Sub. code 1041
NEB — GRADE XII
2080
Old Question
Class 12 Accounting Old Question 2080
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 paper is for Class 12 Accounting, 2080 (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
State any two contents includes in memorandum of association.
State the meaning of calls in advance.
Write the meaning of current liabilities.
Define process costing.
Write the meaning of semi-variable overhead.
Give the meaning of material control.
What is piece rate system of wages payment?
Define computer software.
Prepare adjustment entry of accrued commission Rs. 28,000.
From the following information calculate cash flow from operating activities under indirect method.
Net Income: Rs. 140,000
Increase in current Assets: Rs. 80,000
Non-operating expenses: Rs. 40,000
If annual requirement are 600,000 units and economic order quantity 30,000 units then find out the number of order.
Group B
Short answer question
XYZ company issued 10,000 shares of Rs. 100 each at Rs. 10 premium payable as under.
On application: Rs. 30
On allotment: Rs. 40 (with premium)
On first and final call: Rs. 40
Applications were received for 16,000 shares. No allotment was made to the applicants for 4,000 shares. Rest was allotted on pro-rata basis. All calls were duly made and received except one share holder holding 400 shares paid the full value of shares on allotment.
Required:
a) Share application
b) Share allotment
c) Share first and final call
A company Ltd. issued 9,000 shares of Rs. 100 each at a premium of Rs. 10 per share to purchase the following assets:
Land and Building: Rs. 6,50,000
Office Equipment: Rs. 3,40,000
Required:
Entries for purchase of assets and issue of shares
A bank issued 5,000, 7% debentures of Rs. 100 each at par. These debentures were redeemed after 5 years at 5% discount.
Required:
Entries for issue and redemption of debentures
The following financial transactions were taken from a company:
Gross profit: Rs. 5,60,000
Share capital: Rs. 6,00,000
Rent expenses: Rs. 52,000
Salary expenses: Rs. 96,000
Other income: Rs. 12,000
P & L account: Rs. 1,68,000
Fixed assets: Rs. 4,00,000
Interest expenses: Rs. 12,000
Utility expenses: Rs. 22,000
Discount allowed: Rs. 14,000
Additional information:
a) Depreciation on fixed assets by 15% p.a.
b) Transfer to general reserve Rs. 55,000
c) Proposed dividend @10% on capital
Profit & Loss Account
Profit & Loss Appropriation Account
The trial balance of a company as on 31st December last year is given below.
Particulars | Dr. Rs. | Cr. Rs. |
|---|---|---|
Sales | - | 320,000 |
Purchase | 160,000 | - |
Opening stock | 20,000 | - |
Prepaid insurance | 12,000 | - |
Capital | - | 150,000 |
Creditors | - | 30,000 |
Debtors | 40,000 | - |
Salary | 96,000 | - |
Cash | 22,000 | - |
Fixed assets | 150,000 | - |
Total | 5,00,000 | 5,00,000 |
Additional information:
i) Prepaid insurance was expired: Rs. 8,000
ii) Depreciation charged on fixed assets: Rs. 12,000
Required:
Work sheet
Write the meaning of cost accounting and explain it's any three limitations.
Mention any two advantages of centralized purchasing.
Following are the store related transactions for the month of Magh:
Opening inventory: 300 units @ Rs. 5 each
Magh 15: Purchase 500 units @ Rs. 6 each
Magh 25: Purchase 400 units @ Rs. 7 each
Sales during Magh: 900 units
Required:
Cost of closing inventory and cost of goods sold using LIFO method under periodic inventory system.
The time allowed to produce 30 units of output is 3 hours. A worker produces 500 units of output during the month. Wage rate per hour is Rs. 600.
Required:
Monthly wages of a worker
On comparison between cost accounting and financial accounting, following facts were located:
i) Profit as shown by financial accounting Rs. 80,000
ii) Office expenses over recorded in financial accounting by Rs. 15,000
iii) Depreciation over recorded in cost accounting by Rs. 5,000
iv) Income tax payment of Rs. 6,000 only recorded in financial accounting
Required:
Reconciliation statement of financial accounting and cost accounting
Explain the features of computerised accounting system.
Group C
Long answer questions
A trial balance on 31st Ashar last year of a company is as follows:
Particulars | Dr. Rs. | Cr. Rs. |
|---|---|---|
Purchase | 3,20,000 | - |
Opening stock | 20,000 | - |
Prepaid insurance | 18,000 | - |
Rent | 36,000 | - |
Salary | 60,000 | - |
Sales commission | 22,000 | - |
Plant and equipment | 3,00,000 | - |
Advertising | 16,000 | - |
Debtors | 40,000 | - |
Interest | 10,000 | - |
Cash and bank balance | 42,000 | - |
Biological assets | 80,000 | - |
Investment | 2,20,000 | - |
Audit expenses | 34,000 | - |
Share capital | - | 4,00,000 |
Sales | - | 6,70,000 |
Creditors | - | 30,000 |
Commission | - | 18,000 |
Loan | - | 1,00,000 |
Total | 12,18,000 | 12,18,000 |
Additional information:
i. Closing stock: Rs. 32,000
ii. Prepaid insurance was expired: Rs. 12,000
iii. Depreciated plant and equipment by 10%
iv. Provision for tax: 30%
Required:
(a) Profit or loss statement based on NFRS
(b) Statement of financial position based on NFRS
-Multi-step income statement
-Statement of financial position
Following figures are taken from 2021 and 2022 balance sheet of a company.
Liabilities | 2021 | 2022 | Assets | 2021 | 2022 |
|---|---|---|---|---|---|
Creditors | 29,000 | 32,000 | Debtors | 15,000 | 10,000 |
Expenses due | 2,000 | 3,000 | Stock | 30,000 | 20,000 |
Retained earnings | 89,000 | 62,000 | Cash | 25,000 | 30,000 |
Loan | 50,000 | 68,000 | Fixed Assets | 180,000 | 195,000 |
Share capital | 80,000 | 90,000 | |||
Total | 2,50,000 | 2,55,000 | Total | 2,50,000 | 2,55,000 |
Additional information:
i) Sales: Rs. 100,000
ii) Cost of goods sold: Rs. 80,000
iii) Operating expenses (Including interest expenses Rs. 4,000) is Rs. 26,000
iv) Fixed assets purchase: Rs. 29,000
v) Cash dividend: Rs. 7,000
Required:
Cash flow statement using direct method.
The detail of manufacturing and other cost are as follows:
Direct material: Rs. 100,000
Direct wages: Rs. 80,000
Factory overhead: Rs. 60,000
Administrative overhead: Rs. 50,000
Selling overhead: Rs. 30,000
Following estimated cost were made for tender:
Direct material: Rs. 60,000
Direct wages: Rs. 40,000
Factory overhead based on direct wages and other overhead based on work cost. The company wants to earn 25% profit on sales.
Required:
Cost Sheet
Required:
Tender Sheet
Paper Overview & Analysis
2080
Year
Old Question
Type
75
Full Marks
32
Pass Marks
3 Hours
Duration
27
Question Items
Question Type Breakdown
Group Breakdown
Chapter Breakdown
| Material and Material Control Accounting | 4 items | 7 marks |
| Accounting for Share | 3 items | 9 marks |
| Corporate Financial Statements | 3 items | 10 marks |
| Accounting for Labour | 2 items | 3 marks |
| Cash Flow Statement | 2 items | 9 marks |
| Corporate Concept | 1 item | 1 mark |
| Unit or Production Cost Determination | 1 item | 1 mark |
| Accounting for Overhead | 1 item | 1 mark |
| Use of Accounting Software | 1 item | 1 mark |
| Accounting for Debentures | 1 item | 2 marks |
| Worksheet | 1 item | 5 marks |
| Concept of Cost Accounting | 1 item | 5 marks |
| Cost Reconciliation Statement | 1 item | 3 marks |
| Use of Computers in Accounting | 1 item | 5 marks |
Chapter breakdown covers 23 of 27 question items on this paper — the rest aren't tagged to a chapter yet.