Sub. code 1041
NEB — GRADE XII
2079
Old Question
Accounting Question Paper 2079 (Old Question)
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 old question question paper is for Class 12 Accounting, 2079 (subject code 1041), carrying full marks of 75 with a pass mark of 32, to be completed within 3hrs. Answers with step-by-step solutions are available for every question below.
Group A
very short answer questions
What is a private company?
Write about authorised capital.
Why is a trading account prepared?
What is batch costing?
What is variable overhead?
Write about codification of material.
What is labour cost?
Write about computer software.
Depreciate furniture by Rs. 10,000.
Required: Adjustment Entry
Following information are given:
Net income — Rs. 2,00,000
Non-cash expenses — Rs. 40,000
Decrease in current Assets — Rs. 50,000
Required:
Cash flow from operating activities using indirect method.
Following information are given:
Annual material requirement — 50,000 kg
Economic order quantity — 2,000 kg
Required:
No. of orders
Group B
short answer question
P Company Ltd. issued 10,000 shares of Rs. 100 each at 10% discount payable as follows:
On application — Rs. 35
On allotment — Rs. 40
On final call — Rs. 15
Applications were received for 15,000 shares. 2,000 applicants were allotted in full and balance applicants were allotted on pro-rata basis. All call money were duly received except on final call money on 400 shares.
Required: Journal entry for
Share application
Share allotment
Share final call
Himal Company issued 1,000 shares at Rs. 50 per share including premium of Rs. 10 each to acquire plant of Rs. 1,00,000.
Required:
Entry for purchase of plant by issuing share.
A company issued 5,000, 8% debentures of Rs. 1,000 each at 10% premium and redeemable after 5 years at par.
Required:
Journal Entries for issue and redemption of debenture.
A trial balance of a company as on 31st December is as under:
Particulars | Dr. Rs. | Particulars | Cr. Rs. |
|---|---|---|---|
Plant & Machinery | 4,60,000 | Share Capital | 8,00,000 |
Building | 6,00,000 | General Reserve | 1,20,000 |
Bank Balance | 80,000 | Creditors | 25,000 |
Debtors | 60,000 | Net Profit | 80,000 |
Prepaid Insurance | 12,000 | Opening Retained Earning | 37,000 |
Closing Stock | 50,000 | Long-term Loan | 2,00,000 |
Total | 12,62,000 | Total | 12,62,000 |
Additional Information:
a) Proposed dividend — Rs. 80,000
b) Transfer to general reserve — Rs. 20,000
Required:
Profit & Loss Appropriation Account
Required:
Balance Sheet
An unadjusted trial balance of a company is given below:
Particulars | Dr. Rs. | Particulars | Cr. Rs. |
|---|---|---|---|
Equipment | 2,90,000 | Share Capital | 2,00,000 |
Bank Balance | 35,000 | Creditors | 40,000 |
Debtors | 45,000 | Loan | 60,000 |
Purchase | 1,20,000 | Sales | 2,75,000 |
Salary Expense | 60,000 | Commission | 5,000 |
Rent Expense | 30,000 | ||
Total | 5,80,000 | Total | 5,80,000 |
Additional Information:
i) Depreciate Equipment by 10%.
ii) Salary payable: Rs. 12,000.
Required:
Work sheet
Write the meaning of allocation and apportionment of overhead with example.
Write the advantages of decentralized purchase.
Sangam Company had the following transaction during the month of June:
June 1: Beginning inventory — 500 units @ Rs. 10 each
June 6: Purchase — 700 units @ Rs. 11 each
June 18: Purchase — 400 units @ Rs. 12 each
Total sales during June — 1,050 units
Required:
Cost of ending inventory and cost of goods sold using weighted average method under periodic inventory system.
A worker produces 300 units in a month. The standard time required for producing one unit is 5 hours, and the wage rate is Rs. 60 per hour.
The comparison between cost accounts and financial accounts reveals the following information:
a. Net profit as per cost account: Rs. 3,50,000
b. Bank interest credited in financial records: Rs. 2,000
c. Work overhead under-recorded in cost account: Rs. 10,000
d. Income tax recorded in financial account: Rs. 80,000
Required: Prepare a Cost Reconciliation Statement.
Explain any five elements of computer system in accounting.
Group C
long answer question
The following Trial Balance is available as on 30th Ashar 2082:
Particulars | Dr. Rs. | Particulars | Cr. Rs. |
|---|---|---|---|
Opening Stock | 40,000 | Sales | 6,50,000 |
Purchase | 4,00,000 | Share Capital | 4,00,000 |
Wages | 66,000 | 12% Debentures | 2,00,000 |
Carriage | 7,000 | Purchase Return | 40,000 |
Salary | 60,000 | Provision for Bad Debt | 3,000 |
Debtors | 1,00,000 | Provision for Tax | 10,000 |
Machinery | 6,00,000 | Profit & Loss Account | 2,80,000 |
Cash | 80,000 | ||
Selling Expense | 20,000 | ||
Rent | 60,000 | ||
Interest on Debenture | 16,000 | ||
Bad Debt | 14,000 | ||
Investment | 1,20,000 | ||
Total | 15,83,000 | Total | 15,83,000 |
Additional Information:
i) Closing Stock — Rs. 3,00,000
ii) Depreciate machinery by 10%.
iii) Profit transferred to General Reserve — Rs. 30,000
iv) Proposed dividend 10% on share capital.
Required:
a) Profit or Loss Statement based on NFRS
b) Statement of Financial Position based on NFRS
Required:
(a) Multi-step Income Statement
(b) Statement of Financial Position
of the above question
A manufacturing company showed the following details of its production cost for 2,000 units:
Raw materials:
Direct — Rs. 2,00,000
Indirect — Rs. 60,000
Wages:
Direct — Rs. 1,50,000
Indirect — Rs. 20,000
Carriage inward — Rs. 25,000
Carriage outward — Rs. 10,000
Factory expenses — Rs. 30,000
Salaries — Rs. 40,000
Insurance — Rs. 10,000
Selling expenses — Rs. 5 per unit sold
Profit — 25% of selling price
Stock details:
Particulars | Opening (Rs.) | Closing (Rs.) |
|---|---|---|
Raw materials | 50,000 | 40,000 |
WIP | 40,000 | 30,000 |
Finished goods | 500 units | 300 units |
Required:
Cost Sheet
ABC Manufacturing Company provides the following cost information:
Raw material purchases — Rs. 3,60,000
Productive labour — Rs. 2,00,000
Factory expenses — 50% of productive labour
Depreciation on furniture — Rs. 24,000
Salaries of salesmen — Rs. 15,000
Freight on purchases — Rs. 20,000
Direct expenses — Rs. 1,50,000
Office rent — Rs. 18,000
Selling and distribution overheads — Rs. 10,000
Expected profit — 15% on cost
Item | Beginning (Rs.) | Ending (Rs.) |
|---|---|---|
Raw material | 35,000 | 40,000 |
Work-in-progress | 60,000 | 38,000 |
Finished goods | 80,000 | 50,000 |
Required: Prepare a cost sheet showing:
(a) Cost of raw material consumed
(b) Prime cost
(c) Factory cost
(d) Cost of production
(e) Cost of goods sold
(f) Cost of sales
(g) Profit amount
(h) Total sales amount