Set- B 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.
Attempt all the questions. Group – A
Very Short Answer Questions. [11× 𝟏 = 𝟏𝟏]
Attempt all the Questions.
1. What do you mean by company?
2. What do you understand by over subscription?
3. Write the any two objectives of financial statement.
4. What is piece rate wages system?
5. Write the meaning of variable overhead.
6. Write about centralized purchasing system.
7. Write a meaning of indirect cost.
8. What are the sources of information in computerized accounting
system?
9. Prepare adjustment entry of provision for tax Rs. 25,000.
10. You are given the following information:
Particulars Year I Year II
Fixed assets 2,50,000 4,50,000
Investment 1,00,000 40,000
Required: Cash flow from investing activities (CFIA). (Ans: -140,000)
11. If annual requirements 60,000 units, ordering cost per order is
Rs. 10 and carrying cost is RS.1.20 then find out economic order
quantity. (Ans: EOQ = 1000 UNITS)
Group – B
Short Answer Questions [8× 𝟓 = 𝟒𝟎]
(Attempt All the Questions.)
12. A Co. Ltd. issued 15,000 shares of Rs. 100 each issued at 10 %
premium, payable Rs. 30 on application, Rs. 50 on allotment and first
& final call Rs. 30. A shareholder Mr. Karki who held 1500 shares
were fails to pay allotment & first and final call. His shares were
forfeited, out of these 500 shares were re-issued at Rs. 70 as fully paid.
Required): Journal entry for (1+1+1.5+1.5=5)
a. Share allotment b. Share first and final call
c. Share forfeiture d. Share re-issued & Transfer
 13. a) Seema Co. ltd took over the following assets & Liabilities of
Reema Co. Ltd at an agreed price of Rs. 540,000.
Furniture Rs. 4, 00,000 Machinery Rs. 200,000
Inventory Rs. 25,000 Debtors Rs. 50,000
Creditors Rs. 60,000 Outstanding expenses Rs. 5,000
The company paid the purchase consideration by issuing shares of
Rs. 100 each at 10 % discount. (Ans: Capital reserve 70,000)
Required): Journal entry for purchase of assets and issue of share (1+1=2)
B. Himal Co. Ltd issued 10,000, 10% debentures of Rs. 10 each at par and
redeemable at the end of 5th years at a premium of 10 % by converting
them into equity share of Rs. 100 each at 10 % premium.
Required: Journal entries for issue and conversion of debentures. [2+1]
14. a) Differentiate between store ledger and Bin card. (2)
b) The following are the store transactions for the month of March.
March: 1 Opening stock 800 units @ Rs 5 per unit
March 6: Purchased 1200 units @ Rs. 6 per unit
March 14: Issued 900 units
March 26: Returned from work place 200 units
March 28: Stock verification found surplus 20 units
Required: Store Ledger under FIFO Method
(Ans: 1,020 units @ Rs. 6) (3)
15. The Trial Balance of Acer Co. as on 31st Dec, 2020 is given below:
Particulars Rs. (Dr.) Particulars Rs. (Cr.)
Opening stock 120,000 Sales revenue 3,60,000
Account receivable 50,000 Share Capital 2,00,000
Bad debt 2,000 Creditors 30,000
Wages & salary 50,000 Discount received 20,000
Interest paid 3,000 Purchase return 5,000
Purchase 250,000 10 % bank loan 50,000
Furniture 125,000
Discount on sales 10,000
Legal charged 20,000
Office rent 35,000
Total 6,65,000 Total 6,65,000
Additional information:
a. Closing stock Rs. 190,000 b. Office rent due of two months.
c. Deprecation on furniture @ 10 % d. provision for tax @ 20 %
Required: Income statement under company act, 2063 (5)
(Ans: Tax 12,700 net income 50,800)
16. The Trail Balance of a company as on 31st dec., 2021 is given below:
Particulars Dr. Rs Particulars Cr. Rs
Opening stock 1,00,000 Share Capital 3,00,000
Purchases 2,00,000 Profit and loss app. a/c 20,000
Land and building 4,00,000 Creditors 50,000
Debtors 60,000 Sales Revenue 5,40,000
Wages 80,000
Salaries 70,000
Total 9,10,000 Total 9,10,000
Additional information:
a) Appreciation on Land & building @ 10%
b) Proposed dividend @ 10%
c) Bad debt written off Rs. 5,000
Required: Worksheet
(Ans: N.P 125,000 Surplus 115,000 B/S 495,000) (5)
17. Mention the limitations of financial accounting with its definition.
(4+1)
18. a) The following information are given:
Standard time to produce one unit : 15 minutes
Wages rate per hour : Rs. 120
Output per year : 8,000 units
Required: Total wages for the year under time rate system. (2)
(Ans: Total wages Rs. 240,000)
b) Net Profit as per profit and loss a/c of a Trader was Rs. 35,000.
On reconciliation the following differences were notice:
i) Work overheads recorded in financial account Rs. 15,000 but
in cost sheet Rs. 12,000.
ii) Dividend received recorded in financial account only Rs. 5,000.
iii) Closing stock over valued in cost accounting by Rs. 5,000.
Required: Cost reconciliation statement (Ans: 38,000) (3)
19. What is computerized accounting? Explain any three limitations of
computerized accounting system. (2+3 =5)
OR,
Describe the features of accounting software with its definition. (3+2)
Group – C [3× 𝟖 = 𝟐𝟒]
Attempt All the Questions.
20. The company balance sheet for two years have been given below:
Liabilities 2019 (Rs.) 2020 (Rs.) Assets 2019 (Rs.) 2020 (Rs.)
Share Capital 6,90,000 10,90,000 Building 8,50,000 13,20,000
10 % Debenture 2,00,000 1,00,000 Stock 160,000 1,20,000
P/L App. a/c. 2,50,000 3,00,000 Debtors 2,00,000 2,20,000
Account payable 1,50,000 2,00,000 Goodwill 40,000 10,000
Creditors 100,000 80,000 Cash 140,000 100,000
Total 13,90,000 17,70,000 Total 13,90,000 17,70,000
Income Statement for the year ending:
Particulars Amount (Rs.)
Sales 200,000
Less: Cost of sales 60,000
Gross profit 140,000
Less: Operating expenses
(Including interest Rs. 15,000 and depreciation Rs. 50,000
10,000)
Net profit before tax 90,000
Less: Tax paid 25,000
Net profit after tax 65,000
Other information
a. Purchases of fixed assets Rs. 500,000 and sales of fixed Rs. 25,000 with
gain Rs. 5,000.
b. dividend paid Rs. 15,000
Required: Cash flow statement using indirect method [4+1+2+1]
[Ans: CFOA 150,000 CFIA (475,000) CFFA 285,000]
21. Trial Balance of Auto Co. Ltd. as on 31st Dec., 2021 is given below:
Particulars Rs. (Dr.) Particulars Rs. (Cr.)
Opening stock 100,000 Share Capital 2,00,000
Purchases 300,000 Sales revenue 4,50,000
Travelling expenses 20,000 10 % Debenture 100,000
Wages 40,000 Creditors 40,000
Sundry expenses 25,000 Rent received 8,000
Office expenses 30,000 Bank overdraft 13,000
Commission paid 10,000 Retained earning 30,000
Cash & bank balance 66,000
Plant & machinery 2,00,000
Debtors 50,000
Total 8,41,000 Total 8,41,000
Additional information:
a. Closing Stock valued Rs. 170,000 b. Depreciate machinery by 10 % p.a
 c. Bad debts written off Rs. 5,000 d. Outstanding wages Rs. 10,000
e. Income tax @ 30 % f. proposed dividend @ 20 %
Required: a. Multi-step Income statement b. Classifies Balance sheet(5+3)
(Ans: COGS 280,000 G.P 170,000 G.Exp. 75,000 S.Exp. 35,000
Tax 17,400 NI 40,600 closing R/E 30,600 B/S 461,000)
OR,
The Trial Balance of Shiva Co. Ltd. as on 31st Dec., 2022 is given below:
Particulars Rs. (Dr.) Particulars Rs. (Cr.)
Opening stock 173,000 Share Capital 2,25,000
Purchases 2,40,000 Sales 5,30,000
Account receivable 100,000 12 % Debenture 100,000
Free of sample 15,000 Creditors 25,000
Good will written off 5,000 Acc. dep. on building 20,000
Wages 60,000 Purchases return 5,000
Interest paid 10,000 Other income 25,000
Biological assets 90,000 (Ans: COGS 358,000
Building 2,00,000 G.P 172,000
Insurance premium 22,000 N.P 100,000
Prepaid expenses 15,000 B/S 472,000)
Total 9,30,000 Total 9,30,000
Additional information:
a. Closing Stock valued Rs. 1, 10,000 b) Depreciate building by 10 % p.a
c. Bad debts written off Rs. 10,000 d) prepaid insurance Rs. 5,000
e. Provision for tax Rs, 20,000
Required: a. Statement of profit or loss.
b. Statement of financial position. (4+4)
22. Cost information of a manufacturing company are given below:
Direct materials Rs. 200,000 Direct Wages Rs. 100,000
Work overheads Rs. 50,000 Administrative expenses Rs. 70,000
Selling expenses Rs. 35,000
Following cost estimation were made for submitting the tender.
Cost of materials Rs. 120,000
Direct labor cost Rs. 80,000
Overheads are to be allocated as under:
a) Factory overhead on the basis of direct wages.
b) Office and selling overheads on the basis of factory cost.
c) Net profit 20 % on tender price.
Required: a) Cost sheet b) Tender sheet (3+5=8)
(Profit 78,000 and Tender price 390,000)
Best of luck