Sub. code 1014
NEB — GRADE XII
Set A
Model Question
Class 12 Accounting Model Question Set A
The candidates are required to give their answers in their own words as far as practicable. The figures in the margin indicate full marks.
Pass Marks : 32
सबै प्रश्नको उत्तर दिनुहोस् । (Attempt All Questions)
This model question paper is for Class 12 Accounting, Set A (subject code 1014), carrying full marks of 75 with a pass mark of 32, to be completed within 3 Hours. Model answers are available for questions that have one — reveal them with a free account (a few reveals) or a paid plan (unlimited).
Group A
Very short answer question
State the meaning of private company.
Write the meaning of cumulative preference share.
Give any two items of current asset.
Write the meaning of Cost Accounting.
Classify overhead according to controllability.
Give the meaning of periodic inventory system.
State any two advantages of time wage system.
Mention any two disadvantages of computer system in accounting.
Prepare adjusting entry of commission earned but not received Rs. 15,000.
Commission Receivable A/c Dr.
To Commission Income A/c
Following information are given:
Net profit =
Non-operating expenses =
Decrease in current liabilities =
Required: Cash from operating activities under indirect method.
If ordering cost per order is Rs. 300, carrying cost per unit is Rs. 2 and annual requirements are 30,000 units, find out economic order quantity.
Group B
Short Answer Question
A Company Ltd. invited application for shares of Rs. 100 each at premium, payable as under:
On application: Rs. 30
On allotment: Rs. 40
On first and final call: Rs. 40
Applications were received for shares. The board of directors decided to allot applicants in full, some applicants partially, and some applicants were rejected. It was decided to utilize excess application money as part payment of allotment. All money was duly received except a shareholder holding 200 shares failed to pay first and final call money.
Required (Entries for):
i) Share application
ii) Share allotment
iii) Share first and final call
A company purchased the following assets at an agreed price of Rs.:
Plant: Rs. 520,000
Land and Building: Rs. 730,000
The company paid the agreed price by issuing shares of Rs. 100 each at 20% discount.
Required: Entries for purchase of assets and issue of share.
A Co. Ltd. issued , debentures of Rs. each at a premium of redeemable at a premium of 10% after 5 years.
Required:
Journal entries for issue and redemption of debentures.
Following information was taken from a company as on 31st Ashad, last year is given as:
Additional Information:
a. Proposed dividend =
b. Prepaid insurance expired =
Required:
Profit and Loss account and Profit and Loss Appropriation account
The Trial Balance of a Co. Ltd. as on 31st Chaitra last year is given below:
Additional Information:
i. Salary payable =
ii. Unearned income earned =
Required:
Worksheet
Differentiate between cost accounting and financial accounting.
State the meaning of material classification with suitable examples.
Following are the store transactions for the month of May:
May 1: Beginning inventory 150 units @ Rs. 20
May 2: Purchased 400 units @ Rs. 25
May 20: Purchased 650 units @ Rs. 30
Sales during May: 850 units
Required:
Cost of ending inventory and cost of goods sold using FIFO method under periodic inventory system.
The time allowed to produce 80 units of output is 2 hours. A worker produced 400 units during the month. Wages rate per hour is Rs. 800.
Required: Wages of a worker
On reconciliation of Financial and Cost Accounting, following facts were disclosed:
i. Profit shown by cost account Rs. 420,000
ii. Works overhead under recorded in cost account Rs. 25,000
iii. Office overhead under recovered in financial account Rs. 15,000
iv. Profit on sale of fixed assets shown in financial account Rs. 5,000
Required: Cost reconciliation statement
Explain the features of accounting software.
Group C
Long answer question
The Trial Balance of a company Ltd. as on 31st Chaitra last year is given below:
Particulars | Debit Rs. | Particulars | Credit Rs. |
|---|---|---|---|
Opening inventory | 60,000 | Sales | 520,000 |
Sales commission | 40,000 | Creditors | 30,000 |
Purchases | 350,000 | Other service revenue | 40,000 |
Stationery | 9,000 | 10% Debentures | 100,000 |
Rent | 20,000 | Share capital | 500,000 |
Salary | 60,000 | Interest on investments | 15,000 |
Interim Dividend | 8,000 | Retained earnings | 40,000 |
Equipment | 100,000 | ||
Prepaid insurance | 10,000 | ||
Cash | 17,000 | ||
Biologic assets | 60,000 | ||
10% investment | 150,000 | ||
Advertisement expense | 10,000 | ||
Land and building | 300,000 | ||
Account receivables | 41,000 | ||
Interest expenses | 10,000 | ||
Total | 1,245,000 | Total | 1,245,000 |
Additional Information:
i. Closing inventory – Rs. 120,000
ii. Prepaid insurance was expired to Rs. 8,000.
iii. Depreciation charged on equipment by 10% and on building by 5%.
iv. Provision for income tax @ 25%.
a. Profit or Loss statement based on NFRS
b. Statement of financial position based on NFRS
a. Multi step income statement
b. Statement of financial position
The Balance Sheet of a company on 31st December were given below:
Liabilities | Year I (Rs.) | Year II (Rs.) | Assets | Year I (Rs.) | Year II (Rs.) |
|---|---|---|---|---|---|
Share capital | 300,000 | 300,000 | Fixed Assets | 250,000 | 325,000 |
Retained earnings | 20,000 | 60,000 | Inventory | 10,000 | 35,000 |
Creditors | 20,000 | 30,000 | Debtors | 40,000 | 12,500 |
Expense payable | 25,000 | 17,500 | Bank balance | 65,000 | 35,000 |
Total | 365,000 | 407,500 | Total | 365,000 | 407,500 |
Additional Information:
i. Sales – Rs. 300,000
ii. Cost of goods sold – Rs. 180,000
iii. Sales of fixed assets – Rs. 25,000
iv. Purchase of fixed assets – Rs. 110,000
v. Dividend paid – Rs. 30,000
vi. Operating expense – Rs. 40,000
Required:
Cash flow statement using direct method
The opening and closing balance of inventories are as below:
Inventories | Opening | Closing |
|---|---|---|
Finished goods | Rs. 40,000 | Rs. 45,000 |
Work-in-progress | Rs. 25,000 | Rs. 20,000 |
Raw materials | Rs. 40,000 | Rs. 50,000 |
The other information provided by the company for the month ended was as follows:
Purchase of raw material – Rs. 350,000
Direct labor cost – Rs. 420,000
Profit – 25% on sales
Factory overhead – 50% of direct labor cost
Selling expenses – 12% of factory cost
Administration overhead – 15% of factory cost
Required:
Cost sheet
Paper Overview & Analysis
Set A
Year
Model Question
Type
75
Full Marks
32
Pass Marks
3 Hours
Duration
26
Question Items
Question Type Breakdown
Group Breakdown
Chapter Breakdown
| Accounting for Share | 3 items | 8 marks |
| Corporate Financial Statements | 3 items | 7 marks |
| Concept of Cost Accounting | 2 items | 6 marks |
| Material and Material Control Accounting | 2 items | 2 marks |
| Accounting for Labour | 2 items | 3 marks |
| Cash Flow Statement | 2 items | 9 marks |
| Corporate Concept | 1 item | 1 mark |
| Accounting for Overhead | 1 item | — |
| Use of Computers in Accounting | 1 item | 1 mark |
| Accounting for Debentures | 1 item | 3 marks |
| Worksheet | 1 item | 5 marks |
| Cost Reconciliation Statement | 1 item | 3 marks |
| Use of Accounting Software | 1 item | 5 marks |
| Unit or Production Cost Determination | 1 item | 8 marks |
Chapter breakdown covers 22 of 26 question items on this paper — the rest aren't tagged to a chapter yet.