ACCOUNTANCY MONTHLY TEST (OCTOBER 2016)
CLASS – XII-D TIME ALLOWED – 90 MINUTES
MAX. MARKS – 40 DATE – 24TH OCTOBER 2016
Q1. What is a contingent liability? Where is it shown in the balance sheet? [1]
Q2. Mention any one transaction that cause change in liquid ratio, but no change in current
ratio. [1]
Q3- A company has a current ratio of 4:1 and Quick ratio is 2.5:1. Assuming that the inventories are
Rs.22,500, find out total current assets and current liabilities. [3]
Q4- Ajay Ltd. was registered with an authorised capital of Rs. 1,20,00,000 divided into equity shares of Rs.
100 each. The company issued 6,000 equity shares as fully paid up to the vendor for purchase of building
and 50,000 were subscribed to the public. All the calls were made and were duly received except the second
and final call off Rs. 20 per share on 700 shares. Show how share capital will appear in the balance sheet of
the company, also prepare notes to accounts. [3]
Q5- Shri Ganesh Ltd. wants to make a comparative study of their income and decide to donate 20% of their
increased income for martyrs of Uri.
Particulars 2015 2016
Revenue from Operations 20,00,000 30,00,000
Expenses 14,00,000 19,50,000
Other Incomes 2,00,000 3,00,000
Income Tax 50% 50%
Prepare a Comparative Income Statement. [4]
Q6- From the following calculate:
(a) Operating Profit Ratio
(b) Working Capital Turnover Ratio.
(i) Revenue from Operations ……………… Rs. 2,00,000
(ii) Gross Profit ……………………………………. Rs. 75,000
(iii) Office Expenses …………………………….. Rs. 15,000
(iv) Selling Expenses …………………………….. Rs. 26,000
(v) Interest on Debentures …………………. Rs. 5,000
(vi) Accidental Losses……………………………. Rs. 12,000
(vii) Income from rent …………………………… Rs. 2,500
(viii) Commission Received …………………….. Rs. 2,000
(ix) Current Assets ………………………………… Rs. 60,000
Current Liabilities ……………………………. Rs. 10,000 [4]
Q7. From the following Balance Sheets, prepare Common Size Balance Sheet.
[4]
Q8- From the following information calculate:
a) Debt equity ratio b) Total Assets to Debt ratio c) Proprietary ratio
Equity share capital = Rs.20,00,000
Reserves and Surplus = Rs.12,00,000
12% Debentures = Rs.10,00,000
Bank Loan = Rs.8,00,000
Current Liabilities = Rs.5,00,000
Fixed Assets = Rs.25,00,000
Goodwill = Rs.4,00,000
Current Assets = Rs.18,00,000 [6]
Q9- Under Which main headings and sub-headings of Equity and Liabilities of the balance sheet as per the
Revised Schedule VI of a company will you classify the following items:
(i) Provision for Doubtful Debts (ii) ) Premium on redemption of Debentures
(iii ) Advance from Customers (iv) Computer Software
(v ) Unclaimed dividend (vi) Public Deposits [6]
Q10- XY limited invited applications for issuing 50,000 equity shares of Rs. 10 each at a premium of Rs.2
each. The amount was payable as follows:
On application Rs. 3 per share
On allotment Rs. 6 per share (including premium)
On first and final call Rs. 3 per share
Applications for 75,000 shares were received and pro-rata allotment was made as follows:
Applicants for 40000 shares were allotted 30000 shares on pro-rata basis,
Applicants for 35000 shares were allotted 20000 shares on pro-rata basis.
Ramu to whom 1200 shares were allotted out of the group applying for 40000 shares failed to pay allotment
money and his shares were forfeited before first call is being made. Shamu who applied for 700 shares out
of the group applying for 35000 shares failed to pay the call money. His shares were also forfeited. Out of
the forfeited shares 1000 shares were reissued @Rs. 8 per share fully paid up. The reissued shares included
all the forfeited shares of Shamu. Pass necessary journal entries. [8]
