CBSE Class-12 Accountancy: Questions 1 - 3 of 209

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Question number: 1

» Analysis of Financial Statements » Financial Statements of a Company

Essay Question▾

Describe in Detail

Following are the brief particulars of cash transactions of Geeta Pustakalaya Allahabad for the year ended 31st December 2002.

Receipts and Payment account

showing the element included in receipt and payment account

Receipts

amount

payment

amount

To balance b/f

1319

By rent and rates

168

To entrance fees

255

By wages

245

To subscriptions

1600

By lighting

72

To donation

165

By lecturers fee

435

To life membership fee

250

By books

213

To interest

14

By office expenses

450

To profit on entertainment

42

By 3 % fixed deposits (1.7. 2002)

800

By bank balance

242

By cash in hand

1020

3645

3645

Library has books worth Rs. 2, 000 and furniture worth Rs. 850 in the beginning of year. Outstanding subscription was Rs. 35 in the beginning of year and Rs. 45 at the end of year. Outstanding rent was Rs. 60 in the beginning as well as at the end of year. Charge depreciation Rs. 50 on Furniture and Rs. 113 on Books.

Required: from the above particulars prepare Income and Expenditure Account and Balance Sheet of Pustakalaya as on 31st December 2002.

Explanation

Income and Expenditure account

shows income and expenditure for the year ending 31st December, 2002.

Particulars

amount

particular

amount

To rent

168

By subscription

1600

To rent

60

Add: outstanding

45

Less: of previous year

60

168

Less: of previous year

35

1610

To wages

245

By interest

14… (147 more words) …

Question number: 2

» Cash Flow Statement

One Liner Question▾

Write in Brief

Determine the activities classified under cash flow statement.

Question number: 3

» Accounting for Partnership Firms » Partnership

Essay Question▾

Describe in Detail

A, Band C were partners in a firm sharing profits equally: Their Balance Sheet on. 31.12. 2007 stood as:

Balance sheet as on 31st december, 2007.

shows assets and liabilities of the firm at the end of the year

Liabilities

Rs.

Assets

Rs.

A

30, 000

Goodwill

18, 000

B

30, 000

Cash

38, 000

C

25, 000

Debtors

Less: Bad Debt provision

43, 000

3, 000

40, 000

Bills payable

20, 000

Bills Receivable

25, 000

Creditors

18, 000

Land and Building

60, 000

Workers Compensation Fund

8000

Plant and Machinery

40, 000

Employees provide4nt Fund

60, 000

General Reserve

30, 000

2, 21, 000

2, 21, 000

It was mutually agreed that C will retire from partnership and for this purpose following terms were agreed upon.

  1. Goodwill to be valued on 3 years’ purchase of average profit of last 4 years which were 2004: Rs. 50, 000 (loss); 2005: Rs. 21, 000; 2006: Rs. 52, 000; 2007: Rs. 22, 000.
  2. The Provision for Doubtful Debt was raised to Rs. 4, 000.
  3. To appreciate Land by 15%.
  4. To decrease Plant and Machinery by 10%.
  5. Create provision of Rs; 600 on Creditors.
  6. A sum of Rs. 5, 000 of Bills Payable was not likely to be claimed.
  7. The continuing partners decided to show the firm’s capital at 1, 00, 000 which would be in their new profit sharing ratio which is 2: 3. Adjustments to be made in cash.

Make necessary accounts and prepare the Balance Sheet of the new partners.

Explanation

revaluation account of the firm

shows re-valuated amount of assets and liabilities

Particulars

Rs.

Particulars

Rs.

To Provision for Debts A/c

1, 000

By Land A/c

9, 000

To Plant & Machinery A/c

4, 000

By Provision on Creditors A/c

600

To Profit transferred to

A’s Capital A/c

B’s Capital… (248 more words) …

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