Goa Board Class 12 Question Paper June 2018 Accountancy (Old Pattern)

2018 VI 08 14301000 Seat No. :

Time : 2½ Hours Accountancy (Old Pattern)

Subject Code

H 6 0 5
Total No. of Questions : 6 (Printed Pages : 8) Maximum Marks : 80

Instructions : i) All questions are compulsory.
ii) Figures to the right indicate full marks allotted to each
question.
iii) Working note should for part of the answer.
iv) Use of simple and non-scientific calculator is allowed.
Mobile phones, Wrist watches or any such other electronic
gadgets are not allowed.
v) Fraction if any should be rounded off to the second digit
after decimal point.
vi) Answer each question on a fresh page.

1. A) Write the most appropriate answer from the alternatives given below the
Suyog, Samar and Amar are partners sharing profits in the ratio of 3 : 2 : 2
Suyog retires and the new profit sharing ratio will be ________. [1]
• 3 : 2
• 1 : 1
• 2 : 3
• 2 : 1

B) Seema and Veena are partners in a firm. State whether the claim is valid
giving reason if partnership is silent in the following matters : [2]
i) Seema is an active partner and claims a salary of Rs. 15,000 p.m.
ii) Veena advanced a loan of Rs. 50,000 to the firm and claims interest @
12% p.a.
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C) Ajit and Sujit were partners sharing profits in the ratio of 3 : 2. Their Balance
Sheet was as follows :
Balance Sheet As on 31st March 2017
Liabilities Amount Assets Amount
Ajit’s Capital 80,000 Building 98,000
Sujit’s Capital 59,500 Furniture 50,000
General Reserves 16,000 Sundry Debtors 50,000
Demand loan 3,000 Inventories 28,000
Bills payable 25,000 Bills Receivable 8,000
Creditors 70,000 Bank 19,500
2,53,500 2,53,500

Manmit was admitted on 1st April, 2017 in the partnership on the following terms :
i) He brought Rs. 70,000 as his capital and Rs. 14,000 as his share of
goodwill for 1/4th share in the future profits of the firm. Ajit withdrew half
the amount of goodwill coming to his credit.
ii) Assets were revalued as under :
Buildings 1,17,600, Furniture Rs. 45,000, Inventories Rs. 24,000
iii) An amount of Rs. 5,000 included in creditors was not claimed.
I) Revaluation Account. [3]
II) Partners Capital Accounts. [4]
III) Balance Sheet of the new firm. [5]
OR

C) Naresh, Varish and Himesh were partners sharing profits and losses 5 : 3 : 2.
Their Balance Sheet as on 31st March 2017 was as follows :
Balance Sheet As on 31st March 2017
Liabilities Amount Assets Amount
Naresh’s Capital 2,40,000 Premises 4,00,000
Varish’s Capital 1,80,000 Plant 60,000

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Himesh’s Capital 1,60,000 Patents 52,000
P & L A/c 50,000 Sundry Debtors 1,36,000
Sundry Creditors 1,57,000 Closing Stock 80,000
Cash in hand 59,000
7,87,000 7,87,000

Himesh died on 1st October 2017 and it was agreed between his executor and the
surviving partners that :
1) Premises is to be appreciated to 10%, Plant depreciated by 15% and closing
stock be valued at Rs. 10,000 more
2) Maintain provision for bad and doubtful debts at 5% on Sundry Debtors.
3) Goodwill of the firm is valued at Rs. 1,20,000.
4) Himesh’s share of profit upto the date of death be calculated on the basis of
previous year’s profit amounted to Rs. 60,000.
i) Revaluation Account. [3]
ii) Partners Capital Account. [5]
iii) Balance sheet of the new firm. [4]

2. A) Write the most appropriate answer from the alternatives given below the
When realisation expenses are paid by a partner on behalf of the firm, such
expenses are credited to _________ 1
• Bank/Cash Account
• Partner’s capital Account
• Realisation Account
• Expenses Account

B) John, Merwyn and Jimy were partners sharing profits in the ratio of 4 : 3 : 1.
Their Balance Sheet as on 31st March 2017 was as follows :
Balance Sheet As on 31st March 2017
Liabilities Amount Assets Amount
John’s Capital 4,00,000 Machinery 7,00,000
Merwyn’s Capital 3,50,000 Vehicle 4,00,000

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Jimy’s Capital 1,50,000 Sundry Debtors 2,25,000
Reserve Fund 1,60,000 Less : PBDD 5,000 2,20,000
Sundry Creditors 6,00,000 Investment 1,50,000
Bills Payable 1,20,000 Stock 1,90,000
Bank 1,20,000
17,80,000 17,80,000

On the above date, it was resolved to dissolve the firm. The following
information was available :
1) Machinery realised 90% of the book value
2) Vehicle sold at a profit of 20%, Stock realised at Rs. 1,27,500 of the book
value and of the debtors Rs. 5,000 proved bad and balance debtors
realised in full.
3) Investments were taken over by one of the creditors at book value.
4) Merwyn took over bills payable at Rs. 96,000
5) Dissolutions expenses were Rs. 15,000.
i) Realisation A/c. [6]
ii) Partners Capital A/c. [4]
iii) Bank A/c. [2]

3. A) Write the most appropriate answer from the alternatives given below the
statement : [1]
The Authorised capital which the company can raise during the life time is
mentioned as per __________
• Articles of Association
• Memorandum of Association
• Prospectus
• Table A

B) Novino Co. Ltd. Issued 70,000 Debentures of Rs. 80 each at a premium of
5% to the public for subscription. The amount was payable as follows :
On Application Rs. 20 per Debenture
On Allotment Rs. 34 per Debenture (Including Premium)

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On First Call Rs. 10 per Debenture
On Final Call Rs. 20 per Debenture.
All the debentures were subscribed and the amount was duly received except
the final call on 3,000 Debentures.
Further the Company purchased a Machinery worth Rs. 5,50,000 from
Samarth Co. Ltd. It was agreed that the purchase consideration be paid
by issuing 10% Debentures of 100 each at a premium of Rs. 10 per
Debenture.
Pass Journal entries in the books of Novino Co.Ltd., to record the above
transactions. [12]

4. A) Write the most appropriate answer from the alternatives given below the
statement.
In the Income Statement of a company, ‘Transfer Fees’ is shown under the
head __________. [1]

• Employee Benefit Expenses
• Other Expenses
• Other Income
• Finance Cost

B) The following are the ledger balances extracted from the books of Sonata
Co.Ltd., as on 31st March 2016.

Ledger Balances Amount (Rs.)
Stores and spares 30,000
Land and Buildings 3,54,500
Computer software 1,48,240
Trade Receivables 3,03,800
Share Issue Expenses (unwritten off) 17,600
Investment in ICICI Bonds 5,78,970
Prepaid Tax 24,000
Bank balance 1,91,240
Provision for workmen compensation 32,450
Securities premium 2,30,000

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Sundry creditors 1,35,500
Rent payable 20,000
10% debentures 6,40,000
Equity share capital 3,00,000
Loan to the manager 10,000
Profit and Loss a/c 96,000
Cash credit 1,74,400
Provision for Tax 30,000

Prepare the Balance sheet in a vertical format as on 31st March, 2016, as
per (revised) schedule III of the Companies Act, 2013. [12]

5. A) Write the most appropriate answer from the alternatives given below the
The accounting ratio used to analyse the short term financial position of the
business enterprise ____________. [1]
• Solvency Ratio
• Profitability Ratio
• Liquidity Ratio
• Turnover Ratio

B) I) The following is the consolidated statement of Profit and Loss of Swastik
Co. Ltd.
Particulars Note 31-03-2015 31-03-2016
No. Rs. Rs.
i) Revenue from operations 30,00,000 50,00,000
ii) Other Income 10,00,000 11,00,000
iii) Total Revenue (i + ii) 40,00,000 61,00,000
iv) Expense
Cost of Material Consumed 10,00,000 14,00,000
Purchases of stock in trade 3,00,000 7,20,000
Employee Benefit Expenses 2,00,000 2,40,000
Depreciation and Amortisation 1,40,000 2,00,000

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Other Expenses 80,000 1,60,000
Total Expenses 17,20,000 27,20,000
v) Profit before Tax (iii-iv) 22,80,000 33,80,000
vi) Provision for Tax 1,00,000 1,20,000
vii) Profit after Tax (v-vi) 21,80,000 32,60,000
Prepare Comparative statement of Profit and Loss. [6]

B) II) a) Calculate Liquid Ratio from the following information : [3]
Particulars Rs.
Trade Receivables 2,70,000
Cash in hand 25,000
Trade Payables 3,50,000
Inventories 80,000
Cheques on hand 15,000
Marketable securities 60,000

b) Calculate Creditors Turnover Ratio from the following information : [3]
Particulars Rs.
Creditors on 01-04-2016 2,80,000
Creditors on 31-03-2017 5,20,000
Bills Payable on 01-04-2016 1,20,000
Bills Payable on 31-03-2017 3,60,000
Net Credit Purchases 13,80,000

6. A) Write the most appropriate answer from the alternatives given below the
Dividend paid on Equity shares by a company is treated as cash flow
from ________. [1]
• Operating Activity
• Investing Activity
• Other Activity
• Financing Activity

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B) The following are the Balance Sheets of Premier Co. Ltd.

Balance Sheet As on 31-3-2016 and 31-3-2017
Liabilities 2016 2017 Assets 2016 2017
Share Capital 4,00,000 5,00,000 Goodwill 1,20,000 1,10,000
P and L A/c 2,00,000 3,50,000 Premises 4,80,000 6,80,000
Creditors 5,20,000 5,60,000 Furniture – 40,000
B/P 80,000 90,000 Inventory 3,00,000 3,00,000
Bonds 1,60,000 1,00,000 Debtors 2,60,000 3,00,000
B/R 1,40,000 1,40,000
Provision for
Tax 40,000 50,000 Bank
balance 1,00,000 80,000
14,00,000 16,50,000 14,00,000 16,50,000

Additional Information :
1) Income Tax paid during the year was Rs. 24,000.
2) Depreciation of Rs. 58,000 on premises was charged to P and L A/c
1) Cash flow statement as per (Revised) AS-3 [10]
2) Premises Account [1]
3) Provision for Tax Account. [1]

________________

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