Sub. code 1041
NEB — GRADE XII
Set B
Model Question
Class 12 Accounting Model Question Set B
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 B (subject code 1041), 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 questions
Mention any two important documents of a company.
Write the meaning of called up capital.
List out any two limitations of financial statements.
Write the meaning of contract costing.
Write the meaning of semi-variable overhead.
Give the meaning of purchase order.
Mention any two disadvantages of time rate system of wages payment.
Define account masters.
Prepare adjustment entry for depreciation on furniture .
Find out the cash collection for sales, if sales is Rs. 600,000 during the year and increase in debtors by Rs. 40,000.
If annual consumption is 7,000 units and number of orders is 5 times, find out the Economic Order Quantity (EOQ).
Group B
Short answer question
A company forfeited 800 shares out of 5,000 shares @ Rs. 100 each issued at 10% premium due to non-payment of first and final call money of Rs. 30. These shares were subsequently re-issued at Rs. 85 per share as fully paid up.
Required: Entries for share final call, forfeiture, re-issue and transfer
B.P Company Ltd issued 5,000, 9% Debenture of Rs. 100 each at 10% discount and redeemable at 10% premium after 5 years.
Required: Journal Entries for issue and redemption of debentures
The following is the information of Pashupati Co. Ltd. as on March $2021$:
Particular | Amount (Rs.) | Particular | Amount (Rs.) |
|---|---|---|---|
Purchase | 2,75,000 | Sales | 5,30,000 |
Insurance | 24,000 | Interest Received | 5,000 |
Rent | 10,000 | Salary | 36,000 |
Opening Stock | 80,000 | General Expenses | 20,000 |
Wages | 1,75,000 | Selling Expenses | 15,000 |
Additional Information:
(i) Closing Stock = (market price) and (cost price)
(ii) Depreciation on fixed assets =
(iii) Provision for taxation =
Trading Account
Profit and Loss Account
Trial balance of a company Ltd. as on last year ended is as follows:
Debit Particulars | Rs. | Credit Particulars | Rs. |
|---|---|---|---|
Purchases | 9,00,000 | Sales | 12,00,000 |
Opening Stock | 1,00,000 | Creditors | 80,000 |
Wages | 50,000 | Share Capital | 2,00,000 |
Rent | 40,000 | Profit and Loss Account | 20,000 |
Salaries | 24,000 | ||
Cash | 86,000 | ||
Fixed Assets | 2,00,000 | ||
Debtors | 1,00,000 | ||
Total | 15,00,000 | Total | 15,00,000 |
Additional Information:
Depreciation on fixed assets = 15%
Proposed dividend = 12%
Required:
Prepare 12 column worksheet
Give the meaning of cost accounting and mention any three objectives of cost accounting.
Write about centralized store
The following information is available of a manufacturing company:
Details | Units | Unit Cost (Rs.) |
|---|---|---|
Beginning Balance | 2000 | 100 |
March 02 | 3000 | 110 |
June 10 | 4000 | 120 |
August 15 | 2500 | 130 |
December 22 | 1500 | 150 |
During the year, inventory issued (sales) = 10,000 units
Required:
Calculate cost of goods sold and cost of closing stock under weighted average method using periodic inventory system.
Standard time to produce each unit of output is 4 hours. A worker produced 200 units during the month. Wages rate per hour is Rs. 80.
Required:
Find total wages for the month.
Following facts were discovered from cost and financial accounting:
a. Net profit as per financial account = Rs. 77,000
b. Over valuation of opening stock in cost account = Rs. 20,000
c. Administrative expenses under absorbed in cost account = Rs. 30,000
d. Dividend received recorded in financial account = Rs. 20,000
Required:
Prepare cost reconciliation statement.
Write in brief the uses of computer in accounting.
Group C
Long answer question
The trial balance of a company limited as on last year is given:
Particulars | Debit (Rs.) | Particulars | Credit (Rs.) |
|---|---|---|---|
Opening Stock | 1,50,000 | Share Capital | 3,00,000 |
Wages | 40,000 | 10% Bank Loan | 1,50,000 |
Purchases | 4,50,000 | Commission | 20,000 |
Rent | 30,000 | Creditors | 80,000 |
Interest on Bank Loan | 10,000 | Profit and Loss A/c | 50,000 |
Salaries | 60,000 | Sales | 6,15,000 |
Furniture | 1,00,000 | ||
Debtors | 80,000 | ||
Bad Debts | 10,000 | ||
Carriage | 5,000 | ||
Prepaid Insurance | 15,000 | ||
Machinery | 2,00,000 | ||
Cash | 25,000 | ||
Goodwill | 40,000 | ||
Total | 12,15,000 | Total | 12,15,000 |
Additional Information:
a. Closing Stock = Rs. 2,10,000
b. Outstanding Wages = Rs. 5,000
c. Prepaid Insurance expired = Rs. 10,000
d. Provision for tax = Rs. 10,000
Income Statement and Classified Balance Sheet
Statement of profit or loss and statement of financial position based on NFRS
The Balance Sheet and income statement of A Ltd. are given below:
Balance Sheet
Liabilities | 5th Year (Rs.) | 6th Year (Rs.) | Assets | 5th Year (Rs.) | 6th Year (Rs.) |
|---|---|---|---|---|---|
Share capital | 200,000 | 300,000 | Furniture | 200,000 | 260,000 |
Debenture | 150,000 | 130,000 | Land | 130,000 | 145,000 |
Creditors | 140,000 | 150,000 | Stock | 180,000 | 200,000 |
Bank overdraft | 120,000 | 110,000 | Debtors | 130,000 | 120,000 |
Retained earnings | 140,000 | 160,000 | Cash | 110,000 | 125,000 |
Total | 750,000 | 850,000 | Total | 750,000 | 850,000 |
Income Statement for the year ending 6th year
Items | Rs. |
|---|---|
Sales | 7,800,000 |
Less: Cost of goods sold | 6,700,000 |
Gross margin | 1,100,000 |
Less: Operating expenses | 1,040,000 |
Depreciation | 20,000 |
Premium on redemption of debenture | 1,000 |
Loss on sale of furniture (Book value Rs. 20,000) | 5,000 |
Total expenses | 1,066,000 |
Net income | 34,000 |
Other Information
a. Sale of furniture for Rs. 15,000 and purchase of furniture for Rs. 100,000
b. Dividend paid during the year: Rs. 14,000
Required:
Prepare a Cash Flow Statement using indirect method.
Cost information for manufacturing a product is given below:
Direct material: 20,000 kgs @ Rs. 10 per kg
Direct labour cost: 80% of cost of material
Factory overhead: Rs. 64,000
Administrative overhead: Rs. 42,400
The following estimations were made for submitting a tender:
Estimated cost of materials: Rs. 30,000
Direct labour: Rs. 24,000
Factory overheads are absorbed on the basis of direct labour
Administrative overheads are absorbed on the basis of factory cost
A profit of 20% on selling price is estimated
Required:
Prepare:
Statement of Cost
Tender Sheet
Paper Overview & Analysis
Set B
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 | 2 items | 6 marks |
| Corporate Financial Statements | 2 items | 2 marks |
| Concept of Cost Accounting | 2 items | 5 marks |
| Material and Material Control Accounting | 2 items | 2 marks |
| Accounting for Labour | 2 items | 3 marks |
| Use of Accounting Software | 2 items | 6 marks |
| Cash Flow Statement | 2 items | 9 marks |
| Corporate Concept | 1 item | 1 mark |
| Accounting for Overhead | 1 item | 1 mark |
| Accounting for Debentures | 1 item | 5 marks |
| Worksheet | 1 item | 5 marks |
| Cost Reconciliation Statement | 1 item | 3 marks |
| Unit or Production Cost Determination | 1 item | 8 marks |
Chapter breakdown covers 20 of 26 question items on this paper — the rest aren't tagged to a chapter yet.