Roll No.

jksy ua-

Series DPS Code No.35/1

dksM ua- 35@1
 Please check that this question paper contains 6 printed pages.
 Code number given on the right hand side of the question paper should be written on the title page of
the answer-book by the candidate.
 Please check that this question paper contains 23 questions.
 Please write down the serial number of the question before attempting it.
 d`i;k tk¡p ysa fd bl iz'u&i= esa eqfnzr i`"B 6 gSaA
 iz'u&i= esa nkfgusa gkFk dh vksj fn, x, dksM uEcj dks Nk= mÙkj&iqfLrdk ds eq[k&i`"B ij fy[ksaA
 d`i;k tk¡p dj ysa fd bl iz'u&i= esa 23 iz'u gSaA
 d`i;k iz'u dk mÙkj fy[kuk 'kq: djus ls igys] iz'u dk Øekad vo'; fy[ksaA

ACCOUNTANCY
ys [ kk'kkL=
Time allowed : 3 hours Maximum Marks : 80
fu/kkZfjr le; % 3 ?k.Vs vf/kdre vad % 80

General Instructions: -
(i) This question paper contains two parts A and B.
(ii) Part A is compulsory for all the candidates.
(iii) Part B has two options – Financial Statement Analysis and Computerised Accounting
(iv) Attempt only one option of Part B
(v) All parts of the questions should be attempted at one place.

35/1 (1) P.T.O.

 PART – A (Partnership Firms and Company Accounts)
1. During the year ending 31st March, 2017 a partner withdraws `6,000 in the beginning of [1]
every month starting from July 1, 2016. What will be the average period for which interest
on drawings will be calculated?
2. A and B are partners with the capitals of ` 80,000 and ` 40,000. They admitted C for 1/5th [1]
share in profit and he paid ` 30,000 for goodwill out of which ` 24,000 was taken by A and
remaining by B. Calculate new profit sharing ratio.
3. Why is goodwill considered as intangible asset but not a fictitious asset? [1]
4. Explain Forfeiture of shares. [1]
5. XYZ Ltd. Issued 1,000 Equity Shares of ` 100 each. All amount were received except for 200 [1]
shares on which ` 90 were received per share. These 200 shares were fortified out of which 150
shares were reissued for ` 80 each as fully paid-up. Give journal entry for gain on reissue.
6. What do you mean by Zero Coupon Bond? [1]
7. A, B and C were partners sharing profit in the ratio of 2:2:1. Their capitals on 31st December, [3]
2012 were ` 60,000, ` 50,000 and ` 40,000 respectively. C died on 31st March , 2013 and
you are required to prepare an account to be rendered to his executors, taking the following
facts into account:
(i) Capital accounts are credited at 12% p.a.
(ii) C had withdrawn ` 5,000 at the beginning of the every month till the date of death and
interest on drawings is to be charged at 6% p.a.
(iii) C’s share in current year profit is to be calculated on the basis of average profit of
the last 3 years which were ` 90,000, ` 10,000(loss) and ` 40,000 respectively.
(iv) C is entitled to be credited annual salary of ` 30,000.
8. Pass necessary journal entries in the following cases: [3]
(i) 12,000, 9% debentures of `100 each are issued as collateral security against a bank loan of
` 10,00,000.
(ii) On 1st April, 2015, a company had outstanding ` 9,00,000, 14% debentures of `100 each issued
at a premium of 5%. Interest on debentures is paid annually on 31st March and TDS is
deducted on interest @ 20%. On 31st March, 2016 it was noticed that 10% of debentures were
untraceable.
9. ‘X’ Ltd. was formed with a capital of `15,00,000 divided into equity shares of `10 each. Out [3]
of these 6,000 shares were issue to the vendors as fully paid as purchase consideration for a
building acquired and 3,000 shares were issued to signatories of the Memorandum of
Association as fully paid. The directors offered 19,500 shares to the public and called up `6
per share and received the entire called up amount on shares allotted. Prepare a Balance Sheet
showing Share Capital as per Schedule III part I of the Companies Act, 2013 from the above
transactions in the books of ‘X’ Ltd.
10. Fill in the blanks in the following : [3]
XY Ltd. JOURNAL
Date Particulars LF Dr (`) Cr.(`)
Sundry Assets A/c Dr 18,00,000
---------------------------- Dr. --
To Sundry Creditors A/c 2,00,000
To ---------------------------- --
(Business of Rohit & Co. purchased for a
consideration of `20,00,000).
-------------------------------------- Dr. 20,00,000
-------------------------------------- Dr. --
To 8% Debentures A/c --
(Paid to Rohit & Co. by issue of ---- 8% Debentures of
`150 each at a discount of `50 per debenture)
11. A, B and C are partners sharing profit in the ratio of 4:3:2. It was provided that B’s share of profit [4]
will not less than `1,50,000 p.a. The losses for the year ended 31st March, 2017 were ` 85,000,
before allowing interest on loan of `1,00,000 taken from Ms. Sony on 1st June, 2016. You are
required to show necessary account for division of loss and pass necessary journal entries.
35/1 (2) P.T.O.
 12. Sonu and Monu are partners with capital of ` 80,000 and ` 50,000 respectively. The admit [4]
Tonu as a partner with 1/4th share in profits of the firm. Tonu brings ` 60,000 as his capital.
General Reserve of ` 20,000 is appeared in books. Give journal entries at the time of
admission. (Including adjustment of goodwill.)
13. A, B and C are partners in a firm sharing profits and losses in the ratio of 5:3:2. They agree to [6]
dissolve the firm on 31st December, 2017 on which date their Balance Sheet was as under : –
Balance Sheet
Liabilities (`) Assets (`)
Creditors 30,000 Cash at Bank 20,000
Mrs A’s Loan 20,000 Debtors 66,000
B’s Loan 40,000 Less: Provision 6,000 60,000
Investments Fluctuation Fund 20,000 Stock 34,000
Reserve Fund 10,000 Investments 50,000
Capital : Furniture 30,000
A 80,000 Business Premises 1,00,000
B 70,000 Goodwill 26,000
C 50,000 2,00,000
3,20,000 3,20,000
Partners agreed to dissolve the firm on that date on following terms : –
i) B agreed to take investments at 20% less.
ii) Debtors of ` 16,000 were taken by A at ` 10,000 and He also agreed to settle his wife’s loan
at ` 15,000.
iii) Furniture of Rs 10,000 was taken by a creditor at ` 8,000.
iv) Amount realized from Business Premises at 50% more, remaining Debtors realized at full,
Stock at ` 30,000, and remaining Furniture at `10,000.
v) Realisation expenses were ` 5,000.
Prepare Realisation Account.
14. On 1st April 2013 Sanjay Ltd. made an issue of 2,000, 15% debenture of ` 100 each [6]
redeemable at a premium of 10%. Of these debentures of the face value of ` 50,000 are to
be redeemed annually commencing form 2016, either by drawing at par or by purchases in
the open market at the company’s option. On 31st March, 2016, the company purchased for
cancellation ` 20,000 debentures at ` 92 and ` 10,000 debentures at ` 96. The expenses of
Purchases amounted to ` 400. Remaining were redeemed by draw of lots.
Make necessary journal entries to be passed for issue, creation of Debentures Redemption
Reserve, Investments and Redemption of debentures.
15. A, B & C were partners in a firm sharing profits & losses in the ratio of 3 : 2 : 1. On March [6]
31, 2017, their Balance Sheet was as follows :
Capitals:
Liabilities (`) Asset (`)
Creditors 27,000 Fixed Assets 1,80,000
General Reserve 18,000 Current Assets 35,000
Employees Provident Fund 50,000
Capital A/cs:
A 50,000
B 40,000
C 30,000 1,20,000
2,15,000 2,15,000
From April 1, 2017, they decided to share future profits equally. For this purpose the
followings were agreed upon:
(i) Goodwill of the firm was valued at ` 3,00,000.
(ii) Fixed Assets will be depreciated by 10%.
(iii) Capitals of the partners will be in proportion to their new profit sharing ratio. For this
purpose, Current Accounts will be opened.
Pass necessary Journal entries for the above transactions in the books of the firm.

35/1 (3) P.T.O.

 16. Rajat and Ravi are partners sharing profits in capital ratio, their Balance Sheet as on [8]
31.03.2016 was as follows:
Liabilities (`) Asset (`)
Provision for doubtful debts Debtors 2,00,000
Creditors 40,000 Bank 60,000
Workmen Compensation Reserve 12,000 Stock 1,80,000
Employee Provident Fund 50,000 Machinery 6,10,000
Capital: 18,000 Patent 10,000
Rajat 7,00,000 Investment 20,000
Ravi 3,00,000 Goodwill 40,000
10,00,000 11,20,000
11,20,000
Ramesh was admitted as a new partner on this date on following terms:
(i) He brings proportionate capital on the basis of total capital of new firm after all adjustments.
(ii) Goodwill of the firm is valued at `40,000. Ramesh is admitted for ¼ share and he is unable
to bring his share of goodwill in cash.
(iii) Claim on account of workmen compensation was `30,000.
(iv) To write off bad debts amounting to `48,000.
(v) Stock was undervalued by 10%.
(vi) Patents are valueless.
(vii) Investments are valued at `30,000. Rajat and Ravi took over the investment at this value in
their profit sharing ratio.
Prepare Revaluation Account, Capital Accounts of partners and Balance Sheet of new firm.
OR
A, B and C are partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. Their
balance Sheet as on 31.03.2016 was as under:
Liabilities (`) Asset (`)
Capital: Bank 2,000
A 28,000 Debtors 10,000
B 20,000 Stock 14,000
C 12,000 Plant 36,000
Provident Fund 10,000 Goodwill 8,000
70,000 70,000
C retired on 01.04.2016 on the following terms:
(i) Plant be valued at `48,000. Provided Fund increased by `2,000
(ii) A customer whose account was written off as bad `2,000 in the previous year now promised
to pay in writing, therefore to be accounted.
(iii) C’s interest in the firm is valued at `18,800 after revaluation profits and all other adjustment.
(iv) The entire sum payable to C is brought in by A and B in such a way, so that their capital
remains in new profit sharing ratio of 2:1, while keeping minimum bank balance of `4,000.
Prepare Revaluation Account, Capital Accounts of partners, Bank Account and Balance Sheet.
17. Aditya Solar Energy Ltd. Nagaland, was formed with the objectives of harnessing green and [8]
clean renewable energy sources in the State for environment benefits, to mitigate Global
warming, to conserve & promote Energy Efficiency & Energy Conservation measures in
Industrial, Commercial and Government establishments including domestic buildings.
Company issued 1,00,000 Equity shares of `10 each, payable as follows;
On Application `4, On Allotment `2, Share First & Final call `4.
Applications were received for 160,000 shares and the shares were allotted on pro rata basis
to all the applicants. Surya holding 1000 shares and Soma who had applied for 800 shares
failed to pay the call money. So company forfeited their shares.
500 shares of Surya and 300 shares of Soma were reissued @ `12 per share. Pass entries.
Highlight the values depicted by the Company.
OR
35/1 (4) P.T.O.
 Modern Ltd. issued prospectus inviting application for 50,000 shares of ` 10 each payable
` 3 on application, ` 4 o allotment and balance on call.
Application were received for 65,000 shares and allotment was made as under:
(i) To applicants of ` 10,000 shares - Full
(ii) To applicants of ` 20,000 Shares - 15,000 shares
(iii) To applicants of ` 30,000 Shares - 25,000 shares
(iv) To applicants of ` 5,000 shares - Nil
The shares were fully called and paid up except allotment and call not paid by those who
applied for 2,000 shares under group applying for 20,000 shares. These shares were forfeited
and 1,000 shares were reissued at ` 8 per shares.
(a) Show journal entries.
(b) Which value has been affected by rejecting the applications for 5,000 shares?
PART–B (Analysis of Financial Statement)
18. ‘Interest paid’ and ‘Dividend paid’ by ICICI Bank are classified under which kind of activity [1]
while preparing a Cash Flow Statement?
19. Cash credit decreased from ` 1,45,000 in 2014-15 to ` 1,00,000 in 2015-16. What will be [1]
its treatment while preparing cash flow statement for the year ended 31.03.2016.
20. Financial statements are prepared following the consistent accounting concepts, principles, [4]
procedure and also the legal environment in which the business organisations operate. These
statements are the sources of information on the basis of which conclusions are drawn about
the profitability and financial position of a company so that their users can easily understand
and use them in their economic decision in a meaningful way.
From the above statement identify any two values that a company should observe while
preparing its financial statement. Also, state under which major headings and sub-headings
the following items will be presented in the balance sheet of a company as per schedule III of
the Companies Act, 2013.
(i) Capital Reserve (ii) Calls-in-advance
(iii) Loose tools (iv) Bank overdraft
21. Calculate the Current Ratio and Return on Investment from the following information: [4]
Net Profit after Tax ` 4,00,000; Tax rate 20%; Net Fixed Assets ` 5,00,000; Long Term Trade
Investments `50,000; Quick Assets `2,00,000; Equity Share Capital `1,00,000; 10% Debentures
`7,60,000; Stock `20,000; Reserves and Surplus `2,00,000; Current Liabilities `1,50,000.
22. Prepare a Comparative Statement of Profit & Loss with the help of the following information: [4]
Particulars 31st March 2016 31st March 2017
Revenue from Operation 5,00,000 6,00,000
Expenses 3,00,000 5,00,000
Other Incomes 1,00,000 60,000
Tax 50% 50%
23. Following are the Balance sheets of Sewak Ltd. As at 31.3.2016 and 31.3.2015: [6]
Particulars Note No. 2016 2015
` `
I. Equity and Liabilities:
1. Share Holder’s Fund
(a) Share Capital 7,00,000 4,00,000
(b) Reserve & Surplus 1 (3,20,000) (50,000)
2. Non-Current Liabilities
(a) Long Term Borrowings 2 4,00,000 2,00,000
3. Current Liabilities
(a) Trade payables 1,50,000 1,10,000
(b) Other Current Liabilities 3 20,000 10,000
Total 9,50,000 6,70,000

35/1 (5) P.T.O.

 II. Assets:
1. Non-Current Assets
(a) Fixed Tangible Assets 5,00,000 3,00,000
(b) Non-Current Investments 1,40,000 2,00,000
2. Current Assets
(a) Inventory 1,00,000 50,000
(b) Trade Receivables 1,70,000 1,00,000
(c) Cash & Cash Equivalents 40,000 20,000
Total 9,50,000 6,70,000
Notes: 31.3.2016 31.3.2015
1 Reserve & surplus:
Profit & Loss Balance (3,20,000) (50,000)
2 Long Term borrowings
9% Debentures 4,00,000 2,00,000
3 Other Current liabilities
Outstanding expenses 20,000 10,000
Additional Information:
Included in the fixed tangible Assets was a piece of machinery costing ` 70,000 on which
depreciation charged was ` 40,000 and it was sold for ` 30,000. During the year ` 1, 40,000
depreciations was charged on fixed tangible assets.
Prepare a Cash Flow Statement.
-----------------------------------

PART – B (Computerised Accounting)

18. How is Accounting data computed in a computerized accounting software? [1]
19. List the steps that are involved in ‘Data Processing Cycle’. [1]
20. Explain any four advantages of Data Based Management System. [4]
21. What is meant by Internal checks? [4]
22. What are the essentials of a good reporting system? [4]
23. A factory owner purchases a new machine that costs ` 8,00,000 and has a useful life for 10 [6]
years, with Salvage value of `80,000. Indicate the formula to be used in an Excel
Worksheet to calculate depreciation under the Diminishing Balance Method. Also, using
the formula, calculate the depreciation to be provided for a day, a month and a year.

-----------

35/1 (6) P.T.O.