HISSAN – Grade XII Pre- Board Examinations 2078

1. Sub Code: 224
HISSAN – Grade XII
Pre- Board Examinations 2078
Accountancy
Program: Management
Time: 3.00 hrs F.M:100
Candidates are required to give their answers in their own words as far as
practicable. The figures in the margin indicate full marks.
Attempt ALL the questions.
1. Write briefly the features of Private Company. [3]
2. Define Preference Shares and list out the different types of Preference Shares. [2]
3. Name any three parties which are interested in Financial Statement and write why
they are interested. [3]
4. State any two limitations of Ratio Analysis. [2]
5. Mention any three differences between Cost Accounting and Financial Accounting.
[3]
6. Define Variable Cost with appropriate example. [2]
7. Clarify the meaning of labour cost control [2]
8. Write the meaning of allocation and apportionment of overhead with suitable
example. [3]
9.A company Ltd. issued 10,000 equity shares of Rs. 10 each payable at Rs. 2 on
application, Rs. 3 on allotment and balance when required. Applications were
received for 20,000 shares and allotment were made in the following manner.
Group Share Applied Share Allotted
X 5,000 5,000
Y 10,000 5,000
Z 5,000 Nil
According to the terms of issue, the surplus application money could be kept by
the directors to be used against money due on allotment. One shareholder Mr. A
to whom 500 shares were allotted ( Group Y), failed to pay the allotment money.
Required: Journal Entries for Application and Allotment [2+3=5]
10. A company limited issued 2,000 shares of Rs. 100 each at Rs. 80 fully paid. Out of
these shares, 200 shares held by a shareholder were forfeited by the directors for
non-payment of final call money @ Rs. 20 per share. Assume that these shares
were re-issued at Rs. 80 Per share
Required: Journal Entries for forfeiture, re- issue and transfer [1+2+1=4].
11. A Ltd. took over the following assets and liabilities at an agreed purchase price of
Rs. 5,50,000 :
Machinery Rs. 4,00,000
Sundry debtors Rs. 1,00,000
Furniture Rs. 1,50,000
Bank loan Rs. 1,60,000
The company paid the purchase consideration by issuing shares of Rs. 100 each at
10% premium.
Required: Entries for purchase and assets of liabilities [3]
12. B Ltd. Issued 10,000, 7% debentures of 100 each at 10% premium. They were
redeemed at 5% discount after 9 years.
Required: Journal Entries for issue and Redemption of Debentures [4]
13.The following is the Trial balance extracted on 31st. Chaitra:
Particulars Dr. (Rs.) Particulars Cr. (Rs.)
Fixed assets 4,00,000 Share capital 2,00,000
Cash 20,000 Commission 5,000
Wages and salary 40,000 Profit & Loss account 40,000
Carriage outward 10,000 Sales 9,45,000
Telephone 30,000 7% Debentures 1,00,000
Sundry expenses 40,000 Bills payable 50,000
Closing stock 50,000 Provision for bad debts 10,000
Opening stock 1,20,000 Purchase return 10,000
Purchases 5,40,000
Discount 10,000
Stationery 20,000
Debtors 80,000
13,60,000 13,60,000
Additional information:
(a) Wages due Rs. 5,000
(b) Depreciation on fixed assets @10%
(c) Write off bad debts Rs.2,000.
(d) Commission received in advance Rs.1,000
(e) Directors proposed dividend @ 10% on share capital.
Required: (i) Trading Account. (ii) Profit and Loss Account.
(iii) Profit and Loss Appropriation Account.
(iv) Balance Sheet. [3+4+1+4=12]

2. 14. The Trial Balance of a companyas on 31st. Chaitra 2077 is as under:
Particulars Dr. (Rs.) Particulars Cr. (Rs.)
Opening stock 50,000 Share Capital 2,00,000
Machinery 2,00,000 P/L app. account 30,000
Salary 20,000 10% Loan 50,000
Purchases 6,50,000 Sales 8,00,000
Tax paid for last year
Debtors
10,000
1,20,000
Provision for tax for
last year 20,000
Wages 20,000
Cash and bank 30,000
11,00,000 11,00,000
Additional information:
(a) Outstanding salary of Rs.2,000
(b) Depreciation on Machinery by @ 5%
(c) Proposed dividend @ 10%
Required: (a)Adjustment entries.(b) Work Sheet. [2+6=8]
15.The following information are given:
Stock Rs. 50,000 Pre- paid expenses Rs. 5,000
Bills payable Rs. 30,000 Fixed Assets Rs. 1,25,000
Debtors Rs. 20,000 Debtors Turnover 10 Times
Cash Rs. 25,000 Gross Profit Rs. 20,000
Provision for tax Rs. 20,000
Required : (i) Current Ratio
(ii) Quick Ratio
(iii) Sales
(iv) Fixed Assets Turnover Ratio
(v) Gross Profit Margin [5]
16. The following details are provided:
Net profit for the year Rs. 60,000
Loan taken Rs. 40,000
Tax paid Rs. 5,000
Purchased of fixed assets Rs. 50,000
Goodwill written off Rs. 5,000
Depreciation Rs. 10,000
Sale of investment Rs. 15,000
Interest received Rs. 10,000
Dividend paid Rs. 5,000
Required (a) Funds from operation. (b) Funds flow statement. [3+2=5]
17. The following is the position of assets and liabilities of a company:
Opening (Rs.) Closing (Rs.)
Sundry Creditors 1,20,000 1,50,000
Accounts payable 75,000 50,000
Inventories 1,65,000 1,25,000
Sundry debtors 80,000 1,10,000
Share capital 4,00,000 5,00,000
Share premium 40,000 50,000
Debentures 2,00,000 1,50,000
Cash balance 1,65,000 1,00,000
Additional information:
(a) Sales during the year Rs. 9,50,000.
(b) Cost of goods sold Rs.6,90,000.
(c) Operating expenses Rs.1,25,000 (Including depreciation Rs. 20,000 and
interest Rs.10,000)
(d) Dividend paid Rs.10,000
(e) Premium on redemption of debentures @10%
(f) Fixed assets, of which the book value was Rs. 60,000 has been sold at a gain
of Rs. 10,000 and purchase of fixed assets in the year was Rs. 3,50,000.
Required : Cash Flow Statement. [5+2+2+1=10]
18. The following informationis given:
Magh 1: Opening stock 500 units @ Rs.10 per unit
Magh 5: Purchase1,000 units @ Rs.11 per unit
Magh 9: Issued 1,200 units
Magh 13: Return to vendor 50 units
Magh 21: Purchase700 units @ Rs.12 per unit
Magh 27: Stock verification and found shortage 40 units.
Required: Store ledger under LIFO method. [5]
19. Following information are given in respect of material:
Annual requirement 10,000 units
Cost per unit Rs. 3
Carrying cost per unit 10% of average inventory
Insurance Rs. 0.10 per unit
Ordering cost Rs. 80 per order.
Required: Economic order Quantity. [2]

3. 20. Following information is given in relating to wages:
Normal rate per hour Rs. 150
Normal time per unit 10 minutes
Output completed by a worker 200 units
Required: Total wage payable. [2]
21. The cost details for 2,000 units production in last year was as under:
Raw material Rs. 4,00,000
Wages Rs. 2,00,000
Factory overheads Rs. 1,00,000
Office overheads Rs. 70,000
Selling expenses Rs. 35,000
Profit 20% on selling price
The manufacturer decided to produce 500 units this year. It is estimated that:
(a) Materials cost will be increased by 10%.
(b) The rate of profit will remain the same.
Required: (a) Cost sheet. (b) Tender sheet. [3+7=10]
22. While comparing the Cost Accounting statement with Financial Accounting
Statement, the following facts were disclosed:
Particulars Cost A/C Rs. Financial A/C Rs.
Net Profit 1,10,000 ?
Depreciation 50,000 60,000
Office Overhead 40,000 25,000
Closing Stock 1,20,000 1,40,000
Interest received x 10,000
Required: Reconciliation statement between financial and cost account. [5]
THE END