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CBSE Class 12 Accountancy Solved Question Paper 2011

Short Answer Type

What is the basis for preparing an Income and Expenditure Account in the case of Not-for-Profit Organizations.

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Distinguish between Fixed and Fluctuating Capital Accounts.

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State the two main rights that a newly admitted partner acquires in the firm.

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How does the market situation affect the value of goodwill of a firm?

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5.
From the following information of a club, show the amounts of match expenses and match fund in the Financial Statements of the Club for the years ended on 31st March, 2009 and 31st March, 2010.

Details                                                                               Amount Rs.

Match expenses (paid during the year 2009 - 2010)                                      30,000

Match Fund (as on 31-3-2009) 17,000

Donation for Match Fund (Received during the year 2009-2010                         9,000

Proceeds from the sale of match tickets (Received during the year 2009-2010) 3,000

Balance sheet as on 31-3-2010

Liabilities	Amount (Rs)	Assets	Amount (Rs)
Match fund as on 31-3-2009 Add Donation received during the year 09-10 Proceeds from sale of match ticket during 09-10 Less Match expenses during the period Transfer to income and expenditure account.	17000 9000 3000 29,000
	30,000
	(1000)

Income and Expenditure a/c for the year ended 31-3-2010

Dr Cr

Expenditure

Amount (Rs)

Income

Amount (Rs)

Match Expenses

1,000

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A and B are partners in a firm sharing profits and losses in the ratio of 3:2. The following was the Balance Sheet of the firm as on 31-3-2010.

Liabilities

Amount Rs

Assets

Amount Rs

Capital A

60,000

20,000

Sundry Assets

80,000

The profits Rs. 30,000 for the year ended 31-3-2010 were divided between the partners without allowing interest on capital @ 12% p.a. and salary to A @ Rs. 1,000 per month. During the year A withdrew Rs. 10,000 and B Rs. 20,000. Pass the necessary adjustment journal entry and show your working clearly.

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A business has earned average profits of Rs. 1,00,000 during the last few years and the normal rate of return in similar business is 10%. Find out the value of Goodwill by (i) Capitalisation of super profit method and (ii) Super profit method if the goodwill is valued at 3 years purchase of super profit. The assets of the business were Rs. 10,00,000 and its external liabilities Rs. 1,80,000.

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From the following item of Receipts & Payments A/c. of Young Ladies Club, prepare an Income and Expenditure Account for the year ended 31-3-2010.

Rs.

Salaries paid 50,000

Lighting and Heating 5000

Printing and Stationery (including Rs. 500 for the previous year) 3500

Subscriptions received (including Rs. 2,000 received in advance
and Rs 5,000 for the previous year) 40,000

Net proceeds of Refreshment Room 45,000

Miscellaneous expenses 16,000

Interest paid on Loan for half year 1,200

Rent and Rates (including Rs. 1,000 prepaid) 7,5000

Locker rent received 4,500

Additional Information:

Subscriptions in arrears on 31-3-2010 were Rs. 8,000 and Half year's interest on loan was also outstanding.

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Pass the necessary Journal entry when 10,000 debentures of Rs. 100 each are issued as collateral security against a Bank loan of Rs. 8,00,000.

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10.

Y Ltd. purchased furniture costing Rs. 1,35,000 from A. B. Ltd. The payment was made by issue of Equity Shares of Rs. 10 each at a discount of Rs. 1 per share. Pass necessary Journal entries in the books of Y Ltd.

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