Sub. code 1041
NEB — GRADE XII
2081
Old Question
Class 12 Accounting Old Question 2081
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, 2081 (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 question.
What is statutory company?
State any two types of preference share.
List any two items of fixed assets.
Write any two limitations of financial accounting.
Mention the meaning of fixed overhead.
What do you mean of centralized store?
State any two advantages of time rate system of wages payment.
Write about MS-Excel.
Prepare the adjustment entry of pre-paid rent expired of Rs. 5,000.
Calculate the amount of cash from financing activities from the following information.
Particulars | 2015 (Rs.) | 2016 (Rs.) |
|---|---|---|
Share Capital | 2,00,000 | 4,00,000 |
Debentures | 1,00,000 | 50,000 |
Dividend Paid | – | 20,000 |
If number of order is 6 times and Economic order quantity is 3,000 kg. Find out annual requirement.
Group B
short answer question
A company issued 5,000 shares of Rs. 100 each at a discount of 10%.
On application: Rs. 30 per share
On allotment: Rs. 40 per share
On first and final call: Rs. 20 per share
Applications were received for 7,000 shares and allotment was made as follows:
Applicants for 2,000 shares were allotted 2,000 shares
Applicants for 4,000 shares were allotted 3,000 shares
Applicants for 1,000 shares were allotted nil
It is resolved that the excess amount paid on applications is to be adjusted against the amount due on allotment.
All money was duly received except a shareholder holding 300 shares, who failed to pay the first and final call money.
Required:
Entries for Application, Allotment and First and Final Call.
A company purchased the following assets at an agreed price of Rs. 5,50,000:
Plant: Rs. 2,60,000
Building: Rs. 3,65,000
The company paid the agreed price by issuing shares of Rs. 100 each at 10% premium.
Required:
Entries for purchase of assets and issue of shares.
A company Ltd. issued 4,000 debentures of Rs. 100 each at par. These debentures were redeemed after 5 years at 10% premium.
Required:
Entries for issue and redemption of debentures.
The following financial transactions of a company are given below:
Particulars | Rs. |
|---|---|
Opening stock | 2,00,000 |
Purchase | 17,50,000 |
Carriage inward | 40,000 |
Factory expenses | 4,00,000 |
Pre-paid insurance | 50,000 |
Salaries | 1,75,000 |
Stationary | 25,000 |
Sales | 25,00,000 |
Capital | 3,00,000 |
Interest on investment | 2,00,000 |
Additional Information:
i) Closing stock: Rs. 2,00,000
ii) Pre-paid insurance expired: Rs. 20,000
iii) Bad debt: Rs. 5,000
Required:
Trading Account
Profit & Loss Account
Trial balance of a company is as under:
Particulars (Dr.) | Rs. | Particulars (Cr.) | Rs. |
|---|---|---|---|
Purchase | 17,000 | Sales | 30,500 |
Wages | 4,000 | Share Capital | 20,000 |
Machinery | 30,000 | Loan | 2,000 |
Debtors | 8,000 | Creditors | 3,500 |
Rent | 4,500 | Profit & Loss A/C | 7,500 |
Total | 63,500 | Total | 63,500 |
Additional Information:
i) Outstanding wages: Rs. 1,000
ii) Depreciation on machinery: @10%
iii) Proposed dividend: @10%
Required:
Work sheet
What is cost? Explain the classification of cost on the basis of element.
What do you mean by material codification?
Inventories position of a company of last month are given below:
Chaitra 1: Opening inventory – 650 units @ Rs. 8
Chaitra 6: Purchase – 500 units @ Rs. 9
Chaitra 15: Purchase – 800 units @ Rs. 10
The physical inventory count at the end of the month shows 550 units on hand. The company uses periodic inventory system.
Required:
Cost of goods sold and cost of closing stock under FIFO method.
The following information are given:
Hourly production: 4 units
Hourly wage rate: Rs. 200
Total production: 800 units
Required:
Total wages payable
On reconciliation of cost and financial account following facts were located:
Heads of Expenses | Financial Account (Rs.) | Cost Account (Rs.) |
|---|---|---|
Depreciation | 65,000 | 85,000 |
Closing stock | 25,000 | 20,000 |
Dividend received | 5,000 | – |
Profit as per cost account | – | 95,000 |
Required:
Reconciliation statement of cost and financial account
Write the meaning of software in accounting. Explain any three advantages of software system.
Group C
long answer question
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 & 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 expired: Rs. 12,000
iii) Plant & equipment were depreciated by 10%
iv) Provision for tax: 30%
Required:
Multi-step Income Statement
Required:
Statement of Financial Position
The two years balance sheet and other information of a company are as follows:
Particulars | Year I (Rs.) | Year II (Rs.) |
|---|---|---|
Capital | 3,80,000 | 4,95,000 |
Debentures | 1,50,000 | 90,000 |
Creditors | 30,000 | 62,500 |
Outstanding expenses | 5,000 | 7,500 |
Retained earnings | 35,000 | 35,000 |
Total | 6,00,000 | 6,90,000 |
Assets
Particulars | Year I (Rs.) | Year II (Rs.) |
|---|---|---|
Equipments | 1,50,000 | 1,35,000 |
Investments | 2,50,000 | 3,75,000 |
Stock | 75,000 | 90,000 |
Debtors | 45,000 | 70,000 |
Cash | 80,000 | 20,000 |
Total | 6,00,000 | 6,90,000 |
Additional Information:
i) Sales for the year II: Rs. 4,65,000
ii) Cost of goods sold: Rs. 2,10,000
iii) Operating expenses: Rs. 1,45,000
iv) Additional purchase of investment: Rs. 1,25,000
v) Tax paid: Rs. 35,000
vi) Equipment sold: Rs. 30,000 and purchased: Rs. 45,000
vii) Dividend paid: Rs. 45,000
Required:
Cash Flow Statement using direct method
A food industry showed the following details of its production for the previous year:
Direct materials: Rs. 1,80,000
Direct wages: Rs. 1,20,000
Factory overhead: Rs. 60,000
Office overhead: Rs. 36,000
The industry wants to estimate the total cost and its selling price for next lot.
The cost department estimated the direct cost as follows:
Direct materials: Rs. 40,000
Direct wages: Rs. 30,000
Overheads are to be allocated as below:
Factory overhead: on the basis of direct wages
Office overhead: on the basis of factory cost
Profit: 20% on sales
Required:
Cost Sheet of previous year
Required:
Tender price for next lot
Paper Overview & Analysis
2081
Year
Old Question
Type
75
Full Marks
32
Pass Marks
3 Hours
Duration
28
Question Items
Question Type Breakdown
Group Breakdown
Chapter Breakdown
| Accounting for Share | 3 items | 9 marks |
| Corporate Financial Statements | 2 items | 2 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 | 1 mark |
| Use of Computers in Accounting | 1 item | 1 mark |
| Accounting for Debentures | 1 item | 2 marks |
| Worksheet | 1 item | 5 marks |
| Cost Reconciliation Statement | 1 item | 3 marks |
| Use of Accounting Software | 1 item | 5 marks |
Chapter breakdown covers 20 of 28 question items on this paper — the rest aren't tagged to a chapter yet.