,000
The company paid the purchase consideration by issuing 4,000 shares of
Rs 100 each at 10 % premium. (Ans: Goodwill Rs. 30,000)
Required): Journal entry for purchase of assets and issue of share (1+1=2)
b) C&C co. ltd. issued 500, 10 % debentures of Rs 1000 each at 10 %
Discount and redeemable at 10 % premium after 5th years.
Required: Journal entries for issue and redemption of debenture (1+2=3)
14. The Trial Balance of Eicher Co. as on 31st Dec, 2020 is given below:
Particulars Rs. (Dr.) Particulars Rs. (Cr.)
Purchases 160,000 Sales revenue 2,55,000
Debtors 80,000 Share Capital 1,50,000
Wages 30,000 Commission received 40,000
Opening stock 150,000 Purchase return 5,000
Machinery 250,000 10 % debenture 50,000
Factory expenses 10,000 (Ans: G.P 100,000
Salary 50,000 & N.P 24,000
Office rent 20,000 TAX 6000)
Total 4,45,000 Total 4,45,000
Additional information:
a. Closing stock Rs. 190,000 b. Salary for the year Rs. 60,000
c. Deprecation on machinery @ 10 % d. provision for tax @ 20 %
Required): a. Trading Account b. Profit and loss Account (2+ 3=5)
15. The unadjusted Trial Balance of Excel Co. as on 31st Chaitra, 2077 is
given below:
Particulars Rs. (Dr.) Particulars Rs. (Cr.)
Cash & bank 60,000 Sales revenue 2,45,000
Goodwill 100,000 Share Capital 1,50,000
Salary 35,000 10 % bank loan 50,000
Opening stock 50,000 (Ans: N.P170,000&Surplus155,000
Land & building 200,000 balance sheet 375,000)
Total 4,45,000 Total 4,45,000
 Additional information:
a. Goodwill written off Rs. 5,000 b. proposed dividend @ 10 %
c. Appreciate land and building by 10 % p.a
Required: Worksheet (5)
16. Mention the objectives of financial accounting with its definition. (3+2)
17. a) Mention any two differences between store ledger and bin card. (2)
b) The following are the store transactions for the month of Marga.
Marga 1 : Opening stock 500 units @ Rs. 15
Marga 10 : Purchase 1500 units @ Rs. 16
Marga 22 : Purchase 1100 units @ Rs. 16.5
Total sales during the month of Marga 2,500 units
Required: Cost of ending inventory and cost of goods sold using LIFO
method under periodic inventory system. (3)
(Ans: closing inventory = 9,100 and COGS = 40,550)
18. a) The following particulars are given:
Normal wages rate per hour Rs. 200
Standard time require to produce one unit is 45 minutes
Output by 'Gita = 1,000 units (Ans: Rs. 150,000)
Output by 'Manisha' = 2,000 units (Ans: Rs. 300,000)
Required: Total wages payable to Gita and Manisha under piece rate (2)
b) The following information are provided:
i. Net loss shown by cost accounting Rs. 45,000
ii. Undervalued of closing stock in financial accounting Rs. 15,000
iii. Selling overheads over recorded in cost accounting by Rs. 30,000
iv. Interest credited in financial accounting Rs. 40,000
Required: Cost reconciliation statement (Ans: N.P Rs. 10,000) (3)
19. What is computerized accounting system? Explain any three advantages of
computerized accounting system. (2+3 =5)
OR,
Describe the Application of accounting software. (5)
Group – C
Attempt all the Questions. [3× 𝟖 = 𝟐𝟒]
20. The Trial Balance of TATA Co. as on 31st Dec., 2021 is given below:
Particulars Rs. (Dr.) Particulars Rs. (Cr.)
Opening stock 120,000 Share capital 3,50,000
Purchases 250,000 Sales Revenue 4,25,000
Carriage on sales 20,000 10 % bank loan 100,000
Wages 60,000 Bills payable 60,000
Purchases expenses 10,000 Bad debt recovered 24,000
Salary 55,000 Interest received 6,000
Prepaid insurance 12,000 Outstanding expenses 2,000
Rent of warehouse 7,000
Cash balance 53,000
 Vehicles 2,50,000 G.P 185,000 , G. exp. 87,000
Debtors 80,000 S. exp 31,000 tax 17,400 NI 69,600
Trade mark 50,000 B/S 614,000
Total 9,67,000 Total 9,67,000
Additional information:
a) Closing Stock valued Rs. 200,000 b) Depreciate Vehicles by 10 % p.a
c) Bad debt written off @ 5 % d) Provision for tax @ 20 %
e) Salary for the year Rs. 60,000 f. Prepaid insurance expired Rs. 2,000
Required: a. Multi-step Income statement b. Classified Balance sheet (5+3)
OR,
The Trial Balance of Tisha Company as on 31st Chaitra, 2077 is given below:
Particulars Rs. (Dr.) Particulars Rs. (Cr.)
Opening stock 60,000 Share Capital 3,15,000
Purchases 175,000 Sales 4,50,000
Copy right 25,000 10 % Bank loan 50,000
General expenses 50,000 Account payable 25,000
Discount 5,000 Transfer fees received 15,000
Wages 90,000 Profit and loss app. 15,000
Interest paid 5,000 Ans: COGS 195,000 GP 255,000
Land and building 100,000 Net income 100,000
Plant and machinery 2,00,000 Balance sheet 562,500
Advertising expenses 60,000
Livestock 100,000
Total 8,70,000 Total 8,70,000
Additional information:
a) Closing Stock valued Rs. 130,000 b. Copy right written off @ 10 %
b) Appreciate land & building by 10 % p.a d. Provision for tax Rs. 57,500
Required: a. Profit or loss statement based on NFRS
b. Statement of financial position based on NFRS (5 + 3)
21. The balance sheet of a company as on Chaitra 31, are as follows:
Liabilities 2070 (Rs.) 2071 (Rs.) Assets 2070 (Rs.) 2071 (Rs.)
Share capital 6,65,000 8,65,000 Machinery 7,00,000 9,00,000
Profit and loss a/c 50,000 1,25,000 Cash balance 100,000 150,000
10%, Debentures 100,000 50,000 Debtors 40,000 70,000
Outstanding expenses 25,000 40,000 Prepaid expenses 20,000 15,000
Creditors 60,000 1,20,000 Inventory 40,000 65,000
Total 9,00,000 12,00,000 Total 9,00,000 12,00,000
Additional Information: (Ans: CFOA 130,000 CFIA -210,000 CFFA 130,000)
a. Sales for the year Rs. 6, 00,000. b. Cost of sale Rs. 4, 20,000.
c. Operating expenses Rs. 75,000 including interest paid Rs. 15,000.
d. Machinery costing Rs. 30,000 was sold at gain Rs. 5,000.
e. Purchase of machinery Rs. 245,000. f. Dividend distributed Rs. 20,000.
Required: Cash flow statement using direct method (4+2+2)
22. Cost information of a manufacturing company are given below.
Detail Opening Stock Closing Stock
Raw material Rs. 100,000 Rs. 90,000
Work in progress (WIP) Rs. 30,000 Rs. 55,000
Finished goods 5,000 units 2,000 units
Material purchased Rs. 400,000
Manufacturing wages Rs. 120,000
Non- productive wages Rs. 12,000
Factory Rent Rs. 80,000
Carriage on purchases Rs. 15,000
Carriage outward Rs. 12,000
Office rent and Taxes Rs. 23,000
Rent of warehouse Rs. 8,000
Depreciation of machinery Rs. 12,000
Tax paid Rs. 5,000
Sales of scrap Rs. 7,000
Sales for the year 13,000 units
Required
a) Prime cost b) Factory Cost c) Cost of Production
d) Cost of goods Sold e) Profit 10 % on cost price
(Ans: Prime cost 545,000 F.C 617,000 Cost of production 640,000
cost of goods sold 832,000 total cost 852,000 profit 85,200)

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